Press Release

VIS Reaffirms Entity Ratings of Thal Power (Private) Limited

Karachi, December 23, 2025: VIS Credit Rating Company Limited (‘VIS’) has reaffirmed the entity ratings of Thal Power (Private) Limited (‘TPL’ or ‘the Company’) at ‘AA/A1+’ (Double AA/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+' suggests strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on December 12, 2024.

TPL was incorporated on July 3, 2014, as a wholly owned subsidiary of Thal Limited, part of the House of Habib group. Established as a dedicated SPV, TPL was created to channel Thal Limited’s investment into ThalNova Power Thar (Private) Limited, a 330MW mine-mouth lignite power project. The Company has no direct operations or revenue stream, and its financial performance is entirely dependent on profit participation and dividend flows from ThalNova. TPL maintains an unleveraged, low-risk balance sheet with minimal overheads, supported by the strong governance framework, financial flexibility, and longstanding track record of its parent, Thal Limited.

ThalNova Power Thar (Pvt.) Ltd. benefits from sustainable income stream derived from a long-term power purchase agreement (PPA), ensuring visibility of cash flows despite sectoral challenges. Its risk profile remains low, supported by the absence of operational complexity, minimal overheads, and an equity-funded capital structure with no reliance on external borrowings. Financial strength is reinforced by sustainable cash flows, strong liquidity, and conservative financial structure.
For further information on this ratings announcement, please contact on 021-35311861-64 or email at info@vis.com.pk

Applicable Rating Criteria:
Industrial Corporates
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 December 23, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.