The Pakistan Credit Rating Agency Limited
23-Sep-26
Analyst
Ghania Nadeem
ghania.nadeem@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Rating Modifiers | Apr-26
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-26
- Methodology | Independent Power Producer Rating | Jul-26
Related Research
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PACRA Withdraws Entity Ratings of Gul Ahmed Wind Power Limited
| Rating Type | Entity | |
|
Current (23-Sep-26 ) |
Previous (23-Sep-25 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A+ |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
PACRA has withdrawn the entity ratings of Gul Ahmed Wind Power Limited (GAWPL) with immediate effect. The withdrawal follows management's decision to discontinue the ratings, in light of the company's complete repayment of outstanding debt by the end of September 2026.
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About
the Entity
Gul Ahmed Wind Power Limited (GAWPL) is a project company under the umbrella of the Gul Ahmed Energy Group, a diversified energy platform with investments across thermal, solar, and wind power generation plants in Pakistan. Incorporated in 2008, GAWPL owns and operates a 50 MW wind power project located in Jhimpir, Sindh, a key renewable energy corridor in the country. The total project cost stood at USD 125.499 million, of which 75% was financed through a balanced mix of foreign and local debt. Final installment is due to be paid by the end of September 2026. The company is governed by a six-member Board of Directors, comprising equal representation from its two principal sponsors: Gul Ahmed Energy Limited and InfraCo Asia Indus Wind Pte. Limited. The Board is led by Mr. Danish Iqbal, who serves as Chief Executive Officer and brings over 24 years of experience in the power and infrastructure sectors. GAWPL is further supported by a capable and experienced management team with deep expertise in project development, operations, and asset management within the renewable energy space.