Type of ratings: Corporate

Rating value: BBB-

Outlook: Observation

License: EthiFinance Ratings


EthiFinance ratings affirms Valfortec, S.L. s "BBB-" rating, changing the outlook from Stable to In Observation. Valfortec is positioned as an independent power producer (IPP) using photovoltaic solar technology, with an operational project portfolio of 55.5 MW in Spain, Japan, Chile and the UK. The company is currently facing an important growth plan for its project portfolio, based on a 597 MW pipeline in an advanced stage of development. In 2022, the company achieved an adjusted revenue of € 33.2M (-20.9% YoY), an adjusted EBITDA of € 19.9M (-12.7% YoY), and a pre-tax profit of € 3.8M (-3.8% YoY).


Rating action: Affirmed

Action date: 2023-07-31

Date last rating: 2023-07-31

Date first rating: 2021-03-12


Executive summary:


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