Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Investor Presentation (November 2020)
37 slides from Adani Green Energy's investor presentation, November 2020
Slide 1: Adani Green Energy Limited Equity Presentation
Renewables Adani Green Energy Limited EQUITY PRESENTATION November 2020 1
Slide 2: Contents
CONTENTS 1 Adani Group 2 AGEL: Company Profile 3 AGEL: Transformational Advantage 4 AGEL: ESG 5 Renewable Growth Story & Investment Rationale Appendix
Slide 3: Adani Group
Renewables Adani Group Amongst the Largest Infrastructure & Utility Portfolio of the World 3
Slide 4: 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% 75% Marked shift from B2B to B2C businesses - APSEZ SRCPL ATL AGEL Port & Logistics Rail T&D Renewables AGL - Gas distribution network to serve key 100%
Slide 5: 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) CGD8 (GAs9 covered) 45% 12% 161% 21% 2.5x 6x 3x 30% 1.5x 5% 7% 25% Industry APSEZ Industry AGEL Industry ATL Industry AGL 2014 972 MT 113
Slide 6: 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
Slide 7: AGEL: Replicating Group's Transformational Growth Profile
AGEL : Replicating Group’s Transformational Growth Profile Total Portfolio Diversified Portfolio ESG 14,195 MW 1 11 states Development 74% solar; 12% wind; 14% wind-solar hybrid Pure-play Solar & Wind Assets 6,195 MW in Operation & ramp-up 8,000 MW Contracted Pipeline 100% Contracted Capacity Counte
Slide 8: Adani Green Energy Limited: Company Profile
Renewables Adani Green Energy Limited Company Profile 8
Slide 9: AGEL: Transformational Renewable Company
AGEL: Transformational Renewable Company Largest Listed 2,850 MW – Operational 15,000 MW identified in Gujarat Renewable Site Plan & Company in India + 3,345 MW – ramp up in 5–12 months 15,000 MW at other sites Development Pipeline under 8,000 MW Upcoming Over 15,000 MW in pipeline Solar Tenders exe
Slide 10: Large, Geographically Diversified Portfolio
AGEL: Large, Geographically Diversified Portfolio 14,195 MW # Portfolio | 2,850 MW operational Average AGEL tariff below APPC** APPC @ 3.60/kWh Operational Under Implementation Wind Solar Solar-Wind Hybrid 3.2 2.5 2.4 2.7 2.3 3.26 130 Apr'17 Dec'17 Jan'18 Aug'18 Jun'20 AGEL 175 200 Portfolio Avg. Lo
Slide 11: Transformational Advantage
AGEL: Transformational Advantage 11
Slide 12: Overall pipeline Development and de-risking philosophy
AGEL: Overall pipeline Development and de-risking philosophy Resource Assessment Land Identification Design Optimisation Origination 85+ Wind data locations 2,00,000+ acres land ~10% Cost Efficiency identified across India Land Acquisition Statutory Approvals Connectivity Development 1,00,000 acres
Slide 13: Transformational Advantage driven by de-risked pipeline
AGEL: Transformational Advantage driven by de-risked pipeline Identified 15,000 MW site at Khavda, Gujarat Site area 2.7x Paris City Advanced site readiness Solar potential map - Gujarat Over 3 years of on site resource Resource Assessment estimation 70,000 acres of land Land Acquisition allocated b
Slide 14: Operational Excellence driving Value
AGEL: Operational Excellence driving Value Traditional Approach Our 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 str
Slide 15: Value Creation through Transformative Investment Philosophy
AGEL: Value Creation through Transformative Investment Philosophy FY 17 FY 20 Cash Flow from Operations Capacity (MW) 748 MW CAGR of 47% 2,545 MW 1 2500 1965 2000 INR Crore 1625 1500 1000 Not Rated Investment Grade Credit Rating Rating BBB- 2 500 28 301 0 FY17 FY18 FY19 FY20 Capital Employed3 INR 50
Slide 16: AGEL: ESG
Renewables AGEL: ESG 16
Slide 17: AGEL – Environment Awareness & Initiatives
AGEL – Environment Awareness & Initiatives • 4.0 million ton CO2 emission reduced in FY20 Offsetting Carbon • Matching the load curve through hybrid (solar + wind) power plant Emission & Increased efficiency • ENOC launched as digital monitoring platform for optimised responsiveness • Creation of so
Slide 18: AGEL – Social Engagement: Giving back to the Society
AGEL – Social Engagement: Giving back to the Society • 1,438 safety trainings arranged over 34,429 hours in FY20 • 0.62 mn Continuous Safe man-hours in FY20 Ensuring Health & • 0.13 LTIFR in FY20 Safety • No minor labor deployment, documented safety procedures for services contracts • Field Safety A
Slide 19: AGEL - Corporate Governance: Adopting best practices
AGEL - Corporate Governance: Adopting best practices • 50% of the Board comprises of Independent Directors • Separate Chairman and CEO Positions Independent Board • 4 out of 5 Board Committees comprise of Majority Independent Directors • Performance review of Non-Independent Directors and Board as a
Slide 20: Renewable Growth Story & Investment Rationale - AGEL
Renewables Renewable Growth Story & Investment Rationale - AGEL 20
Slide 21: AGEL: Renewable Growth Story
AGEL: Renewable Growth Story Untapped renewable resources - Significant potential for growth 1 India: Renewable Installed Capacity (GW) 2 Solar Capacity (GW) Wind Capacity (GW) Other Capacity1 (GW) Historic 749 347 45 Targeted Projected >9x 3x CAGR: 18% >21x potential potential potential 450 15 Hist
Slide 22: AGEL: 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 ▪ ‘Must-run’ status to renewable plants in India ensures continuous off-take of energy ▪ Locked-in capacity growth of 5x from 2.8 GW to 14 GW with alre
Slide 23: Appendix: Project Details
Appendix Adani Green Energy Limited Project Details
Slide 24: Asset Level Details - Operational
AGEL: Asset Level Details - Operational Solar Wind Projects Hybrid Capacity SPV Project Name / Location Type Contracted Capacity (AC) Tariff COD Counterparty Name PPA Term (DC) AGETNL Solar 216 260 7.01 Mar-16 TANGEDCO 25 RSPL Solar 72 86 7.01 Feb-16 TANGEDCO 25 AGETNL KREL Solar 72 86 5.761 Mar-16
Slide 25: Asset Level Details - Under Construction
Asset Level Details - Under Construction Solar Wind Projects Hybrid SPV Project Name / Location Type Contracted Capacity (AC) Capacity (DC) Tariff Counterparty Name PPA Term AGEONEL Gujarat Solar 150 225 2.67 GUVNL 25 GSBPL Gujarat Solar 100 150 2.44 GUVNL 25 Kilaj SMPL UP Solar 100 145 3.21 UPPCL 2
Slide 26: Appendix: Operational & Financial Highlights
Appendix Adani Green Energy Limited Operational & Financial Highlights
Slide 27: Locked-in Growth with improving counterparty mix
AGEL: Locked-in Growth with improving counterparty mix Strong Execution Track Record… Operational (MW) UC (MW) 25,000 # 14,195 25,000 5,990 11,395 4,560 2,000 2,570 3,445 798 612 2,590 485 1,192 808 1,958 1,970 2,850 313 2,545 FY 16 FY 17 FY 18 FY 19 FY 20 H1 FY 21 FY 25E …Improving Counterparty mix
Slide 28: Financial Performance - H1 FY21
AGEL: Financial Performance - H1 FY21 (All figures in INR Crore) Total Income Revenue (Power Supply) +15% +12% ▪ Total Income up by 15% YoY 1596 1387 1139 1012 ▪ Revenue from Power Supply was up by 12% YoY with added capacities, steady Solar CUF H1 FY20 H1 FY21 & improved Wind CUF H1 FY20 H1 FY21 ▪
Slide 29: Bridge of EBITDA from Power Supply: H1 FY20 to H1 FY21
AGEL: Bridge of EBITDA from Power Supply: H1 FY20 to H1 FY21 (All figures in INR Crore) EBITDA up by 15% YoY on back of improved revenue performance and optimization of O&M cost 29
Slide 30: AGEL Debt Summary as on 30th Sept 20
AGEL Debt Summary as on 30th Sept 20 Debt Split by Currency (INR Cr) LT vs. ST Debt Split (INR Cr) Long Term Debt Short Term Debt Foreign Debt Indian Rupee Debt Rs 16,321 Cr (Sep’20) Includes Trade Consolidated Debt Credits of Vs. 13,943 Cr (Mar’20) INR1,067 Cr to 6,712, 9,609, be replaced with Aver
Slide 31: Stable Operational Performance at Portfolio Level
AGEL: Stable Operational Performance at Portfolio Level Solar Wind Projects Capacity (MW AC) CUF % (AC) Solar Wind Solar Wind 397 397 72 34.80% 27.86% 2,403 22.41% 21.22% 22.68% 22.70% 2,148 1,898 FY19 FY20 H1 FY21 FY19 FY20 H1 FY21 Plant Availability Volume (MUs) & Average Realization (Rs/kwh) Sola
Slide 32: Receivables Ageing Profile
AGEL: Receivables Ageing Profile (in INR Cr) Not Due Overdue 30-Sep-20 30-Sep-20 Off Takers 0-60 days 61-90 days 91-120 days 121-180 days >180 days Total Overdue TANGEDCO1 147 109 57 69 121 437 793 NTPC2 55 - - - - - - SECI3 57 - - - - - - Others 137 27 17 14 21 20 99 Total 397 136 74 82 142 457 892
Slide 33: Appendix: Regulatory Landscape
Appendix Adani Green Energy Limited Regulatory Landscape
Slide 34: Operating in a robust and tested regulatory framework over 20 years
Operating in a robust and tested regulatory framework over 20 years Ministry of Power (MOP) Empowered Committee CEA Tariff Determination Methodology Participants/Statutory bodies under Electricity Act, 2003 Section 62 (RoA) Section 63 (TBCB) To regulate and determine/adopt the tariff and to grant li
Slide 35: Regulatory Bodies across energy landscape in India
Regulatory Bodies across energy landscape in India Ministry Ministry of (conventional) Power (MoP) / Ministry of New & Renewable Energy (MNRE) Central Electricity Authority of India (CEA) Advisory Advisory arm of MoP on matters relating to the National Electricity Policy and formulating plans for th
Slide 36: 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 37: Thank You
Renewables Thank You
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