BWR rates Orient Green's bank loans at BBB-

Nov 29, 2012 - Indian credit rating agency Brickwork Ratings India Pvt Ltd (BWR) on Monday gave a BBB- rating to the INR-2.14-billion (USD 39m/EUR 30m) long-term bank facilities of renewable energy firm Orient Green Power (BOM:533263).

The outlook on the rating is "stable", according to a copy of BWR's statement, filed by Orient Green with the Bombay Stock Exchange. The rating reflects a moderate degree of safety concerning Orient Green's timely servicing of its financial obligations on the loans.

The rating is valid for 12 months, under the terms agreed between BWR and Orient Green in April 2012.

Orient Green Power operates wind and biomass power plants in India. For the six months through September it posted a net profit of INR 361 million, compared with INR 83.7 million in the corresponding period last year, while revenue more than doubled to INR 2.9 billion from INR 1.3 billion.

(INR 100 = USD 1.824/EUR 1.404)

Choose your newsletter by Renewables Now. Join for free!