Pension Funds
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The Canada Pension Plan Investment Board is acquiring a 49% stake in an Enbridge renewables portfolio that includes all of the company’s renewable assets in Canada and two U.S. projects. Meanwhile, a private equity firm has agreed to purchase Enbridge’s midstream business in the U.S.
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Project finance bankers are pinning their hopes on merger and acquisition activity to keep them busy this year, but they may have to wait a while for it business to pick up, say deal watchers.
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The Canada Pension Plan Investment Board and Voltorantim Energia, a subsidiary of São Paulo-based Voltorantim Group, have launched a joint venture focusing on Brazilian generation assets—and lined up its maiden acquisitions.
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Some of the power finance world’s fresher faces gathered at CohnReznick Capital’s offices in New York’s Credit Lyonnais Building on Oct. 12 for Juniors in Energy Finance's inaugural “30 Under 30” presentation event.
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In June, officials from KeyBanc Capital Markets, Prudential Capital Group, Voya Investment Management and BlackRock discussed the latest trends U.S. renewable project finance with PFR.
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Pattern Energy Group, the yield company of Pattern Development, has agreed to acquire its first development-stage assets in the form of a roughly 20% stake in Pattern Development 2.0, as the group announces separate investments from Riverstone Holdings and a Canadian pension fund.
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Details have begun to emerge of NextDecade’s plans to finance the Rio Grande LNG export project at the Port of Brownsville in Texas and its associated 137-mile Rio Bravo pipeline.
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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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Three funds have closed part of a planned equity investment in a 921 MW renewables portfolio owned by D.E. Shaw Renewable Investments.
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New entrants to the market and a lack of power purchase agreement is creating a more competitive environment for project finance lenders and is prompting more commercial banks to look to finance distributed generation portfolios.
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Ontario Teachers’ Pension Plan will provide $2 billion for North American transmission projects through a recently established joint venture with Anbaric.
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Pattern Energy has closed a C$263 million ($196 million) debt financing for a 147 MW wind project in Québec.
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Kineticor Resource Corp. has acquired a partially-built cogeneration facility from Shell Canada and closed a corporate equity raise.
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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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A fund managed by Capital Dynamics on behalf of two investors has agreed to purchase the 250 MW Moapa solar project in Clark County, Nev., from First Solar.
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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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Three different kinds of lenders outlined their debt offerings for distributed solar in a panel discussion at the Infocast Distributed Solar Summit in Los Angeles on Nov. 17.
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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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Veresen has received more than 200 expressions of interest for a 625 MW portfolio of generation assets it is selling in Canada, according to a person familiar with the process.
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Veresen has received more than 200 expression of interest for the 625 MW portfolio of generation assets it is selling in Canada.
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A buyer has emerged for a pair of peaker plants that Quantum Utility Generation put up for sale earlier this year.
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Noble Environmental Power, which owns a portfolio of seven wind projects totaling 726 MW in Texas and New York, filed for Chapter 11 bankruptcy protection last week, announcing a restructuring plan that would give MSD Capital, an investment vehicle controlled by computer magnate Michael Dell, greater control over the company.
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AMP Capital has hired a former Caithness Energy finance official as it expands its infrastructure debt team in New York.
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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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A Danish pension fund has acquired OffshoreMW, a company developing an offshore wind project off the coast of Massachusetts, from the Blackstone Group.
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A consortium consisting of an infrastructure portfolio manager, a retirement fund and a financial services company has acquired a one third interest in a wind project in Canada from Samsung Renewable Energy.
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IFM Investors has bolstered its North American infrastructure debt investment team with the hire of an experienced deal originator and executor from Hastings Funds Management.
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A fund of Denmark’s Copenhagen Infrastructure Partners has acquired two development-stage Texas wind projects, totaling 516 MW, from Tri Global Energy.
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Brookfield Asset Management has closed a $14 billion infrastructure fund. The Brookfield Infrastructure Fund III is the largest unlisted private equity infrastructure fund ever raised, according to the Toronto-based company.
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A Canadian infrastructure fund and an insurance and financial services company are together buying a 50% stake in an EDF Renewable Energy wind project.
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EDF Energies Nouvelles Group subsidiary EDF EN Canada has sold a 50% stake in its 74 MW Mont Rothery wind project to MD1 WIND, a consortium of four buyers that includes the Desjardins Group Pension Plan and Manulife Financial Corp.
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A mergers and acquisitions banker has left Barclays’ power and utilities group in New York to take up a new role at a pension asset manager.
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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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Power Finance & Risk’s Deals & Firms of the Year Awards poll has been extended until April 16, giving you an additional week to tell us which banks, sponsors and law firms best navigated the markets in 2015.
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H2O Power, a hydro generator majority-owned by Canada’s Public Sector Pension Investment Board, has acquired its first assets in the United States.
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Banco Santander and two Canadian pension funds have acquired two wind projects in Brazil from local developer Casa dos Ventos for R$2 billion ($498 million).
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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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Canadian developer Innergex is on course to seal a C$280 million debt financing deal with pension funds and life insurance companies for a 150 MW wind farm in Québec.
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I Squared Capital has clinched a $3 billion fund focused on investments in infrastructure, including power and utilities.
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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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The lack of PPAs and an abundance of capital are driving more lenders to participate in merchant and quasi-merchant deals.
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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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Mona Dajani, partner at Baker & McKenzie, explains how a recent U.S. Federal Energy Regulatory Commission policy statement could, if adopted, have a significant impact on valuations of large regulated utility mergers and swaps of generation asset portfolios.
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In the second installment of this exclusive Q&A, John Foster, president and ceo of Southwest Generation, discusses the state of the M&A and financing markets and the company’s ideal profile for potential asset acquisitions.
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The U.S. House of Representatives has passed a bill to expedite the approval process for liquefied natural gas export permits to countries with non-free trade agreements with the U.S.
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LS Power has sealed a refinancing backing its West Deptford combined cycle plant in New Jersey.
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A refinancing backing LS Power’s West Deptford combined cycle project in West Deptford, N.J., is set to close this month.
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Sponsors, investors and financiers are looking for the next slate of opportunities in gas-fired projects and gas-related infrastructure.
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The proliferation of distributed generation, energy efficiency measures and technologies that enable demand conservation, are putting significant pressure on the traditional utility business model.
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Apex Clean Energy has withdrawn its application with the U.S. Federal Energy Regulatory Commission for approval to sell its Kingfisher wind project to First Reserve.
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Sponsors have closed more than $1 billion in debt and equity financing backing the 674 MW gas-fired Salem Harbor project in Salem, Mass.
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TerraForm Power has dominated headlines in the last month, following its landmark $2.4 billion acquisition of First Wind.
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EDP Renewables North America has wrapped a tax equity investment from a Bank of America Merrill Lynch subsidiary for its 200 MW Headwaters wind project in Randolph County, Ind.
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ContourGlobal subsidiary Energia Eolica has issued $204 million in 20-year senior notes in a private placement to refinance Peru’s first wind farms.
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President Obama signed the tax extenders bill into law on Friday, retrospectively extending the production tax credit to the end of 2014.
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Southwest Generation has wrapped a $240.7 million refinancing. The deal, which will stabilize the Denver-based shop’s portfolio and allow it to focus on increasing its asset base, closed on Monday.
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The following Industry Current is an edited transcript of a discussion hosted by Chadbourne & Parke focusing on the benefits and disadvantages of the yield company structure.
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Allete Clean Energy is buying a 108 MW wind project in Iowa from NRG Energy.
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Energy Investors Funds is planning an initial public offering of a vehicle that will include landfill gas generating assets, according to documents the shop filed with the U.S. Federal Energy Regulatory Commission.
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In this week’s Industry Current David Burton, partner at Akin Gump Strauss Hauer & Feld, dispels misinformation about the investment tax credit step-down at the end of 2016 and explores how it impacts the solar industry by answering frequently asked questions.
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Sales of solar assets boomed in the first half of 2014 and represent the resource with the most growth in number of asset trades over the same period last year.
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Pattern Energy Group Inc. has shaved 100 basis points off commercial bank debt backing its 265 MW Ocotillo wind project in Imperial Valley, Calif.
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Bank of Tokyo Mitsubishi-UFJ has agreed to make a tax equity investment in NextEra Energy Resources’ wind farm in Colorado.
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An investor group led by Macquarie Infrastructure and Real Assets has agreed to take Cleco private in a $4.7 billion deal.
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Mild weather in Texas over the last two summers has reshaped how developers and lenders are looking at generation projects in ERCOT, panellists said at Platts’ 16th Annual Financing U.S. Power conference in New York.
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Whitehall & Co. has launched a $3 billion program that will provide debt to energy and infrastructure assets.
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Contention over pricing and a lengthy due diligence process for Cape Wind's $1.95 billion deal are causing many bankers to question the feasibility of the commitment deadline at month-end.
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TerraForm Power and SunEdison are buying a portfolio of 30 MW of solar assets from energy retailer Just Energy Group.
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NRG Energy and LS Power are among a wave of sponsors out looking for repricings on project finance deals inked in 2011 and 2012.
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Autumn is a time for pumpkin-flavored everything, breaking out cozy sweaters and fresh starts for Entegra Power Group and Lincoln Renewable Energy.
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