RATING RATIONALE
26Aug2022

Adani Power Rajasthan Ltd.

Brickwork Ratings withdraws the long term ratings for the Bank Loan Facilities of Rs. 205.00 Crs. of Adani Power Rajasthan Ltd.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(12 Apr 2022)
Present
Non Fund Based 205.00 0.00 Long Term BWR A-/Credit Watch with Developing Implications
Reaffirmation
Withdrawal
Grand Total 205.00 0.00 (Rupees Zero Crores Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure

RATING ACTION / OUTLOOK

Brickwork Ratings (BWR) has withdrawn the bank loan rating based on the withdrawal request of Adani Power Rajasthan Ltd and No Dues Certificate (NDC) from the lender Yes bank. Hence, in accordance with extant regulatory guidelines and the BWR Withdrawal Policy, the rating of BWR A-/Credit watch with deveploping implications for the bank loan facilities of Rs. 205 Crs. of the company is withdrawn with immediate effect. 

ABOUT THE ENTITY

Adani Power Rajasthan Limited (APRL), incorporated on 25 January 2008, is a 100% subsidiary of Adani Power Limited, a publicly listed company in India. The company operates a coal-based 1320 MW (2*660 MW) Supercritical Thermal Power Project at Kawai Village, Baran District in Rajasthan. Unit-I and Unit-II have been operational since 31 May 2013 and 31 December 2013 respectively. The entire project was developed at a total cost of Rs. 8773 Crs (Rs. 6.65 Crs/MW), funded by debt and equity in the ratio of 70:30. The company has received coal linkages under SHAKTI from SECL and NCL with a combined capacity of 4.12 MMTPA. The balance requirement is met through the inter-party transfer from APMuL or e-auctioned coal. APRL has a long-term PPA with RRVUNL. The PPA is for a net capacity (net of auxiliary consumption) of 1200 MW.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

-NA-

ANY OTHER INFORMATION

-NA-

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2022) 2022 (History) 2021 2020 2019
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
Non Fund Based LT 0.00
Withdrawal
12Apr2022
BWR A-Credit Watch with Developing Implications
(Reaffirmation)
22Apr2021
BWR A-Stable
(Reaffirmation)
21Mar2020
BWR A-Stable
(Assignment)
NA
NA
Non Fund Based ST 0.00
NA
NA
NA
NA
NA
21Mar2020
BWR A2+
(Assignment)
NA
NA
Grand Total 0.00 (Rupees Zero Crores Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - NA

BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

Hyperlink/Reference to applicable Criteria
Analytical Contacts

Banipreet Kaur

Ratings Analyst banipreet.k@brickworkratings.com

Vipula Sharma

Director - Ratings Board : +91 80 4040 9940 vipula.s@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Adani Power Rajasthan Ltd.
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.)
1 Yes Bank Bank GuaranteeSanctioned _ _ 0.00
Total 0.00 0.00 0.00
TOTAL (Rupees Zero Crores Only)
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