Moody's Assigns Baa3 Rating to Adani Green Energy's $1.2B Notes

Moody's has assigned a Baa3 rating to the $1.2 billion senior secured notes of Adani Green Energy Hybrid Restricted Group. This newly created group consists of four subsidiaries under Adani Green Energy Ltd. The notes aim to refinance existing debt, backed by stable revenue streams from energy projects.

Moody's has announced a Baa3 rating for the $1.2 billion senior secured notes issued by Adani Green Energy Hybrid Restricted Group. This restricted group is a new structure created within Adani Green Energy Ltd, comprised of four indirect subsidiaries.

The subsidiaries include Adani Hybrid Energy Jaisalmer One Limited, Adani Hybrid Energy Jaisalmer Two Limited, Adani Hybrid Energy Jaisalmer Four Limited, and Adani Solar Energy Jaisalmer One Private Limited. Each will be responsible for a portion of the notes, which are fully backed and will serve to refinance existing debts amounting to $1.3 billion.

The notes are rated Baa3 due to the strong credit profile of RG-3's restricted subsidiaries, bolstered by stable revenues from long-term power purchase agreements with government-linked utilities. This includes engagement with Adani Electricity Mumbai Limited, which also holds a Baa3, stable rating.

(With inputs from agencies.)