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Rating Action:

Moody's affirms Greenko Energy Holdings' Ba1 CFR

28 Jul 2021

Singapore, July 28, 2021 -- Moody's Investors Service has affirmed Greenko Energy Holdings (GEH)'s Ba1 corporate family rating (CFR).

The outlook for the rating is stable.

RATINGS RATIONALE

GEH's Ba1 CFR combines (1) its standalone credit quality, which is equivalent to a Ba3 level; and (2) Moody's assessment that there is a strong likelihood that the company will receive support from its shareholders, when needed, which results in a CFR that is two notches above its standalone credit profile.

GEH's standalone credit quality reflects its diverse portfolio of operating renewable energy assets backed by long-term contracts, track record and large operating scale. However, GEH's exposure to financially weak offtakers and large capital spending plans, which will keep its financial leverage high, offset these strengths.

The two-notch uplift for likely shareholder support reflects the very strong credit quality of, and strategic oversight by, the majority shareholder, GIC Private Limited (GIC), a sovereign wealth fund of the Government of Singapore (Aaa stable). Moody's expects GIC to provide support to the Greenko group in case of need, based on the unique importance of its investment in GEH. The control exercised by the majority shareholder, with a very strong credit profile, enhances GEH's credit quality.

Portfolio diversification helps mitigate the risk of exposure to seasonal variations in the availability of renewable resources and strengthens GEH's expertise in an economy moving toward increased decarbonization. GEH has grown its operational renewable energy portfolio to 5.2 gigawatts (GW) as of March 2021 from 1.9 GW as of 31 March 2017. The GEH portfolio is also diverse, with operating assets across wind, solar, hydro and biomass technologies in 14 states in India.

The Ba1 rating also takes into consideration GEH's plan to manage the leverage in its balance sheet, mainly through equity issuances over the next 12-18 months. The implementation of such a plan will contain downside risk, but the currently limited rating headroom will remain while GEH executes on its sizeable capital spending plan. Moody's projects that GEH will maintain funds from operations (FFO) interest coverage of 1.0x-1.5x and FFO/debt of 2%-5% over the next 12-24 months.

The stable rating outlook reflects Moody's expectation that GEH's credit quality will remain broadly stable, underpinned by steady cash flow from long-term power purchase agreements (PPAs) and continued support from shareholders. The stable outlook also recognizes GEH's ability to manage ongoing execution risks.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Upward rating momentum is unlikely over the next 12-18 months based on GEH's business profile and financial strategy, and the credit quality of the offtakers. Nonetheless, Moody's could upgrade the rating over time if GEH sustains a higher consolidated FFO/debt of above 6% or if Moody's assesses that shareholder support is likely to be stronger than the rating agency's current assumption.

The rating could come under downward pressure if (1) GEH's credit profile deteriorates on a sustained basis, potentially because of weaker operational performance, a delay in the commissioning of new projects or further aggressive acquisitions; and/or (2) support from GEH's shareholders weakens, as reflected by a meaningful decrease in GIC ownership or an increase in debt leverage without new equity capital.

Financial metrics that could lead to a rating downgrade include FFO/debt declining below 3.5% on a consistent basis beyond the timely completion of the projects expected by end-2024.

The principal methodology used in this rating was Unregulated Utilities and Unregulated Power Companies published in May 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1066389. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Greenko Energy Holdings (GEH), a Mauritius-based company focused on renewable energy generation in India, is a major energy company that owns and operates a diversified portfolio of hydro, wind, solar and biomass power plants. As of March 2021, GEH's total consolidated capacity was 5,188 MW, including 3,172 MW of wind, 489 MW of hydro, 1,448 MW of solar and 78 MW of biomass.

GEH has two other indirectly wholly owned subsidiaries, Greenko Dutch B.V. (GDBV, Ba1 stable) and Greenko Solar (Mauritius) Limited (GSML, Ba1 stable), which are restricted subsidiaries that are part of RG2021 and NRG2019, respectively. GEH also has a wholly and directly owned subsidiary, Greenko Mauritius (GM, Ba1 stable).

The backed senior unsecured ratings of GDBV, GSML and GM are underpinned by the credit profile of their parent and guarantor, GEH. GEH's obligations under the unconditional and irrevocable guarantees will rank at least pari passu with all of its other present and future unsubordinated and unsecured obligations. As such, the ratings of the notes issued by GDBV, GSML and GM are in line with GEH's CFR.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

This rating is solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288435.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Ray Tay
Senior Vice President
Project & Infrastructure Finance
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Ian Lewis
Associate Managing Director
Project & Infrastructure Finance
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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