Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Debt Investor Presentation (October 2024)
39 slides from Adani Green Energy's debt investor presentation, October 2024
Slide 1: 1,840 MW Hybrid Renewables RG 1 (Solar–Wind Asset Group)
1,840 MW Hybrid Renewables RG 1 (Solar–Wind Asset Group) October 2024 Photo: AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 2: Confidentiality and Disclaimer
Confidentiality and Disclaimer Not for release, publication or distribution, in whole or in part, directly or indirectly, in the United States except to “Qualified Institutional Buyers” (“QIBs”) in reliance on Rule 144A (“Rule 144A”) under the U.S. Securities act of 1933, as amended (the “Securities
Slide 3: Hybrid Renewables RG 1: Summary of Terms
Hybrid Renewables RG 1: Summary of Terms Type of Issuance Certified Green Bond Issuance – Independent Second Party Opinion by Sustainable Fitch Co-issuers are Adani Hybrid Energy Jaisalmer One Ltd., Adani Hybrid Energy Jaisalmer Two Ltd., Adani Hybrid Energy Jaisalmer Four Ltd. and Adani Solar Energ
Slide 4: Existing Bond Key Terms and comparison with previous RG
Hybrid Renewables RG 1 : Existing Bond Key Terms and comparison with previous RG Hybrid Renewables RG 1 (Solar-Wind 1,840 Structure RG 2 (October 19) (Solar 570 MW) RG 1 (March 24) (Solar 930 MW) MW) – US$ 362.5 Mn 144A / REG S – US$ 409 Mn 144A / REG S – USD [•] Mn 144A / REG S Facility – Tenor: 20
Slide 5: Table of Contents
Table of Contents 1 Asset Overview 2 Hybrid Renewables RG 1: Proposed Credit Structure Annexure A Annexure B Annexure C Annexure D
Slide 6: Asset Overview
01 Asset Overview Photo: AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
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 ~2,50,000 acres of resource rich sites Geotechnical studies Development for renewable energy in strategic locations 50+ GW potential & Special studies (AIIL) Re
Slide 8: AGEL: Holding Structure & Key Portfolio Highlights
AGEL: Holding Structure & Key Portfolio Highlights Adani Family GQG QIA LIC Partners 57.5% 19.7% 7.0% 3 2.7% 1.4% Other Public 11.7% Shareholders Target 50% 50% 50 GW AGEL – Total Energies 50:50 JV AGEL (100% Owned) ARE9L Operational Under Execution AGE23L ARE64L4 Total – 1,050 MW 8,256 MW Total – 1
Slide 9: Hybrid Renewables RG 1: Issuance Structure
Hybrid Renewables RG 1: Issuance Structure Adani Green Energy Limited (India) Intermediate Hold Co. Co-Issuers 100% 100% 100% 100% 100% Adani Energy Holdings Limited (UK) 100% Adani Renewable Energy Holding Adani Renewable Energy Holding Adani Renewable Energy Holding Adani Renewable Energy Holding
Slide 10: 1,840 MW Hybrid Fully Operational Cluster in Rajasthan
Hybrid Renewables RG 1: 1,840 MW Hybrid Fully Operational Cluster in Rajasthan − Solar irradiation of 2000 kWh/ sqm – top 5 in India Perfect location for − Ideal Wind speed of 7 meters/ second Hybrid − Project Implemented on Non-agricultural Barren land 390 MW 300 MW Cluster based − All projects in
Slide 11: Grid Stability through Hybrid power
Grid Stability through Hybrid power Solar Plant Wind Plant 7 Common SCADA Transmission System 8 Switchyard Inverters 3 4 LT Panel & IDT 5 6 9 2 9 1 Solar Energy Process Flow: Wind Energy Process Flow: 1. Solar PV modules convert solar radiation directly into electricity as Direct Current (DC). 7. Wi
Slide 12: Robust operational and financial performance
Hybrid Renewables RG 1 : Robust operational and financial performance Operational Performance Leading to Higher Generation Leading to Better CUF 6,610 47.2% 46.1% 43.6% 100% 100% 100% 100% 100%100% 100% Excess 889 38.3% 40.9% 41.3% 100% 99% 100% 100% 100% Generation 5,721 35.1% 1,886 1,761 1,540 1,8
Slide 13: Part of Rajasthan cluster
Hybrid Renewables RG 1: Part of Rajasthan cluster Project Locations - Rajasthan Cluster Consistent outperformance – > MU’s Guaranteed under PPA RG 1 – 20 MW Solar 60 1.17 1.21 1.21 1.19 1.12 1.30 1.10 50 0.90 40 7 8 8 8 5 0.70 0.50 Rating : 30 0.30 Fitch: BBB- / Stable 20 0.10 Moody’s : Ba1 / Stable
Slide 14: Certified Green Bond Issuance – Second Party Opinion
Hybrid Renewables RG 1: Certified Green Bond Issuance– Second Party Opinion Use of Proceeds Excellent Framework Type Green ✓ Sustainable Fitch deems the proposed projects to be environmentally positive and to contribute to climate change mitigation Date Assigned October 2, 2024 ✓ Use of proceeds is
Slide 15: Operating in a Stable and Evolved Regulatory Framework
Operating in a Stable and Evolved Regulatory Framework Ministry of Power Empowered CEA Tariff Determination Methodology • Renewable power is power of (MOP) Committee choice for DISCOMs - ranks among cheapest sources of power Participants/Statutory bodies under Electricity Act, 2003 Section 63 (Compe
Slide 16: Robust Operational Performance led by AIMSL (ENOC)
Robust Operational Performance led by AIMSL (ENOC) Adani ENOC (Energy Network Operation Centre) (AIMSL) • Real time monitoring of operating assets across 12 states through ENOC • Centralization of overall management of all Adani sites from a single at Ahmedabad location • Data Analytics driven decis
Slide 17: Proposed Credit Structure
02 Hybrid Renewables RG 1 – Proposed Credit Structure
Slide 18: Covenanted Cashflow Waterfall
Hybrid Renewables RG 1 : Covenanted Cashflow Waterfall Structure Robust project finance security and covenant package Summary cashflow waterfall − Bankruptcy remote structure 1 Taxes and operating expenses − 100% amortizing debt over PPA term with tail period of ~2 years Standard Project − Cashflow
Slide 19: Senior Debt Sizing Covenant Linked to EBITDA Performance
Hybrid Renewables RG 1 : Senior Debt Sizing Covenant Linked to EBITDA Performance Over Project Life Senior debt sizing protections Illustration – Senior debt sizing covenant Indicative illustration of PLCR EBITDA Forecast 100 110 105 (US$ mn) Project Life Cover Ratio >=1.75x PLCR 1.75x 1.75x 1.75x U
Slide 20: Graded DSCR and FFO covenants with cash lock-ups
Hybrid Renewables RG 1 – Graded DSCR and FFO covenants with cash lock-ups Distributions linked to graded debt service coverage ratio DSCR levels & lock-ups − 100% distribution permitted in case DSCR is greater than 1.55x >1.55x: No restriction on Distribution − Graded DSCR helps maintain adequate ca
Slide 21: Senior Debt Tenor Linked To PPA Life
Hybrid Renewables RG 1 : Senior Debt Tenor Linked To PPA Life Hybrid Renewables RG 1 Aggregate Yearly Debt repayment profile 18.86% ~100% Sovereign Counterparty & Equivalent Includes balloon repayment of 15.07% Wt. Avg Tariff1 INR 2.89/kWh 7.58% 6.31% 6.56% 7.07% MWac2 1840 MW 5.43% 5.93% 6.06% 3.94
Slide 22: Covenants and Structure providing protection against key business risks
Hybrid Renewables RG 1 : Covenants and Structure providing protection against key business risks Key Risk Inbuilt Strength Hybrid Renewables RG 1 level Structural Protection Resource – Detailed resource assessment during development stage – Graded distribution linked to DSCR – PLCR based debt sizing
Slide 23: Enhanced Information Covenant
Hybrid Renewables RG 1 : Enhanced Information Covenant Basic Financial and Business Information Aggregated Financial statements prepared in • Semi Annually Unaudited Within 90 days accordance with the Ind AS which consist of: Compliance from semi-annual period Along with Financial − Financial Positi
Slide 24: Rating Commentary
Hybrid Renewables RG 1 : Rating Commentary Ratings BBB-/ Stable (EXP) Baa3/ Stable • Underpinned by long-term fixed-price power purchase • Supported by predictable revenues from a portfolio of projects operating under long-term power purchase agreements (PPAs) agreements with central government-link
Slide 25: A Compelling Investment Case
Hybrid Renewables RG 1 : A Compelling Investment Case – Infrastructure Development philosophy by Adani integrated as part of projects development High Asset Quality – Project execution with equipment sourced from tier 1 suppliers – Central monitoring of all project operations through ENOC, High Plan
Slide 26: Thank You
Thank You
Slide 27: Annexures
Annexures Hybrid Renewables RG 1: Operational & Financial Performance
Slide 28: 100% Operating Portfolio
Hybrid Renewables RG 1 : 100% Operating Portfolio PPA MW AC MW DC Off- PPA term Balance Tariff Name of Company Type Location COD Capacity Wind Solar Solar taker life Plant Life 1 (Rs./kWh) Adani Hybrid Energy Jaisalmer One 390 Hybrid 101 360 540 SECI Rajasthan 25 27-May-22 22.9 2.69 Adani Hybrid Ene
Slide 29: Financial Summary
Hybrid Renewables RG 1 : Financial Summary In INR Cr In USD Mn Profit and Loss Summary For Fiscal year For Fiscal year For three month For Fiscal year For Fiscal year For three month ended March 31, ended March 31, ended June 30, ended March ended March 31, ended June 30, 2023 2024 2024 31, 2023 202
Slide 30: Appendix
Appendix Historical Compliance Certificates
Slide 31: AGEL RG's: Published Compliance Certificates
AGEL RG’s : Published Compliance Certificates AGEL RG 1 has published 10 Compliance Certificates Sr no. Period Compliance Certificates 1 Sep-19 Compliance report 2 Mar-20 Compliance report 3 Sep-20 Compliance report 4 Mar-21 Compliance report 5 Sep-21 Compliance report 6 Mar-22 Compliance report 7 S
Slide 32: Appendix
Appendix Adani Portfolio Overview
Slide 33: 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 Direct to Incubator Energy & Utility Transport & Logistics & Mining consumer (100%) (100%) (74.72%) (100%) (50.00%) (100%) (100%) Copper,
Slide 34: 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 71% 1,2 EBITDA 92% 1,4 AEL APSEZ Growth 3x 6 Growth 1.4x 6 AGEL Adani’s Core Infra. Platform –
Slide 35: Adani Portfolio – Repeatable, robust & proven transformative model of investment
Adani Portfolio – Repeatable, robust & proven transformative model of investment DEVELOPMENT OPERATIONS CONSUMERS 1 New C.E.O. Adani Infra (India) Limited (AIIL) Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Construction Operation Inspired Purpose & Value
Slide 36: Appendix
Appendix Other Backup
Slide 37: AEML award of PPA - Process brief
Hybrid Renewables RG 1: AEML award of PPA - Process brief The award of 700 MW capacity to AHEJ4L (“SPV”) was obtained through competitive bidding process under RFS issued in accordance with Standard Bidding Guidelines issued by Ministry of Power, and adoption of PPA by regulatory commission of Mahar
Slide 38: AGEL: Late Payment Surcharge Rule introduced in 2022
AGEL: Late Payment Surcharge (“LPS”) Rule introduced in 2022 • The MoP (Ministry of Power), on June 3, 2022, notified the LPS Rules. The LPS (“Late Payment Surcharge”) Rules provide a mechanism for settlement of outstanding dues of generating companies, inter-State transmission licensees and electri
Slide 39: Thank You
adan Renewables Thank You
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