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Lahore: The Pakistan Credit Rating Agency Limited (PACRA) has maintained its entity ratings for Prism Energy (Private) Limited (PEPL), a company engaged in solar renewable energy operations in Pakistan. PEPL, which began its operations in August 2020, operates on three business models—Power Purchase Agreement (PPA), Buyout (BOOT), and Solar on Cash (EPC). Despite a revenue increase of approximately 58% to PKR 128 million in the fiscal year 2025, the company reported a loss of around PKR 25 million due to a one-time adjustment linked to the declining prices of previously procured solar panels.
PEPL’s solar capacity installations stand at over 12.88 megawatts across seventeen sites, with notable projects for Dawn Foods and a Power Purchase Agreement with a multilateral organization for a 185-kilowatt solar system at its Islamabad offices. The company’s equity base remains robust at PKR 1,235 million, and it continues to operate without outstanding borrowings, relying on internally generated cash flows for expansion.
The ratings reflect the company’s solid cash flows and support from sponsors, ensuring liquidity to meet obligations. However, PACRA highlights the importance of PEPL maintaining a low-risk profile and timely customer payments to sustain its financial health. Any significant decline in margins or financial coverages could negatively impact the ratings.