Renewables Adani Green Energy Limited Q4 & FY20 Earnings Presentation MAY, 2020 1
CONTENTS Operational & Financial 04-07 09-10 12-22 AGEL – Company Profile Highlights Adani Group Covid – 19: No material disruption 12 Adani: World class infrastructure AGEL: Leading Renewable Player & utility portfolio 04 in India 09 FY20 Operational Highlights 13 Adani: Repeatable, robust & Large, Geographically Diversified Bid Activity in FY20 14 proven model to deliver RoE 05 Portfolio: ~70% with Sovereign Stable Operational Performance at rated entities 10 Adani: Repeatable, robust business Portfolio Level 15 model applied consistently to Stable Performance for 2.1 GW Solar drive value 06 Portfolio 16 AGEL: Robust Business Model with Rapid Growth & Predictable Improving Wind Portfolio Performance 17 Returns.. 07 FY20 Financial Highlights 18 Robust Financial Performance Driven By Fully Contracted Cash Flows 19 EBITDA Evolution 20 Debt 21 AGEL Debt Summary as on 31st March 20 22 24-26 28-30 34-45 Future Outlook ESG Appendix 2 Strong Execution Track Record, AGEL Project Details, Financials, AGEL ESG Philosophy 28 with Locked-in Growth 24 Strategic Priorities 34-35 Environment awareness Power Generation Receivables Future Growth Opportunities 25 and initiatives 29 Ageing 36 AGEL ’s Governance: Journey so far AGEL: Key Focus Area FY21 26 Listing Results and future glide path 30 37-40 RG1 - Financials & Conc nclus lusio ion Slide de Key Operational Numbers 42-43 AGEL: Compelling Investment RG2 - Financials & Case 31 Key Operational Numbers 45-46
Renewables 3 Adani Group Amongst the Largest Infrastructure & Utility Portfolio of the World
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Ada dani ni: : World class infrastructure & utility portfolio Adani Transport & Logistics Portfolio Energy & Utility Portfolio Adani 75% 63.1% 100% 75% Philosophical shift from B2B to B2C businesses - APSEZ SRCPL ATL AGEL AGL - Gas distribution Rail Port & Logistics 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 1 ~USD 21.0 bn Energy & Utility - Water Combined market cap and Data Centre APSEZ, ATL, AGEL & AEML- only Private sector Infrastructure IG issuers in India Light purple color represent public traded listed vertical | Percentages denote promoter holding 1. As on Apr 30, 2020 USD/INR = 75.10 4
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Ada dani ni: : Repeatable, robust & proven model to deliver RoE Development Operations Post Operations Phase Origination Site Development Construction Operation Capital Mgmt Analysis & market Redesigning the capital Site acquisition Engineering & design Life cycle O&M intelligence structure of the asset planning Concessions Sourcing & quality Viability analysis and regulatory levels Asset Management Operational phase Activity plan agreements funding consistent with Strategic value Equity & debt asset life Investment case funding at project development Successfully placed Redefining the Envisaging evolution Complex O&M optimisations seven 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- 1.8x x for FY21. Focus us on on liqui uidit dity y plannin ing g ensures es remainin ning g stres ess free. Low capital cost, time bound & quality completion providing long term stable cash flow & enhanced RoE 5
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Adani: Repeatable, robust business model applied consistently 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 High Availability Constructed and Model benchmarked to global among Peers in the among Peers Built availability of Commissioned 9 standards Attributes 1,3 World ,5 EBITDA margin: 91% months 89% 1,2 1,4 EBITDA margin: 90% EBITDA margin: 65% Diverse financing sources - only Indian infrastructure Private Banks 31% Private Banks 31% portfolio with four (4) Bonds 14% Bonds 31% Investment Grade (IG) PSU 55% PSU 38% issuers Note: March 2016 September 2019 1 Data for FY19; 2 Excludes forex gains/losses; 3 EBITDA = PBT + Depreciation + Net Finance Costs - Other Income; 4 EBITDA Margin represents EBITDA earned from power sales and exclude other items; 5 FY20 Data; Include listed Group companies 6
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 AGE GEL: : Robust Business Model with Rapid Growth & Predictable Returns.. Diversified Portfolio 1 Total Portfolio ESG 5,990 1 MW 11 states Development Embedded ESG Framework 43% solar; 26% wind; 30% wind-solar hybrid (2,545 MW Operational 3,445 MW Under Construction) for enhanced value creation 100% Contracted Capacity Counterparty profile EBITDA margin Fixed tariff Sovereign: 71% 2 89% Operations PPA life: 25 years Tariff profile Sub-sovereign: 29% FY20 Equity by TOTAL SA Diversified sources of funding Investment Grade Rating 50% stake First IG rated Issuance Access to International markets Value Creation bought by TOTAL SA in 2,148 MW Diversify financing sources Endeavor to maintain IG rating in Operational Solar Projects Reduction in interest costs by 200bps all future issuances For USD 510 mn Note: 1 Including both operational and under construction projects; ; Additionally, AGEL has announced acquisition of 205 MW operational solar assets from Essel Group entities which is expected to complete soon and is L1 in 8GW manufacturing linked solar tender where LOA is awaited 2. On fully built-up basis 7 PPA - Power Purchase Agreement
Renewables 8 Adani Green Energy Limited Company Profile
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 AGE GEL : : Leading Renewable Player in India … Under-construction Asset Operational Solar Assets 3,445 MW 2,148 MW AGEL GEL Adani TOTAL JV Co 50% Adani / 50% TOTAL Operational Wind Assets 397 MW AGEL RG 1 AGEL RG 2 TN SPVs U/c Solar U/c Wind U/c Hybrid 475 MW 1280 MW 930 MW 570 MW 648 MW 1690 MW Sixth Largest Renewable Player in the World 3 rd Largest Single Location Solar Power Plant in the World Material operational SPVs with independent boards - Integrating ESG into value creation Large pipeline locked-in for future growth 9
AGEL Q4 & FY 20 Adani Green Energy Limited Earnings Presentation | May 2020 Large, Geographically Diversified Portfolio: ~70% with Sovereign rated entities 5,990 1 MW Portfolio | 2,545 MW operational Strong PPA counterparties 5,990MW Operational Under Implementation Wind Solar Solar-Wind Hybrid 100 175 100 220 Sub-Sovereign Off takers 29% 1,740 Sovereign-rated Off takers 71% 12 385 Diversified Resource Mix 1,530 100 Wind, Solar 5,990MW 20 100 and Hybrid to further de-risk 50 810 portfolio Solar 43% Presence across Largest Wind 26% 648 25 Year PPAs multiple states Hybrid Solar Wild Hybrid 30% reduces resource risk Portfolio in India Largest Listed Pure-Play Renewable Power Producer in India 1. Additionally, AGEL has announced acquisition of 205 MW operational solar assets from Essel Group entities which is expected to complete soon and is L1 in 8GW manufacturing linked solar tender where LOA is awaited 10
Renewables 11 Operational & Financial Highlights
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