Adani Green Energy Files Compliance Certificate for RG II Projects

Adani Green Energy Limited (AGEL) has submitted a compliance certificate for its RG II entities, including Adani Renewable Energy (RJ) Limited, Wardha Solar (Maharashtra) Limited, and Kodangal Solar P...

Adani Green Energy Limited (AGEL) has submitted a compliance certificate for its RG II entities, including Adani Renewable Energy (RJ) Limited, Wardha Solar (Maharashtra) Limited, and Kodangal Solar Parks Limited. This certificate pertains to the solar projects totaling 570 MW and covers the period ended September 30, 2025, in compliance with the Note Trust Deed dated October 15, 2019. The RG-II portfolio, comprising 200 MW from ARERJL, 350 MW from WSML, and 20 MW from KSPL, has demonstrated strong financial and operational performance. The Debt Service Coverage Ratio (DSCR) stood at 2.53x, FFO to Net Debt was 20.2%, and Project Life Cover Ratio (PLCR) was 2.00x for the trailing twelve months ended September 30, 2025. EBITDA from Sovereign Equivalent Counterparty was 72.54%, exceeding the stipulated 65%. Operationally, the RG-II portfolio consistently generated electricity above PPA commitments. For the period from October 2024 to September 2025, actual generation for the RG-II portfolio was 1,275 Million Units against a P90 target of 1,294 Million Units. Individual project performances also remained robust, with ARERJL showing particularly high generation against its PPA requirements. The company also provided an update on its ESG initiatives, highlighting emission avoidance, water positivity, and strong ESG ratings from global agencies like ISS ESG, FTSE Russell, and Sustainalytics. AGEL maintains a target of 50 GW renewable energy capacity by 2030.

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Adani Green Energy Limited (ADANIGREEN) is in the news due to the announcement is a routine compliance filing and does not contain significant positive or negative financial news or strategic developments that would alter the company's outlook.

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Adani Green Energy Files Compliance Certificate for RG II Projects

December 25, 2025, 10:30 AM

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Adani Green Energy Limited (AGEL) has submitted a compliance certificate for its RG II entities, including Adani Renewable Energy (RJ) Limited, Wardha Solar (Maharashtra) Limited, and Kodangal Solar Parks Limited. This certificate pertains to the solar projects totaling 570 MW and covers the period ended September 30, 2025, in compliance with the Note Trust Deed dated October 15, 2019.

The RG-II portfolio, comprising 200 MW from ARERJL, 350 MW from WSML, and 20 MW from KSPL, has demonstrated strong financial and operational performance. The Debt Service Coverage Ratio (DSCR) stood at 2.53x, FFO to Net Debt was 20.2%, and Project Life Cover Ratio (PLCR) was 2.00x for the trailing twelve months ended September 30, 2025. EBITDA from Sovereign Equivalent Counterparty was 72.54%, exceeding the stipulated 65%.

Operationally, the RG-II portfolio consistently generated electricity above PPA commitments. For the period from October 2024 to September 2025, actual generation for the RG-II portfolio was 1,275 Million Units against a P90 target of 1,294 Million Units. Individual project performances also remained robust, with ARERJL showing particularly high generation against its PPA requirements.

The company also provided an update on its ESG initiatives, highlighting emission avoidance, water positivity, and strong ESG ratings from global agencies like ISS ESG, FTSE Russell, and Sustainalytics. AGEL maintains a target of 50 GW renewable energy capacity by 2030.

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