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Moody's: Terra-Gen loan at Ba3
Moody's Investors Service said it assigned a Ba3 rating to Terra-Gen Finance Co., LLC's proposed $360 million of senior secured credit facilities. The facilities are made up of a $300 million senior secured term loan due in 2017 and a $60 million senior secured working capital facility due in 2016.
The outlook is stable.
The Ba3 rating considers the benefits of portfolio diversification across 22 power projects and three renewable technologies, the agency said.
The rating also reflects the mostly contracted cash flows generated under long-term power purchase agreements with primarily investment grade counterparties, a capable operator with a long operating history and strong political and regulatory support for renewable energy, the agency added.
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