Equity
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Utility-scale solar and energy storage development company Redeux Energy Partners is seeking investors to buy a minority stake as a corporate-level equity capital raise, PFR has learned.
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Goldman Sachs Renewable Power (GSRP) has wrapped a $655.9 million debt package for its recently acquired Slate solar-plus-storage project in California.
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Capital Dynamics has found a buyer for a stake in a 100 MW/400 MWh standalone battery storage project in California.
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Recently, it seems that every day brings blank check company news, whether it’s an initial public offering or a merger. But could a privately held renewable energy project developer go public this way by the end of the year?
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One of the first pieces of advice a retail stock investor receives after opening their first brokerage account or downloading the Robinhood app is not to try to “time the market.” But in corporate finance – especially during weak markets – timing is everything. If a window of opportunity opens after a period of volatility, you go for it.
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Spanish renewable energy developer Cox Energy has begun the regulatory process to list its Cox Energy Americas subsidiary on Mexico's Bolsa Institucional de Valores stock market.
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TC Energy has made an equity investment in Turning Point Generation, a company that is developing up to 400 MW of pumped hydro capacity in Alberta.
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While yield-hungry investors of all stripes are viewing distributed, small-scale solar companies ever more favorably, the founders and management of the target companies are finding that there are attractive alternatives to selling stakes in their businesses outright.
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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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Clearway Energy has launched a public offering of common stock to raise the funds it needs to acquire the Carlsbad Energy Center from its sponsor, Global Infrastructure Partners.
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The private equity sponsor of a Texas wind project with non-utility power purchase agreements has secured construction financing from a European bank.
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Renewables yield company Pattern Energy Group has confirmed that it has drawn interest from third parties following a report that it was considering takeover offers.
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Brazilian state-controlled Petrobras is studying the creation of a subsidiary for some of its power plants with a view to divesting them through an initial public offering.
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Ares Management has sealed an equity commitment from a European infrastructure fund manager for its Hill Top Energy Center gas-fired project in Pennsylvania.
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Indeck Energy reached financial close today on its $1 billion Niles Energy Center in Cass County, Mich., including floating and fixed-rate project finance debt.
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AltaGas sold its 50% stake in a 29.04 MW wind project in Huerfano County, Colo., for $16 million after sale to an independent power producer linked to the project’s utility offtaker won regulatory approval.
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Siemens Corp. has hired an attorney who was previously a partner at a New York law firm as a senior in-house counsel specializing in project finance equity investments.
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AES Tietê has made a bid to acquire the 400 MW Alto Sertão III wind complex from Brazilian developer Renova Energia along with a 1.1 GW pipeline of other wind projects in development.
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In October, PFR teamed up with Fitch Ratings and Orrick to host a candid discussion on the challenges and opportunities for financing America’s nascent offshore wind industry. Experts covered everything from debt pricing to offtake structures and the full report is in this week’s issue.
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An unidentified party, rumored to be Canada's Algonquin Power & Utilities, has abandoned its effort to outbid Oncor Electric Delivery Company to acquire Texas utility InfraREIT.
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NextEra Energy has signed a deal to to acquire the Trans Bay Cable underwater transmission system in California from SteelRiver Infrastructure Fund North America and its partners.
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Pattern Energy Group, the yield company of Pattern Development, and Capital Power have agreed to sell their one-third stakes in the 270 MW K2 wind project in Ontario.
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In September, PFR and Mayer Brown teamed up to bring together a panel of tax equity experts to review the latest developments and innovations in this fascinating area of renewable energy finance, as well as the outlook for the coming years. Check out the full transcript.
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Regulatory filings reveal that Invenergy purchased a short position on the equity it sold to Caisse de dépôt et placement du Québec (CDPQ) in April, with a remaining shelf life of just over two months.
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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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Enel Green Power has reached financial close on its 1.8 GW renewables portfolio in Mexico, selling equity to institutional investors and raising around $605 million of project debt, some two years after obtaining power purchase agreements and with some of the projects already online.
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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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An independent power producer tapped an investment bank earlier this year to auction off a merchant dual-fuel facility in Massachusetts.
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As the sale process for a pair of gas-fired assets in Queens, N.Y., heads toward a second round of bidding, deal watchers see varying levels of interest in the two assets.
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Apollo Global Management has emerged as the buyer of a mostly U.S. portfolio of GE Energy Financial Services' equity holdings, following a competitive auction.
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Yield company Clearway Energy priced a capital raise at $19.15 per share last week, raising about $75 million toward its acquisition of the Carlsbad gas-fired project in California from NRG Energy.
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Clearway Energy, the yield company formerly known as NRG Yield, has hired UBS for the latest chunk of financing for its acquisition of the Carlsbad gas-fired project in California.
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Sempra Energy has lined up a strategic investor to buy a 980 MW collection of renewables assets including operational solar projects, development stage solar and battery storage projects and a single wind farm.
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A tax equity partnership is due to make its case to the U.S. Tax Court early next year in a dispute over a tax equity deal that the Internal Revenue Service has described as a “legal sham.”
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France’s Voltalia has forged a partnership with a private equity-backed power producer, selling the firm an initial 197 MW development-stage wind portfolio with a view to transferring up to 500 MW in total.
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AltaGas is preparing to launch an initial public offering through which it will spin off some of its Canadian assets and utilities as part of the fundraising push for its acquisition of WGL Holdings.
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GridLiance, the independent transmission owner and operator backed by Blackstone, has signed a deal to acquire six transmission lines from a subsidiary of Vistra Energy.
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GCL New Energy has made use of kWh Analytics’ solar revenue put as part of its tax equity financing of a contracted four-project solar portfolio in Oregon.
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British emerging markets investor Ashmore has signed an investment agreement with a consortium led by Peruvian conglomerate Graña y Montero to fund a transmission project in the Caribbean region of Colombia.
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Australian developer Windlab has agreed to sell a wind project in Ohio to Swift Current Energy after talks with previous would-be buyer fell through.
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Chile’s Antofagasta has sold its 30% stake of the 115 MW El Arrayán wind farm to the same private equity firm that bought the rest of the project from Pattern Energy Group earlier this week.
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Pattern Energy Group has completed its departure from the Chilean market by selling its 70% stake in the 115 MW El Arrayán wind project for $70.5 million.
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A private equity firm is in talks with Noble Environmental Power about buying some or all of a six-project wind portfolio in upstate New York, PFR has learned.
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Three senior power, utility and infrastructure bankers who recently left RBC Capital Markets have established a new U.S. investment banking group at rival BMO Capital Markets in New York.
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A recent court decision relating to a wind project financing in 2010 has injected a dose of uncertainty into valuations used in renewable project deals, especially those involving investment tax credits.
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The owners of the 321 MW Pirapora solar complex in Brazil, EDF Energies Nouvelles and Canadian Solar, are selling a 50% stake in the assets to a local wind and hydro power producer.
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Vivint Solar was able to maximize the proceeds of its latest $327 million residential solar project financing by structurally subordinating Bank of America Merrill Lynch’s tax equity commitment to a tranche of senior secured, privately placed debt. [Updated with quotes, loan pricing and tenor]
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Recurrent Energy has cancelled the sale of a portfolio of operational solar projects in California to a Chinese investor after the deal failed to obtain required regulatory approval in time.
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A judge has found the consortium that owns the Lordstown gas-fired project in Ohio, the largest member of which is a Macquarie Group infrastructure fund, to be in contempt of court amid a months-long legal fight over the development of a second combined-cycle plant in the same industrial park.
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Macquarie Infrastructure Corp. has found a buyer for its 644 MW Bayonne Energy Center gas-fired plant in New Jersey.
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Canadian developer BluEarth Renewables has lined up its second U.S. wind investment—the acquisition of a development-stage portfolio totaling some 795 MW in Medicine Bow, Wyo.
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A subsidiary of NextEra Energy is set to acquire 20 miles of 138 kV transmission lines from a municipal utility in Illinois following a yearlong, competitive sales process.
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LS Power has taken first-round bids for the sale of a 2.3 GW portfolio of gas-fired power plants located in the PJM Interconnection.
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Dhamma Energy has closed the sale of a 108 MW (DC) solar project in the Mexican state of Guanajuato that is contracted under private power purchase agreements signed before the country's energy reforms.
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Capital Dynamics partnered with a South Korean asset manager on its recent acquisition of minority stakes in Tenaska’s Imperial South and West solar projects in California's Imperial Valley.
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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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Coronal Energy has begun building a 15 MW solar project in Tennessee with a power purchase agreement that was priced and signed in 2015, before competition pushed prices to today’s low levels.
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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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Goldman Sachs Asset Management has emerged as the winning bidder in an auction for a portfolio of distributed solar projects in New England and the Mid-Atlantic.
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Atlantic Power Corp. has agreed to acquire a 50% stake in a run-of-the-river hydro project in Washington state for $11.8 million, becoming the project’s sole owner and operator, in what will be its first external growth investment in three years.
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Xcel Energy has completed its acquisition of a 200 MW wind project in Minnesota, its second wind acquisition in the Upper Midwest this year.
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EDF Renewable Energy has lined up a tax equity commitment for two contracted wind projects—a 79.9 MW facility in upstate New York and a 100 MW project in Minnesota.
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A pair of investors have bought an operational 21 MW wind project in Costa Rica from a local developer.
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Macquarie Capital has reached financial close on a 200 MW Texas wind project and announced the expansion of its Green Investment Group platform into North America.
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In the third and final part of this exclusive interview, Nick Knapp, president of CohnReznick Capital, discusses co-advisory mandates, emerging areas of activity in renewables and the state of the project finance market with PFR reporter Fotios Tsarouhis.
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Spanish developer Dhamma Energy has sold a 37 MW shovel-ready solar project in Mexico to Balam Fund, marking the private equity firm’s fourth renewables project investment in the country.
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In this week’s Industry Current, John J. Marciano III, partner, and Ramin Mohammad, associate, at Akin Gump in Washington, D.C., outline the implications of the Internal Revenue Service’s latest guidance in relation to the solar investment tax credit.
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In the second part of this exclusive interview, Nick Knapp, president of CohnReznick Capital, discusses opportunities in restructuring, M&A market dynamics and how the firm competes for advisory mandates with PFR reporter Fotios Tsarouhis.
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Boralex has agreed to acquire Invenergy’s stakes in five wind projects in Québec, which the Canadian company intends to finance with the issuance of equity in public and private offerings.
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Following the announcement of Greenbacker Renewable Energy Co.’s acquisition of two development-stage solar assets in North Carolina, a second deal has emerged in which the company bought an operational solar project in the same state.
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An idle 18 MW biomass plant in California is set to be auctioned off by its owners following a dispute with the Sacramento Municipal Utility District over the cancellation of its power purchase agreement.
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A joint venture between Scatec Solar and Norwegian state-owned energy company Equinor has entered the Argentine solar market by acquiring a contracted 117 MW project, and the ceo of Scatec says the company is mulling other opportunities in the Latin American country.
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A financial investor is preparing to sell an interest in a gas-fired project in Texas that it owns as a result of a levered sale leaseback transaction originally signed 18 years ago.
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Guggenheim Partners has hired a power and utilities investment banker who had been with Citi for almost eight years.
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TerraForm Power has foregone a planned public equity offering to fund its acquisition of Saeta Yield, instead using a backstop provided by its sponsor to place 61 million shares privately with Brookfield Renewable Partners and its institutional partners for $650 million.
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Residential solar lender Sunlight Financial has raised $50 million of equity from growth investor FTV Capital to fund enhancements to its technology platform and its product suite.
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Italy’s Enel has bought a 73% stake in Eletropaulo for R$5.52 billion ($1.48 billion), beating off stiff competition from Spanish rival Iberdrola in a bidding war for the Brazilian utility.
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The Blackstone Group has appointed financial advisers to market a gas-fired project in Texas that was recently refinanced in the term loan B market.
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Australian investor New Energy Solar has agreed to acquire developer VivoPower’s minority stakes in two solar projects in North Carolina.
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Southern Power is aiming to sell tax equity interests in its existing wind portfolio by the end of the year.
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Higher-than-expected clearing prices in the latest PJM Interconnection capacity auction mean that several gas-fired projects that have been in the works for months will almost certainly be able to circle financing, deal watchers tell PFR.
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Spain’s Iberdrola is ramping up its presence in Brazil after entering into a bidding war to purchase electric distribution company Eletropaulo and separately hammering out plans to invest the equivalent of $816 million in the country over the next five years.
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BNP Paribas has hired a São Paolo-based banker to head its Latin America energy and utilities investment banking coverage.
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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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Moody’s Investors Service has assigned Marin Clean Energy what the rating agency says is the first credit rating for a community choice aggregator.
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EDF Group has teamed up with Chile’s Andes Mining & Energy to buy 750 MW of flexible generation capacity in the Latin American country, with three-quarters of the price tag being financed with bank debt.
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Innergex Renewable Energy has signed a 12-year power purchase agreement with an energy company for a portion of the output of a 350 MW wind project in Texas.
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Capital Power Corp. is nearing selection of a tax equity investor for its 99 MW New Frontier wind project in McHenry County, N.D.
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Budding Mexican independent power producer Thermion Energy has bought a 171 MW wind project from compatriot Comexhidro for an undisclosed sum, as part of the company’s planned $2 billion-equivalent investment in renewables.
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Sacramento Municipal Utility District is buying back its 128 MW Solano III wind project in Rio Vista, Calif. from investors Forsyth Street and Citi.
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The recent reform of the U.S. tax regime has ushered in several provisions that, taken together, could make sale-leaseback financing transactions attractive, whether to refinance solar projects or fund the acquisitions of gas-fired facilities. John Eliason and David Weisblat attorneys at Foley & Lardner, address the possibilities in this week’s Industry Current.
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Leeward Renewables, the wind generation portfolio company of ArcLight Capital Partners, is planning to seek financing for a wind repowering project in Illinois later this year.
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RES Americas has sold a wind project in Texas that has been online since 2007 to a newly established joint venture between Paris-based private investment firm Ardian and Transatlantic Power Holdings, a company set up by the former chief executive of Iberdrola Renewables.
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Edison International's effort to sell distributed solar company SoCore Energy has resulted in an agreement with Engie North America, the same company that recently announced the acquisition of U.S. wind developer Infinity Renewables.
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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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As capital floods into renewable energy, investors must think strategically about merchant tails and asset performance management, which means digging into power market and operational data analysis, write Ryan Hardy, Ethan Paterno and Barbara Sands, energy and utilities experts at PA Consulting Group, in this week’s Industry Current.
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Rockland Capital has tapped an auctioneer to run the sale of a combined-cycle gas-fired plant in Texas.
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Lightsource BP has requested debt and tax equity financing proposals for its first U.S. solar project, after announcing a strategic partnership with BP in December.
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A mezzanine capital investor in two Panda Power Funds combined-cycle gas-fired projects in PJM Interconnection has hired a financial adviser to sell its preferred notes.
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London-based emerging markets investor Actis has acquired the 100 MW El Pelícano solar project in Chile from SunPower, less than two months after the plant began commercial operations.
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NRG Energy's efforts to shrink its balance sheet through asset sales have borne fruit, with the independent power producer announcing that it has found buyers for its yield company, renewables platform and a conventional generation portfolio located in Texas and Louisiana.
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Capital Dynamics has agreed to acquire the yield company 8point3 Energy Partners from its sponsors, First Solar and SunPower Corp.
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NTE Energy has signed the first of what it expects to be several power purchase agreements for its Reidsville Energy Center gas-fired project in North Carolina, having reached out to banks for project finance proposals late last year.
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Duke Energy Progress has renewed a power purchase agreement with a 50 MW biomass facility in North Carolina that will help the utility company meet the state's portfolio standard for generation from pig and poultry waste.
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A structured finance and tax equity professional who has worked in finance for more than three decades has left PNC Bank to take a sabbatical, PFR has learned.
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A tax equity investment sealed by Coronal Energy for a solar portfolio in December was the first project finance deal to be supported by a solar revenue put provided by risk management and data firm kWh Analytics.
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Halyard Energy Ventures has appointed a financial adviser to raise equity for a gas-fired peaker in Texas, as the developer seeks to “benefit from a first mover advantage” with the low-cost project, according to a teaser seen by PFR.
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Sponsors developing solar projects in Chile are increasingly taking advantage of a program that supports small-scale projects in the country with price stabilization and other benefits.
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Industrial and Commercial Bank of China’s former head of energy structured finance in the Americas has surfaced at a newly-established broker-dealer.
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Onyx Renewable Partners, a Blackstone Group portfolio company that develops commercial, industrial and small-scale utility solar projects, is exploring the sale of a portfolio of assets.
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Canadian Solar has appointed Barclays Capital Canada to advise it on a potential take-private transaction, after the company’s chairman made a bid to buy the company late last year.
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C2 Energy Capital acquired a 52 MW portfolio of contracted, development-stage solar projects in South Carolina at the end of the year and is in the process of putting financing in place.
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A Texas-based hedge fund is seeking to arrange mezzanine capital for Panda Power Funds, mainly to refinance existing capital associated with its fleet of gas-fired combined-cycle projects in PJM Interconnection, deal watchers tell PFR.
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Developers, bankers and other market participants are talking increasingly seriously about the prospect of solar projects in Texas obtaining debt financing on the basis of power hedges, even with a potentially detrimental trade case decision looming in Washington.
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EDP Renewables North America has closed tax equity funds for a portfolio of solar projects in South Carolina and a bundle of wind assets spread across four states.
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Greenbacker Renewable Energy is in talks with a lender and a tax equity investor to finance a solar project it acquired from Solar Frontier Americas Holding late last month.
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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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Spanish solar developer X-Elio (formerly Gestamp Solar) has reacquired the Midway I solar project it sold to Solar Frontier Americas Development, the U.S. subsidiary of Japan-based Solar Frontier K.K., two years ago.
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The final version of the Republicans’ signature tax reform bill puts to rest many of the fears expressed by the renewable industry, but leaves unclear how the broader tax equity market will adapt to the new rules, writes Eli Katz, partner at Latham & Watkins in New York.
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Enel Green Power North America has acquired a 20 MW solar project that won a 20-year power purchase agreement in the New England Clean Energy Request for Proposals in 2016.
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A provision in the tax reform bill passed by the U.S. Senate on Saturday morning is holding up at least $1 billion of renewable project finance deals, according to lawyers at Akin Gump Strauss Hauer & Feld.
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The board of Brazil’s Renova Energia has approved the acquisition of the company by Brookfield Asset Management and the Canadian buyer has up to 90 days from Monday to get the transaction documents finalized.
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Whitehall & Co. has won a financial advisory mandate for the sale of a 349-mile subterranean transmission line project that would lie beneath existing railroads between MISO and PJM Interconnection in exchange for development-stage capital.
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Enel Green Power North America has acquired its first wind project in Nebraska, a 320 MW facility that will supply a new Facebook data center under a bundled power purchase agreement.
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Southern Power is planning to sell an up-to-one-third stake in the 27-project solar portfolio it has built up through acquisitions over the past five years.
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A developer is aiming to close debt financing for a 1 GW quasi-merchant gas-fired project in Michigan in the first quarter of next year.
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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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ArcLight Capital Partners has retained advisers for a potential sale of its 1,040 MW New Covert gas-fired project in Michigan, after an auction last year did not result in a transaction.
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Brazilian renewable energy company Renova Energia said on Oct. 17 that a period of exclusive talks with Brookfield Asset Management around a potential sale of the company had expired with no agreement reached.
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True Green Capital Management aims to acquire and finance a portfolio of commercial and industrial-scale solar projects with about $700 million of tax equity and debt, having closed its third discretionary fund earlier this year.
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Beal Bank has agreed to sell two 550 MW units at the Gila River gas-fired project near Gila Bend, Ariz., after acquiring the assets in a bankruptcy-related sale last year.
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D.E. Shaw and Torch Clean Energy have sealed construction and tax equity financing for an Arizona solar project.
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Allianz Global Investors’ chief investment officer for infrastructure equity is relocating from Frankfurt to New York as the firm prepares to launch its third fund for the asset class.
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The renewables subsidiary of Enel has sold a majority stake in 1.7 GW of operational and under-construction wind and solar projects in Mexico and plans to raise about $900 million of project finance to bring the entire portfolio online.
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An infrastructure, power and utilities banker who worked at Scotiabank for 10 years has left the firm to take up a role in acquisition finance at a rival institution in New York.
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U.K. private equity shop Terra Firma has lined up buyers for EverPower Wind Holdings following an auction process, a source close to the deal tells PFR.
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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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Alterra Power Corp. has acquired a 40 MW development-stage wind project in California which it aims to bring online by 2020.
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Silicon Ranch Corp. is preparing to finance a series of four solar projects in Georgia totaling 200 MW after securing power purchase agreements in the summer.
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Panda Power Funds is revising the structure of a financing for a greenfield gas-fired project in Maryland that has attracted interest from South Korean investors.
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Spain’s Abengoa has completed the sale of its 907 MW Norte III combined-cycle gas-fired project in Mexico to Macquarie Capital and Techint Engineering & Construction in a deal that analysts say will have a $33 million net positive effect on the seller’s balance sheet.
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Foss & Co., a tax equity investment firm, has hired a managing director with solar industry experience to raise its maiden renewables fund.
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Italy's Enel is considering a corporate reorganization of its assets in Chile that could involve the merger of its renewables business in the country into its conventional generation arm.
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Argentina’s Genneia has bought a 245 MW gas-fired facility in a deal that market watchers say came to around $70 million, as the company prepares to bid in the next round of the RenovAr program.
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Canadian Solar is in exclusive talks with the winning bidder in its auction of a 703 MW (DC) operational U.S. solar portfolio, with a view to finalizing the sale "over the coming months," according to its second quarter earnings report.
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Sojitz Corp. has continued its Latin American renewables push by snapping up a stake in a 290 MW solar project in Mexico, which Sojitz says is the first such move by a Japanese company.
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Siemens Financial Services has hired a director in equity, debt and structured finance, who was most recently involved in project finance at GE Energy Financial Services.
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Sempra Renewables acquired a 200 MW portfolio of solar projects in California from Recurrent Energy on July 10, PFR has learned.
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U.K. private equity firm InfraRed Capital Partners has agreed to acquire a 50% equity interest in two Mexican solar projects totaling 72 MW that are due to be completed at the end of the year, marking its first investment in the country.
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Julien Dumoulin-Smith has left UBS, where he was an executive director and lead utilities, power and renewables analyst, to take up a position at a competing firm.
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Canadian Solar has received second round bids in an auction of operational solar projects in the U.S., the company’s ceo Shawn Qu told analysts on an earnings call on June 6.
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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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NRG Energy and its subsidiary, GenOn Energy, have reached an agreement with a group of GenOn creditors that could pave the way to a consensual Chapter 11 restructuring.
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Northland Power’s share price has showed weakness in recent weeks as investor patience with a strategic review launched last summer wears thin.
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Morgan Stanley is marketing a portfolio of wind assets in Montana and Alberta, a person familiar with the process has confirmed.
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The Carlyle Group has agreed to sell a gas-fired project in New Jersey that the private equity firm put on the block last fall.
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Ares-EIF has hired two investment banks to run a sale process for an under-construction gas-fired project in PJM Interconnection, deal watchers tell PFR.
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A banker who joined Morgan Stanley two years ago to build up the energy and power finance offering within its commodities group has left the bank to take up a new role at Whitehall & Co.
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Investors that missed out on the chance to acquire SunEdison’s two yield companies still have options, as stakes in two other publicly-listed renewables roll-ups have come up for sale this year and another could be put on the block before long.
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PFR has learned the identity of two investment banks advising First Solar and SunPower on a strategic review that could lead to a sale of their joint yieldco, 8point3 Energy Partners.
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A Dutch pension fund manager has agreed to acquire a portfolio of distributed solar assets from SolarCity.
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First Solar could sell its shares in 8point3 Energy Partners at a large premium over the public market price, according to a research note by analysts at UBS.
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A former director at New York investment banking boutique firm Carl Marks Advisors has joined Marathon Capital.
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NextEra Energy Partners will finance the $238 million acquisition of a wind project in Colorado with existing debt capacity, the yield company’s ceo told investors on its first quarter earnings call on April 21.
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Dynegy has taken bids on two gas-fired projects in New England to mitigate competition concerns raised as a result of its recent acquisition of a 9 GW generation portfolio from Engie.
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Consumers Energy is seeking to acquire a gas-fired project in Michigan to replace nuclear generation from a project Entergy Corp. plans to shutter in 2018.
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A merchant bank and a boutique investment bank, each led by an experienced financier, have joined forces to form a new advisory firm focusing on natural resources, energy, power and utility infrastructure.
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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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The debt financing for Competitive Power Ventures' 1,050 MW Fairview gas-fired combined-cycle project in Jackson Township, Pa., included a fixed-rate tranche provided by three international institutional investors, PFR has learned.
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New York-based utility company Consolidated Edison has hired a corporate finance director who worked in Barclays’ investment banking group until last month.
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Invenergy has bought an operational 64 MW solar project in Salto, Uruguay from developer Fotowatio Renewable Ventures.
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NextEra Energy needs to find about $20 billion in 2017 to finance its project pipeline and its acquisition of Oncor Electric Delivery Co., and is likely to tap a variety of sources, according to a report from Moody’s Investors Service.
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Iberdrola is buying the remaining 50% of two wind project portfolios in Brazil that it does not already own from Neoenergia for about €98 million ($103 million).
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Atlantica Yield has agreed to acquire a stake in the 114-mile 3.2 GW Ten West Link transmission line being developed by Starwood Energy Group Global in California and Arizona.
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The hedge fund owner of renewables independent power producer sPower has agreed to sell the company to two buyers following a sale process that began in September.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America M&A Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America Conventional Power Project Finance Deal of the Year.
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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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Pattern Energy Group, the yield company of Pattern Development, is cautiously considering taking a stake in its sponsor’s development-stage projects, according to an analyst report.
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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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Budding solar independent power producer Silicon Ranch Corp. has closed a $55 million equity raise from its existing investor group, led by Partners Group.
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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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Alterra Power Corp. is in the process of negotiating a power hedge for a 200 MW wind project in Texas that it plans to finance this year.
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SolarCity has raised $241 million for a distributed solar portfolio with its third levered cash equity transaction.
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Silicon Valley-based solar panel manufacturer and project developer SunPower Corp. has begun implementing its second restructuring plan this year to reduce production capacity as it grapples with lower than expected demand.
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Mike Garland, ceo of Pattern Development and president and ceo of its yield company, Pattern Energy Group (PEGI), discusses the latest trends in project finance and gives his view on the state of yieldco equities.
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Assuming President-elect Trump does not prematurely revoke the investment tax credit (ITC), residential, commercial and industrial scale solar installations in the U.S. could reach 7.2 GW a year—resulting in 50 GW of installed capacity—by 2022, according to a Navigant analyst.
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Mike Garland, ceo of Pattern Development and president and ceo of its yield company, Pattern Energy Group (PEGI), gives his view on trends in the availability and pricing of power purchase agreements, the competitiveness of offshore wind and the latest developments in the tax equity market in the first part of this exclusive interview with Richard Metcalf, editor of PFR.
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NextEra Energy Resources has agreed to acquire an up-to-350 MW wind project in Alberta from a company owned by local businessman Allan Kettles.
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Mainstream Renewable Power has hired a former investment banker and investor to head its new financing and investment division.
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Enercon Canada has closed a C$825.5 million ($621.4 million) project financing for a 230 MW wind project in Ontario.
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Exelon Generation has lined up tax equity financing for a wind project in Oklahoma that it acquired at the end of last year. The project has a power purchase agreement with Google.
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8minutenergy has hired Bank of America Merrill Lynch as its financial adviser for its first corporate-level capital raise.
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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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Akuo Energy has closed financing for its first wind project in the U.S. The deal includes equity from John Laing, a construction loan from BayernLB and tax equity from GE Energy Financial Services.
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NextEra Energy Resources has requested permission for two wind tax equity deals involving four investors.
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A subsidiary of Algonquin Power & Utilities is planning to acquire a solar project in Nevada from Invenergy. U.S. Bank is investing tax equity in the project.
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sPower has closed a tax equity and back leverage financing for a portfolio of nine solar projects totaling 270 MW in Lancaster, Calif.
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Tax equity investors are paying close attention to a growing risk for wind projects with non-traditional offtake agreements. At issue is the difference between the price of power at the point of injection and the price where the offtake contract is settled.
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Altus Power America, a private investor with a 60 MW portfolio of commercial and industrial-scale solar projects in the U.S., has obtained a $200 million equity investment from Goldman Sachs and two other investors.
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Lincoln Clean Energy has secured bank loans and tax equity commitments for a 253 MW wind project in Scurry County, Texas, that has a power purchase agreement with Amazon.
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BNP Paribas Capstar Partners U.S. has begun to deploy its own capital in renewable tax equity transactions, following a corporate restructuring of its parent company's U.S. operations.
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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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Falvez Energy, a wind project sponsor founded by a former banker and a real estate and data center entrepreneur in 2014, has obtained tax equity commitments from two lenders for a merchant wind project.
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The chairmen of the U.S. Senate Committee on Finance and House Committee on Ways and Means have embarked on a fact-finding mission into how incentives for solar projects have been applied.
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In the second part of this exclusive interview, PFR’s managing editor, Olivia Feld, speaks with Josh Goldstein, senior v.p., finance and capital markets, at Recurrent Energy, about tax equity, market dynamics in Texas and Recurrent’s strategy regarding distributed generation and power hedges.
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Three financial institutions are advising TerraForm Power and TerraForm Global on SunEdison’s potential sale of its interest in the two yield companies.
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NextEra Energy Partners has agreed to acquire a 24% interest in the 550 MW Desert Sunlight solar project in California in a transaction to be financed in the equity market.
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Infraestructura Energética Nova (IEnova) has agreed to buy the "largest wind farm in Mexico” from Blackstone Energy Partners, affiliated private equity funds, Fisterra Energy, which is owned by Blackstone-managed funds, and minority investors.
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The developer of a 700 MW combined-cycle gas-fired project under construction in Indiana is set to seek approvals and tax abatements for a second phase which would double the size of the facility.
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A North Carolina-based developer is seeking equity investors for a 3 GW portfolio of development-stage solar projects in seven U.S. states, with the option to purchase the projects from the portfolio as they approach construction.
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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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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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Pattern Energy Group is in talks with its sponsor, Pattern Development, to acquire its 50% stake in a 180 MW wind farm in Canada after the yield company raised $239 million with an equity offering.
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Sponsors with gas-fired projects in New York are facing the new reality that nuclear projects in the state could stay online for longer than previously thought.
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NextEra Energy has agreed to acquire Energy Future Holdings’ 80% stake in Oncor Electric Delivery Co., according to an announcement issued Friday morning, putting to rest years of speculation over who would ultimately buy the Texas utility from its bankrupt parent company.
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U.S. Bank is acquiring a minority tax equity stake in a U.S. wind project owned by Enel Green Power North America from MUFG.
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Distributed wind developer United Wind has obtained an equity commitment from Total and is in talks with lenders to arrange debt financing for its fourth and largest project fund.
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NextEra Energy Partners has acquired two operational wind projects totaling 285 MW, one of which has two corporate offtakers, from its parent company, NextEra Energy Resources.
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Pattern Energy has agreed to acquire the 324 MW Broadview wind project in Curry County, N.M., from Pattern Development, marking the yield company’s first dropdown acquisition since August.
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Financiers at commercial and multilateral banks discussed how debt financings might be structured for projects that have obtained aggressively priced power purchase agreements in auctions under Mexico’s new market rules at the Infocast Mexico Power Finance & Investment Summit in New York on June 30.
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As global financial markets reeled in the wake of the U.K.’s historic vote to leave the European Union, it was business as usual for much of the American project finance community.
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A Santiago-based sponsor is in talks with a boutique investment bank to raise equity for a pumped-storage hydro project and a nearby solar project in the Tarapacá region of Chile.
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Renewables tax credits may have been extended at the end of last year, but tax equity investors are having to adapt to an evolving market, including ever lower-cost wind generation. Some of the major players discussed the changes at on the first day of the REFF Wall Street conference, which took place at the Grand Hyatt New York on June 21 and 22.
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Atlantica Yield, the yield company formerly known as Abengoa Yield, has received indicative interest from project developers for a right-of-first-offer agreement as it continues to try to become independent of its struggling sponsor, Abengoa.
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Macquarie’s corporate and asset finance group has requested permission to offload its tax equity exposure in a number of U.S. wind projects to funds managed by a subsidiary of a Texas-based private equity firm.
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As oil prices have recovered, bringing stability to the equity markets, the months-long decline in yield company stock prices has turned into a modest rally, at least for some.
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Rothschild has sent out teasers and set a deadline for bids for SunEdison’s global project portfolio.
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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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In this week’s Industry Current, Randy Male, managing director at Bostonia Partners in Boston, explores the latest innovations in renewables financing in the wake of a challenging 12 months for the yield company sector.
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Pattern Energy has registered a $200 million at-the-market program to issue shares in small batches over time, as other yield companies mull similar schemes amid a stabilization in share prices in the sector.
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A Nashville, Tenn.-based developer, owner and operator of solar projects has raised $111 million with a privately placed capital increase.
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The votes are in, and Power Finance & Risk can now reveal the nominees for the Deals and Firms of the Year Awards.
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In the second part of this exclusive interview, Kevin Walsh, managing director and group head of renewable energy at GE Energy Financial Services, talks with PFR reporter Fotios Tsarouhis about what is driving development of renewables both in the U.S. and abroad, and what markets GE’s project finance arm is focusing on.
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SunEdison has obtained $300 million of debtor-in-possession financing from its creditors and filed for Chapter 11 bankruptcy protection, the company announced on April 21.
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NTE Energy has unveiled details of its next three projects under development in New England-ISO, North Carolina and PJM Interconnection, which will require a combined investment of $2 billion.
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In the first part of this exclusive interview, Don Kyle, senior managing director at GE Capital Markets, and Tim Howell, m.d., power and development, at GE EFS, discussed the firm’s investment targets and strategy for conventional generation in a shifting U.S. power market with PFR reporter Fotios Tsarouhis.
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Troubled solar sponsor SunEdison has missed a payment to holders of a convertible bond maturing in 2018, according to a report by CreditSights, an independent financial research firm.
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The Carlyle Group has obtained commitments totaling more than $1.5 billion for Carlyle Power Partners II, the firm's second fund established to target generation assets in North America.
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A mergers and acquisitions investment banker who left Barclays in September last year has rejoined four former colleagues he used to work with at Lehman Brothers.
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TerraForm Global is in talks with lenders to extend the deadline for the filing of its fourth quarter 2015 report, a condition of its revolving credit facility, according to a filing with the U.S. Securities and Exchange Commission.
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TransCanada plans to sell its merchant power assets in the Northeast to fund its $13 billion acquisition of Columbia Pipeline Group.
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TerraForm Power has received a notice of delisting or failure to satisfy a continued listing rule from Nasdaq because of a late financial statement.
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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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An equities analyst is leaving Credit Suisse to take up a new role at Exelon Corp, one of the companies he covers.
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Duke Energy has launched a public offering of 9.25 million shares to finance part of its purchase of Piedmont Natural Gas.
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Pattern Energy Group has enough dry powder to acquire one or two projects from its sponsor without issuing new shares, the yield company’s ceo told analysts on Feb. 29.
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The public equity markets appear to have reopened for some yieldcos, but remain closed for others such as TerraForm Power, whose sponsor, SunEdison, is at “heightened” risk of bankruptcy, according to a recent Moody’s Investors Service report.
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Power Finance & Risk’s Deals & Firms of the Year Awards are back, recognizing excellence in power finance and asset M&A across the Americas.
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This week’s Industry Current is a transcript of the first part of a conference call hosted by Keith Martin, partner at Chadbourne & Parke, in which he discusses the cost of capital in the tax equity market with two industry veterans.
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Allianz Capital Partners, the private equity arm of German insurer Allianz, has closed its first U.S. wind tax equity investment and is looking at more. Other European investors are eying the market, but may face regulatory hurdles, say deal watchers.
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Brooklyn, N.Y.-based distributed wind start-up United Wind has secured a $200 million sponsor equity investment from Toronto-headquartered private equity firm Forum Equity Partners.
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Chilean developer Valhalla is seeking debt and equity financing for an up to 600 MW solar project and a 300 MW hydro facility in the Tarapacá region of Chile.
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BlackRock has acquired 50% of Spinning Spur 3, a 194 MW wind farm in Oldham County, Texas, from EDF Renewable Energy, as part of an infrastructure partnership announced in February.
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A fund managed by private equity firm Silver Lake has agreed to invest $100 million in zero coupon convertible senior notes issued by SolarCity, alongside smaller investments by senior SolarCity officials.
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Renewable Energy Trust Capital has requested authorization for a tax equity investment in its 102 MW Coram wind project near Tehachapi in Kern County, Calif.
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Standard & Poor’s has downgraded SunEdison’s developed market yield company TerraForm Power to B+ and warned that the rating could fall further.
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A subsidiary of EDF Renewable Energy is seeking to sell tax equity in the company's 150 MW Slate Creek wind project in Sumner County, Kan. to MUFG Union Bank and one or more additional investors.
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In third quarter earnings calls, yield company executives have faced questions about what strategic options they have, should the volatility the sector has faced since June fail to abate.
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Sempra Energy has put the launch of its master limited partnership on hold until mid-2016, citing poor MLP market conditions.
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sPower is seeking authorization from the U.S. Federal Energy Regulatory Commission for tax equity investments for a wind project in Utah and a solar project in Arizona.
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Moody’s Investor Service has downgraded NRG Yield’s senior unsecured credit rating from Ba1 to Ba2, following a review that began two weeks ago.
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Macquarie Infrastructure Corp. has announced its first planned investments in Hawaiian generation assets, while hinting that market turbulence hitting yieldcos could help it expand its portfolio.
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AltaGas has acquired Highstar subsidiary Star West Generation's stake in a 523 MW gas-fired portfolio in California.
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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 Boralex’s share price, which dropped markedly after the company said it would redeem C$150 million of convertible debentures, has continued its decline since the company announced that it would buy back up to 500,000 shares.
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SunEdison will acquire the tax equity stakes in two wind projects it is buying from Invenergy, but not in a third, according to a filing with the Federal Energy Regulatory Commission.
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Canadian Solar’s subsidiary Recurrent Energy has obtained debt and tax equity financing for the 100 MW Mustang solar project in Kings County, Calif.
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The cfo of Abengoa Yield resigned on Monday, four months after the yield company’s ceo departed to run its parent company, Abengoa S.A.
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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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JPM Capital Corp. and Wells Fargo are taking tax equity stakes in NextEra Energy Resources' Beckinridge wind project in Oklahoma.
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NextEra Energy this week moved to shield its yield company, NextEra Energy Partners, from volatility in the equity markets with a change in its financing strategy.
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Lima-headquartered power producer IC Power has filed an F-1 form with the U.S. Securities and Exchange Commission for its initial public offering.
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Canadian Solar has revealed it has back-up plans to monetize its assets should the shaky market for yieldco equities scupper its planned asset spin-off.
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Brazilian state-backed utility Cemig has plans to raise debt and equity to finance construction of an unnamed, large-scale solar project in the state of Minas Gerais, Brazil.
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A $280 million seven-year term loan B for TerraForm Private Warehouse was priced at the wide end of initial guidance.
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A consortium led by Hunt Consolidated is set to acquire Energy Future Holdings' regulated transmission and distribution company Oncor as part of EFH’s plan to emerge from bankruptcy.
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In a rocky week for energy equities, SunRun decided to go ahead with its IPO anyway, and although the residential solar firm hit its pricing target, its share price dropped by more than 20% the following day. Meanwhile, in project finance, there is no sign of the usual summer slowdown.
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Pristine Sun has signed a joint venture with a Chinese PV module manufacturer to develop part of a 572 MW portfolio that it is currently in the market to finance.
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The proceeds of TerraForm Global’s IPO are 40% lower than its original expectation of $1.13 billion through the sale of 57.7 million class A shares.
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TerraForm Power's decision to use more debt and cash on hand to fund two recent purchases, instead of issuing $660 million in new equity, demonstrates yieldco sensitivity to capital market conditions, according to a deal watcher.
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This week was dominated by yieldco capital markets activity, with TerraForm Global and Pattern Energy both announcing big equity and debt deals.
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Investors raised their eyebrows when Pattern Energy Group announced it would issue $350 million in equity and convertible notes to fund its acquisition of a Texas wind project on Wednesday, amid a glut of yieldco issuance.
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The New York-based independent power producer is in the market for $200 million in debt financing for its 350 MW Long Island Energy Center facility in Brookhaven, N.Y., after calling off a stake sale.
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Oak Creek Renewable Energy is in talks with investors to secure equity investments in the third phase of its roughly 400 MW Tres Mesas wind farm in Tamaulipas, Mexico.
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NRG Yield has been able to boost its haul from a rights issue and convertible bond issuance this week since the underwriters on both transactions have agreed to exercise their options to buy additional securities.
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The U.S. offshoot of Spain's Iberdrola is planning to launch a partial IPO once it completes its merger with Orange, Conn.-based United Illuminating Holding Co.
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8point3 Energy Partners has raised $420 million in its IPO of 20 million class-A shares priced at $21 a share.
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Sempra Energy’s SoCalGas. is the fourth issuer to come to market in less than two weeks, ahead of an anticipated interest rate hike, with $600 million in a pair of first mortgage bonds.
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First Solar and SunPower’s combined yieldco 8point3 Energy Partners plans to float 20 million Class A shares priced between $19 and $21 in IPO on Thursday.
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Québec's Boralex has bought a C$5 million option to acquire a 25% stake in the 230 MW Niagara Region wind farm in Ontario from German turbine manufacturer Enercon.
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Invenergy has obtained a construction loan and tax equity financing for its 200 MW Buckeye Wind Energy Center in Ellis County, Kan.
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California-based Lightbeam Electric has floated an S-1 with the SEC, aiming to raise $100 million in its initial public offering as a yield company.
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ICBC has hired Marcia Bockol, director of client coverage in the Americas at National Australia Bank, as an executive director in New York.
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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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San Francisco-based Renewable Energy Trust Capital has tapped Roger Johanson of GCL Solar Energy, as managing director of project finance.
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Abengoa and EIG Global Energy Partners are looking to finance their 924 MW Norte III combined cycle project in northern Mexico.
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8minutenergy Renewables and D.E. Shaw Renewable Investments seek to raise over $1 billion in financing for a portfolio of utility-scale solar projects in California.
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Solar, particularly distributed generation, continues to hold the market’s attention as investors look to get into the game ahead of the investment tax credit plunge in 2017.
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Northland Power is in talks with lenders to arrange more than $1 billion in senior secured loans for two wind farms on either side of the Atlantic.
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Khosla Ventures has bought 100% of the equity in a 50 MW geothermal project owned by a subsidiary of EIG.
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Freeport LNG is in talks with a bank to finance the third train at its facility in Quintana Island, Texas.
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Competitive Power Ventures is looking for debt and equity for its $900 million 650 MW gas fired combined-cycle Valley Energy Center in Orange County, N.Y,
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Developers are increasingly seeking financing for community solar projects.
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Financings backing merchant and hedged projects continue to hit the sweet spot for lenders. Debt pricing also surfaced in several panels at Euromoney Seminars’ 10th Annual U.S. Power & Renewables conference held in New York this week.
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Harbert Management Corp. has closed its Harbert Power Fund V with $485 million in equity commitments from 58 investors.
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E.ON Climate & Renewables and GE Energy Financial Services have sealed tax equity investment for the 211 MW Grandview wind project in Amarillo, Texas.
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Vivint is teeing up its initial public offering that is targeted to raise up to $370.8 million.
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DIF Infrastructure is looking to make equity investments in solar assets in North America.
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Enel Green Power North America is looking to bring an investor into its U.S. wind portfolio that clocks in north of 1.3 GW.
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NRG Yield made the biggest headlines this past month as it wrapped a $2.47 billion acquisition of Terra-Gen Power’s Alta wind series in California (PFR, 8/13).
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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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Jeetu Balchandani, director and head of lease, tax, infrastructure equity and tax credit investments at MetLife Investments, has left the company.
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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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Three private equity firms have committed $67.3 million in debt and equity to back the construction of 150 MW of SunEdison’s utility scale solar facilities in California.
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Australian investment manager AMP Capital has completed a $300 million first close on its AMP Capital Infrastructure Debt Fund II from 17 institutional investors.
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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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E.ON Climate & Renewables has secured a $76.6 million tax equity investment from JPMorgan Capital Corp. backing the 100 MW Anacacho wind farm near Brackettville, Texas.
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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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Liberty Interactive Corp., the owner of QVC and TripAdvisor, is taking a stake in Abengoa Solar’s 250 MW Solana solar project near Gila Bend, Ariz.
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Harbert Management Corp. is buying Energy Investors Funds’ 33.3% stake in the 550 MW Astoria Energy II combined cycle plant in New York.
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The third phase of a natural gas pipeline, between Texas and Mexico, has a raft of developers and financiers circling the request for proposals issued by Pemex.
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Renewable project financing options beyond the expiration of the production and investment tax credits was the focus at Euromoney Energy Events Renewable Energy Finance Forum Wall Street at the Waldorf Astoria in New York this week.
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Capital will be needed to develop natural gas pipelines in Mexico, a move arising out of the country looking to import shale gas from the U.S., said panelists at Euromoney’s Mexican Energy and Infrastructure Finance Forum at the JW Marriott in Mexico City on June 25.
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EDP Renewables North America is talking to investors to secure equity and tax equity partners for its $350-400 million, 200 MW Headwaters wind project in Randolph County, Ind.
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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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BrightSource Energy is looking for equity investment at the corporate level.
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Panda Power Funds has taken equity stakes in two merchant gas-fired projects being developed by Moxie Energy in PJM and will launch a B loan via Goldman Sachs and Credit Suisse to finance the 825 MW gas-fired Liberty facility in Bradford County, Pa.
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A thirst for yield is pushing more institutional investors into private equity funds backing power and energy projects in the U.S.
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Ian Connor has been made head of power and utilities at JPMorgan in New York.
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Bankers and developers are increasingly turning to emerging markets to grow their businesses.
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Panda Power Funds is looking to raise a new investment fund with a target of $800 million and a hard cap of $1 billion.
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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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Moxie Energy has entered into a membership interest purchase agreement with an undisclosed third party investor for its $800 million, 825 MW gas-fired Moxie Liberty facility in Bradford County, Pa.
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The U.S. Internal Revenue Service has paved the way for Native American tribal governments to use renewal energy investment tax credits, which they’d been barred from deploying in the past.
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FGE Power, a Houston-based independent power producer, is looking for debt financing and equity partners for a 726 MW, approximately $500 million combined cycle project near Westbrook, Texas.
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Genesis Power is looking for debt backing a 735 MW natural gas-fired combined-cycle facility in Brandywine, Md., and a subsidiary of Energy Investors Fund is a co-investor in the project.
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U.S. Renewables Group, a Los Angeles-based power and energy focused private equity fund, is looking to invest in Latin America given the lack of deal flow in the U.S.
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GE Energy Financial Services, MetLife and Union Bank have invested $247 million of tax equity in Wind Capital Group’s 201 MW Post Rock wind farm in Ellsworth and Lincoln Counties, Kansas.
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The Carlyle Energy Mezzanine Opportunities Fund has raised $1.38 billion for energy credit investments since its inception just over one year ago, against an initial target of $750 million.
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Innergex Renewable Energy will issue up to C$57.5 million ($57.92 million) of cumulative redeemable fixed-rate preferred series C shares.
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A group of investors, including Goldman Sachs, California State Teachers Retirement System and Alstom, has made an $80 million equity investment in BrightSource Energy.
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Allstate is looking to start making equity investments in power and energy from a $2-3 billion infrastructure pot.
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The merits and detractors of 144A and private placements made headlines in the past month as project financiers and sponsors look for ways around a constrained bank loan market. That hurdle has not stopped some sponsors, such as BrightSource and Freeport LNG, from sniffing out billion dollar-plus deals, which could include bond components. In M&A, the specter of initial public offering in Canada for a renewables developer continues to shine in the Pattern Energy saga.
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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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State Street Global Advisors is looking to make tax equity investments in renewable projects.
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NextEra Energy’s third quarter profits fell 43% as its unregulated generating business’ earnings dove 77% to $67 million compared to a year earlier.
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Northeast Utilities and NStar executives will address analysts in New York today as the companies struggle to win state approval of their proposed $4.5 billion merger.
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Hudson Clean Energy Partners is aiming to establish a fund with the municipal government of the city of Yangzhou in China that will focus on clean energy investment. Potential investment targets range from component manufacturing to generation developers.
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Business development company Tortoise Capital Resources Corp. is looking to make $100-150 million investments in U.S. power and energy assets from a fund that it is looking to turn into a real estate investment trust.
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BrightSource Energy has tapped Citigroup, Deutsche Bank and Goldman Sachs as underwriters for a $250 million initial public offering.
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Jim Rogers, Duke Energy ceo, says the U.S. must ultimately build new nuclear plants after taking a pause to learn lessons from the ongoing Japanese nuclear crisis.
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Google is investing $5 million in a solar plant in Brandenburg, Germany.
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