Adani Green Energy – Leading Renewable Power Solutions

Message from the Chairman

We have become – more formidable, more unbreakable, stronger and more resilient!

Gautam Adani

Every challenge we have faced has made us more resilient - GAUTAM ADANI

Strength in speed and scale of execution

Power demand in India is growing exponentially, outpacing historical trends. While the growth of renewable energy until now has been commendable, the need for fast-tracked large-capacity additions with innovative technologies and building a more resilient energy ecosystem is critical to keep pace with India’s rising power demand and energy transition ambition.

Unlocking new speeds in execution

Speed differentiates us, as we execute projects faster than the industry norms. Aspiring to achieve our bold vision, we are further ramping up – targeting to add about 2.6x of RE capacity we installed in the last decade, in about half the time.

The 30 GW Khavda RE project: A global benchmark for scale, speed and transformation

Representing the convergence of scale, speed, and far-reaching socio-economic and ecological impact, this world’s largest renewable energy at a single-location setting new precedents in execution excellence. More importantly, it is set to become a global benchmark for ultra-large-scale renewable energy development.

Building energy storage for faster RE integration in the grid

We are making steady progress in energy storage projects, which are crucial for addressing the intermittency challenges of renewable energy and ensuring seamless grid integration. Energy storage will be a key part of our overall future growth strategy.

Operational excellence through energy network operation centre (ENOC)

Excellence at Adani Green transcends speed and scale of execution to redefining operational excellence. Our analytics-driven O&M approach, powered by our state-of-the-art Energy Network Operation Centre (ENOC) is central to this.

Well-secured growth path to 50 GW with higher returns and stable cashflows

Adani Green’s portfolio exemplifies stability. With the entirety of it being classified as ‘must run’ and secured under 25-year fixed-tariff PPAs, our portfolio enjoys priority despatch and cash flow predictability.

Strength in speed and scale of execution
Unlocking new speeds in execution
The 30 GW Khavda RE project
Building energy storage for faster RE integration in the grid
Operational excellence through energy network operation centre (ENOC)
Well-secured growth path to 50 GW with higher returns and stable cashflows

EMPOWERING THE NATION, SUSTAINING THE PLANET

Adani Enterprises Limited

Adani Ports And Special Economic Zone Limited

Adani Energy Solutions Limited

Adani Green Energy Limited

Adani Total Gas Limited

Ambuja Cements

Adani Power Limited

AWL Agri Business Limited

NDTV Limited

Adani Enterprises Limited

One of the

INDIA’S

business incubator

Adani Ports And Special Economic Zone Limited

One of the

INDIA’S

Integrated Transport Utility

Adani Energy Solutions Limited

One of the

INDIA’S

private-sector and transmission and distribution company

Adani Green Energy Limited

One of the

WORLD’S

and fastest growing RE companies

Adani Total Gas Limited

One of the

INDIA’S

city gas distributor

Ambuja Cements

One of the

INDIA’S SECOND

cement manufacturer

Adani Power Limited

One of the

INDIA’S

private-sector thermal power producer

AWL Agri Business Limited

One of the

INDIA’S

edible oil brand and a leading packaged foods player

NDTV Limited

One of the

AMONG INDIA’S MOST

media companies

Empowering every Indian, every step forward.

350 Million Indians^#

Impacted by Adani’s core infra platform

USD 100 billion^#

Investment in green energy transition by 2030

~USD 71 billion

Asset base ensuring resilient critical infrastructure and best-in-class performance across its life cycle

#Consolidated Adani portfolio of companies

₹74,945 crore

Total global tax and other contributions

₹539 crore

towards CSR for FY 2024-25

₹12,05,710 crore

Market capitalisation

Note: Consolidated Adani portfolio of companies in FY 2024-25

FY 2025 (₹ In crore)

APL 58,906

APSEZ 32,383

AESL 24,447^

AEL 1,00,365

AGEL 12,422

ATGL 5,442

Ambuja Cements 37,699

FY 2025 (₹ In crore)

APL 23,917

APSEZ 20,471

AESL 7,746

AEL 17,315

AGEL 10,532

ATGL 1,179

Ambuja Cements 8,645

FY 2025 (₹ In crore)

APL 12,750

APSEZ 11,061

AESL 922^#

AEL 8,018^*

AGEL 2,002

ATGL 654

Ambuja Cements 5,158

Please Note: Revenue and Adjusted EBITDA includes Other Income

^{^}Includes SCA income of ₹5,064 crore in FY 2024-25

^#AESL PAT is after an exceptional item of ₹1,506 crore due to carve-out of the Dahanu power plant

^* Due to recognition of gain consequent to OFS of stake in AWL Agri Business Limited (formerly known as Adani Wilmar Limited)

PAT - Profit after tax including profit/loss from JV | EBITDA: Earning before Interest, Tax Depreciation & Amortisation | Adjusted EBITDA: PAT + Share of profit from JV & Associates + Current Tax + Deferred Tax + Depreciation & Amortisation + Finance Cost + Unrealised Forex Loss / (Gain) + Exceptional Items

01 / 06

Accelerating India’s Rise with Industry-Best Performance

Strength with resilience demonstrated in our consistent industry leading performance

01 / 06

Accelerating India’s Rise with Industry-Best Performance

Strength with resilience demonstrated in our consistent industry leading performance

KEY HIGHLIGHTS FOR FY 2024-25

Strength with resilience demonstrated in our consistent industry-leading performance

Robust Financial Performance

₹9,495 crore

Revenue¹ (23% YoY )

₹8,818 crore

EBITDA² (22% YoY )

₹4,871 crore

Cash Profit³ (22% YoY )

5.1x

Net debt to Run Rate EBITDA

Notes

1. Revenue from Power Supply.

2. 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

3. Cash Profit: PAT + Depreciation + Deferred Tax + Distribution to TotalEnergies (up to Q3 FY24) + Exceptional Items – other non-cash adjustments

Excellence in Operational Performance

14,243 MW

Operational capacity(30% YoY )

27,969 million units

Sale of energy(28% YoY )

Capacity Utilisation Factor

24.8%

Solar

27.2%

Wind

39.5%

Hybrid

Strong ESG Performance

Reduced by 28%

Operational water intensity

Reduced by 11%

Energy intensity

‘Water Positive’

Status achieved for 100% operational sites

Top Global ESG rankings in RE Sector

Top 3

FTSE ranking

Top 5

ISS ESG ranking

Top 10

Sustainalytics ranking

Other Key Milestones

Signed PPA

with Maharashtra State Electricity Distribution Company Limited (MSEDCL) to supply

5 GW

solar power for 25 years

Signed first C&I agreement

for supply of 61 MW renewable energy to power Google’s data center

Completed formation of joint venture (JV) with TotalEnergies for 1,150 MW RE portfolio and received

investment of USD 444 million

Refinanced USD 1.06 Billion

maiden construction facility with a 19-year tenor debt with amortising structure, aligning closely with PPA cashflows

Fully redeemed USD 750 million

Holdco bond, reinforcing the robust capital management plan

MESSAGE FROM THE MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER

Dear Stakeholders,

The last financial year has been a year where Adani Green truly exhibited the spirit of ‘Strength with Resilience’. Amid global geopolitical shifts, we not only navigated challenges but emerged stronger, setting new benchmarks in the renewable energy sector.

VNEET S. JAAIN MANAGING DIRECTOR

ASHISH KHANNA CHIEF EXECUTIVE OFFICER

ABOUT ADANI GREEN ENERGY LIMITED

Leading India’s energy transition

We are committed to addressing India’s urgency for energy security and decarbonisation through large-scale investments in renewable energy generation and storage solutions.

ABOUT ADANI GREEN ENERGY LIMITED

Leading India’s energy transition

We are committed to addressing India’s urgency for energy security and decarbonisation through large-scale investments in renewable energy generation and storage solutions.

Natural Capital
Value creation model

Business Model

Natural Capital
Input

5,46,218.16 KL water saved through robotic cleaning
Outcomes

99.8% less operational emission intensity per unit of generation as compared to the Indian grid average
Outputs

27,969 million units Power generated

20.33 mtCO₂eEmissions avoided
Our Business and Operating Model

Read More

Factors Impacting the Value Chain

Environment and Climate

Socio-economic Factors

Community

Other Stakeholders

Government
Social & Relationship Capital
Value creation model

Business Model

Social and Relationship Capital
Input

Strategic partnerships with TotalEnergies, a multi-energy company

₹31.48 crore CSR spending
Outcomes

2,21,641 lives touched through social programmes

10.62% marginal and vulnerable beneficiaries
Outputs

27,969 million units Power generated

20.33 mtCO₂eEmissions avoided
Our Business and Operating Model

Read More

Factors Impacting the Value Chain

Environment and Climate

Socio-economic Factors

Community

Other Stakeholders

Government
Human Capital
Value creation model

Business Model

Human Capital
Input

4,107 Total employees

100% of employees trained through 2,287 training programmes
Outcomes

₹9 crore revenue per employee

0.04 Lost Time Injury Frequency Rate (LTIFR)
Outputs

27,969 million units Power generated

20.33 mtCO₂eEmissions avoided
Our Business and Operating Model

Read More

Factors Impacting the Value Chain

Environment and Climate

Socio-economic Factors

Community

Other Stakeholders

Government
Intellectual Capital
Value creation model

Business Model

Intellectual Capital
Input

Centralised cloud-based platform Energy Network Operation Centre (ENOC)
Outcomes

Continuous monitoring of pan-India assets, leading to consistent high plant availability
Outputs

27,969 million units Power generated

20.33 mtCO₂eEmissions avoided
Our Business and Operating Model

Read More

Factors Impacting the Value Chain

Environment and Climate

Socio-economic Factors

Community

Other Stakeholders

Government
Manufactured Capital
Value creation model

Business Model

Manufactured Capital
Input

14.2 GW operational portfolio (10.1 solar, 2.0 wind and 2.1 hybrid)
Outcomes

3.3 GW new capacity added

14.2 locked-in portfolio, 16 GW under execution
Outputs

27,969 million units Power generated

20.33 mtCO₂eEmissions avoided
Our Business and Operating Model

Read More

Factors Impacting the Value Chain

Environment and Climate

Socio-economic Factors

Community

Other Stakeholders

Government
Financial Capital
Value Creation Model

Business Model

Financial capital
Input

Enhanced equity and debt funding pools through disciplined and differentiated capital management approach
Outcomes

₹9,495 crore revenue from power supply

Industry-leading EBITDA margin of 91.7%
Outputs

27,969 million units Power generated

20.33 mtCO₂eEmissions avoided
Our Business and Operating Model

Read More

Factors Impacting the Value Chain

Environment and Climate

Socio-economic Factors

Community

Other Stakeholders

Government

Strategic Review

STAKEHOLDER ENGAGEMENT

Creating sustainable value for stakeholders

Our ability to operate with speed and scale and set industry benchmarks is driven by our enduring relations with stakeholders. Our ongoing engagements address their concerns and help gain insights that ensure our success.

Aligning priorities with purpose

Understanding and addressing material issues is critical as we strive to create value reliably and responsibly. We employ a holistic approach to identify the economic, environmental, social, and governance topics of significance to our business performance and stakeholder interests.

Managing risks effectively for long-term success

As a leader in renewable energy, we focus on proactive risk management to protect our assets and optimise operations. Our comprehensive Enterprise Risk Management (ERM) framework enables us to identify, assess, and address risks.

ESG approach

Prioritising ESG: Turning purpose into action

Environment

Reducing environmental footprint through responsible practices

Social - Our people

Our integrated approach to workforce excellence

Social - Health and safety

Fostering a zero harm work culture

Social - Responsible supply chain

Striving for sustainable sourcing practices

Social - Community development

Shared prosperity through lasting social impact

Governance - Human rights

Commitment to dignity and fairness

Governance - Corporate governance practices

Sound governance for sustainable performance

Governance – Data privacy and cybersecurity

Fortifying data privacy and cybersecurity

01/10

2024-25 Integrated Annual Report

DOWNLOAD REPORT

Strength with Resilience

Message from the Chairman

We have become – more formidable, more unbreakable, stronger and more resilient!

Gautam Adani

Every challenge we have faced has made us more resilient - GAUTAM ADANI

Strength in speed and scale of execution

Unlocking new speeds in execution

The 30 GW Khavda RE project: A global benchmark for scale, speed and transformation

Building energy storage for faster RE integration in the grid

Operational excellence through energy network operation centre (ENOC)

Well-secured growth path to 50 GW with higher returns and stable cashflows

EMPOWERING THE NATION, SUSTAINING THE PLANET

Adani Enterprises Limited

Adani Ports And Special Economic Zone Limited

Adani Energy Solutions Limited

Adani Green Energy Limited

Adani Total Gas Limited

Ambuja Cements

Adani Power Limited

AWL Agri Business Limited

NDTV Limited

INDIA’S

INDIA’S

INDIA’S

WORLD’S

INDIA’S

INDIA’S SECOND

INDIA’S

INDIA’S

AMONG INDIA’S MOST

Empowering every Indian, every step forward.

Empowering every Indian, every step forward.

350 Million Indians#

USD 100 billion#

~USD 71 billion

₹74,945 crore

₹539 crore

₹12,05,710 crore

Consolidated FY 2024-25 Revenue ₹2,71,664 crore

FY 2025 (₹ In crore)

APL 58,906

APSEZ 32,383

AESL 24,447^

AEL 1,00,365

AGEL 12,422

ATGL 5,442

Ambuja Cements 37,699

Consolidated FY 2024-25 Adjusted EBITDA ₹89,806 crore

FY 2025 (₹ In crore)

APL 23,917

APSEZ 20,471

AESL 7,746

AEL 17,315

AGEL 10,532

ATGL 1,179

Ambuja Cements 8,645

Consolidated FY 2024-25 PAT ₹40,565 crore

FY 2025 (₹ In crore)

APL 12,750

APSEZ 11,061

AESL 922#

AEL 8,018*

AGEL 2,002

ATGL 654

Ambuja Cements 5,158

Accelerating India’s Rise with Industry-Best Performance

Strength with resilience demonstrated in our consistent industry leading performance

Accelerating India’s Rise with Industry-Best Performance

Strength with resilience demonstrated in our consistent industry leading performance

KEY HIGHLIGHTS FOR FY 2024-25

Strength with resilience demonstrated in our consistent industry-leading performance

Robust Financial Performance

₹9,495 crore

₹8,818 crore

₹4,871 crore

5.1x

Notes

Excellence in Operational Performance

350 Million Indians^#

USD 100 billion^#

AESL 922^#

AEL 8,018^*