Adani Green Energy Limited has informed the Exchange regarding 'Compliance Certificate and Financials for the period ended March 31, 2025 for RG-1 entities'.
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Adani Green Energy submitted a compliance certificate for its RG-1 group, which comprises three solar project subsidiaries — Parampujya Solar Energy (420 MW), Prayatna Developers (220 MW), and Adani Green Energy UP (290 MW) — totalling 930 MW, linked to a US$409 million 6.70% Senior Secured Notes Due 2042. All financial covenants were comfortably met as of March 31, 2025: Debt Service Coverage Ratio of 2.18x (vs 1.55x required), FFO/Net Debt at 18.89% (vs 6% required), Project Life Cover Ratio of 1.82x (vs 1.6x required), and 61% EBITDA from sovereign counterparties (vs 55% required). The group reported total operating EBITDA of INR 10,780 million for FY25, with NTPC/SECI contributing 61% (INR 6,531 million). Power generation reached 113% of PPA requirements, and cash available for distribution stood at INR 2,475 million (about US$29 million). Receivables remained healthy with most collections within 60 days. Ratings include Ba1 (Moody's), BBB- (Fitch), and AA+ (CRISIL/India Ratings). The company noted it is on track to complete remaining security creation by March 31, 2026.
This filing is a routine bond compliance report confirming all debt covenants for the RG-1 solar portfolio are comfortably met, which is positive for bondholders but largely neutral for equity shareholders. The strong DSCR and revenue collection indicate the underlying solar assets are performing well financially.