CRISIL Ratings has assigned ratings to seven special purpose vehicles (SPVs) of SAEL Industries Ltd., reflecting the company’s expanding renewable energy portfolio and improving credit profile across operating and under-development assets.
The agency has assigned Provisional CRISIL A-/Stable on the long-term bank facilities, three notches above the previous ratings, and CRISIL A2+ on the short-term bank facilities to five agri waste-to-energy plants in Rajasthan. These include Chattargarh Renewable Energy Private Limited, TNA Renewable Energy Private Limited, Sardarshahar Agri Energy Private Limited, KTA Powers Private Limited, and VCA Power Private Limited. The rating action reflects the operational profile of these entities, supported by cash flow visibility and SAEL’s execution track record across renewable energy and waste-to-energy businesses.
Separately, the solar IPP SPVs Sunfree North East Renewable Energy Private Limited and Sunfree Energy RJP1 Private Limited have been assigned CRISIL BBB+/Stable, two notches and one notch above their previous ratings, respectively. The rating action reflects the strength of the company’s broader renewable energy portfolio, contracted revenue visibility, and operational track record.
Earlier this year, CRISIL Ratings assigned A-/Stable and A2+ ratings to SAEL Industries Ltd. at the corporate level, highlighting the company’s improving credit strength and growing scale across renewable energy businesses.
SAEL Industries Limited has secured SEBI’s approval for its DRHP as it moves toward a public listing. The company operates in Agri waste-to-energy, utility-scale solar, and solar module manufacturing sectors. The recent credit rating enhancements bolster the group’s financial standing as it expands its clean energy presence throughout India.
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