DFX Intelligence
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Borrower
C•••••• C•••••••••
Independent Power & Renewable Electricity Producersgroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: Emerald JV LP; Verdelite JV LP
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q4 2024 to Q4 2025
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $83.9M
sum of BDC pieces, a lower bound
Fair value
$83.9M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
7
4 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jul 1, 2030
no dated debt inside 24 months
On the tape since
Jun 30, 2023
latest Dec 31, 2025
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••• S•••••••• I••••• F••• | $61.4M | 100¢ | 0 pts |
| A••••• D••• S•••••••• B•• | $14.9M | 100¢ | 0 pts |
| B••••••••• P•••••• C••••• F••• | $7.02M | 100¢ | 0 pts |
| S••••• C•••• C•••••• C••• | $643K | 101¢ | +1 pts |
Every BDC piece · 9 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 1 | $34.0M | $34.1M 100c | S+175 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 2 | $16.6M | $16.6M 100c | S+175 bp |
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+175, 0.00% F•••• M•••• | $14.9M | $14.9M 100c | SOFR+175 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 3 | $10.7M | $10.7M 100c | S+175 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $2.9M | $2.9M 100c | S+175 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $2.0M | $2.0M 100c | S+175 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $1.1M | $1.1M 100c | S+175 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $1.0M | $1.0M 100c | S+175 bp |
| S••••• C•••• C•••••• C••• | term loan first lien F•••• L••• - T••• L••• | $643,000 | $644,000 101c | S+175 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2025 | at least $76.9M | 100c | SOFR+175 bp | Feb 1, 2032 | 3 |
| other lien unstated exited Dec 31, 2025 | at least $7.0M | 100c | S+175 bp | Feb 15, 2032 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2025 | 4 | $83.9M | $83.9M | 100c | 0 |
| Sep 30, 2025 | 4 | $51.6M | $51.6M | 100c | 0 |
| Jun 30, 2025 | 4 | $48.6M | $48.6M | 100c | 0 |
| Mar 31, 2025 | 3 | $26.8M | $26.7M | 100c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 4 | $17.4M | $17.4M | 100c | 0 |
| Sep 30, 2024 | 2 | $5.7M | $5.7M | 100c | 0 |
| Jun 30, 2024 | 1 | $679,000 | $677,000 | 100c | 0 |
| Mar 31, 2024 | 2 | $9.6M | $9.5M | 100c | 0 |
| Dec 31, 2023 | 1 | $3.6M | $3.6M | 100c | 0 |
| Sep 30, 2023 | 1 | $4.8M | $4.8M | 100c | 0 |
| Jun 30, 2023 | 1 | $798,000 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
Full timeline · 9 eventsShow fewer
- New lender joined a facilitySep 30, 2024
- New lender joined a facilityMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- CALPINEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Independent Power & Renewable Electricity Producersreportedas one filer wrote it