Commercial Banks
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Developers in Mexico presented bids on June 15 to participate in a tender for geothermal exploration and drilling projects in the country, which has been in the works since 2018.
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Canada's Polaris Infrastructure is looking to enter the Panamanian power market with the acquisition of a 10 MW hydro plant from Navitas Holdings.
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Independent power producer Sonnedix has closed a project finance loan from Natixis to finance an up-to-100 MW (DC) portfolio of small-scale solar assets.
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Battery storage company Leclanché has secured construction financing for a 36.5 MW solar-plus-storage unit on the Caribbean island of St Kitts.
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Pacific Hydro, a renewable energy company with assets in Australia, Chile and Brazil, is looking to refinance corporate debt with a roughly $400 million loan.
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Greenpeace and the Mexican Center for Environmental Law (CEMDA) have secured a temporary suspension of policies introduced by Mexican grid operator Cenace and the Secretariat of Energy (SENER) that threaten to delay the interconnection of renewable energy projects in the country.
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The International Finance Corp has appointed Carlos Miguel López Leiria Pinto as general manager of its Brazil office after the previous incumbent took up a new role in Africa.
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Grupo Ibereólica and EDF Energies Nouvelles are nearing financial close on the refinancing and expansion of a jointly owned wind asset in Chile.
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Atlas Renewable Energy is negotiating an up to $90 million financing with IDB Invest to fund the expansion of its Juazeiro solar project in Brazil.
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Atlas Renewable Energy is aiming to close the financing for a 444 MW (DC) solar project in Mexico in late June or early July.
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Paraguay's Administración Nacional de Electricidad (ANDE) has received bids for the development of a substation project that already has financing in place from the European Investment Bank.
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A Mexican industry association has threatened Mexico's National Center for Energy (Cenace) with legal actions after the regulatory body introduced measures that could further harm renewable energy projects in the country.
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Project finance bankers predict a four-month delay to the financial close of the debt package for the second and third phases of Mainstream Renewable Power’s 1.3 GW Andes Renovables portfolio in Chile.
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Development institution IDB Invest is in the process of structuring a debt package to finance Engie’s first wind project in Chile.
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The financial close for a pair of renewable energy projects owned by Arroyo Energy in Chile has been delayed by a month due to the Covid-19 crisis.
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IEnova and Saavi Energia have pushed back financial close of their jointly-developed 108 MW Energía Sierra Juárez II wind farm in Mexico by two months.
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The World Bank’s International Finance Corporation (IFC) is arranging a debt package to finance solar projects in Panama.
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A consortium led by infrastructure fund manager AVAIO Capital has appointed MUFG as financial adviser for an LNG export project on the west coast of Mexico.
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Despite recent progress toward a tender process for a politically contentious LNG regasification project on the Colombian Pacific coast, expectations among developers and project finance bankers are muted, given the challenges the project faces.
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Argentinian independent power producer Stoneway Capital Corp. has a new owner after missing debt amortization payments due in early March.
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A sponsor has been looking to finance two solar projects in Chile for several months, albeit unsuccessfully so far.
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The sponsor of a combined-cycle gas-fired plant in Mexico has begun talks with bankers to refinance the asset after it starts operations.
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Mexico's Federal Electricity Commission (CFE) has quietly pushed back the procurement processes for combined-cycle gas-fired plants and a transmission line until the end of spring as a result of the Covid-19 pandemic.
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The procurement process for an 860 MW CCGT project in Mexico has been pushed back by several weeks as the country's economy reels and state-owned utility Comisión Federal de Electricidad, which is running the process, suffers a credit rating downgrade.
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The Chilean subsidiary of French developer Cap Vert Energie has begun the permitting process for two solar projects that are expected to qualify under the country's PMGD (Pequeños Medios de Generación Distribuida) distributed generation scheme.
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Project finance bankers in New York are eyeing PMGD (Pequeños Medios de Generación Distribuida) solar portfolios in Chile, which have become attractive investments—at least until the law changes.
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The results of a private power auction being run by Bravos Energía in Mexico were expected to be revealed this month but have been delayed until May.
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Atlas Renewable Energy financed a pair of solar projects in Chile in the U.S. private placement market at the beginning of March, skillfully winning over a skeptical investor community that lacked positive experiences of financing renewables in the country.
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CFEnergía, the fuel marketing arm of Mexico’s state-owned utility Federal Electricity Commission (CFE), has approved investment plans for two combined-cycle gas-fired projects in the country.
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Project finance bankers say volatile market conditions and a cumbersome bank group could lead some institutions to drop out of the financing of Mainstream Renewable Power’s 730 MW Huemul and Copihue portfolio in Chile.
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The tender for a 65 MW solar project in Uruguay has been postponed for the seventh time in six months.
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Two banks are nearing close on the syndication of a long-term project finance loan for a WPD wind portfolio in Chile.
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Prospective buyers are presenting their final offers today for Colombian power distributor Electricaribe in an auction scheduled for March 20.
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Colombia’s Interconexión Eléctrica (ISA) has won the contract to build a transmission line in the country, after out-bidding four other companies.
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Banco Santander's former head of global debt financing in Mexico has been promoted to lead the firm's investment and corporate banking division in the country after two other senior officials left the bank.
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Trina Solar has reached financial close on a solar park in Colombia with loans from local entities.
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Brazilian generation and transmission company Alupar has mandated a commercial bank to structure a debt package for a transmission project in Colombia.
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Chilean developer Biwo Renewables is plotting the development of a pair of wind farms in the country.
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Korea Electric Power Co. (Kepco) and fund manager Sprott Korea have mandated a commercial bank for the financings of two solar projects they jointly own in Mexico.
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Atlas Renewable Energy, the Latin American renewables portfolio company of private equity firm Actis, has reached financial close on a private placement to finance two solar projects in Chile.
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Corporación Andina de Fomento (CAF) has agreed to provide a $300 million loan for infrastructure projects in Argentina—including power generation and transmission assets.
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New details have emerged on the plans for the financing of the 108 MW Energía Sierra Juárez II wind project being developed by IEnova and Saavi Energía in Mexico.
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IDB Invest could provide up to one-third of the project finance loan for Huemul, the second phase of Mainstream Renewable Power's 1.3 GW Andes Renovables portfolio in Chile.
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Chile’s Grupo Transelec will develop the transmission line to connect a Mainstream Renewable Power 156 MW wind project to the grid, which is part of the second phase of the 1.3 GW Andes Renovables portfolio.
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Seven companies have presented bids for a transmission project in a procurement process arranged by Panama's state-owned transmission company Empresa de Transmisión Eléctrica (Etesa).
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Arroyo Energy has mandated two commercial banks to structure the refinancing of a gas-fired project in Mexico.
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New details have emerged on the financing and construction of two Chilean projects owned by Spanish developer OPDEnergy.
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Sempra Energy subsidiary IEnova and Actis portfolio company Saavi Energia have mandated two commercial banks and a development finance institution for the financing of a 108 MW wind farm in Mexico that will sell its output into the U.S.
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Five companies have won contracts to develop eight new transmission projects in Chile, which bankers and institutional investors in New York are following carefully for financing opportunities.
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Chilean solar developer Cielpanel is planning to construct two projects under the PMGD (Pequeños Medios de Generación Distribuida) program.
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A year after private equity firm I Squared Capital completed the acquisition of a large renewable energy portfolio in Latin America, the fund has consolidated its assets by refreshing the debt at both the holdco and project level.
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Bravos Energía's private power auction has attracted bids from 28 companies, on the supply and demand side, and is moving forward despite comments made by Mexico's National Center for Energy Control (Cenace).
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As the Mexican government upends incentives, self-supply contracts and the market for clean energy certificates, project finance and investment bankers in New York and developers in Mexico City are attempting to gauge the impact and decipher the administration's motives.
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German asset manager MPC Capital has reached financial close on a Salvadorian 5 MW solar park it acquired in July.
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Arroyo Energy has mandated two commercial banks to structure the refinancing of a pair of renewable energy projects in Chile, amid a slowdown in new build financings in the country.
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The deadline for generators and offtakers to submit offers to Vitol's power auction México Eléctrico is approaching, under the watchful eye of bankers in New York.
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A project finance loan for a portfolio of Chilean wind projects is falling flat with lenders as the two banks that acted as arrangers attempt to syndicate it.
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The sponsor behind the Telfers LNG-to-power project in Panama, LNG Group Panama, is in talks with a preferred bidder to take a majority equity stake in the project.
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Alten Energías Renovables has mandated a commercial bank and two development finance institutions for the financing of a 250 MW solar project in Mexico.
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Two different wind projects in Argentina—one owned by YPF Luz and another by a Genneia-controlled subsidiary—have secured financing in separate transactions.
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Spanish developer X-Elio has secured a $39.4 million three-tranche debt package to finance the construction of a 70 MW solar plant in Mexico.
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Toronto-based Northland Power has closed the acquisition of a 99.2% stake in the Colombian utility Empresa de Energía de Boyacá (EBSA) with a bridge loan.
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Mainstream Renewable Power is bringing in a multilateral institution for the financing of Huemul and Copihue, the second and third phases of its 1.3 GW Andes Renovables portfolio in Chile.
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Solar developer Sonnedix has reached financial close on a $15 million non-recourse loan for solar projects in Puerto Rico.
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The delayed auction to sell Colombia's power distributor Electricaribe is likely to attract mainly local players when it takes place next month, say deal watchers.
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Delegates at the Euromoney Seminars 12th Annual Latin American Energy & Infrastructure Finance Forum in Miami Beach are keeping at least one eye on Latin America’s colorful political landscape, as a year of national elections and unfolding corruption probes promises to have a bearing on project financings and M&A deals.
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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.
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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.
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Some of the power finance world’s fresher faces gathered at CohnReznick Capital’s offices in New York’s Credit Lyonnais Building on Oct. 12 for Juniors in Energy Finance's inaugural “30 Under 30” presentation event.
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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.
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Rabobank's Gregory Hutton discusses the bank's project finance strategy in the rapidly evolving U.S. renewables sector, touching on non-utility offtakers, community solar and biomass, in the second part of this exclusive interview with PFR's Fotios Tsaoruhis
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Beal Bank has requested regulatory permission to take possession of the 965.4 MW La Paloma merchant gas-fired project in McKittrick, Calif., on behalf of its creditors.
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Gregory Hutton, managing director and head of project finance for the Americas in Rabobank’s New York office, discusses the renewables landscape, project finance pricing and deal flow and the impact of the Suniva trade case in the first part of an exclusive interview with PFR reporter Fotios Tsarouhis.
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Two U.S.-based banks have agreed to invest tax equity in three wind projects owned by NextEra Energy Resources.
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Atlantic Power Corp. is set to reprice its term loan B for the second time this year, following an recent upgrade from Moody's Investors Service.
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Discussions on solar-plus-storage outshone talk on other emerging technologies at the 12th Annual North American Energy and Infrastructure Finance Forums in New York, but lenders are at various stages on the road to financing such projects.
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An influx of foreign capital from South Korea has flooded the generation space as lenders chase yield in the U.S.
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Tenaska has closed a refinancing of its 150 MW Imperial Solar Energy Center West project in California through a private placement.
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Greenwood Energy has closed a $52.8 million debt and tax equity financing for a 26 MW portfolio of utility-scale solar assets.
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A former Morgan Stanley Commodities banker has joined a Colorado-based solar developer as executive vice president and head of origination and project finance.
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A global asset manager has closed debt and tax equity financing for two utility-scale projects, which it recently added to its burgeoning portfolio of solar assets.
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Deal volume for power and utility asset acquisitions in the first half of 2017 is down year-on-year, as expected by market participants recovering from an exceptionally busy 2016. As capital flocks to the power sector, competition for assets in the market is likely to remain fierce as long as financing remains cheap.
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Italian transmission company Terna has signed $81 million in project finance loans to build a 500 kV project in Uruguay, in a deal that BBVA is claiming to be the first ever green loan in a project finance format.
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NRG Energy has announced that is it looking to raise $4 billion from the sale of 6 GW of conventional generation assets, divesting its yield company and offloading its renewables business.
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Capital Dynamics is acquiring the 328 MW (A/C) Mount Signal 3 solar project from developer 8minutenergy Renewables.
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AES Corp., has closed a $2 billion non-recourse financing for the 1.4 GW Southland projects in Southern California.
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An independent power producer has assembled a club of banks to arrange acquisition financing for a pair of gas-fired peakers it is buying in PJM Interconnection.
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Mandates and potential structural issues arising from the two recent power auctions in Mexico were discussed at a half-day conference hosted by Morrison & Foerster in its New York office on June 14.
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Tyr Energy was planning to hit the market with a project finance deal following the PJM Interconnection capacity auction results, say deal watchers, who note that the disappointing clearing price could lead to lower leverage.
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An audit into loans approved by the Overseas Private Investment Corporation to Chilean solar projects that have since struggled is unlikely to hurt the country’s access to funding for other generation deals, say project finance bankers.
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Continued low gas prices and depressed demand lower megawatt-per-day payments and change the game for all parties involved, writes Louise Pesce, m.d., project finance, at MUFG, in this week’s Industry Current.
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Alterra Power Corp. has signed a hedge agreement for a 200 MW Texas wind project and plans to close on the financing in the next few weeks.
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Enel has mandated financial advisers to run tandem sales processes for all of its generation assets in in Mexico and Panama, which total over 2.3 GW.
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Three banks are leading on a roughly $2.2 billion debt package for a portfolio of gas-fired and battery storage projects that AES Corp. is developing in California.
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Power Finance & Risk announced the winners of its 14th Annual Deals and Firms of the Year Awards at a drinks reception at the Bryant Park Hotel in New York on May 24.
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The results of the latest PJM Interconnection capacity auction, announced on May 23, could lead to more conservative lending terms for new-build gas-fired facilities in some regions.
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LS Power increased the size of the bank loan for a more-than-3 GW quasi-merchant gas-fired portfolio known as Gridiron Generating in response to strong demand, PFR has learned.
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LS Power has closed a hybrid bank and institutional debt financing for a more-than-3 GW portfolio of merchant and gas-fired projects and sold the assets to a new group of institutional investors.
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The Carlyle Group has assigned lead arrangers for a debt financing backing its acquisition of a portfolio of gas-fired peakers from Rockland Capital.
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A sponsor has assigned a lead arranger for a gas-fired project in PJM Interconnection, where project financing activity is paused in the run up to the upcoming capacity auction, attendees at the Platts Global Power Markets conference in Las Vegas told PFR.
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Spain’s Acciona has signed a €100 million 'green loan' with BBVA to part-finance its solar and wind projects in Chile.
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Merchant coal-fired plants in PJM Interconnection are facing elevated refinancing risk as $3 billion of debt approaches its due date, according to a report issued by Moody’s Investors Service.
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As uncertainty around tax reform in the U.S. contributed to a slowdown in renewables financings in the first quarter of the year, the busiest banks were those with an appetite for quasi-merchant gas-fired deals.
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Enel Green Power México has begun construction on the 238 MW Don José solar project in Guanajuato, Mexico, without obtaining project debt.
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Two banks are arranging a dual-tranche debt financing for NRG Energy's 632 MW Carlsbad Energy Center gas-fired project in California, deal watchers tell PFR.
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Harbert Management Corp. refinanced a dual-fuel simple-cycle plant in Alabama toward the end of a slow first quarter for contracted projects, PFR has learned.
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Argentina has set itself an ambitious goal for renewables to make up about half of the country's generation capacity within 10 years, but large funding challenges lie ahead if this is to become a reality.
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The Speaker of the U.S. House of Representatives, Rep. Paul Ryan (R-Wis.), signaled this week that passing a tax reform bill would take longer than initially expected. Some deal watchers in the renewables project finance space are wondering if it will ever happen at all.
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Bankers are already competing for prospective mandates from companies looking to bid for contracts available this year under Alberta's 5 GW renewables program. The first round, which will award 400 MW of contracts, opened for expressions of interest on Friday.
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The online poll for PFR’s Deals and Firms of the Year Awards has closed, after market participants voted for the banks, sponsors, investors and deals they thought were most impressive in 2016. The survey received roughly double the number of votes cast last year.
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At least 10 senior employees who worked in areas including finance, development and procurement at Recurrent Energy have left the solar sponsor in a wave of departures in recent months.
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Two banks are arranging a non-recourse $200 million loan for the residential solar sponsor Sunrun.
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When PFR asked financiers and sponsors backing gas-fired projects in PJM Interconnection how President Donald Trump’s executive order to dismantle his predecessor’s Clean Power Plan might affect development in the region, conversation quickly turned to other topics.
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The debt financing that closed this week for Competitive Power Ventures' 1,050 MW Fairview gas-fired project in Jackson Township, Pa., combined loans from commercial banks, South Korean institutions and three international investors.
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Talen Energy is undertaking a corporate refinancing involving the issuance of a new $400 million secured term loan B, a repricing of its existing $600 million term loan and an offering of up to $500 million of senior unsecured notes.
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The financing package backing the acquisition of a gas-fired project in Mexico has been launched into syndication, says a banker that has seen the syndication invitation.
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Spanish utility Iberdrola is on the cusp of officially mandating banks to finance the construction of the Topolobampo III gas-fired plant in Sinaloa, Mexico, two bankers tell PFR.
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The debt financing for Competitive Power Ventures' 1,050 MW Fairview gas-fired combined-cycle project in Jackson Township, Pa., included a fixed-rate tranche provided by three international institutional investors, PFR has learned.
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CIT Group has arranged a $59.8 million financing with a merchant tail for a portfolio of GCL New Energy solar projects in North Carolina.
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Three sponsors have closed a $700 million debt financing for a merchant gas-fired project in Pennsylvania.
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A lack of sunshine failed to dampen the mood at the Infocast Solar Power Finance & Investment Summit, which attracted approximately 1,000 attendees to the Rancho Bernardo Inn in San Diego, where the prospect of tax reform was mentioned on nearly every panel.
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New entrants to the market and a lack of power purchase agreement is creating a more competitive environment for project finance lenders and is prompting more commercial banks to look to finance distributed generation portfolios.
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Sunnova Energy Corp. has mandated a bank to arrange a debt financing of upwards of $100 million for a 55 MW portfolio of residential solar instillations.
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A regional bank seeking to establish itself as a major player in power project finance has bolstered its team with the addition of a former senior Natixis financier.
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A big winner in the first Mexican power auction is expected by some to eschew project finance in favor of balance sheet funding, but PFR readers know differently.
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As banks gear up for the first financings for renewable projects that were awarded contracts in Mexico’s inaugural post-reform power auctions, attendees at the Euromoney Seminars 11th Annual Latin America Energy and Infrastructure Finance Forum in Miami discussed a range of structures that could be deployed in the region.
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A $535 million debt financing that closed last week for the Samalayuca-Sasabe gas pipeline in Mexico is one of the last of a wave of deals funding the build-out of the country’s trunk network.
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Bankers are blaming a slow start to the year in U.S. renewables project finance on uncertainty around corporate tax reform, but activity could pick up once developers get their heads around the risks.
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The Carlyle Group has partly refinanced a 1,066 MW portfolio of gas-fired plants in Georgia, having removed two assets from the collateral package, with implications for a series of bonds related to the portfolio.
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LS Power refinanced two peakers in Illinois in early February, PFR has learned. Like other recently signed loans backing gas-fired projects in PJM Interconnection, the deal attracted interest from South Korean investors.
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Pattern Energy has closed a C$263 million ($196 million) debt financing for a 147 MW wind project in Québec.
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TerraForm Power has raised an additional C$114 million ($86 million) of project-level debt secured on its 60 MW utility-scale solar portfolio in Ontario.
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A 200 MW power purchase agreement signed recently by the developer of a wind project in western Kansas is the first such contract intended to be serviced via Clean Line Energy Partners’s proposed Grain Belt Express transmission line.
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Chilean utility Transelec surprised project finance bankers this week when it awarded a roughly $93 million transmission project to a consortium that includes Spain’s Abengoa, which is in the midst of a debt restructuring process.
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The controversial 11 GW Belo Monte hydro project in Brazil’s Amazonian state of Pará has received an $826 million-equivalent financing to build the first of two transmission lines to siphon generation to the country’s South East.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for Americas LNG Project Finance Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for Latin America Project Finance Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America Conventional Power Project Finance Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America Renewable Project Finance Deal of the Year.
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Pattern Energy Group, the yield company of Pattern Development, is cautiously considering taking a stake in its sponsor’s development-stage projects, according to an analyst report.
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Fresh from closing its acquisition of a 9 GW portfolio of mostly gas-fired assets across the U.S., Dynegy is looking toward selling several “non-core” assets, deal watchers tell PFR.
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Allianz Global Investors has sealed its second U.S. renewables debt investment—a back-leveraged private placement to refinance a D.E. Shaw Renewable Investments-owned wind project in Oklahoma.
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Ares-EIF closed a debt financing backing a 450 MW gas-fired project in Berks County, Pa., on Friday.
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The former head of BBVA’s North American project finance group has landed a position at a British Columbia-based LNG project developer.
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Several bidders have been shortlisted in an auction two investment banks are running to sell Latin America Power, the renewable generation company that was going to be acquired by SunEdison and its yield companies in a deal that fell apart in 2015.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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The Supreme Court of Chile has revoked the environmental permit for the Penco Lirquén offshore regasification terminal, one of two commercially-linked projects, collectively known as Octopus LNG, that obtained debt financing at the end of last year.
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Four financial institutions have committed to invest tax equity in Pattern Development’s 324.3 MW Broadview wind project in Curry County, N.M., and Deaf Smith County, Texas.
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A debt and equity package totaling a combined $1.584 billion backing the Advanced Power 1.1 GW Cricket Valley Energy Center combined-cycle gas-fired project in Dover, N.Y., closed earlier today.
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Alberta was high on the agenda at the Euromoney Seminars 8th Annual Canadian Power Finance Conference in Toronto last week, as market participants contemplated a shake-up of the province’s power market as part of its plan to phase out coal by 2030.
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Several investors jostled to provide tax equity for SolarReserve’s 110 MW Crescent Dunes solar thermal project in Nye County, Nev., before the sponsor selected Capital One.
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Uncertainty around the tax reform agenda of President Trump and the Republican-controlled U.S. Congress is causing stagnation in renewable project deal flow, say attendees at the Infocast Projects & Money conference in New Orleans.
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Project finance bankers will be watching carefully this year to see how President Trump’s administration will handle issues affecting the power industry, but other topics such as the rise of the non-traditional power purchase agreement and the availability of new pools of capital are also on their radars.
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MUFG topped the power project finance league table for North America in 2016, arranging loans totaling some $3.7 billion, according to data from PFR affiliate Dealogic.
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The deadline for nominations for Power Finance & Risk's Deal of the Year 2016 awards is coming up quickly. Make sure your deal of the year doesn't miss out on the short list by sending in a nomination by Jan. 31.
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Final round bids for the solar-focused independent power producer sPower are due next week. Hedge fund Fir Tree Partners is selling its position in the shop, which owns 1.3 GW of projects and a 5.4 GW development pipeline.
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Budding solar independent power producer Silicon Ranch Corp. has closed a $55 million equity raise from its existing investor group, led by Partners Group.
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SolarReserve has revealed the size of Capital One's tax equity investment in its 110 MW Crescent Dunes solar thermal project in Nye County, Nev.
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A debt and equity financing totaling roughly $1.5 billion backing the Advanced Power Cricket Valley project in New York is expected to close as soon as Tuesday, sources tell PFR.
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Bank of America Merrill Lynch has arranged a $204 million institutional term loan to refinance a 214 MW residential solar portfolio for Vivint Solar.
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Enel Green Power North America closed a $500 million tax equity investment in a Kansas wind project from three banks one day before selling a majority stake in the project to GE Energy Financial Services. A fourth investor has walked away from the tax equity deal after initially agreeing to participate.
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Homer City Generation, a GE Capital subsidiary that owns a 1,884 MW three-unit coal-fired plant in Indiana County, Pa., has reached an agreement with its bondholders regarding a “comprehensive financial restructuring plan” as it prepares to file for bankruptcy this week.
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Invenergy has sealed an almost $1 billion debt financing for its 1.5 GW Lackawanna Energy Center project in Scranton, Pa. The deal closed on Thursday.
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French sponsor Akuo Energy has sealed financing for its 150 MW Rocksprings wind project in Texas, including bridge loans, third-party equity and tax equity.
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Two investment firms have closed their joint acquisition of the the Broad River project in Gaffney, S.C., from Energy Capital Partners.
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PFR has learned the identity of the corporation that will purchase 100 MW from Akuo Energy’s recently financed 150 MW Rocksprings wind project in Texas.
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French sponsor Akuo Energy has sealed financing for its 150 MW Rocksprings wind project in Texas, including bridge loans, third-party equity and tax equity.
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Rockland Capital is marketing four merchant gas-fired projects totaling 1.25 GW that sell their generation in the PJM Interconnection market.
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The order book for last week’s $1.5 billion high yield bond for Cheniere Energy’s Corpus Christi LNG terminal exceeded $4.5 million at one point during execution, PFR has learned.
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An $823 million debt financing backing Engie and Red Eléctrica de España’s Transmisora Eléctrica del Norte transmission line in Chile closed on Dec. 7 with the participation of an institutional investor.
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An institutional investor has joined the $823 million debt financing backing Engie and Red Eléctrica’s Transmisora Eléctrica del Norte transmission line in Chile that is expected to close imminently.
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Several banks have joined a project finance deal backing a 332 MW portfolio of wind projects in Chile owned by Aela Energía, a joint venture between Irish developer Mainstream Renewable Power and London-based private equity firm Actis.
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NextEra Energy Resources has closed a $270 million debt financing for two adjacent, operational solar projects totaling 235 MW in California, one of which has an offtake agreement with Kaiser Permanente.
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Panda Power Funds has mandated three commercial banks to arrange debt financing for the 990 MW Mattawoman combined-cycle gas-fired project in Prince George’s County, Md.
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Kerri Fox, who was head of project finance, North America, at BBVA until September, is one of three independent directors recently appointed to the board of TerraForm Power.
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Fermaca closed a debt financing involving 10 banks for a 235-mile Mexican gas pipeline on Nov. 22.
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New Energy Solar Fund, an investment vehicle of Australia-based Walsh & Co., is acquiring stakes in two SunPower solar projects in Kern County, Calif.
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Grupo Ibereólica and EDF Energies Nouvelles have closed a term loan for a contracted wind project in the Atacama region of Chile.
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Three different kinds of lenders outlined their debt offerings for distributed solar in a panel discussion at the Infocast Distributed Solar Summit in Los Angeles on Nov. 17.
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Mike Garland, ceo of Pattern Development and president and ceo of its yield company, Pattern Energy Group (PEGI), gives his view on trends in the availability and pricing of power purchase agreements, the competitiveness of offshore wind and the latest developments in the tax equity market in the first part of this exclusive interview with Richard Metcalf, editor of PFR.
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A consortium of South Korean investors have taken a $200 million ticket in a senior secured loan backing Starwood Energy Group Global’s acquisition of two merchant gas-fired units totaling 840 MW, as Asian institutions look to increase their exposure to U.S. generation.
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A private equity executive who was head of EQT Partners’ U.S. infrastructure business has landed at the New York office of London-based Actis.
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Mainstream Renewable Power has hired a former investment banker and investor to head its new financing and investment division.
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Enercon Canada has closed a C$825.5 million ($621.4 million) project financing for a 230 MW wind project in Ontario.
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There was little movement in the North American power project finance league table in the third quarter of the year, which was quieter than the same period in 2015. However, Crédit Agricole rose up the ranks, buoyed by its role in a $283 million wind project deal in July.
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The joint sponsors of a 100 MW solar facility in Ontario have refinanced the project’s debt in the bond market to take advantage of increasingly favorable pricing.
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Akuo Energy has closed financing for its first wind project in the U.S. The deal includes equity from John Laing, a construction loan from BayernLB and tax equity from GE Energy Financial Services.
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The expected closing date of a loan to finance a 379-mile transmission line in Chile has been pushed back as negotiations over interest rate swap provisions continue.
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sPower has closed a tax equity and back leverage financing for a portfolio of nine solar projects totaling 270 MW in Lancaster, Calif.
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Despite an slowdown immediately following the production tax credit extension, this year has so far been a busy one for wind project financing at a number of the leading banks in the space.
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The average price of power purchase agreements awarded in Mexico’s second power auction was 30% lower than in the first auction, with one PPA coming in at just $26.99/MWh. The low prices will translate into lower leverage on projects, say deal watchers.
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Macquarie Asset Management’s infrastructure debt platform has expanded to establish a U.S. presence in New York. The group is being led by a hire from Macquarie Group’s investment banking division.
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A former managing director at Morgan Stanley has landed at BlackRock in New York.
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Falvez Energy, a wind project sponsor founded by a former banker and a real estate and data center entrepreneur in 2014, has obtained tax equity commitments from two lenders for a merchant wind project.
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A joint venture between EDF Energies Nouvelles and Andes Mining & Energy has secured a 15-year loan to finance the construction of a 100 MW solar project near Chile’s capital, Santiago.
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A hedge fund-backed solar-focused independent power producer has hired four financial advisers to sell its 1.3 GW portfolio of operating, under-construction and shovel-ready projects, development and asset management platform and accompanying 5.4 GW pipeline.
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Euromoney Seminars’ North American Energy and Infrastructure Finance Forum adjourned on Thursday, but not before attendees discussed a myriad of issues ranging from competition between project finance lenders, the impact of the upcoming U.S. election and the implications of a potential hike in interest rates.
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Conference participants at the first day of Euromoney Seminars’ 11th Annual North American Energy and Infrastructure Finance Forum gathered at the Westin New York at Times Square on Sept. 21 to discuss new constraints and opportunities in project lending.
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Several New York-based structured and project finance bankers have left BBVA as a result of a shake-up of the Spanish bank’s corporate and investment banking division in the U.S.
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AMP Capital has hired a former Caithness Energy finance official as it expands its infrastructure debt team in New York.
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Despite a tumultuous year, turnout was undamped at Solar Power International in Las Vegas. Over 17,000 solar industry professionals gathered at the Las Vegas Convention Center from Sept. 12 to Sept. 15 for the largest solar trade show in North America.
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Invenergy has selected arrangers for a debt package backing the 1.5 GW Lackawanna combined-cycle gas fired project in Jessup, Pa.
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Pacific Mercantile Bank has appointed an experienced project finance banker to lead a new renewables financing group that will initially focus on small and medium-sized solar projects in the U.S.
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True Green Capital Management has secured $42.4 million to finance a portfolio of solar projects in Massachusetts and New Jersey.
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A former director of structured finance at SunEdison has taken a new role at a bank specializing in small and mid-market lending.
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Infraestructura Energética Nova (IEnova) has agreed to buy the "largest wind farm in Mexico” from Blackstone Energy Partners, affiliated private equity funds, Fisterra Energy, which is owned by Blackstone-managed funds, and minority investors.
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Two investment banks are preparing to launch a sale process for Arclight Capital Partners' New Covert gas-fired project in Michigan in the next two weeks, a deal watcher tells PFR.
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The developer of a 700 MW combined-cycle gas-fired project under construction in Indiana is set to seek approvals and tax abatements for a second phase which would double the size of the facility.
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Korean Electric Power Corp. is acquiring a solar project in Colorado from a subsidiary of The Carlyle Group. The companies have also announced plans to form a jointly owned independent power producer in the U.S.
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Wind projects dominated the highly competitive Chilean power auction, the results of which were announced on Wednesday. Despite being intermittent resources, many of the wind projects won 24-hour blocks in the auction, prompting deal watchers to question how they will be financed.
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GE Energy Financial Services is selling a portion of its 49% stake in the 750 MW Towantic combined-cycle gas-fired project in Oxford, Conn., to an infrastructure fund.
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BlackRock is buying a minority stake in the Advanced Power 1.1 GW Cricket Valley project under development in Dover, N.Y.
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Macquarie Infrastructure Partners III has hired a financial adviser and is contemplating bids to sell down its 73% interest in the Lordstown project.
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A $739 million dual-currency debt financing backing a “landmark” transmission line connecting Chile’s two main grids could close as early as this month.
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In an unexpected move, Enel Green Power has made inquiries with banks about providing project finance for three solar projects which won contracts in the Mexico power auction earlier this year.
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Houston-based Northern Star Generation has mandated a bank to refinance a portfolio of five thermal projects in Florida and Nevada.
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Starwood Energy Group Global is purchasing two merchant gas-fired projects totaling 840 MW in Pennsylvania from a subsidiary of NextEra Energy Resources. Starwood has mandated a bank to syndicate the acquisition financing over the summer.
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Freeport LNG has priced a $1.25 billion project bond offering to refinance part of the second liquefaction train at its export facility on Quintana Island, Texas. Four bookrunners priced the notes last week, says a deal watcher.
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Apex Clean Energy has closed debt and tax equity financing and sold a majority stake in a 217 MW portfolio of projects in Texas.
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SolarCity raised $345 million in tax equity from four investors in June and July, and has increased the size of its aggregation facility with commitments from two additional lenders.
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Financiers and wind project sponsors are discussing the comeback of the turbine supply loan, say multiple market participants, with one project financier predicting that it could become a billion dollar industry by the end of the year.
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IFM Investors has bolstered its North American infrastructure debt investment team with the hire of an experienced deal originator and executor from Hastings Funds Management.
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Distributed wind developer United Wind has obtained an equity commitment from Total and is in talks with lenders to arrange debt financing for its fourth and largest project fund.
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SunPower closed a debt financing for a 100 MW solar project near the municipalities of La Higuera and Vallenar in Chile on Friday.
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Two Canadian lenders have closed project financing for a 75 MW Invenergy wind project in Québec, Canada.
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Pattern Energy has agreed to acquire the 324 MW Broadview wind project in Curry County, N.M., from Pattern Development, marking the yield company’s first dropdown acquisition since August.
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Financiers at commercial and multilateral banks discussed how debt financings might be structured for projects that have obtained aggressively priced power purchase agreements in auctions under Mexico’s new market rules at the Infocast Mexico Power Finance & Investment Summit in New York on June 30.
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As global financial markets reeled in the wake of the U.K.’s historic vote to leave the European Union, it was business as usual for much of the American project finance community.
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EDP Renewables has closed debt financing for its 200 MW Eólica de Coahuila wind project in Mexico.
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Some of the renewables projects that won offtake contracts in a Mexico power auction in March face a lengthy development period and may even end up not being built at all, said panelists at the Infocast Mexico Power Finance & Investment Summit in New York on June 29.
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Crédit Agricole has hired a former corporate finance executive at a public utility as managing director in its structured finance advisory group in New York.
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Freeport LNG is holding an investor roadshow for a project bond to refinance train two of its 13.9 million mtpa LNG liquefaction and export facility in Quintana Island, Texas.
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Advances in technology and efficiency, intense competition for power purchase agreements and subsidization through tax credits in the U.S. have pushed the cost of renewable generation ever lower. That’s great news for offtakers, but it also makes financing more difficult.
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A selection of snippets gleaned on the sidelines of the 13th annual REFF Wall Street conference in New York. A regional U.S. bank seeks to break into renewables financing, and a developer gives his frank take on the Mexico power auction results.
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A group of lenders assembled onstage at the culmination of REFF Wall Street this year to talk about financing trends for renewables projects, including how to deal with the merchant aspects of projects with non-utility offtake contracts.
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A Santiago-based sponsor is in talks with a boutique investment bank to raise equity for a pumped-storage hydro project and a nearby solar project in the Tarapacá region of Chile.
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Hannon Armstrong Sustainable Infrastructure has raised $82 million with a public share offering to free up borrowing capacity and to invest in renewable and energy efficiency projects.
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Mainstream Renewable Power is in the final stages of negotiations with a group of banks for a project finance deal backing two wind farms totaling 300 MW in Chile.
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SunPower is in talks with banks to arrange debt financing for its 100 MW (AC) El Pelícano solar project in the Coquimbo and Atacama regions of Chile.
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Atlantica Yield, the yield company formerly known as Abengoa Yield, has received indicative interest from project developers for a right-of-first-offer agreement as it continues to try to become independent of its struggling sponsor, Abengoa.
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Quantum Utility Generation has mandated BNP Paribas to sell an equity stake in the 549 MW Moundsville combined-cycle gas-fired project in Marshall County, W. Va.
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San Francisco-based Spruce Finance has closed its first syndicated loan, raising $120 million in a deal arranged by Investec.
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Details of the pricing and the identity of the lender for Panda Power Funds' refinancing of its Sherman project in Texas have emerged, following the closing of the deal on May 20.
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Vivint Solar has obtained a $75 million tax equity commitment from an investor it has not previously worked with, in a market which has become less hectic in response to the tax credit extension at the end of last year.
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Power Finance & Risk announced the winners of its 13th Annual Deals and Firms of the Year Awards at the PFR Awards Dinner at the Metropolitan Club in New York on Wednesday, April 18. Read the full list of winners here.
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Arrangers of a debt financing for the Advanced Power 1 GW Cricket Valley project in Dover, N.Y., have begun meeting with other financial institutions about backing the $1.4 billion project, deal watchers tell PFR.
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A sponsor has filed for permission to build a $20 billion LNG export project and accompanying pipeline at the Port of Brownsville, Texas. The sponsor is in the process of hiring financial advisers.
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Boralex and two co-owners of a pair of wind farms in Québec have refinanced the assets with a C$617.5 million debt package. The two projects are located about 40 miles north of Québec City and total 727 MW.
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The votes are in, and Power Finance & Risk can now reveal the nominees for the Deals and Firms of the Year Awards.
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A Connecticut-based sponsor is looking to raise $700 million in debt and equity financing for a gas-fired project in New Jersey, PFR has learned.
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Panelists discussed the reemergence of the term loan B market and inflows of foreign capital at the Platts Global Power Markets conference in Las Vegas on April 20.
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Citigroup and MUFG have closed a $675 million term loan B backing Ares-EIF's 705 MW Newark gas-fired plant in New Jersey.
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Tenaska has closed a $780 million debt financing backing the 925 MW Westmoreland combined-cycle gas-fired project in South Huntingdon Township, Pa.
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Project finance deal flow in the power sector fell in the first quarter of this year in the wake of the extension of tax incentives for renewables in the U.S., as predicted by market participants in January.
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NTE Energy has unveiled details of its next three projects under development in New England-ISO, North Carolina and PJM Interconnection, which will require a combined investment of $2 billion.
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In the first part of this exclusive interview, Don Kyle, senior managing director at GE Capital Markets, and Tim Howell, m.d., power and development, at GE EFS, discussed the firm’s investment targets and strategy for conventional generation in a shifting U.S. power market with PFR reporter Fotios Tsarouhis.
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Power Finance & Risk’s Deals & Firms of the Year Awards poll has been extended until April 16, giving you an additional week to tell us which banks, sponsors and law firms best navigated the markets in 2015.
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Coordinating lead arrangers Bank of America Merrill Lynch, Crédit Agricole, ICBC and Investec have closed a $519 million debt financing for the Clean Energy Future 940 MW Lordstown combined-cycle gas-fired project in Lordstown, Ohio.
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The Mexican government agency responsible for overseeing the country's first ever power auction surprised market participants by amending the results, hours after they were first announced.
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SunEdison's stock price plunged more than 25% on March 22 in response to a report of a possible restructuring.
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The trend toward commercial bank financing of solar projects in Chile on a merchant basis may have stalled, as some projects financed in recent years without power purchase agreements enter restructuring.
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Atlantic Power Corp. has launched a refinancing of its term loan and revolving credit facility that will increase the size of the loan while adding five projects to its collateral package.
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A renewables financing expert has joined Forum Equity Partners following a seven month stint at hedge-fund backed Renewable Energy Trust Capital.
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Pricing details and the identities of the lenders that participated in the debt financing for NTE Energy's 475 MW Kings Mountain project, which closed on March 11, have surfaced.
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A subsidiary of Southern Power is acquiring a wind project that was previously set to be acquired by SunEdison from Quantum Utility Generation.
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Mainstream Renewable Power is preparing to mandate leads this month for a debt financing backing a pair of wind projects totaling about 300 MW in Chile.
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The co-head of Morgan Stanley's solar group has left the bank and joined AMP Solar Group as executive v.p, head of Americas, as the sponsor looks to grow its footprint in the U.S. market.
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Competitive Power Ventures and GE Energy Financial Services have closed debt financing for the 785 MW CPV Towantic Energy Center in Connecticut.
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TerraForm Power has closed a $300 million debt refinancing backing one of the wind projects it recently acquired from Invenergy.
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Vivint Solar is speaking to banks about raising debt after terminating its merger agreement with SunEdison, according to a financier who has been contacted by the rooftop solar company.
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BNP Paribas, Citigroup and MUFG have launched a $700 million debt financing for Tenaska's 925 MW Westmoreland gas-fired project in South Huntingdon Township, Pa.
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In the third and final instalment, Chadbourne & Parke's Keith Martin talks with Jean-Pierre Boudrias, managing director and head of project finance at Goldman Sachs, about the term loan B market, and Jerry Hanrahan, m.d. and head of power and infrastructure at John Hancock, about the project bond market.
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InterChile, a Chilean subsidiary of Colombia’s ISA, has sealed a $738 million credit facility to finance two transmission projects.
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A financier has left BMO Capital Markets in Calgary, Alberta, after landing the role of cfo at a Toronto-listed midstream energy company.
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Power Finance & Risk’s Deals & Firms of the Year Awards are back, recognizing excellence in power finance and asset M&A across the Americas.
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This week’s Industry Current is a transcript of the second part of a conference call hosted by Keith Martin, partner at Chadbourne & Parke, in which he discusses the cost of capital in the bank market with Rabobank's Thomas Emmons.
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SunPower bucked a recent trend among solar companies and met it growth expectations in its fourth quarter results, released on Feb. 17.
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In the second half of this exclusive interview, Pablo Otin, v.p, of emerging markets at 8minutenergy Renewables, talks to PFR managing editor Olivia Feld about the sponsor’s plans to finance its expansion into Latin American and engage with local developers and financiers.
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SunDevil Power Holdings is selling two merchant gas-fired units totaling 1.1 GW in Gila Bend, Arizona, after filing for bankruptcy protection.
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Pattern Development has assigned joint lead arrangers to finance the construction of its largest project to date.
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LS Power is selling the 738 MW West Deptford gas-fired combined-cycle project in West Deptford, N.J. Prospective buyers are conducting "late stage due diligence," a deal watcher tells PFR.
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Tenaska Capital Management has assigned lead arrangers for a debt financing for the 925 MW Westmoreland gas-fired project in South Huntingdon Township, Pa.
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Shares in SolarCity plunged 29.3% in trading on Wednesday after the rooftop solar company announced it had fallen short of its guidance for growth in the fourth quarter of 2015.
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Fortis Inc. plans to issue $2 billion in the U.S. public bond market to finance its $11.3 billion purchase of transmission company ITC Holdings. Fortis will also sell up to 19.9% of the acquired company to unnamed infrastructure-focused minority investors, the company announced on Feb. 9.
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Allianz Capital Partners, the private equity arm of German insurer Allianz, has closed its first U.S. wind tax equity investment and is looking at more. Other European investors are eying the market, but may face regulatory hurdles, say deal watchers.
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Deepwater Wind is diversifying into solar and storage project development, less than a year after sealing financing for the first offshore wind project in the U.S.
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Acciona Energy has secured a tax equity investment from Bank of America Merrill Lynch for the 93 MW San Roman wind project near Brownsville in Cameron County, Texas.
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Samsung Renewable Energy has completed debt and equity financing for the 50 MW Southgate solar project in Ontario, Canada.
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Clean Energy Future has assigned lead arrangers for a $600 million debt financing for the 800 MW Lordstown combined-cycle gas-fired facility in Lordstown, Ohio.
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The project finance pipeline is brimming with deals for large-scale greenfield gas-fired projects due to be launched in the first half of 2016, deal watchers tell PFR.
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The term loan B market has effectively shut down, according to panelists at Infocast’s 8th Annual Projects & Money conference in New Orleans on Jan. 21.
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LS Power has refinanced four assets in two club deals totaling $690 million. The four projects are part of a 4.3 GW portfolio of facilities the company is selling.
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Axium Infrastructure has purchased a 49% stake in the 100 MW Arbuckle Mountain wind project in Oklahoma from EDP Renewables North America.
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A lack of availability of power hedges was hot topic at the Infocast 8th Annual Projects & Money conference in New Orleans on Jan. 20.
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Residential solar company SunRun has closed $250 million in senior secured credit facilities, its largest financing to date. The deal, which was arranged by Investec, closed last week.
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SunEdison has acquired 172 MW of solar assets from Dominion Energy, completing its acquisition of a 33% ownership interest in a 425 MW portfolio.
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Empresas Públicas de Medellín has closed a $1 billion loan backing the 2.4 GW Ituango hydroelectric project on the Cauca River in northwestern Colombia.
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Invenergy has closed a construction loan and tax equity financing for its 120 MW Gunsight wind project in Howard County, Texas.
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Competitive Power Ventures has assigned joint lead arrangers to launch a debt financing imminently for the 785 MW Towantic Energy Center gas-fired project in Oxford, Conn.
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Recurrent Energy closed its seventh deal in last days of December, completing financing for its portfolio of late stage solar projects. The deal brings the total amount raised by Recurrent last year to around $3 billion.
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Entergy Arkansas became the first U.S. utility to bring a bond to the market in 2016 when it priced a $325 million long 10-year first mortgage bond on Tuesday.
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Canadian Solar subsidiary Recurrent Energy has closed debt and equity financing for the 200 MW Garland solar project in Kern County, Calif., its sixth deal in four months.
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Chilean developer Valhalla is seeking debt and equity financing for an up to 600 MW solar project and a 300 MW hydro facility in the Tarapacá region of Chile.
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SolarCity, the largest residential solar developer in the U.S., is marketing a $185 million securitization, the first backed by loans made to homeowners to finance solar panel installations.
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Three New York-based private equity firms are seeking to increase their collective stake in the 775 MW Longview coal-fired facility in Maidsville, W.Va., from just over half to 90.5%.
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Brookfield Renewable Energy and Emera have refinanced 610 MW of hydro facilities on the Deerfield River in Massachusetts via a private placement.
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SunEdison has rewritten its agreement to acquire residential solar company Vivint Solar, cutting the purchase price by $1.25 a share, the company said on Wednesday. The revised plan has been broadly welcomed by investors, who had called for SunEdison to restructure the deal on more favorable terms.
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Draft legislation which would extend the production tax credit for wind projects by two years would lead to an increase in wind project development if it is passed, say deal watchers.
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Three or four secondary tax equity deals, in which investors that hold tax equity in wind projects sell the cash portion of their position to third parties, are in the market and finding strong demand.
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Georgia Power found strong demand for a three-year senior unsecured bond on Nov. 11, increasing the size of the transaction from $300 million to $500 million.
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The U.S. Federal Energy Regulatory Commission has approved a divestiture plan proposed by Talen Energy, which was challenged by Macquarie Infrastructure Corp.
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Ares-EIF closed the financing for the 700 MW St Joseph gas-fired combined-cycle project in Indiana on Tuesday.
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Calpine has closed a $460 million debt package to refinance the two gas-fired combined-cycle projects held in its Steamboat Holdings portfolio.
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Energy Transfer Partners has raised $1.16 billion in two simultaneous deals backing a pair of natural gas pipelines that will connect the Waha hub in Texas to the Mexican border.
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Southern Power attracted interest from investors who had not previously bought the company’s debt securities when it became the first investment grade U.S. utility to issue a ‘green’ bond.
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Recurrent Energy has closed debt and tax equity financings for the 100 MW Astoria solar project in Kern County, Calif., during a busy spell for the San Francisco-based sponsor.
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Renewable Energy Trust Capital has requested authorization for a tax equity investment in its 102 MW Coram wind project near Tehachapi in Kern County, Calif.
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A subsidiary of EDF Renewable Energy is seeking to sell tax equity in the company's 150 MW Slate Creek wind project in Sumner County, Kan. to MUFG Union Bank and one or more additional investors.
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Samsung Renewable Energy is looking for debt and equity financing for two 50 MW solar projects in Ontario, Canada.
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NextEra Energy-owned utility Florida Power & Light issued a $600 million 10-year first mortgage bond on Nov. 10, pricing the deal arguably inside its curve.
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Rockland Capital launched a $263 million refinancing for the 125 MW Michigan Power project at a bank meeting with prospective lenders on Nov. 12.
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Calpine has launched a $550 million term loan B to back its acquisition of the 745 MW gas-fired Granite Ridge Energy Center in New Hampshire.
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The $900 million deal backing Moxie Energy and Caithness Energy’s 1050 MW Freedom gas-fired project in Luzerne County, Pa., closed on Tuesday.
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Oncor Electric Delivery Co. has extended the maturity of its senior secured revolving credit facility by one year and reduced its maximum size.
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In the second half of this exclusive interview, Jean-Pierre Boudrias, v.p. and head of project finance at Goldman Sachs, talks to PFR managing editor Olivia Feld about the investment bank's plans to finance more projects in Latin America and how contagion from the energy market is affecting pricing.
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CohnReznick Capital Markets Securities has made three hires to its renewable energy team in New York.
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Pacific Gas & Electric Co. issued $650 million of senior unsecured bonds on Nov. 2, a busy day for investment grade credit, with issaunce totalling almost $7.9 billion.
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Recurrent Energy, a subsidiary of Canadian Solar, has closed debt and tax equity financing for the 60 MW Barren Ridge solar project in Kern County, California.
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sPower is seeking authorization from the U.S. Federal Energy Regulatory Commission for tax equity investments for a wind project in Utah and a solar project in Arizona.
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Jean-Pierre Boudrias, v.p. and head of project finance at Goldman Sachs, sat down with PFR managing editor Olivia Feld in New York to discuss Goldman’s appetite for deals, the impact of recent market volatility on terms and pricing and the rush to get renewable financing sealed before the expiration of tax credits. Boudrias has worked with Panda Power Funds on a succession of deals, most recently the term loan B backing the Hummel project.
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Canadian Solar has closed a $100 million senior secured term loan, which has a $100 million extension option, to retire a bridge loan used to finance its acquisition of Recurrent Energy.
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Rockland Capital has hired BNP Paribas to arrange a term loan to refinance the debt associated with the Michigan Power project in Ludington, Mich., according to a person close to the deal. Rockland recently agreed to acquire the plant from ArcLight Capital.
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Talen Energy has pulled its $400 million term loan B due to market conditions. The company has announced over $1.6 billion asset sales in the last few weeks.
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Berkshire Hathaway Energy Renewables has closed a project finance deal worth $275 million for a 300 MW wind project in Texas.
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Sunnova has raised $300 million in debt and equity financing and is preparing for an asset backed securitization.
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Invenergy has closed a $540 million financing package backed by a 2.5 GW portfolio of gas-fired generation assets in the U.S. and Canada in a deal led by Morgan Stanley.
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sPower has secured federal tax equity from U.S. Bancorp and state tax equity from various investors via State Tax Credit Exchange for the 48 MW Eden Solar project in Richmond County, N.C. in two separate deals.
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Energy Transfer Partners is raising approximately $1 billion in debt financing to construct two natural gas pipeline projects that will connect the Waha hub in Texas to the Mexico border.
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A former Bank of America Merrill Lynch m.d. started work at Evercore’s investment banking division in New York on Monday, where she will lead the firm’s power and utilities business as a senior m.d.
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Talen Energy Corp. has launched a $400 million term loan B which will go toward financing its acquisition of MACH Gen. Talen executives held bank meetings in New York on Tuesday.
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The Carlyle Group has agreed to buy the 583 MW Rhode Island State Energy Center gas-fired plant in Johnston, R.I., from an Entergy Corp. subsidiary for $490 million.
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Talen Energy Corp. has agreed to sell two hydro projects to a subsidiary of Brookfield Renewable Energy Partners, and a gas-fired plant to TransCanada, for a combined $1.51 billion.
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Southern Co has priced its first junior subordinated debt, a month after the three main rating agencies said its proposed acquisition of AGL Resources would impair its credit metrics.
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Macquarie Infrastructure Corp. has announced its first planned investments in Hawaiian generation assets, while hinting that market turbulence hitting yieldcos could help it expand its portfolio.
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Standard & Poor’s has left its rating of a loan for Invenergy unchanged after the borrower modified the structure of the debt package.
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Ares-EIF has launched a $400 million term loan and additional letters of credit backing its 700 MW St Joseph combined-cycle gas-fired project in St. Joseph County, Indiana.
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A subsidiary of TransAlta Corp.’s renewables yield company TransAlta Renewables has issued an amortizing project bond backed by three wind facilities in Ontario.
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Panda Power Funds has obtained a rating from Standard & Poor’s for its 1,024 MW gas-fired Hummel station in Pennsylvania, while a loan for Invenergy backing six projects in the U.S. and Canada has won an upgrade from Moody’s Investors Service.
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LS Power has taken second round bids for a large portfolio of assets, mostly in PJM, as market observers wonder who will buy the huge amount of gas-fired generation on sale in the region.
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AltaGas has acquired Highstar subsidiary Star West Generation's stake in a 523 MW gas-fired portfolio in California.
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The Tennessee Valley Authority issued a $1 billion 50-year bond under its Power Bonds program on Monday, choosing its moment carefully amid shaky markets.
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The project finance market, which slowed down in August, has been hastily awoken after Labor Day.
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On Sept. 17 at the PJM Market Summit on the outskirts of Philadelphia, a diverse panel discussed the risks and opportunities presented by the latest market developments in terms of project finance and investment in new generation.
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On Sept. 16, PJM market participants and industry observers from further afield gathered for the PJM Market Summit to discuss the introduction of new capacity performance rules and the evolution of demand response products.
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Panda Power Funds launches debt financing for its 1 GW Hummel CCGT project in Pennsylvania.
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NextEra Energy has sold $700 million in equity units, $300 million less than planned, as part of its funding strategy for the acquisition of Texas gas pipeline company NET Midstream.
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Solar developer Conergy has increased the size of its bank guarantee facility to $75 million with a $15 million commitment from Goldman Sachs BDC.
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SunEdison will acquire the tax equity stakes in two wind projects it is buying from Invenergy, but not in a third, according to a filing with the Federal Energy Regulatory Commission.
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The impending expiration of tax credits for renewable projects, stock market volatility and sustained low oil prices were all hot topics at Euromoney Seminars’ 10th Anniversary North American Energy and Infrastructure Finance Forum on Sept. 9 and 10 in New York.
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Details have emerged on Canadian Solar subsidiary Recurrent Energy’s has debt financing for the 200 MW Tranquillity solar project in Fresno County, Calif. from a syndicate of six banks.
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Southern Power has agreed to acquire a second Oklahoma wind project from Apex Clean Energy.
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Dominion Resources has invested in a second SunEdison solar project in Utah, expanding an existing joint venture between the two companies.
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Jonathan Kim, who left CIBC earlier this summer, has joined Natixis as managing director and head of global infrastructure and projects in the Americas.
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SunEdison has financed another large renewables acquisition with private equity backing as it continues to stockpile assets to drop into its yield company, TerraForm Power.
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Canadian Solar’s subsidiary Recurrent Energy has obtained debt and tax equity financing for the 100 MW Mustang solar project in Kings County, Calif.
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JPM Capital Corp. and Wells Fargo are taking tax equity stakes in NextEra Energy Resources' Beckinridge wind project in Oklahoma.
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Florida utility TECO Energy has found a buyer in the form of Nova Scotia-based Emera, and the $10.4 billion price tag suggests competition for TECO’s regulated assets was strong, says a deal watcher.
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Two fully merchant solar projects in Chile with a combined capacity of 146 MW obtained debt financing entirely from commercial banks in August, it has emerged.
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Lima-headquartered power producer IC Power has filed an F-1 form with the U.S. Securities and Exchange Commission for its initial public offering.
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A joint venture between Duke Energy Renewables and Sumitomo Corp has bought a 50% stake in a Texas wind project which has an offtake agreement with Mars Inc.
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Florida Power & Light has won regulatory approval for its plan to buy a coal-fired facility in Jacksonville, Fla. and terminate the power purchase agreement it has with the plant.
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Tenaska and IFM Investors are among the players that can go ahead with the sale of large portfolios of merchant assets in the North East now that PJM Interconnection has announced the results of its capacity market auction.
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Several large portfolio sales involving assets in the North East are set to go ahead following the results of the PJM Interconnection capacity market auction. Elsewhere, renewables assets are changing hands and EDF RE has boosted its development pipeline by acquiring OwnEnergy.
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IFM Investors has started a sale process for its 1,080 MW Essential Power portfolio, one of several large holdings that may be sold now that the delayed PJM capacity auction results have been announced.
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Morgan Stanley has agreed to sell its tax equity stake in a portfolio of eight wind projects to a special purpose entity owned jointly by JP Morgan Capital Corp. and Hannon Armstrong Sustainable Capital.
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Goldman Sachs has hired a managing director with a focus on Latin American projects from Citigroup.
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Tenaska Capital Management could go ahead with the sale of a large portfolio of merchant assets now that PJM Interconnection has released the results of its capacity market auction.
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BNP Paribas has won the financial advisor mandate for Texas LNG's Brownsville LNG project in Texas.
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Two senior research analysts specializing in renewables stocks left Northland Securities last week to take up new positions at Oppenheimer and Co.
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As downward pressure on SunEdison’s stock price continued on Wednesday, the renewable energy developer announced that it had executed a reassuringly straightforward financing exercise for a Colorado solar project.
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Panda Power Funds plans to expand a gas-fired plant in Texas with help from a municipal development organization, after the facility was hit by forced outages earlier in the month.
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Connecticut-based solar energy systems provider Greenskies Renewable Energy has obtained a $165m financing package that will fund small-scale solar projects across 12 states.
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SunEdison capped a busy two days in capital markets Tuesday morning by pricing $650 million of convertible preferred stock the day after announcing the creation of a fourth warehouse facility.
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A subsidiary of Argo Infrastructure Partners is set to acquire the Cross Sound Cable transmission line from an affiliate of Brookfield Infrastructure Partners before the end of August.
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Moody’s Investors Service has produced a ranking of 18 sub-investment grade merchant projects, with those more heavily reliant on uncontracted cash flows featuring at the lower end of the ‘Ba’ category or lower.
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Pattern Development has closed a $205 million debt financing backing its first solar project in the country.
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Invenergy has postponed a $607 term loan B deal backing a 2 GW gas-fired portfolio in the U.S. and Canada.
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A $280 million seven-year term loan B for TerraForm Private Warehouse was priced at the wide end of initial guidance.
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Boralex has closed a C$64.4 million ($57.7 million) debt financing for a community wind farm in the Capitale-Nationale region of Québec, in a very similar deal to one announced last week.
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Competitive Power Ventures is in talks with potential lenders to raise debt for the quasi-merchant 805 MW gas-fired Towantic Energy Center in Oxford, Conn.
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Invenergy has obtained a debt and tax equity package for the Prairie Breeze II wind project in Nebraska, which is part of a 903 MW renewables portfolio the developer is selling to SunEdison.
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Caithness Energy has closed a $208 million holdco level debt financing for the 350 MW Long Island Energy Center combined-cycle gas-fired project in New York.
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East Kentucky Power Cooperative plans to finance its acquisition of the 594 MW Bluegrass gas-fired facility from LS Power with a long-term loan from the Rural Utilities Service.
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A consortium led by Hunt Consolidated is set to acquire Energy Future Holdings' regulated transmission and distribution company Oncor as part of EFH’s plan to emerge from bankruptcy.
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A senior project finance originator has joined a major Japanese bank to work on deals in North America.
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SunEdison has sealed $360 million in debt and tax equity for a 300 MW wind farm in Texas which is on TerraForm Power's call right list.
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This week, Mexican energy infrastructure developer Fermaca's cfo Sergio Camacho spoke to Richard Metcalf, editor of PFR, about the Mexican project finance market, the recent financing of the El Encino-La Laguna gas pipeline and Fermaca’s long-term financing plans for the project.
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Invenergy is developing a $700 million gas-fired project in Rhode Island. The Clear River Energy Center combined-cycle gas-fired project Burrillville, R.I., is slated to produce more than 900 MW.
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Shares in U.S. residential solar company SunRun have dropped in value by 20% in the first day of trading after its initial public offering, in a tricky market for energy stocks.
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Boralex has obtained C$81.4 of loans for the Frampton community wind farm in Québec.
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Caithness Energy is set to close a $200 million debt financing for a gas-fired project in New York early next week, once syndication is wrapped up, according to a deal watcher.
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Magnolia LNG plans to launch an up to $3 billion debt financing for its project in Lake Charles District, La., in October, having secured its first offtake agreement last week.
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The proceeds of TerraForm Global’s IPO are 40% lower than its original expectation of $1.13 billion through the sale of 57.7 million class A shares.
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In this exclusive, Navindu Katugampola, head of green and sustainability bond origination at Morgan Stanley, based in London discusses the rationale behind the bank's recent $500 million green bond sale and the flow of private capital towards green bond issuers in the U.S.
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Moxie and Caithness have assigned lead arrangers for a $600 million debt financing backing the 900 MW Freedom gas-fired project in Pennsylvania.
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Two large banks have launched a $414 million debt financing backing NTE Energy's 525 MW Middletown combined-cycle gas-fired project in Ohio.
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Pricing details have emerged on the financing of Fermaca’s El Encino-La Laguna gas pipeline project.
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SunEdison has closed the financing for the Quilapilun solar project in Chile’s Metropolitan Region, which is slated to be dropped down into the developer's yieldco.
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Mexico’s Fermaca has secured financing from a group six banks for the $820 million El Encino-La Laguna gas pipeline project in Mexico.
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TerraForm Power's decision to use more debt and cash on hand to fund two recent purchases, instead of issuing $660 million in new equity, demonstrates yieldco sensitivity to capital market conditions, according to a deal watcher.
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AES Corp. is set to become the first utility company to tap the growing market for securitizations of solar assets, the company has confirmed.
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A private equity shop recently spun off by JPMorgan is looking to buy more projects after acquiring its first generation asset, a gas-fired plant in Maryland, from a subsidiary of its former parent.
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The pricing Pattern Energy Group Inc. managed to achieve with its public offering of shares and private placement of convertible notes on Thursday was affected by a flurry of capital markets activity by rival yieldcos, according to deal watchers.
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KKR has taken an 80% stake in the solar development subsidiary of Spain's Gestamp, as private equity firms increasingly look to emerging markets for returns.
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Abengoa Yield has more than tripled its revolving credit facility, following parent company Abengoa reduced its stake in the entity to less than 50%.
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Investors raised their eyebrows when Pattern Energy Group announced it would issue $350 million in equity and convertible notes to fund its acquisition of a Texas wind project on Wednesday, amid a glut of yieldco issuance.
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Less than 18 months after New York-based natural gas generator MACH Gen filed for chapter 11 protection, Talen Energy is paying $1.175 billion to acquire it from a group of former creditors.
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Standard & Poor’s has given TerraForm Global its first credit rating, ahead of the yield company's inaugural bond issue.
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The Industrial and Commercial Bank of China has hired a former Citi banker in its New York office, as it grows its presence in the Americas power market.
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SunEdison is acquiring Vivint Solar from Blackstone and other investors in a $2.2 billion deal which will involve TerraForm Power buying a 523 MW portfolio of rooftop solar assets.
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The Korea Development Bank has hired an experienced project finance banker from Mizuho as it seeks to bolster its presence in the Americas.
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SunEdison’s emerging market yield company launched its initial public offering and kicked off a roadshow for an $800 million green bond on Monday, both expected to be priced on July 30.
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Morgan Stanley and ICBC have launched a $607 million term loan B package backing six gas-fired projects in the U.S. and Canada for Invenergy, according to a deal-watcher.
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The readiness of non-utilities such as Amazon Web Services to purchase renewable output has helped the first large wind project in the South East get off the ground, but wind still faces challenges in the region.
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A senior executive at JPMorgan Asset Management in New York has departed the bank.
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Infigen Energy is selling a portfolio of U.S. wind projects to an ArcLight Capital Partners subsidiary for $272.5 million, marking its withdrawal from the U.S. wind market.
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Pattern Development has obtained a C$393 million ($304 million) debt package for a British Columbia wind farm at pricing close to that on a loan for an Ontario project last year, which was a market low at the time.
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Sky Solar has signed loans totaling $85 million to finance the development two solar projects totalling 70 MW in Uruguay.
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TransAlta Corp. could drop a pair of recently acquired wind farms into its yield company, TransAlta Renewables, in a transaction which deal watchers say would enable the Canadian sponsor to meet its debt reduction target for the year.
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This week, SunEdison has driven a barrage of M&A and project finance activity involving more than 1.1 GW of wind assets across the U.S., Canada and Latin America.
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MUFG unit Bankers Commercial Corp. has joined JPMorgan in a $117 million tax equity investment in EDP Renewables North America’s 99 MW Rising Tree South wind farm in Kern County, Calif.
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SunEdison, which secured $360 million in financing for its 185 MW Bingham wind park, has able to overcome the intrinsic challenges involved in constructing a large-scale wind project in Maine.
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Renewable Energy Trust Capital has made its debut wind investment with its purchase of the 102 MW Coram wind park in Kern County, Calif., from Brookfield U.S. Renewable Power Holdings.
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SunEdison is the latest to join the bandwagon of private players investing in Brazil in spite of concerns over a nationwide economic lull and the declining contribution of the country's development bank to project financing.
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Market watchers say that the U.S. Supreme Court’s recent ruling on emissions regulations enacted by the Environmental Protection Authority could delay the retirement of coal-fired plants.
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Yield companies are set to circumvent the challenge of new competition if the Master Limited Partnerships Parity Act, recently reintroduced by Delaware and Kansas senators Chris Coons and Jerry Moran, passes muster.
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PSEG Power has financed its acquisition of the 755 MW Keys Energy Center combined-cycle gas-fired facility with loans, and will not require equity contributions to fund the purchase, a company representative has told PFR.
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Alterra Power and Starwood Energy have clinched a $287 million debt financing deal for the 204 MW Shannon wind park in Clay County, Texas.
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SunEdison could become the first sponsor to add solar storage assets to one of its yield companies through its partnership with Green Charge Networks, according to sources at the Belmont, Calif.-based company.
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The New York-based independent power producer is in the market for $200 million in debt financing for its 350 MW Long Island Energy Center facility in Brookhaven, N.Y., after calling off a stake sale.
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Oak Creek Renewable Energy is in talks with investors to secure equity investments in the third phase of its roughly 400 MW Tres Mesas wind farm in Tamaulipas, Mexico.
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NRG Yield has been able to boost its haul from a rights issue and convertible bond issuance this week since the underwriters on both transactions have agreed to exercise their options to buy additional securities.
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EDF Renewable Energy's has added 200 MW to its wind portfolio in Texas with its purchase of the Salt Fork project from Cielo Wind Power.
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The U.S. offshoot of Spain's Iberdrola is planning to launch a partial IPO once it completes its merger with Orange, Conn.-based United Illuminating Holding Co.
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NRG Yield has priced $539 million of shares and $250 million of five-year convertible bonds to raise capital for funding acquisitions and retiring outstanding debt.
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While the renewabels market is seeing high levels of liquidity, yieldcos are capitalizing on declining costs of capital for shovel-ready and operating projects, according to panelists at the 12th Renewable Energy Finance Forum Wall Street conference in New York today.
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PSEG Power's acquisition of Genesis Power and Ares EIF Management's 755 MW Keys Energy Center has led to the collapse of a debt financing deal backing the CCGT project, just when it was on the brink of closure.
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8point3 Energy Partners has raised $420 million in its IPO of 20 million class-A shares priced at $21 a share.
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SunEdison is acquiring Globeleq Mesoamerica Energy from Mesoamerica Power and Actis Capital in a deal that marks the prelude to its expansion into Central America.
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An affiliate of Slate Street has purchased tax equity stakes in EDP Renewables North America's Rising Tree I and II from a unit of MUFG Union Bank.
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Sempra Energy’s SoCalGas. is the fourth issuer to come to market in less than two weeks, ahead of an anticipated interest rate hike, with $600 million in a pair of first mortgage bonds.
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First Solar and SunPower’s combined yieldco 8point3 Energy Partners plans to float 20 million Class A shares priced between $19 and $21 in IPO on Thursday.
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AES Brasil is mulling a bid for Petróbras’ portfolio of thermal facilities, which could soon be launched for sale, according to two sources familiar with the situation.
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Competitive Power Ventures nets close to $1 billion in debt and equity financing for its 720 MW Valley Energy Center combined-cycle gas-fired project in Orange County, N.Y.
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Competitive Power Ventures plans to raise financing for its 980 MW Fairview combined-cycle gas-fired facility in Cambria County, Pa., next summer.
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Organización Soriana, which was able to secure a grandfather permit before Mexico's new energy reforms kicked in, has raised $260 million to construct a pair of wind farms totalling 99 MW in Tamaulipas.
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Affiliates of 8minutenergy Renewables and D.E. Shaw Renewable Investments are set to wrap a $160 million deal backing the 133 MW Springbok solar project in Kern County, Calif., this week.
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Barclays's stake purchase in a Rio de Janeiro-based startup could put a lid on investor concerns over what alternatives would emerge to offset a potential shortage of project-level funds from BNDES.
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SunEdison's TerraForm Power is acquiring a portfolio of small-scale distributed generation solar projects from an affiliate of Integrys Energy Group for roughly $55 million.
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At least three large utilities are coming to market this week against the backdrop of an expected rise in short-term interest rates during the fourth quarter.
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Québec's Boralex has bought a C$5 million option to acquire a 25% stake in the 230 MW Niagara Region wind farm in Ontario from German turbine manufacturer Enercon.
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SunPower is embarking on its first residential solar ABS deal slated for a launch in Q1'16 and led by bookrunners thought to be Citigroup or Credit Suisse.
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In this exclusive, David Giordano, managing director at BlackRock discusses the company’s role in M&A transactions, the benefits of its partnership with EDF Renewable Energy, its burgeoning interest in greenfield renewable project investments, and the risks facing project finance players in parts of Latin America.
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Bank of America Merrill Lynch has appointed Brad Hutchinson from Barclays as co-head of the Americas energy investment banking group in Houston.
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Québec-based Boralex has issued a C$125 million ($100 million) five-year convertible debenture to refinance the renewable developer's existing debt and fund acquisitions and capital projects.
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The Tennessee Valley Authority aims to issue up to $1 billion by issuing power bonds after summer, partly to finance a portion of two CCGT projects totaling 1.7 GW.
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Calpine has signed a $1.6 billion seven-year first lien term loan B to replace facilities maturing in 2018.
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AES Corp. will evaluate its options for up to 3 GW of unregulated generation in Ohio once more clarity emerges on PJM’s capacity performance proposal.
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Stockholm-based Skanska's U.S. affiliate has started operations in Pittsburgh with local maven Geoffrey Murken leading its energy and infra operations, as the company ponders over a bid for NTE Energy's 525 MW Middletown facility in Ohio.
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New York-based Caithness Energy is scouting buyers for a minority stake in the 350 MW Long Island CCGT facility in Brookhaven, N.Y.
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Manchester, Mass.-based Clean Energy Future is offloading an equity stake in its 800 MW Lordstown combined-cycle gas-fired facility in Ohio.
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In the second installment of this PFR exclusive, Michael Allison, senior managing director at Macquarie's renewables group discusses his views on the potential for yieldcos coming to market, challenges involved in securing tax equity investments and more.
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SolarCity, partnering with Bank of America Merrill Lynch, is in talks with regional banks for enrollment in a renewable tax equity investment program announced on May 28.
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NTE Energy is in the bank market to raise debt for two combined cycle gas-fired projects, each pegged at upwards of $400 million.
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EDP Renewables North America and JPMorgan may stalk additional tax equity investors for the 99 MW Rising Tree III wind project in Kern County, Calif.
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SolarCity has hired former Goldman Sachs executive Radford Small as a member of its executive leadership. .
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Michael Allison, senior managing director of Macquarie Capital’s renewables group, sat down with Managing Editor Nischinta Amarnath to discuss the bank’s approach to clients, M&A transactions and capital markets activities. In the first instalment of this exclusive, Allison also offers insights into the bank’s measures to minimize the risks involved in providing development capital for renewable projects.
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Principal Solar is looking to raise up to $31.6 million with an IPO and Nasdaq listing as it grows its portfolio with two projects in North Carolina and eyes 707 MW of solar in Texas.
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Panda Power Funds may have to wait for a regulatory ruling on PJM's capacity market regime, before launching debt financing for its 1 GW Hummel combined-cycle power project in Pennsylvania.
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Invenergy has obtained a construction loan and tax equity financing for its 200 MW Buckeye Wind Energy Center in Ellis County, Kan.
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Rabobank has hired a former director at NordLB as v.p. in loan syndication.
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Price talk has emerged for Genesis Power and Energy Investor Funds' bank financing for their 735 MW Keys Energy Center gas-fired project in Brandywine, Md.
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Canadian Solar has secured a $250 million loan from Shanghai-based China Minsheng Bank, to finance its acquisition of Recurrent Energy and the construction of solar projects.
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Cheniere Energy has closed an $11.5 billion loan for the construction of its Corpus Christi LNG project.
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SunEdison has set the pricing on two convertible bonds totaling $750 million that the company is selling via private placement to fuel its growth in emerging markets.
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Power Evolution is in talks with banks to raise financing for a 70 MW solar project portfolio across the U.S.
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Invenergy is shopping for debt to finance its 1.3 GW Lackawanna gas-fired project, in Pennsylvania, pegged at a cost of $900 million.
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RET Capital, which is eyeing more wind financing deals, has bolstered its origination team with the hire of a former Wells Fargo director.
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Atlantic Power is considering upsizing its seven-year $600 million term loan B to pay down a portion of roughly $316 million in outstanding convertible debentures.
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SunEdison has tapped four banks as bookrunners for an IPO of its emerging markets yield company.
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SolarCity is at the nucleus of asset class growth activity even as a trio of M&A deals have made their way into the market.
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SolarCity has secured $500 million in revolvers from Bank of America Merrill Lynch, Credit Suisse and Deutsche Bank for distributed solar.
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The San Mateo, Calif.-based pioneer of asset-backed rooftop solar securities continues exploring new financial structures under its latest hire, Marco Krapels, senior v.p. of structured finance and strategy. In the first instalment of this PFR exclusive, Krapels spoke to Senior Reporter Olivia Feld about SolarCity’s expansion plans and asset class growth.
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Solar developer Cypress Creek Renewables has tapped Allan Riska, formerly senior manager in project finance at SunEdison, as director of its project finance group.
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Reno, Nev.-based geothermal shop Ormat Technologies has sold a 36.75% stake in its holding co. affiliate, ORPD to Toronto-based Northleaf Capital Partners for $162.3 million.
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Greg Leveto, formerly a v.p. of hard asset trading at Goldman Sachs, is joining Deutsche Bank AG as a director in the transportation, infrastructure and energy finance group.
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Cheniere Energy is planning to add two additional trains at one of its LNG export projects, and plans to finance these trains in 2017.
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A subsidiary of Osaka Gas is making its first investment in a merchant facility through its purchase of a 25% stake in the 725 MW St. Charles CCGT project in Maryland from Marubeni Power International.
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London-based private equity shop Terra Firma Capital Partners is placing its U.S. affiliate EverPower Wind for sale, and has hired Bank of America Merrill Lynch as an advisor.
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First Solar and SunPower's joint yield company 8point3 Energy Partners is planning to close its IPO around June 8. 2015, with Goldman Sachs and Citigroup as book runners and advisors.
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sPower has sealed tax equity investment from JPMorgan for a roughly 80 MW portfolio comprising 10 solar facilities.
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Niska Gas Storage, an affiliate of Riverstone and Carlyle, is conducting a strategic evaluation that involves a potential sale of the company.
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Freeport LNG has clinched a $4.56 billion deal in senior debt and mezzanine financing backing its third LNG train near Freeport, Texas.
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With about 800 MW of wind trades grabbing the spotlight this week, this week has seen a spate of M&A activities in the wind space.
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GBM Infrastructure and a Goldman Sachs affiliate have acquired 148.5 MW in two phases of the Tres Mesas wind project in Mexico from Oak Creek Energy Systems.
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BlackRock is taking a 90% stake in a pair of wind farms totaling 80 MW in Iowa from wind developer RPM Access.
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More shops are circling yieldco IPOs even as investor appetite for yieldco paper grows against the backdrop of an industry that is moving toward consolidation.
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Toronto-based Goodwood is acquiring a minority stake in Reno, Nev.-based geothermal developer Ram Power Corp. for roughly $3.26 million.
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EDP Renewables has sold a 35.9% stake in a portfolio of wind assets totaling 1,100 MW in the U.S. to a consortium led by Fiera Axium Infrastructure.
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Credit Suisse has invested $500 million into a $1 billion fund backing SolarCity’s commercial solar projects.
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Vivid snapshots of the Platts 30th Annual Global Power Markets conference from our reporter's desk.
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Allete Clean Energy is exercising its option to buy the 101 MW Armenia Mountain wind farm in Pennsylvania from AES Corp.
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Scores of project financiers, investors and sponsors descended on The Wynn Las Vegas for one of the largest events in the power industry calendar: the Platts’ 30th Annual Global Power Market Conference.
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California-based Lightbeam Electric has floated an S-1 with the SEC, aiming to raise $100 million in its initial public offering as a yield company.
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Project financiers at Platts’ 30th Annual Global Power Markets are competing for business as lenders continue to surge into power and energy deals in the Americas.
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A pair of PPL Corp. affiliates is in talks with banks to finalize book runners for an issuance of up to $1.05 billion in senior secured first mortgage bonds.
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MUFG Union Bank subsidiary Bankers Commercial Corp. is selling its stakes in a pair of wind farms totaling 98 MW in Kern County, Calif., to investors.
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Rockland Capital is selling a 71 MW portfolio of contracted wind and solar projects in Minnesota and Massachusetts.
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ICBC has hired Marcia Bockol, director of client coverage in the Americas at National Australia Bank, as an executive director in New York.
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Financers are eyeing a $4.1 billion deal backing a 700-mile natural gas pipeline in Peru.
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Mizuho has tapped three senior debt capital markets executives from Royal Bank of Scotland for its investment banking and capital markets subsidiaries.
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A consortium of at least five creditors is looking to acquire minority stakes in Longview Power as it looks to convert the debt held by its lenders to equity interests.
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Advanced Power has closed an $899 million debt and equity financing deal for the 700 MW Carroll County CCGT facility in Oregon, Ohio.
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Global Infrastructure Partners’ second infrastructure fund, is buying a majority of Competitive Power Ventures’ business, and investing capital in the company.
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AES Corp. has secured a fixed coupon of 5.5% to refinance its existing debt through $575 million in senior unsecured notes.
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Apex Clean Energy has closed a $397 million construction loan for its 299 MW Kay wind project in Kay County, Okla.
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TerraForm Power has purchased 521 MW of contracted wind assets from Atlantic Power Corp. for roughly $350 million.
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San Francisco-based Renewable Energy Trust Capital has tapped Roger Johanson of GCL Solar Energy, as managing director of project finance.
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InterChile is expected to close an $800 million financing backing its transmission line project in Chile in the next few months.
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Pricing talk has emerged on the $275 million term loan package backing Longview Power, launched by Morgan Stanley and KKR Capital Management last week.
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First Reserve and BlackRock have taken an equity stake in the PEMEX and IEnova Los Ramones II gas pipeline project in Mexico.
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Renewable and thermal assets on both sides of the equator are making headlines this week. sPower is the latest player to join a steady stream of distributed generation transactions.
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sPower has bought a solar portfolio of 16 assets from FLS Energy in Asheville, N.C.
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Santander has sealed a $1.3 billion deal backing PEMEX and IENova’s Los Ramones II Norte pipeline in Mexico.
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Morgan Stanley is launching a $275 million term loan package for Longview Power at a bank meeting in New York tomorrow.
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Innergex Renewables has closed a C$491.6 million ($392 million) financing for two hydro projects in British Columbia, its largest project financing to date.
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Renewable Energy Trust Capital has sealed $213 million in financings backing four solar projects in California and Ontario.
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Apex Clean Energy is looking for financing for 450 MW of wind projects in Oklahoma.
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Evelyn Lim, partner at Chadbourne & Parke in Los Angeles, is leaving the firm to join TerraForm Power as managing director for North American origination.
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Abengoa and EIG Global Energy Partners are looking to finance their 924 MW Norte III combined cycle project in northern Mexico.
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Innovative Solar Systems is talking to prospective buyers for a portfolio of shovel-ready utility-scale solar projects totaling roughly 500 MW in North Carolina.
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Dynegy is open to buying Ohio coal-fired generation from AEP Ohio, if the American Electric Power Co. subsidiary opts to sell the assets.
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Jim Schaefer, senior managing director and global head of energy, power & renewables, has left Blackstone Advisory Partners in New York.
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8minutenergy Renewables and D.E. Shaw Renewable Investments seek to raise over $1 billion in financing for a portfolio of utility-scale solar projects in California.
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Solar, particularly distributed generation, continues to hold the market’s attention as investors look to get into the game ahead of the investment tax credit plunge in 2017.
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First Solar and SunPower have filed with the U.S. Securities and Exchange Commission for a proposed an initial public offering backing their new yield company 8point3 Energy Partners.
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Northland Power is in talks with lenders to arrange more than $1 billion in senior secured loans for two wind farms on either side of the Atlantic.
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Quantum Utility Generation has closed a $95 million construction and term loan facility for the 40 MW Passadumkeag wind project in Maine.
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Principal Solar is talking to lenders and equity investors about lining up roughly $154 million in financing backing its 72.9 MW utility-scale solar project in Fayetteville, N.C.
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Panda Power Funds has raised pricing on its refinancing backing its 758 MW Temple 1 project in Texas to 625 basis points over LIBOR.
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Larry Kellerman, former ceo of Houston-based Quantum Utility Generation, has moved on to his next venture.
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Solar Star Funding, a subsidiary of Berkshire Hathaway Energy, has upsized an issuance of senior secured series B notes by $10 million.
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Deepwater Wind Block Island, a subsidiary of Deepwater Wind, has closed the first financing for an offshore wind project in the U.S.
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MMA Energy Capital has hired Kevin Panzica as v.p. of finance as the company looks to expand its financing activity with solar projects.
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Rockland Capital has sealed a $170 million refinancing for a three-plant portfolio.
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Dynegy is canceling a process to sell its 2.7 GW California portfolio after concluding a strategic evaluation with advisors Bank of America Merrill Lynch and Barclays.
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Geraint Breeze, who recently left CIBC, has landed at KPMG in Toronto.
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Affiliates of 8minutenergy Renewables and D. E. Shaw Renewable Investments are in the market for $130 million in debt for the 133 MW Springbok solar project in Kern County, Calif.
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Mark Dennes, managing director, head of energy at Santander has left the bank in New York.
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First Solar and SunPower are in advanced talks to launch a joint yield company.
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Andrea Picott, managing director of loan sales and trading at Société Générale, has left the bank for Capital One in New York.
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Geraint Breeze, executive director of project finance at CIBC, has left the bank in Toronto.
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EDP Renewables North America is seeking tax equity investment for its 99 MW Rising Tree III project in Kern County, Calif.
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Advanced Power AG is planning to launch a financing backing the 1 GW Cricket Valley project in the Dover, N.Y., this summer.
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In the second installment of this PFR Exclusive, Andrew Platt, head of project finance Americas at BNP Paribas sits with Senior Reporter Olivia Feld to discuss the bank's take on deal flow in Latin America, and trends in M&A and LNG export facility financing.
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Freeport LNG is in talks with a bank to finance the third train at its facility in Quintana Island, Texas.
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Prospective yield company Sol-Wind Renewable Power has indefinitely pushed back its initial public offering.
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Rabobank pulled out of a financing backing the 298 MW Kingfisher wind project in Oklahoma just before the transaction closed.
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The Tennessee Valley Authority has agreed to acquire Quantum Utility Generation’s 760 MW CCGT Choctaw plant near Ackerman, Miss., for $340 million.
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Competitive Power Ventures is looking for debt and equity for its $900 million 650 MW gas fired combined-cycle Valley Energy Center in Orange County, N.Y,
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Andrew Platt, head of project finance in the Americas for BNP Paribas, sits down with Senior Reporter Olivia Feld to discuss the bank’s structure and strategy in North and South America.
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Developers are increasingly seeking financing for community solar projects.
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Lenders and tax equity investors are increasingly looking to participate in financings backing distributed generation portfolios.
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Financings backing merchant and hedged projects continue to hit the sweet spot for lenders. Debt pricing also surfaced in several panels at Euromoney Seminars’ 10th Annual U.S. Power & Renewables conference held in New York this week.
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Dynegy is nearing the sale of its 2.7 GW portfolio of fuel-oil and natural gas-fired assets in California.
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The lack of PPAs and an abundance of capital are driving more lenders to participate in merchant and quasi-merchant deals.
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SunEdison has secured $155.2 million in long-term financing for its 71.2 MW Crucero merchant solar project in Chile, and has sold a minor stake in the asset to Panamanian solar shop ECOSolar.
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Goldman Sachs and Credit Suisse have launched a $375 million term loan B to refinance Panda Power Funds’ 758 MW Temple I gas-fired combined cycle project in Temple, Texas.
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A club deal backing Algonquin Power & Utilities Corp.’s 200 MW Odell wind project in Minnesota is likely to close early in the second quarter of the year.
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Dino Barajas, partner at Akin Gump Strauss Hauer & Feld, explores investor interest in Mexico's renewables sector and highlights related prospects and opportunities.
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Canadian Solar is considering launching a yield company after it completes its $265 million acquisition of Recurrent Energy from Sharp Corp.
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Mona Dajani, partner at Baker & McKenzie, explains how a recent U.S. Federal Energy Regulatory Commission policy statement could, if adopted, have a significant impact on valuations of large regulated utility mergers and swaps of generation asset portfolios.
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Macquarie Infrastructure Capital has agreed to buy ArcLight Capital Partners’ 512 MW natural gas-fired Bayonne project for $720 million.
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E.ON Climate & Renewables and GE Energy Financial Services have sealed tax equity investment for the 211 MW Grandview wind project in Amarillo, Texas.
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Calpine Corp. has increased an issuance of senior unsecured notes to $650 million, 30% more than the original $500 million on offer.
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American Electric Power Co. is considering strategic options for up to 10,393 MW of merchant generation in Ohio and Indiana, including a sale or retaining assets if the company garners regulatory approval for long-term contracts.
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Enel Green Power North America has scooped tax equity investment for its 150 MW Osage wind project in Oklahoma.
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In the second installment of this exclusive Q&A, John Foster, president and ceo of Southwest Generation, discusses the state of the M&A and financing markets and the company’s ideal profile for potential asset acquisitions.
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Project finance and M&A activities continue to swirl in and around PJM.
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The U.S. House of Representatives has passed a bill to expedite the approval process for liquefied natural gas export permits to countries with non-free trade agreements with the U.S.
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Atlantic Power Corp. has appointed James J. Moore as its ceo. Moore will play a key role in evaluating the Boston-based company’s generation fleet for potential sales, according to a spokeswoman.
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A deal to finance Genesis Power’s $700 million natural gas-fired Keys Energy Center project in Brandywine, Md., could close as soon as next month, according to a deal watcher.
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Jay Worenklein, former partner and co-head of global projects at Akin Gump Strauss Hauer & Feld, has left the firm and launched US Grid Co., which is focusing on enhancing, developing and financing distribution systems.
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PPL Corp. and Riverstone Holdings have agreed to sell a package of assets in PJM to garner approval from the U.S. Federal Energy Regulatory Commission to form their proposed independent power producer Talen Energy.
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CoBank has hired Brian Goldstein, president of Greenwood Investors, as sector v.p. of the project finance group. Goldstein started his post with the Denver-based national cooperative bank this month. He oversees the project finance group and reports to Chief Banking Officer Thomas Halverson.
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A deal to finance Advanced Power’s 755 MW combined-cycle gas-fired project in Ohio is expected to close in the next few weeks.
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First Reserve has wrapped its acquisition of the 298 MW Kingfisher wind project from Apex Clean Energy.
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TerraForm Power has priced $800 million of senior notes due in 2023 at 5.875%. The issuance is slated to close on Wednesday.
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Denver-based Southwest Generation recently wrapped a refinancing and an asset sale that ultimately put it on its current path to growth. “The new objective, as agreed with our shareholders, is to create a diversified, sustainable, self-funding power generation platform in North America,” John Foster, president and ceo, tells PFR in an exclusive interview.
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Sponsors and their lead bankers are making the rounds this month to potential lenders. SunEdison’s yield company TerraForm Power is in New York, Boston, Los Angeles and San Francisco on a road show for an $800 million bond offering.
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Capital Dynamics has sealed financing for the 150 MW Briscoe wind project in Briscoe County, Texas. GE Energy Financial Services and Morgan Stanley will provide tax equity, with Morgan Stanley supplying construction debt, a hedge and a letter of credit in a deal that closed in late December.
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SunEdison’s yield company TerraForm Power has embarked on a road show for its $800 million offering of senior, unsecured eight-year notes to fund a portion of its $2.4 billion acquisition of First Wind.
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Prospective lenders are aiming to make commitments to PEMEX and IENova’s $1.3 billion financing backing their Los Ramones II Norte pipeline in Mexico.
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LS Power has sealed a refinancing backing its West Deptford combined cycle plant in New Jersey.
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Penn Energy Renewables has closed a $125 million deal backing three solar projects in Ontario. Rabobank led the deal, which includes construction and term loan facilities for each project, as coordinating lead arranger.
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After a hectic, albeit happy, end to 2014, attendees at Infocast’s 7th Annual Projects & Money conference were optimistic for this year’s deal and development pipeline. Financiers are looking at backing more gas-fired projects as coal and nuclear retirements step-up.
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Project finance lenders are increasingly looking to expand into solar distributed generation, as the cost continues to decline and deals gain traction in the market, said panelists at Infocast’s 7th Annual Projects & Money in New Orleans.
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Financiers, investors and developers are considering a bevy of changes in the power industry at a time when capital continues to flow into the sector. Yield companies, emissions regulations, natural gas supply, distributed generation and adjustments in capacity markets are among the catalysts that are shifting the power project finance and M&A landscape.
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A refinancing backing LS Power’s West Deptford combined cycle project in West Deptford, N.J., is set to close this month.
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Institutional investors are increasingly looking to make direct investments in generation and gas-related infrastructure, according to panelists at Infocast’s 7th Annual Projects & Money conference in New Orleans.
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Sponsors, investors and financiers are looking for the next slate of opportunities in gas-fired projects and gas-related infrastructure.
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The proliferation of distributed generation, energy efficiency measures and technologies that enable demand conservation, are putting significant pressure on the traditional utility business model.
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Apex Clean Energy has withdrawn its application with the U.S. Federal Energy Regulatory Commission for approval to sell its Kingfisher wind project to First Reserve.
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Sponsors have closed more than $1 billion in debt and equity financing backing the 674 MW gas-fired Salem Harbor project in Salem, Mass.
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Investec have closed a $195 million refinancing backing a portfolio of SunRun solar installations. Proceeds from SunRun’s first syndicated financing will be used to grow its residential solar business.
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Investec have closed a $195 million refinancing backing a portfolio of SunRun solar installations. Proceeds from SunRun’s first syndicated financing will be used to grow its residential solar business.
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D.E. Shaw Renewable Investments has acquired the 314 MW Balko wind project in Beaver County, Okla. from Apex Clean Energy Holdings. Macquarie Capital ran the sale, which closed on Dec. 24.
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ATCO Group and Quanta Services will likely look to finance their $1.43 billion Fort McMurray transmission project in Alberta after it secures permitting at year-end. Royal Bank of Canada advised the pair on its bid for the 500 kV line.
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Project finance players are increasingly questioning the viability of the $1.95 billion deal backing Cape Wind after National Grid and NStar terminated their offtake contracts with the 468 MW wind project late Tuesday.
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TerraForm Power has dominated headlines in the last month, following its landmark $2.4 billion acquisition of First Wind.
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EDP Renewables North America has wrapped a tax equity investment from a Bank of America Merrill Lynch subsidiary for its 200 MW Headwaters wind project in Randolph County, Ind.
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ContourGlobal subsidiary Energia Eolica has issued $204 million in 20-year senior notes in a private placement to refinance Peru’s first wind farms.
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President Obama signed the tax extenders bill into law on Friday, retrospectively extending the production tax credit to the end of 2014.
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Southwest Generation has wrapped a $240.7 million refinancing. The deal, which will stabilize the Denver-based shop’s portfolio and allow it to focus on increasing its asset base, closed on Monday.
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The final installment of this Industry Current is an edited transcript of a discussion hosted by Chadbourne & Parke focusing on the benefits and disadvantages of the yield company structure.
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Affiliates of 8minutenergy Renewables and D. E. Shaw Renewable Investments have closed a debt financing backing the 133 MW Springbok Solar Farm in Kern County, Calif.
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Rabobank and Natixis have surfaced as lead arrangers of a commercial debt tranche backing the 468 MW Cape Wind project. Bank of Tokyo Mitsubishi-UFJ is leading the $1.95 billion deal for the project off the coast of Cape Cod, Mass.
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Fortistar has wrapped a $215 million deal backing its $241.4 million purchase of Primary Energy, an independent power producer that owns recycled energy assets in Indiana. Investec led the deal while Varagon Capital Partners was a joint lead arranger.
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Mitsubishi UFJ Financial Group is leading the power project finance league tables in North America in 2014, lending $1.9 billion year-to-date while Credit Agricole has topped the chart for the third quarter of this year, doling out $543 million, according to PFR affiliate Dealogic.
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Cheniere Energy has mandated 18 joint lead arrangers for its $11.5 billion financing to develop and construct its liquefied natural gas export project Corpus Christi. Société Générale is advising Cheniere on the deal and had been auditioning potential JLAs.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Tax equity investors keep picking up stakes in wind projects, as the window for production tax credit eligibility continues to close.
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Energy Transfer Partners is preparing to launch a financing backing its $11 billion Lake Charles LNG project in Calcasieu Parish, La. The Royal Bank of Scotland is advising ETP on the deal, which is set to debut next month.
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The Industrial and Commercial Bank of China is breaking into power and energy project finance in the Americas.
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NextEra Energy Partners has scooped more tax equity investment for 300 MW of wind projects from Bank of America Merrill Lynch subsidiary BAL Investment & Advisory and Bank of New York Mellon.
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Appalachian Power Co., a subsidiary of American Electric Power, has filed a $750 million debt shelf with the U.S. Securities and Exchange Commission on Friday.
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FirstEnergy transmission affiliate Trans-Allegheny Interstate Line Co. is issuing $550 million in 10.5-year notes via a private placement.
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The following Industry Current is an edited transcript of a discussion hosted by Chadbourne & Parke focusing on the benefits and disadvantages of the yield company structure.
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Several project financings and M&A transactions are popping on to the markets ahead of the regular year-end hush. ArcLight Capital Partners and the group of owners behind Astoria Energy joined the term loan B parade this week.
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Price talk on ArcLight Capital Partners $365 million term loan Chief Power package is coming in at LIBOR plus 450 to 475 basis points.
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Berkshire Hathaway Energy affiliate MidAmerican Energy Holdings Co. is making its premiere tax equity investment in the 298 MW Kingfisher wind project in Oklahoma.
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Astoria Energy has pitched an $845 million B loan package to repay debt and fund a $221 million distribution to the owners of its 585 MW natural gas-fired plant in Queens, N.Y.
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The House of Representatives is set to vote on a package of tax extensions that includes a one-year renewal of the production tax credit this afternoon.
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NextEra Energy Partners has sealed tax equity investment from Bank of America Merrill Lynch subsidiary BAL Investment & Advisory and Bank of New York Mellon for its 250 MW Palo Duro wind farm in Randall, Texas.
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ArcLight Capital Partners has launched a $365 million term loan package backing its purchase of stakes in two coal-fired assets in Pennsylvania from Exelon Corp.
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Energy Investors Funds is planning an initial public offering of a vehicle that will include landfill gas generating assets, according to documents the shop filed with the U.S. Federal Energy Regulatory Commission.
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Freeport LNG has wrapped roughly $11 billion in debt and equity backing the first two trains at its facility on Quintana Island in Texas. The debt is three times oversubscribed and the deal went through multiple reverse-flexes, according to an observer.
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Deals and projects are lighting up several spots in Latin America this month, with U.S., Asian and Canadian entities making plays in the region.
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First Reserve and Apex Clean Energy are targeting a debt financing backing the roughly $600 million, 298 MW Kingfisher wind project in Oklahoma.
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Wind developers, financiers and attorneys are focusing on Washington D.C. as Congress negotiates an extension of the production tax credit, an incentive that impacts billions of dollars of development projects and deals.
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In this week’s Industry Current David Burton, partner at Akin Gump Strauss Hauer & Feld, dispels misinformation about the investment tax credit step-down at the end of 2016 and explores how it impacts the solar industry by answering frequently asked questions.
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Chicago-based Invenergy has wrapped a construction and term loan financing backing its 207 MW Rattlesnake wind farm in Glasscock County, Texas.
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MUFG Union Bank has agreed to make a tax equity investment in a pair of wind projects in Kern County, Calif., owned by EDP Renewables North America.
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Natixis has wrapped a roughly $477 million deal backing Samsung C&T and Korea Southern Power Corp.’s Kelar gas-fired project in northern Chile. The deal closed earlier this month.
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Nearly three dozen lenders are considering making commitments to Cheniere Energy’s $11.5 billion financing for the Corpus Christi liquefied natural gas export project in Texas, say deal watchers.
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The first half of 2015 could be a busy time for investment banks and law firms. Several yield company transactions and potential auctions could keep folks on the frontlines of deals.
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A steady pace of asset acquisitions and speculation regarding prospective initial public offerings characterize the yield company arena.
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First Wind has closed a $254 million in financing to support its 200 MW South Plains wind project in Floyd County, Texas.
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NRG Yield has agreed to purchase 785 MW of wind and gas-fired assets from parent NRG Energy for $480 million.
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Blackstone Group is out with a deal to upsize a $515 million term B loan by $160 million to acquire two assets from Optim Energy.
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The state of Hawaii has finalized a $150 million securitization and will use proceeds to finance development of renewable infrastructure, including distributed generation.
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Yield company NextEra Energy Partners is looking to finalize about $250 million in tax equity investment for its 250 MW Palo Duro wind farm in Randall, Texas.
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Sales of solar assets boomed in the first half of 2014 and represent the resource with the most growth in number of asset trades over the same period last year.
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A group of creditors is taking over Kelson LP’s stake in the 620 MW Dogwood combined cycle facility in Pleasant Hill, Mo.
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The second installment of this Industry Current on tidal range power is written by Ted Verrill, president and ceo of Halcyon Tidal Power in Southport, Conn.
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Energy Investors Funds is slated to hammer out debt size and hedges for the financing of its $860 million Oregon gas-fired project on a call with banks scheduled for Friday.
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Pattern Development Group and Samsung Renewable Energy have closed a C$580 million ($519 million) financing supporting the 180 MW Armow wind project in Kincardine, Ontario.
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Pattern Energy Group Inc. has shaved 100 basis points off commercial bank debt backing its 265 MW Ocotillo wind project in Imperial Valley, Calif.
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Bank of Tokyo Mitsubishi-UFJ has agreed to make a tax equity investment in NextEra Energy Resources’ wind farm in Colorado.
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Deepwater Wind is aiming to finance its first offshore wind project in the coming months, CEO Jeffrey Grybowski said at the American Wind Energy Association’s Wind Energy Finance and Investment Seminar in New York.
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Whitehall & Co. has launched a $3 billion program that will provide debt to energy and infrastructure assets.
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Contention over pricing and a lengthy due diligence process for Cape Wind's $1.95 billion deal are causing many bankers to question the feasibility of the commitment deadline at month-end.
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SolarCity Corp. is in the process of offering $200 million in senior unsecured notes to public investors in its own online platform.
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Panda Power Funds is mulling how to finance its latest gas-fired project, the $500 million, 750 MW Stonewall combined cycle in Leesburg, Va.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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TerraForm Power and SunEdison are buying a portfolio of 30 MW of solar assets from energy retailer Just Energy Group.
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NRG Energy and LS Power are among a wave of sponsors out looking for repricings on project finance deals inked in 2011 and 2012.
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Autumn is a time for pumpkin-flavored everything, breaking out cozy sweaters and fresh starts for Entegra Power Group and Lincoln Renewable Energy.
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Wayzata Investment Partners has agreed to buy a simple cycle facility in Utah from Exelon Corp.
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Pattern Energy Group LP is selecting banks to participate in a financing backing its 104 MW Conejo solar project in the Atacama Desert in Chile.
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Cheniere Energy is talking to banks for an $11.5 billion financing backing its Corpus Christi liquefied natural gas export project in Texas.
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Michael Boarts, a former associate director at WestLB, has joined Credit Agricole as vice president in loan syndications.
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Southwest Generation is refinancing a portfolio of natural gas-fired assets in the southwestern U.S.
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Entegra Power Group has emerged from Chapter 11 bankruptcy proceedings with third lien lenders taking over the equity in a prepackaged plan
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SunRun is working with Investec to refinance a portfolio of residential solar installations.
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Escondida, the world’s largest copper mine by production in Chile, is catalyzing activity in the debt capital and project finance markets this week.
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Banks are competing to lead a $700 million to $1 billion refinancing of AES Gener’s 544 MW Angamos coal-fired plant in Chile.
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A group of lenders aim to wrap a financing backing the 517 MW combined cycle Kelar project in northern Chile this month.
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A pair of energy efficiency securitization deals is percolating at Citigroup that could hit the market in the next six months.
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Joint venture partners Greenwood Energy and ILIOSS are talking to banks about financing a $500 million, 250 MW portfolio of distributed generation in Mexico.
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The step down in the investment tax credits in 2016 have solar developers and financiers at the drawing board to create financing structures that will work for a pipeline of projects, according to speakers at Solar Media's Next Generation Solar PV Finance conference in New York.
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The yield company dance card could double its size in 2015 as a variety of shops consider making a run at the public markets.
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The global wind and solar joint venture between Acciona and KKR could hit the public markets in the first quarter.
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This week’s Industry Current is the transcript of a discussion between a group of seasoned investment bankers that focused on new financing trends, including the term loan B market, green bonds, state green banks, yield companies, financing for merchant plants and other topics.
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Developers are preparing to submit bids in the next few weeks for roughly $2 billion of gas pipelines in Texas and Mexico in tenders hosted by the Comisión Federal de Electricidad.
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The debt capital markets were flooded with power and utility paper this week, as issuers sent $1.85 billion in notes to bond buyers.
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Vivint is teeing up its initial public offering that is targeted to raise up to $370.8 million.
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Ares Capital Corp. has back-levered Competitive Power Ventures’ stake in the 725 MW St. Charles project in Waldorf, Md.
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Tenaska Capital Management has clinched an upsizing of $100 million to its $1.5 billion term loan B on strong investor demand.
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DPL Inc. is out to issue $200 million of senior unsecured notes in a private placement this week as it looks to reduce debt.
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Coronal Management, a solar developer and financier, has agreed to buy a 29 MW solar project from a subsidiary of hedge fund Centaurus Capital.
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Abengoa Yield is acquiring 181 MW of renewables projects in Uruguay and Spain from Spanish parent Abengoa.
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About 7.8 GW of solar projects have applied for permitting before the Comisión Reguladora de Energia in Mexico, representing just more than half of the 15 GW of applications before the Mexican regulator.
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ConEdison Development has agreed to buy a stake in a wind project that Sempra U.S. Gas & Power is building in Nebraska, deepening its renewables partnership with the sponsor.
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Solar panel manufacturers and financial investors may be among the next generation of yield companies, according to analysts.
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After years of legal battles, regulatory struggles and a documentary film, the Cape Wind offshore wind project has arrived in the project finance market.
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Cape Wind has launched a wholesale syndication of a $1.95 billion package backing its 468 MW project off the coast of Cape Cod, Mass.
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Enel Green Power North America is finalizing a $400 million tax equity investment in 350 MW of wind assets from JPMorgan Capital Corp., MetLife Capital Credit and Bank of New York Mellon
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Exelon Corp. subsidiary ExGen Texas Power has reverse flexed and downsized a $700 million term loan B it pitched for a dividend recapitalization.
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Tenaska Capital Management’s $1.59 billion refinancing has been floated at LIBOR plus 450-475 basis points.
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Financiers are expecting to see upwards of 2 GW, or more than $4 billion, of wind projects cross their desks as developers try to nail down financing by year-end in order to qualify for the production tax credit, panelists said at IJGlobal’s North America Energy & Infrastructure Financing Forum in New York.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Solar developers with residential solar pipelines will be looking for tax equity in the next two years at a rate that could squeeze the existing liquidity in the market, according to panelists at IJGlobal’s North America Energy & Infrastructure Financing Forum in New York.
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Tenaska Capital Management affiliates have launched a $1.59 billion refinancing backing roughly 5 GW of merchant generation.
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JPMorgan Capital Corp. and an unidentified co-investor are looking to finalize a tax equity investment in a portfolio of NRG Energy wind farms.
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Some European lenders that have been on the bench for the last couple of years are returning to project finance, according to panelists at IJGlobal’s North America Energy & Infrastructure Financing Forum in New York today.
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E.ON Climate & Renewables North America is working with Bank of America Merrill Lynch to sell a portion of its 2.7 GW portfoio of wind assets.
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Enel Green Power North America is looking to bring an investor into its U.S. wind portfolio that clocks in north of 1.3 GW.
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DIF Infrastructure is looking to make equity investments in solar assets in North America.
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Alterra Power has wrapped a C$110 million ($100 million) loan backing a wind project in Texas and a hydro project in Canada from lender AMP Capital. The deal was announced last week.
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Algonquin Power & Utilities Corp. has agreed to buy a $313.5 million, 200 MW wind project in Minnesota from Geronimo Energy, which has other projects totaling 800 MW on the block.
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BayWa r.e. has acquired an 80 MW wind project in South Dakota, after guidance from the U.S. Internal Revenue Service on the production tax credit strengthened project.
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NRG Yield made the biggest headlines this past month as it wrapped a $2.47 billion acquisition of Terra-Gen Power’s Alta wind series in California (PFR, 8/13).
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Exelon Corp. subsidiary ExGen Texas Power has floated a $700 million term loan B and a $20 million revolver to take advantage of investor demand and fund a dividend.
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CAISO will hold a call on Wednesday for parties interested in bidding in its request for proposals for a $300 million, 115-mile 500 kV transmission line.
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Invenergy has wrapped two project financings backing the 60 MW Spring Canyon and the 21.15 MW Le Plateau 2 wind projects, respectively.
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This Industry Current is written by David Burton, partner at Akin Gump Strauss Hauer & Feld in New York
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A slew of gas-fired projects are slated for development in the next 12-18 months, however, several factors will decide which projects make it through financial close.
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Innergex is reportedly talking to prospective lenders for financing backing one of its larger hydro projects in Canada.
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The second installment of this Industry Current is written by Anne Hampson, project manager, and Jessica Rackley, senior associate at ICF International in Washington D.C. For the first installment, click here.
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Calpine Corp. has agreed to buy the 809 MW Fore River gas-fired plant in Massachusetts from Exelon Corp.
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TransCanada and Elecnor have dropped out of a request for proposals to build and own the 310-mile Fort McMurray transmission project in Alberta.
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Dynegy is set to acquire 12.5 GW of coal- and gas-fired generation from Duke Energy and Energy Capital Partners.
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Don Kyle, senior managing director of GE Capital Markets, and Carl Peterson, head of debt origination at GE EFS sat down with PFR Editor Sara Rosner to discuss the market for structuring and financing gas-fired generation.
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Starwood Energy Global Group has lined up construction financing and tax equity for a Texas wind project from Citigroup, Morgan Stanley and MUFG.
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Kristie Pellecchia, director of syndications for Latin America at BNP Paribas, has joined Sumitomo Mitsui Banking Corp.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Energy Investors Funds is gearing up to finance its $860 million Oregon gas-fired project in Oregon, Ohio.
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Developers, bankers and attorneys are eagerly anticipating billions of dollars of generation and pipeline tenders from Mexican state-backed utility Comision Federal de Electricidad.
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Power industry players circle a bundle of tenders in Mexico and the wind sector regroups stateside after the IRS unveils clarifications to the production tax credit.
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The U.S. Internal Revenue Service and Department of Treasury have issued clarifications on what it means to “begin construction” on a wind project in order to qualify for the production tax credit.
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Welcome to the premiere edition of the Yieldco Sweep, an exclusive monthly feature that will track the performance and activity of key yield companies in the power sector with illustrative graphics and market insight.
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NTE Energy is looking to line up power purchase agreements for at least a portion of its $1.1 billion, 1.2 GW portfolio of gas-fired development projects ahead of financing.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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BluEarth Renewables has closed C$203 million ($186.5 million) loan to back its 58.23 MW Bow Lake wind project near Sault Ste. Marie, Ontario.
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Editor Sara Rosner spoke with Frank DeRosa, chief commercial officer, and Ryan Bennett, head of North America project finance, about the SunEdison’s growth and development strategy, the impact of its yieldco and its take on the markets.
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Gas-fired generation is on track to underpin, and possibly reshape, the U.S. project finance market as more than $13 billion of projects make their way through development and construction in the next 18 months.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Emeka Onukwugha, managing director and co-head of Babson Capital’s private placement group, spoke with Managing Editor Holly Fletcher about what the firm has discovered about the power industry in the two years since it hired a trio of bankers to expand its power lending team.
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Mexico continues to roll forward with its landmark energy reforms this week, as the Senate passed a set of provisions that would essentially create a competitive wholesale power market in the country.
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Starwood Energy Group Global has agreed to buy equity stakes in a pair of gas-fired projects totaling 1.5 GW in Texas from FGE Power.
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Mitsubishi UFJ Financial Group has climbed back to the top of mandated lead arrangers in power project finance in North America in the second quarter, lending $497 million during the period, according to PFR affiliate Dealogic.
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LS Power is expected to launch retail syndication by the end of the week of two financings backing the acquisition of two gas-fired facilities in the Southeast.
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Regions Bank has hired Brian Tate, formerly managing director and head of power and utilities at Wells Fargo, to lead its role in energy lending, including expansion into power.
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Cape Wind Associates has received a $150 million conditional loan guarantee from the U.S. Department of Energy for the $2.5 billion offshore wind project off the coast of Cape Cod, Mass.
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EDP Renewables North America has lined up a tax equity investment from U.S. Bank for a pair of solar projects in California.
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Companies interested in establishing operations in Mexico as the country paves the way for energy reform will have a variety of risks to overcome, panelists said at Euromoney Energy Events' Renewable Energy Finance Forum Wall Street.
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Bankers and lawyers on Thursday’s “Navigating the Debt Markets” panel were asked by moderator Kenneth Locklin, managing director at Impax Asset Management, to gaze into their crystal balls to forecast what they will be saying on the same panel in 2015.
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A collection of sights and sounds from around Euromoney Energy Events' Renewable Energy Finance Forum Wall Street.
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With the oldest yieldco, NRG Yield, preparing to celebrate its first birthday on July 17, panelists at Euromoney Energy Events’ Renewable Energy Finance Forum Wall Street examined issues facing the young class of power companies as they grow.
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Solar and wind developers are looking to decrease project development costs in the face of expiring subsidies and dwindling renewable portfolio standards.
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Many wind and solar developers with smaller projects are having difficulty locking in debt and equity, despite a widely acknowledged increase in the amount of capital available to the power sector.
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Brian Daly, managing director at Babson Capital, has left the firm.
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Tenaska Solar Ventures has wrapped a $450 million deal backing its 150 MW Imperial Solar Energy Center West, near El Centro, Calif.
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Renato Plastina has joined newly established asset manager Varagon Capital Partners as head of energy.
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Energy Investors Funds’ $500 million deal backing its 655 MW Newark Energy Center is moving along, as lenders ink commitments and pricing.
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A record number of entities participated in voting for Power Finance & Risk’s awards, recognizing excellence and innovation in the power project finance industry in 2013.
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Clean Fund LLC, a specialty finance shop out of Sausalito, Calif., is aggregating a portfolio of commercial energy efficiency and solar assets that it plans to securitize in a rated transaction in the fourth quarter.
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BayWa r.e. Wind, a subsidiary of German turn-key developer BayWa, has lined up a tax equity investment in a wind project in New Mexico from a subsidiary of Union Bank.
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Michael Park, a senior investment officer in the loan guarantee programs office at the U.S. Department of Energy, has joined Noesis Energy in Austin, Texas, as a v.p. of project finance.
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Alok Garg has joined Wells Fargo as a managing director in New York.
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The $250 million financing backing Sempra U.S. Gas & Power’s 156 MW Energia Sierra Juarez wind project in Baja California, Mexico, is set to close in the next two weeks.
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The roughly $600 million deal backing Competitive Power Ventures’ quasi-merchant St. Charles gas-fired project in Maryland is on track to close at LIBOR plus 350 basis points.
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Pattern Development is shooting for LIBOR plus 162.5 basis points for a debt package backing its 180 MW Armow wind project, undercutting the market low of LIBOR +175 bps that it nailed down for it’s recent K2 wind financing.
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A growing number of developers are suing the U.S. government for allegedly not paying out the full amount of cash grants eligible to qualifying renewable projects under the section 1603 program of the American Recovery and Reinvestment Act.
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Renewables developers and scores of their attorneys are keeping a close watch on several sets of proceedings at the U.S. Court of Federal Claims in Washington D.C.
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AES Corp. has closed a $775 million floating rate note issuance after upsizing the deal from $500 million.
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Innergex Renewable Energy has been speaking to life insurance companies in Canada to finance its 23.3 MW Trethaway hydro project, the first in a C$1.1 billion ($1.01 billion) pipeline of development projects in Canada.
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Deal flow backing renewables projects in Canada is beginning to slow, according to bankers, as many provinces hit or surpass their capacity targets.
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Tenaska Solar Ventures has launched a debt package that could be north of $500 million to fund construction of its 150 MW Tenaska Imperial Solar Center West in Imperial County, Calif.
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Corporación América, an infrastructure-focused conglomerate out of Argentina, has closed a $176 million debt package financing the Carape I and II wind projects in Maldonado, Uruguay.
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NextEra Energy Resources has been speaking to lenders stateside about financing its 60 MW Bluewater wind project near the coast of Lake Huron, Ontario.
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Cheniere Energy is out to issue $2 billion in senior secured 144A bonds to fund capital costs on trains one through four at its Sabine Pass liquefied natural gas export facility in Louisiana.
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This week’s abridged Industry Current is written by John Marciano, partner at Chadbourne & Parke in Washington, D.C. For the full installment, check out our print issue on May 19.
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Clean Power Finance, a financial services and software provider for the residential solar industry, has raised $200 million in a fund to finance residential solar projects.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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CoBank has merged two power and energy-focused groups in recent months, a move that has reshaped its project finance bench.
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Boston-based First Wind has closed a $369 million financing package backing the 148 MW Oakfield wind project in Aroostook Country, Maine.
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Australian outfit Liquefied Natural Gas Limited has privately place $49.5 million in shares to existing institutional investors in Australia and the U.S. to fund the company’s operations until it reaches financial close on the debt for its $2.2 billion Magnolia LNG project.
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Canadian Solar has landed a C$115.5 million ($105.15 million) construction loan backing 30 MW of solar projects in Ontario.
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Natural gas pipeline owner Fermaca Enterprises is issuing $527 million in 144A notes to refinance debt on the Tarahumara pipeline in Mexico’s Chihuahua state before it adds a compression station to increase capacity.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Wells Fargo has temporarily benched its tax equity investments in wind due to an accounting issue—a wrinkle that has the wind market looking at capacity in the latter half of the year as projects hit the street looking for financing.
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Sumitomo Corp. of Americas is buying BNB Renewable Energy’s stake in a 200 MW wind project in Texas that has an offtake agreement lined up with Mars, the confectionery-turned-food manufacturer.
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Belgian shipping and engineering company Exmar NV is looking to lock in $170 million in debt to back the world’s first floating liquefied natural gas export facility in waters off of Tolu, Colombia, in the Gulf of Morrosquillo.
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Despite the expiration of the production tax credit, wind is set to have a solid year of project financings, according to Kevin Walsh, managing director and group head of power and renewables at GE EFS.
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Rockland Capital has lined up a credit facility from Investec to backing its first fund Rockland Power Partners.
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SunEdison and Deutsche Bank have inked their fourth deal in 2014—this one financing construction of the 60 MW Regulus project in Kern County, Calif.
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NextEra Energy has confidentially filed an S-1 with the U.S. Securities and Exchange Commission, putting it on track to take a portion of its unregulated assets public.
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Invenergy has closed a refinancing of the debt on the 620 MW Grays Harbor Energy Center natural gas-fired in Elma, Wash.
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Northland Power has closed a C$240 million ($217.55 million) financing package backing five 10 MW solar projects in Ontario.
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True Green Capital Management has closed a $130 million credit facility backing a 22 MW portfolio of commercial solar facilities in the northeast U.S.
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SunEdison has closed a C$115 million ($104.24 million) construction loan for a pair of utility scale solar projects totaling 33 MW in Ontario, Canada.
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The U.S. Department of Energy is seeking applications for up to $4 billion of innovative renewables and energy efficiency projects in the latest iteration of the loan guarantee program.
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Wind Capital Group has completed the sale of its 150 MW Osage wind project in Osage County, Okla., to TradeWind Energy for $60 million.
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Deutsche Bank has topped league tables for the first quarter of 2014, highlighting a resurgence of European lenders in power and energy project finance in the U.S. and Canada.
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SunPower has teamed up with tech giant Google on a $250 million fund that will buy residential rooftop solar installations across the U.S.
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Abengoa subsidiary Abengoa Transmission Sur has closed a $432 million 144A bond refinancing of the 500 kV transmission project in Peru.
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Hannon Armstrong Sustainable Infrastructure Capital and Sol Systems have created a $100 million fund to develop distributed solar projects.
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Solar continues to make headlines this week, in both distributed generation and utility-scale, with SunEdison and SunPower nailing down financings.
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Solar continues to make headlines this week, in both distributed generation and utility-scale, with SunEdison and SunPower nailing down financings.
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Juan Kreutz, executive director of energy in U.S. debt capital markets origination at BBVA, has moved to Sumitomo Mitsui Banking Corp. as executive director and group head of natural resources specialized finance.
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Blackstone Energy Partners-backed Fisterra Energy and CEMEX have closed a $490 million debt package backing the 252 MW Ventika wind project in Nuevo Leon, Mexico.
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The Georgia Public Service Commission has issued a request for proposals via Southern Power Company for 495 MW of utility scale solar photovoltaic generation in the state to go online in 2015 and 2016. Accion Group will be the independent evaluator of the RFP.
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SunEdison has closed the first $150 million tranche of a $300 million three-year revolving credit facility arranged by Deutsche Bank Securities.
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New Generation Power is talking to lenders about lining up roughly $700 million in financing backing the 400 MW New Generation Power Texas wind project in Haskell County, Texas.
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Project finance bankers at Platts’ 29th Annual Global Power Markets are seeing strong deal flow and a growing pool of lenders and financing options in the power sector this year.
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The impact of distributed solar generation on the market is challenging the traditional utility-centric model and piquing financier interest, according to panelists at Platts’ 29th Annual Global Power Markets conference at the Wynn Las Vegas in Las Vegas, Nev., April 8.
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Abundant sources of capital are driving down prices, noted panelists at Platts’ 29th Annual Global Power Markets conference at the Wynn Las Vegas in Las Vegas, Nev., April 8.
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NRG Yield is set to buy the El Segundo combined cycle facility in California from NRG Energy, the first of four possible deals between the two this year.
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Following the close of the Woodbridge financing, Competitive Power Ventures is looking to tighten the pricing on the bank loan backing the 725 MW St. Charles in Charles County, Md.
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Energy Investors Funds is in the market talking to lenders about lining up a debt package backing the 655 MW natural gas-fired Newark Energy Center in Newark, N.J.
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Canadian Solar has landed a C$50.5 million ($45.66 million) construction and term financing from Manulife Financial backing the 10 MW Mighty Solar project in North Dundas, Ontario.
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SolarCity has closed a $250 million financing backing more than 200 MW of solar systems for rooftops and businesses.
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Macquarie Group and Altus Power America Management have launched a $100 million Clean Energy Land Program to help finance solar and wind projects in the U.S. by covering real estate costs associated with project development.
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Sunnyvale, Calif.-based Clean Focus Corp. has closed an $88 million debt package backing nine solar projects in Massachusetts.
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Jeetu Balchandani, director and head of lease, tax, infrastructure equity and tax credit investments at MetLife Investments, has left the company.
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Ares Capital Corporation has added Owen D. Hill and Jonathan M. Shepko, formerly managing directors at a Beal Bank affiliate, as managing directors in the company’s Dallas office.
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Abengoa has mandated BNP Paribas and HSBC to lead a $412 million 144A senior secured note offering that will refinance subsidiary Abengoa Transmisión Sur’s Chilca Nueva-Marcona Nueva-Ocoña-Montalvo 2 transmission project in Peru.
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Cape Wind and The Bank of Tokyo-Mitsubishi UFJ have added Natixis and Rabobank as lead arrangers on the structuring and syndication of the approximately $1.5 billion in commercial bank debt backing the 468 MW off-shore wind project near Cape Cod, Mass.
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Enel Green Power has inked a EUR153 million ($210.88 million) agreement with Banco Santander to help grow the sponsor’s wind operations in Mexico.
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SunEdison has secured a tax equity investment from Wells Fargo following the completion of the 24 MW Cascade solar facility in north Joshua Tree, Calif.
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Pattern Energy has closed the C$850 million ($757.78 million) non-recourse mini-perm backing the 270 MW K2 wind project in Ashfield-Colborne-Wawanosh, Ontario.
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Developers and financiers are keeping an eye on Washington as the expiration of the solar investment tax credits begins to impact financings for projects with longer construction periods.
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Energy Capital Partners has closed $480 million in senior secured credit facilities refinancing the natural gas-fired, merchant 635 MW Empire Generating facility in Rensselaer, N.Y.
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Sempra U.S. Gas & Power has closed the roughly $440 million non-recourse debt package backing the Copper Mountain III solar project near Boulder City, Nev.
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First Wind is aiming to lock in pricing of LIBOR plus 225 basis points for the roughly $300 million construction and term loan backing the quasi-merchant 147 MW Oakfield wind project in Aroostook County, Maine.
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Sempra U.S. Gas & Power is expected to wrap next month a roughly $250 million debt package backing the 156 MW Energía Sierra Juárez wind project in La Rumorosa, Baja California, Mexico.
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The much-discussed reforms to the Mexican energy sector will provide opportunities for foreign investment in renewables projects, according to panelists at Euromoney’s 8th Annual Latin American Energy and Infrastructure Finance Forum at the Biltmore Hotel in Miami on March 11.
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A maturing project finance market in Latin America is opening up opportunities for structures such as those with with term loan B or mezzanine tranches to play alongside traditional forms of debt, noted panelists at Euromoney’s 8th Annual Latin American Energy & Infrastructure Finance Forum at the Biltmore Hotel in Miami on March 12.
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The proliferation of project bonds is set to continue in Latin America as financiers and sponsors work to optimize deal structures, according to panelists at Euromoney’s 8th Annual Latin American Energy & Infrastructure Finance Forum at the Biltmore Hotel in Miami on March 11.
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Developer Canadian Solar has secured a C$48 million ($43.67 million) construction and term loan from Manulife Financial backing the 14 MW Val Caron solar project in Val Caron, Ontario.
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Blackstone-owned residential solar company Vivint Solar has raised $280 million across three tax equity transactions.
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Xcel Energy has issued a request for proposals for up to 150 MW of large-scale solar resources in its Northern States Power Co. service territory by the end of 2016.
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Join Power Finance & Risk for a roundtable and special report that looks at the complexities of commercial and industrial distributed generation by exploring potential developments in financings and financial products.
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Cameron LNG is shooting for pricing of LIBOR plus 175 basis points for the bank loan tranche of the financing backing its almost $10 billion liquefied natural gas export facility in Hackberry, La.
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Pattern Energy is set to line up a large club of banks to raise the approximately C$750 million ($676.22 million) in debt backing the 270 MW K2 wind project in Ashfield-Colborne-Wawanosh, Ontario.
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Florida-based development shop NTE Energy is looking to raise construction equity and then debt backing three gas-fired projects in the U.S.
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Someera Khokhar, the Americas regional section head for White & Case’s energy, infrastructure, project finance and asset finance group and José Ignacio Segura Alonso, White & Case local partner look at how a 2012 law will attract investors to the country.
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Energy Capital Partners has launched a $480 million debt package to refinance the natural gas-fired, merchant 635 MW Empire generating facility in Rensselaer, N.Y.
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Cape Wind is poised to land a $600 million loan from the Danish export credit agency EKF backing the 468 MW project off the coast of Cape Cod.
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Check out Power Finance & Risk's special report focusing on the burgeoning LNG export industry in the U.S. and the latest opportunities in development and financing.
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The Blackstone Group and Transmission Developers, sponsors of the $2.2 billion Champlain Hudson Power Express transmission project, are looking to secure a debt package backing the project by year-end.
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Beowulf Energy and Natural Gas Partners, affiliates of Paul Prager’s Bicent Energy, have landed a $200 million refinancing of their Vernon portfolio of projects.
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A rush to qualify projects for the production tax credit at the end of 2013 means that thousands of megawatts of projects will be looking for financing this year.
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The growth and availability of term loan Bs are set to continue, driven largely by activity in the mergers and acquisitions market, according to panelists at Euromoney’s 9th annual U.S. Power and Renewable Finance conference at the Westin New York at Times Square on Thursday.
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The exceptional capacity in bank, institutional and tax equity markets has financiers and sponsors rethinking deal structures, according to panelists speaking today at Euromoney’s 9th annual U.S. Power and Renewable Finance conference at the Westin New York at Times Square.
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First Wind has closed a $206 million debt package backing its 150 MW Route 66 wind project near Amarillo, Texas.
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Mitsubishi UFJ Financial Group has dominated year-end league tables for the fourth quarter and 2013 as a whole, topping both lists.
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Canadian Solar is looking to sell almost three million shares and up to $130 million in 144A convertible senior notes due 2019.
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Competitive Power Ventures is talking with lenders about securing up to $600 million backing the 725 MW gas-fired St. Charles project in Charles County, Md.
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Brookfield Renewable Energy Partners will be looking to line up financing on a set of hydro assets in the U.S., including a stake it is buying from LS Power.
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BlackRock has purchased its fourth Ontario solar project from Canadian Solar, with the acquisition of the 10 MW Oro-Medonte project.
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BluEarth Renewables is looking to secure upwards of C$300 million ($270.15 million) backing three renewable projects in Canada in the coming months.
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SunPower Corp. has launched a financing program with Bank of America Merrill Lynch to support approximately $220 million of solar residential lease projects.
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Atlantic Power Corp. has launched an up to $800 million debt package as it looks to rework its capital structure and avoid a covenant breach.
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A California court has annulled a decision to allow Pacific Gas & Electric to acquire Radback Energy and Wellhead Electric’s 614 MW Oakley gas-fired project upon completion.
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The Blackstone Group is pitching a $550 million package to finance its acquisition of three gas-fired plants totaling 1,298 MW in Texas from Direct Energy.
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BluEarth Renewables is nearing financial close on a C$165 million ($148.64 million) debt package backing a troika of solar photovoltaic projects in Ontario.
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Rockland Capital has lined up Union Bank to provide tax equity for its 48 MW Lakeswind wind farm in Minnesota.
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A swathe of lenders are taking ticket sizes of up to $600 million in the $4 billion financing backing one of the trains in the Freeport liquefied natural gas export project, say observers.
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Atlantic Power Corp. has launched a refinancing package comprised of a $600 million term loan and $200 million in senior secured revolving credit facilities.
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Dialogue is needed between developers and financiers on renewable projects that involve communities and First Nation groups, according to speakers at the 5th Annual Canadian Power Finance Conference in Toronto Jan. 29.
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The number of assets coming up for sale in Canada is not as high as it was a couple of years ago, despite an uptick in the number of institutional investors looking to play in the space, according to panelists at the 5th Annual Canadian Power Finance Conference in Toronto Jan. 28.
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Sponsors and lenders are zeroing in on the burgeoning liquefied natural gas space in British Columbia, according to participants at the 5th Annual Canadian Power Finance Conference in Toronto on Jan. 29.
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Merchant project financings with financial hedges and private deals with corporate offtakers are tipped for growth in the Canadian power market due to the lack of power purchase agreements, noted panelists at the 5th Annual Canadian Power Finance Conference in Toronto Jan. 28.
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Affiliates of GDF Suez and Hydro-Québec are selling their stakes in a cogeneration facility in Maine to the third co-owner, Verso Bucksport Power.
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Bank, bond and institutional markets are open for power project financings, according to panelists at the Canadian Power Finance Conference in Toronto Jan. 28.
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Utilities are looking at rooftop solar programs and initiatives largely because of customer demand.
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Jimmy Anderson, formerly a director at WestLB, has joined New York-based infrastructure and energy debt advisory shop CamberLink as a director.
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Houston-based independent power producer FGE Power has mandated Goldman Sachs to lead a financing backing its more than $500 million, 739 MW combined cycle gas-fired project near Westbrook, Texas.
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NextEra Energy Resources has closed a C$315.462 million ($296 million) refinancing of the 147 MW Trillium wind portfolio in Ontario via a 20-year bond issuance.
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Wind developer Globeleq has netted a debt package backing the $69 million, 24 MW expansion to the existing 101 MW Cerro de Hula wind facility in San Buenaventura, Honduras.
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Bill Sutherland, senior managing director of project finance at Manulife Financial Corp. in Toronto, spoke with Senior Reporter Holly Fletcher about the lifeco’s strategy for choosing deals, pricing and the Canadian landscape of project finance lenders in the second and final installment of this Q&A.
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Entegra Power Group is working on several fronts to restructure its finances, including proceeding with an asset sales agreement, inking a tolling agreement and scoping a second lien refinancing.
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Legal issues in PJM and a waning need for generation in ERCOT are impacting investments in new-build projects in those regions, according to panelists at Infocast’s 6th annual Projects & Money conference at Harrah’s New Orleans Jan. 15.
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Mezzanine lending and project bonds are tipped for increasing activity by panelists at Infocast’s 6th annual Projects & Money conference at Harrah’s New Orleans Jan. 16.
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Algonquin Power & Utilities Corp. is in the process of issuing C$200 million ($182.9 million) in bonds to finance the acquisition of wind stakes in the U.S. and pay down debt at one of its operational wind farms.
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Tax equity investment is growing, fueled largely by an increase in opportunities in the rooftop and distributed solar space, said panelists at Infocast’s 6th annual Projects & Money conference at Harrah’s New Orleans on Jan. 15.
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The number of yieldcos is slated to increase this year, with existing yieldcos fueling a strong buyers market for generation assets, according to panelists at Infocast’s 6th annual Projects & Money conference at Harrah’s New Orleans on Jan. 14.
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AMP Capital has closed a $100 million refinancing backing the 550 MW combined cycle Astoria Energy I facility on behalf of Astoria Project Partners in Queens, N.Y.
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Recurrent Energy has landed a $390 million senior secured private placement backing its 108 MW Borealis portfolio of solar photovoltaic projects in Ontario, Canada.
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Pattern Energy and its partners are shooting for pricing of LIBOR plus 175 basis points on the C$800 million ($739.85 million) mini-perm backing the 270 MW K2 wind project in the township of Ashfield-Colborne-Wawanosh, Ontario.
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Biomass pellet company Enviva has brought on Martin Livingston, formerly a managing director at WestLB, as v.p. of infrastructure, finance and development.
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Manish Taneja, formerly the global head of loan syndications and private placements at WestLB, has been hired for a similar role at Wells Fargo.
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Starwood Energy Group has closed a $265 million construction debt including letters of credit and tax equity package backing the 211 MW Stephens Ranch wind project near Lubbock, Texas.
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NRG Energy has secured a $97.4 million senior secured credit facility refinancing its 105 MW Saguaro combined cycle cogeneration facility in Henderson, Nev., which it had been trying to sell.
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A Korean joint venture between Korea Southern Power Corporation and Samsung C&T Corporation has mandated Natixis as financial advisor to lining up debt backing the 517 MW Kelar combined cycle gas-fired project in the north of Chile.
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SunEdison has secured a $320 million letter of credit from Deutsche Bank and has issued $1.2 billion in convertible bonds to refinance debt and save $35 million in payments annually.
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Globeleq has closed a $105.1 million financing backing the 50 MW Orosi wind project in Liberia, Costa Rica.
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Invenergy has closed a refinancing of the 100.5 MW Beech Ridge wind facility in Greenbrier County, W. Va.
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Invenergy has lined up a debt and tax equity package backing its purchase and construction of the 288.6 MW Miami wind project in the Texas panhandle.
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AES Gener and Antofagasta Minerals have closed the $1.217 billion debt package backing the 531 MW Alto Maipo hydro project in Chile.
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Use of the phrase yieldco to describe three recent share flotations by NRG Yield, TransAlta Renewables and Pattern Energy Group masks very different business arrangements.
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A consortium comprising Peru’s Cobra Perú and Argentina’s Enersa called Planta de Reserva Fría de Generación de Eten has launched Latin America’s maiden international greenfield project bond.
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ArcLight Capital Partners-subsidiary NET Midstream has closed a $665 million financing backing the U.S. situated section of the Los Ramones natural-gas pipeline.
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Price talk on the B loan backing Moxie Energy and Panda Power Funds’ Patriot project is coming in at LIBOR plus 600 basis points, according to deal watchers.
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Japanese and Canadian banks topped lender project finance league tables for North America power and energy deals in the third quarter, as the B loan boom quieted down and bank debt came back to the fore.
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De Lage Landen, a subsidiary of Rabobank, has increased the amount of capital in a solar-leaseback fund backing SunEdison’s expansion to in excess of $100 million.
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Australian outfit Liquefied Natural Gas Limited is set to appoint BNP Paribas and Macquarie Capital as financial advisors for $1.54 billion in debt backing the Magnolia LNG facility in Lake Charles, La.
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Conifex Timber has closed a C$102.7 million ($96.4 million) financing backing its 36 MW biomass project in Mackenzie, B.C.
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Pattern Energy, Capital Power and Samsung Renewable Energy have approached banks about securing a C$800 million ($750.89 million) mini-perm deal backing the K2 wind project in the township of Ashfield-Colborne-Wawanosh, Ontario.
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Invenergy is planning to tap institutional investors in a private placement to line up just under $400 million for its merchant 288.6 MW Miami wind facility in Roberts, Hemphill and Gray Counties, Texas.
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Goldman Sachs will launch a $585 million financing package backing Panda Power Funds and Moxie Energy’s $800 million, merchant, gas-fired Moxie Patriot project this Thursday.
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PurEnergy and Southern Company are circling a $296.2 million restructuring of the debt backing the 440 MW lignite coal-fired Red Hills coal-fired facility via two bond issuances.
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AES Gener and Antofagasta Minerals are close to wrapping the financing backing the $2 billion, 531 MW Alto Maipo run-of-river hydro project in Chile, tapping the multilateral, bank and bond markets.
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Sempra Energy has issued $500 million in senior unsecured notes to pay off commercial paper, as Treasury rates settle back down to near record lows following a spike earlier in the year.
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Tenaska Solar Ventures has closed the $319.4 million bond refinancing of the 130 MW Tenaska Imperial Solar Energy Center South facility near El Centro, Calif.
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The U.S. Department of Energy is expanding its 1703 loan guarantee program to back natural gas-fired and oil-fired projects, with $8 billion of guarantees to deploy in the latest phase of the program.
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SunEdison has closed a $126 million non-recourse debt financing backing the 50 MW San Andres solar facility in the Atacama Desert, Chile.
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Cheniere Energy has issued $1 billion of senior secured notes to reduce bank debt backing the first four liquefaction trains at its liquefied natural gas export project in Cameron Parish, La.
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Veolia Environnement and Electricité de France-backed Dalkia Canada and Fengate Capital Management have started talking with banks about securing roughly C$175 million ($168 million) backing their 40 MW Merritt biomass facility in Merritt, British Columbia.
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Electricité de France-backed Dalkia Canada and Fengate Capital Management have closed a C$175 million ($168 million) debt package backing the 40 MW Fort St. James biomass facility near Fort St. James, British Columbia.
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Pattern Energy is gearing up to launch a financing backing the second phase of its 322 MW Panhandle wind project in Texas.
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ArcLight Capital Partners affiliate NET Midstream is looking to launch a syndication of roughly $500 million in debt backing its NET Mexico gas pipeline in Texas.
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The Long Island Power Authority has issued a request for proposals for just under 2,000 MW of renewable and peak generation capacity.
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Bank of America subsidiary BAL Investment & Advisory is aiming to take tax equity stakes in two NextEra Energy Resources wind farms.
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ArcLight Capital Partners affiliate NET Midstream is looking to launch a syndication of roughly $500 million in debt backing its NET Mexico gas pipeline in Texas.
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Distributed solar company SunRun will tap Ares Capital Management to provide $70 million in debt to finance new projects.
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The $990 million financing of the 614 MW Oakley gas-fired project has been temporarily put on hold as co-developers Radback Energy and Wellhead Electric await a court ruling on the merits of a petition challenging the facility’s power purchase agreement.
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Recurrent Energy has approached banks about securing more than $350 million backing a portfolio utility scale solar projects in California.
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Pemex has split the Los Ramones II pipeline project and awarded mandates to Sempra and GDF Suez joint ventures.
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LS Power’s $1.26 billion refinancing of its 900 MW Sandy Creek pulverized coal-fired facility in Texas has been oversubscribed, deal watchers say.
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Canadian Solar has landed a C$104 million ($100 million) non-recourse construction financing backing three solar photovoltaic facilities in Ontario totaling 30 MW.
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SolarCity is set to issue the debut solar securitization, with a private placement of $54.425 million of solar asset-backed notes.
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Boralex and development partners Gaz Métro Limited Partnership and Valener Inc. have closed a C$166.1 million ($159.05 million) non-recourse financing for the 68 MW phase II of the Seigneurie de Beaupré wind facility in La Jacques-Cartier, Québec.
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Lenders and financiers watching the rebirth of merchant and quasi-merchant project financing in the U.S. are still looking to find optimal structures for financing these assets, said panelists at Platts 15th Annual Financing U.S. Power Conference at the Marriott Marquis in New York on Oct. 28-29.
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Lenders and financiers watching the rebirth of merchant and quasi-merchant project financing in the U.S. are still looking to find optimal structures for financing these assets, said panelists at Platts 15th Annual Financing U.S. Power Conference at the Marriott Marquis in New York on Oct. 28-29.
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Boralex and development partners Gaz Métro Limited Partnership and Valener Inc. have closed a C$166.1 million ($159.05 million) non-recourse financing for the 68 MW phase II of the Seigneurie de Beaupré wind facility in La Jacques-Cartier, Québec.
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The global term loan B market is set to have a record breaking year in 2013, beating the previous largest year of issuance in 2007.
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Samsung Renewable Energy has closed the C$525.3 million ($502.9 million) debt package backing the 100 MW Grand solar facility in Haldimand County, Ontario.
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Industry officials expect to see several developers to pursue yield company structures in the next year following the success of NRG Energy and Pattern Energy’s breakthrough deals.
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Mergers and acquisition activity is slated for growth in the next year, as yieldcos look to acquire more assets to fuel growth and private equity companies look to exit investments, said panelists at Platts 15th Annual Financing U.S. Power conference at the Marriott Marquis in New York on Oct. 28-29.
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Moxie Energy is shooting to launch a B loan package in November backing the merchant Moxie Patriot gas-fired facility in Lycoming County, Pa., say deal watchers.
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Etrion Corp., a solar developer with assets in Europe and South America, is looking at ways to fuel growth.
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Energy Capital Group, a solar developer out of Provo, Utah, is weighing options on how to proceed with financing its $600 million project in Utah as the company looks for a power purchase agreement.
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Boston-based developer First Wind has approached banks about securing a debt package for the 200 MW Route 66 wind facility east of Amarillo, Texas.
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Blackstone-backed residential solar provider Vivint Solar has secured roughly $740 million in project financing as it looks to grow its business.
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LS Power has launched a $1.025 billion B loan refinancing its stake in the 900 MW Sandy Creek pulverized coal-fired plant in Texas.
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Private equity firm Power Capital Holdings has partnered with Hunt Consolidated subsidiary Hunt Power Capital Partners to launch its maiden power and energy play, Power Capital Partners.
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First Wind is talking to lenders about securing approximately $300 million in debt backing its 147 MW Oakfield wind project in Aroostook County, Maine.
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Rooftop and distributed solar generation company SolarCity has issued $230 million in convertible bonds, and priced over $158 million in common shares.
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Enel Wind Brazil is slated to secure up to $420 million from the International Finance Corporation backing 342 MW of wind farms in Brazil.
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Richard Randall, managing director and head of project finance and independent power producer coverage at Royal Bank of Scotland, has left to join Industry Funds Management.
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Bank of Tokyo Mitsubishi and Sumitomo Mitsui Banking Corp. are joint lead bookrunners on Sempra U.S. Gas & Power’s approximately $400 million Copper Mountain III debt package.
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George Revock, formerly a director at Citigroup, has joined Capital One as a managing director as the bank looks to start an alternative energy and project finance business.
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The U.S. government shutdown is jeopardizing billions of dollars of wind projects that are aiming to qualify for the production tax credit before it expires Dec. 31.
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Liberty Ventures Group, a subsidiary of media conglomerate Liberty Interactive Corp., has wrapped a $300 million tax equity investment in Abengoa’s 290 MW Solana concentrating solar facility in Gila Bend, Ariz.
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Power industry players are increasingly looking south of the border for projects and deals, as a booming middle class drives up demand under a compelling regulatory regime.
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SolarReserve has appointed Tim Rosenzweig, ceo at Goldwind USA, as cfo.
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Price talk on the $990 million bank loan backing Radback Energy’s Oakley facility is coming in at under LIBOR plus 200 basis points, note observers.
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GE Energy Financial Services has sold its stake in the 800 MW CPV Sentinel gas-fired plant in California to Voltage Finance LLC, which is owned by a group of private investors.
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Duke Energy Renewables is set to begin talking to lenders about securing around $600 million for the next two phases of Los Vientos III and IV wind projects in Starr County, Texas.
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PFR Managing Editor Sara Rosner sat down with Ted Brandt, Gregg Elesh, Terry Grant, and Wendy Carlson to get the Marathon Capital team’s perspective on buying and selling assets in today’s market.
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Invenergy has closed a debt and tax equity package backing its 200.6 MW Prairie Breeze wind facility in Antelope, Boone and Madison Counties, Neb.
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U.S. Geothermal has closed a $30.74 million refinancing of the approximately 9 MW Phase I of the San Emidio geothermal project in Washoe County, Nev.
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Renewable developer First Wind has closed a construction and term loan and a tax equity tranche backing a 17 MW of solar facilities in Massachusetts.
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CIT Group has closed a $36 million senior secured credit facility for Spanish developer Gestamp Wind’s 23.4 MW Punta Lima wind facility near Naguabo, Puerto Rico.
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First Solar has bought the 350 MW Moapa solar project in Clark County, Nev., from developer K Road Power.
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PFR Managing Editor Sara Rosner sat down with Marathon Capital’s Ted Brandt, Gregg Elesh, Terry Grant and Wendy Carlson to discuss the shop’s take on wind, solar and thermal trades in the second installment of this Q&A.
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Duke Energy Florida will issue a request for proposals for roughly 1,640 MW of capacity on October 8.
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Chilean independent power producer Andes Mining & Energy and Chilean developer Austalis Power are set to mandate next week BNP Paribas and Crédit Agricole to lead the financing of their $150 million Octopus liquefied natural gas re-gasification facility in Concepción bay, Chile.
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Borealis subsidiary Midland Cogeneration Venture will issue an additional $178 million in senior secured notes to refinance debt.
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A Union Bank subsidiary is taking over 54% of the tax equity in Noble Environmental Power’s underperforming Great Plains wind farm in Texas.
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Exelon Corp. subsidiary PECO Energy Co. is taking advantage of the low interest rate environment and a delay in the U.S. Federal Reserve’s plan to taper its bond buying program to issue $500 million in first mortgage bonds.
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Competitive Power Ventures, ArcLight Capital Partners and Toyota Tsusho have closed a $585 million debt package backing the 700 MW Woodbridge facility in Woodbridge, N.J.
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Energy Capital Group is planning the $600 million, 300 MW ECG Utah Solar 1 project in Utah.
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Utilities in the west are considering measures that would charge customers with rooftop solar panels more for the power they buy when the panels are not generating.
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