IntelliSmart receives India Ratings ‘IND A/Stable’
March 1, 2023 12:59 pm
March 1, 2023 12:59 pm
IntelliSmart has been assigned the “IND A/Stable” rating by India Ratings, making it the first company to offer smart meters.Working capital that is based on funds and without funds has received a rating in rupees.
The debt facilities of IntelliSmart Infrastructure Private Limited, India’s top provider of smart meters and digital solutions and a joint venture between Energy Efficiency Services Limited (EESL) and National Infrastructure Investment Fund (NIIF), have been rated “IND A/Stable” by India Ratings & Research. Working capital that is fund-based and non-fund-based as well as rupee term loans have all received ratings.
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 a minimum clearing balance of 1.1x the monthly payment fee, minimal equity infusion risk and moderate debt structure. The rating also derives comfort from the company’s strong sponsor-led backing and seasoned key management staff with substantial experience in the smart metering sector.
Anil Rawal, Managing Director and CEO of 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 percent of the total volume of the smart meter (along with AMI) rolled out in the country so far.”
The financial rating that IntelliSmart has achieved from India Ratings for our loan instruments effectively reflects their excellent technical capabilities, process-driven strategy, and solid project management capabilities. They could be considered the only provider of smart meters in India whose creditworthiness has been properly verified by a prominent credit rating agency.
For the installation of 6.2 lakh smart meters under the DBFOOT (Design, Build, Finance, Own, Operate, and Transfer) arrangement, IntelliSmart got the first smart meter project awarded under the government’s Revamped Distribution Sector Scheme (RDSS) in Assam.
More than 25 percent of the project has already been completed by IntelliSmart, and India Ratings took solace in the knowledge that, given the current pace of installation, the project will be finished earlier than expected. A crucial step in its commercialisation process, ‘go-live’ has already been accomplished by IntelliSmart.
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