IntelliSmart Becomes the First Smart Meter Service Provider to Receive ‘IND A/Stable’ Rating from India Ratings
IntelliSmart Infrastructure Private Limited, a joint venture of Energy Efficiency Services Limited (EESL) and National Infrastructure Investment Fund (NIIF), has received ‘IND A/Stable’ rating from India Ratings & Research for its debt facilities.
March 02, 2023. By News Bureau
The rating has been provided for rupee term loan, fund-based and non-fund-based working capital.
The rating reflects IntelliSmart’s long-term contract with a strong counterparty like Assam Power Distribution Company Limited (APDCL), minimal payment risk due to a dedicated payment security mechanism with minimum clearing balance of 1.1x the monthly payment fee, minimal equity infusion risk and moderate debt structure.
The rating also draws comfort from the company’s strong sponsor-led backing and experienced key management personnel with considerable experience in the smart metering sector.
Anil Rawal, Managing Director & CEO, IntelliSmart, said, “In the smart meter industry, IntelliSmart has established itself as a leader with a proven record of project implementation. Along with EESL, we have implemented over 60% of the total volume of the smart meter (along with AMI) rolled out in the country so far. Our strong technical strength, process-driven approach and robust project management skills are effectively reflected in the financial rating that we have received from India Ratings for our debt instruments. We are now possibly the only smart meter company in India to have a stable and dependable creditworthiness, duly ratified by a leading credit ratings agency.”
IntelliSmart won the first smart meter project rolled out under the aegis of the Government’s Revamped Distribution Sector Scheme (RDSS) in Assam for the implementation of 6.2 lakh smart meters under the DBFOOT (Design, Build, Finance, Own, Operate & Transfer) arrangement.
So far, IntelliSmart has completed more than 25% of the project, and India Ratings found comfort in the fact that at the current rate of installation, the project will be completed ahead of schedule.
IntelliSmart has already achieved ‘go-live’ for the project – a critical milestone in its commercialisation process.
please contact: contact@energetica-india.net.
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