A D A N I G R E E N E N E R G Y L I M I T E D Investor tor - PowerPoint PPT Presentation

A D A N I G R E E N E N E R G Y L I M I T E D Investor tor Presenta tation November, 20 2018

Confident ntiali lity and Discla laimer 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 future developments of the business and the competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any securities and should not be considered as a recommendation that any investor should subscribe for or purchase any of AGEL's securities. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of AGEL. AGEL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. AGEL assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. AGEL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of AGEL. This presentation is strictly confidential. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of its should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner. This presentation contains translations of certain Rupees amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader. 2

2 3 1 Who we e are Renewables AGEL   Poised to benefit Adani Grou oup  India Renewable Sector  Project Execution    Case Study AGEL – Another Adani Success Regulatory Framework    Performance AGEL – Introduction Sector Attributes  A compelling investment Page 13 Page 22 Page 4 3

Adani Portfoli lio: : Leading ng Develo loper, Owner, Operator in Infrastruc uctur ure Portfolio Adani ni Mkt Cap ~USD 14 bn 75.00% 62.30% 74.92 % 86.58% 74.92% 2% 74.97 AEL AEL APSEZ APL ATL AGEL AGL Energy Port & Logistics cs Thermal Power T&D Renewables Gas Distribut ution 13.42% 25.00% 37.70% 25.03% 25.08% 25.08% Public  Pan India presence with leadership position in each vertical  No 1 in Ports, T&D and Thermal Power, Leading ng position n in renewables Adani  Independent verticals with independent boards  Multiple touch points with regulators & public utilities  Nationwide enduring relationships with regional vendors across multiple sectors Note: Market cap as on November 16, 2018 | USD/INR conversion rate of INR 71.8858/USD 4

Adani Group up: : Track Record of Delivering ng Wo World Class Assets Leveraging ng Core Streng ngths Delivering ng World Class Assets  Only HDVC VC line in Indi dia to be executed d by a private pla layer  Large scale businesses delivering Location: Mundra-Mohindergarh  Longest Private HDVC  Capacity: 1,980 Ckt Kms consistent growth Line in India  Mega ga proje ject de develo lope ped, d, constructed d and commissioned d in 9 months Unmatched execution   Location: Kamuthi,, Tamilnadu 648 MW Ultra Mega capabilities – timely and cost Solar Irradiation: 1,900 kWh / m 2 / year  Solar Po Power Pl Plant effective  Capacity: 1.25 BU / year  Large gest commercial l port of Indi dia  Location: Gulf of Kutch with access Three decades of regulator and  India’s Largest to northern and western parts of stakeholder relationship Commercial Port India  Capacity: 100 MMT cargo / year  Fastest imple plementation ever by any Diverse financing sources – only power develo lope per in Indi dia - record d Largest Private comple pletion of inception to Indian infrastructure  Thermal Power synchronization within 36 6 months conglomerate with two  Station in India Location: Mundra, Gujarat Investment Grade (IG) issuers  Capacity: 4,620 MW 5

2 3 1 Who we e are Renewables AGEL   Poised to benefit Adani Group  India Renewable Sector  Project Execution    Case Study AGEL L – Another Ada Regulatory Framework dani Success    Performance AGEL – Introduction Sector Attributes  A compelling investment Page 13 Page 22 Page 6 6

AGEL – Replicating Adani Infrastructure Success Story in Renewables Accelerat ated Development nt With High Availab ability & CUF 21.14% 18.55% 18.25% 22.35% 21.68% 0.33 Gw 0.81 Gw 1.96 Gw 2.16 Gw 3.18 Gw 20.40% 8 1. 1025 100. 00% 6 1. 99.88% 99.87% 99.53% 99.55% 99.45% 99.32% 4 1. 98. 00% 200 2 1. 60 2,158 1 96. 00% 1,958 1,898 0. 8 94. 00% 0. 6 60 0. 4 92. 00% 748 12 0. 2 313 90. 00% 0 FY 16 FY 17 FY 18 FY 19 FY 20 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1 FY19 Q2 FY19  Added over 1.5 GW capacity in 2  High h reliability ~99% 9%+ supported Proven Design gn years from 1 state to now in 11 by grid availability (site selection Execution valida dation states capability)  With same proven model of  CUF in P75 to P50 rang nge in n the Generation Growth development to add ~1.2 GW in n ramp-up phase (CUF on AC basis Forecast excellence next 2 years for Q2 FY19 is ~20.40%) 7

2 3 1 Who we e are Renewables AGEL   Poised to benefit Adani Group  India Renewable Sector  Project Execution    Case Study AGEL – Another Adani Success Regulatory Framework    Performance AGEL L – Introdu Sector Attributes duction  A compelling investment Page 13 Page 22 Page 8 8

AGEL – Business Model l & Structure Business Model Structur ure Adani Public Fully integrated developer, owner & 1 operator 86.58% 13.42% Strongly focussed on cost of capital & 2 ROE Adani Green Energy gy Various SPV’s all 100% 3 Focussed on continued value Owned accretion AGEL listed on BSE and NSE Generate free cashflow – to self 4 funded growth Market Cap ~USD 0.8 billion Revenues - ₹ 921 crores Assets - ₹ 11,008 cr Q2 FY19 crores 5 Strong business development focus Credit Rating – IND A/Stable Market Cap as on November 16, 2018 Exchange Rate USD/INR = 71.8858 9

AGEL – Operational l Capacity Overview of Capacity (MW) Current nt Status us – Operational l MW 0% 20% 40% 60% 80% 100% Punjab Uttar Pradesh 100 1,898 500 50 150 Rajasthan 250 20 Madhya Pradesh Gujarat 1,385 48 12 60 1237 100 Maharashtra 20 100 1,297 97 MW AC 2,398 MW AC AC AC Andhra Pradesh 3,168 68 MW DC 1,297 97 MW DC 50 DC DC Karnataka Tamil Nadu 810 648 11 11 States – 1,9 ,958 MW operational Wind Operational Human Ass Hum ssets: 450 450+ Under Imple plementation Solar 10 10

AGEL – A A ~3.7 GW Portfoli lio Overview of Capacity (MW) Diversifi fied high h quality off-tak akers Punjab NTPC/SECI 56.3%, 2080 MW Uttar Pradesh 100 50 150 Rajasthan Tamil 17.5%, 648 48 MW MW 250 20 Nadu Madhya Pradesh Gujarat 1,385 48 Karnataka 7.3%, 270 Mw 12 Others 18.9%, 297 Mw Mw 100 Maharashtra 3695 MW 20 100 Andhra Pradesh 50 Karnataka  100% capaci city cont ntract cted - Stabi bility Tamil Nadu 810 648 Long term PPAs ~25 years  ~56% contracted with Wind Operational Qualit lity investment grade entities Under Imple plementation Solar (NTPC/ C/SECI CI) 11 11