Adani Green Energy Limited has informed the Exchange regarding 'Compliance Certificate And Financials For The Period Ended March 31, 2025 For RG-2 Entities'.
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Adani Green Energy submitted a compliance certificate for its RG-2 group of solar entities totaling 570 MW — Wardha Solar (350 MW), Adani Renewable Energy RJ (200 MW), and Kodangal Solar Parks (20 MW) — tied to USD 362.5 million of 4.625% Senior Secured Notes due 2039. The portfolio comfortably exceeded all loan covenants: Debt Service Coverage Ratio of 2.61x (vs 1.55x required), FFO/Net Debt of 19.01% (vs 6%), Project Life Cover Ratio of 1.95x (vs 1.6), and 72% of EBITDA from sovereign-rated off-takers (vs 65% required). Total RG-2 EBITDA came in at INR 6,241 million, beating the projected INR 4,644 million, with actual solar generation meeting or exceeding P90 targets. Fitch rates the notes BBB- (Stable). The certificate confirms no event of default and lists INR 1,196 million available for distribution after earmarking reserves for debt service, capex, and O&M. Receivables of INR 595 million were all current (within 60 days).
This is a routine, bondholder-directed compliance certificate (the company explicitly notes it is voluntary and not a SEBI Regulation 30 intimation), so the market impact is minimal. However, the strong outperformance of all financial covenants, beating projected EBITDA by roughly 34%, and Fitch's BBB- Stable rating signal robust debt-servicing capacity for the RG-2 solar SPVs.