Fitch rates Clean Renewable notes BB-

Fitch Ratings said it assigned Clean Renewable Power (Mauritius) Pte. Ltd.'s planned U.S. dollar senior secured notes due 2027 an expected BB- rating.

The rating reflects the credit profile of a restricted group of operating entities under Hero Future Energies Private Ltd., a subsidiary of Hero Future Energies Asia Pte. Ltd., an independent power producer in India with a renewable energy portfolio. Clean Renewable is a financing vehicle incorporated in Mauritius and a wholly owned subsidiary of Hero Future Energies Asia Pte.

Clean Renewable will use the proceeds notes to subscribe to Indian rupee-denominated external commercial borrowing bonds to be sold by the entities in the restricted group of companies. The entities will use those proceeds to refinance debt and repay or extend inter-corporate loans to the parent along with general corporate purposes.

The outlook is stable.

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