Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — H1 FY23 Earnings Presentation
47 slides from Adani Green Energy's earnings presentation
Slide 1: Adani Green Energy Limited Earnings Presentation H1 FY23
Adani Green Energy Limited Earnings Presentation H1 F Y23 Consolidated Financials 1
Slide 2: Contents
CONTENTS 1 Adani Group 2 AGEL: Company Profile 3 AGEL: Operational & Financial Highlights 4 AGEL: ESG 5 AGEL: Investment Rationale Annexures
Slide 3: Adani Group
Adani Group Renewables
Slide 4: Adani: A World Class Infrastructure & Utility Portfolio
Adani: A World Class Infrastructure & Utility Portfolio 1 ~USD 240 bn Combined Market Cap Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C Materials, Metal & Incubator Energy & Utility Transport & Logistics Direct to consumer Mining (72.3%) (60.8%) (73.9%) (66.0%) (100%
Slide 5: Adani: Decades long track record of industry best growth rates across sectors
Adani: Decades long track record of industry best growth rates across sectors Port Cargo Throughput (MMT) Renewable Capacity (GW) Transmission Network (ckm) CGD7 (GAs8 covered) 132% 36% 18% 12% 3x 5x 3x 25% 1.4x 4% 6% 25% Industry APSEZ Industry AGEL Industry ATL Industry AGL 2014 972 MMT 113 MMT 20
Slide 6: Adani: Repeatable, robust & proven transformative model of investment
Adani: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Origination Site Development Construction Operation Capital Mgmt • Engineering & design • Redesigning the capital structure Activity • Analysis & market • Site acquisition • Life cycle
Slide 7: Replicating Group's Simple yet Transformational Business Model
AGEL: Replicating Group's Simple yet Transformational Business Model Secure Sites & Connectivity Resource Assessment Construction Readiness Development ~2,00,000 acres ~40 GW potential Geotechnical studies Resource rich sites in strategic locations 85+ Wind data locations and detailed design plannin
Slide 8: Adani & TotalEnergies Renewable Partnership
Adani & TotalEnergies Renewable Partnership Adani and TotalEnergies have a long-term partnership and commitment to expanding the renewable footprint through AGEL – Amongst Largest infrastructure and real asset platform with deep – One of the largest energy players in the world with presence across e
Slide 9: Adani Green Energy Limited Company Profile
Adani Green Energy Limited Company Profile Renewables 9
Slide 10: AGEL at a glance
AGEL at a glance Adani Family 60.8% 1.3% 6 19.7% Public 18.2% Shareholders 50% 50% 100 % 100 % 100 % AGE23L 1 Other Operating Locked-in Under Execution Near construction 2,353 MW 4,371 MW 10,477 MW 3,233 MW portfolio: 20,434 MW Large Renewable 6,724 MW – Operational 2 89% Resource and 12 resource-ri
Slide 11: Leading Renewable Energy player in India
AGEL: Leading Renewable Energy player in India Pan India Presence 1 3x Locked-in Growth Renewable Capacity (in MW) 20,434 Operational Under exec../ Near Const. Wind Solar 6,724 MW – Operational 3x Solar-Wind Hybrid 10,477 MW – Under execution 3,233 MW – Near Construction 2 6,724 130 395 20,434 MW -
Slide 12: Operational & Financial Highlights
Operational & Financial Highlights H1 FY23 Renewables 12
Slide 13: Executive Summary – H1 FY23
AGEL: Executive Summary – H1 FY23 Capacity Addition & Operational Performance Financial Performance ✓ Revenue from Power Supply up by 45% YoY at Rs. 2,435 cr ✓ Total Operational Capacity increases by 24% YoY to 6,724 ✓ Realized Carbon Credit income of Rs. 149 cr MW ✓ EBITDA from Power Supply 1 up by
Slide 14: Operational Capacity Addition & Sale of Energy – H1 FY23 (YoY)
AGEL: Operational Capacity Addition & Sale of Energy – H1 FY23 (YoY) Operational Capacity (in MW AC) Hybrid 6,724 24% ` Wind 990 Solar 5,410 647 2 971 ✓ Operational Capacity increases by 24% to 6,724 MW 1 4,763 4,763 ❑ Commissioned 990 MW solar–wind Hybrid plants, India’s first and World’s largest,
Slide 15: Operational Performance – H1 FY23 (YoY)
AGEL: Operational Performance – H1 FY23 (YoY) Solar Portfolio Performance Wind Portfolio Performance CUF (AC) Sale of Energy (mn units) CUF (AC) Sale of Energy (mn units) 24.3% 5,078 40.7% 23.2% 36.6% 1,092 65% ` 25% ` 874 3,080 H1 FY22 H1 FY23 H1 FY22 H1 FY23 H1 FY22 H1 FY23 H1 FY22 H1 FY23 • Sale
Slide 16: Hybrid Portfolio Performance in H1 FY23
AGEL: Hybrid Portfolio Performance in H1 FY23 Plant Availability Grid Availability 99.9% 96.4% 99.7% 99.8% 99.8% 99.2% • 990 MW Solar-Wind Hybrid projects commissioned in H1 FY23: - Solar: 960 MW Hybrid Hybrid - Wind: 250 MW Solar Wind Solar Wind • High CUF of 36.6% backed by: CUF (AC) Sale of Energ
Slide 17: Financial Performance – H1 FY23 (YoY)
AGEL: Financial Performance – H1 FY23 (YoY) (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 ` 45% 2,435 ▪ Robust growth in revenues is driven by ` 52% 2,396 greenfield commissioning of 1,315 MW and 1,682 1,577 integration of SB Energy’s operating portfolio of 1,700 MW
Slide 18: Bridge of EBITDA from Power Supply – H1 FY22 to H1 FY23
AGEL: Bridge of EBITDA from Power Supply – H1 FY22 to H1 FY23 (All figures in INR Crore) 1 EBITDA up by 52% YoY on back of improved revenue backed by significant increase in capacity 1. Change in Revenue also includes change in Carbon Credit Income and change in Prompt Payment Discount 18
Slide 19: Debt Evolution from Mar-22 to Sep-22
AGEL: Debt Evolution from Mar-22 to Sep-22 Gross Debt 1 (INR Cr) Net Debt Evolution (INR Cr) 3,866 4,543 6,008 2,168 4 38,297 40,553 Additional Repayment Regular Change in MTM Change in Debt for of Debt Repayment Working changes in Cash & Bank Mar-22 Sep-22 new through of Debt Capital Loan Foreign p
Slide 20: De-risking & reduced finance cost through Prudent Debt Management
AGEL: De-risking & reduced finance cost through Prudent Debt Management Long Term vs Short Term Split (INR Cr) – Sep’22 Gross Debt Mix 1 & Average Interest Cost 140% 11.1% 12.0% Long Term Debt Short Term Debt 120% 9.1% 10.0% Includes Short 100% 5% Term Trade 22% 2% 8.0% New addition Credits of INR 8
Slide 21: ESG
Renewables Adani Green Energy Limited ESG
Slide 22: Robust ESG Assurance Framework
AGEL : Robust ESG Assurance Framework Guiding principles Guiding UN Sustainable India Business & IFC E&S Policies principle United Nations Green Bond Development Goals SBTi Biodiversity Performance Global Compact Principles (UN SDGs) Initiative (IBBI) Standards Disclosure Standards TCFD GRI Standard
Slide 23: Update on ESG Program
AGEL: Update on ESG Program Guiding Principles Disclosure Standards ✓ Signatory to United Nations Global Compact (UNGC): Submitted ✓ TCFD: Supports TCFD and the annual ESG Report enumerates Communication on Progress (COP) for FY22 progress on Governance; Strategy; Metrics and Targets and Risk Manage
Slide 24: Update on ESG Program
AGEL: Update on ESG Program Key Updates on Environment & Social initiatives – H1 FY23 ➢ Pollution control & GHG emission reduction ➢ Bio-diversity management ✓ 7.5 Mn ton CO2 emission avoided in H1 FY23 (Including infirm Power) ✓ Adopted a Technical Standard, developed in association with CII follow
Slide 25: Adopted UN Sustainable Development Goals
AGEL– Adopted UN Sustainable Development Goals United Nations Sustainable Our Key Social Initiatives mapped to UNSDG Development Goals 2030 o Armchairs, round table, water purifier, LED television provided for school Education children at Kappekeri village, Karnataka 3. Good Health & Well-Being Karn
Slide 26: Investment Rationale
AGEL: Investment Rationale Renewables
Slide 27: Key Investment Highlights
AGEL: Key Investment Highlights – World class project execution with equipment sourced from tier 1 suppliers through strategic alliances Excellent execution – Central monitoring of all project execution by Project Management & Assurance Group track record – Track record of executing projects ahead o
Slide 28: Appendix: Operational & Financial Highlights Q2 FY23
Appendix Operational & Financial Highlights Q2 FY23
Slide 29: Operational Performance – Q2 FY23 (YoY)
AGEL: Operational Performance – Q2 FY23 (YoY) Solar Portfolio Performance Wind Portfolio Performance CUF (AC) Sale of Energy (mn units) CUF (AC) Sale of Energy (mn units) 42.9% 21.4% 22.1% 471 2,327 429 63% ` 27.3% 1,430 Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23 • Wind Portfoli
Slide 30: Hybrid Portfolio Performance in Q2 FY23
AGEL: Hybrid Portfolio Performance in Q2 FY23 Plant Availability Grid Availability 99.9% 96.3% 99.7% 99.1% 99.7% 99.9% • 600 MW Solar-Wind Hybrid project commissioned on Sep 29, 2022 taking the total Hybrid Capacity to 990 MW: - Solar – 960 MW Solar Wind Hybrid Solar Wind Hybrid - Wind – 250 MW CUF
Slide 31: Financial Performance – Q2 FY23 (YoY)
AGEL: Financial Performance – Q2 FY23 (YoY) (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 33% 1,107 44% 1,131 ` ` ▪ Robust growth in revenues is driven by 834 787 greenfield commissioning of 1,315 MW and integration of SB Energy’s operating portfolio of 1,700 MW. ▪
Slide 32: Appendix: Receivables Details
Appendix 32 AGEL: Receivables Details
Slide 33: Receivables Ageing Profile
AGEL: Receivables Ageing Profile (in INR Cr) Due Not Due 30-Sep-22 Off Takers 30-Sep-22 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total TANGEDCO 162 36 4 - - 111 151 NTPC 158 - - - - - - SECI 162 - - - - - - KREDL 47 6 6 19 13 41 85 TSSPDCL 11 10 1 11 Others 251 6 2 4 8 55 75 Total 791
Slide 34: RG1 & RG2 Operational & Financial Highlights – H1 FY23
Appendix 34 AGEL: RG1 & RG2 Operational & Financial Highlights – H1 FY23
Slide 35: RG1 Portfolio (930 MW) Performance in H1 FY23
AGEL: RG1 Portfolio (930 MW) Performance in H1 FY23 Plant Availability Grid Availability 99.7% 98.4% 99.1% 98.7% H1 FY22 H1 FY23 H1 FY22 H1 FY23 • Consistent high plant availability and grid availability leading to consistent sale of energy with small reduction CUF (AC) Sale of Energy (mn units) 23.
Slide 36: RG2 Portfolio (570 MW) Performance in H1 FY23
AGEL: RG2 Portfolio (570 MW) Performance in H1 FY23 Plant Availability Grid Availability 99.9% 99.4% 98.7% 98.7% H1 FY22 H1 FY23 H1 FY22 H1 FY23 • Consistent high plant availability and grid availability leading CUF (AC) Sale of Energy (mn units) to consistent sale of energy with small reduction in
Slide 37: RG1 & RG2 – Bond Covenants v/s Actual
AGEL: RG1 & RG2 – Bond Covenants v/s Actual RG1 - Covenants Particulars Stipulated Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Debt Service Coverage Ratio 1.55* 1.67 1.94 2.05 1.88 1.84 1.83 FFO/ Net Debt 6% 10.32% 9.87% 9.71% 13.32% 14.97% 10.68% Project Life Coverage Ratio 1.6 1.73 1.79 1.78 1.81 1.
Slide 38: Holdco Bond Covenants v/s Actual
AGEL: Holdco Bond Covenants v/s Actual Holdco Bond – Covenants Particulars Stipulated Mar-22 Cash Flow Coverage Ratio >1.10 2.90 Net Senior Debt Sizing a) Discounted FCFE/ Net Senior Debt >1.6 3.33 b) Net Senior Debt/ Forecasted FCFE <5 4.04 Consolidated Net Debt/ Run-rate EBITDA <7.5 6.53 38
Slide 39: Asset Level Details
Appendix 39 AGEL: Asset Level Details
Slide 40: Asset Level Details – Operational
Asset Level Details – Operational Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD (AC) (DC) Name Term Tamil Nadu (AGETNL) Solar 216 260 7.01 Mar-16 TANGEDCO 25 Tamil Nadu (RSPL) Solar 72 86 7.01 Feb-16 TANGEDCO 25 AGETNL Tamil Nadu (KREL) Solar 72 86 5.76 Mar-16 TA
Slide 41: Asset Level Details – Operational (Contd.)
Asset Level Details – Operational (Contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD (AC) (DC) Name Term PNCEL Punjab Solar 20 21 8.7 Mar-21 PSPCL 25 PNREL Punjab Solar 10 10.5 8.65 Feb-21 PSPCL 25 KNSSEPL Karnataka Solar 5 6.3 4.36 Oct-21 GESCOM 25 KNIVSEPL
Slide 42: Asset Level Details – Operational (Contd.)
Asset Level Details – Operational (Contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD (AC) (DC) Name Term AGEL – Lahori Madhya Pradesh Wind 12 12 5.92 Mar-16 MPPMCL 25 AWEGPL Gujarat Wind 30 30 4.19 Mar-17 GUVNL 25 AWEGPL Gujarat Wind 18 18 3.46 Mar-17 GUVNL 2
Slide 43: Asset Level Details – Under execution
Asset Level Details – Under execution Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Name Term Various SPVs Rajasthan/ Gujarat Solar+ Mfg 4,667 6,767 2.42 SECI 25 Various SPVs Rajasthan/ Gujarat Solar+ Mfg 1,250 1,813 2.54 SECI 25 AREEL Gujarat Solar 150 225
Slide 44: Asset Level Details – Under execution (Contd.)
Asset Level Details – Under execution (Contd.) Contracted Capacity Planned Capacity Planned Capacity Counterparty PPA SPV Project Location Type Tariff (AC) (AC) (DC) Name Term 700 Solar: 600 Solar: 870 AHEJFL Rajasthan Hybrid 3.24 AEML 25 Wind: 510 Wind: 510 600 Solar: 570 Solar: 855 AHEJFL Rajastha
Slide 45: Asset Level Details – Near Construction
Asset Level Details – Near Construction Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Name Term Various SPVs Rajasthan/ Gujarat Solar+ Mfg 2,083 3,020 2.92 SECI 25 Various SPVs Rajasthan Solar 100 142 Merchant Merchant 25 ASEJSPL Rajasthan Solar 600 900 2.5
Slide 46: Disclaimer
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 (“AGEL”),the future outlook and growth prospects, and fut
Slide 47: Thank You
Renewables 47 Thank You