Agency gives A- rating for Rajasthan solar plant

Thursday, 11 July 2013 07:51 administrator
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Solar panels in RajasthanAstonfield Earns India’s first CRISIL ‘A’ credit rating for its plant.

 

Mumbai. Astonfield Renewables, a provider of affordable renewable energy, recently announced that Credit Rating Information Services of India Limited (CRISIL), a division of the McGraw Hill Corporation and whose majority stakeholder is Standard & Poor’s, has given an A- credit rating on loan facilities for its 5 megawatt (MW) solar power plant in the state of Rajasthan.

Astonfield is the first company to receive an A class rating by CRISIL for a solar power plant in India. The "CRISIL A-/Stable" rating was given on long-term loan facilities.

The A- rating reflects the strong revenue visibility of Astonfield’s 5 MW solar power plant, driven by its 25 year power purchase agreement with NTPC Vidyut Vyapar Nigam Ltd. The plant has been in operation since 2011.

"Astonfield is focused on developing renewable energy projects that earn a profitable return on investment, and this rating reinforces that core strength,” said Ameet Shah, Co-Chairman of Astonfield Renewables.

“Astonfield is well positioned to capitalise on the latent emerging market demand for solar power in India, especially as the cost of diesel and other fossil fuel-based electricity generation rises,” added Shah.