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Adani Green Energy Limited’s SPO Provided by V.E

V.E, part of Moody’s ESG Solutions, has provided a Second Party Opinion (SPO) on Adani Green Energy Limited’s (AGEL) Green Financing Framework. The framework has been designed to govern the issuance of Green Financing Instruments (GFIs) to be issued by AGEL. The net proceeds of the GFIs will exclusively finance or refinance, in whole or in part, new or existing investments and/or acquisitions in three renewable energy eligible categories, namely: solar projects/assets, wind projects/assets and hybrid projects/assets.

V.E is of the opinion that this Framework is aligned with the four components of ICMA’s Green Bond Principles 2021 (“GBP”) and LMA’s Green Loan Principles 2021 (“GLP”). We express an advance assurance on the contribution of these GFIs to sustainability. The potential positive impact of the Eligible Projects/Assets on environmental objectives is considered to be advanced. AGEL’s identification and management of the environmental and social risks associated with the Eligible Projects/Assets are considered robust.

AGEL is a public company that is part of the Adani Group and is one of the largest renewable companies in India with a project portfolio of 13,990 MW across 11 Indian states. It develops, builds, owns, operates and maintains utility-scale grid connected solar and wind farm projects. In May 2021, AGEL announced that it will acquire 100% of SB Energy India.

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.

Click here to view V.E’s SPO on Adani Green Energy Limited.



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



For more information on this mission and V.E’s SPO services for Bonds and Loans:

Savannah Rowe
Communications Assistant

Benjamin Cliquet
Head of Sustainable Finance Business Development

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