Type of ratings: Corporate

Rating value: BB-

Outlook: Stable

License: EthiFinance Ratings


EthiFinance Ratings assigns a "BB-" rating with a Stable outlook for the first time to Grupo Greening 2022, S.A. Grupo Greening 2022, S. A. is a Spanish group operating in the renewable energy sector, specifically in the field of photovoltaic solar energy. Founded in 2011 and located in Granada, the company has focused in recent years on industrial self-consumption EPC as its main line of business. However, as part of its strategy to diversify its activities and vertically integrate within its value chain, the company also operates three other business lines: energy generation through parks it owns, energy marketing, and the manufacturing of components (structures and panels) for the renewable industry. The company operates both nationally and internationally, in Europe, North America, and North Africa, although its revenue is still primarily concentrated in the domestic market. The company is currently in the midst of a growth and business reorientation process, aiming to play a more significant role as an Independent Power Producer (IPP). To achieve this, it has its own portfolio of developing parks, which as of December 2022 reached 4.1 GW at the Utility Scale level, 62.5 MW at the PPA on-site level, and 111 MW of biogas plants. At the end of 2022, the company's turnover reached million (+151.8% year-on-year) with a recurring EBITDA of € 3.2 million (EBITDA margin of 7.5%) and a DFN/EBITDA ratio of 4.4x.


Rating action: New

Action date: 2023-10-03

Date last rating: 2023-10-03

Date first rating: 2023-10-03


Executive summary:


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