SFS Energy Finance Americas (“SFS EF AM”) requests approval to commit up to $50 million to Cedro Hill Wind LLC’s (“Cedro Hill” or the “Borrower”) $167.5 million Senior Secured Term Loan (the “Term Loan”). Net proceeds from the Term Loan will be used to recapitalize the Borrower, including the refinancing of the outstanding Term Loan and upstream dividends to the equity investors. The proposed transaction will increase the existing Term Loan to $167.5 million from currently outstanding amount of $101.7 million. SFS EF AM’s current exposure in the original financing is $22.6 million. The Term Loan will fully amortize by September 2029.
The Project sponsor is NRG Energy, Inc. (“NRG” or the “Sponsor”) (Ba3/BB-; SFS Equivalent rating of 6-). NRG owns one of the nation’s largest and most diverse competitive generation portfolios with interests in over 52 renewable energy projects around the world, including 36 wind projects consisting of 3,066 MW of generation capacity. The Project is a 150.0 MW wind energy farm consisting of 100 GE1.5MW XLE wind turbine generators.
Cedro Hill is a bankruptcy remote, special purpose, indirect subsidiary of NRG that owns and operates Cedro Hill wind energy …show more content…
The 2015 plant availability factor was 97.2% (stronger than the SFS EF AM Base Case forecast of 94.5%), but in line with the historical availability factor of 97.1%. The 2015 wind regime was comparable to the historical wind regime, but was significantly lower than the one used by SFS EF AM in its original financing transaction. Total energy output in 2015 was 488 GWhs (including curtailed output equivalent GWhs). The energy output was between P50 and P75 exceedance level output based on the new wind study. The Analysts notes that the new wind study is used to assess the Project’s energy output level over the term of the
The Project sponsor is NRG Energy, Inc. (“NRG” or the “Sponsor”) (Ba3/BB-; SFS Equivalent rating of 6-). NRG owns one of the nation’s largest and most diverse competitive generation portfolios with interests in over 52 renewable energy projects around the world, including 36 wind projects consisting of 3,066 MW of generation capacity. The Project is a 150.0 MW wind energy farm consisting of 100 GE1.5MW XLE wind turbine generators.
Cedro Hill is a bankruptcy remote, special purpose, indirect subsidiary of NRG that owns and operates Cedro Hill wind energy …show more content…
The 2015 plant availability factor was 97.2% (stronger than the SFS EF AM Base Case forecast of 94.5%), but in line with the historical availability factor of 97.1%. The 2015 wind regime was comparable to the historical wind regime, but was significantly lower than the one used by SFS EF AM in its original financing transaction. Total energy output in 2015 was 488 GWhs (including curtailed output equivalent GWhs). The energy output was between P50 and P75 exceedance level output based on the new wind study. The Analysts notes that the new wind study is used to assess the Project’s energy output level over the term of the