Fitch Ratings has released a presale report for Solar Star Funding LLC's $700 million series A senior secured notes, rating the issue ‘BBB’ outlook stable.
Fitch says Solar Star Funding is offering the notes to support repayment of debt derived from two PV plants in California totaling 597 MW of capacity. The notes are due in 2035.
Construction on the the Antelope Valley project, located in Kern and Los Angeles Counties, Calif., began in April. SunPower is constructing and will operate both plants under separate engineering, procurement, and construction agreements, operation and maintenance agreements and power purchase agreements, Fitch reports. The project is expected to be finished by Oct. 31, 2015.
SunPower sold its ownership stake in Antelope Valley to MidAmerican Solar in January.