Key Credit Considerations in Evaluating Merchant Hydro Power Projects
Hydroelectricity is a proven renewable power technology with a long history. In the past, many hydro power assets in North America were project financed under fixed-price power purchase agreements (PPAs) with creditworthy counterparties. With the gradual expiry of these PPAs, refinancing hydro projects under a merchant price environment has become a trend in recent years. This commentary addresses some key questions raised by investors and financers on how DBRS Morningstar evaluates the credit quality of a merchant hydro power project.
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