Press Release

VIS Reaffirms Entity Ratings of NASDA Green Energy Limited

Karachi, November 6, 2025: VIS Credit Rating Company Limited (VIS) reaffirms entity ratings of NASDA Green Energy Limited (“NGEL” or “the Company”) at 'A-/A2' (Single A minus/A Two). 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 'A2' indicates a good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned ratings is ‘Stable’. Previous rating action was announced on October 10, 2024.

NGEL was incorporated in Pakistan on June 11, 2015, as a private limited company; later converted into a public unlisted company. The main object of the Company is to carry on business of generation and sale of power using wind energy. The registered office of the Company is in Karachi, while the wind power plant, 50MW capacity, is located at Jhimpir District Thatta, Sindh, Pakistan.

The ratings reflect the Company’s satisfactory operating performance, improving capitalization profile, and adequate debt-servicing capacity underpinned by long-term contractual arrangements with the Government of Pakistan through CPPA-G. The ratings incorporate the project’s stable cash flows under a cost-plus tariff regime and limited exposure to demand risk. While the profitability profile weakened in FY25 owing to lower indexed tariff components and partial compensation under Non-Project Missed Volume (NPMV) revenue, the Company’s leverage continued to improve on account of scheduled debt amortization and equity buildup through profit retention. Liquidity coverage remains adequate in view of the project’s operational stability and availability of standby short term credit lines. Going forward, recovery in margins is expected following the true-up tariff determination and sustained compliance with financing covenants.


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 November 06, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.