Investor Presentation

May 2023

1
CONTENTS
1 Adani Portfolio

2 AGEL: Company Profile

3 AGEL: Transformational Advantage

4 AGEL: ESG

5 AGEL: Investment Rationale

Annexures
 Adani Portfolio
Renewables
Adani: A World Class Infrastructure & Utility Portfolio

Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C

Materials, Metal &

Incubator Energy & Utility Transport & Logistics Direct to consumer
Mining
(69.2%) (57.8%) (71.6%) (65.1%) (100%) (63.2%)
AGEL ATL APSEZ
AEL NQXT1 Cement 4
Renewables T&D Ports & Logistics

(37.4%) (75.0%) (100%) (44.0%)

ATGL2 APL AWL
PVC
Gas Discom IPP Food FMCG
(100%)

Copper, Aluminum

(100%) (50%) (100%) (100%) (100%) (100%)

ANIL AdaniConneX3 AAHL ARTL Mining Services & ADL
New Industries Data Centre Airports Roads Commercial Mining Digital

Adani Portfolio’s Listed

(%): Promoter equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries Entities

A multi-decade story of high growth centered around infrastructure & utility core
1. NQXT: North Queensland Export Terminal | 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. Data center, JV with EdgeConnex, 4. Cement business includes 63.15% stake in Ambuja Cement which in turn
owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited
AEL: Adani Enterprises Limited; APSEZ: Adani Ports and Special Economic Zone Limited; ATL: Adani Transmission Limited; T&D: Transmission & Distribution; APL: Adani Power Limited; AGEL: Adani Green Energy 4
Limited; AAHL: Adani Airport Holdings Limited; ARTL: Adani Roads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani Digital Limited; IPP: Independent Power
Producer
Adani Portfolio: Decades long track record of industry best growth with national footprint

Secular growth with world leading efficiency National footprint with deep coverage

Growth 3x Growth 5x

EBITDA 70% 1,2 EBITDA 92% 1,4 Core Portfolio

Utility 92%

Transport 85%
Consumers
~400 mn
Served
Growth 3x Growth 1.4x
AEL
APSEZ
EBITDA 92% 1,3,5 EBITDA 25% 1,3 AGEL
ATGL
ATL
APL

Note: 1. Data for FY22; 2. Margin for ports business only, Excludes forex gains/losses; 3. EBITDA = PBT + Depreciation + Net Finance Costs – Other Income; 4. EBITDA Margin represents EBITDA earned from 5
power supply 5. Operating EBITDA margin of transmission business only, does not include distribution business.
 Adani: Repeatable, robust & proven transformative model of investment

Phase Development Operations Post Operations

Origination Site Development Construction Operation Capital Mgmt

• Engineering & design • Redesigning the capital structure
Activity

• Analysis & market • Site acquisition • Life cycle O&M

intelligence planning of the asset
• Concessions & • Sourcing & quality levels
• Viability analysis regulatory agreements • Asset Management Plan • Operational phase funding consistent
• Equity & debt funding at with asset life
• Strategic value • Investment case project
development
• First ever GMTN of USD 2 bn by an energy
6 4 8 MW Ultra Mega Solar Energy Network Operation utility player in India - an SLB in line with
India’s Largest Longest Private HVDC Line
Power Plant Center (ENOC) COP26 goals - at AEML
Commercial Port (at in Asia
Mundra) (Mundra - Mohindergarh) (at Kamuthi, TamilNadu) • AGEL’s tied up “Diversified Growth Capital”
with revolving facility of USD 1.64 Bn –
will fully fund its entire project pipeline
Performance

• Issuance of 20 & 10 year dual tranche

Highest Margin Highest availability Constructed and Centralized continuous bond of USD 750 mn - APSEZ the only
among Peers Commissioned in nine monitoring of plants infrastructure company to do so
months across India on a single
• Green bond issuance of USD 750 mn
cloud based platform
establishes AGEL as India’s leading credit
in the renewable sector

6%

March 2022
March 2 0 1 6
14% 37% 25%

31% 55%
6%
O&M: Operations & Maintenance, HVDC: High voltage, direct current, PSU: Public Sector Undertaking (Public Banks in India), GMTN: Global Medium 8%
Term Notes SLB: Sustainability Linked Bonds, AEML: Adani Electricity Mumbai Ltd. IG: Investment Grade, LC: Letter of Credit, DII: Domestic 18%
Institutional Investors, COP26: 2021 United Nations Climate Change Conference; AGEL: Adani Green Energy Ltd. PSU Pvt. Banks Bonds 6
DII Global Int. Banks PSU – Capex LC
 AGEL: Replicating Group's Simple yet Transformational Business Model

Secure Sites & Connectivity Resource Assessment Construction Readiness

Development ~2,00,000 acres ~40 GW potential Geotechnical studies

Resource rich sites in strategic locations 85+ Wind data locations and detailed design planning,
Solar resource assessment completed simulations completed
“RESOURCE AS VALUE APPROACH”

97% Contracted Capacity Technology enabled O&M Utility based ESG income

Operations Fixed tariff ENOC Green Certificates

PPA life: 25 years Enabling high margin EBITDA (92% 2) Enhancement in the utility linked revenue
Average Portfolio tariff : INR 2.97/unit 1 stream

Efficient Capital Management Construction Framework Agreement Investment Grade (IG) Ratings

Value Creation Access to International US$ 1.64 bn First IG rated Issuance – RG2
markets Revolving construction facility to ensure Largest HoldCo Issuance
Diversified sources of funding fully funded growth
Broaden capital pools-144A, REG S
Elongated maturities up to 20 years

Well positioned for industry leading de-risked growth

1. Average tariff for total contracted portfolio
2. EBITDA margin from power supply in FY23
PPA: Power Purchase Agreement, ENOC: Energy Network Operations Centre, EBITDA: Earnings before Interest, tax, depreciation & amortization, OPCO: Operational Company, IG: Investment Grade
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Adani Green Energy Limited
Company Profile Renewables

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 AGEL at a glance
Adani Family
57.8%

3.7% 4 1.4% 1.3%

19.7% Other Public
16.1% Shareholders

50% 50% 100 % 100 % 100 %

AGE23L 1 Other Operating Locked-in Under Execution Near construction

2,353 MW 5,733 MW 10,449 MW 1,899 MW
portfolio:
20,434 MW

Large Renewable
8,086 MW – Operational 86% Resource and 12 resource-rich states
12,348 MW – Locked-in Under Sovereign Counterparty 20 different counterparties
Portfolio
Execution/Near Construction Counterparties Diversification 86% sovereign counterparties 2
20.4 GW

~200,000 acres of resource rich 97% contracted portfolio

Locked-in sites in strategic locations Fully Contracted
25-year fixed tariff PPAs
Resource ~40 GW of sites with geotechnical, Portfolio
Avg. Portfolio tariff: INR 2.97/unit 3
resource analysis & design work done

Locked-in growth up to 20.4 GW

1 IncludesRG 1 (Restricted Group 1) and RG 2 (Restricted Group 2) SPVs
2 Includes 5% sovereign equivalent rated counterparties - Gujarat Urja Vikas Nigam Limited (GUVNL) and Adani Electricity Mumbai Limited (AEML)

3 Average tariff for total contracted portfolio

4 Shareholding by funds managed by GQG Partners

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Capacity in MWAC ; Under Execution projects include capacity where PPA is signed, Near Construction projects include capacity awarded and is pending for PPA execution.
 AGEL: Largest Renewable Energy power producer in India

Pan India Presence 1 2.5x Locked-in Growth

Renewable Capacity (in MW)
45,000 10% of
India’s RE
Operational Under exec../ Near Const. Target
Wind Solar 8,086 MW – Operational 5.5x

Solar-Wind Hybrid 10,449 MW – Under execution 20,434

1,899 MW – Near Construction 2
130
395 8,086 2.5x
20,434 MW - Locked-in Growth
3,572
Operational - Jul 2021
Operational Locked-In
Locked-in Growth
Target
Category 3

7,268 Growth 2030

885 336
Source-wise Capacity Breakup (in MW)
4,080 100

40
20 2,740
650 250
2,140
2,151 20,434 MW
225 8,086 MW
1,085 Locked-in
Operational
Growth
750 971
648
4,975
15,543

Solar Wind Hybrid

Leading the way towards large-scale adoption of affordable clean energy in India
1. The indicated location for projects under execution/ near construction is based on current planning and is subject to change.
2. Includes projects for which Letter of Award has been received and PPA is to be signed except 100 MW project which is in pipel ine. 10
Adani Green Energy Limited
Transformational Advantage

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 Business Philosophy focusing on De-risking at every stage of project lifecycle

SUSTAINING GROWTH MOMENTUM

Project Execution
Site and Evacuation
− PMAG - Central team with deep experience
− ~40GW of strategic sites with geotechnical,
− Execution of large scale sites – 2.1 GW World’s
resource analysis & design work done
largest single site RE hybrid project in record
− ~200,000 acres of land available time
− Clear visibility on evacuation infrastructure − GW+ scale sites
− “Resource as Value Approach”
Construction Finance
OUR − Construction framework consistent with stage of
Strong in-house Capabilities project execution.
BUSINESS
− Execution experience over 320 sites across India
PHILOSOPHY − Example: Framework Agreement of US$ 1.64 bn
− 20,000 vendor network with international banks fully funds pipeline
− Inhouse R&D on new renewable technologies − LC facility to finance equipment purchase

Capital Management Tech Enabled Operations - ENOC

− Fully funded growth − Life cycle O&M planning
− Takeout of construction debt post commissioning − Strong integration of technology with Energy
− Maintain IG rating framework for future issuances Network Operations Center

DE-RISKING AT EVERY STAGE

GW: Gigawatt; O&M: Operations and Management; LC: Letter of Credit; R&D: Research & Development; IG: Investment Grade; PMAG: Project Management & Assurance Group; MW: Megawatt; ENOC: Energy Network Operations
Center 12
 Construction ready Strategic Sites with high resource potential (40GW)

Identified high resource potential sites of ~2,00,000 acres in Rajasthan and Gujarat

Rajasthan and
Gujarat Clusters Connectivity granted for entire
~2,00,000 Acres Of Land
~2,00,000 acres portfolio.
Predominantly Owned By For planned growth projects connectivity to be
(Several sites)
~40 GW
Government applied on receipt of LOAs2

Average Remote unhabitated areas

Solar DC1 CUF ~24%+ Waste & Barren land put to use
Wind CUF ~40%+

Above Sites Under Near

Future Project
Available to Construction Construction
Potential
Deploy: ~10.2 GW ~2.1 GW

Executing projects at above sites would take AGEL portfolio to >40 GW

(~20.4 GW of operational, under & near construction projects and 20 GW of future project potential)
1. DC – Direct Current; CUF – Capacity Utilization Factor
2. LOA: Letter of award received from power purchaser on winning the bid 13
Expertise in developing Mega scale RE projects

FY23

2.1 GW Single Location Hybrid

RE Projects
spread over ~ 11,500 acres

World’s largest Hybrid RE Cluster

7X Next Milestone

GJ: Khavda 15 GW Hybrid Project

Module: 570+ Wp (33.6 Million Nos)
MMS: 100% Tracker with Robotic Cleaning
WTG: 5X machines ~ 375 Nos
FY23
3X

RJ: 2.1 GW Hybrid Projects

Module: 535 Wp (5.8 Million Nos)
MMS: Fixed Tilt (40%) Tracker (60%)
WTG: 2X machines – 353 Nos
FY16 Next

FY16
15 GW Hybrid RE Projects
TN: Kamuthi – 648 MW Solar spread over ~70,500 acres
648 MW Solar Project
Module: 330 Wp (2.5 Million Nos) commissioned in FY16
MMS: Fixed Tilt (99%) Tracker (1%) World’s largest RE cluster spread over ~2,500 acres

Then world’s largest single

location solar project

Consistently setting new benchmarks for the RE industry with unmatched speed & scale of execution
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 Project Management & Assurance Group (PMAG) - End to end project integration

Bidding, Project Development & Basic

Site Scouting Engineering Execution Operations

Concept Integrated Project Management Commissioning

Strength: Team of 120 professionals having hands-on experience of above 2,000 man-years of complete project management cycle of small, medium & large projects

Bidding Stage Project Development Project Execution Project Close Out

▪ Integrating & providing cross functional ▪ Collaborates for Technology finalization ▪ Integrated L3 Project Schedule ▪ Facilitating the Handover & punch
support for Bidding Process & Scope ▪ Baselining Cost and Resource plans list closure
▪ Site / Site Location Assessment, ▪ Preparing & release of Execution ▪ Issue & Risk Management ▪ Contract Closures
coordinating for field visits Strategy ▪ Supply Chain Management ▪ Close Out Report
▪ Bid stage scope finalization & ▪ Finalize Contracting Strategy ▪ Contract Administration ▪ Material Reconciliation
technology adoption with engineering ▪ Detailed Project Report ▪ Contractor & Vendor Management ▪ Spares Handover
▪ Bid Stage Cost Estimates ▪ Coordinating for connectivity & ▪ Change Management ▪ Closure of LIE and Lender Reports
▪ In case of M&A’s, collaborating and evacuation ▪ Monitoring Approvals , Permits & Licenses ▪ Stakeholder Recognition
assessment of M&A assets ▪ Level 1 Project Schedule ▪ Managing Lenders & LIE interface ▪ Finalizing the As-Built Costs
▪ Capex Budgets and Estimates ▪ Cash Flow Management ▪ Ensuring As built drawings
▪ Risk Assessment & plan ▪ Project Monitoring & Control
▪ Procurement Planning ▪ Mid Course Corrections ( Catch up)
▪ Financial Closure Plans

Strong Project Controls Collaborating & Convergence Effective Project Delivery

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LIE – Lenders Independent Engineers
 Technology Enabled Operational Excellence

– AGEL operating assets currently spread across 12 states. Portfolio managed by O&M team of ~ 1100 personnel
– Cluster based operating model enabling smooth governance and efficient utilization of manpower and spares: Personnel spread across Central office → Cluster teams
(5 regional cluster teams) → Site personnel

ENOC driven Predictive Analytics leading to cost efficient O&M and high performance

Energy Network Operations Centre connected to – Remote management of all sites from single location - to help rapid scale-up of capacity
Solar & Wind plants across 12 States – Cutting-edge advanced analytics cloud-based platform
✓ Provides predictive maintenance inputs reducing frequency of scheduled maintenance and reduced
mean time between failure (MTTF)
✓ Automatically recommends smart corrective actions in real time reducing mean time to repair (MTTR)
✓ Detailed insights into plant and portfolio performance with access across multiple devices /locations
✓ Backend machine learning and artificial Intelligence for continuously improving insights

Industrial Cloud in partnership with Google to leverage ML & AI capabilities in plant operations

Plant Availability (Solar) CUF (Solar) EBITDA Margin (Power Supply)

99% 99% 99% 99% 100% 24% 25% 90% 89% 91% 92% 92%
22% 23% 23%

FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23

Analytics driven O&M through ENOC has enabled consistent and industry leading 90%+ EBITDA margins
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ENOC: Energy Network Operations Centre, O&M: Operations and Maintenance, EBITDA: Earnings before Interest, tax, depreciation & amortization, GW: Gigawatt, CUF: Capacity Utilization Factor on MWAC
 Replicating Adani Business Model: Capital Management Philosophy

De-risking of underling 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 to Ensure senior debt availability Ensure availability of Debt Capital market refinancing at lower
finance equipment for Project Construction working capital interest rate, longer tenure and terms akin
to stable assets
Fully-funded Growth De-risking of Liquidity Risk

Development Phase Stabilization Post-stabilization Phase

Demonstrated

HoldCo Sr. PF facility

$750 mn INR 172 bn (USD 2.1 bn) 1, 2 TN: ~INR 3,100 crs (~$443 mn)3
Existing WC facility
RG1: ~INR 4,572 crs (~$658 mn) 3
Go to Market Facility INR 5.5 bn ($67 mn) 1
NFB Lines RG2: ~ INR 2,585 crs (~$362.5 mn) 3
USD 1.64 bn revolving
INR 89 bn (~$1.1 bn) 1 facility

Existing HoldCo Sr. Regular Finance –

Future Plans

to continue Construction finance for

other projects Future USD bonds raise via. DCM
Working Capital Broaden capital pools – 144A / RegS and
Go to Market Facility to be facility to continue SEC Registered issuances
Existing NFB lines to upsized to fund confirmed
continue growth assets

Maximising Stakeholder Value & De-risking projects with Disciplined Capital Management
1. USD/ INR = 82.17
2. Includes INR PF of 127 bn and other ECB of 45 bn
3. Exchange rate as of transaction date 17
PF: Project Finance; LC: Letter of Credit; SPV: Special Purpose Vehicle; RG1: Restricted Group 1 ; RG2: Restricted Group 2; NFB: Non-fund based; WC: Working Capital
AGEL: Growth and Cash Generation capability De-risked

Industry leading Capacity growth with steadily increasing Operating Base thereby reducing the overall portfolio risk
9,000

8,000

Operational Capacity (MW)

7,000

6,000

5,000
33%
CAGR
4,000

8,086
3,000

5,410
2,000

3,470
2,545
1,000

1,918 1,970
-

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Industry leading EBITDA Growth driven by Robust capacity addition & Analytics driven O&M

EBITDA from Power Supply (Rs. Crore)

46%
CAGR
5,538

3,508
1,859 2,207
1,710
834

FY18 FY19 FY20 FY21 FY22 FY23

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Adani Green Energy Limited
ESG
Renewables
 AGEL: Robust ESG Framework

Guiding principles
IFC E&S
United Nations UN Sustainable India Business & Biodiversity Green Bond
Performance
Global Compact Development Goals Initiative (IBBI) Principles
Standards

Disclosure Standards
Guiding
Policies TCFD SASB GRI Standards CDP disclosure BRSR
principles
Policy Structure Focus Area - UNSDGs
– Environment & Energy as part of IMS policy
E – Biodiversity Policy – SDG 7: Affordable and Clean Energy
– Affirmative Action Policy (EV Support & Action)
– SDG 8: Decent Work & Economic
– Guidelines on Human Rights Growth
ESG
S – Corporate Social Responsibility Policy – SDG 9: Industry, Innovation &
– Occupational Health & Safety as part of IMS Policy Infrastructure
– Board Diversity – SDG 13: Role in climate Action
through de-carbonization of Grid
G – Code of Conduct
– Related Party Transaction Policy

Our Commitment
Commitment Assurance
– To be in Top 10 companies of the world in ESG benchmarking of electric utility sector by FY25
– To develop and operate renewable energy capacity of 45 GW by 2030
– To be Single-use-Plastic-Free (SuPF) company
– To be Zero-Waste-to-Landfill (ZWL) company
– To be Net Water Neutral for plants more than 200 MW
– To achieve No Net Loss of biodiversity by FY25
ESG: Environmental, Social & Governance; GRI: Global Reporting Initiative; CDP: Carbon Disclosure Project; TCFD: Task Force on Climate-Related Financial Disclosures; GHG: Greenhouse Gases; UNSDG: United Nations Sustainable
Development Group; CSR: Corporate Social Responsibility; SASB: Sustainability Accounting Standards Board; BRSR: Business Responsibility and Sustainability Reporting IMS: Integrated Management System that essentially combines 20
ISO 9001, 14001, 45001, 50001, & 55001
 AGEL: ESG - Progress & Key Milestones
CO2 Emissions avoided (mn ton)
36.70
Cumulative CO2 Emission avoided (Mn ton)

Year wise CO2 Emission avoided (Mn ton)

23.20

14.60 13.50
9.40 8.60
5.38 4.02 5.20
3.58
0.58 0.44 1.80 1.22
0.14 0.14

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

Cumulative CO2 emission avoided by AGEL is higher than Sweden’s annual CO2 emission 1
1. Sweden had an annual CO2 emission of 35.85 mn ton in 2021.Source: https://ourworldindata.org/co2-emissions#co2-emissions-by-region
2

Progress & Key Milestones

FY25 ✓ Pollution control & GHG emission reduction: 99.8% less emission
Indicator FY23 Target Status: FY23
Target Intensity per unit of generation (0.0018GHG tCO2 / MWh) in
FY23 v/s Indian grid average of 0.71 tCO2 / MWh
Ranking in ESG benchmarking of electric In Top 10 in RE sector
Top 10 NA
utility sector in the world – Sustainalytics ✓ Resource conservation: 99.5% less Fresh Water consumption per
unit of generation (0.02 kl/MWh) in FY23 as against 3.5 kl / MWh,
Water neutral operating capacity (MW) for statutory limit for thermal power
100% 60% 100%
plants > 200 MW
✓ Supply Chain: CDP’s Supply Chain Engagement program at AGEL
Zero waste to landfill operating capacity with participation of 93% for AGEL’s critical suppliers in FY22
100% 50% 100%
(MW)
✓ Occupational Health & Safety: 1.98 mn continuous safe man
100% hours in FY23
Single use plastic free operating capacity
100% (Already achieved 100%
(MW) ✓ Sustainable Livelihood: 3,810 direct/ indirect job opportunities
in FY22)
provided in FY23
No Net Loss of biodiversity 100% NA WIP

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ESG: Environmental, Social & Governance; GHG: Greenhouse Gases;
AGEL: Strong Governance Framework
Key Governance Areas Key Highlights ESG Governance Structure

✓ 50% Independent Directors Corporate Responsibility

Board Independence & Diversity Committee at Board level
✓ 20% Women Directors
✓ Corporate Responsibility Committee in place with 100% Independent Directors to provide assurance on
ESG aspects MD & CEO
Corporate Responsibility, CSR &
Nomination & Remuneration ✓ Corporate Social Responsibility Committee in place with 75% Independent Directors
ESG Apex ESG
✓ Nomination and Remuneration Committee with 75% Independent Directors
Committee Mentors
✓ Audit Committee consisting of 83% Independent Directors (100% non-promoter/ non-executive)
Audit Oversight ESG Head
✓ Statutory Auditors : SRBC & Co. (EY) and Dharmesh Parikh & Co. (Joint Auditors)

✓ Risk Management Committee in place with 83% Independent Directors Roles & Responsibilities of ESG Apex
Committee
✓ Sub-Committees of Risk Management Committee with at least 50% independent directors ✓ Provide organizational vision and
overall direction to ESG program
▪ Information Technology & Data Security Committee
Risk Management ✓ Review and approval on public
▪ Mergers & Acquisitions Committee disclosures on ESG (annual report,
sustainability report, special
▪ Legal, Regulatory & Tax Committee
disclosures)
▪ Reputation Risk Committee ✓ Allocate resources required by ESG
Core Working Group
✓ Detailed Policy in place for Related Party Transactions (RPT) to ensure all RPTs are on ‘arm’s length’ basis
✓ Implementation of ESG Strategy
Related Party Transactions ✓ All RPTs are reviewed by the Audit Committee and are duly disclosed in the annual report
✓ All RPTs beyond statutory thresholds require shareholder approval with no voting by the promoter group Roles & Responsibilities of ESG
Mentors
Stakeholders Relationship ✓ Stakeholders Relationship Committee in place with 75% Independent Directors
✓ Provide specific guidance and
✓ Anti Corruption policy in place with Zero tolerance of corruption operational insights to ESG Core
Working Group and ESG Champions
Anti Corruption & Code of
✓ Code Of Conduct For Board Of Directors And Senior Management in place
Conduct ✓ Undertake quarterly review of
✓ Insider Trading Code in Place activities led by ESG Champions

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AGEL : Adopted UN Sustainable Development Goals
United Nations Sustainable Our Key Social Initiatives mapped to UNSDG
Development Goals 2030
Rajasthan, o Provided Hospital beds in Karnataka; provided chairs and water coolers in Rajasthan
Health
3. Good Health & Well-being Karnataka & other o Conducted certified defensive driving training for employees
Locations o Promoting emotional well being among employees through Adani Care intervention

o Armchairs, round table, water purifier, LED television provided for school children at Kappekeri
village, Karnataka
Education Karnataka, o Provided school bags to 1865 students in 47 primary schools
4. Quality Education Rajasthan and o Organized Saraswati Samman to felicitate employees’ children with scholarships for
Punjab exceptional academic & sports performancej

o 3,810 direct/ indirect job opportunities provided in FY23

Livelihood Multiple Locations o Second progress report on UNGC’s TenPrinciples incl. Human Rights submitted in November
8. Decent Work & Economic Growth 2022
o Helped farmers in livestock development and agriculture at 648 MW Kamuthi plant

o Current average portfolio tariff of Rs. 2.97 per unit much lower than APPC of Rs. 3.85 per
unit
o Renewable capacity target of 45 GW by 2030
Climate Chnage
o AGEL’s Energy Compact is accepted by United Nations and showcased at COP26 meeting in
7. Affordable and Clean Energy UK
13. Climate Action Multiple Locations
15. Life on Land o Plantation of 3,600 neem trees along the road-side with tree guards at Bikaner
o Animal welfare and camps for Lumpy virus organized in Jaisalmer
o Associated with IBBI for Task Force on Nature Related Financial Disclosure (TNFD)
Key Focus Areas assessment to achieve No Net Loss of Biodiversity

o Cost efficient operation & higher electricity generation through ENOC

Sustainable Innovation o Development of semi-automatic module cleaning system to reduce water usage by 46%
9. Industry, Innovation & Infrastructure Multiple Locations o Implementation of robotic cleaning for 1,550MW operational capacity
11 Sustainable Cities & Communities
o Implementation of weather monitoring system & identification of long-term physical climate
hazards while site selection.

o Certified Water positive, Single-use-plastic free and Zero waste to landfill

Responsible Consumption & Production
6. Clean water and sanitation Multiple Locations o Water resource development activities for six ponds have been completed at Nedan, Dawara,
12. Responsible Consumption & Production Madhopura & Rasala in Rajasthan; Bitta & Khirsara in Gujarat and Gadadih in Chhattisgarh to
create extra water holding and ground water recharge capacity.

Alignment with UNSDGs with focus on renewable energy, inclusive growth & sustainable innovation
23
UNSDG: United Nations Sustainable Development Group
AGEL: ESG – Ratings, Awards and Recognition

ESG Ratings AGEL’s Rating

CSRHub (Consensus ESG Rating) ✓ Ranking of 97 percentile, with consistent ranking above Alternative Energy industry average

Sustainalytics ✓ ESG Risk Rating of ‘Low Risk’ with a score of 15.3, significantly better than global Utilities sector average of 32.9

DJSI-S&P Global Corporate ✓ Scored 61/ 100, one of the best in Indian Electric Utility sector and significantly better than average World Electric
Sustainability Assessment Utility score of 32/ 100

MSCI ✓ ESG Rating of ‘A’

FTSE ✓ ESG rating of 3.2 and constituent of ‘FTSE4Good’ index series

CRISIL ✓ ESG score of 66/ 100, the highest in Power sector

Awards and Recognition in FY23

Won CII’s Climate Action Program (CAP) 2.0° Conferred with the ‘Platinum’ Environment
Won ‘Leaders Award’ at the Sustainability ‘Committed’ Award that signifies
4.0 Awards, conferred jointly by Frost & Award by Grow Care India in recognition of
identification of primary risk, GHG highest level of commitment and concern in
Sullivan and The Energy & Research Institute management, targets decided and
(TERI) environmental management
participatory culture at AGEL

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Case Study: AGEL becomes Water Positive

Aligning to UN Sustainable Development Goal 6

✓ Committed to water neutrality through reducing water consumption & conservation of water

Potential rainwater
Total freshwater intake Water saved is
harvested and recharge
for consumption
created Certified Water +ve by DNV
172,201 m3 > 1.1x of usage
193,389 m3/yr

AGEL is now certified ‘Water Positive’ for all operating plants with > 200 MW capacity

25
AGEL: Investment Rationale

Renewables
 AGEL: Key Investment Highlights

– World class project execution with equipment sourced from tier 1 suppliers through strategic alliances
Excellent execution – Central monitoring of all project execution by Project Management & Assurance Group
track record
– Track record of executing projects ahead of schedule vis-a-vis execution timeline

– Locked in portfolio: 20.4 GW of which 8.1 GW is commissioned and 12.3 GW is under/ near construction
De-risked Project – Resource tie-up: Strategic sites with generation potential of ~40 GW with geotechnical, resource analysis & design work
Development done
– 20,000+ vendor relationships ensuring effective and timely execution

– 25-year long term PPA’s; ~86% sovereign / sovereign equivalent rated counterparties significantly reducing counterparty
risk

Predictable & Stable – Technology backed O&M: ENOC driven Predictive Analytics leading to cost efficient O&M and high performance with
cash-flows of OpCo’s consistent & industry-leading 90%+ EBITDA margins
– Rapid transition from majority development risk to primary stable operating assets
– Additional value enhancement from carbon credit sale

Capital Management – Fully funded growth ensured through Revolving Construction Framework Agreement of USD 1.64 bn
Philosophy – Takeout of construction debt post commissioning – templatizing the financing from debt capital markets

– Pedigree of Adani: leadership in infrastructure – energy & utility and transport & logistics sectors
Strong Sponsorship – Robust, reliable supply chain backed by strategic investments
– Strategic partnership with French Energy major TotalEnergies SE

ICMA: International Capital Markets Association; EBITDA: Earnings before Interest, Tax, Depreciation & Amortization; ENOC: Energy Network Operations Centre, O&M: Operations and Maintenance, PPA: Power Purchase
Agreement, ESG: Environment, social and governance 27
Appendix
AGEL: Operational & Financial
Performance

28
 AGEL: Operational Performance

Operational Capacity (MW AC – PPA capacity) CUF % (AC)

Solar Wind Hybrid 8,086 Solar Wind Hybrid
35.5%
5,410 2,140 30.8%
26.7% 26.8%
3,470 1
971 23.8% 24.7% 25.2%
2,545 647 22.6% 22.5%

1
497
397 4,763 4,975
2,973
2,148

FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23

Plant Availability Volume (MUs) & Average Realization (Rs/kwh)

Solar Wind Hybrid Solar MU's Wind MU's Hybrid MU's

Solar Avg. Realisation Wind Avg. Realisation Hybrid Avg. Realisation

98.9% 99.5% 95.1% 99.6% 96.5% 99.6% 99.1% 10,457

89.7% 94.3% 12,000 4.90 4.66 6.00
4.24 3.88
10,000 4.00
8,097 3.05
8,000
3.67 3.27 2.00
2.95 2.77
6,000 -
4,886
4,120
4,000 (2.00)
2,603
2,000 1,329 1,820 (4.00)
265 596
- (6.00)

FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23

29
1. Includes acquisition of control of 150 MW operational wind assets from Inox towards the end of March 2022
 AGEL: Financial Performance

(All figures in INR Crore)

Revenue from Power Supply EBITDA from Power Supply 1

5,538
5,825
3,530
3,783
2,419 2,207
2,065 1,859

FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23

EBITDA from Power Supply (%) Cash Profit 2

89% 91% 92% 92% 3,192

1,854
1,250

529

FY20 FY21 FY22 FY23 FY20 FY21 FY22 FY23

1. EBITDA from Power Supply = Revenue from Power Supply + Carbon credit income (part of Other Operating Income) + prompt payment discount - Employee Benefit Expenses
excluding overseas expenses – Other Expenses excluding loss on sale of assets and such one -off expenses.
2. Cash Profit = PAT + Depreciation + Deferred Tax + Exceptional Items + Distribution to TOTAL (which is part of finance cost as per IndAS) – other non-cash adjustments
30
Appendix
31

AGEL: Asset Level Details

Asset Level Details – Operational

Contracted Capacity Capacity COD/ Counterparty PPA

SPV Project Location Type Tariff Capitalizati
(AC) (DC) on Name Term
Tamil Nadu (AGETNL) Solar 216 260 7.01 Mar-16 TANGEDCO 25
Tamil Nadu (RSPL) Solar 72 86 7.01 Feb-16 TANGEDCO 25
AGETNL Tamil Nadu (KREL) Solar 72 86 5.76 Mar-16 TANGEDCO 25
Tamil Nadu (KSPL) Solar 216 260 7.01 Sep-16 TANGEDCO 25
Tamil Nadu (RREL) Solar 72 86 7.01 Sep-16 TANGEDCO 25
Karnataka Solar 240 302 4.56 Mar-18 Karnataka ESCOMS 25
AGEUPL
Uttar Pradesh Solar 50 60 5.07 May-19 UPPCL 25
KSPPL Karnataka Solar 20 23 4.36 Jan-18 BESCOM 25
Punjab Solar 100 105 5.88 Jan-17 PSPCL 25
Uttar Pradesh Solar 50 70 4.78 Jul-17 NTPC 25
PDPL
Andhra Pradesh Solar 50 70 5.13 Oct-17 NTPC 25
Rajasthan Solar 20 26 4.36 Nov-17 NTPC 25
Telangana Solar 50 66 4.67 Dec-17 NTPC 25
Telangana Solar 50 66 5.19 Dec-17 NTPC 25
Karnataka Solar 100 140 4.79 Jan-18 NTPC 25
Chhattisgarh Solar 100 147 4.43 Mar-18 SECI 25
PSEPL
Karnataka Solar 50 66 4.86 Feb-18 NTPC 25
Karnataka Solar 40 56 4.43 May-18 SECI 25
Karnataka Solar 10 13 5.35 Oct-17 GESCOM 25
Maharashtra Solar 20 29 4.16 Mar-18 SECI 25
Wardha Solar Karnataka Solar 350 515 4.43 May-18 SECI 25
ARERJL Rajasthan Solar 200 281 2.71 Aug-19 MSEDCL 25
ASEFPL Rajasthan Solar 50 72 2.54 Jul-20 SECI 25
EUPL Uttar Pradesh Solar 50 55 9.27 Oct-21 UPPCL 25
TNUPL Uttar Pradesh Solar 50 55 7.02 Aug-21 UPPCL 25

32
Solar Wind Hybrid
Asset Level Details – Operational (Contd.)

Contracted Capacity Capacity COD/ Counterparty PPA

SPV Project Location Type Tariff Capitaliza
(AC) (DC) Name Term
tion
PNCEL Punjab Solar 20 21 8.7 Mar-21 PSPCL 25
PNREL Punjab Solar 10 10.5 8.65 Feb-21 PSPCL 25
KNSSEPL Karnataka Solar 5 6.3 4.36 Oct-21 GESCOM 25
KNIVSEPL Karnataka Solar 20 25 4.36 Mar-21 BESCOM 25
KNBSEPL Karnataka Solar 20 25 4.36 Feb-21 BESCOM 25
KNMSEPL Karnataka Solar 20 25 4.36 Mar-21 HESCOM 25
Gulbarga Karnataka Solar 5 5.5 8.37 Jul-21 HESCOM 25
Bagalkot Karnataka Solar 5 5.5 8.46 Oct-21 UPPCL 25
ASEJTL Rajasthan Solar 50 74 NA Nov-20 Merchant NA
ASEKTPL Gujarat Solar 100 150 2.44 Dec-20 GUVNL 25
ASECOL Uttar Pradesh Solar 25 37 3.08 Jan-21 NPCL 25
ASEKOL Gujarat Solar 150 225 2.67 Jan-21 GUVNL 25
SEIL Uttar Pradesh Solar 20 23 7.54 Jan-21 UPPCL 25
ASEFPL Uttar Pradesh Solar 100 145 3.21 Feb-21 UPPCL 25
SRRPL Telangana Solar 50 57.5 5.37 Oct-17 TSSPDCL 25
DTTPL Telangana Solar 25 25.94 5.17 Sep-17 TSSPDCL 25
SSTPL Telangana Solar 50 57.5 5.26 Oct-17 TSSPDCL 25
ASECOL Uttar Pradesh Solar 50 73 3.07 Apr-21 UPPCL 25
ASEJFPL Rajasthan Solar 100 145 2.63 Nov-18 SECI 25
ASEJFPL Rajasthan Solar 200 290 2.48 Jul-19 SECI 25
ASEJTPL Rajasthan Solar 300 435 2.45 Oct-18 SECI 25
ASEAPSPL Andhra Pradesh Solar 250 375 2.73 Mar-20 NTPC 25
ASEKANPL Karnataka Solar 200 300 2.82 Dec-19 SECI 25
ASEAPSPL Andhra Pradesh Solar 350 455 4.63 Jul-17 NTPC 25
ASERJOPL Rajasthan Solar 300 453 2.48 Jun-21 NTPC 25
VEIPL Odisha Solar 40 40 4.24 Dec-19 SECI 25
SPCEPL Rajasthan Solar 150 215 2.61 Nov-22 SECI 25
SPCEPL Rajasthan Solar 62 87 NA Mar-23 Merchant NA

33
Solar Wind Hybrid
 Asset Level Details – Operational (Contd.)

Contracted Capacity Capacity COD/ Counterparty PPA

SPV Project Location Type Tariff Capitaliza
(AC) (DC) Name Term
tion
AGEL – Lahori Madhya Pradesh Wind 12 12 5.92 Mar-16 MPPMCL 25
AWEGPL Gujarat Wind 30 30 4.19 Mar-17 GUVNL 25
AWEGPL Gujarat Wind 18 18 3.46 Mar-17 GUVNL 25
AREKAL Gujarat Wind 12 12 3.46 Feb-19 MUPL 25
AWEKOL - SECI 1 Gujarat Wind 50 50 3.46 Nov-19 SECI 25
AWEKSL Gujarat Wind 75 75 2.85 Jan-20 MSEDCL 25
AWEKOL - SECI 2 Gujarat Wind 50 50 2.65 Mar-20 SECI 25
WORL - INOX 17 Gujarat Wind 50 50 3.46 Apr-19 PTC India Ltd 25
WTRL - INOX 27 Gujarat Wind 50 50 3.46 May-19 PTC India Ltd 25
WFRL - INOX7 Gujarat Wind 50 50 3.46 Jul-19 PTC India Ltd 25
AWEKTL Gujarat Wind 250 250 2.82 Mar-21 SECI 25
SSPTPL Madhya Pradesh Wind 324 324 2.83 Sep-22 SECI 25

Total Solar + Wind 5,946 7,754 3.91

Contracted Capacity Planned Capacity Planned Capacity Counterparty PPA

SPV Project Location Type Tariff
(AC) (AC) (DC) Name Term
390 Solar: 360 Solar: 540
AHEJOL Rajasthan Hybrid 2.69 SECI 25
Wind: 100 Wind: 100
AHEJTL & 600 Solar: 600 Solar: 840
Rajasthan Hybrid 2.69 SECI 25
AHEJET Wind: 150 Wind: 150
450 Solar: 420 Solar: 630
ASEJOPL Rajasthan Hybrid 2.61 SECI 25
Wind: 105 Wind: 105
Solar: 600 Solar: 870
AHEJFL Rajasthan Hybrid 700 3.24 AEML 25
Wind: 510 Wind: 510

Total Hybrid 2,140 2,845 3,745 2.85

8,086 11,499
Total Operational 3.62
(Contracted AC) (DC)
34
Solar Wind Hybrid
Asset Level Details – Under execution

Contracted Capacity Capacity Counterparty PPA

SPV Project Location Type Tariff
(AC) (DC) Name Term
Various SPVs Rajasthan/ Gujarat Solar+ Mfg 4,667 6,767 2.42 SECI 25
Various SPVs Rajasthan/ Gujarat Solar+ Mfg 1,534 2,224 2.54 SECI 25
AREEL Gujarat Solar 150 225 2.22 Torrent 25
ASERJOPL Rajasthan Solar 300 453 2.48 NTPC 25
SPCEPL Rajasthan Solar 88 124 NA Merchant NA
ASEAPEHL Andhra Pradesh Solar 250 375 2.7 SECI 25
ASERJTPL Rajasthan Solar 330 495 2.65 SECI 25
ASEBOPL Rajasthan Solar 600 900 2.55 NHPC 25
ASEAPTL Rajasthan Solar 150 218 2.34 PSPCL 25
ASEJSPL Rajasthan Solar 600 900 2.5 SECI 25
AWEKFL Gujarat Wind 300 NA NA Merchant NA
AWEKFL Gujarat Wind 130 130 2.83 SECI 25
ARESL – SECI X Karnataka Wind 300 300 2.77 SECI 25
AREFL Karnataka Wind 450 450 2.70 SECI 25

Total Solar + Wind 9,849 13,861 2.47

35
Solar Wind Hybrid
Asset Level Details – Under execution (Contd.)

Contracted Capacity Planned Capacity Planned Capacity Counterparty PPA

SPV Project Location Type Tariff
(AC) (AC) (DC) Name Term
600 Solar: 570 Solar: 855
AHEJFL Rajasthan Hybrid 2.41 SECI 25
Wind: 200 Wind: 200

Total Hybrid 600 770 1,055 2.41

10,449 14,916
Total Under Execution 2.47
(Contracted AC) (DC)

36
Solar Wind Hybrid
 Asset Level Details – Near Construction

Contracted Capacity Capacity Counterparty PPA

SPV Project Location Type Tariff
(AC) (DC) Name Term
Various SPVs Rajasthan/ Gujarat Solar+ Mfg 1,799 2,609 2.92 SECI 25
Various SPVs Rajasthan Solar 100 142 NA Merchant NA

Total Near Construction 1,899 2,751 2.92

20,434 29,166
Overall Capacity (Operational + Under Construction + Near Construction) 2.97
(Contracted AC) (DC)

37
Solar Wind Hybrid
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 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 shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of AGEL’s shares.
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 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.

Investor Relations

VIRAL RAVAL
Head - Investor Relations
[email protected]
+91 79 2555 8581

38
 Renewables

39

Thank You