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Key Quantitative Figures
- Total Rated Debt: ₹595 Crore across existing and proposed facilities
- Beta Wind Farm Existing Debt: ₹458.63 Crore term loan
- Beta Wind Farm Proposed Expansion Debt: ₹51.37 Crore for 6.6 MW wind power expansion
- Delta Renewable Existing Debt: ₹21.00 Crore term loan
- Delta Renewable Proposed Debt: ₹64.00 Crore unallocated limits
- Consolidated Debt Coverage: Approximately 75% of Orient Green's consolidated debt
Rating Details
Beta Wind Farm Private Limited:
- Operates 241.6 MW of wind energy projects across Tamil Nadu, Andhra Pradesh, Gujarat, and Karnataka
- ICRA BBB (Stable) rating assigned for existing ₹458.63 Crore loan facility
- Represents one-notch improvement from previous CRISIL BBB- (Positive) rating
- Same ICRA BBB (Stable) rating assigned for proposed ₹51.37 Crore expansion loan
Delta Renewable Energy Private Limited:
- Commissioned 7 MW solar power capacity
- Completing another 18 MW solar capacity funded through rights issue proceeds
- ICRA BBB (Stable) rating assigned for both existing ₹21 Crore loan and proposed ₹64 Crore loan
Rating Rationale
Ratings consider:
- Revenue visibility from long-term Power Purchase Agreements (PPAs)
- Established track record of operations
- Improved receivable profile (Beta Wind Farm)
- Credit profile of customers
- Comfortable debt coverage metrics
Strategic Implications
- Beta Wind Farm's rating represents a credit quality improvement
- Delta Renewable plans to leverage new solar capacity for further business expansion
- Ratings reinforce financial strength and support sustainable growth plans