Fitch rates Greenko notes BB

Fitch Ratings said it assigned a BB rating to the planned U.S. dollar senior notes of Greenko Wind Projects (Mauritius) Ltd., an indirect subsidiary of Greenko Energy Holdings, also rated BB, which will guarantee the notes.

Greenko Wind will lend the proceeds to an Andhra Pradesh pumped-storage project special purpose vehicle, Pinnapuram SPSP Co. by investing in the SPV's rupee-denominated debt.

Pinnapuram SPSP will use the proceeds to refinance its borrowings, create an interest service reserve account and fund the remaining capital expenditures for the AP pumped-storage project.

The outlook is negative.

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