Small scale with most projects involving a minority stake and co-investment with parent. Favorable regulatory framework for renewable energy. Inherent operating volatility of wind power stations and problems related to grid curtailment. High leverage because of status as parent's offshore financing vehicle. Potential liquidity support from parent. The stable outlook on Hero Asia Investment Ltd. reflects the outlook on parent group, China Longyuan Power Group Corp. Ltd. (CLY), and our assessment that Hero Asia's position as a "highly strategic" entity of the group will remain unchanged over the next two years. The outlook on CLY also reflects our expectation that the group's financial and operational performance will remain stable over the next two years. We expect CLY will maintain its
