Press Release
VIS Upgrades Entity Ratings of Artistic Wind Power Private Limited
Karachi, May 25, 2026: VIS Credit Rating Company Limited (VIS) upgrades entity ratings of Artistic Wind Power (Private) Limited (“AWPPL” or “the Company”) at 'A+/A1' (A Plus/A one). 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 strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. The outlook on the assigned ratings remains “Stable”. Previous Rating action was announced on May 12, 2025.
Artistic Wind Power (Private) Limited (“AWPPL” or “the Company”) was incorporated in Pakistan on October 26, 2015 as a private limited company under the Companies Ordinance, 1984 (now Companies Act, 2017). The Company is a wholly owned subsidiary of Artistic Milliners (Private) Limited and operates as a Special Purpose Company (SPC) for wind-based power generation. AWPPL operates a 50MW wind power plant located at Jhimpir, District Thatta, Sindh, while the registered and head office of the Company is situated in Karachi. The Project was established at a total cost of USD 66.2m and financed through a debt-to-equity ratio of 80:20, with debt sourced equally from local and foreign lenders. Financial close was achieved in November 2019, while Commercial Operations Date (CoD) was achieved on February 16, 2022.
The assigned ratings reflect AWPPL’s operational profile in the renewable energy sector, supported by a long-term Energy Purchase Agreement (EPA) with sovereign-backed payment mechanisms, providing visibility to cash flows and mitigating counterparty risk. Ratings also derive comfort from the Non-Project Missed Volume (NPMV) mechanism, which supports revenue stability in the event of curtailment and power evacuation constraints.
The ratings incorporate the Company’s stable operational framework under a long-term Operations & Maintenance (O&M) arrangement and support from its sponsor, Artistic Milliners (Private) Limited. The upgrade further reflects gradual improvement in capitalization indicators through scheduled debt repayments and equity accretion. However, ratings remain sensitive to variability in wind patterns, generation levels, coverage indicators and the receivables profile.
For further information on this rating announcement, please contact at 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