Adani Power has announced significant expansion plans as the company anticipates favorable market conditions in the power sector. The energy company expects high power demand and improved merchant prices next year, setting the stage for substantial capacity additions.

Capacity Expansion Strategy

The company has outlined an ambitious growth roadmap spanning the next 6 to 7 years. Adani Power's expansion plans are structured as follows:

Market Outlook

Adani Power's expansion strategy is underpinned by positive market expectations. The company anticipates high power demand in the upcoming period, which would support capacity utilization across its portfolio. Additionally, the expectation of improved merchant prices next year suggests a more favorable pricing environment for power generators.

The substantial capacity addition of 24 gigawatts represents a significant scaling up of operations, positioning the company to capitalize on the expected growth in power demand. This expansion would bring the company's total generation capacity to 42 gigawatts by FY31-32, marking a considerable increase from current levels.

Adani Power Limited has completed the allotment of secured non-convertible debentures worth ₹7,500 crore through private placement, marking a significant fundraising milestone for the power generation company. The management committee of the Board approved the allotment on January 27, 2026, following the initial authorization by the Board of Directors on January 29, 2025.

Debenture Structure and Series Details

The company allotted 7,50,000 secured, listed, rated, taxable, non-cumulative, redeemable non-convertible debentures, each bearing a face value of ₹1,00,000. The debentures are structured across four distinct series with varying tenors and coupon rates:

The debentures will pay interest quarterly from the date of allotment until maturity, with principal repayment scheduled on the respective maturity dates for each series.

Credit Rating and Security Features

Both CRISIL Ratings Limited and India Ratings & Research Private Limited have assigned an "AA (Stable)" rating to the debentures, reflecting strong creditworthiness. The debentures are secured by comprehensive charges over the company's assets, including:

• First ranking pari passu charge by way of hypothecation over all movable fixed assets, including plant and equipment, furniture, fixtures, and vehicles
• First ranking pari passu charge on current assets including trust and retention accounts, inventory, and trade receivables
• First ranking pari passu charge on insurance proceeds
• First ranking pari passu charge through mortgage on identified land parcels

Listing and Compliance

The debentures will be listed on BSE Limited, with the listing application to be filed within three working days from the issue closing date. In accordance with SEBI regulations, any delay in listing beyond this timeframe will result in the company paying an additional 1% per annum over the coupon rate to debenture holders for the delay period.

Redemption Terms

Each debenture will be redeemed at its face value of ₹1,00,000 on the respective maturity dates as per the debenture trust deed. The company has committed to paying additional interest over the agreed coupon rate in case of any delays in listing, dematerialized credit, execution of debenture trust deed, or payment obligations beyond prescribed statutory timelines.