Adani Green Energy Limited

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Rcncw.Jblcs Date: 15 th May, 2019 To SSE Limited P J Towers, Dalal Street, Mumbai - 400 001 The National Stock Exchange of India Limited "Exchange Plaza", S

4560 MW

pursuant to an exemption from registration therefrom. 1 AGEL: Sustainability with Profitability 4560 MW Total Portfolio 2020 MW operational Portfolio 1948 MW Solar Operational 72 MW Wind Operati

2020 MW

rom registration therefrom. 1 AGEL: Sustainability with Profitability 4560 MW Total Portfolio 2020 MW operational Portfolio 1948 MW Solar Operational 72 MW Wind Operational 2 Vision to be among

1948 MW

GEL: Sustainability with Profitability 4560 MW Total Portfolio 2020 MW operational Portfolio 1948 MW Solar Operational 72 MW Wind Operational 2 Vision to be among the Leading Global Renewable Com

72 MW

fitability 4560 MW Total Portfolio 2020 MW operational Portfolio 1948 MW Solar Operational 72 MW Wind Operational 2 Vision to be among the Leading Global Renewable Companies Remote Operation N

4,560 MW

NTIAL STRICTLY CONFIDENTIAL AGEL – Leading Pan India Renewable Player, Well Diversified Portfolio 4,560 MW Portfolio, 2,020 MW Operational 57 Locations in 11 States 100% 25 Year PPAs ~$2bn Asset Base1 A

2,020 MW

ENTIAL AGEL – Leading Pan India Renewable Player, Well Diversified Portfolio 4,560 MW Portfolio, 2,020 MW Operational 57 Locations in 11 States 100% 25 Year PPAs ~$2bn Asset Base1 Amongst the Largest Re

100%

r, Well Diversified Portfolio 4,560 MW Portfolio, 2,020 MW Operational 57 Locations in 11 States 100% 25 Year PPAs ~$2bn Asset Base1 Amongst the Largest Renewable Utility Players in India2 Diversifi

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Diversified Geographical Footprint1 Total Capacity (MW) 7,454 Renew Power State Govt. Offtakers 39% 5,710 5,110 4,560 3,059 Greenko ACME Solar Adani Green Azure Power Diversified Mix of Off

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,710 5,110 4,560 3,059 Greenko ACME Solar Adani Green Azure Power Diversified Mix of Offtakers1 4,560 MW • SECI AA+ rated • NTPC BBB–Int’l rating Govt. of India Owned Offtakers 61% PB 2.4%

4,560 MW

5,110 4,560 3,059 Greenko ACME Solar Adani Green Azure Power Diversified Mix of Offtakers1 4,560 MW • SECI AA+ rated • NTPC BBB–Int’l rating Govt. of India Owned Offtakers 61% PB 2.4% UP 6.6%

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of Offtakers1 4,560 MW • SECI AA+ rated • NTPC BBB–Int’l rating Govt. of India Owned Offtakers 61% PB 2.4% UP 6.6% TS 2.4% AP 1.2% CG 2.4% MH 0.5% MP 0.3% TN 15.6% 4,560 MW GJ 33.3% RJ 1

“Cr) Nature of Debt External project debt Less than 1 year From 1 to 5 year More than 5 year Rupee term loan External commercial borrowing Buyers Credit* Foreign LC* Inland LC* Grand Total 6,603 1,612 1,258 317 767 353 80 304 7 534 2,914 3,336 649 294 95 72 882 661 215 161 10,557 1,278 4,025 5,255 * Expected to get refinanced in to term loan for suitable maturity.”

“Disciplined Capital Allocation  Disciplined approach towards new project bidding, strong focus on returns  Optimal capital management to drive cash available to equity holders 4.”

“Additionally, for SECI projects, corpus fund covering 3 months is provided @ AGEL has acquired / is in the process of acquiring beneficial interest in the project, subject to the terms of the PPA 1.”

Notes

1

Notes

FY19 1 Revenue reflects income from Operation 2 Net external debt = long-term borrowings + short-term borrowings + current maturities of long-term borrowing + Capex Creditors (DA Bills) – Trade Receivables - cash and cash equivalents - bank and other bank balances - current investments- intercorporate deposit taken from related party 3 Shareholders’ equity calculated as equity share capital only (i.e, excludes reserves and surplus and minority interest, inter-alia). 4 Net External Debt2 - Debt taken for project under implementation 5 EBIDTA Margin represents EBIDTA earned from power sales and exclude other items 6 Cash profit = EBIDTA + Other income – Interest and bank charges – income tax expenses 7EBITDA = Revenue from Operation – Cost of Material consumed - Operation and Maintenance Expenses 19 Revenue, EBIDTA & Net External Debt bridge Y-o-Y Revenue from Power Supply EBIDTA Net External Debt Restricted Cash / EBIDTA Particulars ( Rs Cr.) Restricted cash Debt Service Reserve Account