AES Solar has completed three financial transactions totalling US$752 million relating to a 266MW PV project in the US, 22.4MW of PV projects in France and a corporate revolving credit facility for the company.
As reported on PV-Tech, last week the company, a joint venture set up by the AES Corporation and Riverstone Holdings, completed the financing for the 266MW Mount Signal solar project in Imperial Valley, California.
Meanwhile, in October AES Solar closed a €70 million (US$90 million) deal with HSH Nordbank for a 22.4MW portfolio in France. The portfolio consists of a 12MW PV project at a parking facility in Toulouse, an 8.7MW PV project at a parking facility near Lyon and a 1.7MW ground-mounted PV project near Toulouse. All three PV plants became operational in the first half of 2012. The €70 million were used to refinance equity invested during construction.
The third transaction also closed in October. It represents AES Solar’s first corporate facility consisting of a €20 million medium-term revolver, which will be used to provide working capital and additional financial flexibility for AES Solar.
“The combination of these several financings demonstrates the breadth of AES Solar’s business activities across markets, solar PV plant configurations and sizes,” said Becky Cranna, CFO of AES Solar. “We look forward to creatively providing more of the world’s energy through solar PV power plants.”
AES Solar is an owner and operator of utility-scale PV plants. Including the four aforementioned projects in the US and France, the company’s portfolio amounts to over 500MW DC of projects in operation or under construction in the US and Europe.