January 2017 - Adani · PDF filedevelopments in their business, ... Solar power to be dominant energy source in future ... power player Adani Group is a vertically integrated energy

January 2017

Adani Solar: Premier Indian PV

Cell & Module Manufacturer

2

Disclaimer

The directors and management of Mundra Solar PV Limited ("Company") advise that the information contained in this presentation is current as on the date of publication. The Company makes no representation that all information relating to the Company has been included in this presentation and the Company undertakes no obligation to update any of the information contained in this presentation. Certain statements made in this presentation relates to future outlook and growth prospects, and future developments in their businesses and their competitive and regulatory environment, and statements which may contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these statements due to a number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. With the exception of the formal announcements issued by the Company, the Company takes no responsibility for the content or accuracy of any information which appears on the Company presentation. This information is extracted from various publications and is included in the Company presentation for the convenience of customers, shareholders, investors and other users

and the Company makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. Further, Company assumes no responsibility to publicly amend, modify or revise any statement made in presentation, on the basis of any subsequent development, information or events, or otherwise. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation and the information contained in the presentation is subject to change without notice and past performance is not indicative of future results. Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. All material provided in this presentation is for information only and is not intended to constitute an offer or solicitation with respect to any securities issued by the Company. The Company accepts no liability whatsoever for any loss arising directly or indirectly from the use of, or reliance on, any information contained in this presentation or for the omission of any information relating to the Company.

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Solar Energy : Critical for Global & Indian energy needs

Adani Solar : 3 GW Integrated PV player in making

Our differentiation

Our product range & advantages

Adani Group’s credentials = Long term commitment

Contents

4

125 7 6 11

1516

18 2124

35

6 7

815 20

2732

42

7 7

7

7

8

8.413.7

19.5

22.7

32

0

20

40

60

80

100

120

140

2016 2017 2018 2019 2020

USA China India

UK + Germany Japan Rest of EU

De

ma

nd

pro

jec

tio

n (

GW

) CAGR ~ 17%

Solar power to be dominant energy source in future

As per IEO, solar capacities will grow at the double digit growth rate while coal and gas capacities will stagnate

5

37457500

15000

25000

37500

55000

75000

100000

0

20000

40000

60000

80000

100000

120000

2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22

Cu

mu

lati

ve

Ca

pa

cit

y (

MW

)

India Cumulative Solar Capacity (MW)

Projected Capacity

Indian Solar sector to follow similar growth trends Incremental installation is in line with ambitious country level targets

To achieve such an ambitious target, India is projected to install average 15,000 MW of solar capacity annually

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Significant fall in module costs lead to demand revival

Key drivers : Improved economics & decentralization

Solar will encourage decentralized applications

As a dominant energy sector player, Adani group is committed to the development of an economical , efficient and accessible energy source – Solar power

Tier 1 – China Global ASP for Modules ($/W)1

Source: GTM Research – PV Pulse, October 2016

Developed countries exhibit higher growth in distributed solar compared to utility scale

$0.32

$0.52

$0.46

$0.41

$0.46

$0.43 $0.46

$0.42

$0.37

$0.37

$0.34

$0.30

$0.35

$0.40

$0.45

$0.50

$0.55

Q2 2016 Q32016E

Q42016E

Q42017E

Q42018E

Q42019E

Q42020E

Base Case High Case Low Case4 5 5 5 6 3

4 3 4 5 1 1 1

2 3

6

10 6

8

11

0.3

0.4

2

3

4

2

4 6

5

4

5

2 9

5

6

0

5

10

15

20

25

30

35

40

2016 2017 2018 2019 2020

Europe US Rest of Americas China India Japan RoW

Sm

all-s

ca

le P

V C

ap

ac

ity A

dd

itio

ns

(GW

)

21

38

7



Our differentiation



Contents

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Large scale integrated solar PV manufacturing

Large sized solar power generation capacities at single location

+

To harness global solar opportunity there is a need to reduce cost across value chain

Visibility and demand for solar modules/cells

Increased availability of low cost solar modules/cells

Strengthening of power infrastructure Higher exports and forex earnings

Adani Solar’s large scale manufacturing plans will support low cost generation capacities and develop export capabilities from India

Adani Group aims to play significant role in global PV generation & manufacturing business

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We plan to build one of the world’s largest integrated solar PV manufacturing facilities in Mundra by 2020…

Our group is developing a world class electronics manufacturing cluster (EMC) in Mundra. Most of the common facilities will be ready in Q1 2017

2016 2017 2018 2020

Cell Wafers Modules Ingot Polysilicon

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…& have completed Ph. 1 facility for 1.2 GW Cell + Module Further capacity and capability roll-out in phases; completion by 2019-20

• State of art facility (3 floor architecture ) built in a year

• Best in class equipment from European suppliers

• Energy efficient building with IGBC Platinum rating

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Our differentiation



Contents

12

Adani’s commitment to technology, scale and cost leadership helps us differentiate

Adani Unique

Advantages

Long Term Reliability

Process Control & Quality Excellence

Cost Competitiveness

1

2

3

13

Our operational practices and quality assurance enable superior product reliability

• Leading QMS and excellent product quality assurance

• Triple stage Electro-luminescence inspection

• Working on the principle of lean manufacturing

• Co-locating ancillaries to achieve strict quality control

• Tie-ups with leading global institutes (ISC, UNSW, PI Berlin, Fraunhofer etc.) for material and process improvements

• Dedicated R&D center to enable continuous upgrading of lines as per latest developments

• Process based on Just-In-Time procurement enabled by raw material tie-up through tolling / LTA

• Strong inbound and outbound logistics management team

1

14

We have a strong and experienced team to ensure long term process sustenance

2140

600

560

Team experience (in man years)

480

Operations and Maintenance

SCM & Marketing

Projects

Additional Services

Our team has ~3,800 man years experience in the sector

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Key Functions

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Technical Reliability

• World class manufacturing

and testing equipment

• Strategic tie-ups with prominent technology partners across the world

Operational Reliability

• Experienced management

and leadership team

• Operations team with a wealth of industry knowledge

Financial Reliability

• One of the strongest

balance sheets of any organization in India

2

Investments have been made with long term reliability as the objective

Adani Solar is the better and reliable choice; technically, operationally and financially

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Levers to stay competitive

Investments in ancillary units

High level of automation

Long term supplier relationships

Large scale of operations

Regulatory financial support

Low taxes/duties in SEZ location

3

Future investments in vertical integration and BOS components will enhance cost leadership

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• Adani Solar can access cheaper raw

material and enable supply of high quality PV products to more lucrative markets due to our unique location

• Adani ports are the most efficient and

have the quickest turnaround time when compared globally

Ideal locations to support supply chain needs of modern PV manufacturing industry

Leading to cost competitiveness for export oriented PV manufacturing

We are uniquely located to leverage economic raw material from the east and supply to the west

3

Western Europe

Central Asia

West Africa

East Africa

India

China

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Our differentiation



Contents

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Product range : Multi-crystalline modules for large scale and rooftop PV installations

• Available in 60 cell or 72 cell format

• 60 cell module power output: 255 – 270 Wp


• Temperature co-efficient one of the lowest in the industry

• Excellent low-light intensity performance

• 72 cell 1500V rated variant for large scale installations enabling up to 30% more string length

Certifications:

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Product range : Mono-PERC modules for higher efficiency and better rates of return



• PERC1 technology enables higher output in adverse conditions and lower BOS costs

• 72 cell 1500V rated variant for large scale installations enabling up to 30% longer strings

• 60 cell AC module variant with integrated micro-inverter enabling 12% higher AC output

• 60 cell Smart module variant with integrated power-optimizer to avoid shading/soiling losses

Certifications:

1) All mono cells are enhanced with Passivated Emitter Rear Contact (PERC) technology

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Product range : Mono1 bi-facial dual-glass modules for best-in-class output, highest possible IRR and aesthetics


• 72 cell module power output: 345 – 350 Wp • 360 Wp equivalent output with up to 85% bi-

faciality factor

• 1500V rated variant for large scale installations saving up to 5% of BOS costs

• Degradation limited to 0.4% per year compared to standard of 0.7%

• Near zero Light-Induced Degradation (LID) through use of N-type cells

Certifications:

1) All mono cells are enhanced with Passivated Emitter Rear Contact (PERC) technology

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Our modules offer extra power through higher binning compared to industry average

Savings Comparison of Adani – 72 Cells bifacial module (350 Wp) with industry average of 305 Wp module

Reduces Land Cost by up to

8%

Reduces Transport Cost by up

to 7%

Reduces BOS Cost by up to

7%

Reduces Installation Cost by up

to 4%

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Our rigorous testing regime ensures the best field performance from our modules

Dynamic Load Test replicating real life conditions over 25 years

HAST testing involving accelerated humidity and temperature stress

Certified to withstand extreme snow and wind loading

Linear warranty for optimal performance over 25 years

Designed for easier installation with a variety of mounting options

Up to 8% higher energy delivery with Mono-PERC modules

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Our differentiation



Contents

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Adani is focused on becoming a comprehensive, integrated global energy player

Energy

Generation/ 10,852 MW

5,051 c. Km

Revenue : ~$12 Bn.

Presence : 50+ countries

Human Capital >11,000

Key Highlights

Resources 88 MMT Commodity Trading

Logistics 152 MMT Port Cargo Handled

Core Business Verticals

Plans and achievements

2016

30,800 MW

~13,000 c. Km

200 MMT

330 MMT

2021 E

Largest private player

Largest commodity

trader

Largest port

capacity by cargo

Transmission

India’s largest

Integrated power player

Adani Group is a vertically integrated energy player with assets of ~US 21 Bn

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Adani has demonstrated fastest and consistent growth in revenues and profits

Built in a short span of 25 years into one of India’s top business houses

Revenues (in $ Million)

Assets (in $ Million)

EBIDTA (in $ Million)

2013 2012

18,133 19,041

2013 2012 2015

1,271

1,084

2,129

2014

17,347

2014

1,700

2015

18,571

8,700

7,800

10.483

2013

2012

2015

9,384 2014

12,179 2016

2016

21,963

2016

2,895 CAGR : 13% CAGR : 27% CAGR : 41%

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We plan to have ~20 GW of RE generation capacities by 2022 leading to strong in-house demand

This pipeline will be spearhead for the solar manufacturing business

Mission 2022: 20,000 MW

Project Includes:

• Solar Power Generation Plants

• Solar Parks / Zones

Solar Parks will be open for other players to set up their solar power generation units

All Units in MWAC

Gujarat (Solar Park)

Rajasthan (Solar Park)

Uttar Pradesh

100

100

Commissioned

Under Construction

Under Implementation

Telangana

100

100001

130001

Karnataka

790

Punjab

Jharkhand

50

50

Andhra Pradesh

World’s largest Solar

plant in Tamil Nadu,

648 MW

Bitta, Gujarat

40 100

Chhattisgarh

Maharashtra

20

20

Rajasthan

1 – These are proposed solar parks Note: Projects as of Q3 CY 2016

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Project 648 MWp Ultra Mega Solar Power project

Site Location District – Ramanthpuram

Nearest Airport Domestic – Madurai (approx. 90km from Site)

Nearest Road Porthbanur – Kamuthi – Arruppukottai Road (Adjoining)

Nearest Port Tuticorin Port, approx. 110km

Nearest Railway Station

Tiruchuli, Tamil Nadu (approx. 25km from site)

Seismic Condition

Seismic Zone – III

Irradiation 5.27kWh/Sqm/day

Soil type Black cotton soil

Feed-in-Tariff INR 7.01/kWh (for 25 years)

Success Story: Largest Solar Plant in Single Location – Kamuthi (648 MW)

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Thank You

January 2017 - Adani · PDF filedevelopments in their business, ... Solar power to be dominant energy source in future ... power player Adani Group is a vertically integrated energy

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