Derivatives
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In the world of project finance, power purchase agreements are usually considered from the point of view of the project owner or lender. But in the last few years, more attention has started to be paid to the other end of the contract.
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Citi has signed a deal with an end customer to cover a portion of the output of a Texas wind project that was financed on the basis of a hedge provided by the bank last year.
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After hedge providers got burned earlier this year on deals for new-build gas-fired projects in PJM Interconnection, they are quoting revenue puts at pricing that no longer makes as much sense for CCGT developers, forcing them toward alternatives.
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"I am back in Houston,” reads a Jeffrey K. Skilling LinkedIn profile apparently created in September of last year, shortly after the former Enron executive was transferred from a minimum security federal prison camp in Alabama to a halfway house under the supervision of RMM Houston, a residential reentry management field office of the Federal Bureau of Prisons.
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The frequency of devastating wildfires has rocketed in California over the past two years. Camp Fire, fully contained as of Sunday, looks set to wipe out a catastrophe bond. Jasper Cox, reporter at GlobalCapital, explores the sharp questions that arise about how to model and price an emergent risk to companies, buildings and people when this is bundled out to the capital markets.
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Citi has hired a senior banker from a rival firm to lead its North American commodities-linked financing business, with a focus on energy.
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Data center operator QTS Realty Trust has inked a “sleeved” power purchase agreement with Citi for the output of a wind project in Texas, a type of deal that is set to become more common as non-utility offtakers seek to avoid taking project risks.
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The expected closing date of a loan to finance a 379-mile transmission line in Chile has been pushed back as negotiations over interest rate swap provisions continue.
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Investor-owned and municipal utilities and county authorities are among the companies that have contracted additional solar generation in the past couple of months, spurred not only by the desire to be green, but also by the low prices on offer.
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Invenergy has selected arrangers for a debt package backing the 1.5 GW Lackawanna combined-cycle gas fired project in Jessup, Pa.
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