Project Finance

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  • PPA Pulse: California Feed-in Tariff Contracts Approach $200/MWh

    Nov 16, 2017 - Stuart Wise, Richard Metcalf

    As competition for power purchase agreements for U.S. renewables projects pushes pricing ever lower, it may be a surprise to learn that you can get a contract priced at $199.72/MWh if you have the right kind of project in the right location.
  • Ontario Wind Deal to Include Bond Tranche

    Nov 16, 2017 - Richard Metcalf

    Pattern Development’s debt financing for its Henvey Inlet wind project in Ontario comprises a fixed-income bond tranche alongside a commercial bank loan, say deal watchers.
  • Recurrent Signs Construction Loan for California Project

    Nov 15, 2017 - Richard Metcalf

    KeyBanc Capital Markets has signed a construction loan and letter of credit facility for Recurrent Energy’s 20 MW Gaskell West 1 solar project in California.
  • Banks Map Out EDF Tax Equity Investments

    Nov 14, 2017 - Fotios Tsarouhis

    Bank of America Merrill Lynch and JP Morgan are seeking regulatory approval to invest tax equity in two EDF Renewable Energy wind projects under construction in Oklahoma and Minnesota. The Oklahoma project is supported by a virtual power purchase agreement whereas the Minnesota project has a power hedge in place.
  • EDF Project Wins Tax Equity Investment

    Nov 13, 2017 - Fotios Tsarouhis

    Bank of America Merrill Lynch and JP Morgan are investing tax equity in a wind project supported by a power hedge that is under development in Minnesota.
  • Blowing in the Wind: Senate Republicans Reveal Tax Reform Plan

    Nov 10, 2017 - Richard Metcalf

    While there was disappointment in some markets as Senate Republicans proposed delaying a planned corporate tax cut from 2018 to 2019, the wind industry lobby was delighted with their move to keep the existing production tax credit unchanged.
  • Aussie Sponsor Shortlists Tax Equity Investors for U.S. Wind Project

    Nov 09, 2017 - Fotios Tsarouhis

    A renewables-focused Australian investment manager is close to selecting a tax equity investor for a recently-acquired wind project in the U.S.
  • Mexico Tweaks Auction Rules as Sponsors Line Up Loans

    Nov 09, 2017 - Michael Turner

    As developers round up loans to finance Mexican renewables projects in the wake of two aggressively-bid power auctions, the government continues to tinker with market design amid sweeping reforms that could see power purchase prices drop even lower.
  • Sponsor Seeks Equity for PJM Gas-fired Project

    Nov 08, 2017 - Fotios Tsarouhis

    American Power Ventures has launched an equity raise for its 1,020 MW Renaissance gas-fired project in Pennsylvania, with two investment banks advising on the deal.
  • ExGen Texas Files for Chapter 11

    Nov 07, 2017 - Richard Metcalf

    Exelon Corp.’s competitive generation subsidiary in Texas, ExGen Texas Power, has filed for Chapter 11 bankruptcy protection as it enters into a restructuring procedure.
  • Chile Hails Low Price "Milestone" as Five Selected in Renewables Auction

    Nov 07, 2017 - Michael Turner

    Chile has picked five companies to sign roughly 600 MW of contracts in a competitively bid renewables auction, as the country’s National Energy Commission (CNE) seeks to attract almost $1 billion of investment.
  • Starwood Seals Debt, Tax Equity for Wind Project with Corporate PPA

    Nov 03, 2017 - Richard Metcalf

    Starwood Energy Group Global has inked construction and term loans and a tax equity deal for a wind project with a non-utility power purchase agreement.
  • Peru Grants Colombian Co. Dual Transmission Contracts

    Nov 01, 2017 - Michael Turner

    Colombian state-owned holding company Interconexión Eléctrica has beaten competition from four other bidders to win two contracts to build transmission lines in Peru that will require an investment of $272 million.
  • Term Loan B Market Heats Up With Trio of Deals

    Oct 30, 2017 - Fotios Tsarouhis

    Morgan Stanley is sole bookrunner on two term loan B repricings that launched at the end of October for power sector borrowers, as they chip away at their coupons.
  • Sponsor Targets Q1 Close for PJM Gas-fired Project

    Oct 30, 2017 - Richard Metcalf

    A developer is aiming to close debt financing for a 1 GW quasi-merchant gas-fired project in Michigan in the first quarter of next year.
  • AWEA 2017: Bankers Eye Development After Year Dedicated to Construction

    Oct 27, 2017 - Fotios Tsarouhis

    Cheap debt and the ticking clock strapped to federal tax credits could well bolster wind project development over the next year, said financiers at the American Wind Energy Association’s Wind Energy Finance & Investment Conference 2017 on Oct. 25 and 26.
  • German Developer Scopes Financing for U.S. Wind Portfolio

    Oct 26, 2017 - Fotios Tsarouhis

    A German developer has begun talks with several financial institutions as it prepares to raise capital for its first wind projects in the U.S.
  • Corti Wind Project Claims Two Argentina Financing Firsts

    Oct 26, 2017 - Michael Turner

    Greenwind has signed $104 million in debt for its 100 MW Corti Wind Farm in Argentina, which the lenders say has the longest tenor of any project finance deal to emerge from the country’s RenovAr program and is the first to involve international banks.
  • Developers Score Loans for Resi Solar Assets

    Oct 26, 2017 - Richard Metcalf

    Two developers recently signed loans totaling more than $350 million to finance U.S. residential solar portfolios.
  • Panda Mattawoman Bank Group Grows

    Oct 25, 2017 - Richard Metcalf

    Panda Power Funds has brought another bank on as a coordinating lead arranger for the debt financing for its Mattawoman gas-fired project in Maryland.
  • Development Bank Funds 482 MW of Brazil Renewables

    Oct 24, 2017 - Michael Turner

    Brazilian regional development lender Banco do Nordest has agreed to finance 482 MW of renewable projects in the country, at a time when asset managers are once again bullish on real-denominated assets.
  • Moody’s Upgrades Berkshire Hathaway Solar Projects

    Oct 23, 2017 - Richard Metcalf

    Moody’s Investors Service has upgraded senior secured bonds issued by two Berkshire Hathaway solar projects in California, after Fitch Ratings did the same this summer.
  • Brookfield Provides Loan for Canada Battery Project

    Oct 23, 2017 - Richard Metcalf

    A battery storage developer has obtained a construction-to-term loan from a Brookfield Asset Management subsidiary for a project in Ontario.
  • Pattern Aims to Close Debt for Henvey By Year End

    Oct 20, 2017 - Fotios Tsarouhis

    Pattern Development has mandated a group of banks to raise debt for the 300 MW Henvey Inlet wind project in Canada and plans to seal the financing by the end of the year.
  • Sponsors Ready Financing for Long-awaited Gas-fired Projects

    Oct 20, 2017 - Olivia Feld

    A number of project finance deals backing greenfield gas-fired combined-cycle facilities are likely to be launched in the fourth quarter following a slowdown in new-build financing in the U.S., financiers tell PFR.
  • Q&A: Matt Odette and Frederick Echeverria, MUFG — Part I

    Oct 19, 2017 - Richard Metcalf

    Matt Odette, director in project finance, and Frederick Echeverria, executive director on the private placement desk, discussed the trend toward financing projects in the bond market with Richard Metcalf, editor of PFR, in this exclusive interview.
  • Q3 League Tables: Bond Business Thrives as Loans Lag

    Oct 19, 2017 - Richard Metcalf

    Sponsors are increasingly sourcing project debt in the capital markets rather than from banks, according to data from Dealogic, which is good news for financial institutions with private placement desks.
  • Mosaic Prices Solar ABS at Tight Spreads

    Oct 18, 2017 - Max Adams

    Mosaic sold a solar loan securitization at tight spreads on Wednesday, as investors report that the market for solar and Property Assessed Clean Energy (PACE) is turning into a food fight amid heavy demand and low supply.
  • U.S. Bank Closes Tax Equity Investment in California Projects

    Oct 18, 2017 - Fotios Tsarouhis

    U.S. Bank has closed a tax equity investment in two Capital Dynamics solar projects in California.
  • X-Elio Seeks $89M of Debt for Mexico Solar Duo

    Oct 18, 2017 - Michael Turner

    Private equity-owned solar developer X-Elio has requested proposals for debt financing for $128.6 million of projects in Mexico with maturities ranging from 16 to 20 years.
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