Press Release
VIS Reaffirms Entity Ratings of Enertech Water (Private) Limited
Karachi, September 28, 2026: VIS Credit Rating Company Limited (‘VIS’) reaffirms Entity Ratings of EnerTech Water (Private) Limited (‘EnerTech’ or ‘the Company’) at 'AA/A1' (‘Double A/’A One’). 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' indicates strong likelihood of timely repayment of short-term obligations with excellent liquidity factors Outlook on the assigned ratings is ‘Stable’. Previous rating action was announced on September 11, 2025.
EnerTech is a Private Limited Company incorporated in Pakistan in December 2019. The Company’s principal activities are to develop, own, operate and maintain a Water Supply System having a total capacity of 45 CUSECS consisting of 60.5 km long water pipeline from Nabisar to Vajihar in Thar, Sindh, Pakistan. The Company is a wholly owned subsidiary of EnerTech Holding Company Kuwait (the ‘Holding Company’), which in turn is wholly owned by National Technology Enterprise Company, with ultimate ownership held by Kuwait Investment Authority (the ‘Ultimate Holding Company’). The Holding Companies are incorporated and registered in Kuwait. The registered office of the Company is located in Karachi, Pakistan.
The assigned ratings reflect the strategic importance of its Nabisar-Vajihar water supply project, which supports the operations of power plants in Thar Coal Block I, as well as strong sponsor and government linkages. The Company is ultimately owned by the Kuwait Investment Authority through EnerTech Holding Company. The rating also incorporates the Holding Company’s undertaking to provide financial support to EnerTech, as and when required.
The project has achieved commercial operations, with construction substantially completed and the Water Treatment Plant commissioned and operating successfully. Key implementation constraints have been resolved, with only contractual close-out activities remaining. The credit profile is further supported by the contracted capacity charge mechanism with the Government of Sindh (GoS), which is designed to cover financing, operating and other project-related costs, with adjustments for key economic variables.
The ratings also benefit from comprehensive insurance arrangements in place. The highly leveraged capital structure remains a key consideration, although leverage is expected to moderate progressively with debt repayment. Overall, the project’s strategic importance, contracted cash flow framework and sponsor support provide stability to the Company’s credit profile.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Corporates
https://docs.vis.com.pk/Methodologies-2026/Corporate-Rating-2026.pdf
VIS Issue/Issuer Rating Scale
https://vis.com.pk/docs/VISRatingScales.pdf