CARE has assigned the rating of ‘CARE A-’ for Indowind Energy’s non convertible debentures issue and proposed term loan facility estimated to be worth of Rs 100 crore each respectively.
The credit rating agency has reported that the rating derives strength from successful fund raising through GDR, low leverage and expertise of the company in setting up and operating wind farm projects. The rating is however constrained by the small size of IWEL’s operations, risks associated with execution of expansion plan, dependence on seasonal wind patterns for power generation and counter party risk arising out of weak financial profile of off takers.
The company is engaged in the business of developing wind farm projects on a large scale for commercial exploitation, generating energy from wind mills and selling it to State Electricity Utilities and corporate clients.
| Company Name | CMP |
|---|---|
| NTPC | 398.50 |
| Tata Power | 433.95 |
| Adani Power | 201.70 |
| Power Grid Corp | 319.35 |
| Torrent Power | 1604.75 |
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