Solar energy project closes $935mn financing

Genesis Solar LLC, a unit of NextEra Energy Resources LLC, closed on $935 million of construction and term financing for the planned 250 MW Genesis concentrated solar thermal project in California.

The financing includes $702 million in project bonds, $150 million in a project term loan facility and an $83 million project letter of credit facility. The U.S. Department of Energy provided a $681.6 million loan guarantee.

Credit Suisse served as the lender applicant for the loan guarantee, the initial purchaser of the project bonds and the lender under the project term loan facility. Banco Bilbao Vizcaya Argentaria provided the letter of credit facility.

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