Coal-fired
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Babcock & Wilcox's (B&W) thermal subsidiary has signed a $246 million agreement to complete a 1GW coal-to-natural gas conversion project.
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Brazil’s Eletrobras has closed the sale of the last coal-fired power plant the company owns in the country.
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Southern Company subsidiary Georgia Power Company (GPC) will sell multiple specified transmission lines to Georgia Transmission Corporation (GTC), PFR has learned.
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US-based utility and renewable energy developer Allete is contemplating the sale of its business, and has enlisted JP Morgan Chase for the potential sale process.
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The New Mexico Public Regulation Commission (PRC) has approved Xcel's early closure of its 1.067GW coal-fired Tolk Generating Station in 2028.
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EDP, through its subsidiary EDP Brasil, has signed a sale and purchase agreement to sell a coal-fired power plant in Brazil.
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Brazilian utility Eletrobras is offloading the company’s last coal-fired asset it operates in the country.
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AES Andes is planning to retire another unit of the Ventanas coal-fired power plant in Chile two years ahead of schedule.
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The Public Service Company of New Mexico (PNM) has reached an agreement with local legal authorities on the retirement of the San Juan coal plant under the Energy Transition Act.
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The New Mexico Supreme Court has ruled to uphold the New Mexico Public Regulation Commission (NMPRC) decision that denies the Public Service Company of New Mexico (PNM) sale of its minority interest in the Four Corners Power Plant.
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Engie Brasil Energia has closed the sale of the company’s last coal-fired power plant in Brazil, making it 100% renewable power generator in the country.
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AES Andes is retiring the company’s Norgener coal-fired power plant in Chile.
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Chilean state-owned mining company Codelco has signed a contract with local electricity utility AES Andes to replace coal supply at 2 mines with renewables.
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AES Andes is planning to repurpose one of its coal-fired power plants in Chile to develop renewable energy.
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Energy Harbor Corp, an energy company that is partially owned by Nuveen Asset Management and Avenue Capital, has agreed to sell and then deactivate a pair of its coal plants totaling almost 3GW of generation as it looks to decarbonize its asset fleet.
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Public Service Company of New Mexico (PNM), a utility subsidiary of energy company PNM Resources, has retired the last unit of a coal-fired San Juan power plant.
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Engie Brasil Energia has signed a share purchase and sale agreement that will see the company let go of its last coal-fired power plant in Brazil.
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Chile is retiring three coal-fired power plants with a combined installed capacity exceeding 380 MW as part of its plan to decarbonize the country's power grid.
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MetLife Investment Management (MIM) has provided $200 million in financing to support the shuttering of two coal-fired plants in New Jersey owned by Starwood Energy Group.
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The New Jersey Board of Public Utilities (NJBPU) has approved a request from Atlantic City Electric (ACE) to alter its power purchase agreements with a pair of coal-fired projects in the state, halting the use of coal at both plants.
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Missouri-based coal producer Peabody Energy has launched a renewables development platform called R3 Renewables through which it plans to develop and acquire 3.3 GW of solar and 1.6 GW of energy storage capacity over the next five years.
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PNM, the New Mexico utility subsidiary of PNM Resources, has filed a notice of appeal with the New Mexico Supreme Court after the utility’s application to divest its interest in the Four Corners coal-fired power plant was denied by the New Mexico Public Regulation Commission (NMPRC).
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Starwood Energy Group has agreed to purchase an outstanding 40% share in a 262 MW coal-fired plant it co-owns with Atlantic Power.
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Brazilian power regulator Aneel and electricity commercialization chamber CCEE have completed an October capacity auction and are working on two new procurement processes.
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A buyer north of the border has emerged for American Electric Power's regulated utility subsidiary Kentucky Power and its regulated transmission business AEP Kentucky Transco.
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Connecticut-based asset manager Atlas Holdings has agreed to acquire the remaining stake in a 1,110 MW fleet of mostly fossil fuel-fired peaking plants that it doesn't already own through a joint venture with a commodities trader.
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DTE Energy has brought forward the deadline for ceasing coal use at the Belle River Power Plant in Michigan by two years.
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Minnesota-based utility company Otter Tail Power Co is preparing to sell its stake in a 420 MW coal-fired power plant in North Dakota.
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A spate of thermal and renewable M&A deals has been launched into the Brazilian power market, with sponsors across the country putting their operational power plants up for sale.
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Engie's Brazilian subsidiary, Engie Brasil Energia, has locked in a buyer for an 857 MW coal-fired power plant in the country while concurrently taking bids for another coal-fired asset.
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Public Service Enterprise Group (PSEG) has agreed to sell its 6.75 GW fossil fuel portfolio to ArcLight Capital Partners, following an auction process that launched around this time last year.
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AES Andes, previously known as AES Gener, has completed the sale of its 50% stake in the 764 MW Guacolda coal-fired power plant in Atacama.
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Vistra Corp is bringing forward the retirement date of its 1.3 GW coal-fired Zimmer Power plant in Moscow, Ohio, after the plant failed to secure any capacity revenues in the recent PJM Interconnection capacity auction.
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United Energy Corp, a North Dakota-based oil and gas production and exploration company, has agreed to acquire a coal-fired project and related transmission infrastructure in the state.
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LS Power has wrapped a $108 million debt package for a portfolio of lithium-ion battery projects located in California.
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A pair of investors has closed acquisition financing to support their purchase of the Canadian operations of Brookfield Infrastructrure Partners' district energy business, Enwave Energy.
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Clearway Energy Group is planning to take first round bids over the coming weeks for the sale of its district energy business.
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DTE Energy has shuttered one of its last remaining coal plants as it looks to transition away from the fuel source.
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PSEG Power has shuttered the last coal-fired power plant in its fleet, marking the completion of its long-term coal exit strategy.
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Venture Global LNG is planning to install carbon capture and sequestration (CCS) equipment at two at of its liquified natural gas facilities in Louisiana.
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Ormat Technologies has agreed to acquire a portfolio of operational and development-stage geothermal assets in Nevada and an associated transmission line from Terra-Gen.
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California community choice aggregator Clean Power Alliance has signed a power purchase agreement for the full output of a geothermal project in the state.
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Houston-based EnCap Investments has raised $1.2 billion for its EnCap Energy Transition Fund I.
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AES has inked a power purchase agreement with Google to supply electricity to the internet giant's Virginia-based data centers.
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I Squared Capital has launched a $405 million term loan B package as part of the financing of its $961 million acquisition of publicly-listed independent power producer Atlantic Power Corp.
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A group of former creditors of the Coso Geothermal portfolio in California, who have owned it since a debt restructuring in 2017, have signed a deal to sell it to a new strategic owner.
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Macquarie Capital has hired a project finance and development official who previously oversaw Latin American energy investments at Sempra Energy in New York.
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Orion Acquisitions, a vehicle of investor Kerry Cusick, has closed its acquisition of the lessee interest in the 440 MW Red Hills coal-fired plant in Mississippi.
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FirstEnergy Corp's lenders have signed waivers and amended the terms of its loans to cure compliance breaches stemming fromthe disclosure of a roughly $4 million payment in 2019 that was uncovered as part of an internal bribery investigation.
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The creditors of ArcLight Capital Partners’ Chief Power coal-fired portfolio in Pennsylvania are looking to foreclose on the assets after attempts to find a refinancing solution failed.
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DTE Energy has announced plans to increase the size of its solar portfolio tenfold by 2022, with the addition of 420 MW.
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The city of Unalaska, Alaska, has signed a 30-year power purchase agreement with Ounalashka Corp and Chena Power for the output from a 30.9 MW geothermal project that will tap energy from the Makushin Volcano.
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Schlumberger New Energy has partnered with Texas-based geothermal developer Thermal Energy Partners to form a new geothermal project development joint venture called STEP Energy.
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An auction is underway for a contracted geothermal asset in California that has been owned by a group of former creditors since a debt restructuring in 2017.
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Engie Brasil is preparing to issue up to R$780 million ($142 million) in debentures to finance its Pampa Sul coal-fired power plant in Candiota, Rio Grande do Sul.
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As power market and policy experts quarrel over the reasons for California's first rolling blackouts in 19 years, renewable energy project developers and financiers spy opportunities.
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Chilean power producer AES Gener has reached a deal with BHP Group, the mining industry offtaker of the 558 MW Angamos coal-fired plant in Chile, to cancel two power purchase agreements early, allowing AES to close the plant down ahead of schedule.
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Spain's Ortiz Construcciones y Proyectos has requested an up-to-$20 million credit line from development finance institution IDB Invest to pay its suppliers in Panama, Colombia, and Mexico.
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Chile’s Environment Commission of the Chamber of Deputies is moving forward with a bill that seeks to prohibit the development and operation of coal-fired plants by 2025.
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Longview Power – the owner of a 700 MW coal-fired plant in West Virginia – emerged from its most recent prepackaged Chapter 11 restructuring on July 31.
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San Antonio, Texas-based utility CPS Energy has launched a request for information in the run up to launching a request for proposals in the near future.
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NRG Energy its paying down and unwinding sale-leaseback agreements related to two fossil fuel-fired power stations in Illinois that it owns through its Midwest Generation holding company.
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Ormat Technologies has completed its acquisition of a battery energy storage project with a four-year operational history in California from AltaGas.
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Battery storage developer and independent power producer Key Capture Energy has appointed advisers as it explores a formal sale process.
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Capital Dynamics has put together a debt package to fund construction of its 100 MW/400MWh Ventura standalone battery storage facility in Oxnard, California.
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Mexico's state-owned Comisión Federal de Electricidad (CFE) has canceled the procurement processes for four power projects in the country that had been in the works since October of last year.
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Mexico's Comisión Federal de Electricidad (CFE) is set to acquire Ps2 billion pesos worth of coal to operate two coal-fired plants in the country – an effort that deal watchers see as a part of the administration's strategy to maintain state-owned CFE's dominance in the power sector.
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Utility-scale solar and battery storage developer Hecate Energy is launching a corporate equity raise.
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PacifiCorp has issued the largest request for renewable resource proposals in the company's history.
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Ameresco recently refinanced a portfolio of solar, landfill gas and biogas assets in the US with debt from two commercial banks.
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Battery storage system supplier Powin Energy has hired Kate Stock as CFO.
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FuelCell Energy has obtained a $35 million three-month loan from existing lender Orion Energy Partners to ease the company's liquidity issues in light of the Covid-19 crisis.
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Janice Tran, until recently a director in Generate Capital's waste-to-energy investment team, has formed her own company focusing on the same sector.
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Utility-scale energy storage developer Broad Reach Power plans to bring a 150 MW lithium-ion battery portfolio online in Texas by the end of the year.
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NextEra Energy Resources is finalizing a deal to acquire a 6 MW fuel cell portfolio on Long Island, New York, from Bloom Energy.
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Antin Infrastructure Partners made good on its commitment to grow its US presence at the end of last year with the $1.25 billion acquisition of Veolia’s District Energy Networks business in December. The French firm funded the purchase with a $770 million debt package that innovatively combined elements of corporate and project financing.
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Enel has brought forward the schedule for shuttering its two coal-fired units in Chile from 2024 to 2022.
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Mexico’s state-owned Comisión Federal de Electricidad (CFE) has launched a tender for a 25 MW geothermal project.
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Capital Dynamics is in talks with South Korean lenders for the financing of a standalone battery storage project in California that it is in the process of acquiring.
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Judge Brendan Shannon of the US Bankruptcy Court for the District of Delaware has issued an order confirming the prepackaged Chapter 11 reorganization of the 700 MW Longview Power coal-fired project in West Virginia.
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Pacific Gas and Electric has awarded resource adequacy contracts to lithium-ion battery storage projects totaling 423 MW across California, with LS Power bagging almost half the capacity.
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Battery storage developer GlidePath Power Solutions has appointed a new CEO and chief revenue officer.
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Hawaiian Electric has selected 16 solar-plus-storage and standalone storage projects after receiving more than 75 bids in response to a 900 MW request for proposals launched last August.
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Strata Solar has has entered into an exclusivity agreement with an equity investor for its Ventura Energy Storage project in California.
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Windmill Capital Management, a firm based in Menlo Park, California, is raising a debt fund to finance commercial and industrial-scale clean energy projects.
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Solar developer and owner Strata Solar is in talks with several banks for the potential debt financing of a standalone battery storage project in California.
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Hawaiian Electric has selected 16 solar-plus-storage and standalone storage projects after receiving more than 75 bids in response to a 900 MW request for proposals launched last August.
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The Dominican Republic is selling a 50% stake in a 674.78 MW coal-fired plant in the country, but the process is on hold because of the Covid-19 pandemic.
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NAES subsidiary PurEnergy has agreed to sell its lessee interest in the 440 MW Red Hills coal-fired project in Ackerman, Miss., to an individual investor.
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Guatemala’s power distributor Energuate has awarded five-year power purchase agreements to four companies as a result of a tender process that began earlier this year.
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Sempra Energy has completed the sale of its Peruvian assets to a Chinese buyer, bringing to an end to a process that began in January of 2019.
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A battery storage developer has launched an equity raise for a series of development-stage projects in New York.
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Chilean industrial equipment supplier Industria Mecánica VOGT has inked a preliminary agreement to fit the pumping systems it supplies to mining companies with energy storage technology from Swedish company Azelio instead of diesel generators.
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A new power purchase agreement has been signed for the 270 MW Coso geothermal portfolio in California, which underwent a debt restructuring in 2017 before losing a prior PPA with a utility company in 2019.
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Longview Power, the owner of a 700 MW coal-fired plant in West Virginia, today filed a prepackaged Chapter 11 restructuring plan before the U.S. Bankruptcy Court for the District of Delaware.
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Panama's state-owned transmission company Etesa has awarded short-term power purchase agreements with distribution companies to 18 generation companies.
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Engie Energía Chile has agreed to acquire a stake in a coal-fired power plant from Chilean copper producer Antofagasta Minerals while inking an 11-year renewable energy power purchase agreement with the mining company.
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Oilfield services company Schlumberger recently formed a team to focus on investing in low-carbon technologies, including carbon capture and storage (CCS).
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AltaGas’ divestiture of its non-core assets took another step forward recently when the Calgary-based company found a buyer for a battery storage plant in California.
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The Private Financing Advisory Network (PFAN) has launched a request for proposals for clean energy projects in the Caribbean and Central America.
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Colombian public utility regulator SuperServicios has postponed the auction to sell struggling power distributor Electricaribe.
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The world’s two largest gold mining companies, Barrick Gold Corp. and Newmont Corp., are planning to convert their contracted 215 MW TS Coal Plant in Eureka County, Nev., to a dual-fuel facility.
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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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Birch Infrastructure, a start-up that aims to provide power generation and other utility services to the booming data center industry, has appointed advisers for an equity raise, the proceeds of which will be plowed into individual projects.
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Warburg Pincus has committed up to $300 million of equity to distributed generation and microgrid start-up Scale Microgrid Solutions (SMS).
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The bookrunners on a proposed term loan B repricing for Atlantic Power Corp. have approached lenders with initial price thoughts.
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Australian geothermal project developer Controlled Thermal Resources is in the process of raising development capital following the award of a long-term utility power purchase agreement to its Hell’s Kitchen complex in California.
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Ormat Technologies has inked a pair of 10-year power purchase agreements with California community choice aggregators Silicon Valley Clean Energy and Monterey Bay Community Power for a geothermal project it is developing in the state.
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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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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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Quinbrook Infrastructure Partners portfolio company GlidePath Power Solutions will receive a state subsidy for a 20 MW / 80 MWh battery storage facility in development in Ulster County, N.Y.
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Montana utility NorthWestern Energy is seeking approval to acquire for $1 a 25% stake in unit 4 of the 2,094 MW Colstrip coal-fired plant.
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IDB Invest and Engie Energía Chile have inked a letter of intent for a proposed $125 million loan for renewable energy assets in Chile.
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Paper company Verso Corp. has agreed to sell two cogeneration plants as part of a deal to offload associated paper mill assets.
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North Carolina-based developer Strata Solar is in talks with four banks to arrange an enlarged revolving credit facility.
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Colombia’s Finance Ministry has called off its search for an investment bank to advise on the sale of Colombian electric services company Interconexión Eléctrica (ISA), as the company receives loan disbursements from Colombian financial institutions.
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Calpine Corp. has shelved the refinancing of its 725 MW Geysers geothermal portfolio in Sonoma and Lake counties, Calif., after last month’s Kincade fire broke out nearby.
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The Blackstone Group’s credit division, GSO Capital Partners, is preparing to sell its stake in Heorot Power Holdings, the independent power producer it has held since a restructuring in 2012, amid plans to convert two of the company's coal-fired plants into data centers.
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NRG Energy has repaid about $95 million of debt associated with the Petra Nova carbon capture project at its WA Parish coal-fired plant in Houston and provided a $12 million letter of credit to cover debt reserve requirements.
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Brazilian waste management company Foxx Haztec is raising financing for the country's first mass waste-to-energy power (WtE) plant, URE Barueri, located in the metropolitan region of São Paulo.
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Calpine Corp. is marketing a package of bonds and loans to refinance its 725 MW Geysers geothermal portfolio in California.
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JP Morgan provided tax equity financing last month for the recently completed expansion of an operating geothermal plant in Nevada.
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Ormat Technologies has raised non-recourse project finance debt for two battery storage projects totaling 40 MW/40 MWh in PJM Interconnection.
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ArcLight Capital Partners has discontinued the syndication of $380 million of senior secured notes that would have refinanced its merchant, coal-fired Chief Power portfolio.
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FirstEnergy Solutions Corp. is shuttering its largest coal-fired plant, the 2,490 MW Bruce Mansfield facility in Beaver County, Pa., nearly two years ahead of schedule.
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Price talk on a refinancing of ArcLight Capital Partners' Chief Power portfolio has been set much wider than the margin on the existing debt as the sponsor seeks to entice lenders to back the levered, merchant, purely coal-fired assets.
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ArcLight Capital Partners has appointed bookrunners as it prepares to refinance a portfolio of coal-fired plants that it is in the process of adding to.
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Argentina is inviting bids for the third round of its renewable energy procurement program, RenovAr Round 3.
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The team leading Quinbrook Infrastructure Partners' U.S. operations out of Houston has undergone several changes this year, most recently with the arrival of a senior figure who has relocated from Australia and the departure of one of the firm's co-heads of North America.
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With single-digit reserve margin forecasts drawing solar, battery and peaker developers to Texas in droves, PFR reporter Shravan Bhat visited Houston last week to catch up with the Ercot community and assess the market for power price hedges.
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Southern Power is buying interests in a pair of solid oxide fuel cell facilities in Delaware that it intends to upgrade.
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Oklahoma Gas & Electric Co. has completed its acquisition of the 320 MW AES Shady Point coal-fired plant in Le Flore County, Okla., from AES Corp., after the transaction received the approval of the U.S. Federal Energy Regulatory Commission.
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Investment manager 38 Degrees North has brought in John Hancock Life Insurance Co. as a co-investor in a portfolio of behind-the-meter battery storage assets in California.
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North Carolina-based developer Strata Solar, which recently appointed a new cfo, has begun discussions with project finance lenders for a standalone utility-scale battery storage project in California as it awaits final approvals of its capacity revenue contract.
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Pricing information has surfaced for a portion of the loan package secured by Macquarie Capital to finance its 63 MW/340 MWh Electrodes distributed battery storage portfolio in California.
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Macquarie Capital’s Green Investment Group has sold down a stake in its Electrodes distributed battery storage portfolio in California.
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Blackstone Group has hired a bookrunner to launch a debt offering to lever up three hedged thermal generation projects in Texas and pay itself a dividend.
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Macquarie Capital’s Green Investment Group and Advanced Microgrid Solutions have closed the third and final tranche of debt financing for their 63 MW/340 MWh Electrodes behind-the-meter distributed battery storage portfolio in California.
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NextEra Energy Resources has signed a combined build-transfer and power purchase agreement deal with a utility for a wind project it is developing in Wyoming.
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Ormat Technologies has signed a 25-year power purchase agreement with a California utility for the first new-build geothermal project to be built in CAISO territory in the last 30 years.
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Investec has closed a $225 million refinancing of Primary Energy Recycling Corp., a portfolio of behind-the-fence generation assets owned by a Fortistar-led consortium.
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Arizona Public Service is already preparing for its next round of solar-plus-storage procurement, having announced power purchase agreements for two projects with 600 MWh of storage capacity and a deal to add 423 MWh of storage to existing solar assets.
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Export Development Canada revealed an update to its climate change policy on Jan. 28 that will prohibit it from making any future investments linked to thermal coal-fired generation.
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A newly operational geothermal project received financing from a European bank last year.
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While many in the industry took a well-deserved break over the festive period, there was no let-up in power contracting activity and this week’s round-up covers conventional renewables as well as offshore wind and even fuel cell technology.
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A former structured finance professional at Deutsche Bank has found a new position.
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A trio of lenders closed $100 million in refinancing for a 35 MW behind-the-meter distributed storage portfolio in California on Dec. 21.
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FuelCell Energy has signed a 20-year power purchase agreement with PSEG Long Island for the output of a 7.4 MW fuel cell project, the first of three PPAs it was awarded under the Fuel Cell Resources Feed-in Tariff IV program administered by PSEG.
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Investec has launched a $250 million debt facility into syndication to refinance Primary Energy Recycling Corp., a portfolio of behind-the-fence generation assets located at steel mills in Indiana.
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Power Finance & Risk is now accepting pitches for Deal of the Year as part of its 16th Annual Deals and Firms of the Year Awards, recognizing excellence in power asset M&A and project finance across the Americas.
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Advanced Microgrid Solutions and Macquarie Capital have chosen a bank to lead the refinancing of their landmark Electrodes behind-the-meter storage portfolio in California.
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Duke Energy Corp. became the latest U.S. utility company to issue green bonds last week when it priced a $1 billion dual-tranche offering.
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EDF Renewables North America has signed two 20-year PPAs with Silicon Valley Clean Energy and Monterey Bay Community Power for new solar and battery storage.
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Sean Casten, co-founder and former ceo of Recycled Energy Development, won the race to represent Illinois’s 6th Congressional District in the U.S. House of Representatives in the midterm elections on Nov. 6.
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Tiago Sabino Dias has joined Capital Dynamics’ clean energy infrastructure business as vice president, based in New York.
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A Fortistar-led consortium is preparing to refinance a portfolio of behind-the-meter generation assets located at steel mills in Indiana.
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Canadian Solar subsidiary Recurrent Energy has inked two 15-year power purchase agreements for the output for what it claims is “the largest contracted solar-plus-storage project in California.”
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The U.S. Defense Department’s Defense Logistics Agency Energy has awarded a contract to Ameresco to implement a $133.5 million resilient energy infrastructure project at Joint Base San Antonio in Texas.
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AltaGas has raised about $874 million by floating a portfolio of Canadian utility and power assets and loading the newly listed spin-off with debt.
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(Updated with bookrunners) The co-sponsors behind a coal-fired project that serves several copper mines in Chile under various power purchase agreements are preparing a joint loan and bond market refinancing.
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The #PowerTweets feature tracks trends and news in power and energy on Twitter.
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Sturdier power market fundamentals, coupled with an abundance of capital, have improved the refinancing prospects of merchant gas- and coal-fired projects in PJM Interconnection, according to a report from Moody’s Investors Service.
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With sale processes for several gas-fired assets underway in Texas, deal watchers say more could end up going under the hammer following a summer of high power prices in the state.
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Tesla has hired a capital markets professional who previously worked in project finance at a solar developer in California.
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Clean Energy Partners has sold an operational 49.5 MW geothermal project in Nevada to a developer.
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Having completed its move from GE Energy Financial Services to a new home at Starwood Property Trust, Denise Persau’s project finance team is looking forward to having a broader mandate, potentially investing up and down the capital structure and in non-energy infrastructure.
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Advanced Microgrid Solutions and Macquarie Capital have begun the process of raising debt for the second phase of their 50 MW Electrodes battery storage portfolio in California after successfully bringing the first 10 MW portion online.
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Greystone Infrastructure Fund has acquired a 66 MW portfolio comprising nine operating power plants in Alberta, Canada.
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As a settlement deal emerges in the bankruptcy case of several FirstEnergy Corp. subsidiaries, the debtors have called off an auction that was set to take place next week for its retail sales business.
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A coal-fired project in Mississippi that was financed through a levered sale-leaseback with Southern Co. is in danger of defaulting on its debt, six years after its last restructuring.
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Energy Capital Partners' waste-to-energy portfolio company Wheelabrator Technologies has sought approval to float 49% of its shares on either the New York Stock Exchange or Nasdaq.
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A financing vehicle controlled by Stem, a distributed battery storage company based in California, has secured a C$200 million ($153 million) equity commitment from Ontario Teachers’ Pension Plan.
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Lightstone Generation, the non-utility generation joint venture between ArcLight Capital Partners and Blackstone Group, is raising additional debt in the term loan B market to fund a dividend to its private equity sponsors.
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Shares in California-based fuel cell maker Bloom Energy, which began trading on the New York Stock Exchange today, attracted strong demand in the secondary market, gaining in value by more than 50% by midday.
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A New York-based financial advisory firm has hired an investment banker with over 30 years of experience in power and utilities, most recently at Deutsche Bank, to lead a push into the sector.
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Jefferies has hired a senior banker from a bulge-bracket firm as it rebuilds its power and utilities investment banking team in New York.
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After a slow first three months of the year, project finance activity picked up in the second quarter, propelling MUFG to the top spot of the North American power project loans and bonds league tables.
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Robert Mancini, who guided Goldman Sachs' entry into the power asset business before spearheading The Carlyle Group’s expansion into the power sector, has retired from his role as managing director and co-head of Carlyle Power Partners.
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FirstEnergy Solutions has won bankruptcy court approval for its sale of a merchant coal-fired plant in PJM Interconnection.
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Following its acquisition by a "blank check" company, Ontario-based Spark Power Corp. has bought a major Canadian green energy marketer.
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Engie North America has hired an experienced distributed generation professional as chief commerical officer at its energy storage subsidiary, Engie Storage Services NA, following the appointment of a new ceo earlier this year in the wake of a rebranding.
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As Pacific Gas & Electric requests regulatory approval for four battery storage projects totaling 576 MW in California and developers express interest in non-recourse debt, project finance bankers are weighing the risks.
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NRG Energy has signed a deal to sell its minority stakes in two primarily coal-fired plants in Pennsylvania.
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ING Capital has created an Americas sustainable finance team in New York, appointing a former metals and mining banker to lead the group and bringing in an environmental impact assessment professional.
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The owners of the Freeport LNG liquefaction project in Quintana, Texas, have refinanced a portion of the debt associated with its third train in the bond market.
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A power purchase agreement for an AES Corp. project combining solar and battery storage in Hawaii has won the approval of the Hawaii Public Utilities Commission.
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Macquarie Capital, which last year inked a pioneering battery storage project finance deal, has hired a former Tesla employee to oversee its efforts in relation to esoteric energy technology.
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Power purchase agreement prices for active wind and solar projects across ERCOT, MISO, PJM Interconnection and the Southwest Power Pool have dropped in the last three months, according to a report from renewable energy marketplace LevelTen Energy.
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A developer has asked its financial adviser to put a capital raise for a geothermal plant on hold until October as it reworks the economics of the project.
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The board of the Central Arizona Water Conservation Project, which owns and operates water infrastructure in the state, has approved two power purchase agreements that will reduce its reliance on the Navajo Generating Station coal-fired plant, which is scheduled for retirement but which several groups are trying to save.
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The margins paid by Michigan utility company CMS Energy on two revolving credit facilities will, for the first time, be linked to its sustainability goals as a result of amendments signed on June 5.
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Nevada’s NV Energy has signed 25-year power purchase agreements for the output six solar projects, some of which include large battery storage components, as part of its latest resource plan, which includes more than 1,001 MW of new renewable sources to be built in the state.
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Moody’s Investors Service has lowered its rating for a term loan B secured on a portfolio of ageing Terra-Gen renewable assets in the western U.S.
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San Diego Gas & Electric has signed power purchase agreements for three battery storage projects out of a group of five that were recently approved by the California Public Utilities Commission.
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The results of the recent PJM Interconnection capacity auction have excited many in the industry but should prompt a thoughtful pause, writes Louise Pesce, managing director at MUFG in Los Angeles, in this week’s Industry Current.
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Nevada’s NV Energy has signed 25-year power purchase agreements for the output six solar projects, some of which include large battery storage components, as part of its latest resource plan, which includes more than 1,001 MW of new renewable sources to be built in the state.
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An entity owned by the Navajo Nation is purchasing a stake in a 1,540 MW coal-fired project that is located on tribal land.
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PFR is pleased to announce the winners of its 15th Annual Deals and Firms of the Year Awards, with added emphasis this year on the leading investment banks in power across the Americas.
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Ormat Technologies has signed a $124.7 million project finance deal for a 35 MW geothermal project in Honduras.
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A portfolio company of Avenue Capital Partners is weighing an acquisition of the Navajo Generating Station, a 2,250 MW coal-fired project within the Navajo Nation in northeastern Arizona that is scheduled for retirement.
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DTE Electric Co. has become the newest member in the slowly growing club of investment grade U.S. electric utility companies that have issued bonds explicitly marketed or certified as “green”.
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A joint venture between Golar Power and Ebrasil has reached financial close on its 1,551 MW Porto de Sergipe I LNG-to-power project, securing $1.47 billion of non-recourse project debt.
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Société Générale has built a huge order book for a roughly $6 billion term loan transaction backing Cheniere Energy’s Corpus Christi gas liquefaction project in Texas.
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Vistra Energy Corp. has closed its acquisition of Dynegy following a ruling by the Public Utilities Commission of Texas that the buyer did not need to divest 1,281 MW of generation in the state to proceed with the purchase.
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Alaska Gasline Development Corp., the independent, public corporation of the state of Alaska that is developing the Alaska LNG liquefaction project, is looking to hire a vice president of finance to oversee the capital raising for the project.
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Longview Power has hired Houlihan Lokey as an adviser as it explores strategic options for its 700 MW coal-fired project near Maidsville, W.Va., including a potential refinancing of its senior secured debt.
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FirstEnergy Corp. announced the long-awaited Chapter 11 filing of its competitive generation subsidiary FirstEnergy Solutions, as well as FirstEnergy Nuclear Operating Co., on March 31.
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The Trump Organization is planning to issue a request for proposals for a small-scale coal-fired plant fitted with carbon capture technology to be built on the roof of Trump Tower in Manhattan.
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Ormat Technologies has secured a $100 million loan from Israeli insurance company Migdal Group.
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Starwood Energy Group Global placed part of the debt financing for its acquisition of a contracted coal-fired portfolio that closed earlier this year with affiliated real estate investment trust Starwood Property Trust.
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FirstEnergy Solutions has found buyer for a merchant coal-fired facility in PJM Interconnection in the form of a joint venture between a private equity firm and an independent power producer.
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Peru LNG, the owner of South America's only gas liquefaction plant, garnered sufficient investor demand to cover its $940 million debut bond offering more than two and a half times, pricing the deal at the tail end of last week.
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Four investment banks have been selected to lead an international bond issuance that will refinance the debt of South America’s only gas liquefaction plant.
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Sempra-owned utility San Diego Gas & Electric proposed plans to add up to 166 MW of energy storage spread across seven Calif. projects in a Feb. 28 filing with the California Public Utilities Commission
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There are a few days remaining to cast your votes for the best project sponsors, banks, law firms, institutional and tax equity investors and deals in PFR's 15th Annual Deals and Firms of the Year Awards.
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Corporations may have overtaken utilities as the leading procurers of renewable energy in the U.S. last year, but a spate of recent announcements shows that the regulated utility sector is still has an appetite for long-term deals, with three contracts signed in Kansas alone in the past week.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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Convergent Energy and Power is acquiring a pair of energy storage assets from Rockland Capital, according to a Feb. 23 filing with the U.S. Federal Energy Regulatory Commission.
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Energy storage projects can soon participate in wholesale power markets, according to a Federal Energy Regulatory Commission notice finalized on Feb. 15. Regional grid operators will now decide how storage projects can buy and sell services into the market
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An ArcLight Capital Partners portfolio company has agreed to purchase Avangrid Renewables’ gas storage business.
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One sweet deal stood out among last week’s announced power purchase agreements, as EDP Renewables signed a 15-year power purchase agreement with Swiss chocolatier Nestlé for generation from a wind project in Indiana.
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Arizona Public Service has signed a 15-year power purchase agreement for the output of a 50 MW battery storage project in Arizona, which the utility says is the largest in the state, and which will be connected to a 65 MW solar facility.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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Lightstone Generation, a joint venture between Blackstone Group and ArcLight Capital Partners, has repriced loans totaling $1.675 billion, with Credit Suisse as left lead.
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Stem, an energy storage provider that helps customers avoid peak demand charges, has raised $80 million in series D funding, having built up a $500 million project finance war chest comprising both debt and equity.
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Ormat Technologies is growing its generation portfolio, having agreed to acquire developer U.S. Geothermal in a $109.9 million transaction.
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Canada’s Ministry of Natural Resources has launched a C$200 million ($160 million) funding program for offshore wind, geothermal, tidal, concentrated solar and other kinds of renewable projects that have yet to establish themselves in the country.
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FirstEnergy Corp. has raised $2.5 billion through a private placement of equity and preferred shares, bringing activist investors onboard ahead of an expected Chapter 11 restructuring.
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Starwood Energy Group Global has completed its acquisition of stakes in a contracted coal-fired portfolio from an Ares-EIF fund, which the buyer is financing with long-term debt from a club of lenders.
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These were not the optics Germany wanted in 2018. The St. Lambertus Catholic church in Immerath, west of Cologne, has been bulldozed to make way for an open-pit lignite mine.
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Las Vegas-based utility NV Energy is explicity inviting bidders to propose generation-plus-storage projects for the first time in its latest request for proposals, under which it is seeking up-to-330 MW of renewables in its home state.
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Energy Capital Partners repriced $1.258 billion of term debt associated with its Wheelabrator Technologies waste-to-energy portfolio in December, adding a $125 million term loan C to the package and amending the change-of-control provisions in the process.
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Power Finance & Risk is accepting pitches for Deal of 2017 as part of its 15th Annual Deals and Firms of the Year Awards, recognizing excellence in power asset M&A and project finance across the Americas.
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N.Y. Green Bank is set to begin receiving proposals for strategic advisory and capital arranger services on Jan. 2 as the state-owned institution plans to raise its first private capital fund and look for opportunities beyond the borders of New York state.
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ERCOT’s latest capacity, demand and reserves report forecasts a reserve margin for the grid system operator’s territory, which covers most of Texas, of just 9.3% for summer 2018, raising the prospect of scarcity pricing.
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U.S. Geothermal has reached a deal to take full ownership of the 13 MW Raft River geothermal project in Idaho by acquiring Goldman Sachs’ minority stake in the facility.
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A Midwestern utility holding company is selling a 54.7% stake in a 650 MW coal-fired plant in western Texas.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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Vistra Energy, the Texas utility that is buying Dynegy, is the latest power sector borrower to launch a repricing of its term loans, with an almost $2.8 billion deal.
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About three weeks after NRG Energy pulled a planned high yield bond offering amid market volatility, the independent power producer returned on Nov. 30, this time successfully raising $870 million.
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Calpine Corp. was set to reprice three senior secured term loan Bs totaling $2.6 billion on Friday.
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A proposed change to spot market bidding rules in PJM Interconnection could raise power prices, according to a report by Moody’s Investors Service.
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Canadian energy storage developer NRStor has secured a C$120 million ($93.9 million) loan from a fund managed by Swiss asset manager SUSI Partners to finance commercial and industrial behind-the-meter projects.
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Asset manager Tennenbaum Capital Partners is seeking regulatory approval to increase its stake in a West Virginia coal-fired plant.
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Four Texas municipalities are again entertaining offers to sell the 450 MW coal-fired plant they own jointly through the Texas Municipal Power Agency, after a previously approved sale fell apart.
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A private equity firm has agreed to acquire Ares-EIF’s interests in a portfolio of coal-fired assets, as well as an additional stake in one of the projects that is held by a high-profile individual on the Forbes 400 list of the wealthiest Americans.
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Abandoned coal-fired plants may not seem glamorous, but one such structure in New Orleans has developed a secondary career in recent years as a setting on the silver screen and TV.
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A New York-based boutique investment bank has hired a former Goldman Sachs managing director as it increases its profile in power and renewables.
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Vistra Energy has entered into an agreement to acquire Dynegy through an all-stock transaction.
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M&A, refinancing activity and even new-build financings could be on the cards in Texas in the wake of recently announced coal-fired plant retirements, according to speakers at the 19th Annual Platts Financing U.S. Power Conference in New York.
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The former president of global asset management at SunEdison has joined a California-based battery storage start-up.
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A battery storage developer has obtained a construction-to-term loan from a Brookfield Asset Management subsidiary for a project in Ontario.
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Eversource's 1.2 GW New Hampshire generation portfolio is set to be sold in two portions following an auction process that was launched at the beginning of the year.
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Atlantic Power Corp. repriced its term loan B for the second time this year, following an upgrade from Moody’s Investors Service.
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Olympus Power has agreed to sell a 30 MW waste coal-fired project in Pennsylvania coal country.
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An auction for a portfolio of coal-fired, fully-contracted projects is drawing to an end, say deal watchers close to the deal.
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As cash pours into project finance, non-bank lenders are trying hard to differentiate themselves from banks and each other.
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The creditors of GenOn Energy have put its assets up for sale after the company entered into a restructuring agreement in June.
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Cheniere Energy Partners LP Holdings priced a $1.5 billion high yield bond on Sept. 12 to partially refinance term loans the company signed in February 2016.
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A group of sponsors is aiming to close a $736 million debt financing for a contracted LNG-to-power project in Panama by the end of the month.
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While there has been no announcement yet of a sponsor signing a hedge contract for a solar project instead of a power purchase agreement, the price of solar generation is continuing to fall almost as low as wind.
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Great Plains Energy and Westar Energy have taken the first steps in their second attempt at a merger, filing for approval of the renegotiated deal with the Kansas Corporation Commission.
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A South Korean financial institution is looking to provide acquisition financing for coal-fired generation in the U.S., a banker in Seoul tells PFR.
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E. I. du Pont de Nemours and Co. has acquired a contracted Virginia coal-fired project from Ares-EIF.
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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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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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Great Plains Energy and Westar Energy have signed a new merger agreement following the Kansas Corporation Commission’s rejection of an earlier deal.
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The Lake Charles LNG project under development in Louisiana has been granted authorization to export additional gas.
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Eversource’s auction of its 1.2 GW generation portfolio has moved into a second round.
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Moody’s Investors Service has downgraded approximately $1.05 billion of debt associated with a 945 MW partially-contracted coal-fired project in Texas from B2 to B3.
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AES Corp. priced a $1.5 billion private placement, to partially finance its AES Southland portfolio of gas-fired and battery storage assets in California, last week.
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FirstEnergy Corp. priced $3 billion of corporate bonds across three tranches on June 19 to refinance debt amid efforts to shed its competitive generation business.
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The Kansas Corporation Commission has declined to reconsider its order denying approval for Great Plains Energy’s $12.2 billion acquisition of Westar Energy, leaving the Midwestern utilities to mull whether they should revise the terms of the deal or abandon it entirely.
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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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Japanese conglomerate ORIX has filed with the U.S. Federal Energy Regulatory Commission for its acquisition of a 22.1% stake in geothermal developer Ormat Technologies.
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The impact of nuclear subsidies on gas-fired generation and the difficulty of approving natural gas pipelines in New York state were hot topics at Platts Northeast Power & Gas Markets Conference, which was held at the New York Marriott Downtown on May 22 and 23.
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Ares-EIF has put a portfolio of contracted coal-fired assets in New Jersey, West Virginia and Arkansas on the block.
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Alterra Power Corp. has hired Icelandic Stöplar Advisory to explore a sale of its stake in the Blue Lagoon geothermal spa in that country.
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California-based 8minutenergy Renewables speaks to PFR about its plans to install 1 GW of storage projects in the next four years.
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Cheniere Energy has priced a $1.5 billion high yield bond to refinance debt associated with its Corpus Christi LNG facility in San Patricio County, Texas.
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Brazilian mining company Vale is acquiring an approximately 11% interest in The Mosaic Company, a U.S. agriculture and fertilizer business which, among its assets, owns a 386 MW generation portfolio of waste heat projects.
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AES Corp. is seeking to finance two contracted brownfield gas-fired projects and a battery storage facility in Southern California with a combined construction cost of $2.3 billion.
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NextDecade has tapped Société Générale and Macquarie Capital as joint financial advisers on a debt and equity raise for its Rio Grande LNG export project at the Port of Brownsville, near Brownsville, Texas, and the associated 137-mile Rio Bravo Pipeline.
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Pembina Pipeline Corp. has agreed to acquire Veresen, the Calgary, Alberta-based company which is in the process of selling its remaining generation assets as it focuses on its gas pipeline business.
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U.S. Geothermal is looking for a new ceo after the company and the existing officeholder, Dennis Gilles, were unable to agree to terms on an extension of his role.
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As NextEra Energy priced a $1.25 billion 10-year corporate bond on April 25 to refinance debt that is due to mature later this year, investors were apparently untroubled by the snag it hit trying to acquire a Texas utility company.
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Opinions on the impact—or lack of impact—of shifts in government policy on coal-fired and renewable generation converged during the opening panel discussion of Platts Global Power Markets 2017.
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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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The owner of the Homer City 1,884 MW coal-fired project in Indiana County, Pa., has emerged from bankruptcy.
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San Francisco-based Generate Capital is deploying $250 million to finance standalone battery storage and solar-plus-storage projects as it seeks to shape the nascent market for the asset class.
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Chris Gerlach, who oversaw structured finance at solar thermal sponsor SolarReserve until Friday, has traded one form of energy storage for another by moving to Energy Asset Development, whose subsidiaries develop battery and microgrid technologies.
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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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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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Atlantic Power Corp. has held a lender meeting with a view to repricing a term loan B it originally issued about a year ago, during a more turbulent time in the market.
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ArcLight Capital Partners is amending and extending a term loan B it secured last year to refinance a 5 GW portfolio of gas-fired merchant projects it had acquired from Tenaska Capital Management the year before.
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Blackstone and ArcLight Capital Partners have completed the repricing of a term loan B to finance their joint acquisition of a 5.3 GW portfolio of generation assets from American Electric Power.
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The Blackstone Group and ArcLight Capital Partners initiated a repricing of a term loan B on Friday, just three months after the deal was originally sealed, as they seek to take advantage of improved market conditions for issuers.
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An Alliant Energy utility company is upping its stake in the Columbia Energy Center in a deal that will make it the majority owner of the Wisconsin coal-fired project.
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Cheniere Energy priced a $1.35 billion of debt for its Sabine Pass LNG liquefaction project in Louisiana in the public bond market on Feb. 28 after closing an $800 million private placement for the same project the previous week.
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Cheniere Energy has priced the $1.35 billion senior secured note offering it announced yesterday, completing the refinancing of loans obtained in 2015 for its Sabine Pass project in Louisiana.
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Cheniere Energy is hunting for $1.35 billion of debt for its Sabine Pass LNG liquefaction project in Louisiana in the public bond market after closing an $800 million private placement for the same project on Friday.
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Dynegy is selling two gas-fired projects it recently acquired from Engie to LS Power. Separately, the independent power producer is also reconfiguring its ownership stakes in two Ohio coal-fired assets.
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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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Following a competitive nomination process and careful deliberation, PFR can now reveal the finalists for its 14th Annual Deal of the Year Awards.
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An investment vehicle of two family trusts is acquiring a waste coal-fired facility in Cambria County, Pa., from Babcock & Wilcox.
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Calpine Corp. is entertaining asset sales as it works to reduce its debt load and shrink its balance sheet.
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Cogentrix Energy Power Management and Quantum Utility Generation have closed their sale of a merchant coal-fired project in Virginia to a Michigan developer, completing their divestment from the U.S. coal-fired generation market.
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Morgan Stanley has priced a $150 million exit facility as part of Homer City Generation’s pre-packaged restructuring following the coal-fired plant owner’s Chapter 11 filing in January.
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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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Dynegy has closed its acquisition of a more than 9 GW gas and coal-fired U.S. generation portfolio from Engie, nearly one year after the deal was announced.
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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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Dayton Power & Light, a utility owned by AES Corp., has committed to sell three coal projects, shutter two others and buy or develop at least 300 MW of wind and solar generation in a settlement with several Ohio entities in relation to its rate case before the Public Utilities Commission of Ohio.
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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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Moody’s Investors Service has downgraded loans associated with a pair of coal-fired facilities in PJM Interconnection amid tough competition from gas-fired projects.
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MidAmerican Energy joined the growing ranks of U.S. utility companies that have issued green bonds with an $850 million dual-tranche offering on Monday.
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The most frequently asked questions regarding nominations for our Deal of the Year Awards.
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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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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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Homer City Generation, a GE Capital subsidiary that owns a 1,884 MW three-unit coal-fired plant in Indiana County, Pa., filed for a pre-packaged restructuring under Chapter 11 on Jan. 11.
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It will take many years and dollars for Entergy Corp. to decommission its Indian Point nuclear plant in Westchester County, N.Y., but it's never too early to ponder what use will ultimately be made of the site after that.
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A coal-fired plant in Ohio—a portion of which forms part of a portfolio that AEP Generation Resources is trying to sell—has been taken offline following an incident, reportedly an “explosion”, on Tuesday.
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GE Capital's Homer City coal-fired project in Indiana County, Pa., has filed for a pre-packaged restructuring under Chapter 11, as expected.
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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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Jefferies has strengthened its leveraged finance team with the addition of a pair of bankers who worked together at Lehman Brothers and Barclays for many years.
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The three sponsors behind an offshore LNG regasification terminal and a linked gas-fired combined-cycle project in Chile, collectively known as Octopus LNG, have closed an $850 million debt financing for the projects, more than three years after initially hiring financial advisers.
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Illinois Power Generating Co., a wholly-owned, indirect subsidiary of Dynegy, has filed for Chapter 11 bankruptcy protection, after failing to gain approval of an out of court restructuring.
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The pricing on a term loan B to finance The Blackstone Group and ArcLight Capital Partners’ joint acquisition of a 5.3 GW portfolio of coal- and gas-fired assets has flexed up.
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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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NRG Energy subsidiary GenOn Energy is facing an increased likelihood of a default or debt restructuring as it approaches several bond maturity dates, according to a report by Moody's Investor Service.
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Just over a year after the company was unveiled, General Electric-owned Current is undergoing a restructuring, PFR has learned.
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Cheniere Energy has priced its fifth project-level bond offering of the year, this time refinancing $1.5 billion of bank debt at its Corpus Christi LNG export terminal in the high yield market.
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A joint venture between The Blackstone Group and ArcLight Capital Partners has launched a term loan B to finance its acquisition of a four-project portfolio of coal and gas-fired facilities.
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Pricing details have emerged on a term loan B that will finance Blackstone Group and ArcLight Capital Partners’ joint acquisition of a conventional generation portfolio from First Reserve.
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Ormat Nevada and Northleaf Capital Partners have closed a $92.5 million private placement refinancing for a 20 MW geothermal project they co-own in Nevada.
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A joint venture between Blackstone Group and ArcLight Capital Partners plans to launch a term loan B this week to finance its acquisition of a four-project portfolio of coal and gas-fired facilities.
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Ormat Technologies is looking to acquire geothermal and storage projects in the U.S. and further afield.
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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 future of the U.S. Environmental Protection Agency, the Clean Power Plan and tax credits for renewable generation are all up in the air following Donald Trump's presidential win in the early hours of Wednesday morning.
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FirstEnergy Corp. is selling its fleet of 14 competitive generation assets, all in PJM Interconnection, as part of a strategic review at the utility.
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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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Veresen has received more than 200 expressions of interest for a 625 MW portfolio of generation assets it is selling in Canada, according to a person familiar with the process.
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The Carlyle Group’s Essential Power has renegotiated the terms of its senior secured debt, including an extension of its revolving credit facility. However, one of the revolver lenders has dropped out of the deal, according to a report by Moody’s Investors Service.
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TD Securities has launched the sale process for Veresen’s generation assets in Canada, a deal watcher tells PFR.
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Duke Energy Carolinas has issued a request for proposals for 400 MW from renewable projects.
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GE Energy Financial Services is investing tax equity in an Enel Green Power North America wind project in northern Oklahoma, and considering increasing its stake in a partnership with the same developer through which it co-owns a multi-state generation portfolio.
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Scientists have accidentally discovered a chemical catalyst that could open the door to industrial-scale energy storage.
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A consortium of three Japanese-owned companies has announced that it has agreed to acquire a 635 MW duel-fuel combined cycle project in New York ISO.
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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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Two buyers have agreed to acquire Duke Energy's Latin American assets in separate transactions that will complete the North Carolina-based utility company’s divestment from the region, following a two-stage auction.
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A Dynegy subsidiary which owns almost 3 GW of coal-fired generation in Illinois has tentatively agreed to a restructuring deal with a group of bondholders.
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Cheniere Energy is seeking to acquire the remaining shares in Cheniere Energy Partners LP Holdings that it does not already own. The holding company has an indirect stake in the Sabine Pass LNG terminal in Louisiana.
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Seven banks are underwriting a debt financing for a floating LNG terminal off the coast of Chile and an associated gas-fired combined-cycle project in the country’s Bíobío region, collectively known as the Octopus LNG project, says a person familiar with the deal.
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Cogentrix Energy Power Management is selling two generation assets in the PJM Interconnection market totalling nearly 1 GW, including a project it co-owns with Quantum Utility Generation that is slated to go offline next year.
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First Reserve has agreed to sell a portfolio totaling nearly 1.7 GW of contracted gas-fired projects to a joint venture holding company owned by Harbert Power Fund V, UBS Asset Management Funds - on behalf of UBS International Infrastructure Fund II - and The Northwestern Mutual Life Insurance Co.
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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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American Electric Power has agreed to sell four Midwestern generation facilities, representing roughly two-thirds of its competitive fleet in Ohio, to two private equity firms.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter. For more news and coverage, follow @PowerFinRisk on Twitter, as well as editor @MetcalfReports, managing editor @OliviaFeld and reporter @FotiosEuromoney.
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Enbridge Inc. will look to sell $2 billion of non-core assets over the next 12 months, following the announcement that it has agreed to merge with Spectra Energy Corp.
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Four cities have come a step closer to offloading a jointly-owned 450 MW coal-fired plant in Texas after a second city council approved a potential sale process.
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In this week’s Industry Current, Salem Esber, a Denver-based energy markets expert at London-headquartered PA Consulting Group, considers whether the publicly-traded model is right for U.S. independent power producers.
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Consumers Energy Co. issued $450 million bond on Monday after releasing its second quarter earnings report last week. Other utilities are expected to follow suit in the coming days as they seek to meet their funding needs before the market slowdown at the end of August.
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FirstEnergy has announced that it plans to sell or deactivate a 136 MW coal-fired project in PJM Interconnection because it says it is no longer economically viable to operate the facility.
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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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NRG Energy has increased the size of its second high yield bond offering of the year, which was priced on July 19 to take advantage of a rally in credit markets.
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NRG Energy has returned to the high yield bond market to raise $1 billion with its second offering this year as it continues to manage upcoming maturities.
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El Paso Electric has sold its 7% stake in a 1,540 MW coal-fired project in New Mexico to a subsidiary of Pinnacle West Capital Corp.
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A NextEra Energy Resources subsidiary is acquiring a coal-fired asset in Florida from Ares-EIF, according to a filing made with the U.S. Federal Energy Regulatory Commission.
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Ares-EIF has sold the 112 MW Northampton waste coal-fired facility in Northampton, Pa.
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PwC recently carried out a survey of U.S.-headquartered companies regarding their approach to procuring energy, and George Favaloro, an m.d. at the accountancy, tax and advisory firm, was on hand at the REFF Wall Street conference in New York to share the results.
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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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Spruce Finance raised $83.8 million with its inaugural securitization offering on Wednesday, paving the way for future deals for the residential solar and energy efficiency financing shop.
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Dynegy has launched a term loan B alongside a public offering of tangible equity units to finance its acquisition of a primarily gas-fired U.S. portfolio from Engie.
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A $1.5 billion high yield bond market refinancing for Cheniere Energy’s Sabine Pass LNG export terminal won orders from investment grade accounts, said a banker at one of the bookrunners. The size of the deal was increased from $1 billion.
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Emera has mandated bookrunners for a senior secured and a hybrid bond transaction to finance its acquisition of TECO Energy.
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Great Plains Energy, the holding company for utilities Kansas City Power & Light and KCP&L Greater Missouri Operations, has agreed to acquire Westar Energy in an $8.6 billion deal which is expected to close in the spring of 2017.
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Wabash Valley Power Association has closed its $57 million acquisition of a minority stake in the Prairie State Energy Campus in Illinois from Peabody Energy.
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Heorot Power, formerly known as Bicent Power, has closed its acquisition of two coal-fired projects in Upstate New York through subsidiary Riesling Power.
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A sponsor which develops geothermal projects in in the Americas has closed a $20 million debt facility with the option to draw a further $30 million over the next two years.
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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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Federal funding for Summit Power Group’s Texas Clean Energy project is at risk after the sponsor missed key milestones.
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First Reserve is selling a portfolio of contracted gas-fired assets totaling nearly 1.7 GW, deal watchers tell PFR. Goldman Sachs is advising the Greenwich, Conn-based private equity firm on the auction.
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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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Several generation portfolios financed with term loan Bs have failed to deleverage as expected and are sweeping 100% of their cash to pay down debt as a result of challenging market conditions, according to a report by Moody’s Investors Service.
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American Electric Power will consider selling its interests in four coal-fired facilities in Ohio after the U.S. Federal Energy Regulatory Commission blocked proposed power purchase agreements between the generation assets and a utility owned by AEP.
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Former NRG Energy ceo David Crane has landed a new role at a private equity firm with a focus on environmentally sustainable investments.
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The Commonwealth of Dominica is seeking private investment for the approximately 8 MW state-sponsored geothermal project it is developing.
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Executives representing independent power producers attacked subsidies for renewable generation at the Platts Global Power Markets conference in Las Vegas on April 19.
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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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An affiliate of ArcLight Capital Partners has purchased a 43% stake in the Alberta Hub Gas Storage facility from a subsidiary of Chevron.
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Tuscon Electric Power is planning to acquire the interests it does not already own in the 424.8 MW Springerville 1 coal-fired project in Springerville, Ariz. according to a filing made with the U.S. Federal Energy Regulatory Commission.
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Moody’s Investors Service has upgraded Calpine Corporation’s credit rating, affirmed the ratings of several rivals and downgraded NRG Energy subsidiary GenOn Energy at the end of a review of the U.S. merchant power sector.
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Attendees at Euromoney Seminars’ 10th Annual Latin American Energy and Infrastructure Finance Forum looked into the potential for accessing large regional markets through their smaller neighbors on Tuesday at the Ritz-Carlton South Beach in Miami.
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Publicly listed Cleco Power and a group of investors seeking to take it private are requesting a rehearing after the Louisiana Public Service Commission rejected the proposed takeover.
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Seminole Electric Cooperative is seeking to contract or acquire up to 1 GW of firm capacity in Florida through a request for proposals.
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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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Georgia Renewable Power is acquiring a 114.8 MW coal-fired project in Portsmouth, Va. from Quantum Utility Generation and Cogentrix Energy Power Management.
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Vision Ridge Partners has closed a $430 million sustainable asset fund and is looking to invest in renewable and other sustainable projects.
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Algonquin Power & Utilities Corp. was one of two Canadian firms to announce an acquisition of a U.S. utility company on the same day when it said it had agreed to buy the Empire District Electricity Company on Feb. 9.
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Heorot Power, formerly known as Bicent Power, has hired an investment bank to launch a deal into the volatile term loan B market as it seeks to refinance a 1.45 GW portfolio of assets.
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Peabody Energy is selling its 5.06% stake in the Prairie State Energy Campus to the Wabash Valley Power Association.
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Cheniere Energy Partners is refinancing project debt tied to the Sabine Pass LNG export terminal in Cameron Parish, La., and the Creole Trail Pipeline, which supplies the facility with natural-gas.
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TransAlta will raise between $400 million and $600 million of non-recourse project debt this year to replace $400 million of corporate bonds maturing in June, 2017.
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Alabama Power and Black Hills Corp. were among eight corporate issuers to launch deals in the U.S. bond market on Friday, Jan. 8, when investment grade issuance resumed after a three-day lull.
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Macquarie Infrastructure Corp. has acquired the land beneath its 512 MW gas-fired Bayonne Energy Center in Bayonne, N.J., from Hess Corp. as part of a planned expansion of BEC to at least 642 MW.
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Private equity firm Riverstone Holdings is selling a 30 MW waste tire and biomass-fired facility in Connecticut to a local tire dealership, Empire Tire of Edgewater II.
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Corporations in a range of industries continue to supplant utilities as offtakers for renewable projects in the U.S., as they seek to bolster their green credentials.
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U.S. Geothermal has acquired a majority stake in the Raft River geothermal project in Malta, Idaho, from Goldman Sachs.
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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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In the second half of this exclusive interview, Santosh Raikar, m.d., renewable energy investments at State Street, talks to PFR managing editor Olivia Feld about the planning for the ITC step down, competition with corporates for tax equity deals and appetite for renewables outside of wind and solar.
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Carlos Domenech has left his position as ceo of TerraForm Power and TerraForm Global at the request of the yield companies' boards. His last day was Nov. 20, a company spokesperson tells PFR.
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Baseload Clean Energy Partners, a subsidiary of Seattle-based geothermal developer AltaRock Energy, has purchased Bottle Rock Power, a 55 MW dry-steam facility in Lake County, Calif.
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In this exclusive interview, Santosh Raikar, m.d. at State Street Bank, speaks with PFR managing editor Olivia Feld about finding financeable projects amid a lack of suitable deals and an influx of new players. Raikar leads a team that originates and executes tax equity deals, in addition to managing the performance of existing investments.
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SunEdision may rewrite or scrap a number of announced acquisitions, as the company continues to grapple with its hammering in the stock market.
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An influx of deals in PJM, ongoing market dislocation and the upcoming 2016 presidential election were all up for discussion at the Platts 17th Annual Financing U.S. Power conference at the New York Marriot Marquis in Times Square.
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Ares Management and Siemens Financial Services are backing the construction of Panda Power Funds' 1 GW Hummel combined-cycle gas-fired project in Snyder County, Pa.
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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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Talen Energy has agreed to sell a 399 MW coal-fired project in Baltimore as part of a proposed divestiture plan to satisfy the regulatory requirements of the company's formation. Macquarie Infrastructure Corp. is challenging the plan.
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Over 4 GW of coal-fired generation in Texas will be retired under the Clean Power Plan, roughly one-quarter of the states’ coal capacity, according to a report published by the Electric Reliability Council of Texas on Friday.
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Talen Energy Corp. is running a sale process for over 1 GW of projects within the PJM Interconnection region.
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ArcLight Capital Partners has emerged as the buyer of Tenaska Capital Management's portfolio of seven gas-fired merchant power projects in New York, Illinois, Ohio and Michigan.
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Fortistar has acquired two landfill gas projects totaling 11 MW from Green Gas Americas, after sealing $150 million in financing.
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A Californian utility has employed 20 sure-footed creatures to help haul equipment to its remote hydroelectric project in the Eldorado National Forest.
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A subsidiary of Blackstone is acquiring the 668 MW Somerset coal-fired project in Somerset, N.Y., and 312 MW Cayuga coal-fired project in Lansing, N.Y. from Upstate New York Power Producers.
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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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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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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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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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Benson Power, a subsidiary of Competitive Power Ventures, has acquired the 64 MW PowerMinn biomass project in Benson, Minn., from ContourGlobal.
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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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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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Brian O’Connor and Paul Colatrella, managing directors at Ares Management, talk exclusively to PFR's Nischinta Amarnath about strategies within the company’s direct lending group, their approach to borrowers, the Panda deals, the burgeoning market for mezzanine debt, and more.
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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-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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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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Mississippi Power is evaluating alternatives to offset the impact of South Mississippi Electric Power’s withdrawal from a planned investment in a 582 MW coal-fired facility in Kemper County, Miss.
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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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Duke Energy has laid out a plan to invest $1.1bn as it replaces its 376 MW Asheville coal plant in Skyland, N.C., with a 650 MW gas-fired combined-cycle project at the same site over the next four to five years.
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Keith Martin, partner at Chadbourne & Parke expounds the framework laid out by the IRS for companies aiming to operate as master limited partnerships.
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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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This week’s Industry Current is written by Chadbourne & Parke attorneys David Jiménez Romaro and Javier Félix Muñoz from Mexico City, and Raquel Bierzwinsky from New York. The authors examine the evolving regulatory framework for geothermal exploration and production in Mexico.
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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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Vivid snapshots of the Platts 30th Annual Global Power Markets conference from our reporter's desk.
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Global giants Wal-Mart, Procter & Gamble and General Motors have racked up offtake contracts totaling 140 MW of wind and biomass generation across 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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LNG export facilities in the U.S. and gas pipeline projects in Mexico will help balance a growing surplus of natural gas in North America, Bentek Energy presenters noted at Platts' 30th Annual Global Power Markets conference in Las Vegas on April 13.
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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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GE Energy Financial Services and Enel Green Power North America are launching yield company EGPNA Renewable Energy Partners.
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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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Duke Energy Progress is buying back 700 MW nuclear and coal-fired stakes from the North Carolina Eastern Municipal Power Agency in exchange for a wholesale contract from the agency.
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A GE Energy Financial Services unit has agreed to purchase a stake in a portfolio of renewable and thermal projects totaling 579 MW from an affiliate of Enel Green Power North America.
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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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Eversource Energy is looking to sell roughly 1 GW of hydro and thermal plants in New Hampshire through an auction.
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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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Duke Energy Florida is looking to buy Calpine Corp.’s 599 MW Osprey combined cycle plant in Auburndale, Fla., for $166 million.
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Utilities and operators of U.S. coal-fired generation are planning to shutter hundreds of assets against the backdrop of stringent emissions regulations and heavy plant maintenance costs.
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This week’s Industry Current is written by Randy Male, managing director at boutique investment banking firm Bostonia Partners in Boston. Male discusses the growing appetite for yield companies and evolving trends in renewables financing.
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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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We Energies has scrapped the sale of its 431 MW coal-fired facility in Michigan to Upper Peninsula Power Co.
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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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Khosla Ventures has bought 100% of the equity in a 50 MW geothermal project owned by a subsidiary of EIG.
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Prospective yield company Sol-Wind Renewable Power has indefinitely pushed back its initial public offering.
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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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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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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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Renewable developers RES America and Blackstone Group-backed OffshoreMW have won leases in the largest U.S. offshore wind auction to date.
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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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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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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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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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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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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 U.S. Army Corps of Engineers has issued a request for proposals for a 25 MW combined heat and power project at Redstone Arsenal in Huntsville, Ala.
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This week's 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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Fortistar has agreed to buy Primary Energy, an independent power producer that owns recycled energy assets in Indiana, for $241.4 million.
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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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Summit Power Group is evaluating the construction costs of its 400 MW integrated combined cycle coal gasification project in Texas after labor costs surged past the original estimate and delayed the project.
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Dynegy is issuing three tranches of privately placed, senior unsecured notes totaling $5.1 billion to finance its acquisition of 12.5 GW from Duke Energy and Energy Capital Partners.
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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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The Yieldco Sweep is an exclusive monthly feature that tracks the performance and activity of key yield companies in the power sector with illustrative graphics and market insight.
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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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Wind and solar developers have landed a bevy of power purchase agreements in recent weeks as some requests for proposals, such as Duke Energy’s hunt for solar generation in North Carolina, come to a close. The PPA Pulse is a guide to which sponsors and projects have recently garnered power purchase agreements in the Americas.
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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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Duke Energy Florida has opted to buy a combined cycle facility in Polk County, Fla., from Calpine Corp. instead of building a pair of peakers.
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This week’s Industry Current is written by Anne Hampson, project manager, and Jessica Rackley, senior associate at ICF International in Washington D.C.
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South Texas Electric Cooperative is out with a pair of requests for proposals as it looks to sign power purchase agreements or buy up to 650 MW of generation.
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Duke Energy is on track to find a buyer for its 6.1 GW of unregulated coal- and gas-fired assets in PJM by the end of the year.
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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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Paul Leggett, executive director at Morgan Stanley, has left the firm, marking its third departure from the power and utilities group in as many weeks.
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Duke Energy Progress has agreed to buy 700 MW of stakes in baseload generation in North Carolina from the North Carolina Eastern Municipal Power Agency for $1.2 billion.
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Energy Capital Partners has agreed to buy Wheelabrator, a landfill waste-to-energy company, from Waste Management for $1.94 billion. Barclays and Centerview Partners advised Waste Management.
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ArcLight Capital Partners has put a combined cycle facility in Hawaii on the market.
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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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A bankruptcy court-run sale for Optim Energy’s coal-fired plant in Robertson County, Texas, is scheduled for Aug. 4.
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AES Corp. has shelved its sale of 2.8 GW of gas- and coal-fired generation in Ohio, opting to put the assets into a new subsidiary.
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Quantum Utility Generation has bought a cogeneration facility in Nevada from Chevron and Dynegy.
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The following feature is the final installment of a transcript of a panel co-hosted by Orrick, Herrington & Sutcliffe LLP and PFR as part of our #PowerDrinks series.
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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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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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Atlantic Power Corp. has received fewer bids than expected as prospective buyers were stymied by questions about the company’s preferred transaction and uncertainty about a class action lawsuit.
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Developers and financiers have bid a bounty of different technologies and project sizes into New York Green Bank’s request for proposals.
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NorthWestern Energy has launched a call for up to 45 MW of community-scale renewable energy in Montana.
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The group of creditors that took over coal-fired facilities formerly known as AES Eastern Energy have reportedly put two coal-fired assets up for sale.
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Primary Energy Recycling Corp., an independent power producer that owns recycled energy assets in Indiana, is working with Moelis & Co. on a sale.
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Duke Energy Kentucky has agreed to buy Dayton Power & Light’s stake in coal-fired facility in Boone County, Ky., for $12.4 million.
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Jeetu Balchandani, formerly MetLife’s head of lease, tax, infrastructure equity and tax credit investments, has joined BlackRock’s U.S. infrastructure debt team as the firm looks to boost its presence in the North America infrastructure space.
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PPL Corp. and Riverstone Holdings have agreed to combine their respective unregulated generation portfolios into a single, publicly listed entity.
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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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Alok Garg has joined Wells Fargo as a managing director in New York.
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DTE Energy has sold the retired 167 MW Marysville coal-fired plant to Commercial Development Co., an industrial brownfield redevelopment firm.
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AES Corp. and Duke Energy are awaiting the outcome of the 2017-2018 capacity auction in PJM before taking bids in their respective auctions of unregulated generation in Ohio.
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Capital Dynamics, a global asset manager, is looking for pre-construction assets in the U.S. as it raises a $750 million fund.
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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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The New York Green Bank, a New York-state sponsored investment fund, is looking to add a team of securitization experts, Alfred Griffin, president of N.Y. Green Bank told attendees at the Sunshine Backed Bond conference in New York.
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Black Hills Energy-Colorado Electric has issued two requests for proposals for a total of 102 MW in southern Colorado.
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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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Nevada Power Co. has agreed to buy three gas-fired facilities in Nevada for $140.9 million as it looks to comply with a new state law regarding retiring and replacing coal-fired generation.
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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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Portland General Electric is in the process of consolidating its ownership of a coal-fired plant in the eastern part of Oregon as it evaluates whether to retire the facility or convert to biomass.
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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 Capital Partners has closed its third fund at just north of $5 billion.
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In this week's round-up: Lenders anticipate boost from gas-fired greenfield and wind projects as well as acquisition financings.
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U.S. Geothermal is buying the 26 MW Geysers geothermal project in California from Ram Power Corp
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Harbinger Group has invested in Energy & Infrastructure Capital, a new platform that is looking to lend a range of debt to sectors, including power and midstream gas.
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Entegra Power Group is gearing up to sell a portion of its 2.2 GW Union Station combined cycle facility in El Dorado, Ark., according to investors.
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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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ArcLight Capital Partners has agreed to sale its stake in the Sabine Cogeneration facility in Texas to Rockland Capital.
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Corona Power is out to take first round bids from potential investors in a 900 MW gas-fired repowering of its Sunbury Generation coal-fired facility in Shamokin Dam, Pa.
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Scott Foster has joined boutique investment bank Bostonia Partners from Hannon Armstrong Sustainable Infrastructure, the real estate investment trust that launched last year.
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Terra-Gen Power’s management presentations are set to begin next week as the sale of its 947 MW of Alta wind assets heads into the second round.
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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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UBS International Infrastructure Fund’s decision to not sell its stake in Northern Star Generation and chatter about a limited partner or two coming in for stakes is coloring the auction of Ontario Teachers’ Pension Plan Board’s stake.
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ArcLight Capital Partners has re-launched the sale of its nine cogeneration facilities under its Redwood portfolio in California after extending the power purchase agreements on several.
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ArcLight Capital Partners is selling its minority stake in a waste coal-fired plant in Kennderdell, Pa., to Olympus Power.
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The PPA Pulse is a guide to which sponsors and projects have recently garnered power purchase agreements in the Americas.
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Optim Energy, the independent power producer backed by Bill Gates’ Cascade Investments, is looking to sell its three generation facilities totaling 1,455 MW in a court-run bankruptcy sale process.
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We Energies is looking to sell its Presque Isle coal-fired facility in Marquette, Wis., but is having trouble finding a buyer.
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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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LS Power Equity Advisors has closed its third fund, LS Power Equity Partners III, at $2.075 billion.
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MidAmerican Energy Holdings Co. is buying TransAlta Corp.’s stakes in an 867 MW portfolio of gas-fired, geothermal and hydro assets around the U.S.
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Duke Energy has re-ignited a sale process for its unregulated assets in the Midwest totaling 6.6 GW following a decision by the Public Utilities Commission of Ohio to deny recovery of additional capacity costs.
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The Public Utilities Commission of Ohio has denied Duke Energy’s request to recover additional capacity costs for its unregulated fleet in the state, reigniting chatter about when the fleet could be up for sale.
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AES Corp. has launched the sale of its stakes in an unregulated fleet in Ohio.
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CMS Energy is in the process of buying a gas-fired plant in Michigan from an affiliate of JPMorgan to replace coal-fired retirements.
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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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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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Energy efficiency and demand response assets in the U.S. are investment opportunities that have been largely overlooked by large financial players.
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Joule Assets is raising a $100 million fund to lend to commercial and industrial energy efficiency assets as a step toward securitizing the cash flows from the projects.
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Kilowatt Financial, a financial services company focused on residential energy efficiency and solar, has received a $100 million debt facility from Citigroup to fund its residential energy efficiency loan unit.
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In this week's round-up: Exelon launches first B loan of 2014 whiel FGE Power mandates Goldman Sachs to advise on financing for a merchant combined cycle project in Texas.
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Longview Power, LLC is set for a bankruptcy court hearing in February for final approval on a plan that converts debt held by affiliates of three heavyweight creditors to equity.
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NRG Energy is financing a portion of its $2.635 billion acquisition of Edison Mission Energy with $1.1 billion in privately placed bonds.
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Riverstone Holdings has upsized its term loan B backing Raven Power Finance by $25 million to $375 million.
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Pieridae Energy, developer of the up to $10 billion Goldboro liquefied natural gas export project in Nova Scotia, is looking for a majority equity investor.
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Sponsors have been in the B loan market this month to arrange an aggregate of $1.085 billion by the holidays—a late minute sprint that underscores the overall strength of the B loan market for the year.
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Riverstone Holdings is looking to cut pricing on the debt backing Raven Power Finance by about 150 basis points with its proposed $390 million refinancing.
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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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Riverstone Holdings is teeing up a $350 million refinancing of its Raven Power Holdings subsidiary.
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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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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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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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NRG Energy has emerged as the stalking horse bidder in the bankruptcy court-run sale of Edison Mission Energy with an agreement to pay $2.635 billion for 7.5 GW and a trading and marketing subsidiary.
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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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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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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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Ontario Teachers’ Pension Plan Board is looking to sell its stake in Northern Star Generation, an independent power producer that owns 1.2 GW in the U.S.
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PJM has given FirstEnergy Corp. the go-ahead to retire two coal-fired plants totaling 2 GW.
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Consumers Energy has received approval from MISO and the Michigan Department of Environmental Quality to retire seven coal-fired units totaling 950 MW by year-end.
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Deepwater Wind is planning to ask Rhode Island’s State Properties Committee to allow the company to buy an undersea transmission cable under Scarborough State Beach that runs to its five turbine offshore wind project near Block Island.
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Edison Mission Energy’s generation fleet is attracting strong attention in the run up to the deadline for first round bids. Indicative offers are set to come in next week.
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NSTAR, National Grid, Unitil and Western Massachusetts Electric Co. have agreed to power purchases totaling 565 MW with six wind farms being developed in Maine and New Hampshire by First Wind, Iberdrola Renewables and Exergy Development Group.
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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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In this week’s round-up: Several sponsor wrap project financings and a pair of solar securitizations is on the horizon.
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In a sector packed with project finance and M&A giants from Europe and Wall Street, Marathon Capital stands out as an independent advisory shop that continues to net business with power industry heavyweights.
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Longview Power, LLC, the independent power producer backed by First Reserve, has filed for Chapter 11 protection in the U.S. Bankruptcy Court District of Delaware.
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The Lake Charles liquefied natural gas export project, with a price tag of potentially $11 billion, is being eyed by banks and lenders after receiving approval from the U.S. Department of Energy.
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In this week's round-up: PJM is awash with asset auctions and B loan investors continue to mark their boundaries.
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Edison Mission Energy is marketing coal, gas and wind generation assets as part of its Chapter 11 bankruptcy proceedings.
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SolarReserve has appointed Morgan Stanley as advisor in its search for debt, tax equity and equity investment backing the 150 MW Rice solar thermal project in Blythe, Calif.
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Tenaska Capital Management has hired Michael Flinn as a senior v.p. in Houston as part of the private equity shop’s strategy to expand its midstream investment business.
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In this week's round-up: Financings, both commercial debt and institutional loans, are washing through the pipeline.
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LS Power is targeting a post-Labor Day launch for its term loan B refinancing its stake in the 900 MW Sandy Creek pulverized coal-fired plant in Texas.
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In the second installment of this Q&A, Jonathan Lindenberg, head of project finance in the Americas at Bank of Tokyo Mitsubishi-UFJ discusses liquefied natural gas project landscape, prospects for renewables and potential challenges in project finance. Senior Reporter Nicholas Stone sat down with Lindenberg at the bank’s office in New York.
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GDF Suez has brought in Marubeni as a joint venture partner to develop the $1.125 billion GNL del Plata re-gasification facility in Montevideo, Uruguay and is looking to the finance the facility.
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Panda Power Funds is nearing a first close on its up to $1 billion second power investment fund, with the company’s pipeline of shovel-ready projects reportedly drawing interest.
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In this week's round-up: Sponsors watch price talk on B loans sponsored by Moxie Energy and First Wind and developers survey the yieldco frenzy.
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In the post-crisis world, Bank of Tokyo Mitsubishi-UFJ has emerged as arguably the top shop for power financing.
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Marathon Capital is leading a $120 million bond refinancing of Gradient Resources’ 60 MW Patua geothermal facility near Fernley, Nev.
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Summit Power Group is aiming to close a $1.5 billion debt facility backing its 400 MW Texas Clean Energy Project near Odessa, Texas, in October.
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Summit Power Group is aiming to break ground this fall on its roughly $2.5 billion, 400 MW coal gasification project in Penwell, Texas.
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Covanta Energy is planning a $30 million expansion to a waste-to-energy plant in Niagara Falls, N.Y., that would allow it to receive 300,000 tons of waste from New York City by train.
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Resort beaches are for more than just lounging.
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In this week's round-up: Morgan Stanley alum hit the fundraising trail as sponsors see tight spreads on lender competition.
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LS Power is aiming to refinance bank debt on its 900 MW Sandy Creek pulverized coal-fired plant in Riesel, Texas.
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I Squared Capital, a company established by ex-Morgan Stanley executives, is aiming to raise $2 billion for its maiden infrastructure fund.
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NRG Energy has raised $430.65 million in its initial public offering of NRG Yield Inc., a yield company that holds 1,324 MW of renewable and gas-fired facilities.
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Duke Energy subsidiary Duke Energy Indiana has locked in $500 million in floating- and fixed-rate notes as interest rates continue to rise and the company faces $400 million of maturing debentures.
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Longview Power has detailed a pre-pack bankruptcy filing proposal with its creditors, deal watchers say.
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Private equity-backed Union Energy Group has acquired Peruvian project development company Generación Andina from EnBW Energie Baden-Württemberg.
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Sponsors and bankers are working to develop renewable project bond structures to appeal to foreign and domestic institutional investors.
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Edison Mission Energy has filed a petition with the U.S. Bankruptcy Court Northern District of Illinois seeking a unilateral extension of the Midwest Generation sale leaseback agreements.
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Arizona Public Service Company has put its $294 million purchase of two units of the Four Corners coal-fired plant on hold because of the Arizona Corporation Commission’s consideration of deregulation.
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Tenaska has shelved plans to build the Taylorville carbon-capture coal-fired project in Taylorville, Ill., given lack of support from Illinois legislators.
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Edison Mission Energy is talking with the lessors on its Midwest Generation coal-fired plants about extending the negotiation window for their contracts.
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TransAlta Corp. and MidAmerican Energy Holdings have lined up a 24-year power purchase agreement with the City of Riverside, Calif., for their geothermal joint venture CalEnergy
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AES is planning a 40 MW battery project in Ohio at Dayton Power & Light’s Tait plant near Dayton.
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Excelsior Energy has agreed to a compromise with the Iron Range Resources and Rehabilitation Board on its shelved Mesaba coal-gasification power project in Taconite, including renegotiated debt terms and an extension until 2019 to develop the project.
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Corona Power is holdings talks with prospective investors in and lenders to a 900 MW combined cycle repowering of the coal-fired Sunbury Generation plant in Shamokin Dam, Pa.
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Longview Power has received the green light from lenders on an amendment that releases financial covenants for its 695 MW supercritical pulverized coal-fired facility in Maidsville, W. Va., for two quarters.
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The U.S. Department of the Interior has approved two solar projects totaling 450 MW and a geothermal project.
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Ralph Cho and Michael Pantelogianis started as co-heads of power in North America at Investec earlier this year after nine years working together at WestLB. Cho and Pantelogianis sat down with Senior Reporter Nicholas Stone to discuss their first few months with the bank, where they are seeing opportunities in the market and what they are looking to achieve.
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Lower than expected PJM capacity pricing has tempered the outlook on the region’s merchant prospects as a record amount of power was imported from other regions.
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Cheniere Energy has increased the senior secured loan backing its Sabine Pass liquefied natural-gas export facility to $4.4 billion from $2.3 billion and netted $1.5 billion of additional debt from the Export-Import Bank of Korea and the Korea Trade Insurance Corp.
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Sumitomo Mitsui Banking Corp. has hired Carl Adams, head of structured finance at Banco Espirito Santo, as managing director and head of Latin America.
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In this week's round-up: Capacity pricing results may stoke M&A in PJM while project financiers are grappling with how to open the market to real estate investment trusts.
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Goldman Sachs is preparing a push into project finance and has hired Jean-Pierre Boudrias, director at Credit Suisse, to head the effort.
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FirstEnergy Corp. subsidiary Mon Power is proposing to buy an 80% stake in the Harrison coal-fired plant in West Virginia, from sister company Allegheny Energy Supply for $1.2 billion, or $767 per kW.
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In this week's round-up: Hydro is poised to continue its steady stream of deals while distributed generation solar developers gain traction from companies looking for expansion.
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Kirk Edelman, ceo of the project and structured finance energy business at Siemens Financial Services, leads its power and energy investing activities worldwide.
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Michael Canavan, formerly a director of high-yield markets at RBS Securities, has joined SunTrust Robinson Humphrey as a director in New York.
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Jon Schintler, director of finance at Chicago-based Invenergy, has joined Alterra Power Corp. as director of project finance and mergers & acquisitions.
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GSR Energy is looking for $205 million in debt and equity backing a 36 MW biomass project on the New River in Orange Walk District, Belize.
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The Japan Bank for International Cooperation and the Nippon Export and Investment Insurance agencies are working to provide around $2 billion in debt backing Cameron LNG’ export facility in Hackberry, La.
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Edison Mission Energy has taken pitches from investment banks to sell its 7.5 GW generation portfolio.
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French and Japanese banks are increasing their activity in Latin America, as the renewable energy sector in the region becomes a more stable and attractive proposition, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean in Miami.
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French and Japanese banks are increasing their activity in Latin America, as the renewable energy sector in the region becomes a more stable and attractive proposition, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean in Miami.
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We Energies has asked the Wisconsin Public Service Commission for approval on a $79.9 million project to convert the Valley coal-fired plant to natural gas instead of a greenhouse gas emission reduction project tagged to cost $540 million.
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New England-ISO is prepared for a summer peak of 26,690 MW under normal conditions and a high of 28,895 MW under a heat wave.
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Ormat Technologies has signed a 20-year power purchase agreement with Southern California Public Power Authority for its 16 MW Wild Rose geothermal project in Mineral County, Nev., for $99 per MWh.
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The Navajo Nation has delayed a vote on whether to extend a lease for the Navajo coal-fired facility owned by Salt River Project.
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Hannon Armstrong listed its maiden mortgage real estate investment trust backing buildings with sustainable and clean energy components on the New York Stock Exchange Thursday at $12.50.
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Essential Power has tightened the pricing of a $550.7 million senior secured term loan B to LIBOR plus 325 basis points from LIBOR plus 350 bps.
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The geothermal energy players are aiming to get more private equity funding and bank lending to back early stage development, according to panelists at the Geothermal Energy Association’s International Geothermal Energy Finance Forum at the Marriot Marquis in New Marquis in New York last week.
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Cheniere Energy has issued $1.5 billion in bonds to fund construction and lower bank commitments associated with the $3.6 billion term loan backing the first two trains at the Sabine Pass LNG export facility in Cameron Parish, La.
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The U.S. Internal Revenue Service has released the criteria clarifying what beginning of construction means for a facility looking to qualify for the production tax credit under its latest extension.
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Cameron LNG, an affiliate of Sempra LNG, is trying to lock down 16-year debt backing its liquefied natural gas export facility at the Calcasieu Channel in Hackberry, La.
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Industry Funds Management subsidiary Essential Power is looking to refinance debt on a 1,721 MW portfolio with a $550.7 million senior secured term loan B.
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AES Gener has closed the financing of its 532 MW Cochrane coal-fired facility in Mejillones, Chile.
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Nevada Geothermal Power has changed its name to Alternative Earth Resources and completed the transfer of Blue Mountain geothermal project to mezzanine lender EIG Global Energy Partners.
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Dynegy is estimating that for every $1 per million British thermal unit increase in the price of natural gas, the value of its coal-fired assets will increase by $330 million.
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Connecticut Light & Power Co. has filed a rate recovery request with state regulators to recover $414 million of the $462.3 million in damages from fives storms in the last two years, including $156 million for Sandy.
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In this week's round-up: A private letter ruling hints at tax equity growth while LatAm gears up for project bonds and Hannon Armstrong pushes toward debuting its sustainable REIT on the public market.
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Alinda Investments and GE Energy Financial Services are looking to sell SourceGas, a gas distribution utility.
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NRG Energy wants to convert the Dunkirk coal-fired plant in western New York to a 440 MW gas-fired plant for $506 million.
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Gulf Power Co. is planning to retire its 100 MW Scholz coal-fired plant in Sneads, Fla., by April 2015.
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TransAlta Corp. has declared force majeure at a 395 MW generator at its Keephills 1 coal-fired plant in Alberta because of a failure with its generator.
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U.S. Geothermal will receive a $35 million cash grant from the U.S. Department of Treasury for its Neal Hot Springs geothermal plant in southeast Oregon.
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The Los Angeles Department of Water and Power is negotiating changes to a power purchase agreement with the coal-fired Intermountain Power Plant in Delta, Utah, to buy power instead from a gas-fired affiliate of the plant.
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Bill Johnson, the new ceo of the Tennessee Valley Authority, told regional business leaders that renewables might be too expensive to roll-out in great numbers in the southeast until they hit price parity with the gas- and coal-fired generation.
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Dynegy wants to take advantage of the current rates in the capital markets to refinance about $1.3 billion term loan Bs in the coming months.
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In this week's round-up: The B loan market is prepping for Texas gas-fired development deals and coal-fired trades surge.
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Dynegy has agreed to buy a 4.1 GW merchant coal-fired portfolio from Ameren and will take on its existing $825 million debt.
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The town of Marceline, Mo., would like to exit offtake agreement with the $4 billion, 1.6 GW Peabody State coal-fired plant in Illinois because it is losing money on its investment and buys cheaper power from Ameren.
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Tenaska’s $3 billion Sweetwater carbon capture and storage coal-fired project in Nolan County, Texas, is on hold awaiting federal financing incentives.
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Credit Suisse will be launching a financing package next month for Energy Capital Partner’s $650 million purchase of Dominion’s 3.4 GW of coal-, oil- and gas-fired portfolio.
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A coalition of industries and activist groups in Minnesota is calling for the state to get 40% of power from renewables by 2030 in addition to an additional 10% from solar.
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Salt River Project is in talks to buy Los Angeles Department of Water and Power’s 21.2% stake in the Navajo coal-fired plant for about $189 million.
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Public Service Electric & Gas is proposing a $1.5 billion in transmission upgrades on top of a $3.9 capex for its distribution grid.
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A private letter ruling from the U.S. Internal Revenue Service is being seen as a green light to include sustainable and renewable energy assets in a novel mortgage real estate investment trust.
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Commonwealth Edison Co. and competitive power suppliers such as Constellation and Integrys are preparing a court challenge to the $1.6 billion, 176 MW Future Gen clean coal-fired plant in Meredosia, Ill., that has received $1 billion in federal subsidies.
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Tucson Electric Power is trying to buy out the lessors of the Springerville 1 coal-fired plant in Arizona.
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American Electric Power will stop using coal to fuel three plants in Indiana, Kentucky and Ohio by 2015, either through retirement or refueling.
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Kinder Morgan Energy Partners plans to issue $1 billion of senior unsecured notes to help finance its $21.1 billion acquisition of El Paso Corp. and $3.9 billion purchase of Copano Energy.
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Some lenders are looking to shed exposure to the first round of financing for Cheniere Energy’s Sabine Pass natural gas liquefaction facility to make room for a second deal from the company.
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Morgan Stanley is leading an unsecured bond issuance for an affiliate of Energy Investors Funds that will pay down debt at a cogeneration facility in Florida, says an observer.
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JPMorgan Capital Corp. has made a $35.7 million tax equity investment in eight geothermal facilities owned by Ormat Nevada in California and Nevada.
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SolarReserve is talking to lenders for financing backing its $600 million, 150 MW Rice solar thermal project in Blythe, Calif.
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Midwest Generation, a subsidiary of Edison Mission Energy that has filed for bankruptcy, has asked Illinois officials to delay a 2015-2016 deadline to have $440 million of emission reducing upgrades online at the Joliet coal-fired plant.
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Dominion posted a $795 million loss in the fourth quarter primarily from write-downs it made on the merchant generation, including two coal-fired plants, that it is trying to sell.
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Minnesota Power is planning a series of efforts to cut-down on its coal-fired generation.
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Cheniere Energy has upsized its 144a offering to $1.5 billion from $1 billion after an investor roadshow in New York, Boston and Chicago.
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Ram Power is selling its Geysers geothermal project in Northern California as the company shifts its focus from development in the U.S. to Nicaragua.
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Ram Power Corp. is cutting 12 of 19 jobs at its Reno, Nev., headquarters as part of a reorganization shifting its focus on geothermal development in Nicaragua.
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The deadline for the submission of final bids for three Dominion assets totaling 3.4 GW in Illinois and Massachusetts has been pushed out a week.
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Constellation completed a 5.7 MW solar project in Lake County, Ore., that has a power purchase agreement with Portland General Electric.
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The use of coal-fired generation in November showed a 6.2% increase year over year, the such increase since December 2009 against December 2010, according to a report from the U.S. Energy Information Administration.
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A California Senate committee on energy and utilities will meet Monday to determine whether the state should focus on building generation or increasing energy efficiency.
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The Maine Public Utilities Commission approved Statoil’s proposed $120 million, 12 MW offshore wind project about 12 miles off of Boothbay Harbor.
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The Arizona Corporate Commission eliminated tax incentives for commercial-scale solar projects from a proposed Tucson Electric Power plan, saying the utility had already met its commercial renewable energy goals for the next few years.
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In this week's round-up: Three gas-fired assets are primped to be sold while LatAm draws eyes and industry officials in Canada wonder whether the project finance market is deep enough.
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A team from Houston-based Cheniere Energy is on the road this week meeting investors in New York, Boston and Chicago, to market $1 billion in 144a notes.
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Indiana Power & Light is going to install $511 million in emission reduction upgrades at its Petersburg and Harding Street coal-fired plants.
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MidAmerican Energy Co. will retire two coal-fired units, Neal 1 and 2, near Sioux City, Iowa, by 2016 as part of a pollution control settlement.
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Ameren Energy Generating Co. is being tipped for a restructuring process as parent Ameren looks to exit the merchant business.
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Apple has received approval to increase the size of a fuel cell project at its data center in Maiden, N.C., from 4.8 MW to 10 MW.
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First Columbia Energy Holdings, a new development shop founded by Richard Ashby, formerly of RES Americas and based in Toronto, is near an agreement to buy a 1 GW wind project in British Columbia from Deutsche Bank and Katabatic Power Corp.
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Private equity and venture capital shops such as Draper Fisher Jurveston and Braemar Energy Ventures invested $5.8 billion in renewables companies in 2012, down 34% from 2011.
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European lenders will likely increase participation in project finance deals due to the Basel Committee on Banking Supervision’s decision to delay and water down Basel III requirements, according to bankers and executives.
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PurEnergy has agreed to buy out GDF Suez Energy North America’s position as lessee of a 440 MW lignite-fired plant in Ackerman, Miss.
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PI had a busy run up to the end of 2012. Mezzanine fundraising and deployment, solar project financing and volatility in North American M&A marked the highlights of our coverage in December.
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Cameron LNG, an affiliate of Sempra LNG, is lining up lenders to finance its liquefaction natural-gas export facility along the Calcasieu Channel in Hackberry, La.
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Cogentrix Energy will exit its stake in the 112 MW Northampton waste coal-fired plant that it owns along with Energy Investors Funds as part of the plant’s Chapter 11 bankruptcy restructuring plan.
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Duke Energy brought two new power plants online this week at Duke Energy Carolinas and Progress Energy Carolinas: the $2.2 billion, 825 MW coal unit at the Cliffside Steam plant and the $723 million, 920-megawatt H.F. Lee combined cycle facility.
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Two coal-fired power plants, Joliet and Romeoville, Ill., owned by Edison Mission Energy subsidiary Midwest Generation have received approval to be rezoned that will make them eligible for tax breaks that will aid in the cost of environmental upgrades.
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Delta Thermo Energy, a New Jersey-based company developing a $49 million waste- to-energy project in Allentown, Pa., is looking for private funding for the project.
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The auction for three Dominion-owned fossil fuel-fired plants totaling 3.4 GW in Illinois and Massachusetts has moved to the second round.
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In this week's round-up: Several assets ranging from coal-fired plants to solar projects and energy storage flywheel projects have changed hands in bankruptcy court in 2012 ... and the dark days may not be over yet.
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How much power does it take to keep all those twinkly lights on across the nation during the winter holidays?
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A hearing to approve the re-organization plan for Homer City Funding, the financing vehicle affiliated with the 1,884 MW coal-fired plant, is set for Thursday in the U.S. Bankruptcy Court District of Delaware.
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Apple is doubling the size of its planned fuel cell project in Catawba County, N.C., to 10 MW.
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Exelon has completed the sale of three coal-fired plants in Maryland to Raven Power Holdings, a portfolio company of Riverstone Holdings.
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Energy Investor Funds has priced a $246 million refinancing of a trio of coal-fired plants wide of initial price talk.
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Empresa Electrica Guacolda SA, a power producer in Chile, is developing a 154 MW coal-fired project in Huasco, Chile, that is expected to go online in September 2015.
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Bith Energy, a Baltimore, Md.-based company that has been okayed to develop a 10 MW solar project in West Friendship, Md., is seeking additional approval to increase the size of the project.
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Northern Star Generation has launched a term loan B as a dividend recapitalization and to refinance existing debt at subsidiary NSG Holdings.
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Xcel Energy’s $1.3 billion, 766 MW Comanche 3 coal-fired plant near Pueblo, Colo., is running at a higher capacity, about 80%, after generating at 52% in 2011—it’s first full year of operation.
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Ontario Power Generation had a $139 million net income in the third quarter compared to a $154 million net loss year over year on improved returns from investments.
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Centrica is considering expanding Direct Energy, its retail company in the U.S., instead of further investments in nuclear generation in the U.K.
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Riverstone Holdings has closed an upsized term loan B financing its $400 million acquisition of three coal-fired plants totaling 2.65 GW from Exelon.
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Coal-fired plant shutdowns and resistance to nuclear-fired generation, against a backdrop of cheap natural gas, is pushing the industry toward a gas-heavy generation mix.
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Homer City Funding LLC, a financing vehicle for the Homer City coal-fired plant in Pennsylvania filed for a Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Wilmington, Delaware.
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PPL Corp. is selling its hydro and coal-fired subsidiary PPL Montana as it looks to reduce its unregulated operations.
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Wolverine Power Cooperative is negotiating with We Energies about taking a stake in the 425 MW Presque Isle Power coal-fired plant on Michigan’s Upper Peninsula.
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Windsor Financing, a subsidiary of Energy Investors Funds, is looking to land a $246 million senior secured term loan B to refinance three stoker coal-fired plants in Virginia and North Carolina.
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UBS has launched an acquisition financing package backing Riverstone Holdings’ purchase of three coal-fired plants totaling 2.648 GW from Exelon.
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Natural gas prices are pushing coal plants into early retirement, said attendees at the Platts Financing U.S. Power conference in New York on Oct. 18 and 19.
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Santee Cooper is planning to shutter a coal- and oil-fired plant in Moncks Corner, S.C., and the Grainger Generating Station near Conway, S.C.
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The Minnesota Public Utilities Commission will allow utilities five more years before they have to start including the cost of carbon dioxide emission in their long-term planning documents.
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Power companies brought 12.5 GW online between January and September this year, down 2.9 GW from 2011, according to a report from the U.S. Federal Energy Regulatory Commission.
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Coal has emerged as a hot button issue in the presidential election as presidential candidates Barack Obama and Mitt Romney trade barbs over whose energy plan will bring energy security to the U.S.
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GE Capital Corp. is moving toward a Chapter 11 pre-packaged bankruptcy filing for a special purpose vehicle, Homer City Funding, that is affiliated with its 1,884 MW Homer City coal-fired plant in Pennsylvania.
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Golden Valley Electric Association has reached an agreement with state and federal officials that could lead to restarting a mothballed 50 MW clean coal-fired plant in Healy, Ala., if $40 million of additional emissions reduction equipment is installed.
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NorthWinds Renewables, an affiliate of advisory shop NorthWinds Advisors, is stepping into lending for development stage renewables projects in the Americas.
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Coal-fired plant retirements could range between 59-77 GW over the next five years and cost the industry about $144 billion, according to a new forecast from the Brattle Group.
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In this week’s Industry Current, four veterans in the project finance market talked about the cost of capital at an event hosted by Chadbourne & Parke. Eli Katz, partner in New York, moderated the panel.
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Nevada Geothermal Power may hand over its Blue Mountain geothermal facility to lender EIG Global Energy Partners since the facility has generated less power than expected.
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PPL Montana has decided to shutdown its 154 MW J.E. Corette coal-fired plant in Billings, Mont., after costing environmental upgrades—$38 million—on the plant given the reduced power demand.
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The American Coalition for Clean Coal Electricity estimates that 204 coal-fired units across the country totaling 31 GW could be shuttered under new regulations from the U.S. Environmental Protection Agency.
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Duke Energy has shelved the strategic evaluation of its Midwest generating fleet.
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Kentucky Utilities and affiliate Louisville Gas & Electric Company have issued a request for proposals for 700 MW of generation after a plan to purchase plants from LS Power fell through due to regulatory issues.
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Progress Energy Carolinas, now a unit of Duke Energy, will shutter the 382 MW H.F. Lee coal-fired plant near Goldsboro, N.C., tomorrow.
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Relationships between developers and lenders are becoming paramount in project finance assponsors look to club deals to get transactions through a constrained bank market.
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Mitsubishi Heavy Industries has reached an agreement with the Federal Electricity Commission in Mexico to develop a 50 MW geothermal project in the western state of Michoacan.
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Dominion has tapped Citigroup and Morgan Stanley to sell three merchant fossil-fuel fired plants totaling 3.4 GW Illinois and Massachusetts.
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Termotesajara is looking to mandate lenders to lead a $330 million financing backing a 180 MW expansion to its 163 MW coal-fired plant in northern Colombia.
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Fortress Investment Group is trying to corral prospective investors into a planned energy mezzanine fund.
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BrightSource Energy officials are looking to round up funding for its more than $1 billion dollar, 500 MW Rio Mesa concentrating solar thermal tower project in California.
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Ocean Renewable Power Company, the developer behind the first tidal power project to go online in the U.S., is looking for $25 million in equity investment to complete its maiden facility.
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In this week's round-up: Coal-fired generation takes a profound hit from lackluster power demand while project financiers play musical chairs.
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In this week's round-up: Coal-fired generation takes a profound hit from lackluster power demand while project financiers play musical chairs.
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Exelon has sold stakes in a portfolio of five biomass and coal-fired plants in California to IHI Corp., a Tokyo-based engineering firm.
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FirstEnergy is planning an indefinite cut back on operations at its 2.233 GW W.H. Sammis coal-fired facility in Stratton, Ohio, because the power is not needed.
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Xcel Energy closed its 4.5 MW request for proposals for small solar projects half an hour after it launched because developers submitted applications for three times the allotment.
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The wind and solar developer enXco has changed its name to EDF Renewable Energy as a way to be more inline with its parent company, EDF.
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Bondholders in Edison Mission Energy affiliate Midwest Generation are in the early stages of retaining an advisor.
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Riverstone Holdings is preparing to set up financing for its acquisition of three coal-fired plants totaling 2.648 GW from Exelon for about $400 million.
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Edison International will file for Chapter 11 bankruptcy protection for its Edison Mission Energy and Midwest Generation subsidiaries if its current efforts to restructure debt are not successful, Ted Craver, chairman and ceo of EIX, said on the second quarter earnings call Tuesday.
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Southwestern Public Service Co., an Amarillo, Texas-based subsidiary of Xcel Energy, is issuing a request for proposals for 88.7 MW of renewable energy that is not wind or solar.
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The number of assets up for sale in the second quarter, 32, is less than half the number put on the market in the first quarter of the year as the power market faces uncertainty from various angles including political, financial and demand.
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Duke Energy has hired two investment banks to evaluate options for its 7.5 GW Midwest generating business.
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Babson Capital Management, with $142 billion in assets under management, is launching an energy finance group
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Enbridge is working to establish a green energy platform ranging from geothermal and concentrated photovoltaic to hydro and energy storage that is an earnings contributor, Chuck Szmurlo, v.p. alternative and emerging energy in Calgary, told PI.
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Distressed buyers are watching the debt on Terra-Gen Power’s Coso Geothermal Power Holdings subsidiary.
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A pair of New Jersey investors has agreed to buy a coal-fired plant in Massachusetts from Dominion Energy as the first step toward developing a combined cycle facility on the existing site.
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Duke Energy has been talking with several investment banking teams about the future of its 7.5 GW Midwest generating business with operations primarily in Ohio.
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Co-advisors Citigroup and Goldman Sachs will be taking final round bids for 2.648 GW of Exelon coal-fired plants in the middle of July.
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Energy Transfer Equity is looking to sell two gas distribution utility subsidiaries it acquired in its $7.9 billion takeover of Southern Union Co.
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The management team of Ingenco, a Richmond, Va.-based company, is buying out the majority stakes in a portfolio of landfill gas-to-energy facilities from a group of heavyweight investors.
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Summit Power is looking for roughly $500 million in tax equity investment for its $2.4 billion, 400 MW integrated gasification combined-cycle project in Odessa, Texas.
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Kentucky Utilities and Louisville Gas & Electric’s planned acquisition of three simple cycle gas-fired plants totaling 495 MW from LS Power has been scrubbed.
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First round bids came in for Exelon's 2.648 GW of coal-fired plants in Maryland came in last week and buyers have received notification about whether they moved to the next round.
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Energy Investors Funds is selling a pipeline and accompanying cogeneration project in Maine.
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Appalachian Power is planning to convert two coal-fired units at its Clinch River facility to gas-fired and buyout a minority stake in the Amos coal-fired plant from Ohio Power, an affiliate American Electric Power Co.
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EnergySource, a sponsor of the 49.9 MW Hudson Ranch I geothermal project in Salton Sea, Calif., along with the American Council on Renewable Energy and Imperial County officials dedicated the plant Friday.
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Colorado Springs Utilities is evaluating whether to put scrubbers on its Martin Drake coal-fired plant in Colorado Springs, Colo.
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GDF Suez Energy North America has retained Barclays to advise on restructuring alternatives for a lignite-fired plant near Ackerman, Miss.
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The number of generation sales launched across all generation sources dropped 60% from 65 to 26 in the first quarter against the same period last year, according to exclusive data from Power Intelligence’s Generation Sale Database.
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Cogentrix and Quantum Utility Generation have tapped Royal Bank of Canada to lead a roughly $120 million refinancing of their 110 MW Portsmouth Genco stoker coal-fired plant in Portsmouth, Va. Scotiabank is the co-lead on the deal.
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Phillips 66, the spin-off of ConocoPhillips, is taking several cogeneration assets as part of the restructuring creating two separate energy companies.
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All aboard! The Southeastern Pennsylvania Transportation Authority, or SEPTA, is piloting a project that captures kinetic energy from the braking of moving trains along the Market-Frankford line in Philadelphia.
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Bicent Holdings, the parent company of Bicent Power, has filed for bankruptcy in the U.S. Bankruptcy Court District of Delaware, starting a process in which lenders are expected to takeover two power plants.
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Regulators in Arizona have approved Arizona Public Service’s purchased of a stake in Southern California Edison’s coal-fired plant in New Mexico.
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Initial bids for the 2.648 GW of coal-fired plants in Maryland that Exelon is selling will be due early next month, says a deal watcher.
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The mergers and acquisitions market has turned tepid as renewables, thermal and coal-fired assets are bogged down by uncertainty about federal energy policy, emission regulations and the grid as baseload plants go offline.
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Alcoa, one of the world’s largest producer of primary and fabricated aluminum, is looking to sell a portfolio of hydro facilities totaling 351 MW in Tennessee and North Carolina as it shuts down operations in the area.
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Construction of a new geothermal plant is being planned for the Klamath wildlife refuge in Klamath Falls, Ore.
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A proposal for the New York Power Authority to buy power from an older coal-fired power plant has been left out of the state budget.
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Citigroup and Goldman Sachs have launched the auction of three coal-fired plants in Maryland totaling 2.648 GW that Exelon will sell as part of the merger agreement with Constellation Energy Group.
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American Electric Power has announced that it will retire fewer coal-fired facilities than it had originally announced.
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The creditors of AES Eastern Energy, casting the lone bid for the AES Corp. subsidiary, will have their takeover offer approved next week in a bankruptcy court proceeding after no other bids for the coal-fired unit were submitted.
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Cascade Investments, the investment vehicle of Bill Gates based in Kirkland, Wash., is mulling the fate of Optim Energy, its Texas operating company that owns 1.18 GW and was formerly a joint venture with PNM Resources.
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Duquesne Light Holdings is looking to sell its minority stakes in two coal-fired plants in Pennsylvania that are owned by a consortium of strategics—a sale that could offer a rough field guide on how to value coal-fired assets that survive the impending environmental regulations.
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NRG Energy will close its 535 MW Dunkirk coal-fired plant in upstate New York within 180 days unless state officials find that the closure will have negative impacts on reliability.
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Exelon has six months to sell 2.648 GW of coal-fired plants in Maryland now that its $7.9 billion acquisition of Constellation Energy Group has closed.
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A Virginia town council has approved the construction of a $5 billion coal-fired generating facility proposed by Old Dominion Electric Cooperative.
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A federal court has ruled that utility company PNM Resources must continue on schedule with the installation of emissions control equipment for a New Mexico coal-fired station.
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Edison International is considering various options for its unregulated power producer unit Edison Mission Group and is looking to exit its Homer City coal-fired facility.
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Edison International is planning to shutter two coal-fired facilities in the Chicago area as environmental standards become more stringent and natural gas prices see record lows.
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Final bids for Perennial Power’s cogeneration facility in Kathleen, Ga., are expected to come in Tuesday or Wednesday, deal watchers say.
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A new shop wants to help developers raise capital or sell projects via an online platform which will match them with investors.
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Gradient Resources has downsized a financing supporting its Patua geothermal project to back a smaller phase—30 MW, rather than 60-120 MW, bankers say.
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Macpherson Energy Co. and DTE Energy Services have converted a California coal-fired plant to biomass.
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The Babcock & Wilcox Company has been picked to supply environmental control equipment for several coal-fired generating facilities owned by Luminant Power.
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Rocky Mountain Power is seeking approval from Wyoming state regulators to install environmental upgrades for its Naughton coal-fired plant as an alternative to decommissioning the facility.
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U.S. coal demand is expected to drop 2% in 2012, bringing coal use to a 20-year low.
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AES is planning to sell part or all of its business operations in China.
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UBS is expected to release teasers in the next two to three weeks on Alliant Energy’s sale of its renewable engineering, procurement and construction unit, RMT, deal watchers say.
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Emissions control equipment manufacturer Novinda Corp. has received funding to develop a mercury control system for coal-fired generating facilities.
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GenOn Energy’s coal-fired generating facility in Alexandria, Va. has been fined $208,700 for failing to comply with new emissions and air quality standards.
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Summit Power is looking to close a roughly $1.3 billion debt financing backing its $2.4 billion, 400 MW integrated gasification combined-cycle project this summer.
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First Energy will close three coal-fired plants in West Virginia, bringing the total number of closures in the company’s fleet to nine plants comprising roughly 3.2 GW.
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Edison Mission Energy has stated that its 1,884 MW Homer City coal-fired plant in Pennsylvania meets all required environmental regulations despite contrary claims by the Sierra Club.
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The state of Iowa is moving away from coal-fired generation and increasing its gas-fired resources.
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Decline in the price of lithium-ion batteries will likely make power storage a viable alternative to natural gas as a source of power supply by 2016.
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Rockland Capital has agreed to buy a 200 MW cogeneration facility in Westville, N.J., from a unit of petroleum refiner Sunoco.
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Maybe the push to get the production tax credit extended could use another pack of people pushing for lawmakers to stand-up for the environment.
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Southwestern Electric Power Co. will need to install environmental control and emissions scrubbing equipment at its 528 MW Flint Creek coal-fired plant in Gentry, Ark. to comply with new environmental standards.
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First Energy will close three coal-fired generating facilities in West Virginia.
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Rockland Capital has been selected as the stalking horse bidder for energy storage flywheel developer Beacon Power with a $30.5 million bid plus $6.6 million in funding obligations to the U.S. Department of Energy.
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The market for new assets was in the doldrums during the last months of 2011—little more than two dozen generation facilities hit the market in the fourth quarter, a 60% drop from the same period in the prior year, according to exclusive data from PI’s Generation Sale Database.
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Appalachian Power is planning to purchase two coal-fired plants in West Virginia from American Electric Power Co.
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The Virginia State Corporation Commission has approved a proposal by Dominion Power to build a 1,329 MW gas-fired generating facility.
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New Jersey company Footprint Power has plans to buy a coal-fired plant in Massachusetts from Dominion Power and convert it into a natural gas facility.
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Dominion Power will retire its 515 MW State Line energy station in Indiana by March 31.
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A federal court in Kansas has ruled that Sunflower Electric Corp.’s proposed coal-fired plant cannot go forward without further environmental review.
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Blue Ridge Energy Development is moving forward with plans for a facility that will derive generation from scrap tires.
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First lien debt holders in Bicent Power have selected boutique Rock Point Associates as their advisor ahead of a potential covenant breach by the company.
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FirstEnergy Corp. is planning to close six coal-fired facilities, located in Ohio, Pennsylvania and Maryland, this year.
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Cobb EMC has backed out of a plan to develop an 850 MW coal-fired plant in Sandersville, Ga.
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Karen Douglas, commissioner at the California Energy Commission, says the state is looking to maximize its geothermal output as it considers retiring 16 thermal and nuclear power plants in the state by as early as 2015.
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First lien debt holders in Bicent Power are taking pitches from restructuring advisors ahead of a potential covenant breach.
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Nevada Geothermal Power has hired Canaccord Genuity Corp. to look at strategic options for the company.
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The power sector is shifting to a project finance model increasingly dependent on a larger equity component and mezzanine debt, especially for merchant projects, said panelists at Infocast’s Projects & Money 2012 in New Orleans.
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Duke Energy has reached a deal with several environmental groups to shut down 1,667 MW of coal-fired assets in the Carolinas.
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Expanding supplies of shale-based natural gas have cut U.S electricity costs by 50% since 2008.
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Three coal-fired assets owned by Southern Company are on the list of the 10 biggest emitters of greenhouse gases under a study conducted by the U.S. Environmental Protection Agency.
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Edison Mission Energy’s plan to upgrade emissions control technology at one of its facilities could cost as much as $700 million.
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Troubled energy storage developer Beacon Power is looking for a buyer.
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We Energies’ coal-fired Presque Island plant in Marquette, Mich., may not be shut down as had been previously planned.
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Perennial Power Holdings has identified a shortlist of bidders for its cogeneration facility in Kathleen, Ga.
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Inspired by the “gentle swaying of kelp forests”, Sydney-based developer BioPower Systems has unveiled a generation system intended to harness ocean swells to generate power.
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AES Eastern Energy has filed for Chapter 11 bankruptcy and reached an agreement to sell two of the plants to creditors.
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The Nevada Public Utility Commission has approved for an offtake agreement for U.S. Geothermal Inc.’s 19.9 MW San Emidio Project in Washoe County, Nev.
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M&A next year across gas- and coal-fired assets will see prospective buyers in a strong position as owners are hit by sagging natural gas prices, power prices that remain low and expiring hedges on merchant facilities.
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Midwest Generation has announced that it has completed installation of pollution control equipment for six coal-fired plants in the Chicago area.
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Southwestern Electric Power Co. has reached an agreement with environmental groups to allow it to finish construction of a $2.1 billion, 600 MW coal-fired plant in Arkansas.
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Longview Power announced that construction of a coal-fired plant in West Virginia is nearly complete.
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Luminant Power Co. will idle units 1 and 2 of its Monticello coal-fired plant.
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State regulators have approved the retrofitting of a Minnesota utilities’ coal-fired power plant in Milbank, S.D.
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Permits issued by the Georgia Environmental Protection Division for a proposed coal-fired plant in Sandersville are being challenged by state environmental groups.
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We Energies is closing one of its coal-fired plants in Oak Creek, Wis.
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LS Power has nixed plans for a proposed coal-fired plant in Georgia.
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KGRA Energy, a developer that captures waste heat to generate power, has retained Fieldstone Private Capital Group to raise capital.
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Ontario Power Generation Co. will be shutting down two coal-fired units at its Nanticoke Generating Station in the province.
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Constellation Energy will provide 25 MW of power over five years to Montana-Dakota Utilities Co. as part of an agreement to develop a load response program for the utility.
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Energy Investors Funds and Cogentrix Energy have filed for Chapter 11 bankruptcy on behalf of the jointly owned Northampton waste coal-fired plant in Pennsylvania.
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Greg Cook, the manager of the 665 MW Plum Point coal-fired plant in Arkansas, has refuted a review by the U.S. Environmental Protection Agency that pinpointed the facility as the dirtiest in the country.
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S&S Deconstruction, an affiliate of BTU Solutions, a power plant refurbishment company out of Sugar Land, Texas, won the court-run auction yesterday for AES’ Thames, the 207 MW coal-fired plant in Connecticut.
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Kentucky Power Co. has announced that it will be investing $940 million worth of upgrades for its Big Sandy Power Plant near Louisa, Ky.
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Consumers Energy has abandoned its plan to build an 830 MW coal-fired plant near Bay City, Mich.
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The Tennessee Valley Authority has announced that it will be tearing down its vacant coal-fired plant in Bowling Green, Tenn.
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Capital Power’s Genesee 3 plant will remain offline until as late as Jan. 1.
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Utilities companies and regional transmission organizations have joined together to seek more time to implement changes to their plants in compliance with new U.S. Environmental Protection Agency regulations.
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Final bids are due Friday for AES’ 208 MW Thames coal-fired plant in Montville, Conn., that is in bankruptcy.
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Brookfield Renewable Power and Brookfield Renewable Power Fund have completed the combination of their renewable assets, which will exist under the new publicly traded partnership, Brookfield Renewable.
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Minnesota company Great River Electric is shutting down its $437 million Spiritwood Station.
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ArcLight Capital Partners will scope more midstream investment opportunities for its recently closed $3.3 billion fund and keep power to about half of its commitments, Daniel Revers, managing partner, told PI in an exclusive interview.
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Beacon Power will sell its 20 MW Stephentown flywheel facility as part of an agreement with the U.S. Department of Energy after it defaulted on a $43 million loan guarantee.
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This week’s Industry Current is an edited transcript of a conversation between Nick Akins, president and ceo of Columbus, Ohio-based American Electric Power, Chris Crane, president and ceo of Chicago-based Exelon and John Whitlock, managing director and analytical manager in Standard & Poor’s electric utility ratings team. The
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Quintana Infrastructure & Development is selling off a majority of its ownership in two gas- and diesel-fired plants totaling 450 MW in Ohio to a consortium of financial owners, including BlackRock and Starwood Energy Group Global.
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Minnesota regulators have requested that Minnesota Power evaluate how to shut-down two coal-fired plants while adding gas-fired generation in the next 15 years.
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The Public Utilities Commission of Ohio could approve AES’ $3.5 billion acquisition of DPL as early as Tuesday, tying up the last remaining approval needed.
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Mississippi Power, a unit of Southern Co., has filed with state regulators for a rate increase to fund the construction of its $2.4 billion Kemper integrated gasification combined cycle coal-fired project that is scheduled to be online in 2014.
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MISO estimates that proposed emission regulations from the U.S. Environmental Protection Agency could shutter 13 GW of coal-fired generation in its territory.
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Power companies are in disagreement about how quickly coal-fired plants need to be shuttered under forthcoming air-pollution legislation from the U.S. Environmental Protection Agency.
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Chip Carstensen, senior director of origination at NordLB, has left the bank for Black Emerald, a start-up shop out of Albany, N.Y., that plans to acquire and develop late-stage renewable projects.
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Ditlev Engel, ceo of Vestas Wind Systems, contends that the expiration of the production tax credit after 2012 may prompt wind turbine sales in the U.S. to “fall off a cliff.”
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Executives at Southern Co. and American Electric Power contend that air-pollution standards expected to be imposed on coal-fired plants next month by the U.S. Environmental Protection Agency are impossible to meet.
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Michael Madigan, speaker of the Illinois House of Representatives, is opposing a proposed deal between Edison Mission Group subsidiary Midwest Generation and Chicago Mayor Rahm Emanuel to close the 50-year-old Fisk and Crawford coal-fired plants in exchange for state subsidies to benefit a new 240 MW wind project.
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Coal-fired plants generating under 400 MW are most vulnerable to forced retirements under upcoming U.S. Environmental Protection Agency emissions regulation.
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Dynegy has requested that a New York judge dismiss a lawsuit brought by bondholder Avenue Investments, which seeks to dismantle the company’s reorganization of coal- and gas-fired assets.
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Beacon Power, a Massachusetts-based flywheel power storage developer that received a $43 million loan guarantee from the U.S. Department of Energy, has filed for bankruptcy protection.
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The Indiana Utility Regulatory Commission is planning to decide in the next few weeks whether it will increase the amount that Duke Energy Indiana customers pay toward the construction of the $3 billion Edwardsport coal-gasification project that has run more than $1 billion over its original price tag.
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Bloom Energy, a Sunnyvale, Calif.-based fuel cell maker, has tapped Royal Bank of Scotland to lead a financing supporting 30 MW of gas-fueled cell projects in New Castle County, Del.
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Tenaska has entered a memorandum of understanding with the Illinois Black Chamber of Commerce to establish a $30 million foundation for poor minority students if the state legislature approves its proposed $3.5 billion clean coal plant in Taylorville.
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Ram Power has begun building an expansion of its geothermal plant in San Jacinto-Tizate, Nicaragua.
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The country doesn’t have enough natural gas pipelines to switch swaths of its generation fleet from coal-fired to gas-fired as quickly as federal officials want, says Tom Fanning, ceo of Southern Co.
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Programs and companies like Solyndra that tried to grow quickly to meet deadlines under federal subsidy initiatives have been beset with delays, calling into question the efficiency of financial subsidy schemes.
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Geothermal developer Gradient Resources will finance its Patua geothermal project in two phases.
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Xcel Energy has filed a lawsuit against the U.S. Environmental Protection Agency over the new emission regulations that were issued July 6.
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The U.S. Bureau of Land Management has approved a cluster of seven geothermal projects in Nevada that are being developed by Ormat Technologies and Gradient Resources.
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Ameren will shutter its 369 MW Meredosia and 151 MW Hutsonville coal-fired plants by year-end to reduce greenhouse gas emissions.
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Nevada Geothermal Power, a recipient of a $79 million U.S. Department of Energy loan guarantee, is struggling with debt on its operations in Nevada.
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Ram Power has hired Shuman Moore, former ceo of Reno, Nev.-based geothermal company Oski Energy, as president and ceo, replacing Walter Higgins, interim president.
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Ormat Technologies has closed a 20-year, $350 million loan from John Hancock Life Insurance Co., guaranteed by the U.S. Department of Energy.
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Progress Energy Carolinas will retire its 172 MW W.H. Weatherspoon coal-fired plant near Lumberton, N.C., by the end of the week.
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Access Capital Advisers, an Australian infrastructure investment manager, is looking to invest $1 billion in the U.S. and globally on behalf of Australian pension funds.
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Ormat Technologies subsidiary Ormat International has landed a refinancing of up to $310 million to expand its 48 MW Olkaria II geothermal project in Naivasha, Kenya.
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Dynegy bondholders have sued the independent power producer, alleging that a summer restructuring of coal-fired assets defrauds investors.
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Brazilian energy company MPX is talking to lenders in New York, Chile and Brazil about financing the $1 billion first phase of its 2.1 GW Castilla pulverized coal-fired project near Copiapó, Chile.
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Initial bids have come in for AES’ 208 MW Thames coal-fired plant in Montville, Conn., as prospective buyers vie to be named the stalking horse bidder.
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Mississippi Power has launched a request for proposals for renewable projects, including solar, wind, hydro, biomass and landfill gas, that are larger than 500 kW.
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AES Corp. had wrapped a $1.5 billion non-recourse financing backing its 1.2 GW Mong Duong II coal-fired plant in Quang Ninh Province, Vietnam.
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Developers of a roughly $400 million, 49.5 MW Hudson Ranch II geothermal project in Salton Sea, Calif., have initiated talks with at least two lenders about a financing the project.
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Gradient Resources has begun building 60 MW of its eventual 120 MW Patua geothermal project near Fernley, Nev.
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AES has pitched a soon-to-be merchant coal-fired plant in Connecticut onto the market as it looks for an entity to emerge as a stalking horse bidder for a planned bankruptcy court-run auction.
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Quantum Utility Generation has agreed to buy 50% of a 115 MW stoker coal-fired plant in Portsmouth, Va., and a 50% passive stake in the 135 MW coal-fired James River plant in Hopewell, Va., from Cogentrix Energy.
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Excelsior Energy needs to line up private or public funds to keep its $2.1 billion Iron Range gas-fired project— originally slated to be coal gasification—near Balsam, Minn., alive.
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Shareholders of both Duke Energy and Progress Energy will vote today on Duke’s proposed $13.7 billion acquisition of Progress.
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The Canadian government will release its proposed greenhouse gas emission regulations on coal-fired plants on Aug. 27, starting a two-month public comment period.
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Energy Capital Partners is looking to sell its $2.3 billion coal-to-synthetic natural gas and power project in Jefferson County, Ill.
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A North Carolina court has ruled that some wood-fired biomass facilities can count toward the state’s renewable portfolio standard.
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Duke Energy is planning to shutter one of the four units at its coal-fired 1.08 GW Miami Fort facility in Whitewater, Ohio, as a way to meet U.S. Environmental Protection Agency regulations.
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A consortium of financial owners of a merchant plant in Texas and another in New York are looking to sell the facilities.
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The Obama Administration has set an ambitious goal for clean energy – 80% of U.S. energy should be produced by clean energy resources by 2035.
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Energy Capital Partners has set up a joint venture with Renova Capital, a Denver-based private investment shop, to focus on renewable projects
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Reclamation Power Group received approval from the Arizona Corporation Commission to classify its waste-to-energy project as renewable generation after leaders from the solar and environmental groups contested its status.
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The Imperial Irrigation District is considering solar ponds, developing a biogas facility and using algae as ways to meet California’s renewable portfolio standard.
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A U.S. Senate bill proposes a federal loan program to back geothermal exploration efforts.
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A U.S. Senate bill proposes a federal loan program to back geothermal exploration efforts.
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Duke Energy will retire the 862 MW W.C. Beckjord Station near Cincinnati by the end of 2015 in order meet new regulations from the U.S. Environmental Protection Agency.
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Entergy Louisiana is preparing a deal to recoup losses on a canceled plan to convert a 538 MW steam-powered plant to petroleum coke and coal.
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The newly established power desk at Ares Management is looking invest several hundred million a year across the debt spectrum in power assets, officials told PFR in an exclusive interview.
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The renewable energy and clean technology industries have suffered a challenging few weeks in Washington, D.C., and the near-term outlook on the budgetary and legislative fronts similarly does not look promising.
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Cheniere Energy has begun speaking to potential equity investors for the first $3.2 billion phase of its roughly $6.4 billion export liquefied natural gas facility in Sabine Pass, La.
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Investments in shale gas projects have been likened to a giant Ponzi scheme by some industry analysts who say there is little possibility of investors ever getting a return on money due to the challenges and expenses of drilling and extraction.
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AMP Capital Investors, a Sydney-based investment manager with AUD96 billion ($100.8 billion) under management, is looking to make investments in the power and transmission sector in the U.S.
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Atlantic Power Corp. is acquiring Capital Power Income LP in a $506.5 million transaction that will add 1.3 GW to its fleet.
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International Power has inked a contract to develop the 220 MW Rantau Dedap geothermal plant in Indonesia in a joint venture with Indonesia’s Supreme Energy and Marubeni.
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The U.S. Department of Energy has conditionally offered to guarantee $280 million of a $350 million loan backing three of Ormat Technologies’ geothermal projects in Nevada.
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NRG Energy and Nissan North America are pitching to investors an initiative that would use old, rechargeable electric vehicle batteries in a storage system that will balance renewable energy.
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The Ontario Power Authority is looking for up to 300 MW of combined heat and power generation in one or more projects.
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Summit Power Group is plotting a $1.3-1.4 billion financing package backing its more than $2 billion, 400 MW integrated gasification combined-cycle plant in Odessa, Texas.
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Macquarie Energy hosted dozens of reporters at a cocktail reception at its offices in New York on Thursday evening.
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Geothermal developer Gradient Resources, backed by Denham Capital, is putting together a $600 million financing backing its Patua geothermal project.
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American Renewables is hunting a roughly $400 million credit backing its 100 MW biomass plant in Gainesville, Fla.
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Tenor Opportunity Master Fund and Linden Capital have put up a stalking horse bid to purchase geothermal developer Raser Technologies for $19.7 million when it emerges from its Chapter 11 bankruptcy process.
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Next Energy Concepts, a development company founded by former Calpine and Gamesa executives, is looking for an investor to provide capital to develop 1.7 – 2.2 GW of natural gas-fired and compressed air energy storage projects.
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Algonquin Power & Utilities Corp. has agreed to buy natural gas distribution assets from Atmos Energy for $124 million in cash.
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Chris Gregoire, Washington’s governor, has signed a bill calling for the closing of two coal-fired boilers at TransAlta’s plant in Centralia in 2020 and 2025.
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JPMorgan is expanding its global commodities umbrella to encompass power and renewables financings as it prepares for a return to project finance.
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Contact Energy, a publicly traded company in New Zealand, is preparing a $280 million share sale to existing shareholders. Proceeds will help build the 166 MW Te Mihi plant on the country’s North Island.
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