Adani Green Energy (AGEL), India’s largest renewable energy developer, has received a credit rating upgrade from AA- to AA with a ‘Stable’ outlook by CareEdge Ratings.

The agency cited AGEL’s market leadership, execution capabilities, and strong operational and financial profile as key drivers of the upgrade.

As of June 30, 2025, AGEL had an operational portfolio of 15.8 GWAC, comprising 70 per cent solar, 13 per cent wind, and 17 per cent hybrid assets. The company is also developing another 15.1 GWAC over the next four to five years, including large-scale projects in Khavda, Gujarat, where 5.6 GWAC is already operational.

AGEL aims to scale up to 30 GWAC in Khavda alone, backed by long-term power purchase agreements (PPAs) covering 83 per cent of its operational capacity. Of this, 11.1 GWAC is tied with stronger counterparties such as central utilities, Gujarat utilities, and Adani Electricity Mumbai.

The rating also reflects support from TotalEnergies, which holds a 20 per cent stake in AGEL and 50 per cent in 4.5 GWAC joint ventures. Further, the Adani family infused Rs 9,350 crore, utilised for debt prepayment, loan repayments, and growth equity.

CareEdge noted that AGEL’s high plant availability, generation above design estimates, low collection period, and healthy liquidity position underpin the rating. The ‘Stable’ outlook reflects confidence in AGEL’s ability to scale capacity on schedule with strong long-term revenue visibility.

News source: The Free Press Journal