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Moody’s affirms Baa2 on Harper Lake Solar Funding
Moody’s Investors Service said it affirmed Harper Lake Solar Funding Corp.’s Baa2 rating on its 7.645% senior secured bonds due 2018.
The outlook is stable.
Moody’s said Harper Lake’s Baa2 senior secured rating and stable outlook reflect the solar thermal generating station’s consistent and strong operating performance and historically robust financial metrics. The Baa2 rating also incorporates recent investment in the projects by the sponsors, Terra-Gen Power, LLC (unrated) and NextEra Energy Resources (unrated), to ensure continued strong operations and prolong the life of the assets.
The Baa2 rating is constrained by exposure to the short-run avoided cost pricing mechanism associated with the project’s energy revenues, which make up 30% of total revenues, the agency said.
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