Vivint Solar securitization gets A- bond rating

bonds, Energy Storage, Finance, Insurance, Residential PV, Solar Power, tax equity, Vivint Solar
Kroll has assigned a portfolio of 37,792 leases, worth $494 million in various revenue streams, a preliminary rating pending a sale to the marketplace. May 25, 2018John WeaverThe Kroll Bond Rating Agency (KBRA) has assigned a Vivint Solar bond offering a rating of A- as the company seeks $305 million from the market. A second batch of bonds, aiming to be worth $50 million, were rated BB-.The portfolio is composed of 37,792 solar power purchase agreements (PPAs) and leases. PPAs make up 95% of the total value, and the rest are leases. The ‘total aggregate discounted solar asset balance’ (ADSAB) was approximately $494 million. This value is composed of “discounted payments of the leases, power purchase agreements (“PPA”), and hedged solar renewable energy credit agreements (“SRECs”)”.The average agreement length, when…
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Construction firm purchases wind farm plus its high voltage power line

Business, Finance, Installations, Projects, Wind
"Pattern Energy Group 2 has acquired the 1GW Mesa Canyons wind farm and Western Spirit transmission line in New Mexico from Clean Line Energy Partners for an undisclosed amount." Just thought it was interesting that construction firm who plans to build also bought the power line rights. I know they're intertwined to make things happen, but interesting to see nonetheless. (more…)
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Warren Buffett utility says no new gas

Energy Storage, Finance, PacifiCorp, Policy, single axis trackers, Solar Power, Trackers, Utility-scale PV, Warren Buffett, Wind
Pacificorp, a Berkshire Hathaway electricity utility serving six Western states, said it has no plans to build new gas or coal in the coming decades, but instead plans to add 2.7 GW of wind and 1.8 GW of solar. May 15, 2018John WeaverPacificorp, in its 2017 Integrated Resource Plan (IRP) Update – sent out on May 1, has for the first time not included new fossil fuels as a ‘least cost, least risk’ resource. This IRP looks out over the next 20 years.Instead of building any new fossil generation, the company projects a procurement of 2.7 GW of wind, 1.86 GW of solar, 1.877 MW of incremental energy efficiency, and 268 MW of direct-load control resources (demand response). The company also expects to repower 999 MW of wind power.Pacificorp also…
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Sunrun deployments down 7%, but revenue up 36%

Finance, Markets, Markets & Policy, Residential PV, Solar Lease, Solar Power, Sunrun
The company reiterated full-year guidance of 15% growth in deployments – and cash generation at even higher rates. May 10, 2018John WeaverSunrun is having a financial moment in the sun, and with potentially large markets in Florida and Illinois now opening to them, growth should be expected. There were a host of slower numbers, but in light of the seemingly healthy growth of money available to the company, the market has reacted fondly to the quarterly report.In Sunrun’s quarterly financial results, total revenue increased from $105 million to $144 million over Q1 2017 – and increase of $39 million. In kind, total operating expenses increased from $153 million to $201 million – outpacing revenue growth by $9 million.During this quarter of significant revenue growth, deployment volume fell year-over-year by 7%, from 72.8 MW…
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Onyx Renewables gets funding for 80 MW of C&I + small utility solar power

CIT Group, Commercial & Industrial PV, Finance, Onyx Renewables, RBC Capital, Solar Power, Utility-scale PV
CIT Group and RBC Capital worked together to fund the portfolio of projects spread across six states, with half the capacity in California and Arizona and the other half in the northeast. May 9, 2018John Weaver Onyx Renewables' Clifton Park Project: 3,114 modules, 31inverters, 996.48 kW-DCImage: Onyx RenewablesCapital is continuing to flow to solar power developers that can deliver large portfolios at investment grade quality – including some developers that are getting purchased for their development pipelines.In the first quarter of 2018 7.7 GW of solar power assets change hands globally. Additionally, we’ve seen significant amounts of capital being invested in the residential solar market – with Dividend Finance getting the solar industry’s first “AA” rated bond.As the latest, Onyx Renewables has secured funding for an 80 MW portfolio of projects spread across…
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Vivint Solar grows revenue on lower volume

Business, direct sales, Energy Storage, Finance, Markets, Residential PV, Residential Solar, Solar Power, third party solar, Vivint
The residential solar power company continues its focus on higher profits, hinting at strong growth potential in coming quarters as sales teams settle into their new pipelines. May 9, 2018John WeaverVivint Solar installed 40 megawatts of solar power in Q1 2018. This is down from 46 MW a year ago, and also down from 45 MW in the fourth quarter of last year. And in contrast to the trend over the last two years, the company’s deployment of third-party solar saw a slight increase, while direct sales of solar fell 38%.However, the revenue from the solar the company has deployed has increased significantly. Vivint’s $68 million in total revenue for the quarter was 28% higher than Q1 2017, and 2% over Q4 2017. Of the roughly $15 million in growth…
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Dividend’s solar power securitization receives industry’s first “AA” rating

Business, Dividend Finance, Finance, Markets & Policy, Products, Residential PV, Residential Solar Power, Solar Power
Dividend Finance has closed a $104 million residential solar loan securitization, following on its first $129 million securitization in October 2017. April 25, 2018John WeaverSolar is becoming a powerful force as an asset class.Solar provides revenue generation capability via decades of electricity production. Private equity loves the idea of building solar from the ground up. Developers love the idea of owning the rights to projects. And increasingly, we’re seeing residential solar loan companies come into their own to replace to retreating solar lease.As part of these trends, Dividend Finance has now closed on its second residential solar loan securitization, as the first solar asset-backed security to receive an “AA” rating from the Kroll Bond Rating Agency (KBRA).The portfolio valued at $105 million portfolio has also received “green bond” designation from…
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