The Negative Outlook reflects significant refinancing risk related to refinancing requirements in December 2025 and is subject to successful asset disposals.

The Outlook change reflects increased concentration risks in terms of gross asset value and income as well as higher execution risks stemming from the significant delay in the portfolio ramp-up.

The creditworthiness of the issuer is backed by indirect investment in renewable energy infrastructure: solar and wind parks in Poland and Lithuania, through shareholder loans provided to its portfolio companies.