Adani Green Energy Limited Annual Limited FY 19-20

The world is taking significant strides towards a ‘low carbon’ future, and renewable energy is playing a key role in powering that transition. ` 2,549 crore Revenue P50-P90 CUF Solar generation 53,437 Total training hours ` 1,782 crore EBITDA 98.30 % Grid availability 50 % Independent Directors ` 787 crore Cash Profit 98.90 % Plant availability ` 8.52 million CSR investment 5.39 X Net Debt*/EBITDA Sovereign - 71 % (on fully built-up basis) Counterparty profile 4 million tonnes CO 2 Emissions avoided As one of the most influential economies globally, India too is witnessing a paradigm shift in meeting its energy demand – from conventional, fossil fuel based energy sources to renewables. The government’s concerted push for green energy generation and transmission infrastructure improvement are accelerating the move, with technological advancements facilitating grid parity and integration. Since inception, Adani Green Energy Limited (AGEL) has focused on adding capacities and improving operational efficiencies to deliver reliable and affordable power to energise the nation’s rapid economic growth. With presence across 11 states, a healthy mix of wind and solar power generation capacity and long-term offtake agreements, AGEL today is one of the largest energy player in the world and is on track to achieve its value creation objectives. We aspire to be the world’s largest solar power company by FY25 and the largest renewable power company by FY30. At the heart of our strong growth and robust financials remains our commitment towards building a greener and sustainable world. Our core mission of nation-building finds resonance in everything we do – from setting up state-of-the-art plants to effecting positive changes to the communities around our areas of operations. Our consistently improving plant efficiencies, unwavering focus on minimising environmental/ecological footprint, and deployment of the best available technologies bring us closer every day to realising our vision. FY20 Highlights Financial Operational Contents About the Report 02 Approach to Reporting 04 Capital-wise Highlights About AGEL 06 Introducing Adani Green Energy 08 Portfolio 09 Operating Environment 10 Chairman’s Message 14 CEO’s Message 16 CSO’s Message Performance Review 18 Financial Highlights 20 Financial Review Creating Enduring Value 22 Business Model 24 Stakeholder Engagement 26 Materiality 28 Strategic Priorities 30 Our Value Chain 32 Assets - Portfolio Management Governing Successful Organisation 36 Governance 40 Risk Management Impact 42 Environment Focus 46 People Focus 52 Social Focus 56 Assurance Statement 59 Corporate Information Statutory Reports 60 Directors’ Report 84 Management Discussion and Analysis 93 Corporate Governance Report 120 Business Responsibility Report Financial Statements 128 Standalone Financial Statements 190 Consolidated Financial Statements 264 Notice ESG Read more on page 42 Read more on page 08 Read more on page 18 *for operating projects