AES announces $100m solar securitization

first_imgAES announces $100m solar securitizationThe deal marks the sixth solar securitization in the U.S., following four from SolarCity and one from Sunrun. Notes to be secured via revenue from 1,548 solar installations across the U.S. September 29, 2015 Ian Clover Legal Markets Markets & Policy Share AES DistributedEnergy (AES), a Colorado-based developer of solar energy projects, has confirmed that it will securitize its first portfolio of solar assets for a sum of $100 million, marking the sixth solar securitization of its type in the U.S. to date. According to Kroll Bond Rating Agency Inc., which has rated the notes, AES’s securitization will be comprised of $92.5 million Class A notes and $7.5 million Class B notes. Kroll has rated the larger tranche at BBB (which is just two levels above junk status) and the smaller portion at B – five levels below investment grade. Kroll’s report also revealed that AES will secure the notes under revenue generated from 1,548 solar assets across six U.S. states, including residential, commercial, industrial and small-scale utility installations. All of the projects have secured long-term PPAs to sell their electricity. The securitization model is growing in the U.S. solar landscape. Solar installer SolarCity has already completed four such deals, the first in 2013 and the most recent in August, while Sunrun – which operates in the same space as SolarCity – announced in July a $111 million offering. “There is a market for it, otherwise there wouldn’t be six securitizations,” Kroll senior director Cecil Smart told Bloomberg, adding that the relatively small size of AES’s and previous solar securitizations was normal for a “market still finding its legs”. Prior to AES’s announcement, the five solar securitizations in the U.S. amounted to $560.5 million. The AES securitization will be issued by Aurora Master Funding, which is a unit of AES, and will become the first deal of its kind to be sponsored by a utility company.Popular content The Hydrogen Stream: 20 MW green hydrogen plant in Finland, two Australian projects move forward Sergio Matalucci 20 April 2021 pv-magazine.com Storegga, Shell and Harbour Energy want to set up a 20 MW blue hydrogen production facility in the U.K. Australia’s Origin Energy wants to build a hy… Enabling aluminum in batteries Mark Hutchins 27 April 2021 pv-magazine.com Scientists in South Korea and the UK demonstrated a new cathode material for an aluminum-ion battery, which achieved impressive results in both speci… ITRPV: Large formats are here to stay Mark Hutchins 29 April 2021 pv-magazine.com The 2021 edition of the International Technology Roadmap for Photovoltaics (ITRPV) was published today by German engineering association VDMA. 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Yet sometimes, even when best practice is applied – and without particul… The Hydrogen Stream: 20 MW green hydrogen plant in Finland, two Australian projects move forward Sergio Matalucci 20 April 2021 pv-magazine.com Storegga, Shell and Harbour Energy want to set up a 20 MW blue hydrogen production facility in the U.K. Australia’s Origin Energy wants to build a hy… 123456Share Ian Clover Ian joined the pv magazine team in 2013 and specializes in power electronics (inverters) and battery storage. 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