Press Release

VIS Maintains Entity Ratings of Artistic Energy (Pvt) Limited

Karachi, May 18, 2026: VIS Credit Rating Company Limited (VIS) maintains entity ratings of Artistic Energy (Pvt) Limited (“AEPL” or “the Company”) at 'A+/A1' (Single A Plus/A One) with a “Stable” outlook. Medium to long term rating of ‘A+' indicates good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy. Short term rating of 'A1' indicates a strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Previous rating action was announced on May 12, 2025.

Incorporated in 2014, AEPL operates a 49.3MW (29 Wind Turbine Generators (WTGs) of 1.7 MW generation capacity each) wind power plant in Jhimpir, District Thatta, Sindh, which was setup at a total cost of PKR 11.7b. The Project was funded in a debt-to-equity ratio of 75:25. The Commercial Operations Date (CoD) was achieved on March 16, 2018. AEPL has a 20-year Energy Purchase Agreement (EPA) with Central Power Purchasing Agency (CPPA). The Engineering, Procurement and Construction (EPC) was jointly undertaken by Hydrochina International Engineering Co., Ltd. (HIEC) and Hydrochina Corporation. General Electric (GE) is managing the O&M for AEPL.

The assigned ratings reflect AEPL’s presence in the renewable energy sector, supported by a long-term Energy Purchase Agreement with the power purchaser, providing visibility to cash flows and mitigating counterparty risk through sovereign backing. The ratings incorporate the Company’s established operational framework under a long-term O&M arrangement. The EPA framework includes protection through Non-Project Missed Volume provisions, supporting revenue stability in case of curtailment. Consideration is given to the revised tariff structure following the master agreement with the Government of Pakistan. The ratings also reflect improving capitalization, adequate liquidity, and moderated coverage metrics, with performance subject to variability in wind patterns and generation levels.

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







Applicable Rating Criteria:
Corporate Rating
https://docs.vis.com.pk/docs/CorporateMethodology.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 May 18, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.