Project Finance

  • Ex-Cogentrix Players Ramp Up Financing Effort for PJM Gas-fired Project

    Aug 13, 2018 - Shravan Bhat

    A team of ex-Cogentrix Energy Power Management employees is beginning to look for equity investors for a gas-fired project that is under development in Virginia.
  • Wells Stumps Up Final Chunk of Tax Equity for Sempra Solar Set

    Aug 09, 2018 - Shravan Bhat

    Wells Fargo has funded the final $85 million of tax equity financing for Sempra Renewables’ 200 MW Great Valley solar portfolio in Fresno, Calif., the bank announced on Aug. 8.
  • BAML Injects Front-levered Tax Equity into Vivint Deal

    Aug 08, 2018 - Richard Metcalf

    Vivint Solar was able to maximize the proceeds of its latest $327 million residential solar project financing by structurally subordinating Bank of America Merrill Lynch’s tax equity commitment to a tranche of senior secured, privately placed debt. [Updated with quotes, loan pricing and tenor]
  • Buyer Emerges for GE Project Debt Biz

    Aug 08, 2018 - Richard Metcalf, Shravan Bhat

    GE Capital has found a buyer for its GE Energy Financial Services project finance debt business, including a team of employees. [Updated with acquisition finance details]
  • Natixis Inks Mexico Solar Project Loan

    Aug 07, 2018 - Shravan Bhat

    Natixis has arranged a $45 million debt financing for a Canadian Solar project in Aguascalientes, Mexico.
  • Offshore Wind Project Sponsors Target ITC-based Financing

    Aug 07, 2018 - Shravan Bhat

    The sponsors behind the Vineyard Wind offshore wind project off the coast of Massachusetts—whose power purchase agreements were recently put before the state regulator for approval—are planning to finance it next year on the basis of the investment tax credit.
  • Apple-led Quartet Teams Up for PJM Renewables Procurement

    Aug 07, 2018 - Stuart Wise

    A diverse group of non-utility corporations acting together and led by Apple has signed up for 290 MW of wind and solar generation in PJM Interconnection.
  • Hawaii Utilities Seek Developer Input Before Second Attempt at RFP

    Aug 06, 2018 - Shravan Bhat

    A Hawaiian utility group has issued a request for information from developers as it prepares to launch a reformulated request for proposal process after the previous round was unsuccessful.
  • sPower Prices Private Placement in "Constructive" Market

    Aug 06, 2018 - Richard Metcalf

    Renewable power producer sPower has closed a $500 million private placement refinancing of a portfolio of renewables projects in California and Idaho.
  • Mitsui-backed Developer Inks PPA with Illinois School District

    Aug 06, 2018 - Stuart Wise

    ForeFront Power, a distributed generation developer owned by Mitsui & Co., has signed a power purchase agreement for three solar projects to be installed at schools in Illinois.
  • EDPR Reveals Non-Utility Offtaker for Indiana Wind Project

    Aug 03, 2018 - Richard Metcalf

    EDP Renewables North America has revealed the identity of the corporation that will buy most of the output of a 200 MW wind project in Indiana.
  • Second Pharma Co. Signs Up for Shot of Wind

    Aug 03, 2018 - Richard Metcalf

    A second international drug maker has signed a virtual power purchase agreement with an Invenergy wind project in Texas.
  • PPA Pulse: Interstate Wind Deal - Fruity Offtaker - Solar Scholars

    Aug 03, 2018 - Stuart Wise, Richard Metcalf

    Pattern Development looks to sell wind power generated in New Mexico across two state lines in California, another wind sponsor inks a plum deal in Nebraska and a liberal arts college in New York takes a second shot at solar, all in this week's PPA Pulse.
  • Contempt Ruling in Court Battle over Ohio CCGT

    Aug 03, 2018 - Richard Metcalf

    A judge has found the consortium that owns the Lordstown gas-fired project in Ohio, the largest member of which is a Macquarie Group infrastructure fund, to be in contempt of court amid a months-long legal fight over the development of a second combined-cycle plant in the same industrial park.
  • P.E. Firm Eyes Banks for PJM CCGT Debt Raise

    Aug 02, 2018 - Shravan Bhat

    A private equity sponsor is evaluating proposals from would-be lead arrangers for a long-awaited quasi-merchant gas-fired project in PJM Interconnection.
  • Starwood's Compass Finds Way Back to Term Loan B Mart

    Aug 02, 2018 - Shravan Bhat

    Starwood Energy Group Global has hired a pair of banks for a repricing of the term loan B associated with its 1.2 GW Compass Power Generation gas-fired portfolio, about eight months after the loan was last priced.
  • Owners of Canadian Peaker Seal Refi

    Aug 01, 2018 - Shravan Bhat

    The owners of a contracted gas-fired peaker in Ontario have refinanced the plant in a C$276.48 million ($212.7 million) deal that closed last week.
  • Jam Maker Signs Plum PPA

    Aug 01, 2018 - Stuart Wise

    Food manufacturer J.M. Smucker Co., which owns the Smucker's brand of fruit preserves, has signed a long-term power purchase agreement for generation from a wind project called Plum Creek in Nebraska.
  • St. Lawrence University Signs 20-Year Solar PPA

    Aug 01, 2018 - Stuart Wise

    St. Lawrence University, a private liberal arts school in Canton, N.Y., has signed a 20-year power purchase agreement for the output of a 2.9 MW solar project in the state.
  • New Mexico Wind Project to Sell to California CCAs

    Jul 31, 2018 - Stuart Wise, Richard Metcalf

    A Pattern Development wind project in New Mexico is set to sell its output to two community choice aggregators across two state lines in California, as part of the developer's plan to use the capacity of a 520-mile interstate transmission project.
  • Power Sector Term Loan B Pricing Remains Stubbornly Tight

    Jul 27, 2018 - Shravan Bhat

    While some project finance bankers view pushback on pricing in the term loan B market as a sign that improved margins could be on the horizon across the board, leveraged finance specialists warn that they may have to wait a bit longer for an easing of aggressive terms on power sector deals.
  • Texas Ruling Spells End of Wind Catcher for AEP

    Jul 26, 2018 - Taryana Odayar

    An unfavorable ruling from the Public Utility Commission of Texas has spelt the end of the 2 GW Wind Catcher project, being developed by Invenergy in the Oklahoma panhandle.
  • Battery Storage Project Finance Pool Topped Up with Pension Fund Equity

    Jul 26, 2018 - Shravan Bhat

    A financing vehicle controlled by Stem, a distributed battery storage company based in California, has secured a C$200 million ($153 million) equity commitment from Ontario Teachers’ Pension Plan.
  • EDPR Signs Two PPAs for Ohio Wind Project

    Jul 25, 2018 - Stuart Wise

    EDP Renewables North America has inked two power purchase agreements with one offtaker for a 125 MW wind project in Ohio.
  • Lightstone Looks to Add Term Loan B Debt

    Jul 25, 2018 - Shravan Bhat

    Lightstone Generation, the non-utility generation joint venture between ArcLight Capital Partners and Blackstone Group, is raising additional debt in the term loan B market to fund a dividend to its private equity sponsors.
  • Carlyle Seals Bank Market Refi for CCGT

    Jul 23, 2018 - Shravan Bhat

    The Carlyle Group closed a term loan A refinancing for a gas-fired project on July 20, highlighting the competitiveness of the crowded bank market.
  • CORRECTED Q2 League Tables: Refis Keep Volumes up as MUFG Regains Lead

    Jul 20, 2018 - Richard Metcalf

    After a slow first three months of the year, project finance activity picked up in the second quarter, propelling MUFG to the top spot of the North American power project loans and bonds league tables.
  • EDF Combines Utility Contract with Hedge for California Solar Storage Project

    Jul 20, 2018 - Richard Metcalf

    EDF Renewables North America has secured a power purchase agreement with a utility and a power hedge with a financial institution for a 70 MW solar-plus-storage project in California.
  • Pacific Power Signs Solar PPAs for Facebook Data Center

    Jul 19, 2018 - Stuart Wise

    Pacific Power has inked power purchase agreements with two solar projects as part of a renewables deal for a Facebook data center in Oregon.
  • Colorado Utility Dishes Out Solar PPAs

    Jul 18, 2018 - Stuart Wise

    Colorado Springs Utilities has inked power purchase agreements for a brace of solar projects owned by two different developers.
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    Aug 03, 2018 - Shravan Bhat

    Michael Cohen, Nuclear Lobbyist?

    As President Donald Trump's grand infrastructure plan hit the buffers earlier this year, his former attorney, Michael Cohen, was allegedly doing his own bit for the cause by seeking government funds for a mothballed nuclear project in Alabama, according to an Aug. 2 report in the Wall Street Journal.

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    Jul 20, 2018 - Shravan Bhat

    #PowerTweets July 20, 2018: ERCOT, Plutonium Theft, Wildfires

    The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter. For more news and coverage.

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    Jul 13, 2018 - Power Finance & Risk

    Generators in Irish Sea?—British Plans for N. Ireland Power in Worst-case Brexit Scenario

    British bureaucrats have drawn up radical contingency plans to keep the lights on in Northern Ireland—which relies on a shared energy market with the Irish republic—in the case of a “no-deal Brexit”, the Financial Times reported last week.

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