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Greenko Downgraded to BB- by Fitch
December 4, 2025
Greenko Energy and its guaranteed senior notes were downgraded by a notch to BB- from BB by Fitch. The downgrade reflects persistent delays in restoring the Teesta III hydropower plant and commissioning 480MW of the company’s first pumped-storage project (PSP), signaling weak project execution and inadequate risk assessment. These delays have weakened Greenko’s financial profile, the rating agency noted. Fitch expects continued weak financial metrics, with EBITDA net interest coverage remaining low at 0.9x in FY2026 (FY2025: 0.8x), improving only gradually to 1.4x by FY2027 once partial Teesta operations, the AP PSP, and associated solar capacity come online. Leverage is also expected to stay elevated above 12x in FY2026, moderating to below 8x in FY2027. Greenko faces high committed capex of around $1.2bn annually in FY 2026-2027. A key support for Greenko’s credit profile remains GIC’s 58% ownership, ongoing equity injections, and strategic oversight, which provide above-average funding access. Fitch views Greenko as a consolidated entity due to structural features allowing cash fungibility across restricted and unrestricted groups. Currency risk is mitigated through Greenko’s policy of substantial USD-principal hedging, it added.
Greenko’s 7.25% 2028s traded stable at 100.8, yielding 6.94%
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