VIS Assigns IER To NASDA Green Energy Ltd

KARACHI, (UrduPoint / Pakistan Point News - 4th Dec, 2020 ) :VIS Credit Rating Company Limited has assigned initial entity ratings to NASDA Green Energy Limited of single A minus/A-two. Long term rating of 'A-' indicates good credit quality; adequate protection factors. Risk factors may vary with possible changes in the economy.

Short term rating of 'A-2' denotes good certainty of timely payment; sound liquidity factors and company fundamentals. Access to capital markets is good. Risk factors are small. Outlook on the assigned ratings is stable, said release on Friday.

NGEPL plans to set up a 50MW wind power plant in Jhimpir, District Thatta, Sindh.

Shareholding is vested with the sponsors of Soorty Enterprises (Private) Limited. The assigned ratings incorporate sound financial profile of sponsor. The total cost of the project has been estimated at $63.9m which shall be financed in debt to equity ratio of 80:20 where debt component will comprise an approximate equal (51:49) mix of local and foreign lenders.

The financial close for this project has been achieved in November 2019.The targeted commercial operations date is expected in December'21 while construction of the project has commenced in July'20.