Adani Green Energy Limited

Equity Investor Presentation

Feb 2025

AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan

Table of Contents

1 Adani Portfolio: Overview

2 India: Renewable Opportunity & AGEL: Company Profile

3 AGEL: Business Strategy

3a Origination and Development Readiness

3b Operational Excellence

3c Capital Management Philosophy

4 AGEL: ESG Framework & Commitments

5 AGEL: Investment Rationale

Annexures

2
 01
Adani Portfolio
 Adani Portfolio: A World class infrastructure & utility portfolio

Flagship Infrastructure & Utility Core Portfolio Primary Industry Emerging B2C
Materials, Metal Direct to
Incubator Energy & Utility Transport & Logistics
& Mining consumer

(100%) (100%)
(73.97%) (100%) (50.00%) (100%) (100%)
ANIL AdaniConneX3 AAHL ARTL Copper, Aluminum ADL
AEL New Industries Data Centre Digital
Airports Roads (100%)
PVC
(64.71%)
(100%)
Specialist NDTV
Manufacturing5
(60.94%) (74.96%)
(100%) (43.94%)
AGEL APL
Renewables IPP Mining Services & AWL6
Commercial Mining Food FMCG

(69.94%) (37.40%) (65.89%) (100%) (67.53%)

AESL ATGL2 APSEZ NQXT1 Cement4
T&D Gas Discom Ports & Logistics

(%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries Listed cos Direct Consumer

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 includes 67.53% (67.57% on Voting Rights basis) stake in Ambuja Cements as on 31 st December,2024 which in turn
owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited. Ambuja Cements Ltd. holds 58.08% stake in Sanghi Industries Ltd.| 5. Includes the manufacturing of Defense and Aerospace Equipment | 6. AEL to exit Adani Wilmar JV, diluted
13.50% through Offer For Sale (13 th Jan’24), residual stake dilution is pursuant to agreement between Adani & Wilmar Group. | AEL: Adani Enterprises Limited; APSEZ: Adani Ports and Special Economic Zone Limited; AESL: Adani Energy Solutions Limited;
T&D: Transmission & Distribution; APL: Adani Power Limited; AGEL: Adani Green Energy Limited; AAHL: Adani Airport Holdings Limited; ARTL: Adani Roads Transport Limited; ANIL: Adani New Industries Limited; AWL: Adani Wilmar Limited; ADL: Adani 4
Digital Labs Pvt. Limited; IPP: Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride l Promoter’s holdings are as on 31 st December, 2024.
 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 6 Growth 4x 6

EBITDA 71% 1,2,3 EBITDA 92% 1,3,4

AEL
APSEZ
Growth 3x 6 Growth 1.4x 6
AGEL
Adani’s Core Infra.
Platform –
ATGL

EBITDA 91% 1,2,3,5 EBITDA 24% 1,3

AESL
APL
350 Mn
Adani Cement Userbase

Note: 1. Data for FY24 ; 2. Margin for Indian ports business only l Excludes forex gains/losses; 3. EBITDA: Earning before Interest Tax Depreciation & Amortization I EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss /
(Gain) + Exceptional Items 4. EBITDA Margin represents EBITDA earned from power supply 5. Operating EBITDA margin of transmission business only, does not include distribution business l 6. Growth pertains to expansion and development aligned with market growth.
Growth of respective Adani portfolio company vs. Industry growth is as follows: APSEZ's cargo volume surged from 113 MMT to 408 MMT (14%) between 2014 and 2024, outpacing the industry's growth from 972 MMT to 1539 MMT (5%). AGEL's operational capacity
expanded from 0.3 GW to 10.9 GW (57%) between 2016 and 2024, surpassing the industry's growth from 46 GW to 143.6 GW (15%). AESL's transmission length increased from 6,950 ckm to 20,509 ckm (14%) between 2016 and 2024, surpassing the industry's growth from
3,41,551 ckm to 4,85,544 ckm (4%). ATGL expanded its geographical areas from 6 to 52 (27%) between 2015 and 2024, outperforming the industry's growth from 62 to 307 (19%). PBT: Profit before tax l ATGL: Adani Total Gas Limited l AEL: Adani Enterprises Limited l
APSEZ: Adani Ports and Special Economic Zone Limited l AESL: Adani Energy Solutions Limited l APL: Adani Power Limited l AGEL: Adani Green Energy Limited l Growth represents the comparison with respective industry segment. Industry source: APSEZ (domestic cargo
volume): https://shipmin.gov.in/division/transport-research l Renewable (operational capacity): Installed Capacity Report - Central Electricity Authority (cea.nic.in) l AESL (ckms): National Power Portal (npp.gov.in) l ATGL (GAs): Brochure petroleum.cdr (pngrb.gov.in) | ckms: circuit
5
kilometers | GA: Geographical Areas
 Adani Portfolio: Repeatable, robust & proven transformative model of investment
DEVELOPMENT OPERATIONS CONSUMERS
1 New C.E.O.
Adani Infra (India) Limited (AIIL) Operations (AIMSL) Consumer I Employees I Other Stakeholders
Origination Site Development Construction Operation Inspired Purpose & Value Creation
ACTIVITY

• Analysis & market • Site acquisition • Engineering & design • Life cycle O&M • Delivering exceptional products & services for elevated
intelligence planning engagement
• Concessions & • Sourcing & quality
• Viability analysis regulatory agreements • Asset Management plan • Differentiated and many P&Ls
PERFORMANCE

Adani’s Core Infra. Platform –

350 Mn
India’s Largest Longest Private HVDC World’s largest Energy Network Userbase
Commercial Port Line in Asia Renewable Cluster Operation Center
(at Mundra) (Mundra - Mohindergarh) (at Khavda) (ENOC)

Growth Capital – Platform

MANAGEMENT

Strategic value Investment Case 6% Long Term Debt

Mapping Development Infrastructure Financing 13%
CAPITAL

14%
Framework 31% PSU Banks
March March Pvt. Banks
Policy, Duration Risk Matching 2016 2024 Bonds
55% 19%
Strategy & Risk Management – Rate & Currency 31%
2% NBFCs & FIs
Risk Governance & Assurance DII
Diversified Source of Capital 1%
Framework 28% Global Int. Banks
Capex LC
ENABLER

Continued • Power Utility Business - ENOC

Human Capital • Leadership Development Initiatives
Focus & AI enabled Digital Transformation • City Gas Distribution - SOUL
Development • Investment in Human Capital
Investment • Transportation Business - AOCC

Note 1 Adani Environmental Resource Management Services Ltd. (additional company is being proposed)
O&M: Operations & Maintenance l HVDC: High voltage direct current l PSU: Public Sector Undertaking (Public Banks in India) l GMTN: Global Medium-Term Notes l SLB: Sustainability Linked Bonds l AEML: Adani Electricity Mumbai Ltd. l AIMSL : Adani Infra Mgt Services Pvt
Ltd l IG: Investment Grade l LC: Letter of Credit l DII: Domestic Institutional Investors l COP26: 2021 United Nations Climate Change Conference l AGEL: Adani Green Energy Ltd. l NBFC: Non-Banking Financial Company l AIIL: Adani Infra (India) Ltd.
6
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 PSP sites secured Resource assessment completed Evacuation infrastructure readiness and
detailed design planning completed,
“RESOURCE AS VALUE APPROACH”
including simulations

Must Run Status Technology enabled O&M AI Based Learning Capability

ENOC AIMSL – Deploying cutting edge

Operations 100% Must Run Portfolio Analytics driven O&M with AI based solutions
as per Electricity Act, 2003 technology enabling high EBITDA margin Digital twins for Solar & Wind plants
(92% (1)) Long term resource forecasting tools

Efficient Capital Management Construction Framework Agreement IG Ratings & ESG Income

Sustainable
value
Access to International US$ 3.4 bn IG rated Issuance –
markets RG1 & RG2 (2)
creation Diversified sources of funding
Revolving construction facility to ensure
fully funded growth Green Certificates
Elongated maturities up to 20 years

Well-positioned for industry leading de-risked growth

Notes: (i) EBITDA margin from power supply in FY24; (ii) Rating by FITCH
ENOC: Energy Network Operations Centre | EBITDA: Earnings before Interest, tax, depreciation & amortization | IG: Investment Grade | AIIL: Adani Infra India Limited | AIMSL: Adani Infra Management Services Pvt Ltd 7
RG1: Restricted Group 1 (ringfenced SPVs) | RG2: Restricted Group 2 (ringfenced SPVs)
 02
India: Renewable Growth Opportunity &
Adani Green Energy Limited (AGEL): Company Profile

AGEL’s Solar plant at Anjar, Gujarat

India power demand growing faster than historical growth rates

3,000

2,500 2,474

2,000
1,627
1,500
1,069
1,000

500
TWh
0
FY15 FY 24 FY32

Projected
Actual

▪
Power Demand to grow with projected peak demand of 388 GW by FY32 from 250 GW in FY25
❑ Factors driving electricity demand
o Data Centre Demand o Electrification
o GDP growth o Consumer goods penetration
o Manufacturing Demand o Urbanization

Source: CEA, TERI, NITI Aayog, NEP report 2024, Internal Analysis 9
Robust RE growth so far but much more needed to match the demand growth
Total Installed Power Capacity (GW) Total Renewable Capacity (GW)
571
961

462

275 162

39

FY15 FY17 FY19 FY21 FY23 FY24 Dec '24 FY32 FY15 FY17 FY19 FY21 FY23 FY24 Dec '24 FY32
Projected Projected

Installed Capacity Mix (%) Renewable energy capacity mix (%)

7% 1% 3%
3%
20%
41% 29%
10% 30%
65%
86%

60%
59% 60% 67%
35%
14% 10%

FY15 FY17 FY19 FY21 FY23 FY24 Dec '24 FY32 FY15 FY17 FY19 FY21 FY23 FY24 Dec '24 FY32
Projected Projected
Solar PV Wind Small-Hydro Bio Power
Renewables Other Sources

Renewables on a consistent growth path with continued growth in solar contribution

Source: CEA, Niti Ayog, National Electricity Plan – Volume II – Transmission (Oct 2024)
10
Note: Energy storage systems – hydro pumped storage and battery - have been excluded in the abovementioned capacities.
 India: Shifting peak power demand​
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 2018-19 Day in 2021-22 Day in 2022-23 thereby shifting the evening peak to day time

▪ Separation of Agriculture feeders – enabling better load

management, assured power supply during off-peak hours

▪ Promotion of solar pumps – subsiding solar powered irrigation

▪ Energy efficiency – Ujala scheme, Energy Conservation

building code and smart metering

Forecasted Demand & Supply Profile FY30

460
Charging India can solve the supply-demand mismatch by:
410
▪ Power demand management - shifting power load to daytime
Discharging
BUs 360
61
▪ Flexing thermal and hydro
24
6
310
▪ Storage – Hydro PSP and Batteries
GW

17
260
2
8
107 210 As per CEA’s National Electricity Plan – Volume II (Transmission),
160
the peak demand by FY32 to be ~388 GW. RE contribution in the
225 power supply is expected to increase from current 35% to 59% by
117
52%
110 FY32. Given the intermittent nature of RE sources, the energy
108 storage systems are planned to be integrated in the grid - 47 GW
48% 60
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 BESS and 36 GW PSP capacity by FY32.
n Jan
Hour of the day
n Oct Thermal (GW) Nuclear (GW) Gas Hydro
Wind Other RE Solar BESS/PSP
Deficit/Surplus Demand

Load curve to flatten, however significant unmet demand during non-solar hours creates a strong case for Storage
Source CEA optimal mix report, AGEL Internal analysis; Nati, CEA’s National Electricity Plan – Volume II (Transmission) 11
PSP: Pumped storage project | BESS: Battery Energy Storage System | CEA: Central Electricity Authority
AGEL: Committed to a sustainable future

Holding Structure ESG Ratings

RE Sector Ranking 2
Adani Family Rating Agency Rating/Score
Global India

Score of 4.2 / 5
60.9% 3 1
Constituent of FTSE4Good Index
7.2%
ESG Risk Rating of 15 Top 15 2

Score of 76 / 100 Top 10 1

2.7%

Rated ‘A-’ Leadership Leadership

19.8% Climate
1.4%
19.3%
Rated ‘A’ Topmost Topmost
Supply Chain
Public market
investors Score of 70 / 100 NA 2

Score of 66 / 100 NA 1

Robust foundation for a sustainable growth backed by strong sponsorship and strategic partnerships
1. Shareholding by funds managed by GQG Partners
2.The rankings represent AGEL’s ranking (Global/India) in Renewable Energy sector/Alternative Electricity sector (Power Sector in case of CRISIL) 12
Note: Shareholding details for quarter ending Dec 2024
AGEL: Leading India’s Energy Transition
Focused on delivering Increased focus on C&I and Fully funded growth with
renewable power and Merchant opportunities to disciplined capital
storage solutions maximize value creation management

Developing renewable projects Driving operational

at an unparalleled scale excellence through Setting new benchmarks in ESG
practices
and speed increased digitalization

Growth Strategy – 2030 Well secured resource rich sites

CAGR 32% 50.0

GW

Solar, Wind &

Hybrid
Development
in Rajasthan &
Gujarat
CAGR 36% 11.6 Hydro PSP
development in
GW
2.0 Maharashtra, Andhra
Pradesh, Telangana, Tamil
GW Nadu & Uttar Pradesh

FY19A 9M FY25A FY30E

Fully secured growth path to 50 GW by 2030

Note: Targeted capacity, locations & resource mix are based on current estimates and are subject to change | PSP: Pumped storage project | Map not to scale 13
AGEL: Renewable energy portfolio evolution up to 2030
Today 2030

18% 11%
5%
▪ 100% Must-run Portfolio
13%
15% 11.6 GW Resource Mix 50 GW

67%
▪ 25-Year Fixed tariff PPAs
71%
to contribute majority of the
portfolio
Solar Wind Hybrid Solar Wind Hybrid PSP

▪ Attractive tariffs in
merchant and C&I
8%
15%
▪ Strong counterparty
Contract Mix profile across the portfolio
85%
92%

25-Yr Fixed Tariff PPAs Merchant 25-Yr Fixed Tariff PPAs Merchant and C&I

High-grading renewable portfolio to deliver higher margins while maintaining a predictable cashflow profile
Note: 1. Operational capacity is as on date. 2. Targeted capacity, locations & resource mix are based on current estimates and are subject to change.
PSP: Pumped storage project | PPA: Power Purchase Agreement
14
AGEL: Growth & cash generation capability de-risked
Operational Capacity & EBITDA from Power Supply
EBITDA from Power Suppply (INR Cr.) 43% CAGR 10,934
Run-rate
Operational Capacity (MW) 8,086 EBITDA of
34% CAGR Rs. 10,462 Cr.
7,222
5,410
5,538
3,470
2,545 3,508
1,9… 1,970
2,207
1,859
834 1,710
FY18 FY19 FY20 FY21 FY22 FY23 FY24

Steadily increasing operating base thereby reducing the overall portfolio risk coupled with best-in-class EBITDA growth

Leverage (LTD / FFO + Cash Cover)

SB Energy Portfolio
8.3x Acquisition
7.3x 7.2x
5.5x 5.9x
5.3x
3.2x

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Progressively reducing systemic risk

LTD: Long term debt | FFO: Funds flow from operations (= EBITDA – tax – finance cost) | CC: Cash Coverage (= Cash & bank balances + Balances held as Margin Money or security against borrowings + Financial Assets Inves tments
EBITDA: Earnings before interest, tax, depreciation & amortisation 15
 03
Adani Green Energy Limited (AGEL):
Business Strategy

AGEL’s Dayapar Wind Cluster, Gujarat

3a. Origination and Development Readiness
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 first ever hybrid power generation plant

2.1
World’s largest GW
Module 535 Wp
Hybrid RE Cluster
MMS Fixed Tilt (40%) Tracker (60%)

Rajasthan (FY23) 14x WTG 2 MW machines

− World’s largest RE project spread over 538 sq. km,

i.e., 5x of Paris
World’s largest
RE Plant 30 GW Module Up to 580 Wp
(Next Milestone)
MMS Tracker (100%)

Next Milestone - Khavda: Gujarat WTG 5.2 MW machines

Consistently setting new benchmarks for renewable energy industry with unmatched speed & scale of execution
18
MMS: Module mounting structure | WTG: Wind turbine generator | AIIL: Adani Infra India Limited | AIMSL: Adani Infra Management Services Pvt Ltd
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 in construction & O&M
Khavda

▪ Advance phase wise evacuation planning matching

Well Planned AGEL’s project timelines
Evacuation ▪ Connection to central grid and existing green corridor
through high-capacity transmission lines including 765 kV

Spread across 538 Advance Design ▪ Topography survey ▪ Soil improvement Tests
sq. km – 5x of Paris planning for WTG foundation
▪ Geotechnical Investigation
Customized to the
for Soil ▪ Customized design
planning for Cable laying,
terrain ▪ Seismic Study
piling, extra high voltage
Backed by ▪ Centrifuge Study (EHV) substation and
more
extensive studies ▪ Area Drainage Study

Arid, non-cultivable contiguous land perfectly

Innovative execution ▪ Deploying robotics and digitalization to deliver projects at
suited for mega scale RE development an unprecedented scale and speed

►
►
Solar irradiation of Wind speed of
~2,060 kWh/ m2
Solar CUF of 33%
~8 meters/ second
Wind CUF of 35%+
2.4 GW 30 GW
Operational by 2029
Unprecedented scale and speed of execution with project management, execution & assurance through AIIL
CUF: Capacity Utilization Factor | AIIL: Adani Infra India Limited | Map not to scale
19
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 Pradesh

▪ Installed Capacity – 500 MW (2*250MW) ▪ Estimated Generation Hours – 6.2 Hours

Tamil Nadu
▪ Annual Generation – 1 TWh+ ▪ Project land area – 407 acres

Development activities completed with all approvals in place

▪
▪
▪
Feasibility Study and DPR
ToR for Final Environmental Clearance
Forest Clearance (NOC received)
▪
▪
Land Purchase
Site enabling infrastructure
500 MW
by 2027 ►
► 5 GW+
by 2030
Targeted addition of 5 GW+ Hydro PSP capacity by 2030
DPR: Detailed Project Report | ToR: Terms of Reference | Map not to scale 20
3b. Operational Excellence
Operational excellence through Energy Network Operation Center (ENOC)

▪ Real time monitoring of operating assets

across 12 states through ENOC at
Ahmedabad

▪ Granular performance insights

▪ Predictive Maintenance optimizing Mean time

between failure (MTBF)

▪ Suggests corrective actions in real time

reducing Mean time to repair (MTTR)

▪ Industrial cloud partnership with Google for

ML & AI capabilities

High plant availability (Solar) Consistently improving CUF (Solar) 2 Enabling industry-leading EBITDA margins 1

~100% 25% 92%

In last 5 years Up from 22% in FY19

AI enabled O&M capability driven by AIMSL leading to improved operations and better forecasting
1. FY24 EBITDA margin from Power supply
2. FY24 Solar CUF 22
ENOC: Energy Network Operations Centre | O&M: Operations and Maintenance | EBITDA: Earnings before Interest, tax, depreciation & amortization | GW: Gigawatt | CUF: Capacity Utilization Factor on MW AC, | AIMSL: Adani Infra Management Services Pvt Ltd
3c. Capital Management Philosophy
Replicating Adani Business Model: 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 to Ensure senior debt availability Ensure availability of Debt Capital market refinancing at lower interest
finance equipment for Project Construction working capital rate, longer tenure and terms akin to stable assets

Fully-funded Growth De-risking of Liquidity Risk

Development Phase Stabilization Post-stabilization Phase

PF facility
Demonstrated

USD 3.9 bn 1, 2
NFB Lines Existing WC facility RG1: ~USD 409 mn 3
~ USD 1.2 bn 1 Go to Market Facility Available on demand RG2: ~USD 362.5 mn 3
USD 3.4 bn
revolving facility

Project Financing for

Future Plans

selected projects Future USD bonds raise via. DCM

Working Capital
Existing NFB Broader capital pools – 144A / RegS and SEC
facility to continue
lines to continue Go to Market Facility to be Registered issuances
upsized to fund confirmed
growth assets

Equity infusion for fully funded growth up to 50+ GW by 2030

USD 444 Mn ~USD 1.1 Bn

Concluded 50:50 JV between AGEL & TotalEnergies for
Preferential Issuance of Warrants to Promoters
1,150 MW portfolio

Maximising Stakeholder Value & De-risking projects with Disciplined Capital Management
1. USD/ INR: 85.62
2. Includes INR PF of 317 bn and other ECB of USD 0.22 bn 24
3. Exchange rate as of transaction date | 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 | DCM: Debt Capital Market
 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)
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 disclosure BRSR SASB

ESG
Policy Structure Focus Area - UNSDGs

– Environment & Energy as part of IMS policy

E – Biodiversity Policy
– Affirmative Action Policy (EV Support & Action)

– Human Rights Policy

Commitment Assurance
S – Corporate Social Responsibility Policy
– Occupational Health & Safety as part of IMS Policy

– Board Diversity
G – Code of Conduct
– Related Party Transaction Policy

ESG: Environmental, Social & Governance l GRI: Global Reporting Initiative l CDP: Carbon Disclosure Project l TCFD: Task Force on Climate-Related Financial Disclosures l UNSDG: United Nations Sustainable Development Group
CSR: Corporate Social Responsibility l SASB: Sustainability Accounting Standards Board l BRSR: Business Responsibility and Sustainability Reporting l IMS: Integrated Management System that essentially combines
TNFD: Taskforce on Nature-related Financial Disclosures l SBTi: Science based targets initiative
26
AGEL: ESG updates
Focus area
Material Topic Targets Key ESG Initiatives/Achievements
UN SDGs
Committed to avoid GHG emissions
Climate Change through development Climate Change
of 50 GW RE • 14.6 Mn ton CO2 emission avoided in 9M FY25
project by 2030 • GHG emission reduction: 99.7% less emission intensity per unit of generation (0.0016 GHG
tCO2 / MWh) in 9M FY25 v/s Indian grid average of 0.72 tCO2 / MWh
Committed to adopt • Achieved 28% against 65% EV commitment by FY30
65% • Committed for Net Zero with SBTi
EV by FY30
Resource Management
• 98.7% less Fresh Water consumption per unit of generation (0.037 kl/MWh) in 9M FY25 as
Resource Net Water positive status for
against 3.5 kl / MWh, statutory limit for thermal power
conservation 100% • 100% of AGEL’s operating capacity is single-use plastic free under CII Plastic Protocol
operating plants by FY26 • Zero waste to landfill certified for all operational sites
• Water Positive for all operating plants more than 200MW

Zero-Waste-to-Landfill (ZWL) Occupational Heath and Safety

certified for
• 0.22 Mn continuous safe man hours, 0.33 LTIFR and 1,29,628 safety training hours in 9M FY25
100%
of operating plants
Supply Chain
• Maintaining ESG evaluation for 100% critical suppliers.
• With an aim to reduce Scope 3 emissions, AGEL extensively engaged with the suppliers
Occupational
leading to 87% of manufacturing suppliers disclosing their GHG emissions through CDP supply
Health and Safety
0 chain program.

Zero harm and Zero leak Sustainable Livelihood

• 7,233 direct/indirect job opportunities provided in 9M FY25

GHG: Greenhouse gases l MWh: megawatt-hour l tCO2: total carbon dioxide l CII: Confederation of Indian Industry l IBBI: India Business & Biodiversity Initiative l SBTi: Science based targets initiative l LTIFR: Lost Time Injury Frequency Rates 27
ESG: Environmental, Social & Governance
AGEL: Strong governance framework

Key governance
Key highlights ESG governance structure
areas
Board independence & ▪ 50% Independent Directors
Corporate Responsibility
diversity ▪ 10% Women Directors (to be increased to 33% in longer term) Committee at Board level

▪ Corporate Responsibility Committee in place with 100% Independent Directors to provide assurance on ESG CEO
Corporate
aspects
responsibility, CSR &
Nomination & ▪ Corporate Social Responsibility Committee in place with 67% Independent Directors ESG Apex ESG
Remuneration Committee Mentors
▪ Nomination and Remuneration Committee with 75% Independent Directors (100% Non-Executive/ Non-Promoter)

▪ Audit Committee consisting of 83% Independent Directors (100% non-promoter/ non-executive) ESG Head
Audit oversight
▪ Statutory Auditors : SRBC & Co. (EY) and Dharmesh Parikh & Co. (Joint Auditors)
Roles & responsibilities of ESG Apex
▪ Risk Management Committee in place with 50% Independent Directors (75% Non-Executive, Non-Promoter) Committee
▪ Sub-Committees of Risk Management Committee with at least 50% independent directors
▪ Provide organizational vision and overall
❑ Information Technology & Data Security Committee (67% independent directors) direction to ESG program
Risk management
❑ Mergers & Acquisitions Committee (67% independent directors) ▪ Review and approval on public
disclosures on ESG (annual report,
❑ Legal, Regulatory & Tax Committee (100% independent directors)
sustainability report, special disclosures)
❑ Reputation Risk Committee (67% independent directors)
▪ Allocate resources required by ESG Core
▪ Detailed Policy in place for Related Party Transactions (RPT) to ensure all RPTs are on ‘arms’ length’ basis Working Group

▪ All RPTs are reviewed by the Audit Committee and are duly disclosed in the annual report ▪ Implementation of ESG Strategy
Related party
transactions
▪ Material related party transactions undertaken after seeking prior shareholder approval, wherein related parties
including promoter group cannot vote Roles & responsibilities of ESG Mentors
Stakeholders'
▪ Stakeholders Relationship Committee in place with 67% Independent Directors
relationship ▪ Provide specific guidance and operational
insights to ESG Core Working Group and
▪ Anti Corruption policy in place with Zero tolerance of corruption
ESG Champions
Anti corruption & code
▪ Code Of Conduct For Board Of Directors And Senior Management in place
of conduct ▪ Undertake quarterly review of activities
▪ Insider Trading Code in Place led by ESG Champions
28
 05
Investment Rationale

AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan

Key Investment Highlights

▪ Resource Availability: Strategic sites of 2,50,000 acres for solar and wind plant development and 5+ GW for PSP development backed by
comprehensive geotechnical studies, fully prepared evacuation infrastructure, and meticulously crafted design work & resource analysis.
Development & ▪ Project Management, Execution and Assurance through AIIL: Large team of skilled professionals having specialized knowledge &
Execution Excellence hands-on experience and 20,000+ vendor network ensuring effective and timely execution.
▪ AGEL operational capacity addition has outpaced the industry, achieving a CAGR of 41% in last 5 years (Industry CAGR ~13%) and is on
track to achieve its stated target of 50 GW by 2030.

▪ Analytics-driven O&M approach, anchored by a state-of-the-art ENOC through AIMSL, ensures ~100% plant availability (solar),
Operational consistent CUF improvement and cost reduction.
Excellence
▪ Industry-leading EBITDA margins of 92%+ backed by the operational excellence

▪ Fully funded growth ensured through Revolving Construction Framework of USD 3.4 bn & Equity infusion of ~USD 1.5 bn through JV with
Capital Management TotalEnergies and Equity infusion by Promoters
Philosophy
▪ Growth risk delinked from Credit performance with ring fenced structures

▪ Ranked 1st in RE Sector in Asia and amongst Top 10 in RE Sector globally by ISS ESG in its latest ESG assessment
ESG
▪ Apart from driving decarbonization of the grid, focused on Water positivity, SUP Free, Zero Waste to Landfill & No net loss of Biodiversity

▪ Pedigree of Adani Family: leadership in infrastructure – energy & utility and transport & logistics sectors
Strong Sponsorship ▪ Diversified equity base of high quality long only stakeholders
▪ Supply chain reliability with backward integration of solar and wind manufacturing at the portfolio level

Strong de-risked model supported by world leading ESG ratings

AIIL: Adani Infra India Limited; AIMSL: Adani Infra Management Services Pvt Ltd; CUF: Capacity Utilization Factor; 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; JV: Joint Venture, SUP: Single Use Plastic
30
Annexures
AGEL: Operational & Financial
Performance
AGEL: Operational Performance
Operational Capacity (MW AC – PPA capacity) CUF % (AC)
Solar Wind Hybrid Solar Wind Hybrid
11,609 40.7% 39.8%
10,934 35.5%
2,140
2,140 30.8% 29.4% 29.2%
8,086 1,714 26.7% 26.8%
1,401 23.8% 24.7% 25.2% 24.5% 23.5%
2,140 22.6% 22.5%
5,410
971
3,470 647
7,393 7,756
2,545 497
397 4,763 4,975
2,973
2,148
FY20 FY21 FY22 FY23 FY24 9M FY25 FY20 FY21 FY22 FY23 FY24 9M FY25

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
99.4%
98.9% 99.5% 99.6% 99.6% 99.1% 99.7% 99.5% 99.7% 4.16
95.1% 96.5% 95.0% 4.90 4.66 3.88
89.7% 94.3% 95.5% 4.24 3.27 3.67
20,000
3.05 2.86
18,000
3.43 4.00

16,000

3.67 2.83
14,000
3.27 2.95 2.77 2.00

12,000 10,457 11,046 11,510

-

10,000

8,097 7,643
5,614
8,000

4,886
(2.00)

6,000
4,120 2,603 3,117 2,984
4,000

1,329 1,820 (4.00)

2,000

265 596
- (6.00)

FY20 FY21 FY22 FY23 FY24 9M FY25 FY20 FY21 FY22 FY23 FY24 9M FY25

32
AGEL: Financial Performance
Revenue from Power Supply EBITDA from Power Supply 1

7,735 7,222
6,829 6,366
5,809 5,538

3,783 3,530
2,065 2,419 1,859 2,207

FY20 FY21 FY22 FY23 FY24 9M FY25 FY20 FY21 FY22 FY23 FY24 9M FY25

EBITDA from Power Supply (%) Cash Profit 2

92% 92% 92% 92%

89% 91%
3,986
3,630
3,192

1,854
1,250
529

FY20 FY21 FY22 FY23 FY24 9M FY25 FY20 FY21 FY22 FY23 FY24 9M FY25

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
33
Annexures
AGEL: Asset Level Details
Asset Level Details: Operational
Contracted Capacity Capacity Counterparty PPA
SPV Project Location Type Tariff COD/Operationalized
(AC) (DC) Name Term

Tamil Nadu Solar 216 260 7.01 Mar-16 TANGEDCO 25

Tamil Nadu Solar 72 86 7.01 Feb-16 TANGEDCO 25
AGE23L Tamil Nadu Solar 72 86 7.01 Mar-16 TANGEDCO 25
Tamil Nadu Solar 216 260 7.01 Sep-16 TANGEDCO 25
Tamil Nadu 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 5.875 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 4.425 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
Kilaj SMPL Rajasthan Solar 50 72 2.54 Jul-20 SECI 25
Uttar Pradesh Solar 50 55 9.27 Oct-21 UPPCL 25
AGE23L
Uttar Pradesh Solar 50 55 7.02 Aug-21 UPPCL 25

35
Solar Wind Hybrid
Asset Level Details: Operational (contd.)
Contracted Capacity Capacity Counterparty PPA
SPV Project Location Type Tariff COD/Operationalized Counterparty Name
(AC) (DC) Name Term

Punjab Solar 20 21 8.7 Mar-21 PSPCL 25 State Discom

Punjab Solar 10 11 8.65 Feb-21 PSPCL 25 State Discom
Karnataka Solar 5 6 4.36 Oct-21 GESCOM 25 State Discom
Karnataka Solar 20 25 4.36 Mar-21 BESCOM 25 State Discom
AGE23L
Karnataka Solar 20 25 4.36 Feb-21 BESCOM 25 State Discom
Karnataka Solar 20 25 4.36 Mar-21 HESCOM 25 State Discom
Karnataka Solar 5 6 8.37 Jul-21 HESCOM 25 State Discom
Karnataka Solar 5 6 8.46 Oct-21 HESCOM 25 State Discom
ASEJTL Rajasthan Solar 50 74 NA Nov-20 Merchant NA Merchant
GSBPL Gujarat Solar 100 150 2.44 Dec-20 GUVNL 25 Sovereign equivalent
AWETNL Uttar Pradesh Solar 25 37 3.08 Jan-21 NPCL 25 State Discom
AGEONEL Gujarat Solar 150 225 2.67 Jan-21 GUVNL 25 Sovereign equivalent
SEIL Uttar Pradesh Solar 20 23 7.54 Jan-21 UPPCL 25 State Discom
Kilaj SMPL Uttar Pradesh Solar 100 145 3.21 Feb-21 UPPCL 25 State Discom
Skypower Telangana Solar 50 58 5.37 Oct-17 TSSPDCL 25 State Discom
Sterling & Wilson Telangana Solar 25 26 5.17 Sep-17 TSSPDCL 25 State Discom
Sterling & Wilson Telangana Solar 50 58 5.26 Oct-17 TSSPDCL 25 State Discom
ASECOL Uttar Pradesh Solar 50 73 3.07 Apr-21 UPPCL 25 State Discom
ASEJFPL Rajasthan Solar 100 145 2.63 Nov-18 SECI 25 Sovereign
ASEJFPL Rajasthan Solar 200 290 2.48 Jul-19 SECI 25 Sovereign
ASEJTPL Rajasthan Solar 300 435 2.45 Oct-18 SECI 25 Sovereign
ASEAPSPL Andhra Pradesh Solar 250 375 2.73 Mar-20 NTPC 25 Sovereign

36
Solar Wind Hybrid
Asset Level Details: Operational (contd.)
Contracted
Capacity COD/Operationaliz Counterparty PPA
SPV Project Location Type Capacity Tariff Counterparty Name
(DC) ed Name Term
(AC)
ASEKANPL Karnataka Solar 200 300 2.82 19-Dec SECI 25 Sovereign
ASEAPSPL Andhra Pradesh Solar 350 455 4.63 Jul-17 NTPC 25 Sovereign
ASERJOPL Rajasthan Solar 300 453 2.48 Jun-21 NTPC 25 Sovereign
VEIL Odisha Solar 40 40 4.235 Dec-19 SECI 25 Sovereign
ASEJA2PL Rajasthan Solar 150 215 2.61 Nov-22 SECI 25 Sovereign
ASEJA2PL Rajasthan Solar 62 87 NA Mar-23 Merchant NA Merchant
ASEJA2PL Rajasthan Solar 88 125 NA Nov-23 Merchant NA Merchant
AGE24AL Gujarat Solar 351 481 2.42 Jan'24 SECI 25 Sovereign
AGE24AL Gujarat Solar 149 204 2.42 Mar'24 SECI 25 Sovereign
AGE24BL Gujarat Solar 200 274 2.42 Feb'24 SECI 25 Sovereign
AGE24BL Gujarat Solar 300 411 2.42 Feb'24 SECI 25 Sovereign
Rajasthan Solar 180 247 2.65 Mar-24 SECI 25 Sovereign
ASERJ2PL
Rajasthan Solar 150 213 2.65 Mar-24 SECI 25 Sovereign
AGE25AL Gujarat Solar 225 308 2.42 Mar-24 SECI 25 Sovereign
AGE25BL Gujarat Solar 500 685 2.42 Mar-24 SECI 25 Sovereign
AGE26BL Gujarat Solar 100 137 2.42 Mar-24 SECI 25 Sovereign
ARE55L Gujarat Solar 13 17 NA Mar-24 Merchant NA Merchant
AHEJ5L Gujarat Solar 25 34 NA Mar-24 Merchant NA Merchant
AGE24L Gujarat Solar 25 34 NA Mar-24 Merchant NA Merchant
AGE25CL Gujarat Solar 25 34 NA Mar-24 Merchant NA Merchant
ARE56L Gujarat Solar 25 34 NA Mar-24 Merchant NA Merchant
ASEJ6PL Gujarat Solar 25 34 NA Mar-24 Merchant NA Merchant
ARE57L Gujarat Solar 13 17 NA Mar-24 Merchant NA Merchant
ARE41L Gujarat Solar 13 17 NA Mar-24 Merchant NA Merchant
AGE26AL Gujarat Solar 13 17 NA Mar-24 Merchant NA Merchant
AGE25L Rajasthan Solar 250 346 2.42 Dec-24 SECI 25 Sovereign
AGE24AL Gujarat Solar 113 155 NA Dec-24 Merchant NA Merchant
Total Solar 7,756 10,607 3.63

37
Solar Wind Hybrid
Asset Level Details: Operational (contd.)
Contracted
SPV Project Location Type Capacity (DC) Tariff COD/ Capitalization Counterparty Name PPA Term
Capacity (AC)
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 1 Gujarat Wind 50 50 3.46 Apr-19 PTC India Limited 25
WTRL - INOX 2 Gujarat Wind 50 50 3.46 May-19 PTC India Limited 25
WFRL – INOX Gujarat Wind 50 50 3.46 Jul-19 Merchant 25
AGE THREE LTD Gujarat Wind 250 250 2.82 Mar-21 SECI 25
AWEMP1 Madhya Pradesh Wind 324 324 2.83 Sep-22 SECI 25
AGE FIVE LTD Gujarat Wind 130 130 2.83 Jun-23 SECI 25
AWEKFL Gujarat Wind 100 100 Merchant Jun-23 Merchant NA
AWEKFL Gujarat Wind 74 74 Merchant Oct-23 Merchant NA
AWEKFL Gujarat Wind 126 126 Merchant Mar-24 Merchant NA
ARE41L Gujarat Wind 250 250 Merchant Jul-24 Merchant NA
ARE48L Gujarat Wind 62 62 Merchant Dec-24 Merchant NA
Total Wind 1,714 1,714 3.02

Contracted Planned Capacity Planned Capacity

SPV Project Location Type Tariff Counterparty Name PPA Term
Capacity (AC) (AC) (DC)
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 2.67 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 2.87
Total Operational 11,609 16,066 3.09

38
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 RUTUL SHAH

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

39
 Thank You

9M FY25 Earnings FY24 Annual Report

Presentation