Type of ratings: Corporate

Rating value: BBB-

Outlook: Stable

License: EthiFinance Ratings


EthiFinance Ratings affirms Grenergy, S.A.'s rating at 'BBB-', maintaining the outlook at Stable. Grenergy is positioned as a producer of renewable energy under a widely integrated business model. During 2021, the company kept concentrating its results in Chile (91% of EBITDA) and started generating results from the sale of energy with a portfolio of 541 MW at the end of the year. The company advanced in its results during 2021 within an expected increase in the indebtedness level in accordance with the development of its investments plan. The Net Financial Debt/EBITDA ratio resulted at 5.75x (5.32x in 2020) and at 2.0x for the perimeter without recourse (2.81x in 2020).


Rating action: Affirmed

Action date: 2023-05-08

Date last rating: 2023-05-08

Date first rating: 2019-10-16


Executive summary:
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