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SOLARIA CASIOPEA SAU

Type of ratings: Project Finance

Rating value: BBB

Outlook: Stable

License: EthiFinance Ratings

Solicited

EthiFinance Ratings affirms Solaria Casiopea, S.A.U.'s rating at "BBB", maintaining its Stable outlook. Solaria Casiopea, S.A.U. is a company engaged in the generation of electricity through the operation of three solar photovoltaic plants located in Almería, León and Ciudad Real, with a combined nominal capacity of 2.42 MW. The three plants are built and in operation, with positive operating performance. At year-end 2021, the company reported revenues of € 1.6MM (+22.5%) and EBITDA of € 1.3MM (+33.5%), demonstrating a positive capacity to meet its financial commitments through a Debt Service Coverage Ratio (DSCR) of 1.79x (+0.1x).

Ratings

Rating action: Under Observation

Review due to methodologies update.

Action date: 2023-07-24

Date last rating: 2022-12-05

Date first rating: 2017-12-14

Documents

Executive summary:

Methodology

Project Finance Methodology

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