Renewables DEBT PRESENTATION

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Renewables DEBT PRESENTATION Renewables Adani Green Energy Limited DEBT PRESENTATION September 2020 1 CONTENTS Adani Group AGEL - Portfolio and 04-07 09-21 Growth Strategy AGEL: COVID–19 Update 09 Adani: World class infrastructure AGEL : Leading Renewable Player AGEL- Replicating Adani Group Case Study: 570 MW RG2 Bond & utility portfolio 04 in India… 10 Business Model: O&M Philosophy 14 Issuance 18 Adani Group: Repeatable, robust & AGEL: Large, Geographically AGEL- Replicating Adani Group Case Study: Strategic Sale to proven model of infrastructure Diversified Portfolio 11 Business Model: Capital TOTAL SA - De-risking through development 05 Management Philosophy 15 Capital Management 19 AGEL: Locked-in Growth with Adani Group: Repeatable, robust improving counterparty mix 12 Pillars for Capital Management AGEL- Capital Management: business model applied to drive Plan 16 Journey so far & Next Steps 20 AGEL- Replicating Adani Group value 06 Business Model: Development Case Study: 930 MW RG1 Bond Global Benchmarking: Adani AGEL: Robust Business Model Philosophy 13 Issuance 17 Energy Portfolio vs. Global peers 21 with Rapid Growth & Predictable Returns.. 07 AGEL - ESG 23-27 Conclusion 28 Appendix 31-45 2 AGEL ESG Philosophy 23 AGEL: ESG performance for FY20 24 AGEL Project Details, Financials, Environment awareness and Strategic Priorities 31-35 initiatives 25 Attractive Industry Outlook, Technology intervention enabling AGEL: A Compelling Investment Case 28 Regulatory Landscape 37-39 effective management of resource 26 RG1 & RG2 Financial & Operational AGEL’s Governance: Journey so far Numbers, Bond Price Movement, and future glide path. 27 Adani Group – Credit Portfolio 41-46 Renewables 3 Adani Group Amongst the Largest Infrastructure & Utility Portfolio of the World Adani Group: A world class infrastructure & utility portfolio Transport & Logistics Portfolio Adani Energy & Utility Portfolio Adani 63.5% 100% 75% 75% Marked shift from B2B to B2C businesses - APSEZ SRCPL ATL AGEL Port & Logistics Rail T&D Renewables AGL - Gas distribution network to serve key 100% 75% 37.4% geographies across India AAPT 75% APL AGL AEML - Electricity Abbot Point IPP Gas DisCom distribution network that AEL powers the financial capital of Incubator India Adani Airports - To operate, manage and develop six 100% 100% 100% 100% airports in the country AAHL ATrL AWL Data Airports Roads Water Centre Locked in Growth 2020 - Transport & Logistics - ~USD 35 bn 1 Airports and Roads Combined market cap Energy & Utility - Water and Data Centre Opportunity identification, development and beneficiation is intrinsic to diversification and growth of the group 1 . As on September 9, 2020, USD/INR – 73.4 | Note - Percentages denote promoter holding Light purple color represent public traded listed verticals 4 Adani Group: Repeatable, robust & proven model of infrastructure development Development Operations Post Operations Phase Origination Site Development Construction Operation Capital Mgmt Analysis & market Site acquisition Engineering & design Life cycle O&M Redesigning the capital intelligence planning structure of the asset Concessions Sourcing & quality Viability analysis and regulatory levels Asset Management Operational phase Activity agreements plan funding consistent with Strategic value Equity & debt asset life Investment case funding at project development Redefining the Envisaging evolution Complex O&M optimisations Successfully placed space e.g. Mundra of sector e.g. Adani developments on e.g. Solar plants 7 issuances totalling Port Transmission time & budget e.g. ~USD 4 bn in FY20 APL All listed entities Performance maintain liquidity cover of 1.2x- 2x for FY21. Focus on liquidity planning ensures remaining stress free. Low capital cost, time bound & quality completion providing long term stable cash flow & enhanced RoE Low capital cost, time bound & quality completion providing long term stable cash flow & enhanced RoE 5 Adani Group: Repeatable, robust business model applied to drive value Successfully applied across Infrastructure & utility platform Development at large scale & within time and budget India’s Largest Longest Private HVDC 648 MW Ultra Mega Largest Single Location Commercial Port Line in Asia Solar Power Plant Private Thermal IPP (at Mundra) (Mundra - Dehgam) (at Kamuthi, Tamil Nadu) (at Mundra) Key APSEZ ATL AGEL APL Business Excellence in O&M - Model benchmarked to global Highest Margin Highest availability Constructed and High declared standards among Peers in the among Peers Commissioned 9 capacity of 89%5` Attributes World EBITDA margin: 91% 1,3 1,2 months EBITDA margin: 64% EBITDA margin: 91% 1,4 Diverse financing sources - only Indian infrastructure PSU 55% PSU 33% portfolio with four (4) Private Banks 31% Private Banks 20% Investment Grade (IG) Bonds 47% issuers Bonds 14% March 2016 March 2020 The dominant Infrastructure platform that re-defines respective industry landscape Note: 1 Data for FY20; 2 Excludes forex gains/losses; 3 EBITDA = PBT + Depreciation + Net Finance Costs – Other Income; 4 EBITDA. The EBITDA for AGEL is EBITDA from Power Supply for Q1 FY21. Margin represents EBITDA earned from power sales and excludes other items; 5 FY20 data for commercial availability declared under long term power purchase agreements. 6 AGEL : Robust Business Model with Rapid Growth & Predictable Returns.. Total Portfolio Diversified Portfolio ESG 13,9901MW 11 states Development Pure-play Solar & Wind Assets (2,595 MW Operational 74% solar; 12% wind; 14% wind-solar hybrid 11,395 MW Pipeline) 100% Contracted Capacity Counterparty profile2 EBITDA margin 3 Fixed tariff Sovereign: 79% Operations PPA life: 25 years Tariff profile State DISCOMs: 14% ~91% Average Portfolio tariff: INR 3.24/unit Non-govt.: 7% Efficient Capital Management Monetization (DBFOT4) Investment Grade Ratings 5 Value Creation Access to International markets 50% stake First IG rated Issuance Diversified sources of funding bought by TOTAL SA in 2,148 MW Endeavor to maintain IG rating in Reduction in interest costs Operational Solar Projects all future issuances Elongated maturities upto 20 yrs Total proceeds: INR 3707 Cr Note: 1 Includes 50*3 MW of wind projects under-acquisition from Inox; Additionally, 205 MW operational solar assets under acquisition from Essel Group 2. Based on estimated revenue-mix on fully built-up basis 3. EBITDA margin from power supply for Q1 FY21 4. Design Build Finance Operate Transfer 5. TOTAL SA invested INR 3707 Cr for the acquisition of 50% stake and other instruments in the joint venture company that houses 2,148 MW of operating solar projects, pursuant to the JV agreement PPA - Power Purchase Agreement ; AGEL: Adani Green Energy Limited 7 Renewables 8 Adani Green Energy Limited Portfolio Growth Strategy AGEL: COVID–19 Update Operations Under-construction Access to Capital ▪ Electricity Generation has been ▪ MNRE has given all renewable ▪ Concluded Adani-TOTAL JV specified as an Essential projects in the pipeline a blanket and received investment of Service amid Lockdown extension of 5 months from INR 3,707 Cr March 25, 2020 ▪ Renewable plants in India have ▪ USD 1.8bn revolving debt a ‘must-run’ status, ensuring ▪ Construction activity resumed facility under process of tie-up stable cash flows post-lockdown in phased manner for construction activities ▪ Safety and precaution standards ▪ ▪ Electricity being off-taken on a AGEL continues to have being maintained in line with sufficient liquidity to cover debt continuous basis in normal the Government SOP course; No material Curtailment servicing on a portfolio basis Zero Operational disruption during COVID-19 pandemic MNRE: Ministry of New and Renewable Energy 9 AGEL: Leading Renewable Player in India… Project Pipeline 11,395 MW Total 50% Adani 50% Operational Solar Operational Wind Adani TOTAL JV Co 50 MW Assets 397 MW RG 1 RG 2 TN SPVs Solar Wind Hybrid 930 MW 570 MW 648 MW 8,425 MW 1,280 MW 1,690 MW Presence across Largest Listed Resource and 2,595 MW – Operational 11 resource-rich states Renewable 79% Counterparty 11,395 MW – Pipeline Sovereign 13 different counterparties Company in India Counterparties Diversification 14 GW 79% sovereign counterparties Largest Hybrid 1,690 MW Fully Contracted 100% contracted portfolio Portfolio in India Solar and Wind Hybrid Portfolio 25-year fixed tariff PPAs Business and asset development philosophy mirrors Group’s focus on Quality Development, Operational Efficiency and Robust Capital Management 10 AGEL: Large, Geographically Diversified Portfolio 13,990 MW # Portfolio | 2,595 MW operational Average AGEL tariff below APPC* APPC @ 3.60/kWh Operational Under Implementation Wind Solar 3.2 2.5 2.4 2.7 2.3 3.24 Solar-Wind Hybrid Apr'17 Dec'17 Jan'18 Aug'18 Jun'20 AGEL 100 Portfolio Avg. 175 100 Lowest Tariff discovered in renewable bidding across months Tariff 270 5,690 385 12 5,530 100 20 100 810 50 contracted ▪ Presence across 648 multiple states PPAs reduces resource risk Ranked as Largest Solar Power Developer in World # Includes 50*3 MW of wind projects under-acquisition from Inox; Additionally, 205 MW operational solar assets under acquisition from Essel Group * APPC: National average power purchase cost 11 AGEL: Locked-in Growth with improving counterparty mix Strong Execution Track Record… Operational (MW) UC (MW) 25,000 # 13,990 25,000 5,990 11,395 4,560 2,000 2,570 3,445 798 612 2,590 485 1,192 2,595 313 808 1,958 1,970 2,545 FY 16 FY 17 FY 18 FY 19 FY 20 Q1 FY 21 FY 25E …Improving Counterparty mix * Operational * Fully built-up Sovereign Off-takers 46% Sovereign
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