Rating Rationale
September 13, 2022 | Mumbai
Ostro AP Wind Private Limited
Rating outlook revised to 'Negative'; Rating Reaffirmed
 
Rating Action
Total Bank Loan Facilities RatedRs.172.6 Crore
Long Term RatingCRISIL A/Negative (Outlook revised from 'Stable'; Rating Reaffirmed)
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed rationale

CRISIL Ratings has revised its outlook on the long-term bank facilities of Ostro AP Wind Private Limited (Ostro AP; part of the Renew Power group) to 'Negative' from ‘Stable’ and reaffirmed the rating at 'CRISIL A'.

 

The outlook revision reflects lower-than-expected traction in leverage reduction of Renew Power group because of high capital expenditure (capex) and weak operating performance, especially on the wind side. The group has a sizeable pipeline of 4.7 GW of under construction assets, in addition to establishing module manufacturing facilities and transmission assets. Also, the group’s overall operational portfolio underperformed compared to P90 levels in fiscal 2022. Leverage (as measured through net debt/earnings before interest, depreciation, and amortisation (Ebitda) ratio) may remain higher than 6.5 times in fiscal 2023. This factors an improvement in the receivables profile (from state discoms) as they subscribe to the government’s late payment surcharge (LPS) scheme. A longer-than-expected period to bring down leverage may be a rating sensitive factor.

 

The rating reaffirmation reflects the group’s strong market position as one of the largest renewable energy players in India. It has a large well-diversified asset base both in terms of location as well as counterparty; and healthy revenue visibility of majority of the assets driven by long-term power purchase agreements (PPAs) at pre-determined tariffs. The ratings also factor in the healthy financial flexibility and liquidity of the group. The rating however remains constrained by an average financial risk profile, exposure to project implementation risk and risks inherent in operating renewable energy assets.

Analytical approach

CRISIL Ratings has combined the business and financial risk profiles of Renew Power Pvt Ltd and all its special purpose vehicles (SPVs) as all the companies, collectively referred to as the Renew Power group, have significant business, financial and managerial linkages, are in the same business, and have common management and treasury teams. Renew Power has an established track record of supporting group entities and has articulated continued support to them. Please see Annexure - List of entities consolidated, which captures the list of entities considered as part of the Renew Power group (based on March 2022 annual report).

 

The credit profile of operational and stabilised assets reflects the credit profile of the group whereas that of assets under-construction or having weaker operational / receivables profile is relatively below-average.

 

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key rating drivers and detailed description

Strengths:

  • Benefits derived from being part of the Renew Power group

All the SPVs are likely to receive strong managerial and financial support from the Renew Power group. The management extends support towards project debt in the initial stages of implementation and stabilisation and provides financial support in case of any cash flow mismatches post commissioning of the project. The group is expected to maintain adequate liquidity to meet any exigency across the portfolio. Any change in the support philosophy will be a key rating sensitivity factor.

 

  • Strong market position of the group driven by diversity in asset portfolio and revenue visibility

The strong market position is driven by size, diversity, vintage, and healthy revenue visibility of the asset portfolio. The Renew Power group is one of the largest renewable energy players in India, with a portfolio of 12.8 GW (including capacity under construction and under development), with a commissioned capacity of around 8.1 GW as of June 2022 comprising 53% wind, 46% solar and 1% hydro projects. Commissioned projects had a weighted average operational track record of close to four years as of June 2022. The group portfolio is also diversified in terms of location and counterparty, with assets in Gujarat, Rajasthan, Madhya Pradesh, Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana, Uttar Pradesh, Uttarakhand, and Karnataka. The assets have strong revenue visibility, with most of the portfolio tied-up in PPAs of 25 years at pre-determined tariffs with over 15 state and central counterparties.

 

  • Healthy financial flexibility and liquidity

The group has an established track record of raising funds in the debt and capital markets, both in India and abroad. In the past, the group raised equity funds from marquee investors including Goldman Sachs and Canadian Pension Plan Investment Board, Abu Dhabi Investment Authority, JERA Power, and many of them have infused capital in progressive rounds too. Further, the group got listed on the NASDAQ in August 2021. This enhanced access to international debt and equity capital markets will help the group raise equity for future growth plans.

 

The group has healthy liquidity through fund-based working capital lines and track record of maintaining free cash balance. Fund-based working capital lines were sizeable at more than Rs 2,000 crore as of March 2022, which can be used across portfolio. Additionally, the group is expected to maintain a liquidity buffer (unencumbered across the group) of over Rs 2,000 crore which can also be used across the group, apart from project level debt service reserve accounts (DSRAs). 

 

Weaknesses:

  • Average financial risk profile stemming from increased receivables, high capex intensity and weak operational performance

The group had gross debt to Ebitda[1] ratio of 8.0 times as on March 31, 2022, as against 8.7 times a year earlier. Expected reduction in leverage has been delayed on account of higher-than-expected capex, an increase in receivables from state discoms and weak operational performance (especially in the wind portfolio). Although, the debt coverages of project-level borrowings have remained in line with CRISIL Ratings’ expectations, with the blended average debt service coverage ratio (DSCR) of around 1.29 times[2].

 

Moreover, there may be a delay in leverage correction to around 6.5 times going forward within the next fiscal due to high capex. However, sustained increase in leverage through delayed reduction in receivables and/ or operational underperformance will be a rating sensitivity factor.

 

Receivables[3] shot up to 282 days as on March 31, 2022, from 272 days a year earlier on account of longer payment delays by some weaker state discoms as well as pending payment at reduced tariff from Andhra Pradesh discoms. However, recently there have been positive developments in terms of receipt of payments from Andhra Pradesh and Madhya Pradesh discoms as these have joined the recently announced LPS scheme by the government, in which the discoms need to clear all outstanding dues within 12-48 months. Any material delay in the correction of the payment cycle will be a rating sensitivity factor.

 

  • Implementation risk for under-construction projects

The group remains exposed to implementation risks for its under-construction project pipeline of 4.7 GW as of June 2022. The group is also diversifying into solar cell and module manufacturing and transmission business, although the quantum of capex towards such diversification is only about 10% of the overall capex planned currently. Timely commissioning of such capacities and subsequent stabilisation will remain key monitorable.

 

  • Exposure to risks inherent in operating renewable assets

Cash flows of renewable power projects are sensitive to plant load factor (PLF), which depends entirely on the wind and solar patterns that are inherently unpredictable. Lower PLFs in wind power projects resulted in weaker than P90 performance of the overall portfolio by 15% and 6% in fiscals 2021 and 2022, respectively. Delay in improvement in portfolio performance with respect to P90 projections will be a key monitorable. 

[1] CRISIL Ratings adjusted Ebitda does not factor in the group’s interest income and extraordinary provisions written back.

[2] For the assets, where CRISIL Ratings does not have visibility of the debt quantum and tenure and other operational details, it has assumed the tenure of the debt based on a tail period of 3 years for the assets and sculpted amortisation as Renew Power group would be able to refinance the debt based on its strong business risk profile. Further, CRISIL Ratings-sensitised projections of cash flows are at a weighted average P90 plant load factor (PLF) for operational wind and solar portfolio.

[3] CRISIL Ratings adjusted figures

Liquidity: Adequate

CRISIL Ratings expected the group to maintain adequate liquidity, driven by cash accruals of over Rs 1,000 crore in fiscal 2022, and free cash of over Rs 5,000 crore as of March 2022. Liquidity has been strengthened by infusion of USD 610 million as net proceeds from the Special Purchase Acquisition Company (SPAC) transaction. The group also has sufficient liquidity to cover equity requirement for capex in fiscals 2023 and 2024. CRISIL Ratings understands that bulk of the debt obligation will be funded through refinancing with longer tenure debt instruments (bullet payments for projects having long life and PPAs tied-up).

 

All operational project SPVs have DSRAs of obligations for 1-2 quarters (maintained as a combination of bank guarantee and cash). The Renew Power group will maintain minimum liquidity buffer of Rs 2,000 crore (unencumbered across group) and has fund-based working capital lines of over Rs 2,000 crore at the holding company for support across the portfolio.

Outlook: Negative

The Renew Power group is likely to benefit from an expected reduction in receivables and stabilisation of under-construction projects. The Negative outlook reflects the possibility of delay in the correction of leverage on account of high capex and weak operational performance.

Rating sensitivity factors

Upward factors (for Negative Outlook)

  • Improvement in the financial risk profile of the group through reduction in leverage (gross debt to Ebitda falling below 7 times or net debt to Ebitda dropping below 6 times)
  • Sustained increase in operating cash flows through correction in receivables and operating performance

 

Downward factors

  • Gross debt to Ebitda ratio remaining above 7.6 times on a sustained basis
  • Delay in improvement in operating performance and or reduction in receivables

About the company

Ostro AP is a 98.7 MW wind power plant in Andhra Pradesh. The plant was commissioned in March 2017.

 

The Renew Power group is the largest player in the Indian renewable energy space, with an operational portfolio of more than 8 GW. It was established in 2011 by Mr Sumant Sinha. It has a range of solar and wind assets in Gujarat, Rajasthan, Maharashtra, Karnataka, Andhra Pradesh, Telangana, Madhya Pradesh, Uttar Pradesh, and Tamil Nadu.

Key financial indicators (consolidated)

As on/for the period ended March 31

 

2022

2021

Revenue

Rs crore

6,709

5,111

Profit after tax (PAT)

Rs crore

-288

-830

PAT margin

%

-4.3

-16.2

Adjusted debt/adjusted networth

Times

3.7

6.6

Interest coverage

Times

1.4

1.2

 

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings' complexity levels are assigned to various types of financial instruments. The CRISIL Ratings' complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL Ratings' complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of instrument(s)

ISIN

Name of instrument

Date of allotment

Coupon rate (%)

Maturity date

Issue size

(Rs crore)

Complexity level

Rating assigned with outlook

NA

Term loan

NA

NA

Sep-33

172.60

NA

CRISIL A/Negative

 

Annexure – List of entities consolidated

S. No.

Names of entities consolidated

Extent of consolidation

Rationale for consolidation

1

ReNew Wind Energy (Rajasthan) Pvt Ltd

Full

Significant operational and financial linkages; same business

2

ReNew Wind Energy (Welturi) Pvt Ltd

Full

Significant operational and financial linkages; same business

3

ReNew Wind Energy (Devgarh) Pvt Ltd

Full

Significant operational and financial linkages; same business

4

ReNew Wind Energy (Karnataka) Pvt Ltd

Full

Significant operational and financial linkages; same business

5

ReNew Wind Energy (AP) Pvt Ltd

Full

Significant operational and financial linkages; same business

6

ReNew Wind Energy (Rajkot) Pvt Ltd

Full

Significant operational and financial linkages; same business

7

ReNew Wind Energy (Jath) Ltd

Full

Significant operational and financial linkages; same business

8

ReNew Wind Energy (Delhi) Pvt Ltd

Full

Significant operational and financial linkages; same business

9

ReNew Wind Energy (Shivpur) Pvt Ltd

Full

Significant operational and financial linkages; same business

10

ReNew Wind Energy (Jadeswar) Pvt Ltd

Full

Significant operational and financial linkages; same business

11

ReNew Wind Energy (Varekarwadi) Pvt Ltd

Full

Significant operational and financial linkages; same business

12

ReNew Wind Energy MP Pvt Ltd

Full

Significant operational and financial linkages; same business

13

ReNew Wind Energy (AP 3) Pvt Ltd

Full

Significant operational and financial linkages; same business

14

ReNew Wind Energy (MP Two) Pvt Ltd

Full

Significant operational and financial linkages; same business

15

ReNew Wind Energy (Rajasthan One) Pvt Ltd

Full

Significant operational and financial linkages; same business

16

ReNew Wind Energy (Sipla) Pvt Ltd

Full

Significant operational and financial linkages; same business

17

ReNew Wind Energy (Jamb) Pvt Ltd

Full

Significant operational and financial linkages; same business

18

ReNew Wind Energy (Orissa) Pvt Ltd

Full

Significant operational and financial linkages; same business

19

ReNew Wind Energy (TN) Pvt Ltd

Full

Significant operational and financial linkages; same business

20

ReNew Wind Energy (Rajasthan 2) Pvt Ltd

Full

Significant operational and financial linkages; same business

21

ReNew Wind Energy (AP 2) Pvt Ltd

Full

Significant operational and financial linkages; same business

22

ReNew Wind Energy (Karnataka Two) Pvt Ltd

Full

Significant operational and financial linkages; same business

23

ReNew Wind Energy (Vaspet 5) Pvt Ltd

Full

Significant operational and financial linkages; same business

24

ReNew Wind Energy (Jath Three) Pvt Ltd

Full

Significant operational and financial linkages; same business

25

ReNew Wind Energy (AP 4) Pvt Ltd

Full

Significant operational and financial linkages; same business

26

ReNew Wind Energy (MP One) Pvt Ltd

Full

Significant operational and financial linkages; same business

27

ReNew Wind Energy (Karnataka Five) Pvt Ltd

Full

Significant operational and financial linkages; same business

28

ReNew Wind Energy (Rajasthan 3) Pvt Ltd

Full

Significant operational and financial linkages; same business

29

Narmada Wind Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

30

Abha Wind Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

31

Helios Infratech Pvt Ltd

Full

Significant operational and financial linkages; same business

32

Shruti Power Pvt Ltd

Full

Significant operational and financial linkages; same business

33

Molagavalli Renewable Pvt Ltd

Full

Significant operational and financial linkages; same business

34

KCT Renewable Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

35

Kanak Renewables Ltd

Full

Significant operational and financial linkages; same business

36

Rajat Renewables Ltd

Full

Significant operational and financial linkages; same business

37

Pugalur Renewable Pvt Ltd

Full

Significant operational and financial linkages; same business

38

Bidwal Renewable Pvt Ltd

Full

Significant operational and financial linkages; same business

39

Zemira Renewable Energy Ltd

Full

Significant operational and financial linkages; same business

40

ReNew Solar Power Pvt Ltd

Full

Significant operational and financial linkages; same business

41

ReNew Solar Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

42

ReNew Solar Energy (Rajasthan) Pvt Ltd

Full

Significant operational and financial linkages; same business

43

ReNew Solar Energy (TN) Pvt Ltd

Full

Significant operational and financial linkages; same business

44

ReNew Solar Energy (Karnataka) Pvt Ltd

Full

Significant operational and financial linkages; same business

45

ReNew Akshay Urja Ltd

Full

Significant operational and financial linkages; same business

46

ReNew Solar Energy (Telangana) Pvt Ltd

Full

Significant operational and financial linkages; same business

47

ReNew Saur Urja Pvt Ltd

Full

Significant operational and financial linkages; same business

48

ReNew Clean Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

49

ReNew Solar Services Pvt Ltd

Full

Significant operational and financial linkages; same business

50

ReNew Agni Power Pvt Ltd

Full

Significant operational and financial linkages; same business

51

ReNew Mega Solar Power Pvt Ltd

Full

Significant operational and financial linkages; same business

52

ReNew Saur Shakti Pvt Ltd

Full

Significant operational and financial linkages; same business

53

ReNew Sol Energy (Jharkhand One) Pvt Ltd

Full

Significant operational and financial linkages; same business

54

ReNew Sol Energy (Jharkhand Two) Pvt Ltd

Full

Significant operational and financial linkages; same business

55

ReNew Sol Energy (Jharkhand Three) Pvt Ltd

Full

Significant operational and financial linkages; same business

56

ReNew Sol Energy (Jharkhand Four) Pvt Ltd

Full

Significant operational and financial linkages; same business

57

ReNew Sol Energy (Jharkhand Five) Pvt Ltd

Full

Significant operational and financial linkages; same business

58

ReNew Solar Energy (Karnataka Two) Pvt Ltd

Full

Significant operational and financial linkages; same business

59

ReNew Wind Energy (Karnataka 3) Pvt Ltd

Full

Significant operational and financial linkages; same business

60

ReNew Wind Energy (MP Four) Pvt Ltd

Full

Significant operational and financial linkages; same business

61

ReNew Wind Energy (MP Three) Pvt Ltd

Full

Significant operational and financial linkages; same business

62

ReNew Wind Energy (Rajasthan Four) Pvt Ltd

Full

Significant operational and financial linkages; same business

63

ReNew Wind Energy (Maharashtra) Pvt Ltd

Full

Significant operational and financial linkages; same business

64

ReNew Wind Energy (Karnataka 4) Pvt Ltd

Full

Significant operational and financial linkages; same business

65

Bhumi Prakash Pvt Ltd

Full

Significant operational and financial linkages; same business

66

Tarun Kiran Bhoomi Pvt Ltd

Full

Significant operational and financial linkages; same business

67

ReNew Wind Energy (AP Five) Pvt Ltd

Full

Significant operational and financial linkages; same business

68

Symphony Vyapaar Pvt Ltd

Full

Significant operational and financial linkages; same business

69

Lexicon Vanijya Pvt Ltd

Full

Significant operational and financial linkages; same business

70

Star Solar Power Pvt Ltd

Full

Significant operational and financial linkages; same business

71

Sungold Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

72

ReNew Wind Energy (Budh 3) Pvt Ltd

Full

Significant operational and financial linkages; same business

73

ReNew Wind Energy (TN 2) Pvt Ltd

Full

Significant operational and financial linkages; same business

74

ReNew Distributed Solar Services Pvt Ltd

Full

Significant operational and financial linkages; same business

75

ReNew Distributed Solar Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

76

ReNew Distributed Solar Power Pvt Ltd

Full

Significant operational and financial linkages; same business

77

ReNew Surya Mitra Pvt Ltd

Full

Significant operational and financial linkages; same business

78

ReNew Surya Prakash Pvt Ltd

Full

Significant operational and financial linkages; same business

79

ReNew Saur Vidyut Pvt Ltd

Full

Significant operational and financial linkages; same business

80

Renew Energy Services Pvt Ltd

Full

Significant operational and financial linkages; same business

81

ReNew Solar Sun Flame Pvt Ltd

Full

Significant operational and financial linkages; same business

82

ReNew Solar Daylight Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

83

Vivasvat Solar Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

84

Nokor Solar Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

85

Akhilagya Solar Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

86

Abha Sunlight Pvt Ltd

Full

Significant operational and financial linkages; same business

87

Izra Solar Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

88

Nokor Bhoomi Pvt Ltd

Full

Significant operational and financial linkages; same business

89

Zorya Solar Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

90

ReNew Transmission Ventures Pvt Ltd

Full

Significant operational and financial linkages; same business

91

Adyah Solar Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

92

Ostro Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

93

Ostro Rann Wind Pvt Ltd

Full

Significant operational and financial linkages; same business

94

Ostro Alpha Wind Pvt Ltd

Full

Significant operational and financial linkages; same business

95

Ostro Bhesada Wind Pvt Ltd

Full

Significant operational and financial linkages; same business

96

Ostro Dakshin Power Pvt Ltd

Full

Significant operational and financial linkages; same business

97

Ostro Dhar Wind Pvt Ltd

Full

Significant operational and financial linkages; same business

98

Ostro Kutch Wind Pvt Ltd

Full

Significant operational and financial linkages; same business

99

Ostro Kannada Power Pvt Ltd

Full

Significant operational and financial linkages; same business

100

Ostro Raj Wind Pvt Ltd

Full

Significant operational and financial linkages; same business

101

Ostro Jaisalmer Pvt Ltd

Full

Significant operational and financial linkages; same business

102

Ostro Madhya Wind Pvt Ltd

Full

Significant operational and financial linkages; same business

103

Ostro Mahawind Power Pvt Ltd

Full

Significant operational and financial linkages; same business

104

Ostro Anantapur Pvt Ltd

Full

Significant operational and financial linkages; same business

105

Ostro Renewabtcs Pvt Ltd

Full

Significant operational and financial linkages; same business

106

AVP Powerinfra Pvt Ltd

Full

Significant operational and financial linkages; same business

107

Badoni Power Pvt Ltd

Full

Significant operational and financial linkages; same business

108

Ostro Andhra Wind Pvt Ltd

Full

Significant operational and financial linkages; same business

109

Ostro AP Wind Pvt Ltd

Full

Significant operational and financial linkages; same business

110

Ostro Urja Wind Pvt Ltd

Full

Significant operational and financial linkages; same business

111

Auxo Solar Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

112

Zorya Distributed Power Services Pvt Ltd

Full

Significant operational and financial linkages; same business

113

ReNew Cleantech Pvt Ltd

Full

Significant operational and financial linkages; same business

114

Prathmesh Solarfarms Ltd

Full

Significant operational and financial linkages; same business

115

ReNew Mega Light Pvt Ltd

Full

Significant operational and financial linkages; same business

116

ReNew Sun Waves Pvt Ltd

Full

Significant operational and financial linkages; same business

117

ReNew Sun Flash Pvt Ltd

Full

Significant operational and financial linkages; same business

118

ReNew Sun Bright Pvt Ltd

Full

Significant operational and financial linkages; same business

119

ReNew Sun Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

120

Auxo Sunlight Pvt Ltd

Full

Significant operational and financial linkages; same business

121

ReNew Sun Ability Pvt Ltd

Full

Significant operational and financial linkages; same business

122

ReNew Services Pvt Ltd

Full

Significant operational and financial linkages; same business

123

Greenyana Sunstream Pvt Ltd

Full

Significant operational and financial linkages; same business

124

ReNew Green Solution Pvt Ltd

Full

Significant operational and financial linkages; same business

125

ReNew Sun Power Pvt Ltd

Full

Significant operational and financial linkages; same business

126

ReNew Mega Urja Pvt Ltd

Full

Significant operational and financial linkages; same business

127

ReNew Mega Spark Pvt Ltd

Full

Significant operational and financial linkages; same business

128

ReNew Mega Green Pvt Ltd

Full

Significant operational and financial linkages; same business

129

ReNew Vyoman Power Pvt Ltd

Full

Significant operational and financial linkages; same business

130

ReNew Green Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

131

ReNew Solar Urja Pvt Ltd

Full

Significant operational and financial linkages; same business

132

ReNew Surya Ojas Pvt Ltd

Full

Significant operational and financial linkages; same business

133

ReNew Vyan Shakti Pvt Ltd

Full

Significant operational and financial linkages; same business

134

Shekhawati Solar Park Pvt Ltd

Full

Significant operational and financial linkages; same business

135

ReNew Vyoman Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

136

ReNew Surya Vihaan Pvt Ltd

Full

Significant operational and financial linkages; same business

137

ReNew Surya Roshni Pvt Ltd

Full

Significant operational and financial linkages; same business

138

ReNew Surya Pratap Pvt Ltd

Full

Significant operational and financial linkages; same business

139

ReNew Solar Vidhi Pvt Ltd

Full

Significant operational and financial linkages; same business

140

Regent Climate Connect Knowledge Solutions Pvt Ltd

Full

Significant operational and financial linkages; same business

141

ReNew Surya Alok Pvt Ltd

Full

Significant operational and financial linkages; same business

142

ReNew Surya Kiran Pvt Ltd

Full

Significant operational and financial linkages; same business

143

ReNew Stellar Pvt Ltd

Full

Significant operational and financial linkages; same business

144

ReNew Solar Piyush Pvt Ltd

Full

Significant operational and financial linkages; same business

145

ReNew Surya Uday Pvt Ltd

Full

Significant operational and financial linkages; same business

146

ReNew Surya Tejas Pvt Ltd

Full

Significant operational and financial linkages; same business

147

ReNew Surya Jyoti Pvt Ltd

Full

Significant operational and financial linkages; same business

148

ReNew Surya Aayan Pvt Ltd

Full

Significant operational and financial linkages; same business

149

Heramba ReNewables Ltd

Full

Significant operational and financial linkages; same business

150

Aalok Solarfarms Ltd

Full

Significant operational and financial linkages; same business

151

Shreyas Solarfarms Ltd

Full

Significant operational and financial linkages; same business

152

Abha Solarfarms Ltd

Full

Significant operational and financial linkages; same business

153

ReNew Pawan Urja Pvt Ltd

Full

Significant operational and financial linkages; same business

154

ReNew Pawan Shakti Pvt Ltd

Full

Significant operational and financial linkages; same business

155

ReNew Photovolitics Pvt Ltd

Full

Significant operational and financial linkages; same business

156

ReNew Vayu Power Pvt Ltd

Full

Significant operational and financial linkages; same business

157

ReNew Vayu Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

158

ReNew Sun Renewables Pvt Ltd

Full

Significant operational and financial linkages; same business

159

ReNew Sunlight Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

160

ReNew Sun Shakti Pvt Ltd

Full

Significant operational and financial linkages; same business

161

ReNew Ravi Tejas Pvt Ltd

Full

Significant operational and financial linkages; same business

162

ReNew Naveen Urja Pvt Ltd

Full

Significant operational and financial linkages; same business

163

ReNew Samir Urja Pvt Ltd

Full

Significant operational and financial linkages; same business

164

ReNew Surya Ravi Pvt Ltd

Full

Significant operational and financial linkages; same business

165

ReNew Dinkar Jyoti Pvt Ltd

Full

Significant operational and financial linkages; same business

166

ReNew Dinkar Urja Pvt Ltd

Full

Significant operational and financial linkages; same business

167

ReNew Bhanu Shakti Pvt Ltd

Full

Significant operational and financial linkages; same business

168

ReNew Ushma Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

169

ReNew Surya Spark Pvt Ltd

Full

Significant operational and financial linkages; same business

170

ReNew Hans Urja Pvt Ltd

Full

Significant operational and financial linkages; same business

171

ReNew Samir Shakti Pvt Ltd

Full

Significant operational and financial linkages; same business

172

ReNew Solar (Shakti One) Pvt Ltd

Full

Significant operational and financial linkages; same business

173

ReNew Solar (Shakti Two) Pvt Ltd

Full

Significant operational and financial linkages; same business

174

ReNew Solar (Shakti Three) Pvt Ltd

Full

Significant operational and financial linkages; same business

175

ReNew Solar (Shakti Four) Pvt Ltd

Full

Significant operational and financial linkages; same business

176

ReNew Solar (Shakti Five) Pvt Ltd

Full

Significant operational and financial linkages; same business

177

ReNew Solar (Shakti Six) Pvt Ltd

Full

Significant operational and financial linkages; same business

178

ReNew Solar (Shakti Seven) Pvt Ltd

Full

Significant operational and financial linkages; same business

179

ReNew Solar (Shakti Eight) Pvt Ltd

Full

Significant operational and financial linkages; same business

180

ReNew Green (MHH One) Pvt Ltd

Full

Significant operational and financial linkages; same business

181

ReNew Green (MHP One) Pvt Ltd

Full

Significant operational and financial linkages; same business

182

ReNew Green (TNJ One) Pvt Ltd

Full

Significant operational and financial linkages; same business

183

ReNew Green (GJS One) Pvt Ltd

Full

Significant operational and financial linkages; same business

184

ReNew Green (GJS Two) Pvt Ltd

Full

Significant operational and financial linkages; same business

185

ReNew Jal Urja Pvt Ltd

Full

Significant operational and financial linkages; same business

186

ReNew Green (GJS Three) Pvt Ltd

Full

Significant operational and financial linkages; same business

187

ReNew Green (GJS Five) Pvt Ltd

Full

Significant operational and financial linkages; same business

188

ReNew Green (GJS Six) Pvt Ltd

Full

Significant operational and financial linkages; same business

189

ReNew Green (GJS Seven) Pvt Ltd

Full

Significant operational and financial linkages; same business

190

ReNew Green (MHP Two) Pvt Ltd

Full

Significant operational and financial linkages; same business

191

ReNew Green (TNJ Two) Pvt Ltd

Full

Significant operational and financial linkages; same business

192

ReNew Green (GJ Four) Pvt Ltd

Full

Significant operational and financial linkages; same business

193

ReNew Green (KAK One) Pvt Ltd

Full

Significant operational and financial linkages; same business

194

ReNew Green (MHK One) Pvt Ltd

Full

Significant operational and financial linkages; same business

195

ReNew Green (MHK Two) Pvt Ltd

Full

Significant operational and financial linkages; same business

196

ReNew Fazilka Solar Power Pvt Ltd

Full

Significant operational and financial linkages; same business

197

ReNew Nizamabad Power Pvt Ltd

Full

Significant operational and financial linkages; same business

198

ReNew Warangal Power Pvt Ltd

Full

Significant operational and financial linkages; same business

199

ReNew Narwana Power Pvt Ltd

Full

Significant operational and financial linkages; same business

200

Sunworld Solar Energy Pvt Ltd

Full

Significant operational and financial linkages; same business

201

Neemuch Solar Power Pvt Ltd

Full

Significant operational and financial linkages; same business

202

Purvanchal Solar Power Pvt Ltd

Full

Significant operational and financial linkages; same business

203

Rewanchal Solar Power Pvt Ltd

Full

Significant operational and financial linkages; same business

204

ReNew Medak Power Pvt Ltd

Full

Significant operational and financial linkages; same business

205

ReNew Ranga Reddy Power Pvt Ltd

Full

Significant operational and financial linkages; same business

206

ReNew Karimnagar Power Pvt Ltd

Full

Significant operational and financial linkages; same business

207

Koppal- Narendra Transmission Ltd

Full

Significant operational and financial linkages; same business

208

ReNew Green (MPR One) Pvt Ltd

Full

Significant operational and financial linkages; same business

209

ReNew Green (CGS One) Pvt Ltd

Full

Significant operational and financial linkages; same business

210

ReNew Vidyut Tej Pvt Ltd

Full

Significant operational and financial linkages; same business

211

ReNew Green (MHP Three) Pvt Ltd

Full

Significant operational and financial linkages; same business

212

ReNew Green (GJ Nine) Pvt Ltd

Full

Significant operational and financial linkages; same business

213

ReNew Vidyut Shakti Pvt Ltd

Full

Significant operational and financial linkages; same business

214

ReNew Green (GJ Eight) Pvt Ltd

Full

Significant operational and financial linkages; same business

215

ReNew Tapas Urja Pvt Ltd

Full

Significant operational and financial linkages; same business

216

ReNew Vikram Shakti Pvt Ltd

Full

Significant operational and financial linkages; same business

217

ReNew Urja Shachar Pvt Ltd

Full

Significant operational and financial linkages; same business

218

ReNew Power Synergy Pvt Ltd

Full

Significant operational and financial linkages; same business

219

IB Vogt Solar Seven Pvt Ltd

Full

Significant operational and financial linkages; same business

220

ACME Green Shakti Pvt Ltd

Full

Significant operational and financial linkages; same business

221

ACME Photovoltaic Solar Pvt Ltd

Full

Significant operational and financial linkages; same business

222

Gadag Transmission Ltd

Full

Significant operational and financial linkages; same business

223

ReNew Power Singapore PTE

Full

Significant operational and financial linkages; same business

224

ReNew Americas Inc

Full

Significant operational and financial linkages; same business

225

ReNew Power International Ltd

Full

Significant operational and financial linkages; same business

 

Annexure - Rating History for last 3 Years
  Current 2022 (History) 2021  2020  2019  Start of 2019
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 172.6 CRISIL A/Negative   -- 04-10-21 CRISIL A/Stable   --   -- --
      --   -- 09-08-21 CRISIL A/Watch Positive   --   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Term Loan 172.6 Indian Renewable Energy Development Agency Limited CRISIL A/Negative

This Annexure has been updated on 13-Sep-22 in line with the lender-wise facility details as on 04-Oct-21 received from the rated entity.

Criteria Details
Links to related criteria
Rating Criteria for Power Generation Utilities
Criteria for rating wind power projects
Criteria for rating solar power projects
Criteria for rating entities belonging to homogenous groups

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