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Solar panels This is the first time a solar-revenue put has been used for a refinancing. (Photo: Fotolia)

Power-plant owner AES Corp. refinanced a portfolio of solar arrays in Arizona and Massachusetts — and added an insurance policy to guard against cloudy days.

The insurance, called a solar-revenue put, guarantees minimum revenue for the 28-megawatt portfolio, KWh Analytics, a risk-management software firm that developed the instrument, said in a statement Wednesday.

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