SOLARIA CASIOPEA SAU

EthiFinance Ratings upgrades the rating of Solaria Casiopea, S.A.U. from 'BBB' to 'BBB+', maintaining its S table outlook. Solaria Casiopea, S.A.U. is a company created to produce and sell energy through three photovoltaic plants, which it directly owns. Located in Spain, the plants have a total nominal capacity of 2.42 MW, all of which are fully operational and covered by the regulatory framework. . In 2022, the project improved its results and cash generation and made progress in reducing its debt as planned. The improvement in revenues (+5.1%), favoured by the market price environment, was extended to the EBITDA level (+8.8%), allowing also the improvement in cash generation before debt service to generate a comfortable DSCR of 2.25x (1.79x in 2021).