Fitch moves Greenko outlook to negative

Fitch Ratings said it revised the outlook for Greenko Energy Holdings to negative from stable and affirmed its BB long-term issuer default rating.

The agency said it 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 their notes.

“The outlook revision reflects our forecast of Greenko's EBITDA net interest coverage breaching the negative sensitivity of 1.5x in the financial year ending March 2025 (FY25) before returning to the threshold, giving it low headroom, in FY26. This would be due to its proposed acquisition of a 60.08% stake in the 1,200MW Teesta III hydro project from the Sikkim state government, associated restoration works, and capex on a new 1.5GW solar power plant,” Fitch said in a statement.

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