Orient Green Power shares touched a day’s high of ₹10.49 on Wednesday after ICRA upgraded the credit rating on two subsidiaries.

The rating action covers Beta Wind Farm Private Limited and Delta Renewable Energy Private Limited, both subsidiaries of Orient Green Power.

ICRA assigned a BBB Stable rating to Beta’s existing loan facility of ₹458.63 crore, a one notch improvement from the CRISIL BBB- Positive rating it carried before.

Beta Wind Farm runs a fairly large operation, with 241.6 MW of wind energy projects spread across Tamil Nadu, Andhra Pradesh, Gujarat and Karnataka.

ICRA also looked at Beta’s planned 6.6 MW wind power expansion and gave the same BBB Stable rating to that upcoming loan facility.

Delta picked up a similar upgrade. ICRA assigned a BBB Stable rating to Delta’s existing ₹21 crore loan and its proposed ₹64 crore facility as well.

The company’s exchange filing said the ratings reflect strong revenue visibility from long term power purchase agreements, an established track record, and an improved receivable profile at Beta.

For Delta, the ratings also take into account the credit profile of its customers and comfortable debt coverage metrics. It hasn’t been an easy stretch for the stock lately.

Shares are up 6% over the past week but down close to 1.4% over the last month. Zooming out a bit, the stock has fallen 14% over three months and 16.15% since the start of the year.

Over a full year it’s down roughly 30%, though it has still delivered a 278% gain over three years.

Orient Green Power closed at ₹9.54 on Wednesday, up 4.38% for the day on the NSE.

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