- EthiFinance Ratings positively assesses the company’s business profile, driven by a positive industry rating, competitive advantages and the group’s management scope.
April 8, 2024
The European credit rating agency, EthiFinance Ratings, has maintained Solaria’s rating at “BBB+”, continuing the Stable trend.
The report made public by the agency has highlighted that “the rating continues to be favored by the satisfactory business profile, which is driven by a positive rating of the sector, as well as the competitive advantages and the scope of the group’s management”. This demonstrates the financial strength of the company, which already has more than 3 GW in operation and under construction in Spain, Italy, Portugal, Greece and Uruguay.
This rating is due to the good assessment by EthiFinance Ratings of Solaria’s financial profile due to the “positive level of indebtedness” supported by a structure focused on the long term, as well as “the favorable ESG policy” that reaches a score of 81/100.
Furthermore, EthiFinance Ratings positively values Solaria’s high profitability, whose net income “increased to €107.5m (+19.4%). The improvement in turnover (+37.4%) above the increase in operating costs, mainly due to higher energy generation, allowed EBITDA to rise to a new record of €199.8m (+35.9%)”.
The rating highlights that “the activity continues to be favored by competitive financial costs (3.5% in 2023), thanks to a debt structure highly concentrated on Project Finance and promissory notes”.
“We are proud to be able to maintain this rating as it not only recognizes the work we have done, but also demonstrates that EthiFinance Ratings continues to have confidence in Solaria’s strategy,” said Darío López, CEO of Solaria
