Credit rating agency, CARE has assigned ‘BBB’ rating to Adani Power’s Long-term Bank Facilities worth Rs 20,218.33 crore and BBB/ A3 to Long-term / Short-term Bank Facilities worth Rs 4,359.60 crore.
The ratings derive strength from the strong parentage of APL being part of the Adani group, demonstrated financial support from parent company (AEL, rated A+ / A1+), Adani group’s diversified presence in various sectors predominantly in energy businesses, prior experience of the group in executing and operating super-critical coalbased thermal power plants, substantially large power generation capacity in operation, long-term Power Purchase Agreements (PPAs) for off-take of majority of power in place and Fuel Supply Agreement in place for part of the capacity.
The company is engaged in the business of generation, accumulation, distribution and supply of power and to generally deal in electricity and to explore, develop, generate, accumulate, supply and distribute or to deal in other forms of energy from any source whatsoever.
