Ares repowers three Texas wind projects with proxy revenue swaps
Nephila Climate, the weather and ESG-driven specialty division of Nephila Holdings Ltd., has announced the first use of a Proxy Revenue Swap for the re-powering of a wind project. A PRS is a hedging contract that provides renewable energy projects with protection against exposure to the risks inherent in relying on a weather-driven fuel source, in addition to power price volatility.
A fund managed by Ares's Infrastructure and Power strategy used three different PRS contracts to facilitate the financing for the acquisition and re-powering of the wind power portfolio from BP in the ERCOT region. The three-project portfolio included Sherbino Mesa 2, Trinity Hills and Silver Star.
The projects entered into ten-year PRS contracts with Allianz Global Corporate & Specialty, Inc.'s Alternative Risk Transfer unit, in partnership with Nephila Climate. REsurety, Inc. provided the risk analytics needed to support the PRS transactions and will serve as the calculation agent on an ongoing basis.
Country updates
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