Market Overview

kWh Analytics Closes Solar Revenue Put for 50 MW of Solar Farms Owned by GCL New Energy

Share:

kWh Analytics, the market leader in solar risk management, today
announced that it structured a Solar Revenue Put with GCL New Energy,
Inc., a top five global solar developer1, and PNC Bank, N.A.,
an industry-leading investor in U.S. solar projects since 2007. The 4
projects, totaling 50 MW DC of capacity and located in Oregon, were
financed with the Solar Revenue Put protecting cashflows.

Using its proprietary actuarial model and risk management software
("HelioStats"), kWh Analytics developed the Solar Revenue Put, a credit
enhancement for financial investors, to drive down investment risk and
encourage development of clean, low-cost solar energy.

"We have a global mandate to rapidly expand our investment portfolio of
solar projects," says Frank Zhu, Executive President of GCL New Energy.
"To support us in this growth, we were pleased to have found efficient
and reliable execution with our partners, PNC Bank and kWh Analytics."

"Strong relationships are the cornerstone upon which we have built this
business," says Dick Rai, manager of PNC Bank's energy finance team, the
bank's renewable energy financing arm. "We have long-standing
relationships with both GCL New Energy and kWh Analytics, dating back to
their respective entries into the U.S. solar market."

A recent survey2 of the solar industry's most active lenders
indicates that more than 40% of active lenders are now valuing the Solar
Revenue Put as a credit enhancement. Solar portfolios ranging from
thousands of residential rooftops to more than ten utility-scale plants
have had financing structures supported by the Solar Revenue Put.
Portfolios supported by the Put are securing, on average, debt sizing
increases of 10%.

Swiss Re Corporate Solutions provides the risk capacity for the Solar
Revenue Put. Brian Beebe, Head of North America Origination, Swiss Re
Corporate Solutions, says, "We are bullish about solar, and Swiss Re is
committed to providing innovative risk transfer solutions. kWh Analytics
built the industry's largest data repository, encompassing one-in-five
American solar power plants, and owns the foundation upon which entirely
new categories of risk management products will be built."

Learn More about us: kwhanalytics.com
& kwhanalytics.com/SolarRevenuePut

About 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. kWh Analytics' wholly-owned
brokerage subsidiary places the policy with risk capacity rated
investment-grade by Standard and Poor's. As an ‘all-risk' policy, the
Solar Revenue Put protects against shortfalls in irradiance, panel
failure, inverter failure, snow, and other system design flaws. The
Solar Revenue Put provides comprehensive coverage that banks rely upon,
enabling financial institutions to more easily finance solar projects on
terms more favorable to the sponsor.

About kWh Analytics

kWh Analytics is the market leader in solar risk management. By
leveraging the most comprehensive performance database of solar projects
in the United States (20% of the U.S. market) and the strength of the
global insurance markets, kWh Analytics' customers are able to minimize
risk and increase equity returns of their projects or portfolios. kWh
Analytics also provides HelioStats risk management software to
leading project finance investors in the solar market. kWh Analytics is
backed by private venture capital and the US Department of Energy.

About GCL New Energy, Inc.

GCL New Energy, Inc. is a wholly-owned international renewable energy
IPP subsidiary of GCL New Energy Holdings Ltd (0451.HK) with offices in
San Ramon, California. The company focuses on developing, owning, and
operating utility scale solar projects, and has experience in the United
States, Puerto Rico, Latin America, and numerous other international
markets.

About PNC Bank

PNC Bank, National Association, is a member of The PNC Financial
Services Group, Inc. (NYSE:PNC). PNC is one of the largest diversified
financial services institutions in the United States, organized around
its customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and government
entities, including corporate banking, real estate finance and
asset-based lending; wealth management and asset management. For
information about PNC, visit www.pnc.com.

About Swiss Re Corporate Solutions

Swiss Re Corporate Solutions provides risk transfer solutions to large
and mid-sized corporations around the world. Its innovative, highly
customised products and standard insurance covers help to make
businesses more resilient, while its industry-leading claims service
provides additional peace of mind. Swiss Re Corporate Solutions serves
clients from over 50 offices worldwide and is backed by the financial
strength of the Swiss Re Group. Visit corporatesolutions.swissre.com
or follow us on linkedin.com/company/swiss-re-corporate-solutions
and Twitter @SwissRe_CS.

1 https://www.greentechmedia.com/articles/read/here-are-the-top-global-solar-developers

2 http://www.kwhanalytics.com/solar-lendscape/

View Comments and Join the Discussion!