Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Debt Investor Presentation (November 2023)
46 slides from Adani Green Energy's debt investor presentation, November 2023
Slide 1: Adani Green Energy Limited Investor Presentation
1 Adani Green Energy Limited Investor Presentation Nov 2023 Photo: AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 2: Table of Contents
Table of Contents 1 Adani Portfolio – Overview 2 AGEL – Company Profile 3 AGEL - Business Philosophy 3a Origination and Development Readiness 3b Operational Excellence 3c Capital Management Philosophy 4 AGEL - ESG Framework & Commitments 5 AGEL - Investment Rationale Annexures 2
Slide 3: Adani Portfolio
01 Adani Portfolio
Slide 4: 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 & Incubator Energy & Utility Transport & Logistics Direct to consumer Mining (72.6%) (56.3%) (73.2%) (65.5%) (100%) (63.2%) AGEL AESL APSE
Slide 5: 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 70% 1,2 EBITDA 92% 1,4 AEL APSEZ Growth 3x 6 Growth 1.4x 6 AGEL ATGL Adani’s Core Infra. Platfo
Slide 6: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment Phase Development Operations Post Operations Center of Excellence Project Management & Assurance Group AIMSL1 Policy -Strategy - Risk Origination Site Development Construction Operation Capital Mgmt Activity • Analysis &
Slide 7: AGEL: 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 & Geotechnical studies ~2,00,000 acres ~40 GW potential Construction 85+ Wind data locations evacuation infrastructure readiness and Resource rich s
Slide 8: Adani Green Energy Limited: Company Profile
02 Adani Green Energy Limited (AGEL): Company Profile Photo: AGEL’s Solar plant at Anjar, Gujarat
Slide 9: AGEL - Largest Renewable Energy Power Producer in India
AGEL - Largest Renewable Energy Power Producer in India Strategically located in 12 Resource rich states 1 2.4x Locked-in Growth Renewable Capacity (in MW) 10% of Solar 45,000 India’s RE Target Ladakh 8,404 MW – Operational Wind J&K 5.4x 10,131 MW – Under execution Himachal Pradesh Solar-Wind Hybrid
Slide 10: Holding Structure & Key Portfolio Highlights
Holding Structure & Key Portfolio Highlights Adani Family 56.3% 7.0% 4 2.7% 1.4% 19.7% 12.9% Other Public Shareholders Locked-in portfolio: 20,434 MW 50% 50% 100 % 100 % 100 % AGE23L 1 Other Operating Under Execution Near construction 2,353 MW 6,051 MW 10,131 MW 1,899 MW 86% 86% sovereign equivalent
Slide 11: Growth & Cash Generation Capability De-risked
Growth & Cash Generation Capability De-risked Operational Capacity & EBITDA from Power Supply EBITDA from Power Suppply (INR Cr.) 46% CAGR 8,086 Operational Capacity (MW) 33% CAGR 5,410 3,470 5,538 2,545 3,508 1,918 1,970 2,207 1,859 834 1,710 FY18 FY19 FY20 FY21 FY22 FY23 Steadily increasing operat
Slide 12: Consistent Strong Credit Performance
Consistent Strong Credit Performance • Actual (“x” times; unless specified otherwise) —Stipulated / Threshold CFCR Disc. FCFE / Net Senior Debt Net Senior Debt/ NTM FCFE Consol Net Debt /RR EBITDA AGEL 3.33 3.59 3.36 Holdco 2.90 3.20 2.64 5.00 7.50 4.04 6.53 Ba3 5.93 1.60 2.98 5.39 (Moody’s) 1.10 2.
Slide 13: Business Philosophy
03 Adani Green Energy Limited (AGEL): Business Philosophy Photo: AGEL’s Dayapar Wind Cluster, Gujarat
Slide 14: 3a. Origination and Development Readiness
3a. Origination and Development Readiness
Slide 15: Project Management & Assurance Group (PMAG): End-to-end Project Integration
Project Management & Assurance Group (PMAG) : End-to-end Project Integration Project Management & Assurance Group End-to-end Integration from Origination to Execution with Centralized PMAG Realtime monitoring with Integrated Project Management tool developed with single source of truth concept Biddi
Slide 16: Expertise in Developing Mega Scale Renewable Energy Projects
Expertise in Developing Mega Scale Renewable Energy Projects Single Location Plug & Play Model World’s largest single World’s largest Hybrid World’s largest location solar project RE Cluster (single location) Renewable Energy Cluster Next FY16 3x FY23 7x Milestone Kamuthi: Tamil Nadu Rajasthan Khavd
Slide 17: 3b. Operational Excellence
adani Renewables 3b. Operational Excellence
Slide 18: Operational Excellence through Energy Network Operation Center (ENOC)
Operational Excellence through Energy Network Operation Center (ENOC) − Real time monitoring of operating assets across 12 states through ENOC at Ahmedabad − Granular performance insights − Predictive Maintenance optimizing Mean time between failure (MTBF) − Suggests corrective actions in real time
Slide 19: 3c. Capital Management Philosophy
3c. Capital Management Philosophy
Slide 20: Replicating Adani Business Model: Capital Management Philosophy
Replicating Adani Business Model: Capital Management Philosophy De-risking of underling SPVs to generate and release surplus cashflows for AGEL Mgmt. throughout Project lifecycle De-risking integrated in Capital Project Financing Stabilization HoldCo. Financing Post-Stabilization Phase SPV level Pha
Slide 21: ESG Framework & Commitments
Adani Green Energy Limited (AGEL): 04 ESG Framework & Commitments Photo: AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan (bifacial modules with horizontal single axis trackers)
Slide 22: Assurance backed ESG framework
Assurance backed ESG framework Guiding principles IFC E&S United Nations UN Sustainable India Business & Biodiversity Green Bond Performance Global Compact Development Goals Initiative (IBBI) Principles Standards Guiding Policies principles Disclosure Standards TCFD TNFD GRI Standards CDP disclosure
Slide 23: Substantial Avoidance of CO2 Emissions & Progress towards other key ESG targets
Substantial Avoidance of CO2 Emissions & Progress towards other key ESG targets CO2 Emissions avoided (mn ton) Key ESG Targets 91.0 FY25 Indicator Status: H1 FY24 Target Ranking in ESG benchmarking of electric utility Top 10 in RE sector Top 10 sector in the world Sustainalytics Water neutral operat
Slide 24: Investment Rationale
05 Investment Rationale Photo: AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 25: Key Investment Highlights
Key Investment Highlights – Resource Availability: Strategic sites with generation potential of ~40 GW backed by comprehensive geotechnical studies, fully prepared evacuation infrastructure, and meticulously crafted design work & resource analysis. Developmental & – Project Management & Assurance: D
Slide 26: Annexures: AGEL Credit Summary
Annexures AGEL: Credit Summary
Slide 27: Credit Summary
Credit Summary Financial Highlights LT Debt Maturity Profile as on 31 March 2023 (INR Cr) Particulars (INR cr.) Mar-23 12,383 Gross Debt1 47,669 Cash 5,571 FFO + Cash Net Debt 42,097 8,641 EBITDA 6,390 RR EBITDA 7,505 2,469 2,592 Net Debt / EBITDA 6.59x 1,502 1,553 1,621 1,660 FFO Net Debt / RR EBIT
Slide 28: Consistent Strong Credit Performance
Consistent Strong Credit Performance • Actual (“x” times; unless specified otherwise) —Stipulated / Threshold CFCR Disc. FCFE / Net Senior Debt Net Senior Debt/ NTM FCFE Consol Net Debt /RR EBITDA AGEL 3.33 3.59 3.36 Holdco 2.90 3.20 2.64 5.00 7.50 4.04 6.53 Ba3 5.93 1.60 2.98 5.39 (Moody’s) 1.10 2.
Slide 29: Risk mitigation through curated covenant package
Risk mitigation through curated covenant package Counterparty Structure Issuances O&M Risk Liquidity Risk Event Risk Leverage Risk Credit Risk Coverage Ratio DSCR All Project Finance Issuances a a Cashflow Cover Ratio AGEL Holdco a Leverage Ratio Net Debt/EBITDA AGEL Holdco a a FFO/Net Debt AGEL RG
Slide 30: De-risked Global Capital Market Credit Maturities with reducing Execution Risk
De-risked Global Capital Market Credit Maturities with reducing Execution Risk Elongated steady credit maturities matching long term PPA cashflows USD Mn 1,260 All Global Capital Market Issuance 10 10 10 11 13 13 13 15 15 17 17 20 20 22 22 87 Maturities Mar-24 Mar-26 Mar-27 Mar-28 Mar-29 Mar-30 Mar-
Slide 31: Annexures: AGEL Operational & Financial Performance
Annexures AGEL: Operational & Financial Performance
Slide 32: AGEL: Operational Performance
AGEL: Operational Performance Operational Capacity (MW AC – PPA capacity) CUF % (AC) Solar Wind Hybrid Solar Wind Hybrid 8,316 45.4% 8,086 40.2% 2,140 2,140 35.5% 5,410 30.8% 1,201 26.7% 26.8% 971 23.8% 24.7% 25.2% 25.2% 647 22.6% 22.5% 3,470 2,545 497 397 4,763 4,975 4,975 2,973 2,148 FY20 FY21 FY2
Slide 33: AGEL: Financial Performance
AGEL: Financial Performance Revenue from Power Supply EBITDA from Power Supply 1 5,538 5,825 3,530 3,775 3,783 4,029 2,419 2,207 2,065 1,859 FY20 FY21 FY22 FY23 H1 FY24 FY20 FY21 FY22 FY23 H1 FY24 EBITDA from Power Supply (%) Cash Profit 2 92% 92% 92% 3,192 89% 91% 2,082 1,854 1,250 529 FY20 FY21 FY
Slide 34: Appendix: ESG Case Studies
Appendix ESG Case Studies
Slide 35: Case Study: AGEL becomes Water Positive
Case Study: AGEL becomes Water Positive Aligning to UN Sustainable Development Goal 6 ✓ Committed to water neutrality through reducing water consumption & conservation of water Potential rainwater Total freshwater harvested and intake for Water saved is recharge created consumption Certified Water +
Slide 36: Case Study: AGEL becomes Single-Use-Plastic Free
Case Study: AGEL becomes Single-Use-Plastic Free Aligning to UN Sustainable Goal 12 – Committed to responsible consumption by way of reducing single-use-plastic usage to ‘zero’ – SUP free certification to minimize waste generation under ISO 14001 ‘Ditch The Disposable’ Eliminated SUP use in Eliminat
Slide 37: Case Study: AGEL becomes Zero Waste to Landfill Certified
Case Study: AGEL becomes Zero Waste to Landfill Certified Aligning to UN Sustainable Goal 12 – Committed to responsible consumption by reducing waste disposal to landfill to Zero and creating a circular economy Training and Capacity Building Gap assessment & Waste diversion Audited & Certified ‘Zero
Slide 38: Annexures: AGEL Asset Level Details
Annexures AGEL: Asset Level Details
Slide 39: Asset Level Details – Operational
Asset Level Details – Operational Contracted Capacity Capacity COD/ Counterparty PPA SPV` Project Location Type Tariff Capitalizati (AC) (DC) on 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
Slide 40: Asset Level Details – Operational (contd.)
Asset Level Details – Operational (contd.) Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Capitalization 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 GES
Slide 41: Asset Level Details – Operational (contd.)
Asset Level Details – Operational (contd.) Contracted Capacity Capacity COD/ Counterparty PPA SPV Project Location Type Tariff Capitaliza (AC) (DC) Name Term tion 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.
Slide 42: 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 Solar+ Mfg 1,000 1,370 2.42 SECI 25 Various SPVs Gujarat Solar+ Mfg 3,000 4,110 2.42 SECI 25 Various SPVs Gujarat Solar+ Mfg 667 914 2.42 SE
Slide 43: 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 600 Solar: 570 Solar: 855 AHEJFL Gujarat Hybrid 2.41 SECI 25 Wind: 200 Wind: 200 Total Hybrid 600 770 1,055 2.41 10,131 14,0
Slide 44: Asset Level Details – Under Execution (contd.)
Asset Level Details – Under Execution (contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff (AC) (DC) Name Term Various SPVs Gujarat Solar+ Mfg 1,799 2,465 2.92 SECI 25 Various SPVs Rajasthan Solar 100 142 NA Merchant NA Total Near Construction 1,899 2,607 2.92 20,4
Slide 45: 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 46: Thank You
adani Renewables Thank You
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