One Year Ago

Pattern Energy was trying to sell a minority stake in its 1 GW of operational, contracted wind farms in North America to raise cash for project development.

Bankers were bullish on financing merchant facilities at Euromoney Seminars’ 8th Annual Power & Renewables Conference in New York.

LS Power was nearing a pair of club deals on its Doswell and Riverside gas-fired plants. [The sponsor had been mulling weather to proceed with a term loan B refinancing of Doswell, after a sale process cooled (PI, 10/29).]

Brookfield Renewable Energy Partners offered C$2.50 ($2.51) per share for Western Wind Energy Corp., as it looked to increase its stake in the company.

A lack of uniform standards for commercial solar installations was proving to be the main obstacle to structuring the market’s maiden securitization of solar panel revenues, according to Paul Detering, ceo of Tioga Energy.

PPL Corp. was shopping its hydro and coal-fired subsidiary PPL Montana in a sale run by UBS.

State Street affiliate Antrim took a tax equity stake in NextEra Energy Resources’ 400 MW Limon I & II wind farms in Colorado alongside JPMorgan, Bank of America and Wells Fargo.

Barclays dispatched teasers for the 400 MW Gregory gas-fired cogeneration facility near Corpus Christi, Texas, that Rockland Capital, John Hancock Life Insurance and Atlantic Power Corp., were trying to sell.

A team from Union Bank moved over to Pasadena, Calif.-based OneWest Bank to establish a power and project finance operation under Grant Ahearn, executive v.p. and head of the specialized financial services group.

Duke Energy shelved the strategic evaluation of its 7.5 GW Midwest generating fleet as it goes through a rate increase request with the Ohio Public Utilities Commission. [The company expects Ohio regulators to come to a ruling this fall, with the company making a decision about the future of the subsidiary in the first quarter (PI, 8/9).]

NextEra Energy Resources was looking for tax equity investors in its Limon I & II wind farms totaling 400 MW in Colorado.

Luminus Management, CarVal Investors and Fortress Investment Group extended the timeline for selling their 800 MW Bosque gas-fired plant in Texas to accommodate Calpine, which entered the auction late.

Panda Power Funds floated its second term loan B for its Sherman project in Texas, at LIBOR plus 800 basis points. [Panda priced its third B loan in a year for the Liberty CCGT project in Pennsylvania at L+650 bps.]

Georgia Power waived its right of first refusal for Perennial Power’s Mid-Georgia cogeneration facility, paving the way for a consortium led by ArcLight Capital Partners to buy the facility.

Edison International was set to file for bankruptcy if its efforts to restructure debt were note successful.

Industry Funds Management subsidiary Essential Power was looking to refinance a 1,721 MW portfolio of plants in PJM and ISO New England with a $665 million senior secured package.

LS Power sealed a $750 million dividend recapitalization for LSP Madison at LIBOR plus 450 basis points.

Energy Transfer Equity was looking to sell two gas distribution utility subsidiaries acquired in its $7.9 billion takeover of Southern Union Co.

Renewables developers were scouting new project financing options at the REFF-Wall Street conference in New York, in the forms of master limited partnerships, real estate investment trusts and project bonds.

Harbert Power had been looking to sell its stake in independent power producer GWF Energy and Morgan Stanley was running the sale.