Overview Key strengths Key risks The largest power generator in Peru with 22% market share in terms of electricity generation as of June 30, 2021. Still high leverage, with net debt to EBITDA approaching 4.8x-5.0x in 2021 and 4.5x in 2022. A highly diversified portfolio consisting of hydro (34%), natural gas (29%), liquid fuels (35%) and wind assets (2%), in terms of installed capacity. Approximately 15% of the company's* EBITDA comes from generation assets in speculative-grade countries in Latin America. Long-term dollar-linked power purchase and supply agreements that limit exposure to spot price fluctuations. (*) We prepared our analysis at the level of Nautilus Energy Holdings LLC (Nautilus or the group; not rated). Nautilus consolidates several subsidiaries, including Nautilus Inkia
