CRISIL reaffirmed the ratings for Adani Group’s renewable energy (RE) projects soon after GQG Partners invested $1.9 billion in some companies in the bailiwick.
Among the RE projects, the solar enterprises are in Andhra Pradesh, Karnataka, and Rajasthan, and wind power units are in Madhya Pradesh.
The rating action factors in satisfactory operating performance by the asset, backed by a strong counterparty risk profile, adequate liquidity, and low debt, the rating agency said in a statement.
Further, it has taken note of the recent raising of funds from US global equity boutique GQG Partners through equity stake sale.
On March 2, Adani Group said GQG Partners invested in Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission, and Adani Enterprises.
