SunPower sells EUR 195.2m solar bonds to fund 44 MW solar project
(ADPnews) - Dec 16, 2010 - US solar system maker SunPower Corp (NASDAQ:SPWRA) yesterday said it closed the offering of EUR-195.2-million (USD 258.5m) solar bonds due 2028 to fund the development of a 44 MW solar park in Italy.
The company said it will use the proceeds to finance the further development and construction of the Montalto di Castro project, which is finished and connected to the grid. The plant is expected to be sold by the end of the year.
The bond issue was carried out in two classes, including A1 bonds of EUR 97.6 million bearing a coupon of 5.715%, and A2 bonds of the same amount with a coupon of 4.839%.
The A1 bonds have a loan guarantee by SACE group, which is managed by Italy's Ministry of Economy and Finance, and are rated Aa2 by Moody's. The A2 bonds are rated Baa3 by Moody's and have been bought by the European Investment Bank.
"This is the world's first publicly rated bond issue for a solar project, as well as Italy's first rated project bond. It opens up a new global-scale pool of capital to fund solar projects beyond traditional project financing from banks," SunPower CFO Dennis Arriola said.