Press release

kWh Analytics Closes Solar Revenue Put for 28 MW of Solar Power Projects With AES Distributed Energy, SVB, & Swiss Re Corporate Solutions

Sponsored by Businesswire

kWh Analytics, the market leader in solar risk management, today
announced the first refinancing supported by the Solar Revenue Put. The
portfolio of 41 projects totaling approximately 28 MW DC of capacity is
located in Arizona and Massachusetts. The facilities are managed by AES
Distributed Energy (DE), a subsidiary of The AES Corporation (AES). The
AES Distributed Energy portfolio is being funded by Silicon Valley Bank
and a Japanese financial services company. Swiss Re Corporate Solutions,
a leading global corporate insurer, is providing capacity for the Solar
Revenue Put.

The Solar Revenue Put is structured as an insurance policy on solar
production and revenues, which serves as a credit enhancement for
financial investors. Using its proprietary actuarial model and risk
management software (“HelioStats”), kWh Analytics developed the Solar
Revenue Put to drive down investment risk and encourage development of
clean, low-cost solar energy.

“AES Distributed Energy is focused on helping our customers affordably
and reliably meet their sustainable energy needs, and
strategically-timed refinancings enable us to re-deploy capital to build
more clean energy projects,” says Brian Cassutt, Chief Financial Officer
at AES Distributed Energy. “The Solar Revenue Put will help sharpen our
competitive edge by enhancing our returns and reducing our downside

“We’re pleased to continue our support of AES Distributed Energy as they
deploy innovative distributed solar and energy storage projects,” says
Bret Turner, Managing Director and Market Manager of Project Finance at
Silicon Valley Bank. “The strong collaboration between SVB, the Japanese
financial services company, and kWh Analytics enabled us to deliver a
transformational financing for AES DE and the market.”

A recent survey of the solar industry’s most active lenders indicates
that more than 40% of active lenders value the Solar Revenue Put as a
credit enhancement. Solar portfolios ranging from thousands of
residential rooftops to more than ten utility-scale plants have utilized
financing structures supported by the Solar Revenue Put. Portfolios
supported by the Solar Revenue Put are securing debt sizing increases of
10% on average.

Learn More about us:

About the Solar Revenue Put

The Solar Revenue Put is a credit enhancement that guarantees up to 95%
of a solar project’s expected energy output. kWh Analytics’ wholly-owned
brokerage subsidiary places the policy with risk capacity rated
investment-grade by Standard and Poor’s. As an ‘all-risk’ policy, the
Solar Revenue Put protects against shortfalls in irradiance, panel
failure, inverter failure, snow, and other system design flaws. The
Solar Revenue Put provides comprehensive coverage that banks rely upon,
enabling financial institutions to more easily finance solar projects on
terms more favorable to the sponsor.

About kWh Analytics

kWh Analytics is the market leader in solar risk management. By
leveraging the most comprehensive performance database of solar projects
in the United States (20% of the U.S. market) and the strength of the
global insurance markets, kWh Analytics’ customers are able to minimize
risk and increase equity returns of their projects or portfolios. kWh
Analytics also provides HelioStats risk management software to
leading project finance investors in the solar market. kWh Analytics is
backed by private venture capital and the US Department of Energy.

About Silicon Valley Bank

For 35 years, Silicon Valley Bank (SVB) has helped innovative companies
and their investors move bold ideas forward, fast. SVB provides targeted
financial services and expertise through its offices in innovation
centers around the world. With commercial, international and private
banking services, SVB helps address the unique needs of innovators.
Learn more at

About AES Distributed Energy

AES Distributed Energy (AES DE) is a wholly owned subsidiary of The AES
Corporation, a Fortune 500 and publicly traded international energy
company. Our daily mission at AES DE is to bring reliable and
cost-effective distributed energy systems to utilities, municipalities,
corporations, schools, and commercial and industrial customers. AES DE’s
proven project development, financing, and operating experience empowers
energy consumers to benefit from the distributed energy solutions we
deliver. Learn more at

About Swiss Re Corporate Solutions

Swiss Re Corporate Solutions is a global provider of risk transfer
solutions including insurance and non-insurance products. The Solar
Revenue Put is an insurance policy issued by a Swiss Re Corporate
Solutions insurance carrier that is appropriately licensed and in some
jurisdictions the Solar Revenue Put may only be available through a
licensed surplus lines insurance broker.