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Leading credit rating agency, Crisil, has upgraded the long-term rating of Green Infra Wind Solutions Limited (GIWSL) from ‘CRISIL BBB’ to ‘CRISIL BBB+’. The outlook on the rating has been revised to ‘Stable’ from ‘Positive’. The rating upgrade reflects the company’s improved operational and financial performance, strong financial risk profile, and adequate liquidity position.
GIWSL is a leading renewable energy company in India that is primarily involved in the development, construction, and operation of wind power projects. The company has a diversified portfolio of wind power assets spread across several states in India, with a total installed capacity of over 1 GW.
Crisil has cited GIWSL’s strong operational and financial performance as key factors for the rating upgrade. The company’s operational performance has been robust, with high plant availability and healthy energy generation levels, resulting in stable cash flows. Furthermore, the company has a healthy financial risk profile, with low leverage and strong debt service coverage metrics. The company’s liquidity position is also deemed adequate, with a comfortable cash balance and strong relationships with banks and financial institutions.
The rating agency has also noted that GIWSL’s diversified portfolio of wind power assets across several states in India provides geographical diversification and helps mitigate risks associated with concentration in a single region. Moreover, the company’s strong track record in timely project execution and commissioning of wind power projects is expected to continue to support its growth and financial performance.
Commenting on the rating upgrade, Mr. Gurdeep Singh, CEO of GIWSL, said, “We are pleased with the rating upgrade by Crisil, which is a reflection of our strong operational and financial performance. This rating upgrade will help us to access financing at more competitive rates and support our future growth plans in the renewable energy sector.”
The rating upgrade by Crisil is expected to provide a boost to GIWSL’s growth plans and enable the company to access financing at more competitive rates, thereby improving its financial flexibility and supporting its continued growth in the renewable energy sector.
In conclusion, the rating upgrade is a testament to GIWSL’s strong operational and financial performance and is expected to provide the company with greater access to financing, thereby supporting its growth plans in the renewable energy sector.