Type of ratings: Corporate

Rating value: BBB-

Outlook: Stable

License: EthiFinance Ratings


Ethifinance Ratings affirms GreenVolt Energias Renováveis, S.A.'s rating at "BBB-", maintaining the outlook at Stable . GreenVolt Energias Renováveis, S.A. is a Portuguese company, listed on Euronext Lisbon, which operates in the renewable energy sector. It is the leader in Portugal (Sovereign rating of BBB with a Positive outlook by EthiFinance Ratings) in terms of installed capacity related to residual biomass for energy production. It operates with three divisions: residual biomass (c. 93% of FY21 revenues), wind and solar PV utility-scale projects (c. 1%), and distributed generation based on solar sources (c. 6%). At end-2021, GreenVolt operated five biomass production plants in Portugal and one in the UK, with a total installed injection capacity of c.142 MW (100.5 MW in Portugal and 41.6 MW in the UK) and annual power production of c. 875 GWh. In the segment of utility-scale wind and solar PV development, GreenVolt is a medium-sized player operating in nine European markets, with a pipeline of 5.8 GW (of which 4 GW in an advanced stage of development) at YE21. For 2021, GreenVolt reported revenues of € 141.5M (+57.1% yoy), and EBITDA of € 56.5M (+71.2%), equivalent to a 40% EBITDA margin. The consolidated NFD/EBITDA ratio was 3.7x at end-2021.


Rating action: Affirmed

Action date: 08/05/2023

Date last rating: 08/05/2023

Date first rating: 01/09/2022


Executive summary:


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