Type of ratings: Corporate

Rating value: BB

Outlook: Stable

License: EthiFinance Ratings


EthiFinance Ratings affirms Greenalia S.A's rating at 'BB', maintaining the outlook at Stable. Greenalia S.A. is positioned as an independent power producer in the field of renewable technologies. Its participation in different technologies and its 100% ownership in its projects currently define its competitive strategy, having its first biomass and wind power projects in Galicia (124.5 MW of installed capacity). The year 2021 reaffirmed the group's positive evolution in line with the increase in production and energy prices, allowing it to increase adjusted revenues to € 77.8M (+65%), as well as to triple its EBITDA figure to € 38.6M (49.6% margin). The continuity in terms of a demanding growth plan (975 MW under construction), mainly financed with non-recourse debt, still maintains our view of a high leverage in relation to its generated revenues (NFD/EBITDA of 7x in 2021) and its equity.


Rating action: Affirmed

Action date: 08/05/2023

Date last rating: 08/05/2023

Date first rating: 22/12/2020


Executive summary:
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