Rating Rationale
September 15, 2025 | Mumbai
Adani Green Energy Limited
'Crisil AA/Stable' assigned to Bank Debt
 
Rating Action
Total Bank Loan Facilities RatedRs.13530 Crore
Long Term RatingCrisil AA/Stable (Assigned)
Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

Crisil Ratings has assigned its ‘Crisil AA/Stable’ rating to the long-term bank facilities of Adani Green Energy Ltd (AGEL).
 

The rating factors in strong market position with AGEL being India’s largest renewable energy player, healthy business profile driven by visibility in cash flow via long-term contracts, diversity of portfolio and counterparty mix and healthy financial flexibility. These strengths are partially offset by exposure to implementation risk in the large under-construction portfolio requiring healthy equity capital for growth, and susceptibility to risks inherent in renewable energy generation.

 

Crisil Ratings factors in healthy growth in AGEL’s operating portfolio over the past few years, establishing a strong execution track record and has supported a high operating cash flow level to meet growing equity requirements for the future growth plans. The ratings are further factors in healthy operating performance of the portfolio with operating PLFs in line with P-90 levels. This has resulted in consolidated net leverage of 6.4 times as of March 2025 and the same is expected to remain below 6 times level over the medium term.

 

Crisil Ratings understands that the matters related to ongoing investigations against the promoters remain subjudice. However, the same has not impacted the pace of project execution by AGEL or fund-raising activity, demonstrated by commissioning of 3.3 GW of capacities in fiscal 2025 and 1.6 GW in Q1FY26 along with and fresh debt raising of Rs ~22,000 crore (including refinancing) since November 2024. That said, Crisil Ratings will continue to monitor the developments in the matter related to investigations against the promoters as well as any potential negative implications of the same on the pace of project execution as well as AGEL’s ability to raise funds in a timely and cost-effective manner. 

Analytical Approach

Crisil Ratings has consolidated the business and financial risk profiles of AGEL and all its SPVs as all the companies, collectively referred to as the Adani Green group, have significant business, financial and managerial linkages, are in the same business, and have common management and treasury teams. AGEL has an established track record of supporting the group entities and has articulated continued support to them. 

 

Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

  • Strong market position with AGEL being India’s largest renewable energy player: AGEL has a unique position in India’s renewable energy through its position as the largest developer in India with operational renewable generation capacity of ~ 15.8 GW as on June 2025. This is further enhanced by Adani group’s presence in transmission and distribution business. This has helped AGEL maintain a healthy operational track record. The strong market position is driven by size, diversity, vintage and healthy revenue visibility of the asset portfolio.
     

Crisil Ratings has taken note of the issuance of indictment and a civil complaint against specific Adani group/AGEL senior executives, by the United States Department of Justice and the US Securities and Exchange Commission and their likely impact on the financial flexibility of the group. While the matter is currently sub judice, the group (including AGEL) has demonstrated its ability to raise necessary funds from the market to support its requirements, including the refinancing of debt undertaken by AGEL during the early part of this calendar year. That said, Crisil Ratings continues to monitor the developments with respect to the group. Any adverse regulatory/government action, emerging issues around corporate governance, or a sustained decline in the group’s resource raising capabilities from banks or capital markets will be monitorable.

 

  • Healthy business profile driven by visibility in cash flow via long-term contracts, diversity of portfolio and counterparty mix: AGEL is the largest renewable energy player in India, with a operational portfolio of ~15.8 GW (as of June 2025), with solar capacity of around 11.2 GW, wind capacity of around 2 GW and hybrid capacity 2.6 GW. The group’s portfolio is highly diversified in terms of location and counterparty, with assets across 12 states. The assets have strong revenue visibility, with a majority of the portfolio tied up in long-term power purchase agreements (PPAs) of 25 years at pre-determined tariffs with 12 state and central counterparties. Further, the operating assets have demonstrated a track record of healthy PLF levels, meeting P-90 levels, over the past 4 years. While there has been some variation in generation profile of wind assets of the group in the past 1-2 years, however, increasing share of solar in the portfolio has provided an offsetting impact and providing stability to overall generation levels. Further, Crisil Ratings expects that future capacity addition mix will remain more skewed towards solar and most of these capacities are to be added in Khavda region – a high resource availability region for both solar and wind – which should support strong operating performance level of the consolidated portfolio going ahead and will remain a key monitorable.

 

  • Healthy financial flexibility: AGEL has a demonstrated track record of raising both equity and debt capital. For debt capital, companies raise funds from the domestic and international markets. Financial flexibility is also supported by low foreign exchange risk on external debt, as it uses various hedging instruments such as forwards, full currency swap, principal only swap etc to mitigate this risk. While 27% of AGEL’s consolidated debt is in foreign currency, the forex risk is assessed to be low since AGEL maintains the policy of hedging its entire foreign exposure either over the entire tenure of the bond or through rolling one-year contracts.
     

AGEL’s consolidated net debt stood at Rs 65,082 crore as on March 2025 (was Rs 46,523 crore as on March 2024). The increase has been on account of increasing capacity every year. Out of the total consolidated debt, Rs 7,555 crore was for under construction projects as of March 2025 and Rs. 6881 crores of trade credit lines. Further, on the back of increasing operational capacity, the company has witnessed healthy increase in consolidated operating Ebitda to Rs 10,087 crore in FY2025 against Rs 8,619 crore in FY2024. This has led to consolidated net debt to earnings before interest, tax, depreciation and amortization (EBITDA) ratio at 6.4 times as on March 31, 2025, as against 5.7 times as on March 2024. Adjusting for under-construction debt, the net leverage would be 5.7 times as on March 2025. Going forward, the company is expected to continue its growth momentum, which should support its debt servicing and equity requirement, as well as keeping consolidated net leverage remaining below 6 times. Any significant debt-funded acquisition or higher-than-expected capex impacting financial risk profile will be a key monitorable.

 

Weaknesses:

  • Exposure to implementation risk in the large under-construction portfolio: GEL plans to incur significant capital expenditure, which exposes the company to implementation risks of cost and time overruns. It has several under various stages of implementation of around ~10 GW as on March 31, 2025, with a combined project cost of Rs 40,000 - 45,000 crore, to be executed over the medium term. Crisil Ratings understands that vast majority of these projects are to be set up in Khavda region, where the company has a significant land bank available. Further, the company has adequate connectivity approvals in place and the pace of addition of transmission connectivity in the Khavda region is understood to be largely aligned with the pace of renewable project capacity addition by the company. That said, the company must get relevant clearances/ no-objection certificates from relevant government authorities, liaise with various stakeholders, and tackle on-ground issues to ensure timely completion of projects. Further, these projects also remain exposed to risks such as input cost escalation or change in scope.  While the company’s strong and proven project execution track record along with adequate land and connectivity infrastructure provides comfort, timely execution of projects in line with expectations will be a key monitorable.

 

  • High funding requirement, especially equity capital for growth: AGEL has high capital requirement to fund growth, especially equity funds, given the planned capex of around Rs 40,000 – 45,000 crore over the next 2 years. The company had raised funds through promoter warrants of Rs. 7014 crores during Q1FY2026, out of which some proceeds were used to repay back promoters loans close to ~Rs. 4750 crores in Q1FY26. While the increasing operating cash flow of AGEL should be largely sufficient to meet its growing equity requirements for future capex as well as its debt servicing requirement, any shortfall should be timely met through advanced refinancing of term debt as well as fund raising activity, as and when needed and the same will remain a key monitorable.

 

Further, AGEL’s current external debt profile is dominated by foreign and domestic bonds/ loans with varying tenures, some of which have bullet maturities. Timely refinancing of bullet maturities, with the earliest material bullet of ~USD 230 million in March 2026, is expected, as the management plans of putting a refinance plan 6-12 months in advance.

 

  • Susceptibility to risks inherent in renewable energy generation: The plant load factor (PLF) for solar power projects is vulnerable to variability in climatic conditions and risks related to equipment and evacuation. Given that the cash flow of a solar power project is the most sensitive to PLF, these risks could severely impair the company’s debt-servicing ability and free cash flow.

Liquidity: Strong

Liquidity is supported by strong expected operating cash accruals of over Rs 11,000 – 12,000 crores for FY26-27 which should comfortably support debt servicing requirements (including interest and principal) of Rs 8000-9000 crore and with long term ADSCR levels of more than 1.3 times. Further, free cash and equivalents stood at Rs 5136 crore as on March 31, 2025, which also enhances the liquidity profile. Crisil Ratings understands that the company has capex plans of Rs 44000 crore, spread over the next 2 years, which will be funded through mix of debt and equity in the ratio of 75:25.

Outlook: Stable

AGEL will continue to benefit from its long-term PPA with multiple counterparties and short receivables cycle.

Rating sensitivity factors

Upward factors:

  • Sustained materially higher operating performance higher than Crisil Rating benchmarks (P90) of overall portfolio, resulting in materially higher than expected operating cash flows supporting lower than expected debt incidence for future capex
  • Faster-than-expected deleveraging resulting in significant improvement in average DSCR against Crisil Ratings sensitized projections

 

Downward factors:

  • Sustained lower-than-anticipated performance against the P-90 benchmarks or higher-than-expected debt-funded capex, adversely impacting DSCR in Crisil Rating estimates.
  • Sustained material stretches in debtor days from current levels (47 days as of March 2025) resulting in deterioration in liquidity profile.
  • Any adverse outcome in US DOJ related to the promoters, affecting the company’s ability or access to timely and cost-effective fund-raising activities

About the Company

AGEL is the renewable energy business arm of the Adani Group, one of India's largest business conglomerates. AGEL’s total operational capacity stood at ~15 GW as of March 25.

Key Financial Indicators

Particulars

Unit

2025

2024

Total Revenue

Rs crore

12422

10521

Profit after tax (PAT)

Rs crore

2215

1671

PAT margin

%

17.8

15.9

Adjusted debt/adjusted networth

Times

3.25

3.36

Interest coverage

Times

1.84

1.69

Any other information: Not applicable

Note on complexity levels of the rated instrument:
Crisil Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the Crisil Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name Of Instrument Date Of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs. Crore) Complexity Levels Rating Outstanding with Outlook
NA Fund-Based Facilities* NA NA NA 305.00 NA Crisil AA/Stable
NA Non-Fund Based Limit* NA NA NA 10535.00 NA Crisil AA/Stable
NA Proposed Long Term Bank Loan Facility* NA NA NA 40.00 NA Crisil AA/Stable
NA Proposed Long Term Bank Loan Facility* NA NA NA 2650.00 NA Crisil AA/Stable

* - Fund based Facility and Non-Fund Based Limits may be inter-changeable. Crisil Ratings has a rating of Crisil A1+ for short term facilities of Adani Green Energy Limited

Annexure – List of entities consolidated

Name of the Entity

Extent of Consolidation

Rationale for Consolidation

Adani Hybrid Energy Jaisalmer Four Limited (formerly known as RSEPL Hybrid Power One Limited)

Full

Significant operational and financial linkages; same business

RSEPL Renewable Energy One Limited

Full

Significant operational and financial linkages; same business

Adani Wind Energy Kutchh Two Limited (formerly known as Adani Renewable Energy (TN) Limited)

Full

Significant operational and financial linkages; same business

Adani Wind Energy Kutchh Six Limited (formerly known as Adani Renewable Energy (GJ) Limited)

Full

Significant operational and financial linkages; same business

Adani Hybrid Energy Jaisalmer One Limited (formerly known as Adani Green Energy Eighteen Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy Four Limited (formerly known as Adani Solar Energy Four Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy Chitrakoot One Limited (formerly known as Adani Wind Energy (TN) Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy AP Eight Private Limited (formerly known as SB Energy Seven Private Limited)

Full

Significant operational and financial linkages; same business

Adani Green Energy Eight Limited

Full

Significant operational and financial linkages; same business

Adani Solar Energy Jodhpur Two Limited (formerly known as Adani Green Energy Nineteen Limited)

Full

Significant operational and financial linkages; same business

Adani Hybrid Energy Jaisalmer Five Limited (formerly known as Adani Renewable Energy Holding Fourteen Limited)

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Two Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Three Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Four Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Ten Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Eleven Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Four Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Four A Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Four B Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Four C Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Five A Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Five B Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Five C Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Six Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Six A Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Six B Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Six C Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Seven Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Seven A Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Seven B Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Twenty Seven C Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Thirty One Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy Thirty Two Limited

Full

Significant operational and financial linkages; same business

Adani Wind Energy Kutchh Three Limited (formerly known as Adani Green Energy Three Limited)

Full

Significant operational and financial linkages; same business

Adani Wind Energy Kutchh Five Limited (formerly known as Adani Green Energy Five Limited)

Full

Significant operational and financial linkages; same business

Adani Green Energy Six Limited

Full

Significant operational and financial linkages; same business

Adani Hybrid Energy Jaisalmer Two Limited (formerly known as Adani Green Energy Seven Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy Kutchh One Limited (formerly known Adani Green Energy One Limited)

Full

Significant operational and financial linkages; same business

Adani Phuoc Minh Renewables Pte Limited

Full

Significant operational and financial linkages; same business

Adani Renewables Pte Limited

Full

Significant operational and financial linkages; same business

Adani Green Energy (Vietnam) Pte Limited

Full

Significant operational and financial linkages; same business

Adani Solar Energy AP One Limited

Full

Significant operational and financial linkages; same business

Adani Solar Energy AP Two Limited

Full

Significant operational and financial linkages; same business

Adani Solar Energy AP Three Limited

Full

Significant operational and financial linkages; same business

Adani Solar Energy AP Four Limited

Full

Significant operational and financial linkages; same business

Adani Solar Energy AP Five Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Seven Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Eight Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Fifteen Private Limited (formerly known as SBG Cleantech Energy Eight Private Limited)

Full

Significant operational and financial linkages; same business

Adani Phuoc Minh Solar Power Company Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Devco Private Limited (formerly Known as SB Energy Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy Jodhpur Three Limited (formerly Known as SB Energy One Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy AP Six Private Limited (formerly known as SBG Cleantech Projectco Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy Jodhpur Four Limited (formerly known as SB Energy Three Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy Jodhpur Five Limited (formerly known as SB Energy Four Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy KA Nine Private Limited (formerly known as SBG Cleantech Projectco Five Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy RJ One Private Limited (formerly known as SB Energy Six Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy AP Seven Private Limited (formerly known as SB Energy Solar Private Limited)

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Holding Nineteen Private Limited (formerly known as SBE Renewables Ten Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy Jaisalmer One Private Limited (formerly Known as SBE Renewables Ten Projects Private Limited)

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Sixteen Private Limited (formerly Known as SBE Renewables Eleven Private Limited)

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Twelve Private Limited (formerly Known as SBSS Cleanproject Twelve Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy Jaisalmer Two Private Limited (Formerly known as SBSR Power Cleantech Eleven Private Limited)

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Fourteen Private Limited (formerly Known as SBE Renewables Fourteen Private Limited)

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Holding Eighteen Limited (formerly Known as Adani Renewable Energy Holding Eighteen Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy Jodhpur Six Private Limited (formerly Known as SBE Renewables Twenty Four Projects Private Limited)

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Holding Sixteen Limited (formerly Known as Adani Renewable Energy Holding Sixteen Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy RJ Two Private Limited (formerly Known as SBE Renewables Sixteen Projects Private Limited)

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Holding Seventeen Limited (formerly Known as Adani Renewable Energy Holding Seventeen Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy Barmer One Private Limited (formerly Known as SBE Renewables Twenty Three Projects Private Limited)

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Eighteen Private Limited (formerly Known as SBE Renewables Eighteen Private Limited)

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Nineteen Private Limited (formerly Known as SBE Renewables Nineteen Private Limited)

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Twenty Private Limited (formerly Known as SBE Renewables Twenty Private Limited)

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Twenty One Private Limited (formerly Known as SBE Renewables Twenty One Private Limited)

Full

Significant operational and financial linkages; same business

Adani Wind Energy MP One Private Limited (formerly known as SBESS Services Projectco Two Private Limited)

Full

Significant operational and financial linkages; same business

Adani Cleantech Two Limited (formerly known as SBG Cleantech Two Limited)

Full

Significant operational and financial linkages; same business

Adani Cleantech Two Holdings Limited (formerly known as SBG Cleantech Two Holdings Limited)

Full

Significant operational and financial linkages; same business

Adani Five Limited (formerly known as SBE Five Limited)

Full

Significant operational and financial linkages; same business

Adani Five A Limited (formerly known as SBE Five A Limited)

Full

Significant operational and financial linkages; same business

Adani Six Limited (formerly known as SBE Six Limited)

Full

Significant operational and financial linkages; same business

Adani Six A Limited (formerly known as SBE Six A Limited)

Full

Significant operational and financial linkages; same business

Adani Seven Limited (formerly known as SBE Seven Limited)

Full

Significant operational and financial linkages; same business

Adani Seven A Limited (formerly known as SBE Seven A Limited)

Full

Significant operational and financial linkages; same business

Adani Nine Limited (formerly known as SBE Nine Limited)

Full

Significant operational and financial linkages; same business

Adani Nine A Limited (formerly known as SBE Nine A Limited)

Full

Significant operational and financial linkages; same business

Adani Thirteen Limited (formerly known as SBE Thirteen Limited)

Full

Significant operational and financial linkages; same business

Adani Thirteen A Limited (formerly known as SBE Thirteen A Limited)

Full

Significant operational and financial linkages; same business

Adani Fifteen Limited (formerly known as SBE Fifteen Limited)

Full

Significant operational and financial linkages; same business

Adani Fifteen A Limited (formerly known as SBE Fifteen A Limited)

Full

Significant operational and financial linkages; same business

Adani Seventeen Limited (formerly known as SBE Seventeen Limited)

Full

Significant operational and financial linkages; same business

Adani Seventeen A Limited (formerly known as SBE Seventeen A Limited)

Full

Significant operational and financial linkages; same business

Adani Wind India Limited (formerly known as SBE Wind India Limited)

Full

Significant operational and financial linkages; same business

Adani Wind One Limited (formerly known as SBE Wind One Limited)

Full

Significant operational and financial linkages; same business

Adani Energy Cleantech Two Holdings Limited (formerly known as SB Energy Cleantech Two Holdings Limited)

Full

Significant operational and financial linkages; same business

Adani Five A Holdings Limited (formerly known as SBE Five A Holdings Limited)

Full

Significant operational and financial linkages; same business

Adani Nine A Holdings Limited (formerly known as SBE Nine A Holdings Limited)

Full

Significant operational and financial linkages; same business

Adani Fifteen A Holdings Limited (formerly known as SBE Fifteen A Holdings Limited)

Full

Significant operational and financial linkages; same business

Adani Seventeen A Holdings Limited (formerly known as SBE Seventeen A Holdings Limited)

Full

Significant operational and financial linkages; same business

Adani Wind India Holdings Limited (formerly known as SBE Wind India Holdings Limited)

Full

Significant operational and financial linkages; same business

Adani Energy Two Holdings Limited (formerly known as SB Energy Two Holdings Limited)

Full

Significant operational and financial linkages; same business

Adani Five Holdings Limited (formerly known as SBE Five Holdings Limited)

Full

Significant operational and financial linkages; same business

Adani Nine Holdings Limited (formerly known as SBE Nine Holdings Limited)

Full

Significant operational and financial linkages; same business

Adani Fifteen Holdings Limited (formerly known as SBE Fifteen Holdings Limited)

Full

Significant operational and financial linkages; same business

Adani Seventeen Holdings Limited (formerly known as SBE Seventeen Holdings Limited)

Full

Significant operational and financial linkages; same business

Adani Energy Global Wind Holdings Limited (formerly known as SB Energy Global Wind Holdings Limited)

Full

Significant operational and financial linkages; same business

Adani Green Energy SL Limited

Full

Significant operational and financial linkages; same business

Vento Energy Infra Private Limited

Full

Significant operational and financial linkages; same business

Adani Solar Energy Jodhpur Seven Private Limited (Formerly Known as SBE Renewables Twenty Two C1 Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy Jodhpur Eight Private Limited (Formerly Known as SBE Renewables Twenty Two C2 Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy Jodhpur Nine Private Limited (Formerly Known as SBE Renewables Twenty Two C3 Private Limited)

Full

Significant operational and financial linkages; same business

Adani Solar Energy Jodhpur Ten Private Limited (Formerly Known as SBE Renewables Twenty Two C4 Private Limited)

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Thirty Five Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Thirty Seven Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Forty One Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Forty Two Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Forty Three Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Forty Nine Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Thirty Six Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Forty Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Forty Four Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Forty Seven Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Forty Eight Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Sixty Four Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Sixty Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Sixty Two Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Sixty Three Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Fifty Eight Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Sixty One Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Fifty Six Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Fifty Seven Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Fifty One Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Fifty Five Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Fifty Two Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Fifty Three Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Fifty Four Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy Fifty Nine Limited

Full

Significant operational and financial linkages; same business

Adani Renewable Energy One Limited

Full

Significant operational and financial linkages; same business

 

Annexure - Rating History for last 3 Years
  Current 2025 (History) 2024  2023  2022  Start of 2022
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 2995.0 Crisil AA/Stable   --   --   --   -- --
Non-Fund Based Facilities LT 10535.0 Crisil AA/Stable   --   --   --   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Fund-Based Facilities& 260 IndusInd Bank Limited Crisil AA/Stable
Fund-Based Facilities& 5 Axis Bank Limited Crisil AA/Stable
Fund-Based Facilities& 15 Kotak Mahindra Bank Limited Crisil AA/Stable
Fund-Based Facilities& 25 State Bank of India Crisil AA/Stable
Non-Fund Based Limit& 250 RBL Bank Limited Crisil AA/Stable
Non-Fund Based Limit& 250 Kotak Mahindra Bank Limited Crisil AA/Stable
Non-Fund Based Limit& 300 IDFC FIRST Bank Limited Crisil AA/Stable
Non-Fund Based Limit& 200 Bank of Baroda Crisil AA/Stable
Non-Fund Based Limit& 1000 IndusInd Bank Limited Crisil AA/Stable
Non-Fund Based Limit& 1495 Axis Bank Limited Crisil AA/Stable
Non-Fund Based Limit& 1750 YES Bank Limited Crisil AA/Stable
Non-Fund Based Limit& 1500 Bank Of India Limited Crisil AA/Stable
Non-Fund Based Limit& 2000 State Bank of India Crisil AA/Stable
Non-Fund Based Limit& 180 Mizuho Bank Limited Crisil AA/Stable
Non-Fund Based Limit& 60 SBM Bank (India) Limited Crisil AA/Stable
Non-Fund Based Limit& 1250 Union Bank Of India Limited Crisil AA/Stable
Non-Fund Based Limit& 300 HDFC Bank Limited Crisil AA/Stable
Proposed Long Term Bank Loan Facility& 2650 Not Applicable Crisil AA/Stable
Proposed Long Term Bank Loan Facility& 40 Not Applicable Crisil AA/Stable
& - Fund based Facility and Non-Fund Based Limits may be inter-changeable. Crisil Ratings has a rating of Crisil A1+ for short term facilities of Adani Green Energy Limited
 
Criteria Details
Links to related criteria
Basics of Ratings (including default recognition, assessing information adequacy)
Criteria for Infrastructure sectors (including approach for financial ratios)
Criteria for consolidation

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Divya Pillai
Media Relations
Crisil Limited
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Manish Kumar Gupta
Senior Director
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Ankit Hakhu
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MANSI MEHROTRA
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Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to Crisil Ratings. However, Crisil Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites and portals.


About Crisil Ratings Limited (A subsidiary of Crisil Limited, an S&P Global Company)

Crisil Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible/convertible/partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).

Crisil Ratings Limited ('Crisil Ratings') is a wholly-owned subsidiary of Crisil Limited ('Crisil'). Crisil Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").

For more information, visit www.crisilratings.com 

 



About Crisil Limited

Crisil is a leading, agile and innovative global analytics company driven by its mission of making markets function better. 

It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

For more information, visit www.crisil.com

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This disclaimer is part of and applies to each credit rating report and/or credit rating rationale ('report') provided by Crisil Ratings Limited ('Crisil Ratings'). For the avoidance of doubt, the term 'report' includes the information, ratings and other content forming part of the report. The report is intended for use only within the jurisdiction of India. This report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the report is to be construed as Crisil Ratings provision or intention to provide any services in jurisdictions where Crisil Ratings does not have the necessary licenses and/or registration to carry out its business activities. Access or use of this report does not create a client relationship between Crisil Ratings and the user.

The report is a statement of opinion as on the date it is expressed, and it is not intended to and does not constitute investment advice within meaning of any laws or regulations (including US laws and regulations). The report is not an offer to sell or an offer to purchase or subscribe to any investment in any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the report pertains. The recipients of the report should rely on their own judgment and take their own professional advice before acting on the report in any way.

Crisil Ratings and its associates do not act as a fiduciary. The report is based on the information believed to be reliable as of the date it is published, Crisil Ratings does not perform an audit or undertake due diligence or independent verification of any information it receives and/or relies on for preparation of the report. THE REPORT IS PROVIDED ON “AS IS” BASIS. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAWS, CRISIL RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON-INFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE. In no event shall Crisil Ratings, its associates, third-party providers, as well as their directors, officers, shareholders, employees or agents be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the report even if advised of the possibility of such damages.

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Crisil Ratings or its associates may have other commercial transactions with the entity to which the report pertains or its associates. Ratings are subject to revision or withdrawal at any time by Crisil Ratings. Crisil Ratings may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.

Crisil Ratings has in place a ratings code of conduct and policies for managing conflict of interest. For more detail, please refer to: https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html. Public ratings and analysis by Crisil Ratings, as are required to be disclosed under the Securities and Exchange Board of India regulations (and other applicable regulations, if any), are made available on its websites, www.crisilratings.com and https://www.ratingsanalytica.com (free of charge). Crisil Ratings shall not have the obligation to update the information in the Crisil Ratings report following its publication although Crisil Ratings may disseminate its opinion and/or analysis. Reports with more detail and additional information may be available for subscription at a fee.  Rating criteria by Crisil Ratings are available on the Crisil Ratings website, www.crisilratings.com. For the latest rating information on any company rated by Crisil Ratings, you may contact the Crisil Ratings desk at crisilratingdesk@crisil.com, or at (0091) 1800 267 3850.

Crisil Ratings shall have no liability, whatsoever, with respect to any copies, modifications, derivative works, compilations or extractions of any part of this [report/ work products], by any person, including by use of any generative artificial intelligence or other artificial intelligence and machine learning models, algorithms, software, or other tools. Crisil Ratings takes no responsibility for such unauthorized copies, modifications, derivative works, compilations or extractions of its [report/ work products] and shall not be held liable for any errors, omissions of inaccuracies in such copies, modifications, derivative works, compilations or extractions. Such acts will also be in breach of Crisil Ratings’ intellectual property rights or contrary to the laws of India and Crisil Ratings shall have the right to take appropriate actions, including legal actions against any such breach.

Crisil Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on Crisil Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisilratings.com/en/home/our-business/ratings/credit-ratings-scale.html