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July 12. 2019 BSE Limited National Stock Exchange of India Limited Floor 25. P J Towers. Exchange plaza. Dalal Street. Sandra-Kurla Complex. Mumbai - 400001 Sandra (E). Mumbai - 400051 Scrip Code: 533096 Scrip Code: AOANIPOWER Subject: Notice of the 23rd Annual General Meeting along with Annual Report of the Company for the FY 2018·'19 Dear Sir, Pursuant to Regulation 30 of the SESI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Notice of the 2yd Annual General Meeting to be held on Thursday, 8 th August 2019 at 11:30 a.m. at H.T. Parekh Hall, AMA Complex, ATIRA, Dr. Vikram Sarabhai Marg, Ahmedabad - 380 015 along with Annual Report of the Company for FY 2018-'19. Kindly take the same on your record. Oeepak Pandya Company Secretary Enc!.: as above. Adani Power Ltd Tel +917926567555 Adani Corporate House Fax +91 79 2555 7177 Shantigram. S G Highway [email protected] Ahmedabad 382 421 www.adani.com Gujarat India CIN: L40100GJ1996PLC030533 Registered Office: Shikhar. Nr Mithakhali Six Roads. Navrangpura. Ahmedabad - 380 009. Gujarat, India Adani Power Limited Annual Report 2018-19 Power Inside the Report Corporate Overview Statutory Reports 02 About Adani Power 36 Directors’ Report 04 Generation Capacity 60 Management 06 Operational Highlights Discussion and Analysis 08 Key Performance Indicators 69 Corporate Governance Report 10 Chairman’s Communiqué 93 Business Responsibility Report 12 CEO’s Message 14 Business Model Financial Statements 16 Strategic Focus 106 Standalone 18 Opportunity Landscape 166 Consolidated 20 Regulatory Environment 22 Technology Initiatives 230 Notice 24 Human Resources 26 Environmental Initiatives 28 Corporate Social Responsibility 35 Corporate Information About Adani Group The $ 13 billion Adani Group is one of India’s largest integrated infrastructure conglomerates with interests in Resources (coal mining and trading), Logistics (ports, logistics, shipping and rail), Energy (renewable and thermal power generation, transmission and distribution), and Agro (commodities, edible oil, food products, cold storage and grain silos), Real Estate, Public Transport Infrastructure, Consumer Finance, Solar Manufacturing and Defence. Adani owes its success and leadership position to its core philosophy of ‘Nation Building’ and ‘Growth with Goodness’ – a guiding principle for sustainable growth. The Group is committed to protecting the environment and improving communities through its CSR programme based on the principles of sustainability, diversity and shared values. Empowering India. Shaping a new future. Our aspirations are intertwined with India’s ambition of becoming a global economic power. As the nation remains firmly set on a rapid growth trajectory, we at Adani Power remain at the forefront of addressing its increasing demand for energy. For us, building a sustainable future isn’t just about achieving business objectives, but also much more about the impact we can create, the lives we can light up and the destiny we can dream about. We navigate challenges with persistence and prudence. We embrace opportunities with vision and foresight. We remain committed to nation building, creating a sustainable future for all our stakeholders, and creating value for our shareholders in all our endeavours. Adani Power Limited About Adani Power Progressing with optimism Adani Power Limited (APL), a part under the Clean Development At Adani, we have always viewed of the diversified Adani Group, is Mechanism (CDM) of the Kyoto challenges as opportunities. We the largest private thermal power protocol. Despite being a new have always implemented the best producer in India. We have a power entrant to power generation in available technologies and practices generation capacity of 10,440 MW 2006, we capitalised on the project that can serve as benchmarks for of thermal power (expected to management skills of the Adani Group the power industry. We leverage increase to 12,410 MW upon the to set up our first power plant at on our experience and capabilities completion of proposed acquisitions) Mundra successfully and efficiently. of our technical and commercial spread across four power plants in teams to quickly expand our The power sector in India has Gujarat, Maharashtra, Karnataka and generation capacity, both organically undergone a challenging period in the Rajasthan, apart from a 40MW of solar and inorganically. past few years, which put to test the power project in Gujarat. resilience of our business model. We We were the world’s first company have emerged stronger by successfully to set up a coal-based Supercritical navigating the challenges through thermal power project registered prudence, persistence and discipline. Group Vision To be a world class leader in businesses that enrich lives and contribute to nations in building infrastructure through sustainable value creation. 2 Annual Report 2018-19 Corporate OverviewCorporate Statutory Reports Financial Statements Key Highlights for FY 2018-19 D 26,362 CR 64% Consolidated revenue Plant Load Factor 25% y-o-y 55% in FY 2017-18 D 7,431 CR D 55.2 BN Consolidated EBITDA Units sold 20% y-o-y 48 billion units in FY 2017-18 28% 73% EBITDA margin Availability 1.16% y-o-y 61% in FY 2017-18 3 Adani Power Limited Generation Capacity Pan-India portfolio Adani Power (Mundra) Limited (APMuL) Adani Power Maharashtra Mundra, Gujarat Limited (APML) Tiroda, Maharashtra 4,620 MW 5 X 660 MW + 4 X 330 MW 3,300 MW This is the world’s largest private Mundra TPP (660 MW) was the first single location coal-based power Supercritical unit to be synchronised 5 X 660 MW project. The Mundra (4,620 MW) in India, within 36 months of its All units at this location are built power plant consists of nine units inception. The plant, which runs on Supercritical technology, developed in a compact area, on imported coal, is strategically driving efficiency in coal-based exhibiting the lowest area taken located within the Adani Port and power generation. Tiroda uses the up among coal-based power plant Special Economic Zone, and coal is latest technology for environment installations in the country. The plant transported on a high-speed conveyor management and has been registered was commissioned in phases, with from the port to the plant. The under CDM by UNFCCC. The plant runs Phase I and II consisting of two Units plant supplies electricity to Gujarat mainly on domestic coal, and operates of 330 MW each, Phase III consisting distribution companies (Discoms) a unique Rail Under Rail system, of two Supercritical Units of 660 under long-term Power Purchase which is the first of its kind in the MW each, and Phase IV consisting Agreements (PPAs) totalling 2,434 MW power sector. The plant also has the of three Supercritical Units of 660 and Haryana Discoms under long-term distinction of being located closest to MW each. The three Units of Phase PPAs for 1,424 MW. domestic coal mines in Maharashtra, IV also have emission reducing thus achieving a competitive variable Flue Gas Desulphurisation units as cost of operations. The plant sells its part of the plant. power to the Maharashtra Discom Mundra was the largest private under long-term PPAs. contributor to India’s power generation during the 11th five-year plan and has the distinction of having the nation’s first Supercritical technology-based power plant in operation. Mundra (Phase-III) is the first coal-based thermal power project in the world to be granted carbon credits by the UNFCCC. Moreover, Unit 5 of 4 Annual Report 2018-19 Corporate OverviewCorporate Statutory Reports Adani Power Udupi Power Bitta Solar Power Plant Rajasthan Limited Corporation Limited Bitta (Kutch), Gujarat Kawai, Rajasthan Udupi, Karnataka 40 MW Financial Statements 1,320 MW 1,200 MW It was commissioned in a record time of 165 days. The solar power 2 X 660 MW 2 X 600 MW plant uses Solar PV Technology and has over 400,000 Solar PV modules This is the largest thermal power The plant is situated in the village mounted on 21,600 structures, which generation plant in Rajasthan at of Yellur between Mangalore and are erected on 130,000 foundations. a single location, operating on Udupi in the western coastal region When commissioned, the Bitta Solar Supercritical technology. It is designed of India. It was the first independent Power Plant was the largest solar PV to operate on domestic coal. The plant power project (IPP) in the country installation in India. has implemented Quality Management to use 100% imported coal as fuel. System (ISO 9001: 2008), This plant supplies the power it Environmental Management System generates to Karnataka. (ISO 14001: 2004), and Occupational Health and Safety Management System (OHSAS 18001: 2007). The plant sells its power to Rajasthan Discoms under long-term PPAs. Adani Power (Jharkhand) Limited Godda, Jharkhand Capacity Under Construction 1,600 MW 2 X 800 MW Under the Indo-Bangla Framework completion for Unit 1 in January 2022 Agreement for Cooperation in various and Unit 2 in May 2022. The project sectors, we are developing a 1,600 site is located just 100 kilometres MW power plant located at Godda, away from the Bangladesh border. Jharkhand in India for supplying power Apart from being built on a more to Bangladesh through a dedicated efficient and environment friendly transmission line. We have obtained Ultra-supercritical technology, the the requite approvals and signed project, once commissioned, will cross-border agreements for this allow us to address power deficit in unique project. The construction