Solar Star Funding, LLC has completed its $1 billion, 5.375% Series A Senior Secured Notes offering. The proceeds will be used to fund the continued construction of its 579-megawatt Solar Star 1 and Solar Star 2 projects, together the Solar Star Projects. These projects were formerly known as the Antelope Valley Solar Projects.
Together the Solar Star Projects, co-located in Southern California, are the world’s largest solar power developments under construction. The Notes offering is the largest single project bond financing ever completed for a solar project. The principal of the Notes amortize semi-annually beginning June 30, 2016 with a final maturity of June 30, 2035.
Solar Star Funding, LLC owns the Solar Star Projects and is a wholly owned subsidiary of MidAmerican Energy Holdings Company.