The rating on Azure Power Solar Energy Pvt Ltd’s (APSEPL’)s 350.1 million dollar 5.65 per cent senior notes due 2024 is not affected by the sale of Azure Power Global Ltd’s (APGL’s) rooftop solar portfolio, Fitch Ratings said on Monday.
Fitch does not expect the transaction to trigger a change of control provision in indenture of notes.
On April 5, APSEPL’s ultimate parent APGL announced that its 97.5 per cent-owned subsidiary Azure Power India (API) has signed a binding agreement to sell its non-core rooftop solar portfolio to Radiance Renewables Pvt Ltd for Rs 537 crore.
Rating on Azure Power Solar’s notes unaffected by sale of rooftop projects: Fitch
The portfolio includes 32.5 MW of rooftop projects that are part of the restricted group of 10 operating entities (Azure RG2) underpinning the rating on APSEPL's 350.1 million dollar notes. API owns 100 per cent of Azure RG2
Source：Energyword
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