As 2019 draws to a close, we took a look at the stories that captured the attention of PFR subscribers over the past 12 months.

Project Finance

1.       Indeck Niles Hits Financial Close
Four banks lent to the project and Korean investors provided fixed-rate debt.

2.       Could “Beautiful Clean Coal” Be the Next Big Thing in Tax Equity?           
PFR’s Taryana Odayar delved into the opportunities around carbon capture and storage.

3.       Revenue Put Market Falters, Forcing PJM Developers to Look Elsewhere
How the hedge market for greenfield CCGTs came under pressure in 2019.

4.       Lenders and Investors Wary of ERCOT “Gold Rush”
Despite historic low reserve margins, many remained cautious.

5.       J-Power Closes Dual-tranche Deal for Jackson Generation
The $790 million deal included a $100 million project bond from Prudential.

M&A

1.       Panda Power in Exclusive Talks for G.P. Sale
Blackstone was taking a close look at the troubled fund manager’s G.P.

2.       LS Power Kicks Off CCGT Sale
Barclays Capital and Goldman Sachs ran the auction for the 1.6 GW portfolio.

3.       Platinum Looks to Flip Hunterstown
Platinum Equity was trying to sell a plant it acquired less than a year prior.

4.       Wind, Solar Platform Sales Test Investor Appetite for Risk
The trend of European strategics buying U.S. renewables platforms seemed to run out of steam.

5.       Recurrent Finds Buyer for Mustang Solar Project
A previous deal for this California solar asset failed to pass the CFIUS test. 

People & Firms

1.       AES Assembles Funds Team
AES Corp. created a platform to raise and manage third-party capital.

2.       Departure at Ares-EIF
Jason Kahan left Ares to join Basalt Infrastructure Partners.

3.       8minutenergy Co-Founder Hermann Assembles New Team
Martin Hermann made a number of hires at his new venture BrightNight.

4.       Cypress Creek Diaspora Fuels Wave of Start-ups
Cypress Creek Renewables alumni founded numerous new companies.

5.       Walsh Returns After Short “Retirement”
Kevin Walsh, former head of U.S. renewable energy at GE EFS, said he was retiring in March but was back at work in June.

Restructuring

1.       Creditors Spar in “Messy” Empire Generating Bankruptcy           
The battle between Black Diamond and Ares Management to control a 635 MW CCGT. 

2.       Project Restructurings in Sight as PG&E Case Rolls On
PG&E and FERC duked it out in court over the future of high-priced PPAs.

3.       Bankers “Nervous” About PG&E Bankruptcy
Would lenders take a haircut on their PG&E debt if push came to shove?

Conference Coverage

1.       Platts Vegas 2019: Contemplating a “Whole New World” of Renewables Project Finance
Panelists at Platts discussed life after tax equity.


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