kWh Analytics Closes Solar Revenue Put for 28 MW of Solar Power Projects With AES Distributed Energy, SVB, & Swiss Re Corpora...
April 10 2019 - 9:00AM
Business Wire
kWh Analytics, the market leader in solar risk management, today
announced the first refinancing supported by the Solar Revenue Put.
The portfolio of 41 projects totaling approximately 28 MW DC of
capacity is located in Arizona and Massachusetts. The facilities
are managed by AES Distributed Energy (DE), a subsidiary of The AES
Corporation (AES). The AES Distributed Energy portfolio is being
funded by Silicon Valley Bank and a Japanese financial services
company. Swiss Re Corporate Solutions, a leading global corporate
insurer, is providing capacity for the Solar Revenue Put.
The Solar Revenue Put is structured as an insurance policy on
solar production and revenues, which serves as a credit enhancement
for financial investors. Using its proprietary actuarial model and
risk management software (“HelioStats”), kWh Analytics developed
the Solar Revenue Put to drive down investment risk and encourage
development of clean, low-cost solar energy.
“AES Distributed Energy is focused on helping our customers
affordably and reliably meet their sustainable energy needs, and
strategically-timed refinancings enable us to re-deploy capital to
build more clean energy projects,” says Brian Cassutt, Chief
Financial Officer at AES Distributed Energy. “The Solar Revenue Put
will help sharpen our competitive edge by enhancing our returns and
reducing our downside risk.”
“We’re pleased to continue our support of AES Distributed Energy
as they deploy innovative distributed solar and energy storage
projects,” says Bret Turner, Managing Director and Market Manager
of Project Finance at Silicon Valley Bank. “The strong
collaboration between SVB, the Japanese financial services company,
and kWh Analytics enabled us to deliver a transformational
financing for AES DE and the market.”
A recent survey of the solar industry’s most active lenders
indicates that more than 40% of active lenders value the Solar
Revenue Put as a credit enhancement. Solar portfolios ranging from
thousands of residential rooftops to more than ten utility-scale
plants have utilized financing structures supported by the Solar
Revenue Put. Portfolios supported by the Solar Revenue Put are
securing debt sizing increases of 10% on average.
Learn More about us: kwhanalytics.com &
kwhanalytics.com/SolarRevenuePut
About the Solar Revenue Put
The Solar Revenue Put is a credit enhancement that guarantees up
to 95% of a solar project’s expected energy output. kWh Analytics’
wholly-owned brokerage subsidiary places the policy with risk
capacity rated investment-grade by Standard and Poor’s. As an
‘all-risk’ policy, the Solar Revenue Put protects against
shortfalls in irradiance, panel failure, inverter failure, snow,
and other system design flaws. The Solar Revenue Put provides
comprehensive coverage that banks rely upon, enabling financial
institutions to more easily finance solar projects on terms more
favorable to the sponsor.
About kWh Analytics
kWh Analytics is the market leader in solar risk management. By
leveraging the most comprehensive performance database of solar
projects in the United States (20% of the U.S. market) and the
strength of the global insurance markets, kWh Analytics’ customers
are able to minimize risk and increase equity returns of their
projects or portfolios. kWh Analytics also provides HelioStats risk
management software to leading project finance investors in the
solar market. kWh Analytics is backed by private venture capital
and the US Department of Energy.
About Silicon Valley Bank
For 35 years, Silicon Valley Bank (SVB) has helped innovative
companies and their investors move bold ideas forward, fast. SVB
provides targeted financial services and expertise through its
offices in innovation centers around the world. With commercial,
international and private banking services, SVB helps address the
unique needs of innovators. Learn more at svb.com.
About AES Distributed Energy
AES Distributed Energy (AES DE) is a wholly owned subsidiary of
The AES Corporation, a Fortune 500 and publicly traded
international energy company. Our daily mission at AES DE is to
bring reliable and cost-effective distributed energy systems to
utilities, municipalities, corporations, schools, and commercial
and industrial customers. AES DE’s proven project development,
financing, and operating experience empowers energy consumers to
benefit from the distributed energy solutions we deliver. Learn
more at aesdistributedenergy.com
About Swiss Re Corporate Solutions
Swiss Re Corporate Solutions is a global provider of risk
transfer solutions including insurance and non-insurance products.
The Solar Revenue Put is an insurance policy issued by a Swiss Re
Corporate Solutions insurance carrier that is appropriately
licensed and in some jurisdictions the Solar Revenue Put may only
be available through a licensed surplus lines insurance broker.
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version on businesswire.com: https://www.businesswire.com/news/home/20190410005155/en/
Sarah Matsuisarah.matsui@kwhanalytics.com
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