Energy Prepayment Transaction
Silicon Valley Clean Energy seeks an underwriter to structure its fourth energy prepayment transaction, advancing prepayment of existing Power Purchase Agreements across its 280,000-customer base in Santa Clara County. The transaction will incorporate forward energy curves, Renewable Energy Credits, Resource Adequacy products, and energy storage values; SVCE reported $534.5 million in net operating revenues and maintains A/A3 credit ratings from S&P and Moody's. The underwriter must demonstrate prior experience structuring comparable prepayment transactions.
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AI overview
Silicon Valley Clean Energy (SVCE) is seeking an underwriter firm to structure its fourth energy prepayment transaction. SVCE serves 13 Santa Clara County communities, providing 280,000 residential and commercial electricity customers with clean electricity. The firm will be responsible for structuring an energy prepayment program for existing Power Purchase Agreements (PPAs). SVCE has recorded $534.5 million in net operating revenues with net operating income of $137.3 million in FY 2023-24, with total cash/investment reserves of $479.9 million as of September 30, 2024. SVCE has maintained an issuer credit rating of A (Stable) from S&P and A3 (Stable) from Moody's. The selected firm will need to provide a structure for prepaying existing PPAs and demonstrate capabilities in structuring prepayment transactions that may include forward energy curves, short-term bridge products, Renewable Energy Credits (RECs), Resource Adequacy (RA), and energy storage values.
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Proposal Document
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