kWh Analytics develops Solar Revenue Put for Capital Dynamics to enhance returns and reduce downside risks


kWh Analytics announced that it structured a Solar Revenue Put as part of the refinancing of the 173 MW DC Cal Flats 130 photovoltaic facility located in Monterey County, California. The Solar Revenue Put is structured as an insurance policy on solar production and revenues, which serves as a credit enhancement for financial investors. Using its proprietary actuarial model and risk management software (“HelioStats”), kWh Analytics developed the Solar Revenue Put to drive down investment risk and encourage development of clean, low cost solar energy for the Cal Flats facility.


The facility is owned and operated by Capital Dynamics, an independent global private asset management firm focusing on private assets including private equity, private credit, and clean energy infrastructure. The refinancing was led by Commonwealth Bank of Australia (CBA), Australia’s leading provider of integrated financial services and among the leading arrangers of renewable energy projects in the U.S., Europe and Australia; and Rabobank, a leading global bank focused on the food, agribusiness, commodities and renewable energy industries. Swiss Re Corporate Solutions, a subsidiary of Swiss Re, the world’s largest reinsurer, is providing capacity for the Solar Revenue Put. This is the first syndicated refinancing utilizing the Solar Revenue Put.

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The Managing Director of Capital Dynamics’ Clean Energy Infrastructure team said that their company is a leader in clean energy investing and is focused on helping its customers affordably and reliably meet their sustainable energy needs. Community solar farms bring renewable energy to their customers while saving them money on their electric bills. He also added that the Solar Revenue Put helps sharpen their competitive edge by enhancing their returns and reducing their downside risk.


Alain Halimi, Director of Natural Resources & Energy at Commonwealth Bank of Australia stated that as a leading renewable energy financier and customer-focused institution, they are pleased to continue their support of Capital Dynamics as they deploy innovative renewable energy solutions for communities in the U.S. Capital Dynamics is one of the largest solar developers in the U.S.; the strong collaboration between Capital Dynamics, CBA, and Rabobank, and the expertise of kWh Analytics, enabled them to deliver a groundbreaking financing for Capital Dynamics and the market.

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Greg Hutton, Head of Project Finance Americas at Rabobank said that they have a strong commitment to driving the energy transition in North America and are very excited to continue the partnership with Capital Dynamics. He added that they always focus on working with their clients to execute the solutions that best fit client’s needs, and are thrilled to collaborate with Capital Dynamics and the other financing parties in delivering a robust and efficient financing package.

Across the industry, portfolios supported by the Solar Revenue Put are securing debt sizing increases of 10% on average. The Solar Revenue Put has been structured on over $1 billion of solar assets, and a survey of the solar industry’s most active lenders indicates that more than 50% of active lenders value the Solar Revenue Put as a credit enhancement. The Solar Revenue Put has now been incorporated into both new build financing and refinancing of all types of solar projects, including utility scale, residential, community solar, and commercial and industrial.

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