...Predictable Operating Cash Flow: As of 2015, approximately 98% of Kallpa Generacion S.A.'s energy sales were contracted under U.S. dollar-denominated power purchase agreements (PPAs), with an average life of 6.81 years. These PPAs support cash flow stability through fixed payments and pass-through costs. Kallpa has secured 100% of its natural gas needs under long-term supply contracts with the Camisea Consortium until 2022, further contributing to cash flow generation predictability. Strong Credit Metrics: Kallpa maintains a sound credit profile supported by stable EBITDA generation and a moderating leverage level. In 2015, EBITDA was USD155 million with an EBITDA margin of 34.5%. The company's EBITDA margins have been stable and have exceeded, on average, 30% over the last four years. Kallpa's gross leverage was 2.7x and interest coverage was 5.2x in 2015. Fitch Ratings expects the company to maintain an average interest coverage of 6.0x and gross leverage of 3.0x or below between 2016...
