Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Debt Investor Presentation (March 2021)
46 slides from Adani Green Energy's debt investor presentation, Mar 1, 2021
Slide 1: Exchange intimation letter to BSE and NSE
Date: March 01, 2021 To BSE Limited The National Stock Exchange of India Limited P J Towers, Dalal Street, Bandra Kurla Complex, Mumbai 400 001 Bandra (E), Mumbai 400 051 Scrip Code: 541450 Scrip Code: ADANIGREEN Dear Sir, Sub: Intimation of Analysts / Institutional Investors Meeting - Presentation
Slide 2: Adani Green Energy Limited Debt Presentation
Renewables Adani Green Energy Limited DEBT PRESENTATION Febru ar y 2021 1
Slide 3: Contents
CONTENTS 1 Adani Group 2 AGEL: Company Profile 3 AGEL: Transformational Advantage 4 AGEL: ESG 5 Renewable Growth Story & Investment Rationale Appendix
Slide 4: Adani Group
Renewables 3 Adani Group
Slide 5: 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 6: 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 7: 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 structure
Slide 8: Total Portfolio and counterparty 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 Counterparty profile2 EBITDA margin 3 Fixed tariff Sovereig
Slide 9: Adani Green Energy Limited Company Profile
Renewables Adani Green Energy Limited Company Profile 8
Slide 10: 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 ramp
Slide 11: 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 12: Transformational Advantage
AGEL: Transformational Advantage 11
Slide 13: 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 14: 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 15: Operational Excellence driving Value
AGEL: Operational Excellence driving Value Traditional 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 string level of 22 mo
Slide 16: 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 17: 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 TO
Slide 18: Value Creation through Transformative Investment Philosophy
AGEL: Value Creation through Transformative Investment Philosophy FY 17 FY 20 Cash Flow from Operations 2500 1965 2000 Capacity (MW) 748 MW 2,545 MW 1 1625 INR Crore 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 19: AGEL - ESG
Renewables 18 AGEL - ESG
Slide 20: ESG Strategy Framework
AGEL : ESG Strategy Framework Purpose 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 Biodiversity conservation Diversity, Eq
Slide 21: 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 Provid
Slide 22: 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 Efficiency
Slide 23: Enabling Social Transformation
AGEL: Enabling Social Transformation Social Initiatives through Adani Foundation 1 : Core Areas Education Community Health Sustainable Livelihood Community Infrastructure Inclusive Growth, Safety & Other Initiatives at AGEL Hiring a diversified pool of talent with due representation of local populat
Slide 24: 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 Ethics &
Slide 25: Investment Rationale - AGEL
Renewables Investment Rationale - AGEL 24
Slide 26: 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 - -take of energy Locked-in capacity growth of 5x from 3.2 GW to 14.8 GW with already awarded projects Significant Growth Targeted capacity growth of 8x
Slide 27: Appendix
A 26 Appendix
Slide 28: Renewable Growth Story
Adani Green Energy Limited Renewable Growth Story Appendix 27
Slide 29: 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 30: Project Details
Adani Green Energy Limited Project Details Appendix 29
Slide 31: 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 32: 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 Solar
Slide 33: 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 Win
Slide 34: Operational & Financial Highlights
Adani Green Energy Limited Operational & Appendix 33 Financial Highlights
Slide 35: 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 36: 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 37: Debt Evolution and Key Ratios for Listed Green Bonds (RG1 & RG2)
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% 16,321 11.1% 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 38: 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 39: RG1 & RG2 Highlights; Adani Group Credit Portfolio
Appendix 38 RG1 & RG2: Operational & Financial Highlights Adani Group: Credit Portfolio
Slide 40: 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% 934
Slide 41: 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 C
Slide 42: 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 43: Disclaimer
Disclaimer -looking sta ture developments of the business and , or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in their business, their competiti
Slide 44: Thank You
e adani SUC al Renewables Thank You
Slide 45: NSE Acknowledgement
Date of 01-Mar-2021 NSE Acknowledgement Symbol:- ADANIGREEN Name of the Company: - Adani Green Energy Limited Submission Type:- Announcements Short Description:- Analysts/Institutional Investor Meet/Con. Call Updates Date of Submission:- 01-Mar-2021 11:00:05 AM NEAPS App. No:- 2021/Mar/24/24 Disclai
Slide 46: BSE Acknowledgement
Date & Time of Download : 01/03/2021 10:57:53 BSE ACKNOWLEDGEMENT Acknowledgement Number 2582581 Date and Time of Submission 3/1/2021 10:57:44 AM Scripcode and Company Name 541450 - Adani Green Energy Ltd Subject / Compliance Regulation Intimation Of Analysts / Institutional Investors Meeting - Pres
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