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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Fresh from closing its acquisition of a 9 GW portfolio of mostly gas-fired assets across the U.S., Dynegy is looking toward selling several “non-core” assets, deal watchers tell PFR.
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Allianz Global Investors has sealed its second U.S. renewables debt investment—a back-leveraged private placement to refinance a D.E. Shaw Renewable Investments-owned wind project in Oklahoma.
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Ares-EIF closed a debt financing backing a 450 MW gas-fired project in Berks County, Pa., on Friday.
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The former head of BBVA’s North American project finance group has landed a position at a British Columbia-based LNG project developer.
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Several bidders have been shortlisted in an auction two investment banks are running to sell Latin America Power, the renewable generation company that was going to be acquired by SunEdison and its yield companies in a deal that fell apart in 2015.
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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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The Supreme Court of Chile has revoked the environmental permit for the Penco Lirquén offshore regasification terminal, one of two commercially-linked projects, collectively known as Octopus LNG, that obtained debt financing at the end of last year.
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Four financial institutions have committed to invest tax equity in Pattern Development’s 324.3 MW Broadview wind project in Curry County, N.M., and Deaf Smith County, Texas.
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A debt and equity package totaling a combined $1.584 billion backing the Advanced Power 1.1 GW Cricket Valley Energy Center combined-cycle gas-fired project in Dover, N.Y., closed earlier today.
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Alberta was high on the agenda at the Euromoney Seminars 8th Annual Canadian Power Finance Conference in Toronto last week, as market participants contemplated a shake-up of the province’s power market as part of its plan to phase out coal by 2030.
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Several investors jostled to provide tax equity for SolarReserve’s 110 MW Crescent Dunes solar thermal project in Nye County, Nev., before the sponsor selected Capital One.
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Uncertainty around the tax reform agenda of President Trump and the Republican-controlled U.S. Congress is causing stagnation in renewable project deal flow, say attendees at the Infocast Projects & Money conference in New Orleans.
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Project finance bankers will be watching carefully this year to see how President Trump’s administration will handle issues affecting the power industry, but other topics such as the rise of the non-traditional power purchase agreement and the availability of new pools of capital are also on their radars.
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MUFG topped the power project finance league table for North America in 2016, arranging loans totaling some $3.7 billion, according to data from PFR affiliate Dealogic.
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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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Final round bids for the solar-focused independent power producer sPower are due next week. Hedge fund Fir Tree Partners is selling its position in the shop, which owns 1.3 GW of projects and a 5.4 GW development pipeline.
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Budding solar independent power producer Silicon Ranch Corp. has closed a $55 million equity raise from its existing investor group, led by Partners Group.
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SolarReserve has revealed the size of Capital One's tax equity investment in its 110 MW Crescent Dunes solar thermal project in Nye County, Nev.
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A debt and equity financing totaling roughly $1.5 billion backing the Advanced Power Cricket Valley project in New York is expected to close as soon as Tuesday, sources tell PFR.
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Bank of America Merrill Lynch has arranged a $204 million institutional term loan to refinance a 214 MW residential solar portfolio for Vivint Solar.
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Enel Green Power North America closed a $500 million tax equity investment in a Kansas wind project from three banks one day before selling a majority stake in the project to GE Energy Financial Services. A fourth investor has walked away from the tax equity deal after initially agreeing to participate.
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Homer City Generation, a GE Capital subsidiary that owns a 1,884 MW three-unit coal-fired plant in Indiana County, Pa., has reached an agreement with its bondholders regarding a “comprehensive financial restructuring plan” as it prepares to file for bankruptcy this week.
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Invenergy has sealed an almost $1 billion debt financing for its 1.5 GW Lackawanna Energy Center project in Scranton, Pa. The deal closed on Thursday.
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French sponsor Akuo Energy has sealed financing for its 150 MW Rocksprings wind project in Texas, including bridge loans, third-party equity and tax equity.
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Two investment firms have closed their joint acquisition of the the Broad River project in Gaffney, S.C., from Energy Capital Partners.
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PFR has learned the identity of the corporation that will purchase 100 MW from Akuo Energy’s recently financed 150 MW Rocksprings wind project in Texas.
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French sponsor Akuo Energy has sealed financing for its 150 MW Rocksprings wind project in Texas, including bridge loans, third-party equity and tax equity.
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Rockland Capital is marketing four merchant gas-fired projects totaling 1.25 GW that sell their generation in the PJM Interconnection market.
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The order book for last week’s $1.5 billion high yield bond for Cheniere Energy’s Corpus Christi LNG terminal exceeded $4.5 million at one point during execution, PFR has learned.
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An $823 million debt financing backing Engie and Red Eléctrica de España’s Transmisora Eléctrica del Norte transmission line in Chile closed on Dec. 7 with the participation of an institutional investor.
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An institutional investor has joined the $823 million debt financing backing Engie and Red Eléctrica’s Transmisora Eléctrica del Norte transmission line in Chile that is expected to close imminently.
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Several banks have joined a project finance deal backing a 332 MW portfolio of wind projects in Chile owned by Aela Energía, a joint venture between Irish developer Mainstream Renewable Power and London-based private equity firm Actis.
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NextEra Energy Resources has closed a $270 million debt financing for two adjacent, operational solar projects totaling 235 MW in California, one of which has an offtake agreement with Kaiser Permanente.
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Panda Power Funds has mandated three commercial banks to arrange debt financing for the 990 MW Mattawoman combined-cycle gas-fired project in Prince George’s County, Md.
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Kerri Fox, who was head of project finance, North America, at BBVA until September, is one of three independent directors recently appointed to the board of TerraForm Power.
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Fermaca closed a debt financing involving 10 banks for a 235-mile Mexican gas pipeline on Nov. 22.
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New Energy Solar Fund, an investment vehicle of Australia-based Walsh & Co., is acquiring stakes in two SunPower solar projects in Kern County, Calif.
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Grupo Ibereólica and EDF Energies Nouvelles have closed a term loan for a contracted wind project in the Atacama region of Chile.
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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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Mike Garland, ceo of Pattern Development and president and ceo of its yield company, Pattern Energy Group (PEGI), gives his view on trends in the availability and pricing of power purchase agreements, the competitiveness of offshore wind and the latest developments in the tax equity market in the first part of this exclusive interview with Richard Metcalf, editor of PFR.
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A consortium of South Korean investors have taken a $200 million ticket in a senior secured loan backing Starwood Energy Group Global’s acquisition of two merchant gas-fired units totaling 840 MW, as Asian institutions look to increase their exposure to U.S. generation.
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A private equity executive who was head of EQT Partners’ U.S. infrastructure business has landed at the New York office of London-based Actis.
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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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Enercon Canada has closed a C$825.5 million ($621.4 million) project financing for a 230 MW wind project in Ontario.
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There was little movement in the North American power project finance league table in the third quarter of the year, which was quieter than the same period in 2015. However, Crédit Agricole rose up the ranks, buoyed by its role in a $283 million wind project deal in July.
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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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Akuo Energy has closed financing for its first wind project in the U.S. The deal includes equity from John Laing, a construction loan from BayernLB and tax equity from GE Energy Financial Services.
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The expected closing date of a loan to finance a 379-mile transmission line in Chile has been pushed back as negotiations over interest rate swap provisions continue.
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sPower has closed a tax equity and back leverage financing for a portfolio of nine solar projects totaling 270 MW in Lancaster, Calif.
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Despite an slowdown immediately following the production tax credit extension, this year has so far been a busy one for wind project financing at a number of the leading banks in the space.
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The average price of power purchase agreements awarded in Mexico’s second power auction was 30% lower than in the first auction, with one PPA coming in at just $26.99/MWh. The low prices will translate into lower leverage on projects, say deal watchers.
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Macquarie Asset Management’s infrastructure debt platform has expanded to establish a U.S. presence in New York. The group is being led by a hire from Macquarie Group’s investment banking division.
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A former managing director at Morgan Stanley has landed at BlackRock in New York.
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Falvez Energy, a wind project sponsor founded by a former banker and a real estate and data center entrepreneur in 2014, has obtained tax equity commitments from two lenders for a merchant wind project.
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A joint venture between EDF Energies Nouvelles and Andes Mining & Energy has secured a 15-year loan to finance the construction of a 100 MW solar project near Chile’s capital, Santiago.
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A hedge fund-backed solar-focused independent power producer has hired four financial advisers to sell its 1.3 GW portfolio of operating, under-construction and shovel-ready projects, development and asset management platform and accompanying 5.4 GW pipeline.
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Euromoney Seminars’ North American Energy and Infrastructure Finance Forum adjourned on Thursday, but not before attendees discussed a myriad of issues ranging from competition between project finance lenders, the impact of the upcoming U.S. election and the implications of a potential hike in interest rates.
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Conference participants at the first day of Euromoney Seminars’ 11th Annual North American Energy and Infrastructure Finance Forum gathered at the Westin New York at Times Square on Sept. 21 to discuss new constraints and opportunities in project lending.
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Several New York-based structured and project finance bankers have left BBVA as a result of a shake-up of the Spanish bank’s corporate and investment banking division in the U.S.
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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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Despite a tumultuous year, turnout was undamped at Solar Power International in Las Vegas. Over 17,000 solar industry professionals gathered at the Las Vegas Convention Center from Sept. 12 to Sept. 15 for the largest solar trade show in North America.
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Invenergy has selected arrangers for a debt package backing the 1.5 GW Lackawanna combined-cycle gas fired project in Jessup, Pa.
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Pacific Mercantile Bank has appointed an experienced project finance banker to lead a new renewables financing group that will initially focus on small and medium-sized solar projects in the U.S.
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True Green Capital Management has secured $42.4 million to finance a portfolio of solar projects in Massachusetts and New Jersey.
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A former director of structured finance at SunEdison has taken a new role at a bank specializing in small and mid-market lending.
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Infraestructura Energética Nova (IEnova) has agreed to buy the "largest wind farm in Mexico” from Blackstone Energy Partners, affiliated private equity funds, Fisterra Energy, which is owned by Blackstone-managed funds, and minority investors.
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Two investment banks are preparing to launch a sale process for Arclight Capital Partners' New Covert gas-fired project in Michigan in the next two weeks, a deal watcher tells PFR.
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The developer of a 700 MW combined-cycle gas-fired project under construction in Indiana is set to seek approvals and tax abatements for a second phase which would double the size of the facility.
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Korean Electric Power Corp. is acquiring a solar project in Colorado from a subsidiary of The Carlyle Group. The companies have also announced plans to form a jointly owned independent power producer in the U.S.
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Wind projects dominated the highly competitive Chilean power auction, the results of which were announced on Wednesday. Despite being intermittent resources, many of the wind projects won 24-hour blocks in the auction, prompting deal watchers to question how they will be financed.
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GE Energy Financial Services is selling a portion of its 49% stake in the 750 MW Towantic combined-cycle gas-fired project in Oxford, Conn., to an infrastructure fund.
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BlackRock is buying a minority stake in the Advanced Power 1.1 GW Cricket Valley project under development in Dover, N.Y.
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Macquarie Infrastructure Partners III has hired a financial adviser and is contemplating bids to sell down its 73% interest in the Lordstown project.
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A $739 million dual-currency debt financing backing a “landmark” transmission line connecting Chile’s two main grids could close as early as this month.
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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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Houston-based Northern Star Generation has mandated a bank to refinance a portfolio of five thermal projects in Florida and Nevada.
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Starwood Energy Group Global is purchasing two merchant gas-fired projects totaling 840 MW in Pennsylvania from a subsidiary of NextEra Energy Resources. Starwood has mandated a bank to syndicate the acquisition financing over the summer.
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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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Apex Clean Energy has closed debt and tax equity financing and sold a majority stake in a 217 MW portfolio of projects in Texas.
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SolarCity raised $345 million in tax equity from four investors in June and July, and has increased the size of its aggregation facility with commitments from two additional lenders.
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Financiers and wind project sponsors are discussing the comeback of the turbine supply loan, say multiple market participants, with one project financier predicting that it could become a billion dollar industry by the end of the year.
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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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Distributed wind developer United Wind has obtained an equity commitment from Total and is in talks with lenders to arrange debt financing for its fourth and largest project fund.
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SunPower closed a debt financing for a 100 MW solar project near the municipalities of La Higuera and Vallenar in Chile on Friday.
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Two Canadian lenders have closed project financing for a 75 MW Invenergy wind project in Québec, Canada.
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Pattern Energy has agreed to acquire the 324 MW Broadview wind project in Curry County, N.M., from Pattern Development, marking the yield company’s first dropdown acquisition since August.
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Financiers at commercial and multilateral banks discussed how debt financings might be structured for projects that have obtained aggressively priced power purchase agreements in auctions under Mexico’s new market rules at the Infocast Mexico Power Finance & Investment Summit in New York on June 30.
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As global financial markets reeled in the wake of the U.K.’s historic vote to leave the European Union, it was business as usual for much of the American project finance community.
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EDP Renewables has closed debt financing for its 200 MW Eólica de Coahuila wind project in Mexico.
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Some of the renewables projects that won offtake contracts in a Mexico power auction in March face a lengthy development period and may even end up not being built at all, said panelists at the Infocast Mexico Power Finance & Investment Summit in New York on June 29.
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Crédit Agricole has hired a former corporate finance executive at a public utility as managing director in its structured finance advisory group in New York.
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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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Advances in technology and efficiency, intense competition for power purchase agreements and subsidization through tax credits in the U.S. have pushed the cost of renewable generation ever lower. That’s great news for offtakers, but it also makes financing more difficult.
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A selection of snippets gleaned on the sidelines of the 13th annual REFF Wall Street conference in New York. A regional U.S. bank seeks to break into renewables financing, and a developer gives his frank take on the Mexico power auction results.
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A group of lenders assembled onstage at the culmination of REFF Wall Street this year to talk about financing trends for renewables projects, including how to deal with the merchant aspects of projects with non-utility offtake contracts.
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A Santiago-based sponsor is in talks with a boutique investment bank to raise equity for a pumped-storage hydro project and a nearby solar project in the Tarapacá region of Chile.
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Hannon Armstrong Sustainable Infrastructure has raised $82 million with a public share offering to free up borrowing capacity and to invest in renewable and energy efficiency projects.
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Mainstream Renewable Power is in the final stages of negotiations with a group of banks for a project finance deal backing two wind farms totaling 300 MW in Chile.
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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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Atlantica Yield, the yield company formerly known as Abengoa Yield, has received indicative interest from project developers for a right-of-first-offer agreement as it continues to try to become independent of its struggling sponsor, Abengoa.
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Quantum Utility Generation has mandated BNP Paribas to sell an equity stake in the 549 MW Moundsville combined-cycle gas-fired project in Marshall County, W. Va.
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San Francisco-based Spruce Finance has closed its first syndicated loan, raising $120 million in a deal arranged by Investec.
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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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Vivint Solar has obtained a $75 million tax equity commitment from an investor it has not previously worked with, in a market which has become less hectic in response to the tax credit extension at the end of last year.
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Power Finance & Risk announced the winners of its 13th Annual Deals and Firms of the Year Awards at the PFR Awards Dinner at the Metropolitan Club in New York on Wednesday, April 18. Read the full list of winners here.
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Arrangers of a debt financing for the Advanced Power 1 GW Cricket Valley project in Dover, N.Y., have begun meeting with other financial institutions about backing the $1.4 billion project, deal watchers tell PFR.
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A sponsor has filed for permission to build a $20 billion LNG export project and accompanying pipeline at the Port of Brownsville, Texas. The sponsor is in the process of hiring financial advisers.
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Boralex and two co-owners of a pair of wind farms in Québec have refinanced the assets with a C$617.5 million debt package. The two projects are located about 40 miles north of Québec City and total 727 MW.
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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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A Connecticut-based sponsor is looking to raise $700 million in debt and equity financing for a gas-fired project in New Jersey, PFR has learned.
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