Apart from the ongoing Greenfield projects, AGEL has also signed a securities purchase agreement for acquisition of 205MW operating solar assets of Essel Green Energy Private and Essel Infraprojects. The total acquisition cost is Rs 1,300 crore with a debt of Rs 940 crore, which AGEL would refinance.
Earlier this month, rating agency India Ratings and Research (Ind-Ra) had affirmed AGEL’s long-term issuer rating at ‘IND A’ with a stable outlook.
"Higher-than-expected operational performance of the specil purpose vehicles (SPVs), availability of strong liquidity buffers leading to consolidated interest coverage ratio above 2.0 times on a sustained basis, and reduction in ratio of under construction assets to operational assets would be positive for the ratings," Ind-Ra said in rating rational.
On November 4, Adani Green said that Vistra had released 215 million equity shares of the company in capacity as a security trustee for term loan facility availed by the company.