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ICRA rates 8 solar off-grid companies in ten days

According to reports, the rating agency, ICRA, has rated as many as eight off-grid solar companies in the last ten days.

The eight companies rated by ICRA in the last ten days are: Nano Bright Technologies, Hyderabad; Elan Green Brilliance of New Delhi; Bosch, Bangalore; Etain Immodo Renewables; Delta Star Power Projects; International Marketing Corporation, Mumbai; Ravano Solar India, Bangalore; and Qbarons Natural Energy of Visakhapatnam.

Mr Sabyasachi Majumdar, Senior Vice President, Corporate Sector Ratings, ICRA Ltd, however, said that there has been no sudden spurt in the demand for rating by solar companies.

ICRA has a matrix of ratings for under its ‘solar grading’ product and measures companies against two parameters – performance capability and financial capability.

The off-grid solar industry – such as rooftop solar plants, appliances like solar lanterns and solar water heaters, captive solar projects for companies – have been witnessing a lot of activity in the recent times. This has been due to a number of reasons, including the possibility of avoiding diesel, but mainly because solar power prices are moderating. In addition, there is also subsidy available from the Ministry of New and Renewable Energy, which is available only if the project implementing companies are rated entities.

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