Lending
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This week, First Citizens Bank agreed to a whole bank purchase of Silicon Valley Bank, taking on all its loans and certain other assets, as well as assuming all its customer deposits and certain other liabilities. In all, First Citizens is taking assets of $110 billion, deposits of $56 billion and loans of $72 billion.
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Voya Investment Management, the asset management business of Voya Financial, has reached first close on an infrastructure debt fund that is focused on renewables project financing.
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Invenergy has secured construction financing for the second phase of a massive 1.3 GW solar project in Texas.
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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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NextEra Energy Partners plans to upsize a $1.1 billion convertible equity financing that it secured in November with a consortium of investors led by KKR & Co.
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CarVal Investors has raised $490 million for its CVI Renewable Energy Fund, almost double its initial target of $250 million.
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Quinbrook Infrastructure Partners' portfolio company Scout Clean Energy has secured a $50 million letter of credit facility.
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Three members of BlackRock’s infrastructure credit group have left the firm for The Carlyle Group in New York.
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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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Deal watchers say the sudden bankruptcy filing of Brazos Electric Power Cooperative – which had previously enjoyed single-A credit ratings – could be the first of many in the wake of the recent winter storms in Texas.
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In February, for the first time, Power Finance & Risk brought together representatives of the bank loan, private placement, term loan B and tax equity markets with a project sponsor to discuss the state of project finance, how they coped with the Covid-19 pandemic and what is in store for 2021.
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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 apparently unstoppable trend of ever-tightening project finance margins finally hit the buffers in March 2020. But now, even as the pandemic continues to rage, the race to the bottom is back with a vengeance.
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Cypress Creek Renewables has closed an oversubscribed $200 million holdco loan to support its 1.6 GW operating utility-scale solar portfolio in the US.
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Take-or-pay busbar power purchase agreements with electric utilities are all well and good, but they’re starting to look a bit old-fashioned. Bitcoin batteries and green hydrogen are where it’s at these days.
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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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Price talk has emerged on a term loan B refinancing for the 974 MW Linden Cogen project in New Jersey following a bank meeting last week.
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The owners of a cogeneration plant in New Jersey have appointed Jefferies as left lead on a term loan B refinancing to be launched later this week.
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The Carlyle Group and EIG Global Energy Partners’ deal to take ownership of Panda Power Funds’ Patriot and Liberty combined-cycle gas-fired plants in Pennsylvania ended years of speculation about the fate of the two plants. But the story did not end there, as the buyers launched the acquisition financing into a market roiled by coronavirus.
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BNP Paribas has appointed a head of sustainability in São Paulo to design and implement the bank's sustainable finance strategy.
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As Pacific Gas & Electric’s bankruptcy proceedings appear to roll inexorably toward resolution, owners of power and renewable energy projects tied to the utility through power purchase agreements are beginning to indulge in pleasant thoughts of a return to normal for their project finance arrangements.
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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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Innergex Renewable Energy has secured $221.3 million in debt and tax equity for a solar project in Ohio.
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Covid-19 may have put an end to the days of two-digit margins on construction loans, but while project finance bankers generally agree that pricing is set to widen, the question remains—by how much?
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Clearway Energy Group has financed a solar project in California that is contracted with two community choice aggregators and a municipality.
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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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A burst of renewable energy refinancings in the run-up to year-end is bolstering an otherwise slow 12 months in power and renewable energy project finance in Canada.
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Innergex Renewable Energy is preparing to refinance for the second time a solar project in Ontario that has been online since 2012.
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Transmission company Celeo Redes has locked in debt for 30 years—an unusually long tenor for Chilean project finance—to finance a three-project portfolio in the country.
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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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