India Ratings and Research (Ind-Ra) understands that Aarish Solar Power Private Limited’s (ASPPL) proposed non-convertible debentures (NCDs) of INR2,500 million, planned under the obligor and co-obligor structure, will be placed by December 2021. The agency will assign a final rating on the issuance of the proposed NCDs and after the receipt of relevant documents.
Ind-Ra rates ASPPL’s NCDs at ‘Provisional ‘IND AA+(CE)’/Stable. The rating is based on the analysis of the proposed NCDs, to be raised equally under the obligor-co obligor structure consisting 10 special purpose vehicles – ASPPL, Aashman Energy Private Limited, Divyesh Power Private Limited, Elena Renewable Energy Private Limited, Pratyash Renewable Private Limited, SEI Baskara Power Private Limited, SEI Enerstar Renewable Energy Private Limited, SEI Mihir Energy Private Limited, Shreyas Renewable Energy Private Limited and Zuvan Energy Private Limited. These 10 SPVs are rated at same levels and are owned by Greenko Solar Energy Private Limited and Greenko Power Projects (Mauritius) Limited.
The rating reflects ASPPL’s firm offtake arrangement with NTPC Limited (‘IND AAA’/Stable); healthy debt service coverage ratios over the currency of the instrument and adequate liquidity. The operational performance as well as the liquidity position of the project remains satisfactory.
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