Scope Ratings GmbH has today upgraded the rating of the EUR 510.6m senior notes issued by Blauracke GmbH to A-. The notes were transferred from CPPIB Renewables Europe Sarl and finance the minority interest in two German offshore wind farms.

No action has been taken on the senior notes issued by CPPIB Renewables Europe Sàrl. Credit metrics remain robust, benefiting from high wind speeds and energy prices.

No action has been taken on the senior notes issued by CPPIB Renewables Europe Sàrl. Credit metrics remain robust despite exceptionally low wind speeds and curtailments weighing on performance last year.

No action has been taken on the senior notes issued by CPPIB Renewables Europe Sàrl. Completion of construction is credit positive but has no impact as it is not a key rating driver.

The operating performance of both offshore wind farms is closely monitored. Scope does not expect any negative effects on cash flow generation and debt service from the viral pandemic.

Scope Ratings publishes its rating report on CPPIB Renewables Europe S.à.r.l., a partial refinancing of its share in the construction and operation of two offshore wind farms in the German North Sea.

Scope Ratings has today assigned first-time ratings of BBB+ to senior secured debt issued by CPPIB Renewables Europe S.à.r.l. The financing is intended to leverage CPPIB's investment in two offshore wind farms in the German North Sea.