Type of ratings: Corporate

Rating value: BB

Outlook: Stable

License: EthiFinance Ratings


EthiFinance Ratings affirms Fenie Energía's "BB" rating, maintaining its Stable outlook. Fenie Energía S.A. is an independent energy commercializer that operates in the Spanish energy market. Its main activity is the supply of electricity to the residential sector; additionally, to a lesser extent, it markets gas, provides representation services as well as solutions that promote energy saving, mobility and self-consumption. Founded by the Federación Nacional de Empresarios de Instalaciones de España (FENIE), it is defined as the installers' marketer, providing the added value of the sector's specialists. In addition to marketing, it has two wind farms with an installed capacity of 18.9MW and four photovoltaic projects in advanced stages with a combined capacity of 9MW. Fenie operates entirely in Spain and at year-end 2022 achieved revenues of € 820.0m (+35.2% YoY) with EBITDA of € 12.1m (+62.5% YoY). The Adjusted NFD/EBITDA ratio stood at 4.3x


Rating action: Affirmed

Action date: 2023-08-16

Date last rating: 2023-08-16

Date first rating: 2022-09-22


Executive summary:


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