The agency’s decision reflects the company’s positioning as the leading renewable energy generation company in the country
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Buenos Aires, June 24, 2022. Genneia, the leading renewable energy generation company in Argentina, had its credit rating upgraded by Moody’s Local, the agency engaged in providing credit rating services in the local capital market.
In this way, Moody’s Local upgraded the company’s rating as long-term issuer in local currency to AA-.ar, with a steady outlook. Also, it improved the rating as an issuer in foreign currency to A+.ar, with a steady outlook.
These upgrades by Moody’s Local reflect the company’s positioning as the leading renewable energy generation company in the country, with a solid operating history. Also, the upgrades are supported by high predictable cash flows, a solid liquidity profile, decreasing indebtedness levels, high hedging levels, an adequate maturity profile and a conservative financial policy.
New Projects
In turn, Moody’s Local noted that the new projects being developed by Genneia will enable it to continue strengthening its leadership position in the industry.
In this line, Genneia is building a new Solar Photovoltaic Project Sierras de Ullum with an installed capacity of 78 MW in the Province of San Juan, entailing a USD 60 million investment. In addition, Genneia has recently announced new investments in the amount of 200 million dollars. The two new projects are the Tocota III Solar Farm, with an installed capacity of 60 MW, located in the Province of San Juan; and La Elbita Wind Farm, with an installed capacity of 103.5 MW, located in the city of Tandil, Province of Buenos Aires.
In combination, the company will add 241.5 MW to its clean energy portfolio and is heading to achieve more than 1 GW (1100 MW) of renewable installed capacity by 2024, an unprecedented milestone in our country.
Genneia, while leading the renewable market in Argentina, continues investing in projects that help mitigate climate change and support the energy transition. The company pursues continued local development and growth promotion while also going for increased foreign currency savings for the country through renewable energies.