Press Release

VIS Assigns Initial Entity Ratings to Quaid-e-Azam Solar Power (Private) Limited

Karachi, October 26, 2026: VIS Credit Rating Company Limited (VIS) has assigned initial entity ratings to Quaid-e-Azam Solar Power (Private) Limited (‘QASPL’ or the ‘Company’) at 'AA+/A1+' (‘Double A Plus / A One Plus’). Medium to long term rating of ‘AA+’ indicates high credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions. Short-term rating of 'A1+' indicates strongest likelihood of timely repayment of short-term obligations with outstanding liquidity factors. Outlook on the assigned rating is ‘Stable’.

QASPL was incorporated as a private limited company under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017) on September 16, 2013. The Company is wholly owned by the Government of Punjab through the Energy Department. The Company was established to build, own, operate, and maintain a 100 MW solar photovoltaic power generation facility located at Lal Sohanra, Cholistan, District Bahawalpur, Punjab.

QASPL ratings reflect its strong financial risk profile, supported by complete retirement of long-term debt, and a healthy liquidity position, including substantial liquid assets. The Company benefits from full ownership by the Government of Punjab, providing institutional support, and a long-term Energy Purchase Agreement with CPPA-G, supported by sovereign guarantees. Operational performance remains adequate, with stable electricity generation and satisfactory plant efficiency. However, the evolving regulatory environment, tariff restructuring, potential delays in receivable collections, and pressure on profitability remain key considerations.


For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk

Applicable Rating Criteria: Corporates
https://docs.vis.com.pk/Methodologies-2026/Corporate-Rating-2026.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright October 26, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.