Investor Presentaiton

APL: Investment Case adani Power Revenue Visibility Fuel Security Regulatory Maturity Poised for Success Strong Financial Profile 81% of capacity contracted under LT / MT PPAs, most of which offer fuel cost pass through or tariff escalation, yielding excellent revenue visibility and cash flow stability. Near-pithead capacity enjoys logistics cost advantage, enabling higher offtake and better margins. 56% of installed capacity based on domestic coal of which 79% secured under LT / MT contracts. Shift towards de-risking fuel supply by utilizing coal from captive mines under liberalized mining policy Full resolution of all regulatory matters pertaining to domestic coal shortfall with Hon'ble Supreme Court's orders dated 20th April 2023. Recovery of alternate fuel costs under change-in-law clauses of PPAs. Operational excellence in fuel management and logistics, and plant Operation & Maintenance with focus on technology adoption, digitalization, and analytics to drive efficiency and plant availability. Large available capacity with growing capacity utilization to cater to growing demand. Proven track record in project execution and rapid turnaround of acquisitions. Domestic credit rating of APL is strong at "AA-". Deleveraging of balance sheet demonstrated by significant prepayment of senior debt. Backed by strong sponsor, India's largest infrastructure and real asset platform. GW: Giga Watt; LT: Long Term; MT: Medium Term; PPA: Power Purchase Agreement; FSA: Fuel Supply Agreement; GHG: Green House Gas; IPP: Independent Power Producer; MTPA: Million Tonnes Per Annum; Bn: Billion 26 26

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