Moody’s assigns first-time Ba2 rating to ReNew Power
Mumbai: Global credit ratings agency Moody’s Investors Service has assigned a first-time Ba2 corporate family rating to ReNew Power Ltd (RPL), one of India’s largest private renewable energy companies. The Ba ratings grade is judged to have speculative elements and subject to substantial credit risk.
Moody’s has kept the rating outlook stable.
In its ratings rationale, Moody’s said the group has predictable cash flow backed by long term power purchase agreements, supported by its large and diversified portfolio of wind and solar generation projects, an experienced management team and a track record of support that it receives from its cornerstone shareholders through capital infusions. ReNew is supported by substantive shareholders, which include Goldman Sachs, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority.
