Project Finance

  • PPA Pulse: Microsoft Pushes Back on Risks and Long Contracts with Novel Offtake Structure

    Oct 18, 2018 - Richard Metcalf

    Microsoft Corp., an early adopter of the virtual power purchase agreement, has gone public with its efforts to simplify PPA contracts and shift risks away from corporate offtakers.
  • Centaurus Nears Solar Tax Equity Deal

    Oct 18, 2018 - Shravan Bhat

    Centaurus Renewable Energy is close to securing tax equity for its Techren I solar project in Nevada.
  • NextEra Inks Iron Mountain PPA

    Oct 18, 2018 - Stuart Wise

    NextEra Energy Resources has signed a 15-year virtual power purchase agreement with information management services company and serial renewable energy procurer Iron Mountain.
  • JP Morgan Preps Tax Equity for North Dakota Wind Project

    Oct 17, 2018 - Taryana Odayar

    JP Morgan is looking to close a tax equity investment in a financially hedged wind farm in North Dakota by the end of the year.
  • Enel Ramps Up Brazil Wind Farm Capacity

    Oct 16, 2018 - Michael Turner

    Enel Green Power is adding 29.4 MW of capacity to its Delfina wind farm in Brazil, an expansion expected to cost $40 million.
  • TransAlta Reveals Offtaker for Pennsylvania Wind Farm

    Oct 16, 2018 - Stuart Wise

    TransAlta Renewables has identified the non-utility offtaker for a 90 MW wind project that is under construction in Pennsylvania.
  • Southern Power Anchors Wind Project with Cruise Ship Operator PPA

    Oct 16, 2018 - Stuart Wise

    Southern Power has inked a 12-year power purchase agreement with Royal Caribbean Cruises for the output of a 200 MW wind project.
  • Sponsors Prep Hybrid Refi for Chile Coal-fired Plant

    Oct 15, 2018 - Richard Metcalf

    (Updated with bookrunners) The co-sponsors behind a coal-fired project that serves several copper mines in Chile under various power purchase agreements are preparing a joint loan and bond market refinancing.
  • Bond-to-Bank Refi in Works for New Jersey Gas-fired Project

    Oct 15, 2018 - Richard Metcalf

    Banks have received invitations to participate in the refinancing of a New Jersey gas-fired project whose existing debt is in the form of a bond.
  • Tax Equity Investor Revealed for CIP Wind Project in Texas

    Oct 12, 2018 - Richard Metcalf

    Copenhagen Infrastructure Partners is looking to close tax equity financing for a wind project in Texas by the end of the year.
  • Amp Solar Seals C$200M Financing

    Oct 12, 2018 - Taryana Odayar

    Canadian solar developer Amp Solar Group has closed a C$200 million financing led by the investment arm of a Denver-based family office.
  • Enel Mexico Portfolio Financing Finally Crosses Finish Line

    Oct 12, 2018 - Michael Turner

    Enel Green Power has reached financial close on its 1.8 GW renewables portfolio in Mexico, selling equity to institutional investors and raising around $605 million of project debt, some two years after obtaining power purchase agreements and with some of the projects already online.
  • Blackstone Prices Frontera Debt

    Oct 11, 2018 - Richard Metcalf

    Blackstone has firmed up pricing on its incremental debt raise for the Frontera combined-cycle gas-fired plant in Mission, Texas, while increasing the size of the deal.
  • Pennsylvania Coal-Fired Plant Stakes to Pass to Creditors

    Oct 11, 2018 - Taryana Odayar

    A group of financial investors are preparing to take ownership of GenOn Energy's stakes in a pair of primarily coal-fired power plants in western Pennsylvania as part of a pre-packaged restructuring deal.
  • Merchant Refi Risk Ebbs in PJM, Says Moody’s

    Oct 11, 2018 - Richard Metcalf

    Sturdier power market fundamentals, coupled with an abundance of capital, have improved the refinancing prospects of merchant gas- and coal-fired projects in PJM Interconnection, according to a report from Moody’s Investors Service.
  • GridLiance Closes on Revolver

    Oct 11, 2018 - Taryana Odayar

    A bank is financing the recently closed $65 million revolving credit facility for Blackstone’s independent transmission owner and operator GridLiance.
  • IEnova Signs Non-utility PPA for Mexico Solar Portfolio

    Oct 10, 2018 - Stuart Wise

    Infraestructura Energética Nova (IEnova) has signed a 15-year power purchase agreement for generation from its solar portfolio in Mexico with the local branch of an international banking group.
  • Blackstone Levers Up Frontera

    Oct 09, 2018 - Richard Metcalf

    Blackstone is hunting additional debt in the term loan B market for its Frontera combined-cycle plant, which is in Texas but sells its output into Mexico.
  • U.S. Bank Hits Tax Equity Milestone

    Oct 04, 2018 - Shravan Bhat

    The latest tax equity deals syndicated by U.S. Bancorp. have pushed the total amount of renewable energy tax equity it has placed with third-party investors to over $1 billion, though assets may remain scarce for the rest of 2019.
  • Shell Greenlights $31 Billion Canada LNG Terminal

    Oct 04, 2018 - Taryana Odayar

    Shell Canada Energy is pushing ahead with its C$40 billion ($31 billion) LNG Canada export terminal, which is set to be the first of its kind in the country and Canada's largest-ever infrastructure project.
  • Sponsors Explore Refinancing for Large Chilean Portfolio

    Oct 04, 2018 - Shravan Bhat

    The sponsors behind a portfolio of thermal and renewables projects in Chile have hired a financial adviser to gauge interest in a debt refinancing.
  • Bond Deal Touted for PJM CCGT

    Oct 03, 2018 - Shravan Bhat

    A private equity sponsor is planning to bypass the term loan A market in lieu of a private placement to finance a new-build quasi-merchant gas-fired project in PJM Interconnection.
  • Alberta Government Floats Solar RFP

    Oct 03, 2018 - Taryana Odayar

    The Government of Alberta has issued a request for proposals for large-scale solar energy providers to meet over half of its annual electricity needs.
  • Vineyard Wind Appoints Debt Adviser

    Oct 03, 2018 - Shravan Bhat

    Offshore wind developer Vineyard Wind has appointed a financial adviser to lead the debt raise for its 800 MW project off the coast of Massachusetts.
  • Regional Development Bank Gets EIB Loan for Brazil Renewables

    Oct 03, 2018 - Michael Turner

    Brazil’s Regional Development Bank of the Far South (BRDE) has signed an €80 million ($92 million) financing agreement with the European Investment Bank for renewables projects as the bank looks to diversify its funding sources.
  • CIP Funds Greek Shop’s Texas Wind Farm

    Oct 03, 2018 - Shravan Bhat

    Copenhagen Infrastructure Partners provided mezzanine financing for Terna Energy’s Gopher Creek wind project last week.
  • Expect Bond Deals for New Build Gas-fired Projects, Says MUFG’s Pesce

    Oct 01, 2018 - Richard Metcalf

    As interest rates creep up, privately placed, fixed-rate debt has a role to play in the financing of gas-fired projects, with at least one such deal for a greenfield, new-build project likely to come to the market in the next year, says Louise Pesce, managing director at MUFG.
  • PPA Pulse: Mississippi Solar— EDP Brazil— NTE Deal with City

    Sep 28, 2018 - Stuart Wise, Michael Turner

    This week's round-up of recently-signed offtake contracts includes a power purchase agreement for a Mississippi solar project, a bilateral contract in Brazil and a customer that has signed up for gas-fired power in South Carolina.
  • Blackstone’s GridLiance Lines Up Revolver

    Sep 28, 2018 - Richard Metcalf

    GridLiance, the transmission company backed by Blackstone, is preparing to sign a $65 million revolving credit facility, its second senior secured debt financing, as it accumulates assets in line with its strategy to partner with cooperative and municipally-owned utilities on grid improvements.
  • Fengate Finances Canada On-site Utility Deal with Bank Loan

    Sep 27, 2018 - Shravan Bhat

    Fengate has signed a loan package with six banks as arrangers to finance its acquisition of a central utility project, including a gas-fired cogeneration facility, that is part of an Inter Pipeline plastics project in Canada.
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    Oct 12, 2018 - Power Finance & Risk

    #PowerTweets Oct. 12, 2018: Michael, IPCC, Kanye

    The #PowerTweets feature tracks trends and news in power and energy on Twitter.

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    Oct 10, 2018 - Taryana Odayar

    First Solar Beer Launched in Oregon

    A Oregon solar project operated by Pine Gate Renewables is abuzz with a sweet collaboration involving bees and brews.

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    Sep 14, 2018 - Shravan Bhat

    10 Years Ago: Lehman Brothers—Where Are They Now?

    When the financial crisis struck 10 years ago, Lehman Brothers had a large and prominent power and utilities investment banking team. Many of those bankers (who had nothing to do with the investments in mortgage-backed securities that brought Lehman down) are still active in the industry. PFR has looked at where some of them are now.

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