Case File
efta-01372998DOJ Data Set 10OtherEFTA01372998
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DOJ Data Set 10
Reference
efta-01372998
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Portfolio Investment: Wind Portfolio
Utility scale, contracted wind power portfolio financing
Financing Opportunity
•
Acquisition financing to provide sponsor certain funds to purchase the
assets and help crystallize a return. Due to the deal team's strong
relationship with the sponsor and expertise, the deal team received an
outsized allocation
•
Attractive lender protections including a) first lien security over
borrower's assets and shares; b) 100% excess cash flow sweep; and
c) project finance enhancements such as a debt service reserve
account
•
The borrower is capitalized —61% debt / 39% equity
Transaction Summary
•
The 521 MW wind portfolio is comprised of 5 different wind generation
projects (one of which holds 11 separate projects) in Idaho and
Oklahoma
•
The Portfolio benefits from varied turbine technology with contracted
off-takers
•
The Portfolio sells power under long-term contracts with credit worthy
()Makers with a weighted average credit rating of BBB+ that provides
fixed, stable cash flows
•
Cash flows are generated from six different offtakers, dramatically
reducing counterparty risk
Investment Rationale
•
100% of revenue is contracted through 2030, providing stable current
and future cash flows
•
The Portfolio's PPAs have a weighted average remaining life of over
18 years on a MW basis
•
All projects have been operating for at least three years with very high
availability factors
•
The projects use multiple proven turbine platforms developed by
established wind turbine manufacturers including GE, Vestas. Senvion,
and Mitsubishi
The photographs depicted above and on subsequent pages are not intended to be representative of all assets in the portfolio. For more information on all assets. including those not shown herein.
please contact us. Past performance is not indicative of future results.
Deutsche Asset Management Infrastructure Debt Presentation: RIN II Equity
March 2018
50
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
CONFIDENTIAL
DB-SDNY-0066961
SDNY_GM_00213145
EFTA01372998
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