Final TL Presentation_10 04 2012

7/27/2019 Final TL Presentation_10 04 2012

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Power Generation & Transmission

20,000 MW

Current

4620 MW

FY 2020


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2

Adani Power: Power Generation & Transmission

Dahej

Under Implementation:

3,300 MW

Under Implementation: 1,320 MW

Kawai August 2013

Commissioned: 4,620MW

Under Planning: 2,640 MW

Under Planning : 1,320 MW

Chhindwara

Mundra

Tiroda July 2013

Under Planning

3,300 MW

Bhadreshwar

Sr. No. Connecting Locations Length(Kms)

1 Mundra Dehgam

1000 MW, 400 KV

433

2 Tiroda Warora

1000 MW, 400 KV DC

219

3 Mundra Mohindergarh

2500 MW, 500 KV HVDC

1000

4 Tiroda Aurangabad1

4500 MW, 765 KV SC

1290

Total 2,942

Power Generation

Power TransmissionDehgam

Mohindergarh

Aurangabad Warora

Notes:1 Project under AEL Subsidiary

No Location Capacity (MW)1 Mundra (Gujarat)* 4,660

2 Tiroda (Maharashtra) 3,300

3 Kawai (Rajasthan) 1,320

Total - Implementation 9,280Under Planning

(Pench, Dahej & Bhadreshwar)7,260

Grand Total 16,540

Adani Power projects are in high growth states of India.

40 MW Operational Solar Power Project in Gujarat1* In Operation 4660 MW


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Power Scenarioin India at a Glance

As per the 17th Electric Power Survey (EPS), energy demand is estimated to

increase at a CAGR of 7.4%, to 1392 billion kWh during the Eleventh Five-Year Planperiod (2012-17).

The government has targeted a capacity addition of 1,00,00 MW during the Twelfth

Five-Year Plan period.

The central sector is expected to account for a major portion of the capacity additions(21.5%), followed by the state sector (15%) the private sector (45.5%) and captive

power addition of 12%.

The total installed capacity in the Northern region was 53,925 MW as on 31 th March,

2012. The peak power deficit in Haryana as recorded in June, 2008 was 10.2% which

is greater as compared to the overall figure for the entire northern region.

The peak deficit for the whole of northern region was recorded at 8.5%.


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Power Generation & Transmission: The Story So Far Adani

Thermal Operational Capacity 4,620 MW

Five operational Super Critical units (660 MW each) first time in India

Lower carbon and green house emission

Current Projects under implementation

At Advanced Stage : 4,620 MW (Tiroda 3,300 MW & Kawai 1,320 MW)

At Development Stage : 7,260 MW

(Pench 1,320 MW, Dahej 2,640 MW, Bhadreshwar 3,300 MW)

Long term off take arrangement for 7,269 MW in place (79 % of 9,240 MW Mundra, Tiroda, Kawai)


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Installed Capacity in Haryana as on 30.06.2008

Sector Hydro Thermal Nuclear R.E.S Total

Coal Gas Diesel Total

State 884.2 1,602.5 0.0 3.9 1,606.4 0.0 0.3 2,553.3

Private 0.0 0.0 0.0 0.0 0.0 0.0 6.0 6.0

Central 366.9 380.0 534.0 0.0 914.0 53.0 0.0 1,333.9

Total 1,313.5 1,982.5 534.0 3.9 2,520.4 53.0 6.3 3,893.2


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Supply and Demand situation in Haryana 30.06.2008

Period PeakDemand

(MW)Peak

Met

(MW)Peak Deficit

/

Surplus

(MW)

Peak

Deficit

/

Surplus (%)

Energy

Require-

ment (MU)Energy

Avail-

ability

(MU)

Energy

Deficit

/

Surplus (MU)

Energy

Deficit

/

Surplus

(%)

9th Plan

End3,000 2,900 -100 -3.3 18,138 17,839 -299 -1.6

2002-03 3,411 3,325 -86 -2.5 20,298 19,688 -610 -3.02003-04 3,465 3,278 -187 -5.4 20,743 19,779 -964 -4.62004-05 4,037 3,621 -416 -10.3 21,801 20,562 -1,239 -5.72005-06 4,333 3,931 -402 -9.3 23,791 21,631 -2,160 -9.12006-07 4,837 4,201 -636 -13.1 26,249 23,132 -3,117 -11.92007-08 4,956 4,821 -135 -2.7 29,353 25,652 -3,701 -12.6Apr 08 4,965 4,461 -504 -10.2 6,396 5,809 -587 -9.2June 08 4,965 4,461 -504 -10.2 2,180 2,089 -91 -4.2


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HVDC Project Back Ground

ADANI POWER LIMITED has acquired an order for 1424

MW of Power sale for 25 years to Haryana State fromHaryana Vidyut Prasaran Nigam Lt. ( HVPNL) under stiff

competition with other Independent Power Producers in

India.

The Power to Haryana will be supplied from Adani PowerLtd.(APL) 4620 MW Mundra Power Plant situated in Gujarat.


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The Task

The 1424 MW of Power will be delivered at HVPNLs 400

kV Mohindergarh Substation in Haryana state which is

situated 960 kM away from Mundra Power Plant in Gujarat.

The Power Delivery date to HVPNL is August 2012.


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Criteria

The system decision is based on the fulfillment of the following criteria:

i) Minimum Losses in Transmission

ii) Minimum Right of way for Line corridors (to save environment

and save time and avoid disputes for obtaining ROW).

iii) High reliability under system/ grid disturbances.

iv) High availability to take care of contingencies.

v) Proven Technology.

vi) Possibility to control the Power flow.

vii) Most optimum cost of the system to control investment.


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POWER DELIVERY TO HARYANA VARIOUS OPTIONS:

In addition to PPA agreement with Haryana for 1424 MW of Power,

about 416 MW of Power is available for trading and Northern Regionis already in need of Power, it is considered prudent to deliver this

additional power to Northern Grid through Central Transmission

Utility (CTU).

Therefore the Transmission system to Haryana should have Powerhandling capacity = 1508 + 412 MW = 1920 MW ( say 2000 MW).

Whatever opotion is chosen, any single contingency should be able to

deliver atleast 1424 MW power to Haryana to fulfill PPA commitment.


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POWER DELIVERY TO HARYANA VARIOUS OPTIONS:

Contd..

3 Nos 400 kV Double Circuit quad conductor Lines with switching

stations at every 300 kM with Reactive compensation and Seriescompensation.

2 Nos Single Circuit 765 kV quad conductor Lines with 400/765 kV

station at Mundra, 2 Nos 765 kV Switching stations in between with

Reactive compensation and Series compensation.

2500 MW, +/- 500 kV HVDC Bipole system with Quad Bipole line, 2

Nos.Electrode stations 25 to 35 kM from Mundra and Mohindergarh,

2 Nos. Optical communication booster stations.

From the Techno- Economic Analysis, the 2500 MW, HVDC System

becomes an obvious choice.


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Power Limited

FINANCIALS


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Project Cost

The Project cost has been estimated to be Rs. 2,750crores which includes the turnkey cost of the EPC

Contractor, Project management fee, financing charges

and IDC, other miscellaneous expenditure, developmentexpenses, contingency and margin money towards

working capital.


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Details of Project Cost

Sr.No Particulars Amount

1. Land 50.002. HVDC Converter stations, Electrode station and booster stations 1,457.81

3. Transmission Lines and other Tower materials 304.88

4 Conductor 181.91

Insulators 126.81

5. Hardware and Line Accessories 29.00

Earth Wire 7.00

PTCC/Forest Clearance 1.50

Earth Electrode 22.66

Miscellaneous Fixed Assets 30.00

Sub Total 2,211.57

7. Contingency 245.20

8. PreOperative Expenses 48.00

9. Margin money 6.49

10. Interest during Construction 238.25

Sub Total 537.94

Total Project Cost ~ 2,750.00


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Means of Finance of the Project

Particulars Amount PercentageCapital Contribution

- Adani Power Limited 550.00 Cr 20%

Debt Finance

- Rupee Term Loans

- Sub-Ordinate Debt2,062.50 Cr

137.50 Cr75%

5%

Total 2,750.00 Cr 100%


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PROJECTED FINANCIAL INDICATORS - ASSUMPTIONS

Debt Equity Ratio 4:1

Upfront Equity 25%

Tenure of Loan 12.5 years

Construction & Moratorium period 30 monthsRepayment period 10 years

Interest Rate of the Project Term Debt 11.25%

Notice to Proceed (NTP) October 2009Line Capacity (MW) 2500

Base Case Capacity for Transmission Revenues (MW) 1873

Levelised Tariff for PPA with Haryana (Rs./kWh) 2.94

Transmission Service Charge (Rs.) 0.40


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PROJECTED FINANCIAL INDICATORS

Financial Yearend 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Total Transmission(MW) 557 1873 1873 1873 1873 1873 1873 1873 1873 1873Net generation(In MU) 22.3% 74.9% 74.9% 74.9% 74.9% 74.9% 74.9% 74.9% 74.9% 74.9%

Transmission Tariff (Rs.) 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4

Revenue 196.9 661.7 663.1 662.7 662.4 662.0 661.6 661.2 660.9 660.5

Expenditure 9.2 30.2 31.0 31.9 32.8 48.6 49.6 50.7 51.8 53.0

EBITDA 187.7 631.5 632.1 630.8 629.5 613.4 612.0 610.6 609.1 607.5

Depreciation 46.5 139.6 139.6 139.6 139.6 139.6 139.6 139.6 139.6 139.6

Interest 82.7 239.7 214.9 190.1 165.3 140.5 114.7 89.8 65.0 40.2

PBT 58.5 252.2 277.6 301.2 324.7 333.3 357.8 381.1 404.5 427.7

EBITDA Margin 95.3% 95.4% 95.3% 95.2% 95.0% 92.7% 92.5% 92.3% 92.2% 92.0%

TTL 2062.1 1855.9 1649.7 1443.5 1237.3 1031.1 824.9 618.6 412.4 206.2

TOL 2206.1 1999.1 1779.2 1559.3 1339.4 1119.5 899.6 679.7 459.8 239.9

Interest Coverage 2.20 2.38 2.65 2.98 3.40 3.89 4.74 6.00 8.24 13.23

FACR 1.31 1.38 1.47 1.58 1.73 1.94 2.25 2.78 3.83 6.98


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PROJECTED FINANCIAL INDICATORS - COMPANY

Financial Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Revenue 464 2,108 5,172 9,025 9,069 9,110 9,152 9,204 9,058 9,116 9,180

Expenditure 241 1,053 2,372 3,647 3,709 3,773 3,907 4,090 4,161 4,235 4,311

EBITDA 223 1,055 2,801 5,378 5,359 5,337 5,246 5,114 4,897 4,881 4,869

Depreciation 49 213 551 935 935 935 935 935 935 935 935

Interest 80 383 1,225 1,841 1,678 1,501 1,325 1,149 969 793 616

PBT 94 459 1,025 2,601 2,746 2,901 2,986 3,030 2,992 3,153 3,318

PAT 84 394 804 1,872 1,983 2,100 2,172 2,659 2,623 2,764 2,908

Cash Accruals 133 608 1,355 2,807 2,918 3,035 3,107 3,594 3,558 3,699 3,843

EBITDA Margin 48.0% 50.0% 54.2% 59.6% 59.1% 58.6% 57.3% 55.6% 54.1% 53.5% 53.0%

PAT Margin 18.0% 18.7% 15.5% 20.7% 21.9% 23.1% 23.7% 28.9% 29.0% 30.3% 31.7%

Equity Capital 5,689 5,689 5,689 5,689 5,689 5,689 5,689 5,689 5,689 5,689 5,689

Res. & Surplus 84 478 1,282 2,880 4,589 6,416 8,132 10,335 12,503 14,811 17,263

TNW 5,773 6,167 6,971 8,569 10,279 12,105 13,821 16,024 18,192 20,500 22,953

TTL 6,759 11,324 14,578 13,350 11,829 10,309 8,789 7,268 5,748 4,227 2,707

TOL 7,100 12,460 16,675 15,970 14,813 13,365 11,871 10,294 8,694 7,108 5,523

ROCE 1.4% 4.8% 10.4% 20.3% 20.0% 19.6% 19.1% 17.9% 16.5% 16.0% 15.3%

TTL/TNW 1.17 1.84 2.09 1.56 1.15 0.85 0.64 0.45 0.32 0.21 0.12

TOL/TNW 1.23 2.02 2.39 1.86 1.44 1.10 0.86 0.64 0.48 0.35 0.24

Int. Coverage 2.67 2.59 2.06 2.47 2.68 2.97 3.29 4.07 4.62 5.62 7.19

FACR 1.30 1.19 1.32 1.37 1.47 1.60 1.77 2.01 2.38 3.01 4.36


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Financial Indicator Estimated Value

Minimum DSCR 1.41

Average DSCR 1.74

Project IRR 24.50 %

Key Financial indicator - Project

Key Financial indicator - Company

Financial Indicator Estimated Value

Minimum DSCR 1.26

Average DSCR 1.73

Project IRR 20.27 %


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Own transmission lines for Power evacuation

433 Kms, 400 KV to transmit 1,000 MW - Operational

1000 Kms, 500 KV HVDC to transmit 2,500 MW - Operational

Carbon Credits: Projects certified as CDM Projects by UNFCCC

Mundra Ph III (2 x 660 MW): First Super Critical technology project in the world

Mundra Ph III - 1.84 Mil CER p.a. for 10 years from commissioning.

Tiroda Ph I - 1.19 Mil CER p.a. for 10 years from commissioning


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Thank You


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Back up Slides


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Adani Power Limited (APL) owns the following transmission lines:

- 400 kV D/C from Mundra Dehgam

- 500kV HVDC Bipole Trans. Line Mundra Mohindergarh

- 400 kV D/C from Mohindergarh - Bhiwani

- 400 kV D/C from Mohindergarh Dhanonda

Adani Power Maharashtra Limited (APML), subsidiary of APL, owns the following transmission line:

- Tiroda Warora

MEGPTCL, subsidiary of Adani Enterprise Limited (AEL), owns the following transmission line:

- Tiroda - Aurangabad

Current Structure


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Power Sector Scenario

(in MW)

Source Hydro Thermal Nuclear Total

Central 8 ,654 24,840 3,380 36,874

State 3,482 23,301 -- 26,783

Private 3,491 11,552 -- 15,043

Total 15,627 59,693 3,380 78,700

Source: document on M id-Term Appraisal of the eleventh Five Year Plan. Planning Commission, GoI

(in MW)

Source Hydro Thermal Nuclear Total

Central 2,922 14,920 3,380 21,222

State 2,854 18 ,501 -- 21,355

Private 2,461 17,336 -- 19,797

Total 8 ,237 50 ,757 3,380 62,374

Source: document on M id-Term Appraisal of the eleventh Five Year Plan. Planning Commission, GoI

Original Targets f or Capacit y Addit ion in Power Sector during the Eleventh Plan

Revised Targets for Capacity Addit ion in Power Sector during the Eleventh Plan as per

Mid Term Appraisal of Planning Commission


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Power Sector Scenario

Capacity Addition - (April 11 to February 12)Source Hydro Thermal Nuclear Res @ Total

Target (MW) 1,9 80 14,636 1,000 - 17,616

Acheivement 1,28 1 12,052 - - 13,333

@Renewable Energy Sources (RES) includes Small Hydro Project(SHP), Biomass Gas(BG), Biomass Power(BP),

Source : CEA

h f


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Growth of Transmission Sector

Central State JV/ Pvt Total Central State JV/ Pvt Total

6th Plan 1,831 4,198 -- 6,029 1,641 44,364 -- 46,005

7th Plan 13,0 68 6,756 -- 19,824 4,560 55,071 -- 59,631

8 th Plan 23,0 01 13,141 -- 36,142 6,564 73,0 36 -- 79,600

9Th Plan 29,345 20 ,0 33 -- 49,378 8 ,687 88 ,306 -- 96,993

10 th Plan 50 ,992 24,730 -- 75,722 9,444 1,0 5,185 -- 1,14,629

11t h Plan upt o Feb 12 75,337 33,399 7,520 1,16,256 10 ,919 1,28 ,0 53 430 1,39 ,40 2Source: CEA

Central State JV/ Pvt Total Central State JV/ Pvt Total

6th Plan 715 8 ,615 -- 9,330 50 0 36,791 -- 37,291

7th Plan 6,760 14,820 -- 21,58 0 1,881 51,861 -- 53,742

8 th Plan 17,340 23,525 -- 40,865 2,566 81,611 -- 84,177

9Th Plan 23,575 36,80 5 -- 60,380 2,866 1,13,497 -- 1,16,363

10 th Plan 40 ,455 52,487 -- 92,942 4,276 1,52,221 -- 1,56,497

11th Plan upto Feb 12 74,880 73,172 630 1,48,682 5,956 2,13,735 1,567 2,21,258

Source: CEA

SINCE 6TH FIVE YEAR PLAN

Sub Stations (MVA)

220 kV Sub-Stat ions40 0 kV Sub-Stations

At the end of

At the end of

400 kV t ransmission Lines 220 kV Transmission Lines

Transmission Lines (ckm)

h f i i


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Cent ral Sector State Sector JV/ Pvt Total

765 kV 6,0 01 473 -- 6,474

40 0 kV 75,337 33,399 7,520 1,16,256

220 kV 10 ,919 1,28 ,053 430 1,39,402

+/- 500 kV HVDC Lines 5,948 1,504 1,980 9,432

765 kV 13,500 -- -- 13,50 0

40 0 kV 74,880 73,172 630 1,48 ,682

220 kV 5,956 2,13,735 1,567 2,21,258

BTB Stn Converter Terminal (MW) 9,500 1,700 -- 11,200

Source: CEA

GROWTH OF TRANSMISSION SECTOR (As on 29 -0 2-20 12)

Transmission Lines (ckm)

Substations (MVA)

+/- 500 kV HVDC Converter

G h f T i i S


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Eleventh Five Year Plan Rs in BillionsInter - State 750

Int ra - State 650

Total 1,400

Source: Ministry of P ower, Report of the Working Group on Power for Eleventh Plan (2007-2012).

Twelf th Five Year Plan Rs in Billions

Inter - State 2,400

Int ra - State 4 ,000

Total 6 ,400

Source: CEA, Key Inputs fo r XIIth Plan Financing of P ower Sector

Investment Planned in Transmission Sector in Eleventh Plan

CEA est imates for Targetted Investment in Transmission

Sector in Twelfth Plan


T i i S


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Transmission Sector

Transmission Lines (both AC

and HVDC)

6t h Plan 7th Plan 8t h Plan 9t h Plan At the end of

10t h Plan

Add. in first

four yearsof 11th Plan

(2007-11)

Expected at

end of 11thPlan

Expected

additionduring 12th

Plan

Expected by

end of 12thPlan

HVDC Bipole lines - - 1,634 3,138 5,872 1,580 9,432 9,440 18,872

765 kV - - - 971 1,704 1,636 4,616 27,000 31,616

400 kV 6,029 19,824 36,142 49,378 75,722 26,856 1,12,961 38,000 1,50,961220 kV 46,005 59,631 79,600 96,993 1,14,629 19,561 1,40,782 35,000 1,75,782

Total Transmission Line, ckm 52,034 79,455 1,17,376 1,50,480 1,97,927 49,633 2,67,791 1,09,440 3,77,231

Source

Draft National Electricity Plan (Volume - II) Transmission

[In fulf ilment of CEAs obligation under section 3(4) of t he Electricit y Act 200 3]Government of India

Ministry of Power

Central Electricit y Authority

Feb-12

(values in ckm)

T i i S t


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Transmission Sector

Draft National Electricity Plan (Volume II) considers 80 GW generation addition for 12 th Plan over and above 62 GW target as per

Mid Term Assessment for 11th Plan by Planning Commission.

Fund requirement for development of Transmission System estimated to be of the order of Rs. 1,80,000 Crore.

ATL R t d S ti T


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APL / APML would provide following securities to existing lenders for the period they give NOC for release of

Security till the time their money is paid.

Undertaking from Adani Power Limited

Corporate Guarantee of Adani Enterprises Limited

ATL Requested Sanction Terms

P d M h i


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Part II

AEL to infuse Funds to extent of 30% of Total Assets to take over share of APL and APML amounting to Rs.

1,397 Crores

Funds from AEL will be utilized for repayment to APL (Rs 1201 Crs) & APML (Rs. 196 Crs.)

Partnership Firm to be Converted in Company under Part IX of Companies Act, 1956 immediately which shall be

WOS of AEL.

Proposed Mechanism

Ad t f S ti t APL & APML


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Advantages of Separation to APL & APML

Transmission Lines shall be available for transferring Power generated by APL and other Power Generating Units

and surplus capacity will be available to other power producers,

Reduction in transmission cost for APL & APML

To get priority on wheeling our power though other national gird in case of technical shut down / breakdown of

our Transmission Line.

Reduction in Debt of Rs. 3600 Crs in APL and Rs. 455 Crs in APML

Debt Equity Ratio to Improve

Documents

Final TL Presentation_10 04 2012