Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Debt Investor Presentation (November 2024)
35 slides from Adani Green Energy's debt investor presentation, November 2024
Slide 1: 1,140 MW Hybrid Renewable RG (Solar–Wind Asset Group)
1,140 MW Hybrid Renewable RG (Solar–Wind Asset Group) November 2024 Photo: AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 2: Confidentiality and Disclaimer
Confidentiality and Disclaimer Not for release, publication or distribution, in whole or in part, directly or indirectly, in the United States except to “Qualified Institutional Buyers” (“QIBs”) in reliance on Rule 144A (“Rule 144A”) under the U.S. Securities act of 1933, as amended (the “Securities
Slide 3: Hybrid Renewable RG: Summary of Terms
Hybrid Renewable RG : Summary of Terms Type of Issuance Certified Green Bond Issuance under “Restricted Group” construct Co-issuers are Adani Hybrid Energy Jaisalmer One Ltd., Adani Hybrid Energy Jaisalmer Two Ltd. and Adani Solar Energy Jaisalmer One Pvt. Ltd., which are 100% Step down The Co-Issue
Slide 4: Existing Bond Key Terms and comparison with previous RG
Hybrid Renewable RG : Existing Bond Key Terms and comparison with previous RG RG 2 (October 19) RG 1 (March 24) Hybrid Renewable RG Structure (Solar 570 MW) (Solar 930 MW) (Solar-Wind 1,140 MW) – US$ 362.5 Mn 144A / REG S – US$ 409 Mn 144A / REG S – USD [•] Mn 144A / REG S Facility – Tenor: 20 years
Slide 5: Performance Track Record: RG1 (930 MW)
Performance Track Record: RG1 (930 MW) AGEL: RG 1 (930 MW) – Initial Issuance in May 2019 In INR Crore Committed Vs. Actual Performance Generation resulting into higher then expected Revenue Leading to Higher EBITDA 1,200 1.14 1.12 2500 1.15 1.12 1.12 1,200 1.11 1,000 2000 1.10 1,000 180 200 197 206
Slide 6: Performance Track Record: RG2 (570 MW)
Performance Track Record : RG2 (570 MW) AGEL: RG 2 (570 MW) – Initial Issuance in October 2019 In INR Crore Committed Vs. Actual Performance Generation resulting into higher then expected Revenue Leading to Higher EBITDA 700 1,400 1.14 1.13 1.13 1.14 1.20 700 1.10 600 1,200 163 148 155 164 1.10 600
Slide 7: Senior Debt Tenor Linked To PPA Life
Hybrid Renewable RG : Senior Debt Tenor Linked To PPA Life Hybrid Renewable RG Aggregate Yearly Debt repayment profile 14.55% Counterparty 100% Sovereign Includes balloon repayment of 10.21% Wt. Avg INR 2.68/kWh Tariff1,3 7.68% 8.38% 6.92% 5.76% 5.91% 6.26% MWac2 1,140 MW 4.04% 4.34% 4.75% 5.36% 3.5
Slide 8: Table of Contents
Table of Contents 1 Asset Overview 2 Hybrid Renewable RG: Proposed Credit Structure Annexure A Annexure B Annexure C
Slide 9: Asset Overview
01 Asset Overview Photo: AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 10: AGEL: Holding Structure & Key Portfolio Highlights
AGEL: Holding Structure & Key Portfolio Highlights Adani Family GQG QIA LIC Partners 60.9% 19.7% 7.2% 1 2.7% 1.4% Other Public 8.1% Shareholders Target 50 GW 50% 50% AGEL – Total Energies 50:50 JV AGEL (100% Owned) ARE9L Operational Under Execution AGE23L ARE64L2 Total – 1,050 MW 9,154 MW Total – 1,
Slide 11: 1,140 MW Hybrid Fully Operational Cluster in Rajasthan
Hybrid Renewable RG : 1,140 MW Hybrid Fully Operational Cluster in Rajasthan − Solar irradiation of 2000 kWh/ sqm – top 5 in India Perfect location for − Ideal Wind speed of 7 meters/ second Hybrid − Project Implemented on Non-agricultural Barren land 390 MW − All projects part of Single Cluster aro
Slide 12: Hybrid Renewable Power: mitigate energy intermittency, enhancing grid stability
Hybrid Renewable Power: mitigate energy intermittency, enhancing grid stability Solar Plant Wind Plant Common SCADA Transmission System Switchyard Inverters LT Panel & IDT Standalone power curve Hybrid power curve paving way to RTC power Solar curve Wind curve With Solar peaking during day-time and
Slide 13: Robust operational and financial performance
Hybrid Renewable RG : Robust operational and financial performance Operational Performance Leading to Higher Generation Leading to Better CUF 3,637 99.90% 99.54% 99.88% 99.77% 99.89% 99.66% 100.00% 99.86% 39.7% 37.3% Excess 676 36.3% Generation 32.9% 2,962 29.64% 1,988 1,866 1,649 H1FY24 H2FY24 FY24
Slide 14: Part of Rajasthan cluster
Hybrid Renewable RG : Part of Rajasthan cluster Project Locations - Rajasthan Cluster Consistent outperformance – > MU’s Guaranteed under PPA RG 1 – 20 MW Solar 60 1.17 1.21 1.21 1.19 1.12 1.30 1.10 50 0.90 40 7 8 8 8 0.70 5 0.50 Rating : 30 0.30 Fitch: BBB- / Stable 20 0.10 Moody’s : Ba1 / Stable (
Slide 15: Certified Green Bond Issuance – Second Party Opinion
Hybrid Renewable RG : Certified Green Bond Issuance – Second Party Opinion Use of Proceeds Excellent Framework Type Green Sustainable Fitch deems the proposed projects to be environmentally positive and to contribute to climate change mitigation Date Assigned November 18, 2024 Use of proceeds is
Slide 16: Operating in a Stable and Evolved Regulatory Framework
Operating in a Stable and Evolved Regulatory Framework Ministry of Power Empowered CEA Tariff Determination Methodology • Renewable power is power of (MOP) Committee choice for DISCOMs - ranks among cheapest sources of power Participants/Statutory bodies under Electricity Act, 2003 Section 63 (Compe
Slide 17: Robust Operational Performance led by AIMSL (ENOC)
Robust Operational Performance led by AIMSL (ENOC) Adani ENOC (Energy Network Operation Centre) (AIMSL) • Real time monitoring of operating assets across 12 states through ENOC • Centralization of overall management of all Adani sites from a single at Ahmedabad location • Data Analytics driven decis
Slide 18: Hybrid Renewable RG – Proposed Credit Structure
02 Hybrid Renewable RG – Proposed Credit Structure
Slide 19: Issuance Structure
Hybrid Renewable RG : Issuance Structure Adani Green Energy Limited (India) Intermediate Hold Co. Co-Issuers 100% 100% 100% 100% Adani Energy Holdings Limited (UK) 100% Adani Renewable Energy Holding Adani Renewable Energy Holding Adani Renewable Energy Holding One Limited Three Limited Nineteen Pri
Slide 20: Covenanted Cashflow Waterfall
Hybrid Renewable RG : Covenanted Cashflow Waterfall Structure Robust project finance security and covenant package Summary cashflow waterfall − Bankruptcy remote structure 1 Taxes and operating expenses − 100% amortizing debt over PPA term with tail period of ~3 years Standard Project − Cashflow wat
Slide 21: Senior Debt Sizing Covenant Linked to EBITDA Performance Over Project Life
Hybrid Renewable RG : Senior Debt Sizing Covenant Linked to EBITDA Performance Over Project Life Senior debt sizing protections Illustration – Senior debt sizing covenant Indicative illustration of PLCR EBITDA Forecast 100 110 105 Project Life Cover (US$ mn) Ratio >=1.75x PLCR 1.75x 1.75x 1.75x 1 2
Slide 22: Key Structure Protection
Hybrid Renewable RG – Key Structure Protection Distributions linked to graded debt service coverage ratio and FFO/Net Debt Lock-up DSCR levels & lock-ups >1.55x: No restriction on Distribution − Lock-up of certain % of Distributable cash flows depending on DSCR ratio attained (Release on restoration
Slide 23: Covenants and Structure providing protection against key business risks
Hybrid Renewable RG : Covenants and Structure providing protection against key business risks Key Risk Inbuilt Strength Hybrid Renewable RG level Structural Protection Resource – Detailed resource assessment during development stage – PLCR based debt sizing based on P90 generation – Studies by reput
Slide 24: Enhanced Information Covenant
Hybrid Renewable RG : Enhanced Information Covenant Basic Financial and Business Information Aggregated Financial statements prepared in • Semi Annually Unaudited Within 90 days accordance with the Ind AS which consist of: Compliance from semi-annual period Along with Financial − Financial Position
Slide 25: Rating Commentary
Hybrid Renewable RG : Rating Commentary Ratings BBB-/ Stable (EXP) Baa3/ Stable BBB+/ Stable • Underpinned by long-term fixed-price power • Supported by predictable revenues from a • Rating is driven by high predictability of purchase agreements (PPAs) portfolio of projects operating under long- cas
Slide 26: A Compelling Investment Case
Hybrid Renewable RG : A Compelling Investment Case – Infrastructure Development philosophy by Adani integrated as part of projects development High Asset Quality – Project execution with equipment sourced from tier 1 suppliers Strong Counterparties & – Central monitoring of all project operations th
Slide 27: Annexures: Operational & Financial Performance
Annexures Hybrid Renewable RG: Operational & Financial Performance
Slide 28: 100% Operating Portfolio
Hybrid Renewable RG : 100% Operating Portfolio PPA MW AC MW DC Off- PPA term Balance Tariff Name of Company Type Location COD Capacity Wind Solar Solar taker life Plant Life 1 (Rs./kWh) Adani Hybrid Energy Jaisalmer One 390 Hybrid 101 360 540 SECI Rajasthan 25 27-May-22 22.65 2.69 Adani Hybrid Energ
Slide 29: Financial Summary
Hybrid Renewable RG : Financial Summary In INR Cr In USD Mn Profit and Loss Summary For Fiscal year For Fiscal year For six month For Fiscal year For Fiscal year For six month ended March 31, ended March 31, ended September ended March ended March 31, ended September 2023 2024 30, 2024 31, 2023 2024
Slide 30: Appendix: Historical Compliance Certificates
Appendix Historical Compliance Certificates
Slide 31: AGEL RG's: Published Compliance Certificates
AGEL RG’s : Published Compliance Certificates AGEL RG 1 has published 10 Compliance Certificates AGEL RG 2 has published 9 Compliance Certificates Sr no. Period Compliance Certificates Sr no. Period Compliance Certificates 1 Mar-20 Compliance report 1 Sep-19 Compliance report 2 Mar-20 Compliance rep
Slide 32: Appendix: Adani Portfolio Overview
Appendix Adani Portfolio Overview
Slide 33: Adani Portfolio: A World class Infrastructure & Utility portfolio
Adani Portfolio: A World class Infrastructure & Utility portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C Materials, Metal Direct to Incubator Energy & Utility Transport & Logistics & Mining consumer (100%) (100%) (74.89%) (100%) (50.00%) (100%) (100%) ANIL Cop
Slide 34: Adani Portfolio: Decades long track record of industry best growth
Adani Portfolio: Decades long track record of industry best growth with national footprint Secular growth with world leading efficiency National footprint with deep coverage Growth 3x 6 Growth 4x 6 EBITDA 71% 1,2,3 EBITDA 92% 1,3,4 AEL Growth 3x 6 Growth 1.4x 6 APSEZ AGEL Adani’s Core Infra. Platfor
Slide 35: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment DEVELOPMENT OPERATIONS CONSUMERS 1 New C.E.O. Adani Infra (India) Limited (AIIL) Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Construction Operation Inspired Purpose & Value C
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