Borrower Strategies

  • Nevada Utility Invites Battery Storage Proposals with Renewables RFP

    Jan 10, 2018 - Fotios Tsarouhis

    Las Vegas-based utility NV Energy is explicity inviting bidders to propose generation-plus-storage projects for the first time in its latest request for proposals, under which it is seeking up-to-330 MW of renewables in its home state.
  • ERCOT Reserve Margin Set to Dip Below 10%

    Dec 19, 2017 - Richard Metcalf

    ERCOT’s latest capacity, demand and reserves report forecasts a reserve margin for the grid system operator’s territory, which covers most of Texas, of just 9.3% for summer 2018, raising the prospect of scarcity pricing.
  • Arizona Nonprofit Utility to Issue Renewables RFP

    Dec 15, 2017 - Fotios Tsarouhis

    The Salt River Project is preparing to issue a request for proposals in January to procure 100 MW of renewables as part of a plan to offer commercial and industrial clients greener energy.
  • IEnova and Inkia Raid Receptive Bond Mart

    Dec 14, 2017 - Richard Metcalf, Michael Turner

    A pair of Latin American power companies have brought dollar bonds to the market, with Mexico’s IEnova and Peru-based Inkia Energy raising $990 million between them.
  • Tesla Prices Latest Solar ABS Offering

    Dec 11, 2017 - Sasha Padbidri

    Tesla priced the latest securitization from its SolarCity subsidiary on Friday, pushing total solar asset-backed securitization volume beyond $1.5 billion in 2017 as secondary market activity gradually builds.
  • Vistra Joins Loan Repricing Party

    Dec 05, 2017 - Richard Metcalf

    Vistra Energy, the Texas utility that is buying Dynegy, is the latest power sector borrower to launch a repricing of its term loans, with an almost $2.8 billion deal.
  • Tesla Offers Second Solar ABS Deal in Two Months

    Dec 04, 2017 - Sasha Padbidri

    Investors are eager for a slice of Tesla’s latest solar asset-backed securitization from its SolarCity subsidiary, say industry sources, but solar ABS volume could remain limited in 2018 unless the challenge of securitizing commercial and industrial-scale solar assets can be cracked.
  • Second Time’s the Charm for NRG in H.Y. Mart

    Dec 01, 2017 - Richard Metcalf

    About three weeks after NRG Energy pulled a planned high yield bond offering amid market volatility, the independent power producer returned on Nov. 30, this time successfully raising $870 million.
  • Pricing Set for Repricing of Calpine Term Loans

    Nov 30, 2017 - Fotios Tsarouhis

    Calpine Corp. was set to reprice three senior secured term loan Bs totaling $2.6 billion on Friday.
  • TerraForm Power Prices Dual-tranche H.Y. Offering

    Nov 28, 2017 - Richard Metcalf

    TerraForm Power, the former SunEdison yield company, priced two tranches of high yield bonds on Nov. 28 after increasing the overall size of the offering from $1 billion to $1.2 billion.
  • Stoneway Taps 2027 Bonds After Argentina Auction Win

    Nov 28, 2017 - Michael Turner

    Canada’s Stoneway Capital Corp. reopened its 10-year dollar-denominated bonds for another $165 million last week to fund the conversion of a gas-fired plant in Argentina from simple-cycle to combined-cycle, a move that will add 120 MW of capacity to the under-construction facility.
  • PJM Rule Change Could Boost Prices, Says Moody’s

    Nov 22, 2017 - Richard Metcalf

    A proposed change to spot market bidding rules in PJM Interconnection could raise power prices, according to a report by Moody’s Investors Service.
  • Exelon Renewables Term Loan B Grows to $850M

    Nov 21, 2017 - Fotios Tsarouhis

    Exelon Corp. increased the size of a term loan B offering it priced last week to finance a portfolio of renewable assets in the U.S.
  • Talen Follows Up with $225M Add-on

    Nov 21, 2017 - Richard Metcalf

    Talen Energy returned to the high yield bond market on Nov. 20 for an add-on transaction that increased the size of a 2026 series of unsecured notes it had issued the week before.
  • Talen Sweetens H.Y. Deal After NRG Pulls Offering

    Nov 15, 2017 - Power Finance & Risk

    Talen Energy Supply priced a high yield bond on Nov. 14, but had to provide investors with an extra year of non-call protection as sentiment remained shaky on U.S. sub-investment grade debt.
  • Talen Announces H.Y. Deal After NRG Pulls Offering

    Nov 14, 2017 - Power Finance & Risk

    Talen Energy Supply launched a $400 million refinancing on Tuesday in a wobbly high yield bond market that has recently seen three energy sector issuances pulled, including one from NRG Energy.
  • IDB Mulls Mexican Solar Securitization Funding

    Nov 13, 2017 - Michael Turner

    The Inter-American Development Bank is evaluating a possible 1 billion peso ($52 million) warehousing loan to finance a portfolio of small-scale solar projects in Mexico with a view to supporting a subsequent securitization in the local capital markets, a model the development bank has used for previous projects.
  • Exelon Offers Term Loan B Investors "New Money" Deal

    Nov 09, 2017 - Fotios Tsarouhis

    Exelon Corp. launched a $750 million term loan B backing an almost 1.8 GW U.S. renewables portfolio on Nov. 3, offering investors a rare "new money" deal during a period dominated by repricings and refinancings.
  • Exelon to Issue Term Loan B for Renewables Portfolio

    Nov 08, 2017 - Fotios Tsarouhis

    Morgan Stanley is arranging a $750 million term loan B backing a 1,791 MW portfolio of wind, solar and biomass assets owned by Exelon Corp.
  • KEPCO to Sound Out Investors for Dollar-denominated Green Bond

    Nov 08, 2017 - Richard Metcalf

    Korea Electric Power Corp. has hired three bookrunners to run an investor roadshow ahead of a potential dollar-denominated green bond issuance as it looks to build a renewables portfolio in the U.S. through acquisitions.
  • TerraForm Power Seals Upsized Term Loan B, Flexes Pricing

    Nov 07, 2017 - Fotios Tsarouhis

    TerraForm Power has increased the size of its term loan B by $50 million to $350 million and tightened the pricing during execution.
  • Tesla Prices Latest Solar ABS Deal

    Nov 06, 2017 - Max Adams

    Tesla priced an asset-backed securitization offering backed by solar lease and power purchase agreements originated by its SolarCity subsidiary on Nov. 3, selling the bonds at the tight end of price guidance.
  • Power Borrowers Plunder Hot Term Loan B Market

    Nov 03, 2017 - Richard Metcalf, Fotios Tsarouhis

    Two fossil fuel-fired generators repriced loans and TerraForm Power set out to refinance its debt this week amid borrower-friendly conditions in the leveraged finance market.
  • Guidance Issued for Tesla Solar ABS Deal

    Oct 31, 2017 - Max Adams

    Bookrunners issued pricing guidance on Tuesday for an ABS offering by Tesla backed by leases and power purchase agreements originated by its SolarCity subsidiary.
  • ITC Issues Flurry of Recommendations on Protective Solar Import Restrictions

    Oct 31, 2017 - Fotios Tsarouhis

    The U.S. International Trade Commission’s four sitting members have released three separate recommendations for temporarily restricting foreign imports of solar panels into the U.S.
  • Inkia Energy Hits Road for New Bond

    Oct 31, 2017 - Michael Turner

    Latin American generator Inkia Energy is marketing a 10-year bond this week, as the company looks to buy back $450 million of debt at a time of uncertainty over its ultimate ownership.
  • SolarCity Preps Solar Lease, PPA Securitization

    Oct 25, 2017 - Fotios Tsarouhis

    SolarCity is readying its second solar ABS transaction of 2017, a $340 million deal backed by residential rooftop solar leases and power purchase agreements.
  • Brookfield Yieldco Preps Term Loan B

    Oct 24, 2017 - Fotios Tsarouhis

    RBC Capital Markets is arranging a $300 million term loan B for TerraForm Power.
  • SolarCity Preps Eighth ABS Offering As Issuance Ramps Up

    Oct 23, 2017 - Fotios Tsarouhis

    Hot on the heels of a tightly-priced asset-backed securitization from Mosaic, Tesla-owned SolarCity is readying its second ABS issuance this year.
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