IntelliSmart, along with Energy Efficiency Services Ltd (EESL), has implemented over 60 per cent of the total volume of smart meters rolled out nationally, so far.
In a release discussing IntelliSmart’s credit rating, Anil Rawal, Managing Director & CEO, 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 per cent of the total volume of the smart meter (along with AMI) rolled out in the country so far.”
IntelliSmart, it may be mentioned, is a joint venture between EESL and National Investment Infrastructure Fund (NIIF).
IntelliSmart won the first smart meter project rolled out under the aegis of the Government’s Revamped Distribution Sector Scheme (RDSS) in Assam for the implementation of 6.2 lakh smart meters under the DBFOOT (design, build, finance, own, operate & transfer) arrangement.
So far, IntelliSmart has completed more than 25 per cent of the project. At the current rate of installation, the project will be completed ahead of schedule. IntelliSmart has already achieved ‘go-live’ for the project – a critical milestone in its commercialisation process.
Credit rating
Incidentally, IntelliSmart has received ‘IND A/Stable’ rating from India Ratings & Research for its debt facilities. The rating has been provided for rupee term loan, fund-based and non-fund-based working capital.
“Our strong technical strength, process-driven approach and robust project management skills are effectively reflected in the financial rating that we have received from India Ratings for our debt instruments. We are now possibly the only smart meter company in India to have a stable and dependable creditworthiness, duly ratified by a leading credit ratings agency,” noted Anil Rawal,
The rating reflects IntelliSmart’s long-term contract with a strong counterparty like Assam Power Distribution Company Ltd (APDCL), minimal payment risk due to a dedicated payment security mechanism with minimum clearing balance of 1.1x the monthly payment fee, minimal equity infusion risk and moderate debt structure. The rating also draws comfort from the company’s strong sponsor-led backing and experienced key management personnel with considerable experience in the smart metering sector, IntelliSmart said in a release.
Also Read: Over 20 crore smart meters okayed under RDSS, TN gets most
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