Ratings Agency
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Vivint is preparing to issue its debut asset-backed securitization, a $355 million offering that will be the year’s first ABS deal to be backed by power purchase agreements and leases.
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Residential solar lender Dividend Solar has closed its second solar securitization.
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Eolica Mesa La Paz, a joint venture of Ener AB in and AES Corp., is prepping a $303 million bond issuance backing the construction of a wind project in Mexico.
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SolarCity is readying its second solar ABS transaction of 2017, a $340 million deal backed by residential rooftop solar leases and power purchase agreements.
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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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Mosaic sold a solar loan securitization at tight spreads on Wednesday, as investors report that the market for solar and Property Assessed Clean Energy (PACE) is turning into a food fight amid heavy demand and low supply.
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Morgan Stanley is arranging a term loan B backing The Blackstone Group's acquisition of a stake in Energy Transfer Partners’ 715-mile Rover international natural gas pipeline.
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Tenaska has closed a refinancing of its 150 MW Imperial Solar Energy Center West project in California through a private placement.
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The LNG export terminals being built in Texas and Louisiana have so far not experienced major damage due to Hurricane Harvey, says Fitch Ratings.
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Berkshire Hathaway Energy’s acquisition of Oncor Electric Delivery Co. is moving forward, despite a counteroffer from Elliott Management Corp.
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NextEra Energy Partners has obtained its first credit ratings as the yield company prepares to raise debt in the capital markets.
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Solar lending platform Mosaic is preparing to launch its second asset-backed securitization just four months after sealing its inaugural ABS offering.
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Cheniere Energy has priced a $1.5 billion high yield bond to refinance debt associated with its Corpus Christi LNG facility in San Patricio County, Texas.
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Pricing on the term loan B backing The Carlyle Group’s Nautilus Power portfolio, previously known as Essential Power, flexed up last week. The deal was priced on Friday.
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Solar and Property Assessed Clean Energy (PACE) experts at the IMN Green Investing Conference on Thursday noted that both markets will see more participation as issuance accelerates and the sectors become more sophisticated.
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Fitch Ratings has revised the criteria it uses to assess renewable projects, which could lead to upgrades for several solar project financings.
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As NextEra Energy priced a $1.25 billion 10-year corporate bond on April 25 to refinance debt that is due to mature later this year, investors were apparently untroubled by the snag it hit trying to acquire a Texas utility company.
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Spain’s Acciona has signed a €100 million 'green loan' with BBVA to part-finance its solar and wind projects in Chile.
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Merchant coal-fired plants in PJM Interconnection are facing elevated refinancing risk as $3 billion of debt approaches its due date, according to a report issued by Moody’s Investors Service.
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The Carlyle Group has hired Morgan Stanley to lead a refinancing of a term loan B secured by a portfolio of gas-fired, oil-fired and hydro projects that the private equity firm acquired last year.
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Houston-based residential solar finance company Sunnova priced a debut asset-backed securitization this week, putting the issuance volume of solar ABS year to date higher than in the entirety of 2016.
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Moody’s Investors Service has placed the debt associated with a contracted gas-fired cogeneration plant in California on review for downgrade, citing renewable development and hydrology levels in the region.
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Argentina has set itself an ambitious goal for renewables to make up about half of the country's generation capacity within 10 years, but large funding challenges lie ahead if this is to become a reality.
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Fitch Ratings has lowered the outlook on bonds issued by an Acciona wind farm in Mexico from positive to stable, citing the project’s exposure to "cost uncertainty" coupled with an increasing debt service profile.
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Panda Power Funds’ Temple I combined-cycle project in Texas looked set to default on its term loan after a three day grace period expired following the project’s failure to make a coupon payment that was due on March 31.
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At least 10 senior employees who worked in areas including finance, development and procurement at Recurrent Energy have left the solar sponsor in a wave of departures in recent months.
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Panda Power Funds is running out of time to refinance its Temple I combined-cycle project, which is in a grace period, having failed to make a coupon payment that was due on March 31.
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Talen Energy is undertaking a corporate refinancing involving the issuance of a new $400 million secured term loan B, a repricing of its existing $600 million term loan and an offering of up to $500 million of senior unsecured notes.
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Atlantic Power Corp. has held a lender meeting with a view to repricing a term loan B it originally issued about a year ago, during a more turbulent time in the market.
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Hannon Armstrong has issued an $84 million green debt private placement to finance solar and energy efficiency projects in an offering arranged by BlackRock.
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ArcLight Capital Partners is amending and extending a term loan B it secured last year to refinance a 5 GW portfolio of gas-fired merchant projects it had acquired from Tenaska Capital Management the year before.
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The Carlyle Group has partly refinanced a 1,066 MW portfolio of gas-fired plants in Georgia, having removed two assets from the collateral package, with implications for a series of bonds related to the portfolio.
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LS Power refinanced two peakers in Illinois in early February, PFR has learned. Like other recently signed loans backing gas-fired projects in PJM Interconnection, the deal attracted interest from South Korean investors.
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LS Power has increased the size of a term loan B financing its acquisition of a portfolio of assets from TransCanada and tightened the pricing on the deal, which has attracted a lot of interest from investors.
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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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Cheniere Energy has priced the $1.35 billion senior secured note offering it announced yesterday, completing the refinancing of loans obtained in 2015 for its Sabine Pass project in Louisiana.
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LS Power has mandated Credit Suisse to arrange financing for its acquisition of a 3.9 GW mostly gas-fired portfolio from TransCanada.
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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 Americas LNG Project Finance 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 Latin America Project Finance Deal of the Year.
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Moody’s Investors Service has cited "uneasy" trade relations between Mexico and the U.S. as a risk for a private equity-backed independent power producer in Texas that sells generation across the border.
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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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California-based solar finance company Mosaic sold a $138.95 million ABS deal late last week, with sources saying it was heavily oversubscribed.
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Moody’s Investors Service has downgraded loans associated with a pair of coal-fired facilities in PJM Interconnection amid tough competition from gas-fired projects.
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SolarCity has announced a $145 million asset backed securitization, bringing deal flow in the year to date to two offerings and putting the first month of the year on par with activity in all of 2016.
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NRG Energy subsidiary GenOn Energy is facing an increased likelihood of a default or debt restructuring as it approaches several bond maturity dates, according to a report by Moody's Investor Service.
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A joint venture between The Blackstone Group and ArcLight Capital Partners has launched a term loan B to finance its acquisition of a four-project portfolio of coal and gas-fired facilities.
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Pricing details have emerged on a term loan B that will finance Blackstone Group and ArcLight Capital Partners’ joint acquisition of a conventional generation portfolio from First Reserve.
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Ormat Nevada and Northleaf Capital Partners have closed a $92.5 million private placement refinancing for a 20 MW geothermal project they co-own in Nevada.
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FirstEnergy Corp. is selling its fleet of 14 competitive generation assets, all in PJM Interconnection, as part of a strategic review at the utility.
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Macquarie Capital has launched a term loan B to finance the acquisition of an approximately 1.5 GW portfolio of contracted gas-fired projects by a three-way joint venture from First Reserve, deal watchers tells PFR.
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Moody’s Investors Service has downgraded $410 million of senior debt secured on a 2 GW portfolio of gas-fired projects owned by Invenergy, citing “substantial financial underperformance”.
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The joint sponsors of a 100 MW solar facility in Ontario have refinanced the project’s debt in the bond market to take advantage of increasingly favorable pricing.
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The solar financing market is evolving as residential solar providers shift to ownership, rather than leasing solar assets, said panelists at ABS East at the Fontainebleau Miami Beach on Sept 19.
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Enbridge Inc. will look to sell $2 billion of non-core assets over the next 12 months, following the announcement that it has agreed to merge with Spectra Energy Corp.
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Hydro projects have long lifespans and a number of assets which are changing hands today were financed more than a century ago, when project finance transactions were a little different.
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TerraForm Power avoided a technical default on its bonds after bondholders agreed to give the SunEdison yield company until December to file its annual accounts for 2015.
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Moody's Investors Service and S&P Global Ratings have downgraded their outlooks for Canadian Solar to negative.
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Several power and utilities companies issued corporate bonds this week as issuance generally wound down, allowing bankers, treasurers and investors to take a well-deserved summer break.
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NRG Energy’s yield company has priced a $350 million bond, the proceeds of which it will use mainly to repay all its borrowings under its revolving credit facility.
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GenOn Energy, a wholly owned subsidiary of NRG Energy, has retained restructuring advisers and is considering its options including filing for protection under Chapter 11 of the U.S. Bankruptcy Code.
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In an unexpected move, Enel Green Power has made inquiries with banks about providing project finance for three solar projects which won contracts in the Mexico power auction earlier this year.
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Consumers Energy Co. issued $450 million bond on Monday after releasing its second quarter earnings report last week. Other utilities are expected to follow suit in the coming days as they seek to meet their funding needs before the market slowdown at the end of August.
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An investment bank is arranging a term loan B to refinance the 1.4 GW portfolio of merchant gas-fired projects that Avenue Capital Partners purchased from Tenaska Capital Management earlier this year.
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Moody’s Investors Service and Fitch Ratings have placed the bonds secured on two Berkshire Hathaway Energy Renewables solar projects in California on review for downgrade following several outages.
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Freeport LNG has priced a $1.25 billion project bond offering to refinance part of the second liquefaction train at its export facility on Quintana Island, Texas. Four bookrunners priced the notes last week, says a deal watcher.
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NRG Energy has increased the size of its second high yield bond offering of the year, which was priced on July 19 to take advantage of a rally in credit markets.
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NRG Energy has returned to the high yield bond market to raise $1 billion with its second offering this year as it continues to manage upcoming maturities.
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Southern Company has taken another step into the natural gas transportation market by acquiring a 50% stake in a Kinder Morgan pipeline system in the southern U.S for $1.47 billion.
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The U.S. corporate bond market appears to be receptive to utility and mid-stream energy names that are lining up deals, after a quiet period triggered by the U.K.’s decision to leave the European Union.
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Freeport LNG is holding an investor roadshow for a project bond to refinance train two of its 13.9 million mtpa LNG liquefaction and export facility in Quintana Island, Texas.
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Westar Energy joined the growing group of U.S. utilities that have issued green bonds on Monday, while Southern Power turned to euros for its second green offering.
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Spruce Financial has mandated Citigroup as the lead on its first securitization deal.
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A partnership that owns one of the largest solar facilities in Canada has refinanced the project’s debt with a C$613 million ($480 million) bond issuance.
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A $1.5 billion high yield bond market refinancing for Cheniere Energy’s Sabine Pass LNG export terminal won orders from investment grade accounts, said a banker at one of the bookrunners. The size of the deal was increased from $1 billion.
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SunPower is in talks with banks to arrange debt financing for its 100 MW (AC) El Pelícano solar project in the Coquimbo and Atacama regions of Chile.
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Emera has mandated bookrunners for a senior secured and a hybrid bond transaction to finance its acquisition of TECO Energy.
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Details of the pricing and the identity of the lender for Panda Power Funds' refinancing of its Sherman project in Texas have emerged, following the closing of the deal on May 20.
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Two generation companies and an LNG facility headed to the high yield bond market this week. With issuance volumes as much as 50% lower than the same time last year, investors appear to have been pleased to see them.
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First Reserve is selling a portfolio of contracted gas-fired assets totaling nearly 1.7 GW, deal watchers tell PFR. Goldman Sachs is advising the Greenwich, Conn-based private equity firm on the auction.
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NRG Energy was able to increase the size of a high yield bond offering on May 9 thanks to strong demand. The deal is part of NRG’s debt reduction program.
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Several generation portfolios financed with term loan Bs have failed to deleverage as expected and are sweeping 100% of their cash to pay down debt as a result of challenging market conditions, according to a report by Moody’s Investors Service.
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Michigan Electric Transmission Company, a subsidiary of ITC Holdings Corp., has issued a $200 million secured private placement to refinance an unsecured term loan due in 2018.
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Atlantic Power has allocated its $700 million term loan B refinancing, after making concessions on pricing in a market where other deals have struggled.
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Odebrecht is considering the sale of one of its Latin American hydro projects.
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Panda Power Funds has filed a lawsuit against the Electric Reliability Council of Texas, in which it accuses the grid manager of publishing misleading capacity, demand and reserve reports to spur investment in the state.
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Moody’s Investors Service has upgraded Calpine Corporation’s credit rating, affirmed the ratings of several rivals and downgraded NRG Energy subsidiary GenOn Energy at the end of a review of the U.S. merchant power sector.
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Georgia Power has become the second investment grade U.S. utility — and the second Southern Company subsidiary — to issue a green bond, as its peers assess the instrument’s potential.
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SolarCity has raised $49.6 million in its sixth asset backed security offering. Goldman Sachs and Credit Suisse were co-structuring agents and co-bookrunners on the deal, which was priced to yield 6.25%.
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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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Shares in SolarCity plunged 29.3% in trading on Wednesday after the rooftop solar company announced it had fallen short of its guidance for growth in the fourth quarter of 2015.
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SolarCity, the largest residential solar developer in the US, has priced a $185 million securitization, the first backed entirely by loans made to homeowners for the financing of solar panel installation.
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Dominion Resources subsidiary Virginia Electric & Power was among the bond issuers that successfully navigated market volatility this week, increasing the size of its 10-year deal to $750 million in response to strong demand on Tuesday.
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Entergy Arkansas became the first U.S. utility to bring a bond to the market in 2016 when it priced a $325 million long 10-year first mortgage bond on Tuesday.
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SolarCity, the largest residential solar developer in the U.S., is marketing a $185 million securitization, the first backed by loans made to homeowners to finance solar panel installations.
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Brookfield Renewable Energy and Emera have refinanced 610 MW of hydro facilities on the Deerfield River in Massachusetts via a private placement.
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A term loan B launched by The Carlyle Group to finance its acquisition of the Rhode Island State Energy Center in Johnston, R. I., has been priced and is due to close soon.
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Georgia Power found strong demand for a three-year senior unsecured bond on Nov. 11, increasing the size of the transaction from $300 million to $500 million.
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Carlos Domenech has left his position as ceo of TerraForm Power and TerraForm Global at the request of the yield companies' boards. His last day was Nov. 20, a company spokesperson tells PFR.
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Initial price talk has emerged on Rockland Capital's refinancing of the 125 MW Michigan Power project.
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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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NextEra Energy-owned utility Florida Power & Light issued a $600 million 10-year first mortgage bond on Nov. 10, pricing the deal arguably inside its curve.
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Star West Generation has issued a $450 million 5-year senior secured term loan B and sealed a $100 million revolving credit facility to allow the sale of a fleet of contracted assets in California to AltaGas.
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Rockland Capital launched a $263 million refinancing for the 125 MW Michigan Power project at a bank meeting with prospective lenders on Nov. 12.
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Calpine has launched a $550 million term loan B to back its acquisition of the 745 MW gas-fired Granite Ridge Energy Center in New Hampshire.
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Oncor Electric Delivery Co. has extended the maturity of its senior secured revolving credit facility by one year and reduced its maximum size.
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Pacific Gas & Electric Co. issued $650 million of senior unsecured bonds on Nov. 2, a busy day for investment grade credit, with issaunce totalling almost $7.9 billion.
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NRG Energy is “exploring financing options” for the 632 MW Carlsbad Energy Center simple-cycle gas-fired project in Carlsbad, Calif.
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Panda Power Funds is slated to close debt financing for the 1 GW Hummel combined-cycle gas-fired project in Snyder County, Pa., on Tuesday. The pricing widened on the term loan B tranche, with deal watchers blaming market conditions.
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Moody’s Investors Service has placed Highstar Capital subsidiary Star West Generation's credit rating under review for downgrade in the wake of the announcement that it would sell a fleet of contracted gas-fired facilities in California to AltaGas.
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Invenergy has closed a $540 million financing package backed by a 2.5 GW portfolio of gas-fired generation assets in the U.S. and Canada in a deal led by Morgan Stanley.
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Trevor D’Ollier Lees, a director at Standard & Poor’s, began one of the first sessions of the day at Solar Capital Markets 2015 by introducing a new analogy to illustrate how the solar securitization market had developed since last year’s summit.
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Developers, lawyers and senior rating agency analysts discussed challenges tax equity structures pose to solar securitizations at Infocast’s Solar Capital Markets summit in New York on Oct. 15.
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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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Southern Co has priced its first junior subordinated debt, a month after the three main rating agencies said its proposed acquisition of AGL Resources would impair its credit metrics.
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Standard & Poor’s has left its rating of a loan for Invenergy unchanged after the borrower modified the structure of the debt package.
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A subsidiary of TransAlta Corp.’s renewables yield company TransAlta Renewables has issued an amortizing project bond backed by three wind facilities in Ontario.
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Ares-EIF has emerged as the buyer of GE Energy Financial Services’ 50% stake in the Linden cogeneration project in New Jersey.
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Panda Power Funds has obtained a rating from Standard & Poor’s for its 1,024 MW gas-fired Hummel station in Pennsylvania, while a loan for Invenergy backing six projects in the U.S. and Canada has won an upgrade from Moody’s Investors Service.
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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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The Tennessee Valley Authority issued a $1 billion 50-year bond under its Power Bonds program on Monday, choosing its moment carefully amid shaky markets.
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