Rating Rationale
August 18, 2023 | Mumbai
Hero Solar Energy Private Limited
Ratings Reaffirmed; Rated amount enhanced for Bank Debt
 
Rating Action
Total Bank Loan Facilities RatedRs.1025 Crore (Enhanced from Rs.538 Crore)
Long Term RatingCRISIL A/Stable (Reaffirmed)
Short Term RatingCRISIL A1 (Reaffirmed)
 
Rs.100 Crore Long Term Principal Protected Market Linked DebenturesCRISIL PPMLD A/Stable (Withdrawn)
Rs.50 Crore Long Term Principal Protected Market Linked DebenturesCRISIL PPMLD A/Stable (Reaffirmed)
Rs.100 Crore Non Convertible DebenturesCRISIL A/Stable (Reaffirmed)
Rs.100 Crore Non Convertible DebenturesCRISIL A/Stable (Reaffirmed)
Rs.250 Crore Non Convertible DebenturesCRISIL A/Stable (Withdrawn)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale 

CRISIL Ratings has reaffirmed its ‘CRISIL A/CRISIL PPMLD A/Stable/CRISIL A1' ratings on the non-convertible debenture, long-term principal-protected market linked debentures and bank facilities of Hero solar Energy Private Limited (HSEPL; part of the HFE Global group).

 

CRISIL Ratings has also withdrawn its rating on non-convertible debentures of Rs 250 crore basis independent confirmation and request from the company. Also, ratings on Long Term Principal Protected Market Linked Debentures of Rs 100 crores have been withdrawn as basis request from the company and there is no outstanding against these instruments. The withdrawal is in-line with CRISIL Ratings' policy on withdrawal of instruments (See annexure 'Details of Rating Withdrawn' for details).

 

Rating reaffirmation factors in improvement in market cover of Hero promoter group entities - improving to ~4.3 times in August 2023 from ~3.6 times as of November 2022. Ratings also consider deleveraging of holding companies of HFE global group and improvement in operational parameters of HFE’s renewable portfolio - overall generation performance being 3.35% higher in fiscal 2023 when compared to fiscal 2022 and reduction in receivables from Rs 903 crores as of March 2022 to Rs 711 crores as of March 2023 (including not due amount). While present market cover of HFE promoter entities remains lower than CRISIL Ratings’ expectations, however we expect this to improve over next 6-12 months driven by intent of management to continue to deleverage the holding companies. Sustained weaker than expected market cover will remain a key rating sensitivity factor.

 

The ratings continue to factor in the resourcefulness and likely financial and managerial support of the Hero group, HFEPL’s diversified operational renewable project portfolio and financial flexibility to successfully address refinancing requirements at renewable holding company levels. These strengths are partially offset by the modest financial profile of HFEPL holding companies and risks inherent in operating renewable energy assets.

Analytical Approach

CRISIL Ratings has combined the business and financial risk profiles of HFEPL and its wholly owned subsidiaries, Hero Wind Energy Pvt Ltd (HWEPL), Hero Solar Energy Pvt Ltd (HSEPL) and Hero Rooftop Energy Pvt Ltd (HREPL). CRISIL Ratings has also moderately consolidated the risk profiles of all special purpose vehicles (SPVs) established as subsidiaries of HWEPL, HREPL and HSEPL for undertaking wind and solar energy projects. The consolidated entity is referred to as the HFE Global group. 

 

CRISIL Ratings has used its parent notch-up framework to factor in the support to the group from the Hero promoter group entities, BCIPL and BMOP. These two companies indirectly hold the entire Hero group’s stake in HFEPL.

 

In the assessment of BCIPL and BMOP, apart from the borrowings at both entities, CRISIL Ratings has consolidated a portion of debt of the HFE Global group and HFE’s renewable special purpose vehicles (SPVs) to calculate the market cover. This consolidated debt is expected to remain supported by BCIPL and BMOP.

 

Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

  • Strong managerial and financial support from the Hero group

The holding companies of the Hero Future Energies platform (HFEPL, HREPL, HWEPL and HSEPL) are majorly owned, directly or indirectly, by the promoters of the Hero group, BCIPL and BMOP. These entities draw strength from their 20.00% and 13.99% stakes, respectively, in Hero MotoCorp. Both BCIPL and BMOP have funded the initial equity for the platform and have further made equity infusions in fiscal 2023. Furthermore, the presence of the Munjal family members on the board of group companies substantiates the importance of the venture to the Hero group and the Munjal family. CRISIL Ratings also understands that after completion of recent equity infusion announced by KKR and Hero Family, the Munjal family will continue to operate and be a majority shareholder in Hero Future Energies platform.

 

Market cover for the consolidated debt (as per the analytical approach described above) stood at 4.3 times as on August 08, 2023

 

CRISIL Ratings centrally factors in the expectation of continued financial and managerial support that the Hero Future Energies platform receives from the Hero promoter group entities. Any change in this understanding shall be a rating sensitivity factor.

 

  • Diverse operational portfolio

The SPVs in the HFE Global Group benefit from being a part of a diverse portfolio. The operational portfolio comprised wind capacity of over 580 megawatts (MW) across Rajasthan, Maharashtra, Tamil Nadu, Karnataka, Madhya Pradesh, and Andhra Pradesh; solar capacity of over 923 MW across Madhya Pradesh, Telangana, Andhra Pradesh, Karnataka and Rajasthan; and hybrid capacity of 29 MW in Karnataka as on July 31, 2023

 

The operational portfolio has long-term power purchase agreements with the distribution companies of Rajasthan, Karnataka, Madhya Pradesh, Andhra Pradesh, Maharashtra, several private industrial and commercial customers, and Solar Energy Corporation of India (SECI). Diversification of assets in terms of location and presence of strong counterparties reduces associated credit risks. Share of the central counterparty in the operational portfolio rose to 38% in September 2020 from 23% in March 2019

 

Weaknesses:

  • Moderate financial risk profile of the HFE Global group

The HFE Global group contracts debt on holding companies to meet the expenses of under-construction projects and provide need-based support to renewable SPVs. This debt is deleveraged through regular equity raises and internal accrual. Debt levels at holding companies has reduced from Rs 2,000 crore in November 2022 to Rs. 1325 crore as on June 30th, 2023.  Additionally, it is expected that this debt levels will be reduced further by fiscal 2024 end which will remain a key sensitivity factor.

 

  • Exposure to inherent risks associated with renewable energy generation assets

The wind and solar power project PLFs are exposed to variability in climatic conditions leading to resource issues, along with equipment and evacuation-related risks. The operational performance at the group level has shown improvement in fiscal 2023. Overall PLF for wind and solar remained satisfactory when compared to revised P90 plant load factor (PLF) in fiscal 2023.

 

  • Lower than required level of market cover

Market cover of HFE holding companies improved to 4.3 times as on August 08, 2023. This was on account of deleveraging at HFE hold-co levels along with improved the market capitalisation of HMC. That said, market cover still continues to remain below the required level of 5.5 times. Furthermore, it is expected that debt level at HFE hold-cos will reduce till the end of fiscal 2024.

Liquidity: Adequate

The HFE Global group is expected to have cash flow for debt servicing of over ~Rs 1,200 crore in fiscal 2024, which will adequately cover its long-term debt obligation of around Rs 983 crore. In addition, the group cash and cash equivalents of ~Rs 733 crore on consolidated basis as on June 30, 2023 (including unencumbered cash of ~Rs. 490 crores).

 

The holding companies had unencumbered cash of around Rs. 67 crore as on June 30, 2023. The group also has unutilized working capital lines of Rs 205 crore (sanctioned limits of Rs. 215 crore). The free cash and unutilized working capital limits is roughly equivalent to 3 months of debt servicing for the group. HFEPL's holding companies are expected to be able to meet refinancing obligation over the medium term, given their financial flexibilities including established relationships in capital markets and support from parent entities (BCIPL and BMOP), if required.

Outlook: Stable

The rating outlook reflects expectation of improvement in operational performance and decline in receivables for the renewable portfolio of the HFE Global group and deleveraging in debt at the holding companies of HFE Global group.

Rating Sensitivity factors

Upward factors

  • Material and sustainable improvement in market cover to over 5.5 times over the medium term
  • Significant improvement in cash generation/ operational performance of the renewable portfolio along with materially higher than anticipated deleveraging at HFE Global’s holding companies

        

Downward factors

  • Delay in improvement of the market cover of BCIPL or BMOP to required levels, over the medium term, from the current levels of ~4.3 times
  • Delay in improvement of cash generation/ operational performance of the renewable portfolio
  • Lower control over the renewable portfolio or change in support articulation from BCIPL and BMOP

About the Company

HSEPL, a wholly owned subsidiary of HFEPL (the green energy venture of the Hero group) is the solar project holding company of the group in India. HWEPL has commissioned/implemented wind capacity of over 900 MW in Rajasthan, Maharashtra, Tamil Nadu, Karnataka, Madhya Pradesh, Telangana, and Andhra Pradesh.

Key Financial Indicators (consolidated; CRISIL Ratings-adjusted numbers)

As on/for the period ended March 31

 

2023

2022

2021

Revenue

Rs crore

1,539

1,430

1,356

Profit after tax (PAT)

Rs crore

-325

-576

-553

PAT margin

%

-21.2

-40.3

-40.8

Adjusted debt/adjusted networth

Times

NM

NM

NM

Interest coverage*

Times

1.1

1.1

1.0

*Adjusted for (FY23: Rs. 209 crore FY22: Rs 207 crore; FY21: Rs 190 crore) non-cash finance expenses accrued on compulsorily convertible preference shares

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name of instrument Date of
allotment		 Coupon
rate (%)		 Maturity
date		 Issue size
(Rs crore)		 Complexity 
levels		 Rating assigned
with outlook
INE316W07070 Long Term Principal Protected Market Linked Debentures 3-Aug-22 G-sec linked 3-Dec-25 50 Highly Complex CRISIL PPMLD A/Stable
INE316W07088 Non-convertible debentures 14-Sep-22 11.10% 14-Mar-25 21 Complex CRISIL A/Stable
INE316W07062 Non-convertible debentures 17-Nov-21 11.50% 17-May-24 8.57 Complex CRISIL A/Stable
INE316W07096 Non-convertible debentures 30-Jan-23 9.57% 31-Jan-24 25 Complex CRISIL A/Stable
NA Non-convertible debentures* NA NA NA 145.43 Complex CRISIL A/Stable
NA Non-Fund Based Limit NA NA NA 200 NA CRISIL A1
NA Overdraft Facility NA NA NA 50 NA CRISIL A1
NA Overdraft Facility NA NA NA 2.5 NA CRISIL A1
NA Rupee Term Loan Dec-20 NA Dec-24 105 NA CRISIL A/Stable
NA Rupee Term Loan Jul-22 NA Mar-40 12.5 NA CRISIL A/Stable
NA Rupee Term Loan Sep-20 NA Sep-23 80 NA CRISIL A/Stable
NA Rupee Term Loan NA NA NA 300 NA CRISIL A/Stable
NA Rupee Term Loan Mar-23 NA Mar-27 275 NA CRISIL A/Stable

*Yet to be issued

 

Annexure - Details of Rating Withdrawn

ISIN Name of instrument Date of
allotment		 Coupon
rate (%)		 Maturity
date		 Issue size
(Rs crore)		 Complexity 
levels		 Rating assigned
with outlook
NA Long Term Principal Protected Market Linked Debentures* NA NA NA 100 Highly Complex Withdrawn
INE316W07088 Non-convertible debentures 14-Sep-22 11.10% 14-Mar-25 9 Complex Withdrawn
INE316W07062 Non-convertible debentures 17-Nov-21 11.50% 17-May-24 6.43 Complex Withdrawn
INE316W07054 Non-convertible debentures 30-Sep-21 11.50% 31-Mar-24 60 Complex Withdrawn
NA Non-convertible debentures* NA NA NA 174.57 Complex Withdrawn

*Yet to be issued

Annexure – List of entities consolidated

Names of Entities Consolidated Extent of Consolidation Rationale for Consolidation
Hero Future Energies Asia Pte Ltd Full Same business and common management and treasury
Hero Future Energies Global Plc. Full Same business and common management and treasury
Hero Future Energies Pvt Ltd Full Same business and common management and treasury
Hero Solar Energy Pvt Ltd Full Same business and common management and treasury
Hero Wind Energy Pvt Ltd Full Same business and common management and treasury
Hero Rooftop Energy Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Wind Power (Anantapur) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Wind Power (Pratapgarh) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Wind Power (Ratlam) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Wind Power (Satara) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Wind Power (Devgarh) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Wind Power (Manvi) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Wind Power (Jaisalmer) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Wind Power (Kurnool) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Wind Power (Bhavnagar) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Wind Power (Piploda) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Wind Power (Bableshwar) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Solar Power (Chitradurga) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Solar Power (Dhar) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Solar Power (Tumkur) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Solar Power (Ludhiana) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Solar Power (Bhadla) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Solar Power (Jaipur) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Wind Power (Tuticorin) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Solar Power (Gulbarga) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Solar Power (Bellary) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Rajkot (Gujarat) Solar Energy Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Vayu Urja Bharat Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Solar Power (Sirsa) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Solar Power (Kadappa) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Clean Solar Power (Konch) Pvt Ltd Moderate with BCIPL and BMOP To the extent of support for cash flow mismatches during operations
Annexure - Rating History for last 3 Years
  Current 2023 (History) 2022  2021  2020  Start of 2020
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT/ST 825.0 CRISIL A1 / CRISIL A/Stable 07-02-23 CRISIL A1 / CRISIL A/Stable 30-11-22 CRISIL A1 / CRISIL A/Stable 24-09-21 CRISIL A+/Stable / CRISIL A1 17-11-20 CRISIL A+/Stable --
      --   -- 06-04-22 CRISIL A+/Negative / CRISIL A1 26-03-21 CRISIL A+/Stable / CRISIL A1 05-11-20 CRISIL A+/Stable --
      --   --   --   -- 19-08-20 CRISIL A+/Stable --
Non-Fund Based Facilities ST 200.0 CRISIL A1 07-02-23 CRISIL A1 30-11-22 CRISIL A1 24-09-21 CRISIL A1   -- --
      --   -- 06-04-22 CRISIL A1 26-03-21 CRISIL A1   -- --
Non Convertible Debentures LT 200.0 CRISIL A/Stable 07-02-23 CRISIL A/Stable 30-11-22 CRISIL A/Stable 24-09-21 CRISIL A+/Stable 17-11-20 CRISIL A+/Stable --
      --   -- 06-04-22 CRISIL A+/Negative 26-03-21 CRISIL A+/Stable 05-11-20 CRISIL A+/Stable --
      --   --   --   -- 19-08-20 CRISIL A+/Stable --
      --   --   --   -- 26-05-20 CRISIL A+/Negative --
Long Term Principal Protected Market Linked Debentures LT 50.0 CRISIL PPMLD A/Stable 07-02-23 CRISIL PPMLD A/Stable 30-11-22 CRISIL PPMLD A r /Stable   --   -- --
      --   -- 06-04-22 CRISIL PPMLD A+ r /Negative   --   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Non-Fund Based Limit 200 Axis Bank Limited CRISIL A1
Overdraft Facility 2.5 IndusInd Bank Limited CRISIL A1
Overdraft Facility 50 The Federal Bank Limited CRISIL A1
Rupee Term Loan 90.5 The Federal Bank Limited CRISIL A/Stable
Rupee Term Loan 209.5 The Federal Bank Limited CRISIL A/Stable
Rupee Term Loan 275 IndusInd Bank Limited CRISIL A/Stable
Rupee Term Loan 80 Tata Cleantech Capital Limited CRISIL A/Stable
Rupee Term Loan 105 IndusInd Bank Limited CRISIL A/Stable
Rupee Term Loan 12.5 ARKA Fincap Limited CRISIL A/Stable
Criteria Details
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
The Infrastructure Sector Its Unique Rating Drivers
Criteria for rating solar power projects
Criteria for rating entities belonging to homogenous groups
Criteria for Notching up Stand Alone Ratings of Companies based on Parent Support
CRISILs Criteria for rating short term debt
CRISILs Criteria for Consolidation

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