Green Bond Fact Sheet

Adani Green Energy

Date: 10/06/2019

Issue date: 10-06-2019 Maturity date: 10-12-2024 Tenor: 5Issuer Name

Adani Green Energy
UP Limited

Amount Issued

USD500m

Country of risk

India

CBI Database

Included

Issuer Type1

Non-financial
corporate

Bond Type

Senior secured

Green Bond Framework

Not publicly available

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

KPMG

Certification Verifier

N/AGreen bond rating

N/A☒ Energy☒ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission
vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

Adani will report annually on its website on the use of proceeds by project type, capacity
and location, as well as the following impact indicators for its solar PV assets:• CO2 emission reductions per year
• Capacity of renewable energy plants constructed in MW
Adani’s renewable energy portfolio consists of grid-connected solar plants and windfarms across India. The company has offices in 11 states and 40 locations. At the end ofFY 2017, the company owned approximately USD2bn worth of assets.

Firsts, records andcertifications
Proceeds description

The proceeds will be spent on re-financing solar projects only. The net proceeds will bedeposited in an Escrow Account, from which they will be used to refinance Foreign
Currency Loans, Indian Rupee Borrowings and shareholder loans stemming fromexpenditures related to the eligible solar assets.
The nominated assets include 25 solar projects (24 operational projects and one nearcompletion) with a cumulative capacity of 930 MW. The projects are located in thestates of Punjab, Andhra Pradesh, Uttar Pradesh, Rajasthan, Karnataka, Telangana,
Chhattisgarh and Maharashtra in India.

Climate Bonds viewUnderwriters

Adani Green Energy is a good addition to the Indian renewable energy green bondissuer pool. The assurance report from KPMG outlines the eligible asset pool clearly. It
is commendable that the issuer has also committed to providing annual post-issuancereporting publicly.
Barclays, Citigroup, Credit Suisse, Emirates NBD Bank, JP Morgan, MUFG, SBICAP,Standard Chartered, Yes Bank

Deal comments
Credit Rating

Fitch: BB+Pricing summary
Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign