Press Release

VIS Assigns Initial Entity Ratings to Lakeside Energy Limited

Karachi, February 20, 2026: VIS Credit Rating Company Limited (VIS) assigns initial entity ratings to Lakeside Energy Limited (‘LEL’ or ‘the Company’) of '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. The outlook on the assigned ratings is “Stable”.

Lakeside Energy Limited (LEL or “the project”) is a 50MW wind power plant located in Deh Kohistan 7/3 and 7/4 Tapo Jungshahi, District Thatta, Sindh. The wind farm is spread over 345 acres of land obtained on lease from Government of Sindh for a period of 30 years starting in May 2017. The Company entered into an Energy Purchase Agreement (EPA) on November 11, 2019 with Central Power Purchasing Agency (Guarantee) Limited (CPPA-G) for a period of twenty-five years. Financial close was achieved on Nov 18, 2019 while the project started commercial operations on Apr 14, 2022.

The assigned ratings reflect Lakeside Energy Limited’s stable business profile as a wind-based independent power producer operating under a long-term Energy Purchase Agreement with CPPA-G, providing contractual revenue visibility under a NEPRA-determined cost-plus tariff framework. The ratings also incorporate the project’s established operational track record, experienced sponsorship under the Naveena Group, and comprehensive contractual protections, including government payment guarantees and lender safeguards. Financial risk is supported by a defined capital structure, ongoing debt amortization, and the recent resolution of regulatory uncertainty following NEPRA’s approval of the project’s tariff true-up, improving cash flow visibility going forward.

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 February 20, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.