Press Release

Press Release

August 06, 2026

AKAMU SOLAR ENERGY PRIVATE LIMITED
Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	91.59	ACUITE AA \| Stable \| Assigned	-	RBI
Total Outstanding	0.00	91.59	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuite has assigned its long-term rating of 'ACUITE AA' (read as ACUITE double A) on the Rs. 91.59 Cr. of bank loan facilities Akamu Solar Energy Private Limited (ASEPL). The Outlook is 'Stable'.

Rationale for Rating
The rating reflects the company's inclusion in an Obligor-Co-obligor structure within the Restricted Group (RG), comprising five other Special Purpose Vehicles (SPVs). The entities have entered into an Inter-Company Agreement (ICA), under which surplus cash maintained in separate Trust and Retention Account (TRA) pools can be shared among the group entities to meet any debt servicing shortfall of a relatively weaker entity within the RG. Under the terms of the agreement, lenders have the right to utilise available surplus cash across the group to offset such shortfalls prior to the respective due dates. The structure is further strengthened by the maintenance of a DSRA equivalent to one quarter's debt obligations, providing an additional liquidity cushion, along with a cash sweep mechanism that facilitates accelerated repayment of the aggregate debt of the RG.

The rating also derives strength from the company's association with the INOXGFL Group, given its strategic importance to the group's renewable energy growth plans. Acuité factors in the strong financial flexibility of the promoter group and its demonstrated ability to extend need-based support to the company and its future projects. This assessment is supported by the substantial market value of investments held through the group's flagship entities. The INOXGFL Group comprises two flagship listed entities, namely Gujarat Fluorochemicals Limited (GFL) and Inox Wind Limited (IWL), which together had a combined market capitalisation of over Rs. 63,000 crore as on July 27, 2026. The group also operates through INOX Clean Energy Limited (ICEL), its third major vertical engaged in solar cell and module manufacturing as well as the development of Independent Power Producer (IPP) projects.

The rating further factors in the operational track record of all projects under the RG SPVs, which collectively comprise a 431.94 MW (including repowering capacity of 6.19 MW) hybrid (solar/wind) portfolio. The projects have achieved operational stabilisation, with a weighted average Plant Load Factor (PLF) in the range of 23-25 percent, thereby mitigating operational risks. Additional comfort is drawn from the presence of long-term Power Purchase Agreements (PPAs) with counterparties having strong credit profiles in the commercial and industrial (C&I) segment for captive consumption, which reduces offtake risk. The rating also benefits from the strong liquidity position maintained at the RG level.

However, these strengths are partly constrained by the inherent susceptibility of renewable energy generation to variations in weather conditions and by regulatory risks associated with the renewable energy sector.

About the Company

Nagpur based, incorporated in February 2020, Akamu Solar Energy Private Limited (ASEPL) is a special purpose vehicle (SPV) engaged in the generation and supply of solar power. The company owns and operates a 20.5 MW solar power project, which achieved its Commercial Operation Date (COD) in November 2023. The power generated is supplied to a commercial and industrial (C&I) consumer under a long-term group captive power purchase arrangement.The company is currently managed by its directors, Mr. Vinay Kumar Pabba and Mr. Anand Sanjeev Kumar Thota.

About the Group

The Restricted Group (RG) comprises six operational SPV's (mentioned in annexure 2) engaged in renewable energy generation, with an aggregate installed capacity of approximately 431.94 MW hybrid power projects. The SPVs supply power under long-term power purchase arrangements to reputed commercial and industrial (C&I) consumers. Al the projects have achieved commercial operations between March 2022 and June 2025 and benefit from stable cash flow visibility arising from long-term off-take arrangements.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has consolidated the business and financial risk profiles of Veh Srishti Energy Private Limited (VSEPL), Veh Mitra Energy Private Limited (VMEPL), Veh Radiant Energy Private Limited (VREPL), Akamu Solar Energy Private Limited (ASEPL), Kleio Solar Power Private Limited (KSPPL) and Tasoula Energy Private Limited (TEPL) while arriving at the rating. The analytical approach factors in the entities' presence under a Restricted Group (RG) structure, supported by a cash pooling mechanism and an Obligor-Co-obligor arrangement, wherein surplus cash flows of group entities can be utilised to meet debt servicing requirements of any entity facing a temporary shortfal.

Key Rating Drivers

Strengths

Strong Group Support
The RG benefits from its association with the diversified INOXGFL Group, which has an established presence across the renewable energy and specialty chemicals sectors. The group's key entities include Inox Wind Limited (rated Acuite AA-/Stable/A1+) and Gujarat Fluorochemicals Limited (GFL), a leading player in the specialty chemicals industry. The group is promoted by the Jain family, which maintains significant ownership across the group companies, either directly or through its investment holding company, Inox Leasing and Finance Limited (ILFL). Acuite derives comfort from the promoters' extensive industry experience, strong execution capabilities, and the group's demonstrated track record of managing large-scale businesses and investments. The promoter group's financial strength, operational expertise, and continued commitment are expected to provide adequate support to the company's renewable energy projects, thereby facilitating their smooth implementation and operations.

Low Off-take Risk with Reputed Clientele
RG has tied up its entire operational capacity under long-term Power Purchase Agreements (PPAs) with well established commercial and industrial (C&I) counterparties at fixed tariff rates, thereby mitigating revenue volatility and ensuring stable cash flows. The off-takers possess strong credit profiles, which significantly reduce counterparty credit risk and support timely realization of receivables. The PPAs have tenures ranging from 17 to 24 years, with lock-in periods of 13 to 20 years, providing strong demand visibility and ensuring long term revenue stability. Further, except for one SPV under RG, all off-takers hold a minimum 26% equity stake in their respective SPVs from which power is procured. This ownership structure demonstrates the long-term commitment of the off-takers and fosters alignment of interests among key stakeholders, thereby strengthening the overall credit profile of the projects. Acuite believes that the presence of reputed counterparties with strong credit profiles, coupled with long-term PPAs and significant equity participation by the off-takers, provides strong revenue visibility and reduces off take risk.

Strong Structural Features through Cash Flow Pooling Mechanism
The rating derives strength from the robust obligor-co-obligor pooled structure, wherein the SPVs within the RG portfolio have access to each other's surplus cash flows, post debt servicing and maintenance of stipulated reserves, to address any shortfall in debt servicing, replenish the Debt Service Reserve Account (DSRA), and meet other reserve requirements as specified under the financing documents. Under the Inter Creditor Agreement (ICA), surplus SPVs are required to extend support to entities facing cash flow mismatches prior to the respective debt servicing due dates. Acuite believes that the cash pooling mechanism enhances the overall credit profile of the transaction by allowing surplus cash flows from any SPV within the pool to support entities facing temporary cash flow constraints arising from factors such as seasonality, adverse climatic conditions, or force majeure events affecting power generation. The structural support, coupled with the diversified revenue base across multiple SPVs and counterparties, strengthens the resilience of the pool and supports timely debt servicing obligations.

Weaknesses

Susceptibility of renewable energy generation to variations in weather conditions

The rating remains constrained by the inherent dependence of the renewable energy portfolio on climatic conditions, as power generation is linked to the availability of both solar irradiation and wind resources. Consequently, variations in weather patterns, lower-than-expected solar insolation, weak wind regimes, prolonged cloudy conditions, or other adverse climatic events may result in generation levels deviating from estimates, thereby impacting cash flow generation and debt servicing metrics. Acuite believes that while the hybrid nature of the portfolio provides diversification benefits by combining solar and wind generation profiles and reducing reliance on a single resource, the operational performance of the projects will continue to remain exposed to resource variability, which is an inherent risk associated with renewable energy assets.

Exposure to Regulatory and Policy Risks
The rating remains constrained by the regulatory risks inherent in the commercial and industrial (C&I) renewable energy segment. The operational and financial performance of the projects is subject to changes in regulatory frameworks governing open access power procurement, transmission and wheeling charges, banking provisions, cross-subsidy surcharge, additional surcharge, and other related regulations. Any adverse changes in these policies or the imposition of additional levies may affect the competitiveness of renewable power for C&I consumers and, consequently, the cash flow generation of the projects. Acuite believes that while the company's long-term PPAs with reputed counterparties provide revenue visibility, the portfolio remains exposed to evolving regulatory and policy developments that could impact the economics and operational dynamics of the C&I renewable energy business.

ESG Factors Relevant for Rating

The company contributes positively to environmental sustainability through the generation of renewable power and supply to captive consumers under long-term Power Purchase Agreements (PPAs). Its operations support the transition to clean energy, reduce dependence on fossil fuels, and help mitigate carbon emissions. Long-term PPAs provide revenue visibility while enabling customers to meet renewable energy and decarbonization targets. ESG risks primarily relate to resource availability, regulatory changes, land use, and environmental compliance; however, these are generally mitigated through adherence to applicable regulations, responsible operational practices, and stable contractual arrangements with captive users.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Sustained improvement in debt servicing metrics, including DSCR and liquidity position, beyond expected levels.
Improvement in the operational and financial performance of the underlying SPVs leading to stronger consolidated credit metrics

Potential triggers (individual or collective) for a downward rating action:

Any unforeseen halt or delay in the projects leading to weaken the cash flows
Deterioration in the credit profile of the promoters/sponsors
Non-adherence of transaction structure covenants, including the co-obligor framework under RG

Liquidity Position

Strong

The liquidity position of Restricted Group (RG) is strong, supported by the low demand risk as successful tie-up of Power Purchase Agreements (PPA) with fixed tariff rate. The group is expected to generate net cash accrual in the range of 90-100 cr. in FY 27, against scheduled principal obligation in the range of Rs. 35-40 crores resulting in surplus cash flows for the same period. The average projected DSCR for the period from FY27 to FY36 is estimated at 1.28 times, indicating a comfortable debt servicing capacity. Further, the company benefits from the strong financial support of the INOXGFL Group, which provides additional financial flexibility and the ability to infuse funds, if required, over the long term. Given the expected cash flow generation from the project and the demonstrated commitment and financial strength of the promoter group, Acuite believes that the company will be able to meet its debt obligations in a timely manner over the repayment period.

Outlook: Stable

Other Factors affecting Rating

None.

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	134.32	89.64
PAT	Rs. Cr.	(79.37)	(26.80)
PAT Margin	(%)	(59.09)	(29.90)
Total Debt/Tangible Net Worth	Times	10.34	5.90
PBDIT/Interest	Times	0.42	0.92

Status of non-cooperation with previous CRA (if applicable)

None.

Any Other Information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History :

Not Applicable

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
National Bank for Financing Infrastructure and Development	Not avl. / Not appl.	Term Loan	Unlisted	RBI	12 Jan 2026	Not avl. / Not appl.	31 Mar 2045	58.28	Simple	ACUITE AA \| Stable \| Assigned
NIIF Infrastructure Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	24 Mar 2026	Not avl. / Not appl.	31 Mar 2045	33.31	Simple	ACUITE AA \| Stable \| Assigned

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No.	Name of Company
1.	VEH Srishti Energy Private Limited
2	Kleio Solar Power Private Limited
3	Tasoula Energy Private Limited
4	VEH Mitra Energy Private Limited
5	VEH Radiant Energy Private Limited
6	Akamu Solar Energy Private Limited

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Kartik Arora
Senior Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

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