Type of ratings: Corporate

Rating value: BBB-

Outlook: Stable

License: EthiFinance Ratings


EthiFinance Ratings assigns for the first time a BBB- rating with a Stable outlook to GreenVolt Energias Renováveis, S.A. GreenVolt Energias Renováveis, S.A. is a Portuguese company that operates in the renewable energy sector, being Portugal's leader in biomass installed capacity, with a wide geographically diversified growing pipeline in various stages of development. With an accumulated experience in this segment of close to 20 years, GreenVolt has extensive and proven technical skills in the design, engineering, operation and maintenance of biomass power stations. The year 2021 was a turning point for the company, as it marked its IPO (with the corresponding capital inflow, which amounted to c.€ 200M) executed acquisitions of companies specializing in different technologies in various European geographies and determined its new operating strategy. Hence, the company has begun a growth strategy based not only on biomass, but also dedicated to the development of wind and solar photovoltaic energy projects and distributed energy generation. Currently, the company has almost 0.2 GW of projects in operation, 3.6 GW of projects in advanced stage of development (either in construction phase, ready to build or pre-ready to build) and an additional 3 GW of projects in pipeline (mid-to-early stage). GreenVolt s turnover at year-end 2021 was € 141.5M (+57.1% YoY), while its EBITDA reached € 56.5M (+71.2%), resulting in a 40% EBITDA margin. On the other hand, its consolidated NFD/EBITDA ratio stood at 3.7 times.


Rating action: Under Observation

Review due to methodologies update.

Action date: 2022-11-08

Date last rating: 2022-09-01

Date first rating: 2022-09-01


Executive summary:


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