Moody’s rates UEP Penonome II, notes Ba3

Moody’s Investors Service said it assigned first-time Ba3 debt ratings to UEP Penonome II, SA and its proposed $275 million of Reg S / 144 A senior secured notes due 2038.

UEP II owns five wind farms with a combined capacity of 215 MW located in the Cocle Province, Republic of Panama, which began operations in January 2015. Tecnisol I, SA, Tecnisol II, SA, Tecnisol III, SA and Tecnisol IV, SA (together Tecnisol) are four integrated solar farms and are also located in Panama, with a combined capacity of 40 MW (10 MW each). Tecnisol will be guarantors of the transaction. UEP II and Tecnisol are majority and fully owned by InterEnergy Group Ltd.

“The Ba3 rating assigned considers the material contracted cash flows from UEP II’s creditworthy counterparties, the Panamanian distribution companies, stemming from the public auctioned PPAs. In addition, the ratings reflect the competitiveness of UEP II and Tecnisol assets as well as the role of non-hydro renewables that complement Panama’s energy matrix,” Moody’s said in a press release.

The outlook is stable. The outlook mirrors an expectation of visible and stable cash flows derived from long term PPAs in the next 12-18 months, the agency said.

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