PACRA Maintains the Entity Ratings of Gul Ahmed Wind Power Limited

Pakistan’s renewable energy sector continues to mature under the Alternative and Renewable Energy (ARE) Policy, which seeks to diversify the national energy mix and reduce dependence on imported fossil fuels. While wind power projects benefit from long-term Power Purchase Agreements (PPAs) and sovereign-backed revenue structures, sector-wide risks remain, particularly payment delays from CPPA-G, macroeconomic volatility, and evolving regulatory pressures. Within this context, Gul Ahmed Wind Power Limited (GAWPL), a 50 MW wind IPP sponsored by the Gul Ahmed Energy limited, continues to demonstrate stable operational performance. The project operates under an upfront tariff PPA with CPPA-G, ensuring revenue predictability. In FY25, the plant generated 86.033 GWh, compared to 83.269 GWh in FY24, supported by consistent wind conditions and reliable operations under a dual O&M framework involving Nordex Pakistan (Pvt.) Limited and Descon Engineering Limited. The company’s financial profile remains stable, with revenue of PKR 2,026 million in 1HFY25, compared to PKR 6,133 million in FY24, reflecting seasonality and indexation-based adjustments. Receivables from CPPA-G declined to PKR 3,603 million in 1HFY25 from PKR 4,384 million at FY24-end, which, while still elevated, suggests some easing in payment pressure, though the timing and consistency of inflows remain a key monitorable. Its liquidity profile remains adequate, supported by internally generated cash flows and the absence of reliance on external working capital lines. GAWPL has also made significant progress in deleveraging, having repaid approximately 84% of its foreign debt and 71% of its local debt as of FY25.
The project’s credit profile is underpinned by its predictable cash flow structure, prudent financial management, and experienced sponsors, although it remains sensitive to operational risks inherent to wind projects, including resource variability and O&M execution. Looking ahead, the company’s ability to sustain generation levels, manage receivable turnover, and respond to broader sector reforms will remain central to maintaining its credit strength.

About the Entity
Gul Ahmed Wind Power Limited (GAWPL) is a project company under the umbrella of the Gul Ahmed Energy Group, a diversified energy platform with investments across thermal, solar, and wind power generation plants in Pakistan. Incorporated in 2008, GAWPL owns and operates a 50 MW wind power project located in Jhimpir, Sindh, a key renewable energy corridor in the country. The total project cost stood at USD 125.499 million, of which 75% was financed through a balanced mix of foreign and local debt. To date, approximately 84% of the foreign debt and 71% of the local debt obligations have been successfully repaid, reflecting the project’s stable cash flows and sound financial management. The company is governed by a six-member Board of Directors, comprising equal representation from its two principal sponsors: Gul Ahmed Energy Limited and InfraCo Asia Indus Wind Pte. Limited. The Board is led by Mr. Danish Iqbal, who serves as Chief Executive Officer and brings over 24 years of experience in the power and infrastructure sectors. GAWPL is further supported by a capable and experienced management team with deep expertise in project development, operations, and asset management within the renewable energy space.