Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Debt Investor Presentation (May 2020)
53 slides from Adani Green Energy's debt investor presentation, May 2020
Slide 1: Adani Green Energy Limited Debt Presentation May 2020
Renewables Adani Green Energy Limited DEBT PRESENTATION M AY 2020
Slide 2: Contents
CONTENTS Adani Group AGEL - Portfolio and 04-07 09-21 Growth Strategy Covid – 19: No material disruption 09 AGEL : Leading Renewable Player AGEL- Replicating Adani Group 570 MW RG2: Elimination of Adani: World class infrastructure in India… 10 Business Model: O&M Philosophy 14 Liquidity Risk through
Slide 3: Adani Group
Renewables Adani Group Amongst the Largest Infrastructure & Utility Portfolio of the World
Slide 4: Adani: World class infrastructure & utility portfolio
Adani Green Energy Limited Debt Presentation | May 2020 Adani: World class infrastructure & utility portfolio Transport & Logistics Portfolio Adani Energy & Utility Portfolio Adani 63.3% 100% 75% 75% Philosophical shift from B2B to B2C businesses - APSEZ SRCPL ATL AGEL Port & Logistics Rail T&D Rene
Slide 5: Adani: Repeatable, robust & proven model to deliver RoE
Adani Green Energy Limited Debt Presentation | May 2020 Adani: Repeatable, robust & proven model to deliver RoE Development Operations Post Operations Phase Origination Site Development Construction Operation Capital Mgmt Analysis & market Site acquisition Engineering & design Life cycle O&M Redesig
Slide 6: Adani: Repeatable, robust business model applied consistently to drive value
Adani Green Energy Limited Debt Presentation | May 2020 Adani: Repeatable, robust business model applied consistently 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 Meg
Slide 7: AGEL: Robust Business Model with Rapid Growth & Predictable Returns
Adani Green Energy Limited Debt Presentation | May 2020 AGEL: Robust Business Model with Rapid Growth & Predictable Returns.. Total Portfolio Diversified Portfolio1 ESG 5,9901MW 11 states Development 43% solar; 26% wind; 30% wind-solar hybrid Pure-play Solar & Wind Assets (2,545 MW Operational 3,445
Slide 8: Adani Green Energy Limited Portfolio and Growth Strategy
Renewables Adani Green Energy Limited Portfolio Growth Strategy
Slide 9: Covid-19: No material disruption
Adani Green Energy Limited Debt Presentation | May 2020 Covid – 19: No material disruption Operations Under-construction Access to Capital Electricity Generation has been specified as an Essential Service amid All construction activity was Clear visibility on capital for all under- Lockdown ma
Slide 10: AGEL: Leading Renewable Player in India
Adani Green Energy Limited Debt Presentation | May 2020 AGEL : Leading Renewable Player in India Operational Solar Assets Under-construction Asset 2,148 MW 3,445 MW TOTAL 50% 50% AGEL Adani TOTAL JV Co Operational Wind Assets 397 MW AGEL RG 1 AGEL RG 2 TN SPVs U/c Solar U/c Wind U/c Hybrid 930 M
Slide 11: Large, Geographically Diversified Portfolio: ~70% with Sovereign rated entities
Adani Green Energy Limited Debt Presentation | May 2020 Large, Geographically Diversified Portfolio: ~70% with Sovereign rated entities 5,990# MW Portfolio | 2,545 MW operational Strong PPA counterparties* Diversified Resource Mix* Sub-Sovereign Off takers 29% Solar Wild Hybrid 30% Operational Under
Slide 12: Strong Execution Track Record, with Locked-in Growth
Adani Green Energy Limited Debt Presentation | May 2020 Strong Execution Track Record, with Locked-in Growth Driven by the Risk Adjusted Returns for Portfolio Operational (MW) UC (MW) 18,000 18,000 5,990 4,560 2,570 3,445 2,000 2,590 798 612 485 1,192 1,958 1,970 2,545 313 808 FY 16 FY 17 FY 18 FY 1
Slide 13: Replicating Adani Group Business Model: Development Philosophy
Adani Green Energy Limited Debt Presentation | May 2020 1 AGEL- Replicating Adani Group Business Model: Development Philosophy Robust development experience to be leveraged for better returns Design optimization thru Procurement Engineering Excellence Land Acquisition Engineering Construction –Stron
Slide 14: Replicating Adani Group Business Model: O&M Philosophy
Adani Green Energy Limited Debt Presentation | May 2020 2 AGEL- Replicating Adani Group Business Model: O&M Philosophy Centered around its Remote Operating Nerve Centre (RONC), allowing for efficient and cost-effective operational performance Predictive Analytics Centralized Monitoring led Improveme
Slide 15: Replicating Adani Group Business Model: Capital Management Philosophy
Adani Green Energy Limited Debt Presentation | May 2020 3 AGEL- Replicating Adani Group Business Model: Capital Management Philosophy Maximize FCFE → Cash reinvested for growth → Multiply FCFE Project Construction Stabilization Post-Stabilization HoldCo Financing Strategic Equity Sale Financing Phas
Slide 16: Pillars for Capital Management Plan
Adani Green Energy Limited Debt Presentation | May 2020 Pillars for Capital Management Plan Risk Mitigation Strategic Stability Liquidity Interest Forex Structural Liquidity Event Risk Rate Risk Risk Protections Counter-party Resource • Onboarding O & M Risk Strategic Marquee Risk Risk Investor by s
Slide 17: 930 MW RG1: Long-term Global funds matching project life, with no Forex Risk
Adani Green Energy Limited Debt Presentation | May 2020 930 MW RG1: Long-term Global funds matching project life, with no Forex Risk Restricted Group-1 comprises three SPVs, having total operational capacity of 930MWac which was created for USD 500.0 mn Green Bond issuance in May 2019. Project Cost:
Slide 18: 570 MW RG2: Elimination of Liquidity Risk through Capital Management
Adani Green Energy Limited Debt Presentation | May 2020 570 MW RG2: Elimination of Liquidity Risk through Capital Management Restricted Group-2 comprises three SPVs, having total operational capacity of 570MWac which was created for USD 362.5 mn Green Bond issuance in October 2019. This was First In
Slide 19: Case Study: Strategic Sale to TOTAL SA - De-risking through Capital Management
Adani Green Energy Limited Debt Presentation | May 2020 Case Study: Strategic Sale to TOTAL SA - De-risking through Capital Management Value Creation On-boarded strategic marquee investor TOTAL SA TOTAL 50% 50% AGEL TOTAL SA acquired 50% SPV level stake for INR 3707 Cr TOTAL JV Co Equity inves
Slide 20: AGEL Capital Management: Journey so far & Next Steps
Adani Green Energy Limited Debt Presentation | May 2020 AGEL- Capital Management: Journey so far & Next Steps 100% operational Solar Portfolio Elongated maturity & Reduced Transparent information refinanced Cost disclosures 648 MW TN: INR 3100 Cr (~$443mn) Increased from 7.5 years to 10.9 years
Slide 21: Global Benchmarking: Adani Energy Portfolio vs. Global peers
Adani Green Energy Limited Debt Presentation | May 2020 Global Benchmarking: Adani Energy Portfolio vs. Global peers AGEL fares in line or better on various metrics with global peers Renewable Players - Capacity in GW1 EBITDA margin %2 -FY19 89% 14.40 25.0 53% 51% 48% 8.10 5.99 42% 4.86 2.97 22% Pee
Slide 22: ESG
Renewables Adani Green Energy Limited ESG
Slide 23: AGEL ESG Philosophy
Adani Green Energy Limited Debt Presentation | May 2020 AGEL ESG Philosophy Efficiency Resource Management Waste Management Wind-Solar Hybrid: Matching Unproductive land used for 4.0 million ton CO2 emission load curve plants reduced in FY20 Remote Operating Nerve Proprietary technologies to Design
Slide 24: Environment awareness and initiatives
Adani Green Energy Limited Debt Presentation | May 2020 Environment awareness and initiatives AGEL recognizes that following environment related factors matter to its business model Climate Awareness Offsetting of Carbon Emissions Resource Management Waste Management Increased efficiency Resource Ma
Slide 25: Technology intervention enabling effective management of resource
Adani Green Energy Limited Debt Presentation | May 2020 Technology intervention enabling effective management of resource Reduction in water usage for module cleaning Efficiency in land usage AGEL has been a pioneer in adoption of latest technologies for Sites are identified for setting up solar / w
Slide 26: AGEL's Governance: Journey so far and future glide path
Adani Green Energy Limited Debt Presentation | May 2020 AGEL’s Governance: Journey so far and future glide path We have charted a glide path to internalise global best practices of governance by September 2021 JOURNEY SO FAR TARGET BY SEP 2021 Bankruptcy Remote Structure for RG1 and RG2 assets Inter
Slide 27: AGEL Outlook FY21
Adani Green Energy Limited Debt Presentation | May 2020 AGEL Outlook FY21 Continue with Robust Operations New Commissioning / Acquisitions Meet Commitments Smooth operations of renewable Robust commissioning pipeline of • Expecting supply chain plants in-spite of nation wide about 1.5GW for FY21
Slide 28: AGEL: Opportunity to participate in one of the Largest Renewable Platforms in the World
Adani Green Energy Limited Debt Presentation | May 2020 AGEL: Opportunity to participate in one of the Largest Renewable Platform in the World Why Invest in Adani Green Energy Limited? Stable & predictable Predictable cash flow with 100% contracted business cash-flows Long term PPA’s (~25 years)
Slide 29: Appendix
A Appendix
Slide 30: Appendix: Project Details, Financials, Strategic Priorities
Appendix Adani Green Energy Limited Project Details Financials Strategic Priorities 26
Slide 31: Asset Level Details - Operational
Adani Green Energy Limited Debt Presentation | May 2020 Asset Level Details - Operational Solar Wind Projects Hybrid Project Name / Contracted Capacity Counterparty PPA SPV Type Capacity (DC) Tariff COD Location (AC) Name Term AGETNL Solar 216 260 7.01 Mar-16 TANGEDCO 25 RSPL Solar 72 86 7.01 Feb-16
Slide 32: Asset Level Details - Under Construction
Adani Green Energy Limited Debt Presentation | May 2020 Asset Level Details - Under Construction Solar Wind Projects Hybrid Project Name / Contracted Capacity Counterparty PPA SPV Type Capacity (DC) Tariff COD Location (AC) Name Term AGEONEL Gujarat Solar 150 210 2.67 Nov-20 GUVNL 25 GSBPL Gujarat S
Slide 33: Adani: world-class credit portfolio attracting global investors
Adani Green Energy Limited Debt Presentation | May 2020 Adani: world-class credit portfolio attracting global investors Energy & Utility Portfolio Issue Size Current Average Debt Company Issue date Coupon DTD Ratings (USD mn) Yield** Maturity structure Renewable Oct,19 362.5 4.625 % 5.19% 13.5 20 Am
Slide 34: AGEL: RG1 & RG2 Bonds are in the money
Adani Green Energy Limited Debt Presentation | May 2020 AGEL: RG1 & RG2 Bonds are in the money 2019 2020 ZR955537 Corp (ARENRJ 45/8 10/15/39) Daily Copyrights C 2020 Bloomberg Finance L.P. 19-Feb-2020 21:14:45 19FEB2019-19FEB2020 34
Slide 35: AGEL Refinancing Prowess
Adani Green Energy Limited Debt Presentation | May 2020 AGEL Refinancing Prowess Diversified funding sources and focus on debt maturity & cost rationalization 2,148 MW Operational Solar Portfolio: 100% Refinanced Pre-finance Debt for TN, RG1 & RG2 Post-finance Debt for TN, RG1 & RG2 Repayment Profil
Slide 36: Efficient Risk Reduction Leading To Lower Costs & Extended Maturities
Adani Green Energy Limited Debt Presentation | May 2020 Efficient Risk Reduction Leading To Lower Costs & Extended Maturities RG2 RG1 • Standard project finance features • Standard project finance features Robust Structural Protections • Clean first ranking security • Clean first ranking security •
Slide 37: Consolidated Statement of P&L
Adani Green Energy Limited Debt Presentation | May 2020 Consolidated Statement of P&L Particulars (INR Cr) Q4’20 Q3’20 Q4’19 FY20 FY19 Revenue from operations Revenue from Power Supply 601 452 541 2,065 1,913 Other operating income 3 3 2 22 7 Revenue from EPC and Traded Goods 92 50 137 462 137 Other
Slide 38: Power Generation Receivables Ageing
Adani Green Energy Limited Debt Presentation | May 2020 Power Generation Receivables Ageing Off Takers (in INR Cr) Not Due1 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total Overdue2 (as of 31st March) TANGEDCO3 190 84 45 48 91 169 437 NTPC4 72 0 0 0 0 0 0 SECI5 49 0 0 0 0 0 0 Others 115
Slide 39: AGEL's Strategic Priorities
Adani Green Energy Limited Debt Presentation | May 2020 AGEL’s Strategic Priorities Growth & Optimal Project Operational Stable ESG Returns Capital Execution Excellence Cash Flows Focus Management Vision to be one Leverage Build on Drive high and Predictable Strong focus on of the largest internal a
Slide 40: Environment & Safety Focus across Project Life-Cycle
Adani Green Energy Limited Debt Presentation | May 2020 Environment & Safety Focus across Project Life-Cycle Benefit area Environment Community Land Acquisition Engineering Procurement Construction Operation Priority to set up Land resource Policy and signed Auxiliary Power From water intensive Sola
Slide 41: Appendix: Industry Outlook, Developments, Regulatory Landscape
Appendix Adani Green Energy Limited Attractive Industry Outlook Industry Developments Regulatory Landscape 35
Slide 42: Attractive Outlook of Indian Renewable Industry
Adani Green Energy Limited Debt Presentation | May 2020 Attractive Outlook of Indian Renewable Industry Low Per Capita Power Consumption Untapped Solar and Wind Resources Low Generation Share Per capita power consumption (KWh) Potential Installed capacity in GW (Apr-2019) 3.0% 10.0% 79.0% US: ~11.3x
Slide 43: Power Sector Policy Reforms & Updates
Adani Green Energy Limited Debt Presentation | May 2020 Power Sector Policy Reforms & Updates MoP/MNRE continues with reforms in the power sector: MNRE issues draft Guidelines for Tariff Based Competitive Bidding Process for Procurement of Power From Grid Connected Wind Solar Hybrid Projects MNRE ha
Slide 44: Operating in a robust and tested regulatory framework over 20 years
Adani Green Energy Limited Debt Presentation | May 2020 Operating in a robust and tested regulatory framework over 20 years Ministry of Power (MOP) Empowered Committee CEA Tariff Determination Methodology Participants/Statutory bodies under Electricity Act, 2003 Section 62 (RoA) Section 63 (TBCB) To
Slide 45: Regulatory Bodies across energy landscape in India
Adani Green Energy Limited Debt Presentation | May 2020 Regulatory Bodies across energy landscape in India Ministry Ministry of (conventional) Power (MoP) / Ministry of New & Renewable Energy (MNRE) Central Electricity Authority of India (CEA) Advisory Advisory arm of MoP on matters relating to the
Slide 46: Restricted Group-1: Financials & Key Operational Numbers
Appendix Restricted Group-1: Financials & Key Operational Numbers Financials & Key Operational Numbers 40
Slide 47: RG-1 930 MW Solar Operational Update
Adani Green Energy Limited Debt Presentation | May 2020 RG-1 -930 MW Solar Operational Update Key Highlights: Solar RG-1: 30% P75@ Key Highlights RG 1 25.18% -0.46% -0.36% -1.20% • Near P90 CUF of 23.17% for FY’20, would have been higher than P90@ 25% -0.12% 0.14% 23.17% P75 but for following reason
Slide 48: RG-1 Key Financial Number and Receivable Ageing
Adani Green Energy Limited Outstanding Gross Debt as on March 2020 of Rs. 4834 Cr. Debt Presentation | May 2020 RG-1 -Key Financial Number and Receivable Ageing Key Financial number Particulars (INR Cr.) Q4’20 FY’20 FY19 Revenue from Power supply 243 882 836 Total Income 254 951 881 EBITDA including
Slide 49: Restricted Group-2: Financials & Key Operational Numbers
Appendix Restricted Group-2: Financials & Key Operational Numbers
Slide 50: RG-2 570 MW Solar Operational Update
Adani Green Energy Limited Debt Presentation | May 2020 RG-2 - 570 MW Solar Operational Update P75@ Key Highlights RG 2 P90@ 30% 27.09% -0.17% -0.81% -0.78% -0.10% 0.51% 25.74% • Near P90 CUF of 25.74% for FY’20, would have been higher than 26.15% 25% P75, but for following reasons: 20% - radiation
Slide 51: RG-2 Key Financial Number and Receivable Ageing
Adani Green Energy Limited Debt Presentation | May 2020 RG-2 - Key Financial Number and Receivable Ageing Key Financial number Particulars INR Cr) Q4’20 FY ’20 FY ’19 Revenue from Power supply (Rs. Cr.) 134 416 351 Total Income (Rs. Cr.) 139 428 361 EBITDA including Other income (Rs. Cr.) 128 391 32
Slide 52: Disclaimer
Adani Green Energy Limited Debt Presentation | May 2020 Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Adani Green Energy Limited (
Slide 53: Thank You
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