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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In this week’s Industry Current, Bernays ‘Buz’ Barclay, managing partner at Rimon P.C. and senior adviser to Marathon Capital, calls on the power industry to engage with blockchain technology.
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Wind projects dominated the highly competitive Chilean power auction, the results of which were announced on Wednesday. Despite being intermittent resources, many of the wind projects won 24-hour blocks in the auction, prompting deal watchers to question how they will be financed.
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Apex Clean Energy has closed debt and tax equity financing and sold a majority stake in a 217 MW portfolio of projects in Texas.
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A group of lenders assembled onstage at the culmination of REFF Wall Street this year to talk about financing trends for renewables projects, including how to deal with the merchant aspects of projects with non-utility offtake contracts.
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Vivint Solar has obtained a $75 million tax equity commitment from an investor it has not previously worked with, in a market which has become less hectic in response to the tax credit extension at the end of last year.
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Allianz Risk Transfer, with the help of several partners, has created a novel hedge product to protect wind projects against the risks of intermittent wind resources, which deal watchers say could have a major impact on the market.
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NextEra Energy has sold $700 million in equity units, $300 million less than planned, as part of its funding strategy for the acquisition of Texas gas pipeline company NET Midstream.
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Canadian developer Innergex is on course to seal a C$280 million debt financing deal with pension funds and life insurance companies for a 150 MW wind farm in Québec.
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MidAmerican Energy Holdings’ subsidiary Solar Star Funding upsized its 144A bond offering backing the 579 MW Antelope Valley solar facility to $1 billion from $700 million on strong investor appetite last week.
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Last week’s Industry Current examined the parameters and enforcement of the Dodd-Frank Act. This week, the authors will discuss end-user exceptions, forward contracts and Dodd-Frank’s effects in the energy-swap market.
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