Orient Green Power Company Limited — Credit Ratings, 25-02-2025: Credit Rating

**Gamma Green Power Pvt Ltd & Clarion Wind Farm Pvt Ltd: Credit Rating Update**

CARE Ratings has upgraded the credit ratings for both Gamma Green Power Pvt Ltd and Clarion Wind Farm Pvt Ltd to CARE BBB-; Stable, and subsequently withdrawn the ratings following the request from the companies. The upgrade reflects a sustained improvement in operational performance and an enhanced financial linkage with their parent, Orient Green Power Company Ltd, which has benefited from two successful rights issues.

The sustained operational metrics have shown increased revenue visibility due to long-term power purchase agreements, boosting confidence in revenue stability. In FY24, both companies have managed to reduce their external debt, thanks to improved capital structures. However, both still exhibit relatively low plant load factors, which present ongoing operational challenges and limit growth potential.

While the credit rating upgrade can positively influence borrowing costs, the companies must address their operational limitations and continue to strengthen their financial profiles to sustain investor confidence moving forward.

**Investor Insight: Hold.** The current rating reflects a stable outlook, but potential operational risks and dependency on favorable weather conditions warrant cautious observation.