Renewables Adani Green Energy Limited EQUITY PRESENTATION - PowerPoint PPT Presentation

Renewables Adani Green Energy Limited EQUITY PRESENTATION September 2020 1

CONTENTS Adani Group Renewable Industry & Key 04-07 09-14 16-20 AGEL – Company Profile Investment Considerations - AGEL AGEL & India: Renewable Growth AGEL: COVID – 19 Update 13 Story 09 AGEL: Leading Renewable Player Adani: World class infrastructure AGEL: Immense Value Creation 10 in India… 14 & utility portfolio 04 AGEL: A Compelling Investment Case Large, Geographically Diversified 11 Adani Group: Repeatable, robust & Portfolio 15 proven model of infrastructure development 05 AGEL- Replicating Adani Group Business Model: Development Adani Group: Repeatable, robust Philosophy 16 business model applied to drive value 06 AGEL- Replicating Adani Group Business Model: O&M Philosophy 17 AGEL: Robust Business Model with Rapid Growth & Predictable AGEL- Replicating Adani Group Returns.. 07 Business Model: Capital Management Philosophy 18 22-24 26-31 33-50 Sustainable Value ESG & Conclusion Appendix Preposition AGEL ESG Philosophy AGEL: Equity Cycle Program 24 20 AGEL- Capital Management: AGEL: ESG performance for FY20 25 Journey so far & Next Steps 21 Environment awareness and Case Study: Strategic Sale to TOTAL initiatives 26 SA - De-risking through Capital Technology intervention enabling Management 22 effective management of resource 27 AGEL Project Details, Environment AGEL ’s Governance: Journey so far & Safety Focus, Operational & and future glide path 28 Financial Performance 32-41 Global Benchmarking: Adani Energy Attractive Industry Outlook, Portfolio vs. Global peers 29 Industry Developments, Regulatory Landscape 43-46

Renewables Adani Group Amongst the Largest Infrastructure & Utility Portfolio of the World 3

Adani Group: A world class infrastructure & utility portfolio Adani Transport & Logistics Portfolio Energy & Utility Portfolio Adani 75% Marked shift from B2B to B2C 63.5% 100% 75% businesses - APSEZ SRCPL ATL AGEL AGL - Gas distribution Port & Logistics Rail T&D Renewables network to serve key 100% 75% 37.4% geographies across India AAPT APL AGL 75% AEML - Electricity Gas DisCom Abbot Point IPP distribution network that AEL powers the financial capital of India Incubator Adani Airports - To operate, manage and develop six 100% 100% 100% 100% airports in the country AWL Data AAHL ATrL Water Centre Airports Roads Locked in Growth 2020 - Transport & Logistics - Airports and Roads ~USD 35 bn 1 Energy & Utility - Water Combined market cap and Data Centre Opportunity identification, development and beneficiation is intrinsic to diversification and growth of the group 1 . As on September 9, 2020, USD/INR – 73.4 | Note - Percentages denote promoter holding Light purple color represent public traded listed verticals 4

Adani Group: Repeatable, robust & proven model of infrastructure development Development Operations Post Operations Phase Origination Site Development Construction Operation Capital Mgmt Analysis & market Life cycle O&M Redesigning the capital Site acquisition Engineering & design intelligence planning structure of the asset Concessions Sourcing & quality Viability analysis and regulatory levels Asset Management Operational phase Activity plan funding consistent with agreements Strategic value Equity & debt asset life Investment case funding at project development Successfully placed Redefining the Envisaging evolution Complex O&M optimisations 7 issuances totalling space e.g. Mundra of sector e.g. Adani developments on e.g. Solar plants ~USD 4 bn in FY20 Port Transmission time & budget e.g. APL All l listed ted entitie ities maintain tain liquidit ity cov over Performance of 1.2x- 2x f x for FY21. Focus on liquidit dity y plannin ing g ensur ures es remainin ning g stres ess free. Low capital cost, time bound & quality completion providing long term stable cash flow & enhanced RoE Low capital cost, time bound & quality completion providing long term stable cash flow & enhanced RoE 5

Adani Group: Repeatable, robust business model applied to drive value Successfully applied across Infrastructure & utility platform Development at large scale & within time and budget India’s Largest Longest Private HVDC 648 MW Ultra Mega Largest Single Location Commercial Port Line in Asia Solar Power Plant Private Thermal IPP (at Mundra) (Mundra - Dehgam) (at Kamuthi, Tamil Nadu) (at Mundra) Key APSEZ ATL AGEL APL Business Excellence in O&M - Highest Margin Highest availability Constructed and High h declared ed Model benchmarked to global among Peers in the among Peers Commissioned 9 city of 89% 5` capacit standards Attributes 1,3 World EBITDA margin: 91% months 1,2 1,4 EBITDA margin: 91% EBITDA margin: 64% Diverse financing sources - only Indian infrastructure PSU 33% PSU 55% portfolio with four (4) Private Banks 20% Private Banks 31% Investment Grade (IG) Bonds 47% Bonds 14% issuers March 2016 March 2020 The dominant Infrastructure platform that re-defines respective industry landscape Note: 1 Data for FY20; 2 Excludes forex gains/losses; 3 EBITDA = PBT + Depreciation + Net Finance Costs – Other Income; 4 EBITDA. The EBITDA for AGEL is EBITDA from Power Supply for Q1 FY21. Margin represents EBITDA earned from power sales and excludes other items; 5 FY20 data for commercial availability declared under long term power purchase agreements. 6

AGEL : Robust Business Model with Rapid Growth & Predictable Returns.. Total Portfolio Diversified Portfolio ESG 13,990 1 MW 11 states Development Pure-play Solar & Wind Assets 74% solar; 12% wind; 14% wind-solar hybrid (2,595 MW Operational 11,395 MW Pipeline) Counterparty profile 2 100% Contracted Capacity EBITDA margin 3 Fixed tariff Sovereign: 79% ~91% Operations PPA life: 25 years Tariff profile State DISCOMs: 14% Non-govt.: 7% Average Portfolio tariff: INR 3.24/unit Monetization (DBFOT 4 ) Investment Grade Ratings Efficient Capital Management 50% stake 5 Access to International markets First IG rated Issuance Value Creation bought by TOTAL SA in 2,148 MW Diversified sources of funding Endeavor to maintain IG rating in Operational Solar Projects Reduction in interest costs all future issuances Total proceeds: INR 3707 Cr Elongated maturities upto 20 yrs Note: 1 Includes 50*3 MW of wind projects under-acquisition from Inox; Additionally, 205 MW operational solar assets under acquisition from Essel Group 2. Based on estimated revenue-mix on fully built-up basis 3. EBITDA margin from power supply for Q1 FY21 4. Design Build Finance Operate Transfer 5. TOTAL SA invested INR 3707 Cr for the acquisition of 50% stake and other instruments in the joint venture company that houses 2,148 MW of operating solar projects, pursuant to the JV agreement 7 PPA - Power Purchase Agreement ; AGEL: Adani Green Energy Limited

Renewables Renewable Growth Story & Key Investment Considerations - AGEL 8

AGEL: Renewable Growth Story India: Renewable Installed Capacity (in GW) 1 India’s Strategy for Future Development Historic • Deploying new models for renewables to make it main stream Projected e.g. Hybrid, RTC Power etc. • Building transmission infrastructure for large scale integration of renewables in India 450 • Increasing mandatory targets of Utilities for RE Mix. • Enhancing payment security mechanism 175 87 46 Mar’16 Mar '20 Mar'22 Mar '30 Adani’s Strategy for AGEL: Renewable Installed Capacity (in GW) Future Development Historic • GW scale development sites: Targeted – Future development sites to be 1 GW or higher • Multiple resource model: – 25.0 Solar + Wind + Storage • Strategic partnerships with OEMs – Customized solutions 0.3 2.5 – Local vendor Development Mar’16 Mar '20 Mar'25 AGEL’s accelerated growth to continue 9 9 1. Source: Annual Reports of Ministry of New and Renewable Energy, Government of India and Hon’ble Prime Minister Narendra Modi’ s statement at Climate Action Summit at UN Headquarters in Sep 2020

AGE GEL: Immense Value Creation FY 17 FY 20 2,545 MW 1 CAGR of 47% Capacity (MW) 748 MW Investment Grade Not Rated BBB- 2 Credit Rating Rating INR 145 bn Capital Employed 3 INR 50 bn CAGR of 42% INR 8 bn INR 25 bn CAGR of 45% Run-rate EBITDA 4 EBITDA Return on ~ 17% Consistent ~ 16% Capital Employed Historic EBITDA Growth rate and EBITDA Return on Capital Employed expected to continue in coming future 1 Includes 50*3 MW of wind projects under-acquisition from Inox; Additionally, 205 MW operational solar assets under acquisition from Essel Group 2 S&P & Fitch Credit rating for RG2 10 3 Capital Employed for Operational Assets 4 Estimated EBITDA for full year of operations; Solar at P50; Wind at P75