The transaction consisted of Senior Secured Notes that are governed by a Master Indenture Structure ("MIS") and issued by special purpose entities (on a joint and several basis) that indirectly own Class B / Managing Member interests in tax equity sub-portfolios. The first issuance refinanced 19 projects that are in 10 tax equity partnerships; however, the MIS sets up a programmatic approach to building up an asset portfolio that aligns the Sponsors' funding cycle through efficient, sizeable, periodic issuances. The Sponsors will be able to accumulate / build assets and periodically issue long--term debt supported by aggregated pools of assets that are contributed to the master portfolio. 

Key Takeaways: 

• A first-of-its-kind for renewable assets, the issuance is the first tranche of a newly created Master indenture Structure. The program will grow and maintain similar credit characteristics and the issuance brought together many attributes of renewable financings that were never combined in the past. The portfolio allows for contribution of projects with various revenue sources (merchant, basis, or busbar contracted), technology (wind, solar, and battery), offtaker types (utility, corporate, CCA), scale (DG and Utility scale), as well as inclusion of production insurance products under a defined framework that does not require existing investor approval for additional issuance. 
• The issuance was the largest North American solar and wind portfolio to access the private placement market since July 2018.