Type of ratings: Corporate

Rating value: BBB-

Outlook: Stable

License: EthiFinance Ratings


EthiFinance ratings affirms Valfortec, S.L.'s "BBB-" rating, maintaining the outlook Stable. Valfortec is positioned as an independent power producer (IPP). The company operated photovoltaic solar plants with a total capacity of 37.6 MW in operation in 2021. With presence in four international markets, Valforect is currently facing an important growth plan for its project portfolio, based on a 647 MW pipeline in an advanced stage of development. According to the unaudited figures provided by the company, in 2021 Valfortec advanced in its results with an adjusted turnover of € 40.9M (+159% YoY) and an adjusted EBITDA of € 16.5 (+162% YoY), the Net Financial Debt during the year 2021 reached € 77M (+9% YoY).


Rating action: Affirmed

Action date: 2023-05-08

Date last rating: 2023-05-08

Date first rating: 2021-03-12


Executive summary:


Return to the rating page