...Favorable Initial Production Results: Energy production for recently completed monitored projects is generally equal to or better than the base case forecasts. Across the photovoltaic (PV) power projects in Fitch's portfolio, energy output exceeded 50% probability of exceedance (P50) forecasts by an average of 9% in the early years of operation. Increased output is due to numerous factors, including better than expected solar irradiance and plant availability, higher online capacity and lower than modeled losses for grid curtailment. Low Solar Resource Variability: Fitch Ratings expects stable generation levels for PV power projects due to relatively low solar resource variability across probability of exceedance scenarios. The difference in production forecasts for P50 and one-year P90 scenarios averages approximately 7%, reflecting relatively low annual generation volatility compared with wind power projects. Investment-grade projects exceed break-even debt service coverage levels by...
