Overview

• The ratings agency upgraded Adani Green Energy’s long-term rating from AA- to AA on Monday with a Stable outlook.
• AGEL reports 15.8 GWAC in operation as of June 30, 2025 and about 15.1 GWAC under construction targeted over the next four to five years.
• Roughly 83% of the operational portfolio is tied to 25-year power purchase agreements with central and strong state counterparties, supporting revenue visibility.
• Recent warrant conversions and a Rs 9,350 crore Adani family infusion were used to prepay holding-company debt, reduce related-party loans, and fund growth equity.
• CareEdge notes ongoing US DOJ and SEC actions against board members as a material overhang that could constrain future financing if outcomes are adverse.