DealFlow V

Originally sent out to the kWh Analytics newsletter.


Unsurprisingly, 4Q18 ended a strong quarter for financing activity, with 27 separate solar M&A transactions announced. In the following fifth edition of DealFlow, we tracked over 8 GW of solar financings and M&A transactions in the solar markets for the period.

For a recap of 2018’s deals, you can check out an archive of DealFlows I-IV.

Additional resources can be found here:

  • Solar Lendscape, a listing of all active lenders and tax-equity providers in the solar market
  • #Solar100, our interview series with luminaries and thought leaders on emerging topics in the solar finance ecosystem
  • Episode 46 of Norton Rose Fulbright’s Currents podcast covers “how the market has reacted to the Solar Revenue Put, the number of deals that have used it, and the response to this new innovation”

Send us your deal info if you’d like your deal to be included in the next DealFlow (no, we don’t charge anything); we are at

Download DealFlow V


Jason Kaminsky


kWh Analytics tracks $8 billion in U.S. solar deals so far in 2018

Originally posted on pv magazine USA. The Spring DealFlow report from kWh Analytics highlighted 17 Asset Transactions and 19 Asset Financings deals year to date.

kWh Analytics Spring 2018 DealFlow available here.

If solar and wind are going to scale to supply most of the power on the U.S. power grid, they are going to need massive sums of capital. And we are starting to see evidence of that scaling.

One piece of evidence is a high rate of increase in the amount of electricity coming from solar power. In 2017 we saw total electricity delivered by solar photovoltaics increase by 43% year-over-year. Another piece of evidence is the sheer volume of investment. Globally, we saw 7.7 GW of assets change hands in Q1’2018.

Focused on the United States, the kWh Analytics’ Spring DealFlow Report gives high-level details on 36 projects that have closed since the start of 2018. 17 of the projects are characterized as asset transactions and 19 projects as asset financings. The 21 projects that disclosed financials represented more than $8 billion in deals.

A majority of the asset transactions did not disclose financials, and truly, browsing the list is really a who’s-who of solar developing. NextEra and NRG topped the list with big deals selling off large asset portfolios. SunPower managed to squeak a 918 kW onto the list as well.

While some might consider New York State’s projected $1.4 billion from a future 22 projects to be delivered by 2022 a bit far out to be considered on this list, it may be appropriate as the bids are due by October of this year and companies have already spent money on developing at least some of the sites that will land contracts.

Along with Governor Cuomo’s contributions are 18 other projects, some of which are shown above, with close to $4 billion in funding. Some of these investments were covered by pv magazine, such as Dividend, Ares and Sunlight.

Some estimates suggest the world needs to see $1 trillion per year in clean energy investment to stave off a 2°C increase in global temperatures. We have a long way to go, and it is the rate of scaling that will be critical.

Winter 2018 DealFlow from kWh Analytics


Since we are all focused on the impacts of the Section 201 ruling and the latest tariffs, we thought it would be a good time to share some uplifting news that we are tracking in our data: The fourth quarter had a tremendous amount of deal activity, with over 50 deals closed during the quarter valued at over $9 billion.

This level of deal activity is coupled with the fact that spreads for loans are continuing to become more competitive. While deals will be impacted by the trade case, the capital structure is continuing to get cheaper, especially when the Solar Revenue Put is included within the structure.

After receiving positive feedback on our first DealFlow, we knew we had to make it a regular series. In the Winter 2018 version you will find:

  • A featured deal seeking debt financing
  • Quantification of where the loan market is trending for 2018
  • Detailed deal data for the 50+ solar transactions that closed in the fourth quarter

Please send us your deal info if you’d like your deal to be included next time (no, we don’t charge anything), we are at

PDF Available Here:













Richard Matsui
Founder & CEO kWh Analytics

Announcing DealFlow from kWh Analytics


We can talk about data all day long, though there’s another topic that solar financiers love even more: Deals.

Because we are in the business of helping sponsors to achieve greater leverage (and to help lenders safely deploy more capital) with our Revenue Put, we see a number of deals that seek debt financing.

We also collaborate with sponsors and lenders to compile an index of prevailing debt terms in the market.

We’ve formalized this knowledge into DealFlow. In this first newsletter, you’ll find:
– Two featured deals seeking debt financing
– The market summary of indexed deal terms that lenders offered in 2017
– An overview of recent transactions that have closed in the market

Please send us your deal info if you’d like your deal to be included next time (no, we don’t charge anything); we are at

PDF Available Here:

Deal Flow 2


Richard Matsui
Founder & CEO kWh Analytics