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Greenko Wind Projects (Mauritius) Ltd -- Moody's assigns first-time Ba1 to Greenko Wind Projects' proposed notes
Rating Action: Moody's assigns first-time Ba1 to Greenko Wind Projects' proposed notesGlobal Credit Research - 28 Mar 2022Singapore, March 28, 2022 -- Moody's Investors Service has assigned a Ba1 rating to the proposed backed senior unsecured USD notes of Greenko Wind Projects (Mauritius) Ltd (GWPM). GWPM is a financing vehicle for Greenko Energy Holdings' (GEH, Ba1 stable) first integrated renewable energy storage project (IRESP), which is being implemented by GEH's subsidiary, Greenko AP01 IREP Private Limited (Greenko AP01).GWPM will use the proceeds from the USD notes mainly to repay existing debt and/or fund the capital expenditures at the asset level of Greenko AP01, depending on the size of the issuance. Moody's view of GEH's unsecured obligations does not factor in any notching for structural subordination because GEH is owned and controlled by stronger entities and benefits from its shareholders' likely support in a distress scenario.As such, the rating for the notes to be issued by GWPM is in line with GEH's corporate family rating (CFR).RATINGS RATIONALEGEH's rating reflects its diverse portfolio of operating renewable energy assets backed by long-term contracts, track record and large operating scale.
