U.S.-Indian solar developer Astonfield Renewables has secured the first A class credit rating for a solar plant in India.
Astonfields’ plant in Rajasthan, which has been operational since 2011, has had its long term loan facility rated ‘A-/stable’ by a company in which international ratings agency Standard & Poor’s (S&P) has a major stake.
Credit Rating Information Services of India Ltd. (CRISIL), a division of the McGraw Hill Corporation of which S&P is a major stakeholder, awarded the rating in part thanks to the plant’s 25-year PPA with NTPC Vidyut Vyapar Nigam Ltd.
The rating also cited the ‘comfortable financial risk profile, marked by healthy debt protection metrics’ of New York and Mumbai headquartered Astonfields.
A lack of affordable finance has frequently been considered one of the biggest hurdles for solar developers to overcome in India.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.