Adani Power Limited has received positive credit rating actions from ICRA Ratings, with the agency assigning and reaffirming ICRA AA; Stable ratings across the company's debt facilities totaling ₹69,000 crore. The rating actions demonstrate confidence in the power generation company's financial strength and operational capabilities.

Rating Assignment and Reaffirmation Details

ICRA Ratings assigned ICRA AA; Stable credit rating to Adani Power's additional term loan facilities while reaffirming the same rating on existing bank facilities and proposed debt instruments. The comprehensive rating coverage spans multiple facility types:

Rating Rationale and Company Strengths

The ICRA AA; Stable rating reflects several key strengths of Adani Power's business model and operational performance. The rating agency highlighted the company's market leadership position with a diversified asset and customer profile as a fundamental strength.

Strong revenue visibility arising from a high degree of capacity tie-ups provides the company with predictable cash flows. The rating also recognizes Adani Power's healthy operating efficiency and various competitive advantages that distinguish it in the power generation sector.

Additional factors supporting the rating include the company's strong project execution capabilities and robust balance sheet, which provide financial flexibility and operational resilience.

Regulatory Compliance and Disclosure

Adani Power disclosed the rating actions in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has updated this information on its official website at www.adanipower.com to ensure transparency with stakeholders and investors.

The rating affirmation and assignment cover both existing and new debt facilities, providing Adani Power with enhanced financial flexibility to support its operations and growth initiatives across its power generation portfolio.

Adani Power Limited has announced a significant milestone for its subsidiary operations in Tamil Nadu, with Moxie Power Generation Ltd. (MPGL) securing a major power supply contract. The development strengthens the company's position as India's largest private power producer with a generation capacity of 18.15 GW.

Contract Details and Competitive Positioning

Moxie Power Generation Ltd. has received a Letter of Award from Tamil Nadu Power Distribution Corporation Limited (TNPDCL) for a substantial power supply agreement. The contract specifications demonstrate the company's competitive market position:

The subsidiary emerged as the lowest bidder in what was described as a tightly contested bidding process, securing the contract with its competitive tariff offering.

Plant Operations and Capacity Utilization

Moxie Power operates a significant thermal power facility in Tuticorin, Tamil Nadu, with a total installed capacity of 1,200 MW comprising two units of 600 MW each. With this new agreement, both units of the Tuticorin plant now have secured power supply agreements, ensuring full capacity utilization under contracted arrangements.

This development brings Adani Power's contracted capacity to over 95% of its total operating capacity through medium to long-term contracts. The company has stated its objective to achieve almost 100% Power Purchase Agreement (PPA) tie-up for all operational and under-commissioning plants in the coming years.

Strategic Benefits and Market Impact

The power supply agreement provides multiple strategic advantages for Adani Power's business operations. The long-term contract structure offers significant revenue visibility and reduces exposure to short-term market volatility. This contracted approach aligns with the company's strategy of securing stable, long-term revenue streams.

For Tamil Nadu's power sector, the agreement is expected to provide 558 MW of additional reliable power supply, contributing to grid stability and supporting uninterrupted electricity supply across residential, commercial, and industrial segments. The competitive tariff structure aims to deliver affordable and dependable energy to consumers in the state.

Company Profile and Operations

Adani Power Limited operates as India's largest private thermal power producer with an installed thermal power capacity of 18,110 MW. The company's generation assets are strategically distributed across twelve power plants located in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu. Additionally, the company operates a 40 MW solar power plant in Gujarat, diversifying its generation portfolio beyond thermal power.