logo
The Pakistan Credit Rating Agency Limited
Press Release

Date
20-Feb-21

Analyst
Anam Waqas Ghayour
anam.waqas@pacra.com
+92-42-35869504
www.pacra.com

Applicable Criteria

Related Research

Disclaimer
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA Withdraws Entity Ratings of Metro Wind Power Limited

Rating Type Entity
Current
(20-Feb-21)
Previous
(20-Feb-20)
Action Withdraw Initial
Long Term - BBB-
Short Term - A3
Outlook Stable
Rating Watch - -

Subsequent to the management's decision to discontinue the entity ratings of Metro Wind Power Limited, PACRA withdraws the entity ratings of Metro Wind Power Limited with immediate effect.

About the Entity
Metro Wind Power Limited, incorporated in August 2015, is a Renewable Energy Independent Power Producer (RE IPP) operating under the Renewable Energy Policy 2006 by AEDB. The 60MW wind IPP is setting up in Jhimpir, District Thatta, Sindh. Mr. Danish Iqbal is the CEO of the company. Mr. Danish has over twenty three years of experience as a Businessman and Industrialist. Mr. Danish has graduated from American University of Sharjah in Sciences. The total estimated cost of the project is USD 73.932mln. Debt financing constitutes 80% of the project cost i.e. USD 59.15mln, all of which is financed from foreign financial institutions. The foreign facility has tenor of thirteen years with two years grace period and quarterly repayments. The project construction will start in May 2020 with the COD expected in 15 months after that i.e. August 2021. Mr. Iqbal Alimohamed & Family, the sponsor of MWPL have a long history spanning over 72 years. The Sponsors already have two operational wind power plants in Jhimpir, Sindh (MPCL and GAWPL)

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.