Fitch revises Greenko outlook to stable

Fitch Ratings said it revised the outlook on Greenko Energy Holdings to stable from negative and affirmed its long-term issuer default rating at BB. The agency has also affirmed the 'BB' ratings on the senior notes issued by Greenko Solar (Mauritius) Ltd., Greenko Dutch BV, Greenko Power II Ltd. and Greenko Wind Projects (Mauritius) Ltd. These issuers are subsidiaries of Greenko, which guarantees all these notes.

“The outlook revision to stable from negative reflects improvement in Greenko's business profile with the commissioning of its first pumped hydro storage project (PSP) in the Indian state of Andhra Pradesh (AP), by mid-2024, and progress made on another three PSPs.

“In addition, the receipt of long outstanding receivables and timely payment of current dues under late payment surcharge (LPS) rules has improved Greenko's cash flows from operations (CFO) and eased pressure on its working capital,” Fitch said in a press release.

Fitch said it forecasts Greenko's EBITDA/net interest cover to float around 1.5x - 1.6x in the financial year ending March 2025 (FY25) and FY26, before improving to 2x by FY27.

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