(Bloomberg) -- Power-plant owner AES Corp. refinanced a portfolio of solar arrays in Arizona and Massachusetts -- and added an insurance policy to guard against cloudy days.
The insurance, called a solar-revenue put, guarantees minimum revenue for the 28-megawatt portfolio, KWh Analytics, a risk-management software firm that developed the instrument, said in a statement Wednesday.
The policy is backed by insurer Swiss Re AG, and this was the first time a solar-revenue put has been used for a refinancing. Terms weren't disclosed.
To contact the reporter on this story: Brian Eckhouse in New York at beckhouse@bloomberg.net
To contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Joe Ryan, Reg Gale
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