Location: Kern and Los Angeles Counties, California
Issuer: Solar Star Funding LLC
Total amount issued: 1.325 billion USD
Bond maturity date: June 30, 2035
Praxis purchase: 875 thousand USD
Bond rating: Baa2
In 2013, Solar Star issued a $1 billion bond for the construction of Solar Star 1 and Solar Star 2 photovoltaic power stations and in 2015 they issued another $325 million. The 586 MW projects began in early 2013 and were completed in 2015. The Praxis Impact Bond Fund was involved in both bond deals. 3,200 acres of previously, privately owned land was used to install 1,720,000 panels that deliver enough electricity to power 255,000 homes and creates an avoidance of more than 570,000 tons of CO2 emissions per year.