Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Debt Investor Presentation (February 2021)
43 slides from Adani Green Energy's debt investor presentation, February 2021
Slide 1: Adani Green Energy Limited Debt Presentation
Renewables Adani Green Energy Limited DEBT PRESENTATION Februar y 2021 1
Slide 2: Contents
CONTENTS 1 Adani Group 2 AGEL: Company Profile 3 AGEL: Transformational Advantage 4 AGEL: ESG 5 Renewable Growth Story & Investment Rationale Appendix
Slide 3: Adani Group
Renewables 3 Adani Group
Slide 4: Adani Group: A world class infrastructure & utility portfolio
Adani Group: A world class infrastructure & utility portfolio Transport & Logistics Portfolio Adani Energy & Utility Portfolio Adani 63.5% 100% 75% 55% Marked shift from B2B to B2C businesses - APSEZ SRCPL ATL AGEL Port & Logistics Rail T&D Renewables ATGL - Gas distribution network to serve key 100
Slide 5: Adani Group: Decades long track record of industry best growth rates
Adani Group: Decades long track record of industry best growth rates across sectors Port Cargo Throughput (MT) Renewable Capacity (GW) Transmission Capacity (ckm) CGD7 (GAs8 covered) 161% 12% 21% 45% 2.5x 6x 3x 1.5x 30% 5% 7% 25% Industry APSEZ Industry AGEL Industry ATL Industry AGL 2014 972 MT 113
Slide 6: Adani Group: Repeatable, robust & proven transformative model of investment
Adani Group: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Origination Site Development Construction Operation Capital Mgmt Activity • Site acquisition • Engineering & design • Redesigning the • Analysis & market • Life cycle O&M capital
Slide 7: AGEL: Replicating Group's Transformational Growth Profile
AGEL : Replicating Group’s Transformational Growth Profile Total Portfolio Diversified Portfolio ESG 14,815 MW 1 11 states Development 72% solar; 11% wind; 17% wind-solar hybrid Pure-play Solar & Wind Assets 3,245 MW in Operation 2970 MW in Ramp-up 8,600 MW Awarded Pipeline 100% Contracted Capacity
Slide 8: Adani Green Energy Limited Company Profile
Renewables Adani Green Energy Limited Company Profile 8
Slide 9: AGEL: Transformational Renewable Company
AGEL: Transformational Renewable Company Largest Listed 3,245 MW – Operational Over 30 GW sites identified & Renewable Site Plan Company in India + 2,970 MW – ramp up in 5–12 months under acquisition Development 8,000 MW Solar Upcoming Pipeline Tenders Over 11,000 MW in pipeline 600 MW Hybrid Under
Slide 10: AGEL: Large, Geographically Diversified Portfolio
AGEL: Large, Geographically Diversified Portfolio 14,815 MW Portfolio 1 | 3,245 MW operational Average AGEL tariff below APPC 2 APPC @ 3.60/kWh Operational Under Implementation Wind Solar 3.24 Solar-Wind Hybrid 2.0 2.4 2.5 3.2 2.3 2.7 130 Apr'17 Dec'17 Jan'18 Aug'18 Jun'20 Dec'20 AGEL 50 345 Portfol
Slide 11: Transformational Advantage
AGEL: Transformational Advantage 11
Slide 12: Development and de-risking philosophy
AGEL: Development and de-risking philosophy Resource Assessment Land Identification Design Optimisation Origination 85+ Wind locations 2,00,000+ acres land ~10% Cost Efficiency identified identified across India Land Acquisition Statutory Approvals Transmission Connectivity Development 1,00,000 acre
Slide 13: Case study: ~15,000 MW site at Khavda, Gujarat State
AGEL - Case study : ~ 15,000 MW site at Khavda, Gujarat State Site area 2.7x of Paris City Over 3 years of on site resource Resource Assessment estimated Solar potential map - Gujarat 70,000 acres of land Land Acquisition allotted by Govt. Construction Geotech studies and logistics infra Readiness c
Slide 14: Operational Excellence driving Value
AGEL: Operational Excellence driving Value Traditional Approach AGEL’s approach Plant level O&M Centralized Operations via ENOC Predictive Analytics leading to cost efficient O&M and high performance • On a fleet of 11 Mn modules, capability to • Predictive O&M processes leading to collect Data at s
Slide 15: De-risking through Capital Management
AGEL: De-risking through Capital Management Capital Management throughout Project lifecycle Refinancing with International Bonds Releasing Equity invested through Strategic Construction Finance from banks/ FIs with de-risked operational projects Partnership (TOTAL) to be used for future growth Proje
Slide 16: Case Study: Strategic Alliance with TOTAL
Case Study: Strategic Alliance with TOTAL – Monetization of Capital Formation Evolving Strategic Alliance between Adani Portfolio and TOTAL across Energy Spectrum Oct 2019 Apr 2020 Oct 2020 Jan 2021 37.4% stake acquisition in Adani Gas & Concluded 50:50 AGEL-TOTAL JV in Expanded 50:50 AGEL-TOTAL JV
Slide 17: Value Creation through Transformative Investment Philosophy
AGEL: Value Creation through Transformative Investment Philosophy FY 17 FY 20 Cash Flow from Operations 2500 1965 2000 2,545 MW 1 INR Crore 1625 Capacity (MW) 748 MW CAGR of 47% 1500 1000 500 301 28 Investment Grade 0 Credit Rating Not Rated Rating BBB- 2 FY17 FY18 FY19 FY20 Capital Employed3 INR 50
Slide 18: AGEL - ESG
Renewables 18 AGEL - ESG
Slide 19: AGEL: ESG Strategy Framework
AGEL : ESG Strategy Framework Purpose Decarbonizing the Nation’s Growth Strategic Pillars Corporate Citizenship & Responsible Business Role in Global Climate Action Enabling Social Transformation Practices Focus Areas ✓ Decarbonization of value chain ✓ Human capital management ✓ Ethics and integrity
Slide 20: AGEL: Role in Global Climate Action
AGEL: Role in Global Climate Action Environment related Factors Offsetting Carbon Emission Conservation of Resource/ Waste Management Biodiversity • Maintaining 3R (Reduce, Recycle and Climate • Supporting low carbon Economy • Caring and protecting biodiversity Reuse) for Waste management Awareness
Slide 21: Key Initiatives to Reduce Environmental Damage
AGEL – Key Initiatives to Reduce Environmental Damage Water consumption reduction initiatives Fast-paced Renewable Capacity addition leading to a greener future Operational capacity (MW AC) 25,000 Target capacity (MW AC) 1,958 1,970 2,545 2,950 372 808 FY16 FY17 FY18 FY19 FY20 9M FY21 FY25E Efficien
Slide 22: Enabling Social Transformation
AGEL: Enabling Social Transformation Social Initiatives through Adani Foundation 1 : Core Areas Adani Foundation’s presence across India Education Community Health Sustainable Livelihood Community Infrastructure Inclusive Growth, Safety & Other Initiatives at AGEL • Hiring a diversified pool of tale
Slide 23: Adopting Responsible Business Practices
AGEL: Adopting Responsible Business Practices • Independent Board – implemented at AGEL & under implementation for ESG Governance Structure subsidiaries: • 50% of the Board comprises of Independent Directors ESG Apex Comittee • 4 out of 5 Board Committees comprise of Majority Independent Directors E
Slide 24: Investment Rationale - AGEL
Renewables Investment Rationale - AGEL 24
Slide 25: A Compelling Investment Case
AGEL: A Compelling Investment Case ▪ India targets Renewable capacity of 175 GW by 2022 & 450 GW by 2030 from 87 GW currently Strong Government Push ▪ ‘Must-run’ status to renewable plants in India ensures continuous off-take of energy ▪ Locked-in capacity growth of 5x from 3.2 GW to 14.8 GW with al
Slide 26: Appendix
A 26 Appendix
Slide 27: Renewable Growth Story
Adani Green Energy Limited Renewable Growth Story Appendix 27
Slide 28: AGEL: Renewable Growth Story
AGEL: Renewable Growth Story India: Renewable Installed Capacity (GW) 2 Untapped resources in India - Significant potential for growth 1 Solar Capacity (GW) Wind Capacity (GW) Other Capacity (GW) Historic Targeted 749 347 Projected 45 CAGR: 18% >21x >9x 3x 450 potential potential potential Historic
Slide 29: Project Details
Adani Green Energy Limited Project Details Appendix 29
Slide 30: Asset Level Details - Operational
AGEL: Asset Level Details - Operational Solar Wind Projects Hybrid SPV Project Name / Location Type Contracted Capacity (AC) Capacity (DC) COD Counterparty Name PPA Term Tariff AGETNL Solar 216 260 Mar-16 TANGEDCO 25 7.01 RSPL Solar 72 86 Feb-16 TANGEDCO 25 7.01 AGETNL KREL Solar 72 86 Mar-16 TANGED
Slide 31: Asset Level Details – Operational (Contd.)
AGEL: Asset Level Details – Operational (Contd.) Solar Wind Projects Hybrid SPV Project Name / Location Type Contracted Capacity (AC) Capacity (DC) COD Counterparty Name PPA Term Tariff ASEJTL Rajasthan Solar 50 74 20-Nov NA NA Merchant GSBPL Gujarat Solar 100 150 Dec-20 GUVNL 25 2.44 AWETNL UP Sola
Slide 32: Asset Level Details – Awarded & Under Construction
Asset Level Details – Awarded & Under Construction Solar Wind Projects Hybrid SPV Project Name / Location Type Contracted Capacity (AC) Capacity (DC) Tariff Counterparty Name PPA Term AWETNL UP Solar 50 73 3.07 UPPCL 25 Various SPVs 1 TBD Solar+ Mfg 8000 11,600 2.92 SECI 25 AGEMPL - SECI 3 Gujarat W
Slide 33: Operational & Financial Highlights
Adani Green Energy Limited Operational & Appendix 33 Financial Highlights
Slide 34: Operational Performance at Portfolio Level since FY19
AGEL: Operational Performance at Portfolio Level since FY19 Solar Wind Projects Capacity (MW AC) Plant Availability Solar Wind Solar Wind 397 * 99.6% 98.8% 99.5% 94.9% 89.5% 397 * 79.2% 72 2,553 1,898 2,148 FY19 FY20 9M FY21 FY19 FY20 9M FY21 CUF % (AC) Volume (MUs) & Average Realization (Rs/kwh) 4,
Slide 35: Consolidated Financial Performance since FY19
AGEL: Consolidated Financial Performance since FY19 Particulars 9M FY21 9M FY20 % Change FY20 FY19 Total Income 2,439 1,910 28% 2,629 2,131 Revenue from Power Supply 1,729 1,464 18% 2,065 1,913 Total EBITDA 1 1,917 1,323 45% 1,531 1,598 EBITDA from Power Supply 2 1,582 1,313 20% 1,837 1,723 EBITDA f
Slide 36: Debt Evolution and Key Ratios for Listed Green Bonds
AGEL: Debt Evolution and Key Ratios for Listed Green Bonds (RG1 & RG2) Gross Debt & Net Debt (Rs. Crore) 1, 2 Gross Debt Mix 1 & Average Interest Rate 120% 12.0% 11.1% 16,321 1% 10.4% 100% 1% 10.0% 13,943 13,362 9% 22% 11,470 80% 8.0% 10,639 9,138 60% 52% 6.0% 49% 40% 4.0% 20% 38% 2.0% 28% 0% 0.0% M
Slide 37: Gross Debt Summary as on Sep 30, 2020
AGEL: Gross Debt Summary as on Sep 30, 2020 Gross Debt (INR Cr) Debt Split by Currency (INR Cr) LT vs. ST Debt Split (INR Cr) Long Term Debt Short Term Debt Foreign Debt Indian Rupee Debt Consolidated Includes Trade Rs 16,321 Cr Credits of Debt INR1,067 Cr to 6,712, 9,609, be replaced with Average i
Slide 38: RG1 & RG2: Operational & Financial Highlights; Adani Group: Credit Portfolio
Appendix 38 RG1 & RG2: Operational & Financial Highlights Adani Group: Credit Portfolio
Slide 39: RG1 Portfolio (930 MW) Performance in H1 FY21
AGEL: RG1 Portfolio (930 MW) Performance in H1 FY21 Plant Availability Grid Availability CUF (AC) Net Export (mn units) • Net Export of Energy up by 2% YoY on the back of 100% 960 increased effective capacity of 17 MW and continued 90% 99.3% 98.8% 99.5% 99.1% 940 strong CUF performance 80% 952 70% 9
Slide 40: RG2 Portfolio (570 MW) Performance in H1 FY21
AGEL: RG2 Portfolio (570 MW) Performance in H1 FY21 Plant Availability Grid Availability CUF (AC) Net Export (mn units) 100.0% 700 • Net Export of Energy up by 65% YoY on the back of: 99.5% 95.9% 99.8% 99.1% 600 - Capacity increase from 370 MW to 570_MW YoY 80.0% 661 500 60.0% 400 - Continued strong
Slide 41: Adani Group: World-class credit portfolio attracting global investors
Adani Group: World-class credit portfolio attracting global investors Issue Size Company Issue Date Coupon Current Yield# Maturity Date Debt Structure Rating (USD Mn.) Renewables BBB- (S&P)/ BBB- (Fitch) / Oct, 19 362.5 4.625 4.40% 15-Oct-2039 Amortizing Ba1 (Moody's) AGEL Jun, 19 500 6.25% 5.60% 10
Slide 42: 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 43: Thank You
Renewables 43 Thank You
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