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Rating Action:

Moody's assigns first-time Ba1 corporate family rating to Greenko Energy Holdings

22 Jul 2019

Singapore, July 22, 2019 -- Moody's Investors Service has assigned a first-time Ba1 corporate family rating (CFR) to Greenko Energy Holdings (GEH). The rating outlook 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.

"The assignment of this first-time rating for GEH will add transparency to the Ba1 ratings that we have assigned to two other Greenko entities: Greenko Dutch B.V. and Greenko Solar (Mauritius) Limited," says Ray Tay, a Moody's Senior Vice President.

GEH's standalone credit quality reflects: (1) its diverse portfolio of operating renewable energy assets backed by long-term contracts; (2) its demonstrated track record and large operating scale; but also (3) its exposure to financially weak offtakers; and (4) its large capital spending plans that will keep its financial leverage elevated.

The two-notch uplift for expected shareholder support reflects the very strong credit quality of and strategic oversight by the majority shareholder, GIC Private Limited, a sovereign wealth fund of the Government of Singapore (Aaa stable).

"We expect that GIC will provide support to the Greenko group in case of need, in recognition of the unique importance of its investment in GEH," adds Tay. "The control exercised by the majority shareholder, with a very strong credit profile, enhances the credit quality of GEH."

GEH had grown its operational renewable energy portfolio to 4 GW as of 31 March 2019, 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. This 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 towards increased decarbonisation.

GEH has announced plans for the construction of two integrated renewable power storage projects with a total capacity of 2.4 GW, raising some execution risk. However, Moody's expects this risk to be manageable, because of GEH's current operating scale and track record of successfully commissioning projects within scheduled timeframes. In addition, Moody's says that GEH's shareholders will likely actively manage any material execution risk that may arise.

GIC currently owns 64.9% of GEH and has demonstrated its commitment to the company by infusing substantial amounts of equity at the holding company level to help grow GEH, while maintaining financial discipline and enhancing governance and risk management. GEH's shareholders have injected more than $1.4 billion over the past four years, and have committed to injecting a further $824 million into the company — including the latest equity injection announced on 11 July 2019 — to help finance the development and construction of its renewable energy portfolio.

GEH's credit quality does not factor in any notching for structural subordination because GEH is owned or controlled by stronger entities and benefits from likely support from its shareholders in a distress scenario.

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

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.

The rating could come under downward pressure if: (1) GEH's credit profile deteriorates on a sustained basis, potentially due to a weaker operational performance or a delay in the commissioning of new projects; (2) the offtakers' credit quality weakens materially, which could manifest itself through a substantial increase in receivables; and/or (3) 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.

The principal methodology used in this rating was Unregulated Utilities and Unregulated Power Companies published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Greenko Energy Holdings, a Mauritius-based company focused on renewable energy generation in India, is a major energy company with renewable energy capacity totaling 4 gigawatt (GW) as of 31 March 2019, including 2,199 MW of wind, 380 MW of hydro, 1,358 MW of solar, and 78 MW of biomass capacity.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt 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.

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

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

Terry Fanous
MD-Public Proj & Infstr Fin
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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