LPO closed the fiscal year on September 30, 2021, with $18.7 billion in exposure and 24 active borrowers, supporting 17 innovative, commercial-scale clean energy and vehicle manufacturing projects.

FY 2021 marked LPO’s 12th fiscal year of financing and managing loans. Since 2009, LPO has closed on over 30 projects covering a diverse array of sectors and technologies. The portfolio has seen a continued trend of private sector comfort with commercial-scale clean energy projects:

• FY 2019 marked a significant period of activity for the portfolio as nearly half of all borrowers saw a change in equity ownership, whether through public sale or private placement.
• In FY 2020, another borrower had its LPO-guaranteed loan paid in full when its ownership decided to securitize its debt obligations via public and private issuances.
• In FY 2021, four LPO projects saw equity stakes sold, indicating additional private sector comfort with renewable energy projects that have a long-term track record of operations, which continue to fulfill contract and debt obligations. FY 2021 also marked a significant milestone as the portfolio achieved an internal investment-grade rating of ‘BBB-’ over the course of eight months during the year.

Read the full report to learn more: