Press Release
VIS Reaffirms Entity Ratings of Indus Wind Energy Limited
Karachi, November 11, 2026: VIS Credit Rating Company Limited (‘VIS’) reaffirms Entity Ratings of Indus Wind Energy Limited’s (‘IWEL’ or The Company) at 'A/A2' (‘Single A/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 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 14, 2025.
Indus Wind Energy Limited was incorporated on February 4, 2015, as a public unlisted company. The Company is engaged in the generation and sale of electricity through a 50MW wind power plant located in Deh Kohistan, district Thatta, Sindh. The Company’s corporate office is situated in Civil Lines Quarters, Karachi. The Company achieved Commercial Operations Date (COD) on March 25, 2022, which was also notified by the Central Power Purchasing Agency (CPPA-G) dated April 6, 2022.
The assigned ratings reflect the Company’s established operational performance track record and financial profile within the renewable energy sector. Ratings are underpinned by the long-term Power Purchase Agreement (PPA) with Central Power Purchasing Agency (CPPA-G), backed by sovereign guarantee, which ensures predictability of revenues and debt-servicing capacity. Operational risks are mitigated through the long-term Operations and Maintenance (O&M) agreement with GE Vernova International LLC, supporting plant availability. In addition, the sponsor profile adds strength through group-level backing from the Indus Group of Companies.
During FY26, operating performance improved, supported by recovery in wind conditions and higher generation, while plant availability remained strong. The improvement in generation supported recovery in profitability and cash flow generation, with coverage metrics strengthening during the year. The financial profile also benefited from continued debt reduction and improved liquidity. Going forward, the ratings will remain sensitive to the Company’s ability to sustain operating performance, maintain adequate liquidity and coverage, and continue its deleveraging trajectory.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria:
Industrial 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