Adani Green Energy Limited

rs,

Rencwables Date: 7th August, 2019 To BSE Limited P J Towers, Dalal Street, Mumbai - 400 001 The National Stock Exchange of India Limited "Exchange Plaza", B

5,290 MW

pursuant to an exemption from registration therefrom. 1 AGEL: Sustainability with Profitability 5,290 MW Total Portfolio 2,220 MW Operational Portfolio 2,048 MW Solar Operational 172 MW Wind Opera

2,220 MW

rom registration therefrom. 1 AGEL: Sustainability with Profitability 5,290 MW Total Portfolio 2,220 MW Operational Portfolio 2,048 MW Solar Operational 172 MW Wind Operational 2 Vision to be amo

2,048 MW

EL: Sustainability with Profitability 5,290 MW Total Portfolio 2,220 MW Operational Portfolio 2,048 MW Solar Operational 172 MW Wind Operational 2 Vision to be among the Leading Global Renewable Co

172 MW

tability 5,290 MW Total Portfolio 2,220 MW Operational Portfolio 2,048 MW Solar Operational 172 MW Wind Operational 2 Vision to be among the Leading Global Renewable Companies Contents 01 Highl

rs 35

4014 3889 3454 3291 Adani Greenko Acme Azure Tata Power Renew Power State Govt. Offtakers 35% 100% 25 Year PPAs ~$2.3bn Asset Base1 Diversified Geographical Footprint1 AP 0.9% TS 1.9% MH

100%

3889 3454 3291 Adani Greenko Acme Azure Tata Power Renew Power State Govt. Offtakers 35% 100% 25 Year PPAs ~$2.3bn Asset Base1 Diversified Geographical Footprint1 AP 0.9% TS 1.9% MH 0.4%

0.9%

vt. Offtakers 35% 100% 25 Year PPAs ~$2.3bn Asset Base1 Diversified Geographical Footprint1 AP 0.9% TS 1.9% MH 0.4% CG 1.9% PB 1.9% UP 5.2% 5,290 MW TN 12.2% RJ 23.8% MP 0.2% GJ 36.2% KA 1

1.9%

akers 35% 100% 25 Year PPAs ~$2.3bn Asset Base1 Diversified Geographical Footprint1 AP 0.9% TS 1.9% MH 0.4% CG 1.9% PB 1.9% UP 5.2% 5,290 MW TN 12.2% RJ 23.8% MP 0.2% GJ 36.2% KA 15.3% Div

0.4%

100% 25 Year PPAs ~$2.3bn Asset Base1 Diversified Geographical Footprint1 AP 0.9% TS 1.9% MH 0.4% CG 1.9% PB 1.9% UP 5.2% 5,290 MW TN 12.2% RJ 23.8% MP 0.2% GJ 36.2% KA 15.3% Diversified

5.2%

bn Asset Base1 Diversified Geographical Footprint1 AP 0.9% TS 1.9% MH 0.4% CG 1.9% PB 1.9% UP 5.2% 5,290 MW TN 12.2% RJ 23.8% MP 0.2% GJ 36.2% KA 15.3% Diversified Mix of Offtakers1 Diversif

5,290 MW

et Base1 Diversified Geographical Footprint1 AP 0.9% TS 1.9% MH 0.4% CG 1.9% PB 1.9% UP 5.2% 5,290 MW TN 12.2% RJ 23.8% MP 0.2% GJ 36.2% KA 15.3% Diversified Mix of Offtakers1 Diversified Fuel M

“Highest rated renewable issue from India at BB+  Refinanced 648MW Kamuthi Solar Power project from PFC  ~80% of operational portfolio refinanced”

“ 50 MW Solar Power Project at Jhansi, UP in May’19  100 MW of 200 MW Solar Power Project at Rawara, Rajasthan in August’19  100 MW OEM Wind Power Project at Gujarat in July’19”

“ 130 MW Wind Project by SECI at Rs 2.83/kWh  600 MW Wind-Solar Hybrid Project by SECI at Rs 2.69/kWh  Total portfolio of 5,290MW 8 Recent Industry Developments Power Sector Policy Reforms  Ministry of Power mandates DISCOMs to open and maintain adequate LC as payment security mechanism under PPA.”

“ Despatch to DISCOM will be scheduled after written confirmation by generators with regards to opening of LC by DISCOMs.”

“Estimated Quarterly CUF for 1.9 GWAC Portfolio Target CUF 28.00% 26.00% 24.00% 22.00% 20.00% 25.55% 25.31% Actual 21.44% 23.59% 27.54% Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Annual CUF Target for existing solar capacity of 1948 MW is ~24.5% 13 Note: P50 targets based on internal estimates AGEL solar portfolio operating near P50 levels 03.”

“Additionally, for SECI projects, corpus fund covering 3 months is provided @ AGEL is in the process of acquiring beneficial interest in the project, subject to the terms of the PPA 26 Restricted Group-1 STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL 930 MW Solar Portfolio Bridge : RG-1 Actual vs.”

Notes

2

Solar

1

Wind

1

Performance

1

Financing

1

New commissioning

1

Two New Bids Won

1

Note

1

Solar

 Near P50 performance achieved for the portfolio @ 25.3% CUF  Plant availability at 99.5%  Grid availability at 98.7%  20 MW solar plant at Kanasar, Rajasthan conferred with Leadership In Performance award by CII

Wind

 Plant availability at 86.8%  100% Grid availability  AGEL’s first Wind plant at Kutch, Gujarat achieved CUF of 65.5% vs. est. 50.1%

Performance

 Revenue from Sale of Energy of Rs. 554 Cr, up 17%  EBITDA of Rs. 496 crore, up 13%  EBITDA Margin of 90%  Cash Profit of Rs. 257 crore

Financing

 USD 500 mn, 5yr Green Bond issued. Highest rated renewable issue from India at BB+  Refinanced 648MW Kamuthi Solar Power project from PFC  ~80% of operational portfolio refinanced

New commissioning

 50 MW Solar Power Project at Jhansi, UP in May’19  100 MW of 200 MW Solar Power Project at Rawara, Rajasthan in August’19  100 MW OEM Wind Power Project at Gujarat in July’19

Two New Bids Won

 130 MW Wind Project by SECI at Rs 2.83/kWh  600 MW Wind-Solar Hybrid Project by SECI at Rs 2.69/kWh  Total portfolio of 5,290MW 8 Recent Industry Developments Power Sector Policy Reforms  Ministry of Power mandates DISCOMs to open and maintain adequate LC as payment security mechanism under PPA.  Despatch to DISCOM will be scheduled after written confirmation by generators with regards to opening of LC by DISCOMs.  In case LC is not opened by DISCOM, resulting in non-scheduling of power, the DISCOM is liable to pay the fixed charges to the generator.  MNRE has clarified that fixed charges for Solar, Wind & small Hydro will be PPA tariff as signed by DISCOMs Renewable Sector Reforms and Developments  Amendment in Wind Guidelines allowing • 100% Possession of land till Commissioning instead of 7 months from PPA • Revision in CUF allowed once in 3 years from COD • Full tariff on power injected before Schedule Commissioning Date  MoP has granted regulatory approval for 66.5 GW of