Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Investor Presentation (September 2023)
47 slides from Adani Green Energy's investor presentation, September 2023
Slide 1: Adani Green Energy Limited Investor Presentation
1 Adani Green Energy Limited Investor Presentation Sep 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
adani Renewables O71 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 (70.5%) (53.4%) (71.4%) (64.0%) (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 Growth 4x EBITDA 70% 1,2 EBITDA 92% 1,4 Growth 3x Growth 1.4x AEL APSEZ AGEL EBITDA 91% 1,3,5 EBITDA 19% 1,3 Adani’s
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 AIMSL* 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 2.5x Locked-in Growth Renewable Capacity (in MW) 45,000 10% of India’s RE Solar Target 8,316 MW – Operational 5.4x Wind 10,219 MW – Under execution 1,899 MW – Near construction 2 20,434 Solar-W
Slide 10: Holding Structure & Key Portfolio Highlights
Holding Structure & Key Portfolio Highlights Adani Family 53.4% 6.8% 4 2.7% 1.4% 1.3% 19.7% 14.7% 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 5,963 MW 10,219 MW 1,899 MW 86% 86% sovereign equiv
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: Adani Green Energy Limited: Business Philosophy
03 Adani Green Energy Limited (AGEL): Business Philosophy Photo: AGEL’s Dayapar Wind Cluster, Gujarat
Slide 13: Focused on leading the energy transition with sustainable value creation
Focused on leading the energy transition with sustainable value creation Our Strategy Focused on Merchant & Capitalizing on Digital focus Differentiated Renewables C&I project across project yet disciplined with Energy opportunities execution development capital storage to act as value expertise at
Slide 14: 3a. Origination and Development Readiness
3a. Origination and Development Readiness
Slide 15: Construction Ready Strategic Sites with High Resource Potential (40GW)
Construction Ready Strategic Sites with High Resource Potential (40GW) Identified high resource potential sites of ~2,00,000 acres in Rajasthan and Gujarat ~2,00,000 Acres Of Land Connectivity granted for entire Rajasthan and Gujarat Clusters Predominantly Owned By portfolio For planned growth proje
Slide 16: 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 17: Expertise in Developing Mega Scale Renewable Energy Projects
Expertise in Developing Mega Scale Renewable Energy Projects 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 Khavda: Gujarat Commissioned 648 MW Sol
Slide 18: 3b. Operational Excellence
adani Renewables 3b. Operational Excellence
Slide 19: 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 20: 3c. Capital Management Philosophy
3c. Capital Management Philosophy
Slide 21: 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 22: 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 23: 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 24: Substantial Avoidance of CO2 Emissions
Substantial Avoidance of CO2 Emissions CO2 Emissions avoided annually (mn ton) Cumulative CO2 emission avoided by AGEL is equivalent to emission of 8.9 mn cars Key Updates − Pollution control & GHG emission reduction: 99.8% less emission Intensity per unit of generation (0.0015 GHG tCO2 / MWh) in Q1
Slide 25: ESG Commitments & Targets
ESG Commitments & Targets ESG Commitments − To be in Top 10 companies of the world in ESG benchmarking of electric utility sector by FY25 − To develop and operate renewable energy capacity of 45 GW by 2030 − To remain Single-use-Plastic-Free (SuPF) company − To remain Zero-Waste-to-Landfill (ZWL) co
Slide 26: ESG Ratings, Awards and Recognition
ESG Ratings, Awards and Recognition ESG Commitments ESG Ratings AGEL’s Rating CSRHub (Consensus ESG Rating) Ranking of 95 percentile, with consistent ranking above Alternative Energy industry average ESG Risk Rating of ‘Low Risk’ with a score of 15.3, significantly better than global Utilities secto
Slide 27: Investment Rationale
05 Investment Rationale Photo: AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 28: Key Investment Highlights
Key Investment Highlights – Resource tie-ups: Strategic sites with generation potential of ~40 GW backed by comprehensive geotechnical studies, fully prepared evacuation infrastructure, and meticulously crafted design work & resource analysis. Execution – Construction: Dedicated in-house execution t
Slide 29: Annexures: AGEL Operational & Financial Performance
Annexures AGEL: Operational & Financial Performance
Slide 30: AGEL: Operational Performance
AGEL: Operational Performance Operational Capacity (MW AC – PPA capacity) CUF % (AC) Solar Wind Hybrid Solar Wind Hybrid 47.2% 8,086 8,316 38.7% 2,140 2,140 35.5% 5,410 30.8% 1,201 26.7% 26.8% 26.9% 971 23.8% 24.7% 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 31: AGEL: Financial Performance
AGEL: Financial Performance (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 5,538 5,825 3,530 3,783 2,419 2,207 1,938 2,065 2,059 1,859 FY20 FY21 FY22 FY23 Q1 FY24 FY20 FY21 FY22 FY23 Q1 FY24 EBITDA from Power Supply (%) Cash Profit 2 92% 92% 93% 3,192 89% 91% 1,854 1
Slide 32: Appendix: ESG Case Studies
Appendix ESG Case Studies
Slide 33: 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 34: 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 35: 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 36: Appendix: RG1, RG2 & Holdco bond - Covenants
Appendix RG1, RG2 & Holdco bond - Covenants
Slide 37: AGEL: RG1 & RG2 – Bond Covenants v/s Actual
AGEL: RG1 & RG2 – Bond Covenants v/s Actual RG1 – Covenants Particulars Stipulated Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Debt Service Coverage 1.55* 1.67 1.94 2.05 1.88 1.84 1.83 1.76 1.81 Ratio FFO/ Net Debt 6% 10.32% 9.87% 9.71% 13.32% 14.97% 10.68% 8.13% 12.35% Project Life Cove
Slide 38: AGEL: Holdco Bond Covenants v/s Actual
AGEL: Holdco Bond Covenants v/s Actual Holdco Bond – Covenants Particulars Stipulated Mar-22 Sep-22 Mar-23 Cash Flow Coverage Ratio >1.10 2.90 2.64 3.20 Net Senior Debt Sizing a) Discounted FCFE/ Net Senior Debt >1.6 3.33 3.59 3.36 b) Net Senior Debt/ Forecasted FCFE <5 4.04 2.98 2.20 Consolidated N
Slide 39: Annexures: AGEL Asset Level Details
Annexures AGEL: Asset Level Details
Slide 40: 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 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 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 GE
Slide 42: 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 43: 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 44: 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 10,219 14,1
Slide 45: Asset Level Details – Near Construction
Asset Level Details – Near Construction 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 20,434 28,5
Slide 46: 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 47: Thank You
adani Renewables Thank You
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