Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Investor Presentation (August 2025)
42 slides from Adani Green Energy's investor presentation, August 2025
Slide 1: Adani Green Energy Ltd Investor Presentation
Adani Green Energy Ltd Investor Presentation August 2025 AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 2: Table of Contents
Table of Contents 1 Adani Portfolio: Overview Executive Summary: 2 India - Renewable Opportunity & AGEL - Company Profile 3 AGEL: Business Strategy 3a Project Development Excellence 3b Operational Excellence 3c Growth with Disciplined Capital Management 4 AGEL: ESG Framework & Commitments Annexures
Slide 3: Adani Portfolio
adani Renewables — ss ,
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 Other Incubator Materials, Metal Energy & Utility Transport & Logistics Specialty & Mining (73.97%) (61.91%) (74.96%) (65.89%) (67.53%) AEL AGEL1 APL APSEZ Ports & Logi
Slide 5: Adani Portfolio: Best-in class growth with national footprint
Adani Portfolio: Best-in class growth with national footprint All figures in INR cr Predictable, high and rising free cash flow National footprint with deep coverage Tax paid EBITDA Finance cost paid 89,806 CAT (FFO) 66,527 (74%) EBITDA 24,870 AEL 12,784 APSEZ (51%) Adani’s Core Infra. 18,711 AGEL P
Slide 6: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment DEVELOPMENT1 OPERATIONS CONSUMERS 2 New C.E.O. Adani Infra (India) Limited | ITD Cementation India Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Constr
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 Geotechnical studies ~2,50,000 acres of resource rich sites Development for renewable in strategic locations 50+ GW potential & Special studies (AIIL) ~5+ GW of
Slide 8: Executive Summary: India Renewable Opportunity & AGEL Company Profile
02 Executive Summary India: Renewable Growth Opportunity & Adani Green Energy Limited (AGEL): Company Profile AGEL’s Solar plant at Anjar, Gujarat
Slide 9: India: Robust RE growth so far but much more needed to match the demand growth
India: Robust RE growth so far but much more needed to match the demand growth India power demand to grow with Massive power capacity needed to be added Peak demand of 388 GW by FY32 from 250 GW in FY25 Total Installed Power Capacity (GW) 961 Power Demand (TWh) 2,474 1,694 475 1,069 275 FY15 FY17 FY
Slide 10: India: Energy storage needed for integration of RE capacities in the grid
India: Energy storage needed for integration of RE capacities in the grid Demand Curve of Demand Curve of Demand Curve of maximum Demand maximum Demand maximum Demand Policy level interventions has enabled integration of solar Day in FY19 Day in FY22 Day in FY23 thereby shifting the evening peak to
Slide 11: Leading India's Energy Transition
AGEL: Leading India’s Energy Transition India’s largest Renewable Energy Portfolio Key Operating Metrics RE Portfolio spread across Operational FY30E Q1 FY26 FY25 12 resource rich states (as on Jun-25) 10 Bn 28 Bn 15.8 GW ► 50 GW ► Units Generation ▲42% YoY Units Generation ▲28% YoY 28% 25% 17% 11%
Slide 12: Deploying renewable energy at unprecedented scale and speed
AGEL: Deploying renewable energy at unprecedent scale and speed Robust RE Capacity Growth to continue Well secured resource rich sites Renewable Energy Capacity in GW CAGR 27% 50.0 CAGR 42% 15.8 Solar, Wind & 2.5 Hybrid Development in FY20A Q1 FY26A FY30E Gujarat & Rajasthan Hydro PSP Focused on del
Slide 13: Khavda: World's largest single-location Renewable Energy Project
Khavda: World’s largest single-location Renewable Energy Project Strategically located in Resource rich region of Gujarat A Renewable Energy Marvel in the Making ▪ All projects to be developed on contiguous land in Khavda Significant Scale Renewable Park Efficiencies ▪ Significant scale efficiencies
Slide 14: Growth & cash generation capability de-risked
AGEL: Growth & cash generation capability de-risked Operational Capacity & EBITDA from Power Supply EBITDA from Power Suppply (INR Cr.) 40% CAGR 14,243 15,000 Run-rate Operational Capacity (MW) 33% CAGR 10,934 EBITDA of 10,000 8,818 Rs. 12,676 Cr. 8,086 7,222 10,000 5,410 5,538 5,000 3,470 3,508 5,0
Slide 15: Key Investment Highlights
AGEL: Key Investment Highlights Key Investment Highlights 1 • Secured resource rich sites at strategic locations including Khavda with one of the highest solar irradiation Resource and high wind speed to achieve 50+ GW target Tied up • 5+ GW of PSP sites secured across 5 states 2 Unparalleled struct
Slide 16: Business Strategy
03 Adani Green Energy Limited (AGEL): Business Strategy AGEL’s Dayapar Wind Cluster, Gujarat
Slide 17: 3a. Project Development Excellence
3a. Project Development Excellence
Slide 18: Expertise in Developing Mega Scale Renewable Energy Projects
Expertise in Developing Mega Scale Renewable Energy Projects − Then, the largest single location solar power plant 648 World’s largest MW − Executed within a record time of 8 months single location Solar project Module 330 Wp 3x MMS Fixed Tilt (99%) Tracker (1%) Kamuthi: Tamil Nadu (FY16) − India’s
Slide 19: Energy storage development: Hydro Pumped Storage Projects
AGEL: Energy storage development: Hydro Pumped Storage Projects Kicked off 1st Hydro PSP in Andhra Pradesh on Chitravathi river Development Pipeline across 5 states Uttar Pradesh Upper Reservoir Powerhouse Water Conducting System Maharashtra Telangana Existing lower reservoir Key Highlights Andhra P
Slide 20: 3b. Operational Excellence
adani Renewables 3b. Operational Excellence
Slide 21: Operational Excellence through Energy Network Operation Center
AGEL: Operational Excellence through Energy Network Operation Center − Real time monitoring of operating assets across 12 states through Energy Network Operations Center at Ahmedabad − Granular performance insights − Predictive Maintenance optimizing Mean time between failure (MTBF) − Suggests corre
Slide 22: 3c. Growth with Disciplined Capital Management
3c. Growth with Disciplined Capital Management
Slide 23: Capital management philosophy
AGEL: Capital management philosophy De-risking of underlying 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 Phase LCs & short-term funds t
Slide 24: Continuously improving credit profile with deep rating coverage
AGEL: Continuously improving credit profile with deep rating coverage 1% Global Domestic 14% AAA - AA+ Rating Track 1% IG Record BB+ AA – AA- Apr March 47% 6 BB- A Category 2019 2025 ~ 38% BBB+ - Below 99% years Nil rated above “AA-” 86% rated above “AA-” RR EBITDA INR 1,885 cr INR 12,676 cr 10 Year
Slide 25: ESG Framework & Commitments
Adani Green Energy Limited (AGEL): 04 ESG Framework & Commitments AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan (bifacial modules with horizontal single axis trackers)
Slide 26: Assurance backed ESG framework
AGEL: Assurance backed ESG framework Guiding principles India Business & IFC E&S United Nations UN Sustainable Green Bond SBTi Biodiversity Performance Global Compact Development Goals Principles Initiative (IBBI) Standards Guiding Policies principles Disclosure Standards TCFD TNFD GRI Standards CDP
Slide 27: ESG updates
AGEL: ESG updates Focus area Material Topic Targets Key ESG Initiatives/Achievements UN SDGs Committed to avoid GHG emissions Climate Change Climate Change through development • 7.6 Mn tons CO2 emissions avoided in Q1 FY26 which is equal to 1.66 million cars off the road of 50 GW RE • 99.9% less ope
Slide 28: Board of Directors and Management overview
AGEL: Board of Directors and Management overview 100% Chaired Chaired IDs by by NID Board of Directors IDs Statutory Committees Independent Directors Nominee Director 40% - Audit 🗹 Comprised of only - Nomination & Remunerations 🗹 Independent Directors - Stakeholder Relationship 🗹 100% of…
Slide 29: Best-in-class ESG Ratings
AGEL: Best-in-class ESG Ratings RE Sector Ranking 1 Rating Agency Rating/Score Global India Score of 4.7 / 5 1 1 Score of 79.79 / 100 Amongst top 5 1 Prime Band (A-) ESG Risk Rating of 13.1 Amongst top 10 1 Score of 74 / 100 NA 2 Highest ESG score of 74 in Indian utilities/ power sector 2 NA 1 Score
Slide 30: Annexures: Operational Performance
Annexures AGEL: Operational Performance
Slide 31: Operational Performance
AGEL: Operational Performance Operational Capacity (MW AC – PPA capacity) CUF % (AC) Solar Solar Wind Hybrid 43.9% 15,816 42.3% 14,243 40.7% 39.5% 2,674 35.5% 10,934 2,260 30.8% 1,986 29.4% 24.8% 28.0% 1,880 26.8% 27.2% 8,086 2,140 23.8% 24.7% 25.2% 24.5% 22.5% 1,401 5,410 2,140 3,470 647 971 10,103
Slide 32: Financial Performance
AGEL: Financial Performance Revenue from Power Supply EBITDA from Power Supply 1 9,495 8,818 7,735 7,222 5,809 5,538 3,783 3,530 3,108 3,312 2,419 2,207 FY21 FY22 FY23 FY24 FY25 Q1FY26 FY21 FY22 FY23 FY24 FY25 Q1FY26 EBITDA from Power Supply (%) Cash Profit 2 92% 92% 92% 93% 91% 92% 4,871 3,986 3,19
Slide 33: Annexures: Asset Level Details
Annexures AGEL: Asset Level Details
Slide 34: Asset Level Details: Operational
AGEL: Asset Level Details: Operational Contracted INR Cr Project Name / Capacity COD/Operatio Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) nalized Name Term (AC) AGETNL Tamil Nadu Solar 216 260 7.01 Mar-16 TANGEDCO 25 RSPL Tamil Nadu Solar 86 7.01 Feb-16 TANGEDCO 25 72 AG
Slide 35: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operati Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) onalized Name Term (AC) AGE23L (Earstwhile PN Clean) 1 Punjab Punjab Solar 20 21 8.7 Mar-21 PSPCL 25 AGE23L (Earstwhile PN Renewable
Slide 36: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operati Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) onalized Name Term (AC) ASEAPSPL Ananthpuram, AP Andhra Pradesh Solar 250 375 2.73 Mar-20 NTPC 25 ASEKANPL Pavgada, KN Karnataka Sol
Slide 37: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operati Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) onalized Name Term (AC) AGE25AL Khavda Gujarat Solar 25 34 2.42 Feb-25 SECI 25 AGE25AL Khavda Gujarat Solar 12 17 2.42 Feb-25 SECI 2
Slide 38: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operati Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) onalized Name Term (AC) ARE57L Khavda Gujarat Solar 50 68 2.42 May-25 SECI 25 ARE56L3 Khavda Gujarat Solar 75 103 NA May-25 Merchant
Slide 39: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operationaliz Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) ed Name Term (AC) AGEL – Lahori Madhya Pradesh Madhya Pradesh Wind 12 12 5.92 Mar-16 MPPMCL 25 AWEGPL Gujarat Gujarat Wind 30
Slide 40: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Planned Planned Capacity COD/Operati Counterparty SPV Project Location Type Capacity Capacity Tariff PPA Term (AC) onalized name (AC) (DC) Solar: 360 Solar: 540 AHEJ1L Rajasthan Hybrid May-22 2.69 SECI 25 390 Wind: 100 Wind: 100 Solar: 300 S
Slide 41: 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 42: Thank You
Thank You Q1 FY26 Earnings FY25 Annual Report Presentation
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