Investment Case

De-risked Model with Structural Advantages

Aerial view of a solar farm with a technician at Bhimsar, Rajasthan

Bhimsar, Rajasthan

Our business is defined by difficult-to-replicate execution, O&M and a disciplined financing model with technology and sustainability at the core. These advantages enable us to scale rapidly, enhance asset productivity, and deliver resilient high-margin growth across market cycles. These foundational pillars position us for a secure path to 50 GW by 2030 while ensuring superior outcomes for our stakeholders, planet and nation at large.

Investment Case 1 Development and Execution Excellence
  • Sites secured for executing 50 GW of solar and wind plants, 5+ GW of PSP and large-scale BESS deployment, including 2,50,000 acres at strategically located, resource-rich regions and PSP sites across five states
  • All sites backed by geotechnical studies, evacuation infrastructure-readiness, detailed design work and resource analysis
  • Project management assurance through Adani Infra (India) Limited’s (AIIL) large, experienced and knowledgeable team supported by supply chain reliability (20,000+ vendor network) and synergy benefits of Adani portfolio
  • Deploying advanced technologies like robotics for solar PV module installation
  • Large single-location projects drive capital and time efficiency
  • 5-year capacity addition CAGR of 40.9%, fastest in the industry
Investment Case 2 Operational Excellence
  • Analytics-driven O&M approach, anchored by ENOC through AIMSL, ensuring ~100% plant availability (solar) and consistent CUF improvement and cost reduction
  • Cloud-based analytics for maintenance optimisation
  • Delivering industry-leading EBITDA margins of 91.2% and energy generation performance at 106% against PPA requirement
Investment Case 3 Evacuation Readiness
  • Evacuation infrastructure-readiness and detailed phase-wise planning for grid connectivity, including simulations
  • Adani portfolio synergy in the transmission landscape
Investment Case 4 Prudent Capital Management
  • Fully funded growth – Revolving Construction Framework of USD 3.4 billion from diverse international and domestic lenders, promoter share warrants of USD 1.12 billion, non-fund-based credit lines of USD 1.2 billion for short-term funds and steadily growing free cash flows
  • Growth risk delinked from credit performance with ring-fenced structures and optimisation of finance cost through prudent debt management
  • Progressively reduced systemic risk with net debt/run rate EBITDA maintained at 5.7% despite significant capex and 82% credit rated above ‘AA-’
Investment Case 5 ESG
  • Top ESG Rating by FTSE Russell, ISS ESG, NSE ESG, CRISIL in RE/Utility sector and CareEdge across industry
  • Focused on grid decarbonisation, water positivity, single-use plastic (SUP) free, zero waste to landfill and no net loss of biodiversity
Investment Case 6 Strong Sponsorship
  • Strong pedigree of the Adani portfolio of companies with leadership in infrastructure, including energy, utility, transport and logistics sectors
  • Trusted by high-quality stakeholders
  • Supply chain reliability with backward integration of solar and wind manufacturing at the portfolio level