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Greenko Downgraded to Ba3 by Moody’s
April 13, 2026
Greenko Energy Holdings (Greenko) and two of its subsidiaries, Greenko Power II Limited and Greenko Wind Projects (Mauritius) Ltd were downgraded to Ba3 from Ba2 by Moody’s. The downgrade stems from Greenko’s credit metrics, which are expected to remain weak for longer. This is driven by delays in its pumped hydro storage projects (PHSPs) and the ongoing reconstruction of Teesta III, a 1.2 GW hydropower project in Sikkim. The ramping up of Greenko’s first PHSP in Andhra Pradesh has been slower than anticipated. Moody’s now expects the next PHSP to begin generating revenue only from FY2028. This is expected to push Greenko’s funds from operations (FFO)/net debt below the 1–2% range through FY2026 and FY2027, with recovery contingent on timely project execution. Despite the downgrade, Greenko’s Ba3 rating benefits from a two-notch uplift reflecting expected support from its majority shareholder, GIC Private Limited which holds a 58% stake. The Ba3 ratings on the two subsidiary bonds are backed by Greenko’s unconditional guarantee and the credit quality of the underlying restricted groups, which together operate around 3.88 GW of renewable and storage capacity.
It’s 7.25% 2028s traded stable at 101.1, yielding 6.77%.
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