Fitch Ratings has assigned Adani Green Energy Ltd Restricted Group 1’s proposed $409 million senior secured notes due 2042 an expected rating of ‘BBB-(EXP)’ with a stable outlook. These U.S. dollar-denominated bonds will have a door-to-door tenor of 18 years and weighted average life of 12.7 years.
AGEL RG1 consists of Adani Green Energy (UP) Ltd, Parampujya Solar Energy Pvt Ltd and Prayatna Developer Pvt Ltd, which operate a cumulative 930 MW of solar generation assets across India. It intends to use the gross proceeds of the offering to refinance the US$500 million 6.25% Senior Secured Notes due 2024 which were issued on June. 10, 2019.
Fitch Ratings stated that the expected rating reflects the post-refinancing credit profile of AGEL RG1. The expected rating is underpinned by long-term fixed-price power purchase agreements (PPAs), commercially proven technology with a pure solar portfolio, experienced operations and maintenance (O&M) contractors, adequate financial profile and fully amortising debt structure eliminating the refinancing risk. Noteholders benefit from a standard security package and robust covenants restricting distributions.
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.