US ROUND-UP: Sunnova lauds new securitisation, US Air Force Base to receive solar install

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
A solar installation underway by Sunnova in the US. Image: Sunnova.

A round-up of the latest stories from the US solar market, featuring news of Sunnova’s latest securitisation, Ameresco’s installation of solar at a US Air Force Base and Extensible Energy’s latest capital investment.

Sunnova lauds new solar and battery storage securitisation

14 June 2021: Residential solar and storage installer Sunnova has lauded its latest securitisation of leases and power purchase agreements, claiming the “ground-breaking” deal to be the solar sector’s first securitisation which re-finances collateral from a pre-existing securitisation.

Robert Lane, CFO at Sunnova, said the company was able to achieve the company’s tightest spread over the interest rate benchmark to date for third party-owned asset securitisation, a feat which Lane added reflected the high quality of assets included.

The securitisation consist of US$319m in A-rated, 2.58% notes at a 76.4% advance rate, equivalent to a benchmark swap rate of 140bps. The notes have a weighted average life of just under 7.5 years with an anticipated repayment date of 30 April 2031 and a final maturity of 28 April 2056.

The notes are backed by a portfolio of some 20,900 solar rooftop systems installed across 18 states, Guam, Puerto Rico and the Northern Mariana Islands.

Proceeds from the sales of the notes will be used by Sunnova to repay existing financing arrangements of Sunnova subsidiaries.

Ameresco to fit US Air Force base with solar as part of US$19m refit

15 June 2021: Ameresco has formed a partnership with Cannon Air Force Base and the Defense Logistics Agency Energy to work on a US$19 million project to save energy at the facility in New Mexico.

1.9MW of solar will be installed within a ground-mounted array alongside smart controls and other energy conservation technologies in including LED lighting to deliver on the facility’s energy and sustainability goals.

The works are expected to save Cannon Air Force Base around US$1.1 million in their first year in operation and US$33 million over the contract’s performance period.

Work on the project is set to commence in Q3 2021 and complete in Q1 2023.

Extensible Energy receives US$3.4m funding to scale load flexibility tech

14 June 2021: California-based clean technology company Extensible Energy has received a US$3.4 million capital investment to scale its DemandEx flexibility software, which enables commercial buildings to participate in load flexibility markets.

Extensible targets the commercial solar market in the US, using on-site generation to boost the savings possible by flexibly shifting power loads associated with functions such as heating, cooling and ventilation. With flexibility markets, wherein local grid operators can pay distributed energy resources to contribute towards grid services needs, savings on time-of-use charges and energy bills could be reduced significantly.

Extensible is to use the funding, led by Blu Ox Ventures, to scale both its sales and operations of the DemandEx software.

National Grid Renewables Michigan solar portfolio to generate US$6m for tax revenue.

10 June 2021: National Grid Renewables, the renewables development arm of grid operator National Grid, has revealed that its 40MW MiSolar portfolio in Michigan is set to create US$6 million of revenues for the state.

The portfolio comprises of two 20MW projects – Bingham Solar in Clinton County and Temperance Solar in Monroe County – both of which are owned and operated by National Grid Renewables. Power generated at the sites is sold to utility Consumers Energy.

Based on current Michigan law, the sites are expected to create US$6 million in new tax revenue over the course of their operational life spans, benefiting their local communities while also offsetting some 50,000 metric tons of carbon dioxide emissions.

4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

May 27, 2022
The CEO of US solar and energy storage developer Borrego has said the company’s project development business will be less capital constrained under the new ownership of investment firm ECP, following a deal announced earlier this week to spin off and sell the unit.
May 26, 2022
Leading solar manufacturers have implored governments to implement tax credits and other financial incentives to stimulate domestic PV manufacturing.
May 26, 2022
The Solar Media Podcast returns to discuss the continued rise of TOPCon PV modules and energy storage demand throughout Europe.
May 25, 2022
Module price increases, higher raw material costs and logistical challenges will pull down the return on equity (ROE) for 25GW of India solar projects, with 5GW of those at high risk given when they submitted their bids.
May 25, 2022
Supply chain woes, spiralling energy prices and the COVID-19 pandemic have reversed the downward trend in average business interruption (BI) claims for renewables developers, with sector-wide average business downtime days up by 38% on 2016.  
May 24, 2022
Canadian Solar has unveiled a new PV manufacturing strategy, bringing more upstream capacity inhouse to reduce its exposure to pricing volatility.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas