Project Finance
Outlook: Stable
Action date: 11/23/2021
Rating action: Affirmed


Geothermische Kraftwerksgesellschaft Traunreut mbH is the issuer of a bond with the objective of financing the construction and operation of a geothermal energy plant in Traunreut (Germany). The project provides clients with urban heating and electrical energy services under long term agreements. Currently, GKT maintains its ability to meet its financial commitments, reaching a positive financial situation (DSCR of 1.98x in 2020). However, during 2021 the still necessary optimization process executed in summer took longer and was more expensive than expected, resulting in a lower performance for this year (estimated DSCR of 1.51x). This means that the recovery in the operating and financial performance is carried over to 2022, as long as there are no unexpected difficulties.


Date last rating: 11/23/2021
Date first rating: 11/24/2016