Grand Renewable Solar LP: Rating Report

On June 25, 2021, DBRS Limited (DBRS Morningstar) confirmed Grand Renewable Solar LP’s (ProjectCo or the Issuer) Issuer Rating and the ratings on the 3.926% Series 1A-2016 Senior Secured Notes and 3.926% Series 1B-2016 Senior Secured Notes (collectively, the Notes) at BBB. All trends are Stable. The pari passu Notes, with an outstanding balance of approximately $480.5 million, will fully amortize by the January 31, 2035, maturity date. The rating confirmations reflect ProjectCo’s relatively stable performance and operating expense profile over the past few years. DBRS Morningstar also notes that the Coronavirus Disease (COVID-19) pandemic so far has had no material impact on ProjectCo’s performance because of its strong contractual arrangements and simple operation.