Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Investor Presentation (May 2020)
50 slides from Adani Green Energy's investor presentation, May 2020
Slide 1: Equity Presentation
Renewables Adani Green Energy Limited EQUITY PRESENTATION M AY, 2 0 2 0 1
Slide 2: Contents
CONTENTS Adani Group Sustainable Value 04-07 09-14 AGEL – Company Profile 16-20 Preposition Covid – 19: No material disruption 09 AGEL: Leading Renewable Player Adani: World class infrastructure in India… 10 & utility portfolio 04 Large, Geographically Diversified AGEL: Sustainable value proposition
Slide 3: Adani Group
Renewables Adani Group Amongst the Largest Infrastructure & Utility Portfolio of the World 3
Slide 4: Adani: World class infrastructure & utility portfolio
Adani Green Energy Limited Equity 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 Re
Slide 5: Adani: Repeatable, robust & proven model to deliver RoE
Adani Green Energy Limited Equity 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 Redes
Slide 6: Adani: Repeatable, robust business model applied consistently to drive value
Adani Green Energy Limited Equity 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 M
Slide 7: AGEL: Robust Business Model with Rapid Growth & Predictable Returns
Adani Green Energy Limited Equity 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 3,4
Slide 8: Company Profile
Renewables Adani Green Energy Limited Company Profile 8
Slide 9: Covid-19: No material disruption
Adani Green Energy Limited Equity 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
Slide 10: AGEL: Leading Renewable Player in India
Adani Green Energy Limited Equity Presentation | May 2020 AGEL: Leading Renewable Player in India… TOTAL 50% 50% Under-construction Asset Adani TOTAL JV Co 3,445 MW Operational Wind Assets 397 MW RG 1 RG 2 TN SPVs U/c Solar U/c Wind U/c Hybrid L1: Manufacturing 930 MW 570 MW 648 MW 475 MW 1280 MW 16
Slide 11: Large, Geographically Diversified Portfolio: ~70% with Sovereign rated entities
Adani Green Energy Limited Equity 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 Und
Slide 12: Replicating Adani Group Business Model: Development Philosophy
Adani Green Energy Limited Equity 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 –Lon
Slide 13: Replicating Adani Group Business Model: O&M Philosophy
Adani Green Energy Limited Equity 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 Improve
Slide 14: Replicating Adani Group Business Model: Capital Management Philosophy
Adani Green Energy Limited Equity 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 P
Slide 15: Sustainable Value Preposition
Renewables Sustainable Value Preposition 15
Slide 16: AGEL: Sustainable value proposition
Adani Green Energy Limited Equity Presentation | May 2020 AGEL: Sustainable value proposition a Organic opportunities thru disciplined bidding Operational - Operational under 1 I optimized II stabilization III Under construction IV Growth b In-organic, selective acquisitions matching internal invest
Slide 17: AGEL: Equity Cycle Program
Adani Green Energy Limited Equity Presentation | May 2020 AGEL: Equity Cycle Program Bidding Stage Stabilization Re-finance DBFOT Reduction in construction costs • Strategic partnership freeing achieved by Strategic Capital Management up equity investment Conservative Bidding Stage • Supply chain ef
Slide 18: AGEL: Immense Value Creation
Adani Green Energy Limited Equity Presentation | May 2020 AGEL: Immense Value Creation Operational Assets: Key Numbers FY 17 FY 20 Capacity (MW) 748MW 3.2x 2,395 MW 1 Investment EBITDA for operational Credit Rating Not Rated Grade Rating BBB-/ Baa3 assets has grown ~2.8x in three years Capital INR
Slide 19: Capital Management: Journey so far & Next Steps
Adani Green Energy Limited Equity 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 year
Slide 20: Case Study: Strategic Sale to TOTAL SA - De-risking through Capital Management
Adani Green Energy Limited Equity 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 Equity invested by AGE
Slide 21: Future Outlook
Renewables Future Outlook 21
Slide 22: Strong Execution Track Record, with Locked-in Growth
Adani Green Energy Limited Equity 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
Slide 23: Future Growth Opportunities
Adani Green Energy Limited Equity Presentation | May 2020 Future Growth Opportunities AGEL to Capitalize on Huge Runway of Renewable Opportunity in India Growing AGEL Portfolio with aspiration to become world’s largest renewable player India’s Strategy for Future Development AGEL Capacity (GW) • Bui
Slide 24: AGEL Outlook FY21
Adani Green Energy Limited Equity 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 FY
Slide 25: ESG
Renewables Adani Green Energy Limited ESG 25
Slide 26: AGEL ESG Philosophy
Adani Green Energy Limited Equity 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 Desig
Slide 27: Environment awareness and initiatives
Adani Green Energy Limited Equity 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
Slide 28: Technology intervention enabling effective management of resource
Adani Green Energy Limited Equity 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 /
Slide 29: AGEL's Governance: Journey so far and future glide path
Adani Green Energy Limited Equity 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 Int
Slide 30: Global Benchmarking: Adani Energy Portfolio vs. Global peers
Adani Green Energy Limited Equity 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% P
Slide 31: Opportunity to participate in one of the Largest Renewable Platforms in the World
Adani Green Energy Limited Equity 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 year
Slide 32: Appendix
A Appendix 32
Slide 33: Appendix: Project Details, Financials, Strategic Priorities
Appendix Adani Green Energy Limited Project Details Financials Strategic Priorities
Slide 34: Asset Level Details - Operational
Adani Green Energy Limited Equity 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-
Slide 35: Asset Level Details - Under Construction
Adani Green Energy Limited Equity 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
Slide 36: AGEL: Refinancing Prowess
Adani Green Energy Limited Equity Presentation | May 2020 AGEL: Refinancing Prowess Diversified funding sources and focus on debt maturity & cost rationalization Extended Maturity Profile: Improved Returns and Low Refinancing Risk Pre-finance Debt for TN, RG1 & RG2 Post-finance Debt for TN, RG1 & RG
Slide 37: Environment & Safety Focus across Project Life-Cycle
Adani Green Energy Limited Equity 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 So
Slide 38: Operational & Financial Highlights
Renewables Operational & Financial Highlights
Slide 39: Stable Operational Performance at Portfolio Level
Adani Green Energy Limited Equity Presentation | May 2020 Stable Operational Performance at Portfolio Level Average Capacity1 (MW AC) CUF % (AC) Solar Wind 2 Solar Wind 171 35.85% 89 30.96% 31.21% 29.81% 26.97% 72 72 60 60 72 25.89% 25.31% 60 21.42% 21.66% 25.40% 21.68% 20.02% 20.08% 20.13% 19.98% 2
Slide 40: Stable Performance for 2.1 GW Solar Portfolio
Adani Green Energy Limited Equity Presentation | May 2020 Stable Performance for 2.1 GW Solar Portfolio Over 90 performance achieved in FY 20 Actual vs. P50 CUF for 2.1 GWAC Portfolio P50 CUF Actual P75@23.58% 27.72% 24.72% -0.15% -0.43% 25.55% 23.99% 25% -0.88% -0.24% -0.33% 22.68% 21.44% 25.31% 24
Slide 41: Improving Wind Portfolio Performance
Adani Green Energy Limited Equity Presentation | May 2020 Improving Wind Portfolio Performance Full Wind Portfolio • 137MW of Adani owned, constructed & managed wind plants 1 Key Performance Indicator FY 19 FY 20 operated at CUF of 36.75% which is better than P75 performance. Operational Capacity1 (
Slide 42: Consolidated Statement of P&L
Adani Green Energy Limited Equity 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 Oth
Slide 43: AGEL Debt Summary as on 31st March 20
Adani Green Energy Limited Equity Presentation | May 2020 AGEL Debt Summary as on 31st March 20 Debt Split by Currency LT vs. ST Debt Split Long Term Debt Short Term Debt Rs 13,943 Cr Foreign Debt Indian Rupee Debt Consolidated Debt Vs. 11,272 Cr. Y-o-Y 625, Average interest rate 10.7% 6,536, 4% low
Slide 44: Power Generation Receivables Ageing
Adani Green Energy Limited Equity 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 1
Slide 45: Appendix: Industry Outlook, Developments, Regulatory Landscape
Appendix Adani Green Energy Limited Attractive Industry Outlook Industry Developments Regulatory Landscape
Slide 46: Attractive Outlook of Indian Renewable Industry
Adani Green Energy Limited Equity 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% 79.0% US: ~11.3x Ind
Slide 47: Operating in a robust and tested regulatory framework over 20 years
Adani Green Energy Limited Equity 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)
Slide 48: Regulatory Bodies across energy landscape in India
Adani Green Energy Limited Equity 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 th
Slide 49: Disclaimer
Adani Green Energy Limited Equity 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 50: Thank You
° ATT (eo) s pian Renewables sees Thank You
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