New Delhi: ICRA, India’s largest independent investment and credit rating agency, has assigned a long term rating of BBB (triple B plus) to the Rs 602.80 crore fund based facilities of Clean Wind Power (Ratlam) Private Limited (CWPR).
CWPR is a 100% subsidiary of Hero Wind Energy Private Limited, the holding company for all the Wind energy projects of the Hero group.
“ICRA derives comfort from the company’s strong parentage and management with CWPR and has hence assigned a Stable rating to CWPR,” said ICRA in a media statement.
CWPR has over 300 megawatt (MW) of operational wind power capacity and has 200 MW under construction
ICRA has based its rating on the fact that there is minimal execution and offtake risk as the Ratlam wind power project, ICRA added in its report.
The wind power project has already been commissioned in March 2016 and the entire capacity has been contracted with Madhya Pradesh Power Management Company Ltd (MPPMCL) at a fixed tariff of Rs 5.92/unit for a period of 25 years.
ICRA also taken into account the debt terms and the fact that the installed power plant is yet to complete one full year of operation.
CWPR has set up a 100 MW wind power plant in Dhar, Madhya Pradesh using WTGs from Gamesa.