Moody's assigns Ba3 rating to Adani Green Energy's USD senior secured notes

Outlook is stable. AGEL will primarily use the proceeds to on-lend to its direct and indirect subsidiaries so they can fund the development of utility-scale renewable power projects

Moody's Investors Service has assigned a Ba3 rating to the proposed USD senior secured notes to be issued by Adani Green Energy Limited (AGEL).

The outlook is stable. AGEL will primarily use the proceeds from the USD notes to on-lend to its direct and indirect subsidiaries for them to fund the development of utility-scale renewable power projects, said the agency.

The stable rating outlook reflects Moody's expectation of AGEL's stable cash flows from long-term PPAs over the next few years and delivery of new projects.

Holders of the USD notes will benefit from security with a first-ranking charge over the amounts distributed from