Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Investor Presentation (August 2026)
48 slides from Adani Green Energy's investor presentation, August 2026
Slide 1: Adani Green Energy Ltd Investor Presentation
Adani Green Energy Ltd Investor Presentation August 2026 AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 2: Contents
Contents 1 Executive Summary 2 Investment Highlights 3 ESG Annexures STRICTLY CONFIDENTIAL
Slide 3: Executive Summary
1 Executive Summary STRICTLY CONFIDENTIAL
Slide 4: India | Colossal Growth Opportunity
India | Colossal Growth Opportunity Key Highlights: Fastest growing economy + large consumer base…. …needs critical infra in transport and logistics Fastest Growing Large Economy Large Consumer Base Under penetration of Air Travel High logistics cost G20 Real GDP CAGRs, 2015 to 2025 (%) Top 10 Count
Slide 5: India | Electricity Sector – Multi-decade Investment Opportunity
India | Electricity Sector – Multi-decade Investment Opportunity Growth in Indian Electricity Sector Adani’s role in powering India India’s Electricity Sector 6% 8% CAGR ✓ Adani Portfolio has market leading position across entire energy value chain (In GW) 1,121 One of the fastest growing electricit
Slide 6: Indian Power Sector | RE capacity to match demand growth
Indian Power Sector | 764 GW of RE capacity to match the demand growth and 174 GW of Energy Storage to integrate it Forecasted Demand & Supply Profile in FY30 Renewables to contribute majority of the capacity addition (GW) 460 4 60 Charging Total Renewable Capacity (GW) 4 10 410 Discharging Us 36 0
Slide 7: Adani Portfolio: A World Class Infrastructure & Utility Portfolio
Adani Portfolio: A World Class Infrastructure & Utility Portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Other Incubator Materials, Metal Energy & Utility Transport & Logistics Specialty & Mining (74.84%) (62.43%) (74.96%) (66.03%) (67.29%)3 AEL1 AGEL APL APSEZ Ports & Log
Slide 8: Adani Energy and Utility Platform: India's Only Fully Integrated Energy Platform
Adani Energy and Utility Platform: India’s Only Fully Integrated Energy Platform At Scale Power Generation Energy Solutions India’s largest Integrated Manufacturing Ecosystem Smart Energy Renewables + Storage Base Load Transmission Distribution Metering Solution NSE: ADANIGREEN NSE: ADANIPOWER NSE:
Slide 9: AGEL: Leading India's Energy Transition
AGEL: Leading India’s Energy Transition India’s largest Renewable Energy Portfolio Key Operating Metrics RE Portfolio spread across Operational Q1 FY27 FY26 2030E 12 resource rich states (as of June 30, 2026) 14 Bn 38 Bn 20.1 GW ► ► 50 GW 10% 5 GW of Pumped Units Generation ▲30% YoY Units Generation
Slide 10: AGEL: Outpacing Industry Growth Rates backed by Record Annual Capacity Addition
AGEL: Outpacing Industry Growth Rates backed by Record Annual Capacity Addition Capacity Ramp up at Scale Capacity in GW Amount in USD Mn Annual Capacity Addition ramped up Improving Run Rate EBIDTA 1,737 2.7x 2.0x -- 1.5x growth -- 1,481 1,255 5.1 876 913 2.7 2.8 3.3 1.9 Current capacity addition C
Slide 11: AGEL: Key Investment Highlights
AGEL: Key Investment Highlights Key Investment Highlights 1 • Secured resource rich sites at strategic locations including Khavda with one of the highest solar irradiation Resource and wind speed to achieve 50+ GW target including 5 GW (30 GWh) of Pump Storage (PSP) and 50 GWh Tied up of BESS capaci
Slide 12: Key Investment Highlights
2 Key Investment Highlights STRICTLY CONFIDENTIAL
Slide 13: AGEL: Roadmap - Potential of 55+ GW Renewable Energy
AGEL: Roadmap - Potential of 55+ GW Renewable Energy Large sites in 6 states to 2 Large Sites to allow AGEL to reach 50+ GW develop 5+ GW of PSP capacity capacity 5+ 55+ 10+ 10 20 20.1 Khavda: 10.3 GW 1 Operational RE – Khavda RE – Rajasthan PSP Total Capacity potential Q1 FY27 Sites under developme
Slide 14: Resource: Khavda World's largest Single-Location Renewable Energy Site
1a Resource: Khavda World’s largest Single-Location Renewable Energy Site Strategically located in Resource rich region of Gujarat A Renewable Energy Marvel in the Making ▪ All projects to be developed on contiguous land in Khavda Significant Scale Renewable Park Efficiencies ▪ Significant scale eff
Slide 15: Resource: Battery Storage – Overview
1b Resource: Battery Storage – Overview Battery Energy Storage System (BESS): The Backbone of India’s Clean Energy Future How BESS works? 700 Global BESS Turnkey Cost Decline 600 500 $117/kWh 400 $/kWh (-81% since 2017) 300 Battery Life of Battery 200 No. of Cycles Configuration 100 0 2017 2018 2019
Slide 16: Resource: Pumped Hydro Storage Projects
1c Resource: Pumped Hydro Storage Projects Kicked off 1st Hydro PSP in Andhra Pradesh on Chitravathi river Development Pipeline across 6 states Uttar Pradesh Upper Assam Reservoir Powerhouse Water Conducting System Maharashtra Telangana Existing lower reservoir Key Highlights Andhra Pradesh ▪ Instal
Slide 17: Execution: Expertise in Developing Mega Scale Renewable Energy Projects
2 Execution: Expertise in Developing Mega Scale Renewable Energy Projects − Then, the largest single location solar power plant 648 World’s largest MW − Executed within a record time of 8 months single location Solar project Module 330 Wp 3x MMS Fixed Tilt (99%) Tracker (1%) Kamuthi: Tamil Nadu (FY1
Slide 18: Procurement: Operational Synergies Accruing from Portfolio Companies
4b Procurement : Operational Synergies Accruing from Portfolio Companies Adani Portfolio Ecosystem EPC & PMC O&M Human Resource ▪ Synergy benefits between AIMSL GCC AIIL1 Centre of Centre of Centre of Excellence Excellence Excellence entities providing assurance on Supply Supply of Power chain and o
Slide 19: Procurement: Deep Vendor Ecosystem
3b Procurement: Deep Vendor Ecosystem Adani Vendor Ecosystem Key Strategy with Vendor Relationship Vendor Development Supply Assurance ▪ Finalizing technology based on latest technology available in market with higher • Development of new manufacturers to • MOUs for Long-term partnerships to be effi
Slide 20: Operations: Operational Performance Metrics
4a Operations: Operational Performance Metrics − Real time monitoring of operating assets across 12 states through Energy Network Operations Center at Ahmedabad − Granular performance insights − Predictive Maintenance optimizing Mean time between failure (MTBF) − Suggests corrective actions in real
Slide 21: Operations: Digital Twins: Harnessing Technology to Maximize Performance
4b Operations: Digital Twins: Harnessing Technology to Maximize Performance Transforming O&M Practices Solar Power Plants: Areas of O&M efficiency gains Conventional Transformed ─ Manual ─ Automated Prevent & Accurate Detect loss due ─ Top-down ─ Bottom-up detect module / module to soiling diode fai
Slide 22: Operations: Best in Class O&M Practices
4c Operations: Best in Class O&M Practices – Cluster based governance model: Personnel spread across Central office → Cluster teams → Site personnel – Enables smooth governance allowing efficient utilization of manpower and spares across multiple project sites 1 Centralized monitoring & Diagnostics
Slide 23: Capital Management: Prudent Capital Management through Business Life Cycle
5a Capital Management: Prudent Capital Management through Business Life Cycle De-risking of underlying SPVs to generate and release surplus cashflows for AGEL Debt Life Cycle Management to ensure the Capital availability at all stages of the project Debt Construction Phase: Construction Phase Operat
Slide 24: Capital Management: Internal Accruals Exceeds Debt Maturities
5b Capital Management : Internal Accruals Exceeds Debt Maturities FFO for March 26 10 years of debt refinancing/maturity profile1 All figures in USD Mn 1,298 FFO + Cash – 1,572 614 (669) (15) 1,115 1,077 910 EBITDA Finance Tax Paid FFO 616 638 481 FFO FFO – 614– 614 Cost 1,796 12.5% 499 448 454 461
Slide 25: Capital Management: Continuously Improving Credit Profile with Deep Rating Coverage
5c Capital Management: Continuously Improving Credit Profile with Deep Rating Coverage 1% 9% 2% 0% 18% Global Domestic 31% IG AAA - AA+ Rating Track 38% Record April April March BB+ AA – AA- 2019 2023 2026 7 BB- A Category BBB+ - Below 58% 44% 99% years Nil rated above “AA-” 63% rated above “AA-” 82
Slide 26: ESG
3 ESG STRICTLY CONFIDENTIAL
Slide 27: AGEL: Assurance backed ESG framework
AGEL: Assurance backed ESG framework Guiding principles India Business & IFC E&S United Nations UN SDGs and Green Bond SBTi Biodiversity Performance Global Compact UNGP Principles Initiative (IBBI) Standards Guiding Policies principles Disclosure Standards IFRS S2 TNFD GRI Standards CDP disclosure B
Slide 28: AGEL: ESG Updates
AGEL: ESG Updates Focus area Material Topic Targets Key ESG Initiatives/Achievements UN SDGs Committed to avoid GHG emissions Climate Change Climate Change through development • 9.70 Mn tons CO2 emissions avoided in Q1FY27 which is equal to 2.1 million cars off the road of 50 GW RE • 99.9% less oper
Slide 29: AGEL: ESG Ratings, Awards & Recognitions
AGEL: ESG Ratings, Awards & Recognitions RE Sector Ranking 1 Rating Agency Rating/Score Awards and Recognition Global India Score of 4.7 / 5 1 1 • Received Clean Power Generation Award at the Global Ranking Reuters Energy Industry Awards 2026 held in New York Score of 79.79 / 100 Leadership 1 Prime
Slide 30: AGEL: Board of Directors and Management Overview
AGEL: Board of Directors and Management Overview 100% Chaired Chaired IDs by by NID Board of Directors IDs Statutory Committees Independent Directors Nominee Director 40% - Audit 🗹 Comprised of only Non- - Nomination & Executive Directors Remunerations 🗹 - Stakeholder Relationship 🗹 100% of…
Slide 31: Annexures - A: Operational and Financial Performance
Annexures - A Operational and Financial Performance STRICTLY CONFIDENTIAL
Slide 32: AGEL: Operational Performance
AGEL: Operational Performance Operational Capacity (MW AC – PPA capacity) CUF % (AC) Solar Wind Hybrid Solar Wind Hybrid 20,142 19,294 49.0% 3,216 3,266 44.4% 40.7% 39.5% 14,243 2,670 35.5% 2,563 35.2% 10,934 2,140 30.8% 29.4% 26.8% 27.2% 26.6% 2,000 23.8% 24.7% 25.2% 24.5% 24.8% 24.0% 25.3% 8,086 2
Slide 33: AGEL: Financial Performance
AGEL: Financial Performance Revenue from Power Supply EBITDA from Power Supply 1 In USD Mn In USD Mn 1,248 1,109 1,168 1,030 928 866 707 674 499 452 466 435 329 300 FY21 FY22 FY23 FY24 FY25 FY26 Q1 FY27 FY21 FY22 FY23 FY24 FY25 FY26 Q1 FY27 EBITDA from Power Supply (%) Cash Profit 2 92% 92% 92% 91%
Slide 34: AGEL: Historical Financials | Profit and Loss Account
AGEL: Historical Financials | Profit and Loss Account Particulars Unit FY22 FY23 FY24 FY25^ FY26 Q1 FY27 Q1 FY27 Insights Revenue from Power Supply USD Mn 499 708 928 1,109 1,248 452 Other Revenue from Operations USD Mn 8 27 36 32 66 12 Other Income USD Mn 55 102 149 141 96 24 20.1 GW Total Income U
Slide 35: AGEL: Historical Financials | Balance Sheet
AGEL: Historical Financials | Balance Sheet Particulars Unit FY22 FY23 FY24 FY25^ FY26 FY26 Insights Assets Non-Current Assets Gross Fixed Assets (Incl. CWIP & ROU) USD Mn 6,860 7,101 9,051 12,114 14,388 [-] Accumulated Depreciation Net Fixed Assets (Incl. CWIP) USD Mn USD Mn (482) 6,378 (579) 6,523
Slide 36: Annexures - B: Asset Level Details
Annexures - B Asset Level Details – As of Q1FY27 STRICTLY CONFIDENTIAL
Slide 37: Asset Level Details: Solar - Operational
Asset Level Details: Solar - Operational Contracted Capacity Capacity Tariff Counterparty PPA SPV Project Location Type COD/Operationalized (AC) (DC) (INR/ kWh) Name Term Tamil Nadu Solar 216 260 7.01 Mar-16 TANGEDCO 25 Tamil Nadu Solar 72 86 7.01 Feb-16 TANGEDCO 25 AGE23L (Earstwhile Tamil Nadu Sol
Slide 38: Asset Level Details: Solar - Operational (contd.)
Asset Level Details: Solar - Operational (contd.) Contracted Capacity Capacity Tariff Counterparty PPA SPV Project Location Type COD/Operationalized (AC) (DC) (INR/ kWh) Name Term AGE23L (Earstwhile PN Punjab Solar 20 21 8.7 Mar-21 PSPCL 25 Clean) 1 AGE23L (Earstwhile PN Punjab Solar 10 11 8.65 Feb-
Slide 39: Asset Level Details: Solar - Operational (contd.)
Asset Level Details: Solar - Operational (contd.) Contracted Capacity Capacity Tariff Counterparty PPA SPV Project Location Type COD/Operationalized (AC) (DC) (INR/ kWh) Name Term ASEKANPL Karnataka Solar 200 300 2.82 19-Dec SECI 25 ASEAPSPL Andhra Pradesh Solar 350 455 4.63 Jul-17 NTPC 25 ASERJOPL
Slide 40: Asset Level Details: Solar - Operational (contd.)
Asset Level Details: Solar - Operational (contd.) Contracted Capacity Capacity Tariff Counterparty PPA SPV Project Location Type COD/Operationalized (AC) (DC) (INR/ kWh) Name Term AGE25AL Gujarat Solar 25 34 2.42 Feb-25 SECI 25 AGE25AL Gujarat Solar 12 17 2.42 Feb-25 SECI 25 AGE25AL Gujarat Solar 12
Slide 41: Asset Level Details: Solar - Operational (contd.)
Asset Level Details: Solar - Operational (contd.) Contracted Capacity Capacity Tariff Counterparty PPA SPV Project Location Type COD/Operationalized (AC) (DC) (INR/ kWh) Name Term ARE56L3 Gujarat Solar 50 69 2.70 Apr-25 Private PPA 25 ARE56L3 Gujarat Solar 100 137 2.42 Apr-25 SECI 25 Private PPA^ AR
Slide 42: Asset Level Details: Solar - Operational (contd.)
Asset Level Details: Solar - Operational (contd.) Contracted Capacity Capacity Tariff Counterparty PPA SPV Project Location Type COD/Operationalized (AC) (DC) (INR/ kWh) Name Term ARE56L3 Gujarat Solar 13 17 2.42 Sep-25 SECI 25 ARE56L3 Gujarat Solar 88 120 2.42 Sep-25 SECI 25 ARE56L3 Gujarat Solar 8
Slide 43: Asset Level Details: Solar - Operational (contd.)
Asset Level Details: Solar - Operational (contd.) Contracted Capacity Capacity Tariff Counterparty PPA SPV Project Location Type COD/Operationalized (AC) (DC) (INR/ kWh) Name Term AGE26AL Gujarat Solar 50 68 2.54 Mar-26 SECI 25 ASEB1L Baiya Solar 251 341 2.55 Mar-26 NHPC 25 AGE25CL Gujarat Solar 50
Slide 44: Asset Level Details: Wind - Operational (contd.)
Asset Level Details: Wind - Operational (contd.) Contracted Capacity Tariff SPV Project Location Type Capacity (DC) COD/ Capitalization Counterparty Name PPA Term (AC) (INR/ kWh) 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 Gujar
Slide 45: Asset Level Details: Hybrid - Operational (contd.)
Asset Level Details: Hybrid - Operational (contd.) Contracted Capacity Planned Capacity Planned Capacity Tariff SPV Project Location Type Counterparty Name PPA Term (AC) (AC) (DC) (INR/ kWh) Solar: 360 Solar: 540 AHEJOL Rajasthan Hybrid 390 2.69 SECI 25 Wind: 100 Wind: 100 AHEJTL 2 Solar: 600 Solar:
Slide 46: AGEL: Market Benchmarked Tariff Ensures Better Than Market Returns
AGEL: Market Benchmarked Tariff Ensures Better Than Market Returns RE Capacity Tariff benchmarked as per independent study using last 2 years data1 Benchmarked PTSL PPA Technology No of tenders reviewed Average Tariff Average Tariff Returns on tied up RE capacity commensurate (Rs/kWh) (Rs/kWh) with
Slide 47: 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 48: Thank You
adani Renewables Thank You
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