New Delhi:
2 Restricted Group (RG) Bonds of Adani Green Energy Ltd. have been upgraded by American Investment Bank JP Morgan. In a note released on Wednesday, the bank said that it seems to be ‘green shoots’ ie positive signals in Adani Green. These upgrade, Adani Renewable Energy RJ Limited has been done for 2042 matroids in 2039 and Adaani Green Energy has been matured in 2042. Earlier, both these bonds were given ‘neutral’ ratings.
Told both Bonds attractive
JP Morgan has described these bonds as’ attractive ‘in the Indian renewable sector and has given more priority to Adgreg, which is trading up about ’30 basis points’ than ARANRJ. The bank said, “We believe that both these two RG bonds of Adani Green have the best operating and financial matrix in the renewable energy bonds.”
JP Morgan expressed confidence in these bonds and said that these are in ‘Ring-fencing structure’ separate from other units of Adani Green. Also, Total Energyz has a 50% stake in them. In addition, it can be considered the right structure for the Indian renewable sector due to the long -term maturity.
Focus on many positive points
JP Morgan has also highlighted some of the recent positive steps of Adani Green, including re-finnings of $ 1.06 billion (about Rs 9,261 crore) of consumption facility, which was payable in March 2025. This convention facility was taken for hybrid solar-wind projects in Rajasthan in 2021. The duration of new funding has been kept 19 years, which has a thorough AMartizing date structure.
According to Bloomberg report, the government corporation, Power Finance Corporation may be the major lender in this re-financeing. JP Morgan said that this new funding has received AA+/stable rating from three domestic rating agencies. ‘Interest rate for new funding is stated to be around 8.9%, which shows that Adani Group and Adani Green are getting support from domestic lenders and support for project-level loans.
Outlook upgradation is also mentioned
In addition, the note also mentioned a change in the outlook of Long-Term Bank Funding of Adani Green Restricted Group 1 and the outlook of non-convertible debentures in the note. Last month, Crisil increased it from ‘stable’ to ‘positive’ and gave it a ‘Crisil AA+’ rating.
In the note issued on February 5, Crisil said that the plant load factor of Adani Green Restricted Group (P90) was better during 2024, which is expected to increase better performance and increase in debt.
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