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AES, Riverside joint venture AES Solar reports $752 million funding for projects, refinancing
By Lisa Kerner
Charlotte, N.C., Nov. 13 - AES Solar, a joint venture of the AES Corp. and Riverstone Holdings LLC, announced the completion of three recent financings totaling $752 million.
Last week, AES Solar completed financing for and began construction of the Mount Signal Solar/Imperial Valley Solar 1 (IVS1) 266 MW utility-scale solar photovoltaic generating plant in Imperial County, Calif.
Financing for the plant, which is slated to be fully operational in early 2014, was structured in two tranches, according to a company news release.
The first, a $416 million long-term institutional tranche, was led by Morgan Stanley & Co. LLC and Citigroup Global Markets, Inc. as joint lead placement agents and Rabo Securities USA, Inc. and DNB Markets Inc. as co-placement agents.
A second $220 million cash grant loan was provided by Morgan Stanley Senior Funding and Citibank, NA.
Rabobank International and DNB Bank ASA provided related letters of credit as part of the project financing.
Nonrecourse financing
In October, AES Solar closed a €70 million multi-borrower nonrecourse financing of a 22.4 MW portfolio in France.
HSH Nordbank was the lead arranger for this 18-year facility, which was used to refinance equity invested during construction of three solar PV power plants that became operational in the first half of 2012.
Corporate revolver
The third transaction, which also closed in October 2012, is AES Solar's first corporate facility consisting of a €20 million medium-term revolver.
The revolver will be used for capital and to provide additional financial flexibility for AES Solar, the company said.
Goldman Sachs Bank USA is the lead arranger.
AES is an Arlington, Va.-based generator and distributor of electricity. AES Solar develops, owns and operates utility-scale solar power plants. Riverstone Holdings is an energy and power-focused private equity firm with offices in New York, London and Houston.
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