Solar risk management company kWh Analytics has announced a contract for differences (CFD) supported by the Solar Revenue Put.
The Solar Revenue Put is a credit enhancement that guarantees up to 95% of a solar project’s expected energy output, the company claims. kWh Analytics’ wholly owned brokerage subsidiary places the policy with risk capacity rated investment-grade by Standard and Poor’s.
The 23 MW Grand Ridge Solar project, located in La Salle County, Ill., was refinanced with the Solar Revenue Put, protecting cashflows. Grand Ridge is owned and operated by Invenergy and is being funded by Mitsubishi UFJ Financial Group, a Japanese financial services company. Swiss Re Corporate Solutions, a global corporate insurer, provided capacity for the Solar Revenue Put.
Using its proprietary actuarial model and risk management software, HelioStats, kWh Analytics developed the Solar Revenue Put to drive down investment risk and encourage the development of solar.
“Invenergy is pleased to work with kWh Analytics on the successful refinancing of our Grand Ridge Solar project,” says Meghan Schultz, senior vice president of finance and capital markets at Invenergy.
“We are committed to managing carbon-related sustainability risks and supporting the transition to a low-carbon economy,” notes Brian Beebe, head of origination for North America weather and energy at Swiss Re Corporate Solutions. “We are actively building our business to support the renewable energy that will power our global future. The Solar Revenue Put represents a new, multibillion-dollar insurtech category.”
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