Last Week’s Cleantech Stocks and Bond Financing Announcements

Cleantech Finance

Here are last weeks’ stocks and bond financing announcements:

August 7th:  Solar City announced the pricing of the offering by its wholly-owned subsidiary, SolarCity LMC Series IV, LLC, of $123,500,000 aggregate principal amount of Solar Asset Backed Notes, Series 2015-1  consisting of two classes of notes.  The notes were offered only (i) within the United States to persons who are qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended, and (ii) to certain non?U.S. persons in offshore transactions in reliance on Regulation S under such Act.

The sale of the notes is expected to close on August 13, 2015, subject to customary closing conditions.

The senior class of notes (Class A Notes) consists of $103,500,000 aggregate principal amount that will have an interest rate of 4.18% and an anticipated repayment date of February 21, 2022.  The junior class of the notes (Class B Notes) consists of $20,000,000 aggregate principal amount that will have an interest rate of 5.58% and an anticipated repayment date of February 21, 2022.

August 6th – Renovate America, a provider of Residential Property Assessed Clean Energy (PACE) financing in the U.S., announced the completion of their fourth securitization of PACE Bonds by issuing  $159,783,000 in Class A Notes rated AA by Kroll. The Company completed the first three securitizations of PACE Bonds in 2014 and the first quarter of 2015.

Renovate America partners with local municipalities to provide the HERO Program (Home Energy Renovation Opportunity) to property owners, who in turn use the program to finance a wide variety of products to conserve water and save energy including: solar power; energy efficient HVAC, windows, roofing; water capture systems and artificial turf. HERO is unique in that it provides 100% financing for energy and water savings products for up to 20 years with fixed interest rates designed to make payments affordable. Property owners make payments along with their property taxes.

August 5th – Sunrun Inc. announced the pricing of its initial public offering of 17,900,000 shares of common stock at a price to the public of $14.00 per share. The common stock is expected to begin trading on the NASDAQ stock exchange on August 5, 2015 under the ticker symbol “RUN.”

A total of 17,482,268 shares are being offered by Sunrun and a total of 417,732 shares are being offered by certain selling stockholders. In addition, Sunrun and certain selling stockholders have granted the underwriters a 30-day option to purchase an aggregate of up to 2,685,000 additional shares of common stock to cover over-allotments, if any.

August 4th – Hannon Armstrong Sustainable Infrastructure Capital, Inc.  (NYSE: HASI), a  provider of debt and equity financing to the energy efficiency and renewable energy markets, today announced that Kroll Bond Rating Agency released an ABS Pre-sale Report related to an intended offering, subject to market and other conditions, by its indirect subsidiary, HASI SYB Trust 2015-1, of a private placement of a securitization transaction consisting of approximately $125 million in aggregate principal amount of Sustainable Yield(SM) Bonds, Series 2015-1,  with an anticipated repayment date of July 20, 2040.  The Bonds will be payable from, and secured by, certain assets on the Company’s balance sheet and will not be insured or guaranteed by the Company or any other affiliate thereof, or by any other person or entity.  Hannon Armstrong Capital, LLC, the operating subsidiary of the Company, will act as servicer for the securitization.



Tracey Smith About Tracey Smith
Tracey is an accountant and entrepreneur with a passion for nature. This passion is what spurred her interest in renewable energy, and the rest is history as they say. Tracey is a principal in Energy Think Group, the publisher of Solar Thermal Magazine and Tek-Think. She is also the principal at Women's Financial Help Desk. She spends her free time in the outdoors with her horses and dogs. She loves to travel.

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