Japan Credit Rating Agency (JCR), Japan’s leading rating agency, has assigned Adani Green Energy Ltd (AGEL) a long-term foreign currency credit rating of BBB+ with a Stable outlook, at par with India’s sovereign credit rating of BBB+.
JCR cited the company’s high-quality long-term power purchase agreements (PPAs) and robust operational capabilities, which deliver stable cash flows. AGEL reached over 16.7 GW of operational capacity as of Sep. 2025, from just 2.5 GW in FY20. EBITDA grew from INR 1,855 crore in FY20 to INR 10,532 crore in FY25 and INR 6,324 crore in H1 FY26. Improved equity levels, diversified global funding access, and extended 9.4-year average debt maturity position AGEL to sustain its ambitious growth pipeline while maintaining financial stability.
Adani Green Energy Ltd develops, owns, and operates utility scale grid-connected solar, wind, hybrid and energy storage solutions. Currently, it has an operating renewable portfolio of over 17.3 GW, the largest in India, spread across 12 states. The company has set a target of achieving 50 GW by 2030 aligned to India’s decarbonization goals. It is developing the world’s largest renewable energy plant (30 GW) on barren land at Khavda, Gujarat, covering 538 square kilometers—an area five times larger than Paris. AGEL’s operating portfolio is certified ‘water positive’, ‘single-use plastic free’ and ‘zero waste-to-landfill.’
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.