MidAmerican Energy subsidiary completes largest single PV project bond financing

  •   SunPower project.
    Solar Star Funding has secured a US$1 billion bond to fund continued construction of the 579MW solar projects formerly known as Antelope Valley.

Financials

Solar Star Funding, a subsidiary of investor Warren Buffett’s MidAmerican Energy, has secured US$1 billion to fund the continued construction by SunPower of the 579MW Solar Star 1 and Solar Star 2 projects, formerly known as Antelope Valley.

The ‘Series A Note’ offering was said to be the largest single project bond financing ever completed for a solar project.

The two projects, which SunPower started building in January 2013, are regarded as the largest in the world and are set to be completed by the end of 2015.

The EPC contract had previously been said to be worth between US$2 billion and US$2.5 billion to SunPower.

The notes amortise semi-annually (5.375%) beginning 30 June 2016 with a final maturity of 30 June 30 2035.

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