Key Metrics of Kaze Renewables Private Limited
About Kaze Renewables Private Limited
Sectors
Company details
Operational Areas of Kaze Renewables Private Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
PositiveUpgraded by ICRA on 30 Mar 2026
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 30 Mar 2026 | ICRA | Upgraded | A- | — | Stable | ₹166 Cr | View |
Credit strengths (ICRA, Mar 2026)
+ Strong sponsor profile of parent Cleantech Solar Group, which is now backed by Keppel
The pool of SPVs is a part of the Cleantech Solar Group, which in turn is promoted by Keppel Corporation.
+ Low offtake risk with presence of long-term PPAs with industrial customers at highly competitive tariff for the pool capacity
The solar capacity under the pool has tied up long-term PPAs with multiple offtakers under the captive mode at a fixed tariff, thereby limiting the offtake and tariff risks.
+ Comfortable credit profile of customers expected to result in timely payments
The SPVs under the pool have signed PPAs with reputed industrial customers, such as DCW Limited and Orient Cement Limited.
Credit challenges
− Execution risk for under-construction capacities in the pool
The pool is exposed to execution risks given the under- construction capacity of ~8.2 MW (~13% of the total capacity of the cash-pooling SPVs).
− Vulnerability of cash flows to solar radiation
Given the single-part tariff under the PPAs, the revenues and cash flows of the pool would remain vulnerable to the actual generation, which in turn is exposed to the variability in solar radiation.
− Risk of cash flow mismatch owing to lower lock-in period under the PPAs in relation to debt tenure
The PPAs signed by the SPVs under the pool have a weighted average lock-in period of ~18 years, which is lower than the debt repayment tenure of ~20 years, leading to the risk of cash flow mismatches.
− Exposure to interest rate risk
The interest rates on the term loans availed by the company for its projects are floating and subject to regular resets.
− Regulatory risks
The operations of the SPVs remain exposed to regulatory risks pertaining to scheduling and forecasting requirements applicable for solar power projects.
Could lead to an upgrade
ICRA could upgrade the rating upon the successful commissioning of the entire assets in the pool, and if the projects demonstrate a generation performance in line with, or higher than the P -90 estimates, along with timely payments from the customers, leading to healthy credit metrics. Also, the rating would remain sensitive to the credit profile of the parent, Cleantech Solar Asia 2 Pte Ltd, CSA-2. www.icra.in Sensitivity Label : Public Page |3
Could lead to a downgrade
Pressure on the rating could arise if the generation performance of the solar assets remains below the appraised estimate on a sustained basis, thereby adversely impacting the debt coverage metrics. Also, any significant delay in the commissioning of the under-construction capacity, affecting the cash flow generation and
KRPL, incorporated in March 2023, is an SPV promoted by Cleantech India OA 2 Pte. Ltd., Singapore (CSIOA2), which in turn is held by CSA-2. KRPL owns and operates two solar power projects of 20-MW and 24.5-MW capacity, in Tamil Nadu. The company has signed a 25-year, long-term PPA with DCW Limited for the full capacity. As required under the group captive regulations, the customer has subscribed to the shareholding of the company. The capacity is partially commissioned and is st expected to be fully commissioned by 31 March 2026. About the cash pooling SPVs The SPVs under the cash pooling arrangement have an aggregate solar power capacity of 64.8 MW in Maharashtra, Karnataka and Tamil Nadu. They have signed 25-year, long-term PPAs with DCW Limited and Orient Cement Limited for the projects and have subscribed to the shareholding of the company as required under the group captive regulations.
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Fund based – Term loan (Long | Term loans | ₹166 Cr | ₹166 Cr | 0.0% | A- (Stable) | Upgraded | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term loan FY | Term loans | — | — | 31 Mar 2045 | ₹166 Cr | A- | Outstanding |
Credit assessment · Solar power
Rating Methodology – Solar Power Projects (Dec 2024) · Standalone accounts
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 19% |
| Information on file | 22% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Liquidity position, Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 19% chance the next rating action is stable or better
- Current rating A- (investment grade)
Rated limits by facility
Timeline
From the report
Low offtake risk with presence of long-term PPAs with industrial customers at highly competitive tariff for the pool capacity – The solar capacity under the pool has tied up long-term PPAs with multiple offtakers under the captive mode at a fixed tariff, thereby limiting the offtake and tariff risks.
From the report
Exposure to interest rate risk – The interest rates on the term loans availed by the company for its projects are floating and subject to regular resets.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Kaze Renewables Private Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 NTPC Limited |
Power Generation & Utilities · Oil, Gas & Energy | ntpc.co.in | 1975 | New Delhi, India |
 Adani Green Energy Limited |
Renewable Power · Electricity, Gas and Water companies | adanigreenenergy.com | 2015 | Ahmedabad, Gujarat, India |
 JSW Energy |
Renewable Power · Oil, Gas & Energy | jsw.in/energy | — | Mumbai, India |
| Renewable Power · Oil, Gas & Energy | seci.co.in | — | India | |
 Suzlon Energy |
Part of Suzlon Group. | suzlon.com | 1995 | Ahmedabad, India |
| Renewable Power · Oil, Gas & Energy | tatapowerrenewables.com | — | Mumbai, India | |
| Sterling And Wilson Renewable Energy Limited | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
| Saatvik Green Energy Limited | · Electricity, Gas and Water companies | — | — | Haryana, India |
 SJVN |
Renewable Power · Oil, Gas & Energy | sjvn.nic.in | — | Shimla, India |
 Inox Wind |
Discovered Companies · Other Industries | inoxwind.com | 2009 | Una, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.