Newsletter: September 2019

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In this email: Solar's Next Billion-Dollar Opportunity; Solar100 Interviews; Lendscape Updates View this email in your browser Greetings, For us at kWh Analytics and for our industry, this quarter is all about refinancing. Refinancings are already being done, but quietly. Solar Revenue Puts are rapidly becoming the market standard on these refinancing deals because sponsors want to lock in the best possible debt terms for the next 10 years, while lenders gain a new credit enhancement (and put more money to work). It’s a clear win for both. As top equity analyst Julien Dumoulin-Smith noted in his latest report, refinancing is the "trend to watch." Norton Rose Fulbright and Greentech Media have also covered the refi opportunity. Both refinancing and “new build” financing have been supported by the Solar Revenue Put. We have structured Solar Revenue Puts on over $500 million of solar assets, combining data analytics and financial innovation to make solar more competitive. What that means: Sponsors: Increase IRRs by 30+ bps. Hear from Coronal Energy, Ares EIF, and AES Distributed Energy. Lenders: Help their clients to succeed in a competitive environment. Lending partners can be found on the Solar Lendscape. Everyone: More bankable solar projects, faster. As always, reach out with any questions on refinancing and solar risk management. Regards, Richard Matsui Founder & CEO With the Fed announcing interest rate cut this month (first time in 10+ years), investors across the industry are starting to think about refinancing their solar portfolios. Refinancing with the Solar Revenue Put would yield~$1b of fresh cash for the top 50 owners, and it would yield ~$2.4b of cash across the solar industry. Two publicly announced refi deals supported by the Solar Revenue Put: AES Distributed Energy & SVB Invenergy & MUFG As AES CFO Brian Cassutt observed, "The Solar Revenue Put is rapidly becoming the market standard." 29 lenders now value the Solar Revenue Put, and there are 7 lenders who have successfully used the Solar Revenue Put to improve their competitiveness. Get a Quote kWh Analytics CEO Richard Matsui appeared again in Norton Rose Fulbright's latest Current podcast to discuss insights from kWh Analytics' Lendscape update, the recent trend of refinancing, and solar's next billion-dolllar opportunity. Listen to Ep70: Solar Refinancing and M&A, or read the transcript. As reported in Greentech Media, "The Solar Market Looks Ripe for a Wave of Refinancing." The latest: Julien Dumoulin-Smith: The Prefontaine of Energy Analysts. Amy Harder: The Hitchhiker’s Guide to the (Energy) Galaxy; Brian Cassutt: The Kawhi of Solar. The Solar Lendscape catalogs the solar industry’s most active lenders, including their check sizes, target market segments, and product type. Lendscape was recently updated to include asset owners, and was featured on Norton Rose Fulbright's Currents podcast. Listen here.  The Solar Risk Assessment: 2019 ICYMI: As reported in Greentech Media and in Norton Rose Fulbright's Currents podcast, kWh Analytics partnered with 9 of the industry’s leading experts on solar production risk to share our quantitative insights & help continue moving our industry forward. The first ever Solar Risk Assessment report is available here: Download Solar Risk Assessment: 2019 Tweet Forward Share Copyright © 2018 kWh Analytics, Inc., All rights reserved. You are receiving this email because you have been in contact with kWh Analytics. Our mailing address is: kWh Analytics 230 California Street, #303 San Francisco, CA 94111 Want to change how you receive these emails? You can update your preferences or unsubscribe from this list