NextEra subsidiary secures project funding totaling $935 million

By Lisa Kerner

Charlotte, N.C., Aug. 29 - NextEra Energy Resources, LLC subsidiary Genesis Solar, LLC closed on construction and term financing that includes $702 million of project bonds, a $150 million project term loan facility and an $83 million project letter-of-credit facility.

The financing will be used for the construction of the Genesis project, a 250-megawatt utility-scale concentrating solar thermal generating facility in Riverside County, Calif., according to a NextEra news release.

The Department of Energy has provided a loan guarantee of 80% of the principal and interest on the bonds and term loan under its Financial Institution Partnership Program.

Credit Suisse is the initial purchaser of the bonds and the lender under the term loan. Banco Bilbao Vizcaya Argentaria provided the letter-of-credit facility.

The securities offered have not been and will not be registered under the Securities Act.

NextEra Energy Resources, a subsidiary of Juno Beach, Fla.-based NextEra Energy Inc., is a clean energy company.

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