Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 335

KBRA Assigns A- Rating to Wind Energy Transmission Texas

Posted by fidest press agency su lunedì, 9 settembre 2019

Kroll Bond Rating Agency (KBRA) assigns a A- rating to the 3.67% Senior Secured Notes Due 2034 (the “Notes”) issued by Wind Energy Transmission Texas, LLC (“WETT”) for an original principal amount of $490 million.The A- rating on the Notes reflects our view of the Project’s strengths, as follows:Supportive Regulatory Environment: Transmission and distribution utilities under the jurisdiction of the PUCT in ERCOT benefit from the timely recovery of incurred investments and expenses, allowing for stable and predictable cash flows.
Barriers to Entry for Competitors: Texas is well ahead of the 2025 target installed renewable capacity of 10,000 MW; there is currently approximately 21,000 MW of wind in the system and interconnect requests are high. While this is the case, there is a lengthy and rigorous process to be approved to develop a transmission system despite a need for more installed transmission capacity.
Low Business Risk: WETT is a transmission-only utility which limits the business and operating risk of the project. WETT’s budgeted operations and maintenance expenses are similar to those of other transmission assets; there is minimal maintenance capital expenditures expected during the life of the Notes. WETT has been able to successfully operate the project without any material unplanned outages or disruptions since achieving COD.
Proven Technology: The technology used in both the transmission lines and in the substations is well-known and proven. Given the age of the assets, there is low operating risk and the maintenance expenditures in the near term are not significant.

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