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CareEdge Ratings on Monday upgraded Adani Green Energy Ltd (AGEL) from ‘AA-’ to ‘AA/Stable’ citing the company’s strong market leadership robust execution capabilities and healthy operational and financial profile. In its note on the company’s bank facilities CareEdge highlighted that as of June 30 AGEL had an operational portfolio of 15.8 GWAC comprising 70% solar 13% wind and 17% hybrid assets. The company also has an under-construction pipeline of 15.1 GWAC which is planned for development over the next 4–5 years the agency added. CareEdge Upgrades Adani Green Energy Rating AGEL’s proven execution ability is reflected in its rapid expansion in recent years and its success in implementing projects in challenging locations such as Khavda Gujarat where it currently operates 5.6 GWAC. Looking ahead the company has outlined a long-term plan to build a cumulative 30 GWAC capacity in Khavda. Operational performance remained robust supported by high plant and grid availability generation exceeding design estimates and a low collection period CareEdge Ratings said. These factors have translated into strong cash flows healthy coverage indicators and a comfortable liquidity position it added.  The rating is also supported due to the presence of long-term (25-year) power purchase agreements (PPA) with central and state counter parties for 83 per cent of the operational portfolio which provides long-term revenue certainty it pointed out.  Why CARE Ratings Upgraded Adani Green Ratings? CARE Ratings Limited (CareEdge Ratings) also factors in improvement in capital structure post conversion of warrants across tranches in FY25 and Q1 FY26.  The Adani family has infused Rs 9350 crore which has been utilised for the prepayment of holding company debt partial repayment of related-party loans and the remaining is earmarked for growth equity. The agency also mentioned the ongoing criminal indictment and civil complaint filed against the company’s board members by the US Department of Justice (US DOJ) and by the Securities and Exchange Commission (US SEC).  Adverse rulings against them could have negative implications on the AGEL’s financial flexibility particularly its ability to raise debt and equity in domestic and international markets and consequently affect the group’s capex plans it stated.  CareEdge Ratings continues to monitor the situation and would take appropriate steps based on events unfolding in the future it noted. Highlights CareEdge Ratings On Adani Group CareEdge Ratings upgrades Adani Green Energy Ratings CareEdge Ratings outlook on Adani Group Adani Green ratings by CareEdge Ratings The Stable outlook on the long-term rating of AGEL reflects CareEdge Ratings’ opinion that the company will be able to scale up its operating portfolio by commissioning underlying projects within scheduled timelines.  (With Inputs From PTI)