Adani Green Energy Limited — Important, 24-12-2024: Updates

Adani Green Energy (AGEL) has successfully refinanced its USD 500 million notes due in December 2024 with a new 18-year bond, benefiting from an amortizing structure over the power purchase agreement (PPA) life. The RG-1 portfolio, consisting of 930 MW capacity from three entities, achieved an impressive Debt Service Coverage Ratio (DSCR) of 1.95 and maintains a stable credit rating with CRISIL and Indian Ratings at AA+ (Stable).

Operationally, AGEL expanded its renewable capacity to approximately 11,184 MW, a 34% increase year-over-year. The company continues its strong cash flow management, with 13.90% Funds From Operations (FFO) to Net Debt ratio. ESG efforts remain robust; AGEL prevented a significant 17.42 million tons of CO2 emissions and achieved water neutrality for projects over 200 MW. Investors should note AGEL's positive outlook driven by operational performance and strategic growth, but monitoring governance risks is essential.