Hanuman Wind Power Limited
Behind the first-time P(Ba1) senior secured rating
Join our analysts to find out the credit drivers underpinning P(Ba1) rating on the proposed USD bonds to be issued by the newly established restricted group (RG) of Hanuman Wind Power Limited (HWPL). The RG comprises HWPL and five wind projects in Thailand, all of which benefit from rolling evergreen power purchase agreements with the Electricity Generating Authority of Thailand.
Topics include:
- What are the key credit strengths and challenges influencing the rating?
- What are some of the unique features in Thailand’s renewable market, and how have they been considered in the rating?
- How do we assess the project’s potential exposure to ESG considerations?
- How have we considered the structural features of this project bond issuance?
Speakers
Spencer Ng
VP-Senior Credit Officer, Project & Infrastructure Finance
Moody's Ratings
Erman Zhang
AVP-Analyst, Project and Infrastructure Finance
Moody's Ratings
Chelsia Ng
Analyst, Project and Infrastructure Finance
Moody's Ratings
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Spencer Ng is a Vice President – Senior Credit Officer in Moody’s Public, Project & Infrastructure Finance team. Based in Singapore, Spencer is responsible for project finance and infrastructure credits, including power utilities, renewables and airports in South and Southeast Asia.
Prior to joining Moody’s in 2007, Spencer worked for Ernst & Young Transactions Advisory Services in their Project Finance team. Spencer has also held various analytical and accounting roles at ANZ Bank, JP Morgan and State Street Australia.
Spencer holds a Bachelor of Economics and a Master of Commerce from the University of New South Wales. He is also a CFA charterholder.
Erman Zhang is an AVP-Analyst in Moody’s Project and Infrastructure Finance Group. Based in Singapore, she covers project and infrastructure credits in South and Southeast Asia.
Erman has several years of experience in infrastructure and asset finance. Prior to joining Moody’s, she worked in Mizuho Bank’s Singapore branch, covering a portfolio of major shipping companies. Erman’s previous roles included being a manager at the Singapore branch of bank of China, covering infrastructure and project finance in Southeast Asia, and being a corporate relationship manager at HSBC China.
Erman holds an MBA from the Nanyang Technology University in Singapore, a Master of Science in Economics from the Hong Kong University of Science and Technology and a Bachelor of Arts in Economics from the Sun Yat-Sen University in China. Erman is also a CFA charterholder.
Chelsia is an Analyst with Moody’s Ratings Project and Infrastructure Finance Group. Based in Singapore, she covers
project finance, transport, utilities and other infrastructure companies in Southeast Asia and India.
Before joining Moody’s, Chelsia worked at Ernst & Young Singapore for the Strategy and Transactions team, where she carried out financial due diligence for private equity and corporate clients in Asia Pacific.
Chelsia holds a Bachelor of Accountancy and Bachelor of Business Administration from Nanyang Technological University. She is also a CFA charter holder.