January 30, 2018
Invenergy Issues Second Investment-Grade Rated Project Bond in U.S. Private Placement Market in Uruguay for La Jacinta Solar Farm
CHICAGO, IL (January 30, 2018) – Invenergy announced today that its La Jacinta Solar project, located in the Salto Department of Uruguay, issued a 24.5-year investment-grade rated project bond (Baa3/Moody’s) for approximately $64.75 million in the U.S. Private Placement Market. La Jacinta Solar is a 50 megawatt alternating current (AC) / 64.8 megawatt direct current (DC) solar project, and is Invenergy’s second in Uruguay.
The issuance is under an innovative A/B Bond structure involving a capital markets solution under the umbrella of the IDB Invest, the private sector arm of the IDB Group. The deal was structured and arranged by DNB Markets, Inc. and IDB Invest, and was marketed by DNB Markets, Inc. as Sole Placement Agent. The project bond also received a green bond (GB) certification and assessment of GB2 from Moody’s.
“We are very pleased to have executed this noteworthy refinancing transaction for La Jacinta Solar that obtained not only investment-grade, but also received a lot of interest from investors,” said Meghan Schultz, Senior Vice President of Structured Finance at Invenergy. “The energy transformation in Latin America is underway, and La Jacinta underscores our commitment to the region.”
“This is DNB Markets’ second green bond transaction brought to market in recent months using this very interesting and innovative financing structure,” said Emilio Fabbrizzi, Head of Project Finance Latin America at DNB Markets. “The strong partnership between IDB Invest and DNB, along with the attractiveness of a fully-contracted renewable energy project in Uruguay and the sponsorship of U.S.-based renewable energy expert Invenergy, enabled a record-breaking 24.5-year financing tenor for a renewable energy project in Latin America. The success of the transaction demonstrates the strength of DNB in Latin America.”
“We are excited to continue to use the B-Bond, a product developed by the IDB Group, to mobilize institutional investors to Latin America and the Caribbean. The historical 24.5-year investment grade issuance for La Jacinta under the umbrella of IDB Invest signals the developing appetite from institutional investors for renewable energy assets” said Gian Franco Carassale, Lead Investment Officer at IDB Invest.
La Jacinta Solar completed construction and began commercial operations in September 2015. The facility generates power from 216,000 BYD solar modules, 50 Ingeteam inverters and 25 step-up LV/MV (low voltage/medium voltage) transformers and is delivered to the country’s grid under an approximately 26-year remaining power purchase agreement with Administración Nacional de Usinas y Trasmisiones Eléctricas (UTE), the Uruguayan state-owned utility. The proceeds of the project bond issuance will be used to refinance the existing construction loan.
The La Jacinta Solar project and the project bond issuance are under Invenergy’s renewables arm, Invenergy Renewables LLC.
Invenergy drives innovation in energy. Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in the Americas and Europe. Invenergy's home office is located in Chicago and it has regional development offices in the United States, Canada, Mexico, Japan and Europe.
Invenergy and its affiliated companies have developed more than 17,300 megawatts of projects that are in operation, construction or contracted, including wind, solar, natural gas-fueled power generation and energy storage projects. For more information, please visit www.invenergyllc.com.
Contact: Mary Ryan, Senior Manager, Communications
312-582-1424 or MRyan@invenergyllc.com
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