Continuum Green Energy Gets Stable Outlook From Fitch Amid Portfolio Expansion

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Fitch Ratings has revised its outlook on Continuum Green Energy Holdings Ltd to Stable, affirming its longterm issuer default rating at B+. The revision reflects improved operational metrics and a diversified renewable energy portfolio, despite recent challenges in wind generation.

Key Highlights From The Rating Action

Fitch affirmed the BB+ rating on USD650 million senior secured notes due 2033 issued by Continuum RG2, citing a stable financial profile and diversified customer base.
The portfolio includes 990.8 MW of wind and solar assets across four Indian states, with 63 percent contracted to commercial and industrial (C&I) customers and 37 percent to state discoms.
Receivables collection from state discoms has improved following regulatory reforms, while C&I payments remain robust.
The rating considers refinancing risks and variability in tariffs and openaccess charges, especially for C&I contracts.

Operational And Financial Context

Generation in FY25 was 13 percent below forecast due to weak wind conditions and cyclonerelated disruptions, though wind trends have improved in FY26.
Debt structure includes protective covenants and currency risk mitigation via call options and spreads.
Fitch’s basecase debt service coverage ratio (DSCR) averages 1.86x, while the rating case DSCR stands at 1.73x, consistent with the affirmed rating.

Sector Sentiment

The stable outlook signals confidence in Continuum’s ability to manage operational volatility and maintain financial discipline, positioning it as a resilient player in India’s renewable energy landscape.

Sources: Fitch Ratings, Economic Times, Bloomberg, ContinuumGreenEnergy.com.