Commercial Banks
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Developers in Mexico presented bids on June 15 to participate in a tender for geothermal exploration and drilling projects in the country, which has been in the works since 2018.
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Canada's Polaris Infrastructure is looking to enter the Panamanian power market with the acquisition of a 10 MW hydro plant from Navitas Holdings.
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Independent power producer Sonnedix has closed a project finance loan from Natixis to finance an up-to-100 MW (DC) portfolio of small-scale solar assets.
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Battery storage company Leclanché has secured construction financing for a 36.5 MW solar-plus-storage unit on the Caribbean island of St Kitts.
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Pacific Hydro, a renewable energy company with assets in Australia, Chile and Brazil, is looking to refinance corporate debt with a roughly $400 million loan.
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Greenpeace and the Mexican Center for Environmental Law (CEMDA) have secured a temporary suspension of policies introduced by Mexican grid operator Cenace and the Secretariat of Energy (SENER) that threaten to delay the interconnection of renewable energy projects in the country.
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The International Finance Corp has appointed Carlos Miguel López Leiria Pinto as general manager of its Brazil office after the previous incumbent took up a new role in Africa.
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Grupo Ibereólica and EDF Energies Nouvelles are nearing financial close on the refinancing and expansion of a jointly owned wind asset in Chile.
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Atlas Renewable Energy is negotiating an up to $90 million financing with IDB Invest to fund the expansion of its Juazeiro solar project in Brazil.
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Atlas Renewable Energy is aiming to close the financing for a 444 MW (DC) solar project in Mexico in late June or early July.
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Paraguay's Administración Nacional de Electricidad (ANDE) has received bids for the development of a substation project that already has financing in place from the European Investment Bank.
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A Mexican industry association has threatened Mexico's National Center for Energy (Cenace) with legal actions after the regulatory body introduced measures that could further harm renewable energy projects in the country.
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Project finance bankers predict a four-month delay to the financial close of the debt package for the second and third phases of Mainstream Renewable Power’s 1.3 GW Andes Renovables portfolio in Chile.
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Development institution IDB Invest is in the process of structuring a debt package to finance Engie’s first wind project in Chile.
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The financial close for a pair of renewable energy projects owned by Arroyo Energy in Chile has been delayed by a month due to the Covid-19 crisis.
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IEnova and Saavi Energia have pushed back financial close of their jointly-developed 108 MW Energía Sierra Juárez II wind farm in Mexico by two months.
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The World Bank’s International Finance Corporation (IFC) is arranging a debt package to finance solar projects in Panama.
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A consortium led by infrastructure fund manager AVAIO Capital has appointed MUFG as financial adviser for an LNG export project on the west coast of Mexico.
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Despite recent progress toward a tender process for a politically contentious LNG regasification project on the Colombian Pacific coast, expectations among developers and project finance bankers are muted, given the challenges the project faces.
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Argentinian independent power producer Stoneway Capital Corp. has a new owner after missing debt amortization payments due in early March.
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A sponsor has been looking to finance two solar projects in Chile for several months, albeit unsuccessfully so far.
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The sponsor of a combined-cycle gas-fired plant in Mexico has begun talks with bankers to refinance the asset after it starts operations.
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Mexico's Federal Electricity Commission (CFE) has quietly pushed back the procurement processes for combined-cycle gas-fired plants and a transmission line until the end of spring as a result of the Covid-19 pandemic.
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The procurement process for an 860 MW CCGT project in Mexico has been pushed back by several weeks as the country's economy reels and state-owned utility Comisión Federal de Electricidad, which is running the process, suffers a credit rating downgrade.
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The Chilean subsidiary of French developer Cap Vert Energie has begun the permitting process for two solar projects that are expected to qualify under the country's PMGD (Pequeños Medios de Generación Distribuida) distributed generation scheme.
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Project finance bankers in New York are eyeing PMGD (Pequeños Medios de Generación Distribuida) solar portfolios in Chile, which have become attractive investments—at least until the law changes.
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The results of a private power auction being run by Bravos Energía in Mexico were expected to be revealed this month but have been delayed until May.
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Atlas Renewable Energy financed a pair of solar projects in Chile in the U.S. private placement market at the beginning of March, skillfully winning over a skeptical investor community that lacked positive experiences of financing renewables in the country.
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CFEnergía, the fuel marketing arm of Mexico’s state-owned utility Federal Electricity Commission (CFE), has approved investment plans for two combined-cycle gas-fired projects in the country.
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Project finance bankers say volatile market conditions and a cumbersome bank group could lead some institutions to drop out of the financing of Mainstream Renewable Power’s 730 MW Huemul and Copihue portfolio in Chile.
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The tender for a 65 MW solar project in Uruguay has been postponed for the seventh time in six months.
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Two banks are nearing close on the syndication of a long-term project finance loan for a WPD wind portfolio in Chile.
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Prospective buyers are presenting their final offers today for Colombian power distributor Electricaribe in an auction scheduled for March 20.
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Colombia’s Interconexión Eléctrica (ISA) has won the contract to build a transmission line in the country, after out-bidding four other companies.
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Banco Santander's former head of global debt financing in Mexico has been promoted to lead the firm's investment and corporate banking division in the country after two other senior officials left the bank.
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Trina Solar has reached financial close on a solar park in Colombia with loans from local entities.
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Brazilian generation and transmission company Alupar has mandated a commercial bank to structure a debt package for a transmission project in Colombia.
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Chilean developer Biwo Renewables is plotting the development of a pair of wind farms in the country.
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Korea Electric Power Co. (Kepco) and fund manager Sprott Korea have mandated a commercial bank for the financings of two solar projects they jointly own in Mexico.
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Atlas Renewable Energy, the Latin American renewables portfolio company of private equity firm Actis, has reached financial close on a private placement to finance two solar projects in Chile.
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Corporación Andina de Fomento (CAF) has agreed to provide a $300 million loan for infrastructure projects in Argentina—including power generation and transmission assets.
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New details have emerged on the plans for the financing of the 108 MW Energía Sierra Juárez II wind project being developed by IEnova and Saavi Energía in Mexico.
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IDB Invest could provide up to one-third of the project finance loan for Huemul, the second phase of Mainstream Renewable Power's 1.3 GW Andes Renovables portfolio in Chile.
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Chile’s Grupo Transelec will develop the transmission line to connect a Mainstream Renewable Power 156 MW wind project to the grid, which is part of the second phase of the 1.3 GW Andes Renovables portfolio.
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Seven companies have presented bids for a transmission project in a procurement process arranged by Panama's state-owned transmission company Empresa de Transmisión Eléctrica (Etesa).
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Arroyo Energy has mandated two commercial banks to structure the refinancing of a gas-fired project in Mexico.
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New details have emerged on the financing and construction of two Chilean projects owned by Spanish developer OPDEnergy.
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Sempra Energy subsidiary IEnova and Actis portfolio company Saavi Energia have mandated two commercial banks and a development finance institution for the financing of a 108 MW wind farm in Mexico that will sell its output into the U.S.
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Five companies have won contracts to develop eight new transmission projects in Chile, which bankers and institutional investors in New York are following carefully for financing opportunities.
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Chilean solar developer Cielpanel is planning to construct two projects under the PMGD (Pequeños Medios de Generación Distribuida) program.
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A year after private equity firm I Squared Capital completed the acquisition of a large renewable energy portfolio in Latin America, the fund has consolidated its assets by refreshing the debt at both the holdco and project level.
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Bravos Energía's private power auction has attracted bids from 28 companies, on the supply and demand side, and is moving forward despite comments made by Mexico's National Center for Energy Control (Cenace).
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As the Mexican government upends incentives, self-supply contracts and the market for clean energy certificates, project finance and investment bankers in New York and developers in Mexico City are attempting to gauge the impact and decipher the administration's motives.
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German asset manager MPC Capital has reached financial close on a Salvadorian 5 MW solar park it acquired in July.
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Arroyo Energy has mandated two commercial banks to structure the refinancing of a pair of renewable energy projects in Chile, amid a slowdown in new build financings in the country.
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The deadline for generators and offtakers to submit offers to Vitol's power auction México Eléctrico is approaching, under the watchful eye of bankers in New York.
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A project finance loan for a portfolio of Chilean wind projects is falling flat with lenders as the two banks that acted as arrangers attempt to syndicate it.
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The sponsor behind the Telfers LNG-to-power project in Panama, LNG Group Panama, is in talks with a preferred bidder to take a majority equity stake in the project.
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Alten Energías Renovables has mandated a commercial bank and two development finance institutions for the financing of a 250 MW solar project in Mexico.
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Two different wind projects in Argentina—one owned by YPF Luz and another by a Genneia-controlled subsidiary—have secured financing in separate transactions.
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Spanish developer X-Elio has secured a $39.4 million three-tranche debt package to finance the construction of a 70 MW solar plant in Mexico.
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Toronto-based Northland Power has closed the acquisition of a 99.2% stake in the Colombian utility Empresa de Energía de Boyacá (EBSA) with a bridge loan.
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Mainstream Renewable Power is bringing in a multilateral institution for the financing of Huemul and Copihue, the second and third phases of its 1.3 GW Andes Renovables portfolio in Chile.
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Solar developer Sonnedix has reached financial close on a $15 million non-recourse loan for solar projects in Puerto Rico.
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The delayed auction to sell Colombia's power distributor Electricaribe is likely to attract mainly local players when it takes place next month, say deal watchers.
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Delegates at the Euromoney Seminars 12th Annual Latin American Energy & Infrastructure Finance Forum in Miami Beach are keeping at least one eye on Latin America’s colorful political landscape, as a year of national elections and unfolding corruption probes promises to have a bearing on project financings and M&A deals.
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Greenwind has signed $104 million in debt for its 100 MW Corti Wind Farm in Argentina, which the lenders say has the longest tenor of any project finance deal to emerge from the country’s RenovAr program and is the first to involve international banks.
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A number of project finance deals backing greenfield gas-fired combined-cycle facilities are likely to be launched in the fourth quarter following a slowdown in new-build financing in the U.S., financiers tell PFR.
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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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Rabobank's Gregory Hutton discusses the bank's project finance strategy in the rapidly evolving U.S. renewables sector, touching on non-utility offtakers, community solar and biomass, in the second part of this exclusive interview with PFR's Fotios Tsaoruhis
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Beal Bank has requested regulatory permission to take possession of the 965.4 MW La Paloma merchant gas-fired project in McKittrick, Calif., on behalf of its creditors.
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Gregory Hutton, managing director and head of project finance for the Americas in Rabobank’s New York office, discusses the renewables landscape, project finance pricing and deal flow and the impact of the Suniva trade case in the first part of an exclusive interview with PFR reporter Fotios Tsarouhis.
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Two U.S.-based banks have agreed to invest tax equity in three wind projects owned by NextEra Energy Resources.
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Atlantic Power Corp. is set to reprice its term loan B for the second time this year, following an recent upgrade from Moody's Investors Service.
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Discussions on solar-plus-storage outshone talk on other emerging technologies at the 12th Annual North American Energy and Infrastructure Finance Forums in New York, but lenders are at various stages on the road to financing such projects.
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An influx of foreign capital from South Korea has flooded the generation space as lenders chase yield in the U.S.
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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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Greenwood Energy has closed a $52.8 million debt and tax equity financing for a 26 MW portfolio of utility-scale solar assets.
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A former Morgan Stanley Commodities banker has joined a Colorado-based solar developer as executive vice president and head of origination and project finance.
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A global asset manager has closed debt and tax equity financing for two utility-scale projects, which it recently added to its burgeoning portfolio of solar assets.
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Deal volume for power and utility asset acquisitions in the first half of 2017 is down year-on-year, as expected by market participants recovering from an exceptionally busy 2016. As capital flocks to the power sector, competition for assets in the market is likely to remain fierce as long as financing remains cheap.
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Italian transmission company Terna has signed $81 million in project finance loans to build a 500 kV project in Uruguay, in a deal that BBVA is claiming to be the first ever green loan in a project finance format.
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NRG Energy has announced that is it looking to raise $4 billion from the sale of 6 GW of conventional generation assets, divesting its yield company and offloading its renewables business.
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Capital Dynamics is acquiring the 328 MW (A/C) Mount Signal 3 solar project from developer 8minutenergy Renewables.
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AES Corp., has closed a $2 billion non-recourse financing for the 1.4 GW Southland projects in Southern California.
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An independent power producer has assembled a club of banks to arrange acquisition financing for a pair of gas-fired peakers it is buying in PJM Interconnection.
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Mandates and potential structural issues arising from the two recent power auctions in Mexico were discussed at a half-day conference hosted by Morrison & Foerster in its New York office on June 14.
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Tyr Energy was planning to hit the market with a project finance deal following the PJM Interconnection capacity auction results, say deal watchers, who note that the disappointing clearing price could lead to lower leverage.
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An audit into loans approved by the Overseas Private Investment Corporation to Chilean solar projects that have since struggled is unlikely to hurt the country’s access to funding for other generation deals, say project finance bankers.
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Continued low gas prices and depressed demand lower megawatt-per-day payments and change the game for all parties involved, writes Louise Pesce, m.d., project finance, at MUFG, in this week’s Industry Current.
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Alterra Power Corp. has signed a hedge agreement for a 200 MW Texas wind project and plans to close on the financing in the next few weeks.
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Enel has mandated financial advisers to run tandem sales processes for all of its generation assets in in Mexico and Panama, which total over 2.3 GW.
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Three banks are leading on a roughly $2.2 billion debt package for a portfolio of gas-fired and battery storage projects that AES Corp. is developing in California.
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Power Finance & Risk announced the winners of its 14th Annual Deals and Firms of the Year Awards at a drinks reception at the Bryant Park Hotel in New York on May 24.
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The results of the latest PJM Interconnection capacity auction, announced on May 23, could lead to more conservative lending terms for new-build gas-fired facilities in some regions.
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LS Power increased the size of the bank loan for a more-than-3 GW quasi-merchant gas-fired portfolio known as Gridiron Generating in response to strong demand, PFR has learned.
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LS Power has closed a hybrid bank and institutional debt financing for a more-than-3 GW portfolio of merchant and gas-fired projects and sold the assets to a new group of institutional investors.
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The Carlyle Group has assigned lead arrangers for a debt financing backing its acquisition of a portfolio of gas-fired peakers from Rockland Capital.
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A sponsor has assigned a lead arranger for a gas-fired project in PJM Interconnection, where project financing activity is paused in the run up to the upcoming capacity auction, attendees at the Platts Global Power Markets conference in Las Vegas told PFR.
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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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As uncertainty around tax reform in the U.S. contributed to a slowdown in renewables financings in the first quarter of the year, the busiest banks were those with an appetite for quasi-merchant gas-fired deals.
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Enel Green Power México has begun construction on the 238 MW Don José solar project in Guanajuato, Mexico, without obtaining project debt.
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Two banks are arranging a dual-tranche debt financing for NRG Energy's 632 MW Carlsbad Energy Center gas-fired project in California, deal watchers tell PFR.
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Harbert Management Corp. refinanced a dual-fuel simple-cycle plant in Alabama toward the end of a slow first quarter for contracted projects, PFR has learned.
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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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The Speaker of the U.S. House of Representatives, Rep. Paul Ryan (R-Wis.), signaled this week that passing a tax reform bill would take longer than initially expected. Some deal watchers in the renewables project finance space are wondering if it will ever happen at all.
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Bankers are already competing for prospective mandates from companies looking to bid for contracts available this year under Alberta's 5 GW renewables program. The first round, which will award 400 MW of contracts, opened for expressions of interest on Friday.
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The online poll for PFR’s Deals and Firms of the Year Awards has closed, after market participants voted for the banks, sponsors, investors and deals they thought were most impressive in 2016. The survey received roughly double the number of votes cast last year.
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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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Two banks are arranging a non-recourse $200 million loan for the residential solar sponsor Sunrun.
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When PFR asked financiers and sponsors backing gas-fired projects in PJM Interconnection how President Donald Trump’s executive order to dismantle his predecessor’s Clean Power Plan might affect development in the region, conversation quickly turned to other topics.
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The debt financing that closed this week for Competitive Power Ventures' 1,050 MW Fairview gas-fired project in Jackson Township, Pa., combined loans from commercial banks, South Korean institutions and three international investors.
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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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The financing package backing the acquisition of a gas-fired project in Mexico has been launched into syndication, says a banker that has seen the syndication invitation.
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Spanish utility Iberdrola is on the cusp of officially mandating banks to finance the construction of the Topolobampo III gas-fired plant in Sinaloa, Mexico, two bankers tell PFR.
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The debt financing for Competitive Power Ventures' 1,050 MW Fairview gas-fired combined-cycle project in Jackson Township, Pa., included a fixed-rate tranche provided by three international institutional investors, PFR has learned.
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CIT Group has arranged a $59.8 million financing with a merchant tail for a portfolio of GCL New Energy solar projects in North Carolina.
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Three sponsors have closed a $700 million debt financing for a merchant gas-fired project in Pennsylvania.
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A lack of sunshine failed to dampen the mood at the Infocast Solar Power Finance & Investment Summit, which attracted approximately 1,000 attendees to the Rancho Bernardo Inn in San Diego, where the prospect of tax reform was mentioned on nearly every panel.
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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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Sunnova Energy Corp. has mandated a bank to arrange a debt financing of upwards of $100 million for a 55 MW portfolio of residential solar instillations.
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A regional bank seeking to establish itself as a major player in power project finance has bolstered its team with the addition of a former senior Natixis financier.
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A big winner in the first Mexican power auction is expected by some to eschew project finance in favor of balance sheet funding, but PFR readers know differently.
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As banks gear up for the first financings for renewable projects that were awarded contracts in Mexico’s inaugural post-reform power auctions, attendees at the Euromoney Seminars 11th Annual Latin America Energy and Infrastructure Finance Forum in Miami discussed a range of structures that could be deployed in the region.
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A $535 million debt financing that closed last week for the Samalayuca-Sasabe gas pipeline in Mexico is one of the last of a wave of deals funding the build-out of the country’s trunk network.
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Bankers are blaming a slow start to the year in U.S. renewables project finance on uncertainty around corporate tax reform, but activity could pick up once developers get their heads around the risks.
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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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Pattern Energy has closed a C$263 million ($196 million) debt financing for a 147 MW wind project in Québec.
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TerraForm Power has raised an additional C$114 million ($86 million) of project-level debt secured on its 60 MW utility-scale solar portfolio in Ontario.
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A 200 MW power purchase agreement signed recently by the developer of a wind project in western Kansas is the first such contract intended to be serviced via Clean Line Energy Partners’s proposed Grain Belt Express transmission line.
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Chilean utility Transelec surprised project finance bankers this week when it awarded a roughly $93 million transmission project to a consortium that includes Spain’s Abengoa, which is in the midst of a debt restructuring process.
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The controversial 11 GW Belo Monte hydro project in Brazil’s Amazonian state of Pará has received an $826 million-equivalent financing to build the first of two transmission lines to siphon generation to the country’s South East.
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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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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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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America Renewable Project Finance Deal of the Year.
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Pattern Energy Group, the yield company of Pattern Development, is cautiously considering taking a stake in its sponsor’s development-stage projects, according to an analyst report.
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