Ad green energy ltd, Solar energy company

Fitch Ratings has affirmed Ad Green Energy Ltd restricted group 2 (AGEL RG2) 362.5 million dollars senior secured partially amortising notes due in 2039 at BBB-minus.AGEL RG2 includes three subsidiaries of AGEL. The US dollar notes are issued in part by each of the three special purpose vehicles (SPVs) in the restricted group. The notes are stapled together to mimic the structure of a restricted pool, said Fitch.The issuers directly own operating assets and are not merely lenders to the operating entities, unlike other rated issuance from most of the Indian restricted groups. All covenants or triggers are on an aggregate basis.Each SPV guarantees the note obligations of the other two SPVs although the notes constitute each issuer's obligations only on a several basis.The rating reflects the credit profile of the restricted group of the three entities that operate solar generation assets across two states in India. The combined capacity is 570 megawatts.The underlying credit rating on the notes is 'bbb.' This underlying credit rating is underpinned by long-term fixed-price power purchase agreements (PPAs), commercially proven technology and experienced operations and maintenance contractors, and is weighed down by the entities' limited operating track record.Noteholders benefit from a standard security package and robust covenants restricting distributions. The debt instrument is partially amortising with limited refinancing risk at maturity. "We assume the notes will be refinanced at maturity with the refinancing debt to be amortised across the remaining PPA terms," said Fitch.It considers revenue from sovereign-backed Solar Energy Corporation of India (SECI) to which AGEL R2 contracts 61 per cent of its total capacity as fully contracted revenue and apply the fully contracted project threshold. SECI's credit quality does not constrain the rating as revenue exposure to SECI presents a systematic sector risk.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Pahalgam Terror Attack

Tahawwur Rana

IPL 2025

CM Devendra Fadnavis

Mumbai Local

Weather Update

Ad Green Energy Ltd, NewsFOLLOW

Ad green energy ltd, Latest News

Business :Adani SECOL commissions 50 MW solar power plant in UP

Adani Solar Energy Chitrakoot One Ltd (ASECOL), a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 50 megawatt solar power plant at Chitrakoot in Uttar Pradesh. ...

Business :Adani Green commissions 25 MW solar power plant in UP

Adani Solar Energy Chitrakoot One Ltd, a step-down subsidiary of Adani Green Energy Ltd (AGEL), said on Monday it has commissioned 25 megawatt solar power plant in Uttar Pradesh. ...

Business :Fitch affirms Adani Green Energy restricted group 2's notes at BBB-minus

Fitch Ratings has affirmed Adani Green Energy Ltd restricted group 2 (AGEL RG2) 362.5 million dollars senior secured partially amortising notes due in 2039 at BBB-minus. ...