Solar risk manager kWh Analytics has structured a Solar Revenue Put as part of the refinancing of the 173 MW DC Cal Flats 130 photovoltaic facility located in Monterey County, California.
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, kWh Analytics developed the Solar Revenue Put to drive down investment risk and encourage development of clean, low cost solar energy for the Cal Flats facility.
The refinancing was led by Commonwealth Bank of Australia (CBA), Australia’s leading provider of integrated financial services and among the leading arrangers of renewable energy projects in the U.S., Europe and Australia; and Rabobank, a leading global bank focused on the food, agribusiness, commodities and renewable energy industries.
Swiss Re Corporate Solutions is providing capacity for the Solar Revenue Put.
“As a leading renewable energy financier and customer-focused institution, we’re pleased to continue our support of Capital Dynamics as they deploy innovative renewable energy solutions for communities in the U.S.,” said Alain Halimi, Director of Natural Resources & Energy at Commonwealth Bank of Australia.
“Capital Dynamics is one of the largest solar developers in the U.S.; the strong collaboration between Capital Dynamics, CBA, and Rabobank, and the expertise of kWh Analytics, enabled us to deliver a groundbreaking financing for Capital Dynamics and the market.”
“Rabobank has a strong commitment to driving the energy transition in North America and is very excited to continue the partnership with Capital Dynamics, one of the leading developers and operators in the renewable energy space,” said Greg Hutton, Head of Project Finance Americas at Rabobank.
“We always focus on working with our clients to execute the solutions that best fit their needs, and were thrilled to collaborate with Capital Dynamics and the other financing parties in delivering a robust and efficient financing package.”