Luminace raises over $400 million in first of its kind C&I solar asset-backed securitizations (ABS)
NEW YORK, May 26, 2022 (GLOBE NEWSWIRE) -- Luminace, the North American decarbonization-as-a-service platform of Brookfield Renewable and one of the largest fully integrated providers of distributed energy solutions to commercial, industrial, and public sector customers, has closed a private securitization of solar power purchase agreements and other offtake arrangements.
“We are excited to originate the first asset-backed securitization for commercial solar assets,” said Valerie Hannah, Managing Director Brookfield Asset Management & CEO of Luminace. “We have access to deep and diverse pools of capital and the securitization market provides an additional source of capital that positions our business uniquely to continue our accelerated growth in providing decarbonization services to our customers. We were able to achieve excellent terms and the market response has been very positive, signaling excitement for this new source of capital.”
The ABS is comprised of 376 operating distributed generation (“DG”) solar sites, with a total operating capacity of approximately 254 MW. The transaction was structured with two investment grade classes, A- (Class A) and BBB- (Class B) and have an anticipated repayment date in 2029.
Credit Suisse Securities (USA) LLC was the sole structuring agent and served as joint active book running manager with TD Securities (USA) LLC, while HSBC Securities (USA) Inc., Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC also served as book running managers.
The securities issued pursuant to the ABS will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. The information contained in this press release is neither an offer to sell nor a solicitation of an offer to buy any of the securities issued pursuant to the ABS.
Luminace is a leading fully integrated decarbonization-as-a-service provider in North America, sponsoring accessible, reliable, and renewable energy infrastructure to empower the zero-emissions future. Luminace has an operational and development portfolio of more than 4,000 megawatts of distributed energy resources, serving hundreds of customers in the educational, commercial, industrial, utility, and municipal sectors across the U.S. and Canada. Luminace offers a full suite of decarbonization solutions including solar, energy storage, EV solutions and energy efficiency upgrades and retrofits as well as grid-resiliency options, all at no upfront cost.
Luminace is a Brookfield Renewable company. Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Further information is available at Luminace.com.
Manger, Corporate Communications