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Adani Green Energy Upgraded to ‘AA/Stable’ by CareEdge on Strong Growth & Leadership.                                                                                                                   

Adani Green Energy Limited (AGEL), India’s largest renewable energy developer, has received a credit rating upgrade from AA- to AA with a Stable outlook by CareEdge Ratings, reflecting its robust operational and financial performance. As of June 30, 2025, AGEL’s operational capacity stood at 15.8 GWAC, with 70% solar, 13% wind, and 17% hybrid projects. An additional 15.1 GWAC is under construction, including its massive Khavda project in Gujarat, where it operates 5.6 GWAC and plans to scale up to 30 GWAC. The upgrade factors in AGEL’s strong execution track record, reliable cash flows, and long-term revenue visibility, with 83% of its portfolio backed by 25-year power purchase agreements (PPAs). Support also comes from its strategic partnership with Total Energies and ₹9,350 crore equity infusion by the Adani family, which improved its capital structure and reduced debt. The outlook reflects confidence in AGEL’s ability to meet expansion timelines sustainably.