According to Fitch Ratings, an award-winning provider of credit ratings, commentary and research, the performance of Indian wind and solar project-finance transactions dipped in the financial year ended March 2025 (FY25), with overall power generation slipping to 4% below the agency’s one-year P90 forecasts.
Wind load factors fell by 8% in FY25 relative to FY24, leading to performance that was 9% below the one-year P90 estimate and at the lowest level since FY22. Wind performance in FY24 was 1% below their one-year P90 estimate. Solar load factors also decreased in FY25, albeit by a lower degree of 3% against FY24, with performance tracking the one-year P90 estimate. Solar performance was 2% above their FY24 one-year P90 estimate.
The Fitch-rated restricted groups’ cash collection continued to improve in FY25, with receivable days dropping to around 85 days from about 100 at FYE24. Total collections were better for both wind and solar assets, as most state distribution companies cleared overdue payments. Commercial and industrial customers have also largely paid on time in the last few years.
Details on resource performance and receivable days across India’s Fitch-rated restricted groups are available in the report, “Indian Renewable Energy Performance FY25,” link: https://bit.ly/3K9o1UU.
