BNY Mellon Appointed to Trustee and Agent Roles for Topaz Solar Farms' $2.4 Billion Project Financing

News provided by

Apr 02, 2012, 09:20 ET

NEW YORK, April 2, 2012 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been appointed collateral agent, depositary agent, indenture trustee, paying agent and registrar by Topaz Solar Farms, LLC for its $2.4 billion project financing. Topaz Solar Farms, which is a subsidiary of MidAmerican Energy Holdings Company, will use the proceeds to finance the construction of a 550 megawatt solar generating facility in San Luis Obispo County, California.

In its role, BNY Mellon Corporate Trust will provide a variety of services for Topaz Solar Farms, including processing principal and interest payments and maintaining bondholder records.

"With regulatory requirements driving energy companies to find cleaner ways to produce renewable energy, it's becoming increasingly important to identify and build economically viable alternatives to electricity generated by fossil-fuels," said Alex Tsarnas, head of U.S. corporate and insurance market segments at BNY Mellon Corporate Trust. "Our appointment by Topaz Solar Farms highlights our experience in administering a wide range of financings and reflects our commitment to delivering client-focused solutions that serve the evolving needs of the utility industry."

"We chose to work with BNY Mellon on this financing because of its capabilities as an international trustee and its long history of supporting MidAmerican and providing us with superior service," said Calvin Haack, treasurer for Topaz Solar Farms.

BNY Mellon Corporate Trust services $11.8 trillion in outstanding debt from 61 locations in 20 countries. Its clients include governments and their agencies, multinational corporations, financial institutions and other entities that access the global debt capital markets. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services and to develop customized and market-driven solutions. Its range of core services includes debt trustee, paying agency, escrow and other fiduciary offerings.

Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.8 trillion in assets under custody and administration and $1.26 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter @BNYMellon.

SOURCE BNY Mellon