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India Ratings Withdraws Solar Edge Power and Energy’s Short-Term Facility Rating – EQ Mag Pro

India Ratings Withdraws Solar Edge Power and Energy’s Short-Term Facility Rating – EQ Mag Pro

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India Ratings and Research (Ind-Ra) has withdrawn the rating of Solar Edge Power and Energy Private Limited’s short-term bridge facility, as follows:

Instrument Type Date of Issuance Coupon Rate (%) Maturity Date Size of Issue (million) Rating Rating Action
Short-term bridge facility 6 October 2021 INR6,141 WD Withdrawn

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating, as the facility has been paid in full and the agency has received the no dues certificates from the lenders.

COMPANY PROFILE

Solar Edge Power and Energy owns and operates solar power projects with a total capacity of 130MW across three locations in Maharashtra; 80MW in the Beed district (two locations) and 50MW in the Jalgaon district. The estimated project cost is INR8,715.8 million, including a VGF of INR247 million. The project cost per MW is INR67.04 million, which is comparable to other solar plants of the same vintage in Ind-Ra’s portfolio.

SOLICITATION DISCLOSURES

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings.

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

ABOUT INDIA RATINGS AND RESEARCH

About India Ratings and Research: India Ratings and Research (Ind-Ra) is India’s most respected credit rating agency committed to providing India’s credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India’s fixed income market.

Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies and project finance companies.

Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India, the Reserve Bank of India and National Housing Bank.

India Ratings is a 100% owned subsidiary of the Fitch Group.

Source : indiaratings

Anand Gupta Editor - EQ Int'l Media Network