A number of project finance deals backing gas-fired
combined-cycle greenfield facilities are likely to be launched
in the fourth quarter, following a slowdown in new-build
financing in the U.S., financiers tell PFR.
Deals expected to launch in the coming months include
the Advanced Power 1.1
GW South Field Energy project in Columbiana
County, Ohio, the Clean Energy
Future 940 MW Trumbull project in Trumbull
County, Ohio and the NTE Energy 500 MW
Reidsville Energy Center in Rockingham County, N.C.
Some arranger mandates have already been allocated, with
GE Energy Financial Services leading a debt
raise for the South Field project and
BNP Paribas running the
Competition for deals is likely to be fierce given the
slowdown this year in the number of development assets being
financed in the U.S.
Lenders that typically back utility-scale solar and wind
projects in the U.S. have also seen a reduction in deal flow,
partly due to uncertainty over whether tariffs will be imposed
on the import of solar panels and the step-down in the
production tax credit.
One CCGT project which has stalled in its financing is the
Panda Power Funds 990 MW Mattawoman
project in in Prince George’s County, Md. The
construction financing is said to be to attracting South Korean
investors and the bank group arranging the debt has changed,
with BNP Paribas
and Investec leading the deal and
ICBC no longer participating.
Whitehall & Co. is advising the
sponsor on the equity raise (