Illinois' LaSalle County was the location chosen by Invenergy when it developed the 23MW PV plant in the early 2010s (Credit: Flickr / David Wilson)
A solar-targeted insurance policy has helped Invenergy refinance a utility-scale plant it developed in Illinois earlier this decade.
The 23MW Grand Ridge Solar installation, some 90 miles southwest from Chicago, has been supplied fresh debt by Mitsubishi UFJ Financial Group (MUFG).
The facility, part of a solar-wind-storage complex in Illinois’ LaSalle County, was developed by Invenergy in the early 2010s.
In 2012, as the project secured its initial set of loans arranged by Union Bank, it was billed by Invenergy as the largest solar farm under construction in the US Midwest.
The installation’s refinancing this year was supported by an insurance policy from kWh Analytics, a San Francisco firm that works in solar risk management.
The so-called ‘solar revenue put’ acts, kWh Analytics explained, as a credit enhancement that protects cashflows.
On average, it helps solar portfolios reap 10% more debt when they opt to refinance, according to the firm’s estimates.
In Gran Ridge Solar’s case, the capacity of the insurance policy was provided by Swiss Re Corporate Solutions, kWh Analytics said in its statement.
The complex the solar plant is part of also features a 210MW wind farm, as well as energy storage systems of 31.5MW, 1.5MW and 3MW capacity.
Dec 15, 2020 GMT
Hear from market leaders experienced with delivering the largest projects and portfolios in the UK. Understand the challenges they face bringing NSIP (Nationally Significant Infrastructure Project) projects and multi-GW portfolios to shovel ready stage and hear their perspectives on the continued growth of UK solar and the construction boom expected over the next few years.
May 26 - May 27, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Mar 09 - Mar 11, 2021
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run online with streamed content and online networking.