Loans

Power Finance & Risk is pleased to announce that nominations are now open for its 18th Annual Deals and Firms of the Year Awards.

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.

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.

As winter storms wallop Texas, leaving around four million people to wait out rolling blackouts and sending power prices skyrocketing, project finance professionals and investors are assessing the fallout for project-financed assets in the Lone Star State.

Canadian developer Potentia Renewables refinanced a two-phase solar project in the Dominican Republic toward the end of last year with debt from a local fund manager.

Invenergy sealed loans at the end of last year for the three large wind farms it is preparing to build in Oklahoma for American Electric Power utility companies.

Ares Management Corp has financed a contracted wind farm in Illinois that it acquired from a developer last year.

Clearway Energy Group has closed a $427 million construction loan for its 354 MW Mesquite Sky wind project in Texas.

Canadian developer Innergex Renewable Energy has closed on a construction loan and tax equity commitment for its 225 MW Griffin Trail wind project in northwest Texas.

The $860 million term loan B refinancing for a portfolio of gas-fired assets in Queens, New York, was priced and allocated on December 4.