Adani Green Energy Limited (AGEL) has announced the successful commissioning of a 125 MW solar power project in Khavda, Gujarat, marking a significant milestone in its renewable energy portfolio expansion. This latest addition has propelled the company's total operational renewable generation capacity to 15,990.50 MW.

Project Details

The new solar power project, developed by Adani Renewable Energy Fifty Six Limited, a subsidiary of AGEL, was operationalized on September 1, 2025. The company made the decision to commence operations at 1:40 PM on the same day, following the receipt of necessary clearances.

Expanding Renewable Footprint

This commissioning is part of AGEL's ongoing efforts to strengthen its position in the renewable energy sector. The Khavda project adds to the company's growing list of operational assets, contributing to India's clean energy goals.

Regulatory Compliance

In adherence to regulatory requirements, Adani Green Energy Limited promptly informed the BSE Limited and the National Stock Exchange of India Limited about the project's operationalization. This transparency aligns with the company's commitment to keeping stakeholders informed about significant developments.

Company Overview

Adani Green Energy Limited, headquartered in Ahmedabad, Gujarat, continues to be at the forefront of India's renewable energy transition. With its corporate office located at Adani Corporate House, Shantigram, the company has been rapidly expanding its green energy portfolio.

The commissioning of this 125 MW solar project in Khavda not only enhances AGEL's operational capacity but also reinforces its commitment to sustainable energy solutions. As the renewable energy sector in India continues to grow, Adani Green Energy's latest achievement marks another step towards a cleaner, greener future.

Adani Green Energy , a leading player in India's renewable energy sector, has received a significant boost to its credit rating. CareEdge Ratings has upgraded the company's rating to 'AA/Stable' from 'AA-', reflecting the firm's robust market position and operational strengths.

Factors Driving the Upgrade

The rating upgrade is attributed to several key factors:

1. Market Leadership: Adani Green Energy has established itself as a frontrunner in the renewable energy sector.
2. Execution Capabilities: The company has demonstrated strong project execution skills.
3. Operational Excellence: A robust operational profile has contributed to the positive rating action.

Operational Capacity and Future Plans

Adani Green Energy currently operates a substantial renewable energy portfolio:

• Total Operational Capacity: 15.80 GWAC
• Portfolio Mix:
  • Solar: 70%
  • Wind: 13%
  • Hybrid: 17%

The company has ambitious expansion plans, with 15.10 GWAC of capacity under construction, expected to be completed over the next 4-5 years. Looking further ahead, Adani Green Energy has set a target of achieving 50.00 GWAC operational capacity by 2030.

Strong Operational Performance

CareEdge Ratings highlighted several aspects of Adani Green Energy's performance that contributed to the upgrade:

• High plant availability
• Strong cash flows
• 83% of the operational portfolio backed by 25-year power purchase agreements (PPAs)

These factors collectively indicate a stable and predictable revenue stream for the company.

Financial Strengthening

The Adani family has shown strong support for the company's growth and financial health:

• Capital Infusion: Rs 9,350.00 crore
• Purpose: Debt prepayment and growth equity

This significant infusion of funds demonstrates the promoter's commitment to the company and has helped improve its financial flexibility.

Challenges and Concerns

Despite the positive rating action, CareEdge Ratings noted some potential challenges:

• Ongoing US Department of Justice (DOJ) criminal indictment
• Securities and Exchange Commission (SEC) civil complaint against board members

These legal issues could potentially impact the company's:

• Financial flexibility
• Fundraising ability

Conclusion

The upgrade of Adani Green Energy's credit rating to 'AA/Stable' reflects the company's strong market position, operational excellence, and ambitious growth plans in the renewable energy sector. While the rating agency has acknowledged the company's strengths, it has also highlighted ongoing legal challenges that investors and stakeholders should monitor. As Adani Green Energy continues its expansion towards its 2030 target, the renewable energy market will be watching closely to see how the company navigates both its opportunities and challenges.