Adani Solar’s competitive strengths First mover: India’s first vertically integrated solar photo-voltaic manufacturing in Mundra Special Economic Zone Market share: Largest market share in rooftop and KUSUM segment across India, improvement in ratings to A (Stable outlook) from A- (Positive outlook) Capacity utilisation: Achieved the highest capacity utilisation of cell and module manufacturing plant in India Knowledge: Experienced team of professionals and technologists Technology: Access to state-of- the-art R&D facility Sales: Present across the country with a rapidly growing order book and respect Asset-light: Enhanced profitability and proactive deleveraging on the back of robust cash flows Key highlights, FY 2022- 23  Increased topline 39% y-o-y; achieved 47% turnover from exports (primarily to USA) around attractive margins  Incorporated Energy Management System (ISO 50001) for MSEL (Mundra Solar Energy Limited)  Installed 1.6 MW solar panels for renewable power in the manufacturing facility  Reduced energy intensity below 10.5 KWh/Kwp of production  Enhanced women and the differently-abled in the workforce  Undertook the plantation of 13,631 trees and saplings  Received an approval of the Letter of Intent from Gujarat Skill Development Mission (GSDM) for Project SANKALP (Skill Acquisition and Knowledge Awareness for Livelihood Promotion) Key highlights, FY 2022- 23  Achieved the fastest timeline for Proto-1 commissioning, surpassing market benchmarks for certification across new establishments worldwide  The Company received a provisional IEC certificate from Windguard  The Company shifted its focus to value engineering projects  The Company plans to develop a new 3 MW platform to cater to different regions and requirements Wind energy manufacturing India, the third-largest consumer of energy, is at the cusp of a substantial surge in energy demand, owing to sustained population and economic growth. Understanding that a green energy revolution is the need of the hour, the Indian government set an ambitious target of achieving 500 GW of installed renewable energy capacity by 2030, encompassing approximately 140 GW of wind power. As of March 31, 2023, around 43 GW of wind power had been installed, indicating an underlying demand for approximately 12 GW of annual wind turbine capacity until 2030. India’s total installed renewable energy capacity reached 168.96 GW, with wind power accounting for 42.6 GW as of April 2023. Projections indicate that the cumulative installed wind power capacity could reach 52.48 GW by 2027, growing at a compound annual growth rate (CAGR) of 5.84% during the forecast period to FY 2026-27. It is expected that wind energy could contribute approximately 25% of India’s total renewable energy production by 2030. The wind manufacturing industry in India, represented by the Indian Wind Turbine Manufacturers Association (IWTMA), adopted proven technologies from Europe and the USA, providing turbine sizes from 250 kilowatts (KW) to 2.5 megawatts (MW). These turbines incorporate cutting-edge technologies, with hub heights reaching 120 meters and rotor sizes surpassing 100 meters. Modern turbines are being designed to harness wind energy in regions with low and medium wind velocity. With an array of over 50 models offered by 20 manufacturers, the industry possesses a manufacturing capacity exceeding 9,500 MW per annum. India’s favorable legal and fiscal systems, coupled with its status as a rapidly expanding economy, render it an attractive industrial destination. The private sector contributes 50.5% of the country’s power generation, underscoring the significance of private investments in renewable energy generation. (Source: Business Standard, India Times, Invest India) Adani Portfolio’s business ANIL aims to become one of the top three wind turbine generator suppliers in India within two years and one of the top ten in international markets within five years. This goal is supported by our product fleet, which includes India’s largest capacity turbine, with a rating of 5.2 MW. ANIL is focused on implementing performance and cost optimisation measures, as well as enhancing operations and maintenance (O&M) capabilities, to establish Adani as a leading original equipment manufacturer (OEM) for wind turbine generating sets. The global onshore wind industry is experiencing a shift towards higher rated turbines, with a share of 5.0 MW and higher rated turbines in global capacity additions increasing from 0.22% in 2020 to approximately 18% in 2022. ANIL plans to tap international markets, particularly the United States and other regions, through initiatives such as repowering projects, manufacturing blades for other OEMs and exploring opportunities in Adani Green Energy Limited’s (AGEL) captive projects in India and Sri Lanka. A growing focus on renewables and carbon neutrality presents significant opportunities for the Company and the wind energy sector. Wind energy can play a vital role in helping countries achieve their targets for non-fossil power generation. The Indian government’s renewable purchase obligation targets specific to wind energy, repowering policies for old wind farms, scrapping of reverse auctions for approximately 8GW capacity per year, demand from the National Green Hydrogen Mission and increasing emphasis on offshore wind capacity installation are expected to boost the domestic demand for wind turbine generators. The scrapping of the reverse auction for government tenders totaling 56 GW by 2030 and upcoming tenders for offshore projects create opportunities for WTG manufacturers, while round-the- clock and peak power requirement tenders offer additional support to wind projects. ANIL is positioned to capitalise on these market conditions. Our competitive strengths  Technologically advanced product with proven design  Trusted technology partners from Germany (W2E and Windnovation)  Experienced team drawn from globally leading wind energy OEMs  Commercial operation-ready assembly facility for nacelle and hub and a manufacturing facility for rotor blades.  High localisation based on the existing supply chain  Ability to maximise turbine availability during operations  Central engineering team complements MWL (Mundra Windtech Limited) by sharing proficiency in BOP (Balance of Plant)  Assembly and manufacturing facility in proximity to Mundra Port, offering advantages in supplying to Sri Lanka, South India and the international markets Shri Sagar Adani Executive Director, AGEL At AGEL, we are driven by a commitment to global sustainability agenda, ensuring that we remain a benchmark within India and one of the most admired corporations the world in green energy. We are not only investing in large renewable capacities but are investing in clean and green technologies, leading to a sustainable future. We are creating a digital infrastructure that will link businesses to billions of consumers and clients by laying down the foundation for a sustainable and inclusive society. ESG Report 2022-23 93 92 Adani Group