Each project has long-term project financing through tax-equity investments and debt financing as well as long-term power purchase agreements with investment-grade counterparties. The portfolio has implemented several value-enhancing opportunities across the projects, including restructuring debt to take advantage of lower interest rates, renegotiating O&M contracts to leverage the portfolio’s economies of scale and adding reactive power compensation where permitted. The seller, D.E. Shaw Renewables Inc. (DESRI), continues to own 25%-50% of each project.
