NextEra secures finance for US solar project

31 August 2011 (Last Updated August 31st, 2011 18:30)

NextEra Energy Resources subsidiary Genesis Solar has secured a $935m loan to finance the construction of a 250MW solar thermal power generating facility in California, US. The funds include project bonds of $702m, a $150m project term loan facility and an $83m project letter of credit

NextEra Energy Resources subsidiary Genesis Solar has secured a $935m loan to finance the construction of a 250MW solar thermal power generating facility in California, US.

The funds include project bonds of $702m, a $150m project term loan facility and an $83m project letter of credit facility.

The US Department of Energy has provided a loan guarantee of 80% of the principal and interest on the project bonds and project term loan.

Credit Suisse acted as the lender applicant for the loan guarantee and the letter of credit facility was provided by Banco Bilbao Vizcaya Argentaria.