ACME Solar Holdings through its subsidiary, ACME Urja One, has signed a 25-year Power Purchase Agreement (PPA) with NHPC, a AAA-rated Central Government enterprise, on 29 January 2026 for its 250 MW Firm and Dispatchable Renewable Energy (FDRE) Tranche VI Project. The project will be connected to ISTS substations, for which connectivity approvals are already in place. The current PPA has been signed with a minimum annual Capacity Utilisation Factor (CUF) of 40 per cent and an obligation to meet 90% of peak power requirement for 4 hours daily on monthly basis.
ACME Solar will establish this FDRE project at a capex investment of approximately Rs 3,700 crore. It is fast-tracking the project's construction and has already acquired nearly 40 per cent of the land requirement. The expected CUF of this project is more than 60 per cent. Following this PPA, ACME Solar's total PPA-signed portfolio now stands at 5,630 MW, complemented by a firm pipeline of 2140 MW, where LOAs have been awarded or are currently awaited.
Japan Credit Rating Agency (JCR), Japan's leading rating agency has initiated ratings of three Adani Portfolio companies— Adani Ports & Special Economic Zone (APSEZ), Adani Green Energy (AGEL) and Adani Energy Solutions (AESL), assigning long-term foreign currency credit ratings with a Stable outlook to all three group companies.
This is a significant milestone in the Group's global credit journey and reinforces its underlying credit strength. JCR has assigned Adani Ports & Special Economic Zone (APSEZ) a A- (Stable) rating, representing a rare breach of the sovereign threshold by an Indian corporate by an international rating agency.
Adani Green Energy (AGEL) and Adani Energy Solutions (AESL) have each been rated BBB+ (Stable). These ratings are at par with India's sovereign rating of BBB+.
APSEZ's strong rating underlines its strong credit profile, diversified asset base, and resilient cash flow generation, and places it among a select group of Indian infrastructure companies to achieve an above-sovereign rating from a leading international rating agency.
The ratings also mark one of the first instances of Indian infrastructure platforms being assessed by JCR at these levels, highlighting the Adani Group's growing engagement with global rating agencies and its increasing alignment with international credit benchmarks.
Jugeshinder Singh, Group CFO, Adani Group, said, “These landmark ratings reflect the Adani Group's commitment to disciplined financial management, strengthening balance sheet fundamentals, and world-class execution across our diversified infrastructure platform. They reaffirm the depth and resilience of our business model and reflect the confidence global lenders, institutional investors, and capital markets place in our long-term strategy. This endorsement further strengthens our position as a leading partner in India's infrastructure buildout and reinforces our commitment to delivering sustainable, high-quality growth.”