Adani Green Restricted Group 1's outlook revised to 'positive' from 'stable': Crisil
Reflecting strong revenue visibility, Crisil Ratings has revised its outlook for long-term bank facilities and non-convertible debentures of Adani Green Restricted Group 1 (RG) to "positive" and reaffirmed the rating at 'Crisil AA+'.
'AGEL RG1' comprises three special purpose vehicles (SPVs) -- namely Adani Green Energy UP Ltd, Prayatna Developers Private Limited and Parampujya Solar Energy Private Limited -- henceforth known as 'AGEL RG1'.
The outlook revision on the group reflects the actual generation being continuously better than the P90 levels and timely refinancing of $500 million bonds, Crisil said in a note.
"Adani Green Restricted Group 1 had better than P90 plant load factor in fiscal 2024 and calendar year 2024 leading to expectations of continued better performance and debt servicing cushions going forward," it said.
The rating reflects strong revenue visibility in the form of long-term power purchase agreements at a healthy tariff.
"These strengths are partially offset by exposure to risks inherent in operating solar-energy assets and adverse movement in foreign exchange," according to the note.
The financial risk profile is expected to be healthy, indicated by a strong debt service coverage ratio through the 18-year tenure of the US senior secured notes, the rating agency said.
The liquidity is also supported by a debt service reserve account of six months of debt obligation without any recourse to project assets.
Adani Green Energy's consolidated net profit rose 85 per cent year-on-year in the third quarter of fiscal 2025 (Q3 FY25). The company's bottom line came in at Rs 474 crore in the quarter, compared to Rs 256 crore in the same quarter a year ago, according to a stock exchange filing.
The operational renewable energy (RE) capacity grew 37 per cent YoY to 11.6 GW which continues to be India's largest.
The company contributed 15 per cent of nationwide utility-scale solar and 12 per cent of wind installations in CY24.
According to Amit Singh, CEO, Adani Green Energy, "We are steadily developing the largest RE plant in Khavda, Gujarat as well as large-scale plants in Rajasthan and other sites, supported by well-aligned transmission planning."
