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Adani Electricity Mumbai Limited SPO Provided by V.E

V.E, part of Moody’s ESG Solutions, has provided a Second Party Opinion (SPO) on the Adani Electricity Mumbai Limited (AEML) Sustainability-Linked Bond (SLB), to be issued in compliance with its Sustainability-Linked Bond Framework.

AEML’s SLB is linked to two Key Performance Indicators (KPIs) and their associated Sustainability Performance Targets (SPTs):


  • KPI 1: Increase renewable power mix in the overall power purchase mix
    • SPT 1: Attain at least 60% of renewable power procurement mix by end of FY2027
  • KPI 2: Reduction in GHG Emission Intensity (Scope 1 and 2)
    • SPT 2: Reduce GHG Emission Intensity (Scope 1 and 2) by 60% by end of FY2029, compared with FY2019

The two KPIs are likely to contribute to Sustainable Development Goals (SDGs) 7 (Affordable and Clean Energy) and 13 (Climate Action).

V.E is of the opinion that AEML’s Sustainability-Linked Bond is aligned with the core components of the ICMA’s Sustainability-Linked Bond Principles (June 2020). We express an advanced assurance on the relevance of the KPIs and a robust assurance on the targets’ ambition.

Adani Electricity Mumbai Limited (AEML) owns and operates Adani Transmission Limited’s integrated utility business in Mumbai, which ATL acquired from Reliance Infrastructure in August 2018. AEML’s integrated utility business includes power generation, distribution and transmission networks, as well as an electricity retail business. All of AEML’s businesses are regulated by Maharashtra Electricity Regulatory Commission (MERC), the state regulator for the power industry in the state of Maharashtra on an aggregate revenue requirement (ARR) basis.

V.E has produced more than 370 second-party opinions on sustainable financing operations in Europe, Africa, Americas and Asia. We are a Climate Bonds Standard Approved Verifier.


Find our full SPO on Adani Electricity Mumbai Limited’s Sustainability-Linked Bond here and by PDF download below.



Moody’s ESG Solutions Group is a business unit of Moody’s Corporation serving the growing global demand for ESG and climate insights. The group leverages Moody’s data and expertise across ESG, climate risk, and sustainable finance, and aligns with Moody’s Investors Service (MIS) and Moody’s Analytics (MA) to deliver a comprehensive, integrated suite of ESG and climate risk solutions including ESG scores, analytics, Sustainability Ratings and Sustainable Finance Reviewer/certifier services.

For more information visit Moody’s ESG hub at



Moody’s ESG Solutions:

Lisa Stanton
MD-Global Sales Lead/ESG
+1 (415) 874-6000

Media inquiries:

Tim Whatmough
+33 (153) 303-385

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