Investment Banks
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International capital is heading to US renewables at what many in the space are calling “record breaking” pace.
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Emre Erkovan has been appointed as CIBC Capital Market’s global investment banking director, overseeing energy, infrastructure and transition sectors.
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Senior Guggenheim Securities bankers have transitioned to Jefferies’ new energy transition banking team.
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Nomura Holdings and Angeleno Group have entered a partnership to co-invest and share intellectual capital on green energy and decarbonization projects within both companies. As part of the partnership Nomura will invest in Angeleno Group's recent venture capital and growth equity fund.
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Marathon Capital, the sustainable-energy-focused investment bank and financial advisor, has named Iain Watson country manager of its Canadian operations.
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Troubled Australian asset manager AMP, the parent company to US renewables investor AMP Capital, has avoided a second shareholder vote against executive pay by a slim margin.
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Chilean small-scale solar developer oEnergy is adding 12 MW (DC) of capacity to its distributed generation solar portfolio in Chile.
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Mexico’s state-owned Comisión Federal de Electricidad (CFE) is planning a procurement process for a transmission project in the state of Baja California, adding to the country’s transmission pipeline.
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Brazil’s power regulator Aneel has approved the opening of a public consultation on bidding documents for a proposed auction of transmission line projects.
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BNP Paribas has appointed Florence Pourchet as its new head of corporate and investment banking in Latin America.
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Petrobras has issued a teaser for the sale of four thermal generation plants in Brazil totaling 578 MW.
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The Dominican Republic is selling a 50% stake in a 674.78 MW coal-fired plant in the country, but the process is on hold because of the Covid-19 pandemic.
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In January 2020, Colombia's Termocandelaria Power Limited built on its success in the international bond market with a $186 million tap to finance the conversion of a 20-year old peaker into what it says will be the country’s most efficient gas-fired generation project.
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Blackstone company Fisterra Energy is pursuing the refinancing of a combined-cycle gas-fired plant in Mexico, which was meant to start operating in December of last year.
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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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Lima-based generation company Atria Energía is plotting a 66 MW solar park in Chile.
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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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Infrastructure private equity firm I Squared Capital has named three new partners, in addition to three existing managing partners.
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An internal memo at Goldman Sachs regarding a new “firm wide flexible dress code” was widely reported this week, but don’t expect the firm’s investment bankers to turn up in sneakers and sweatpants any time soon.
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Macquarie Infrastructure Corp. has launched proceedings to divest its interest in the New Jersey-based 512 MW Bayonne Energy Center, PFR has learned.
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A private equity firm has tapped boutique investment bank Evercore to market its stake in a wind and solar project developer.
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A company owning more than 600 MW of wind assets in New York state is in the process of finding a buyer for the portfolio, PFR has learned.
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A private equity firm has suspended a sale process for a stake in a hydro portfolio company.
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A solar shop based in the U.S. Northeast has acquired a 105 MW portfolio of development-stage assets in New York state, PFR has learned.
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AES Corp. and Alberta Investment Management Corp. have mandated an adviser to sell a stake in a portfolio owned by sPower, the renewable project developer, owner and operator they jointly acquired last year.
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The founder and former president of CohnReznick Capital has resurfaced in a new role at an investment bank that is preparing to staff up and expand its footprint in the U.S.
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GE Energy Financial Services has mandated a pair of financial advisers to sell its project finance loan book as well as equity stakes in generation assets, PFR has learned.
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Vivint is preparing to issue its debut asset-backed securitization, a $355 million offering that will be the year’s first ABS deal to be backed by power purchase agreements and leases.
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Southern Power has signed a deal to sell a one-third interest in a 1.7 GW solar portfolio to an institutional investor following an auction process.
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A group of four Japanese investors has acquired a majority stake in an Ares-EIF gas-fired project in Connecticut.
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NRG Yield has refinanced its $495 million revolving credit facility.
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JP Morgan's head of renewables tax equity, John Eber, is retiring after about 30 years at the bank and predecessor institutions.
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Axium Infrastructure has agreed to acquire the 286 MW Brooklyn Navy Yard in New York from a fund managed by Ares-EIF.
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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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A New York private equity shop has hired a pair of financial advisers to sell a hydro project in PJM Interconnection that it previously tried to sell four years ago.
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LS Power has taken bids for a pair of gas-fired assets it is in the process of selling in the Midwest.
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A subsidiary of a New Jersey utility holding company has hired an investment bank to market a portfolio of commercial and industrial solar assets.
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CohnReznick Capital has named a new president, PFR has learned.
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E.On has sealed tax equity commitments from two investors for a 228 MW wind project in southern Texas.
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Bank of America Merrill Lynch has emerged as the tax equity investor in the 24.9 MW Shoreham Commons solar project on a former gold course on Long Island that Duke Renewable Energy is in the process of acquiring.
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Lincoln Clean Energy has lined up financing for a wind project it is developing in Lynn County, Texas.
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U.S. Geothermal has reached a deal to take full ownership of the 13 MW Raft River geothermal project in Idaho by acquiring Goldman Sachs’ minority stake in the facility.
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Exelon Corp. increased the size of a term loan B offering it priced last week to finance a portfolio of renewable assets in the U.S.
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A bank duo is seeking regulatory approval to invest tax equity in a pair of wind projects, suggesting that project finance deals are moving forward despite uncertainty around the potential impact of tax reform, which deal watchers say could affect the bidding in several live sale processes for wind assets.
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Bank of America Merrill Lynch and JP Morgan are investing tax equity in a wind project supported by a power hedge that is under development in Minnesota.
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Exelon Corp. launched a $750 million term loan B backing an almost 1.8 GW U.S. renewables portfolio on Nov. 3, offering investors a rare "new money" deal during a period dominated by repricings and refinancings.
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Morgan Stanley is arranging a $750 million term loan B backing a 1,791 MW portfolio of wind, solar and biomass assets owned by Exelon Corp.
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American Power Ventures has launched an equity raise for its 1,020 MW Renaissance gas-fired project in Pennsylvania, with two investment banks advising on the deal.
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Morgan Stanley is sole bookrunner on two term loan B repricings that launched at the end of October for power sector borrowers, as they chip away at their coupons.
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Cheap debt and the ticking clock strapped to federal tax credits could well bolster wind project development over the next year, said financiers at the American Wind Energy Association’s Wind Energy Finance & Investment Conference 2017 on Oct. 25 and 26.
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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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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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Two financial institutions are investing tax equity in a 298 MW wind project that has an offtake agreement with Anheuser-Busch.
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The relative sizes have emerged of tax equity investments by Bank of America Merrill Lynch and JP Morgan in a 300 MW wind project that Enel Green Power North America is constructing in Missouri.
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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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Allianz Renewable Energy Partners of America and Bank of America Merrill Lynch have requested regulatory approval to expand their tax equity collaboration through an investment in a 305.8 MW wind project in Illinois.
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An insurance group partly owned by Goldman Sachs is consolidating its holdings of three solar projects it co-owns with Centaurus Capital.
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Canadian Solar is in talks to split a 535 MW operational project portfolio in California between several buyers, including an Asian utility company, following an auction that took place earlier this year.
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A Texas developer is looking to raise $300 million of debt and equity to finance a combined cycle gas-fired project in the state, PFR has learned.
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An auction for a portfolio of coal-fired, fully-contracted projects is drawing to an end, say deal watchers close to the deal.
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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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A developer has hired a financial adviser to raise debt for a 370 MW combined-cycle gas-fired plant in Texas, PFR has learned.
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PFR has learned the identity of the investment bank advising Pacific Gas & Electric on the sale of a portfolio of two run-of-the-river hydro projects.
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Tiger Infrastructure Partners and Agate Power have announced the acquisition of an operational peaker on the Hudson River.
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Pattern Development is acquiring an approximately 50% stake in an Avangrid Renewables wind project in the southwestern U.S. that will be financed with tax equity from three banks.
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Morgan Stanley is arranging a term loan B backing The Blackstone Group's acquisition of a stake in Energy Transfer Partners’ 715-mile Rover international natural gas pipeline.
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Goldman Sachs has hired an former senior staffer at SunEdison and TerraForm Power.
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NRG Energy has received first-round bids for its renewable businesses, conventional assets and yield company, PFR has learned.
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Solar finance company Mosaic has agreed to sell $300 million of loans for residential rooftop solar systems to Goldman Sachs.
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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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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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Goldman Sachs is providing a tax equity investment for a solar project under development in California that D.E. Shaw recently acquired from First Solar.
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Alphabet is selling its tax equity interest in an EDP Renewables North America wind project in Kansas less than two years after making the investment.
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AES Corp. and Alberta Investment Management Corp. closed their acquisition of sPower on July 25, taking over Fir Tree Partners’ interest in the renewables company.
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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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Alterra Power Corp. has sealed financing for its 200 MW Flat Top wind project in Texas after landing an equity commitment from BlackRock Real Assets.
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Guggenheim Securities has hired two senior officials to its power, energy and renewables team, a source tells PFR.
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In June, officials from KeyBanc Capital Markets, Prudential Capital Group, Voya Investment Management and BlackRock discussed the latest trends U.S. renewable project finance with PFR.
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Great Plains Energy and Westar Energy have signed a new merger agreement following the Kansas Corporation Commission’s rejection of an earlier deal.
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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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AES Corp., has closed a $2 billion non-recourse financing for the 1.4 GW Southland projects in Southern California.
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Eversource’s auction of its 1.2 GW generation portfolio has moved into a second round.
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The New Hampshire subsidiary of Eversource Energy is selling a stake in a New England oil-fired plant representing 19.5 MW of generating capacity to NextEra Energy Resources, which already holds an approximately 84.3% interest in the project.
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An abundance of capital has run up against a lack of major wind and solar projects to finance, forcing banks and investors to broaden their horizons, said panelists at the 14th annual REFF Wall Street conference in New York.
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Two banks are marketing a refinancing of Energy Future Holdings’ multi-billion dollar debtor-in-possession and term loan financing as an existing DIP facility approaches its due date.
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LS Power Equity Advisors has closed its acquisition of four merchant generation assets in the northeastern U.S. from TransCanada Corp. for $100 million less than initially anticipated.
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Enel Green Power North America has secured a tax equity investment from two banks for a 300 MW wind project in Missouri, the sponsor’s first such facility in the state.
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The Kansas Corporation Commission has declined to reconsider its order denying approval for Great Plains Energy’s $12.2 billion acquisition of Westar Energy, leaving the Midwestern utilities to mull whether they should revise the terms of the deal or abandon it entirely.
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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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Details have begun to emerge of NextDecade’s plans to finance the Rio Grande LNG export project at the Port of Brownsville in Texas and its associated 137-mile Rio Bravo pipeline.
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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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Cheniere Energy has priced a $1.5 billion high yield bond to refinance debt associated with its Corpus Christi LNG facility in San Patricio County, Texas.
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Northland Power’s share price has showed weakness in recent weeks as investor patience with a strategic review launched last summer wears thin.
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Morgan Stanley is marketing a portfolio of wind assets in Montana and Alberta, a person familiar with the process has confirmed.
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First Solar has found a third-party buyer for two projects that were once slated to be dropped down into the developer’s yield company.
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The Carlyle Group has agreed to sell a gas-fired project in New Jersey that the private equity firm put on the block last fall.
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Ares-EIF has hired two investment banks to run a sale process for an under-construction gas-fired project in PJM Interconnection, deal watchers tell PFR.
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A banker who joined Morgan Stanley two years ago to build up the energy and power finance offering within its commodities group has left the bank to take up a new role at Whitehall & Co.
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NextDecade has tapped Société Générale and Macquarie Capital as joint financial advisers on a debt and equity raise for its Rio Grande LNG export project at the Port of Brownsville, near Brownsville, Texas, and the associated 137-mile Rio Bravo Pipeline.
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First Solar could sell its shares in 8point3 Energy Partners at a large premium over the public market price, according to a research note by analysts at UBS.
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Pricing on the term loan B backing The Carlyle Group’s Nautilus Power portfolio, previously known as Essential Power, flexed up last week. The deal was priced on Friday.
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Solar and Property Assessed Clean Energy (PACE) experts at the IMN Green Investing Conference on Thursday noted that both markets will see more participation as issuance accelerates and the sectors become more sophisticated.
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As NextEra Energy priced a $1.25 billion 10-year corporate bond on April 25 to refinance debt that is due to mature later this year, investors were apparently untroubled by the snag it hit trying to acquire a Texas utility company.
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A former director at New York investment banking boutique firm Carl Marks Advisors has joined Marathon Capital.
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Capital Power Corp. has applied for regulatory approval for a tax equity investment from Goldman Sachs in its 178 MW Bloom Wind Project in Kansas.
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Panda Power Funds’ Temple I gas-fired project in Texas filed for Chapter 11 bankruptcy protection on Monday.
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The Carlyle Group has hired Morgan Stanley to lead a refinancing of a term loan B secured by a portfolio of gas-fired, oil-fired and hydro projects that the private equity firm acquired last year.
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JP Morgan is investing tax equity in two First Solar projects in the Las Vegas Valley that the developer is likely to sell to third parties as it reevaluates its role in its yield company.
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Houston-based residential solar finance company Sunnova priced a debut asset-backed securitization this week, putting the issuance volume of solar ABS year to date higher than in the entirety of 2016.
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Goldman Sachs has been hired for a potential sale of Spruce Finance, say deal watchers.
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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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Dynegy has taken bids on two gas-fired projects in New England to mitigate competition concerns raised as a result of its recent acquisition of a 9 GW generation portfolio from Engie.
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Talen Energy Supply has increased the size of its term loan B offering by $100 million and priced a $400 million five-year bond.
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Panda Power Funds’ Temple I combined-cycle project in Texas looked set to default on its term loan after a three day grace period expired following the project’s failure to make a coupon payment that was due on March 31.
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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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A merchant bank and a boutique investment bank, each led by an experienced financier, have joined forces to form a new advisory firm focusing on natural resources, energy, power and utility infrastructure.
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Lincoln Clean Energy, a portfolio company of private equity firm I Squared Capital, has lined up financing for its 250 MW Willow Springs wind project in Haskell County, Texas.
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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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Panda Power Funds is running out of time to refinance its Temple I combined-cycle project, which is in a grace period, having failed to make a coupon payment that was due on March 31.
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Sunnova Energy Corp. has mandated a bank for its inaugural asset-backed securitization.
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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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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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Owners of gas-fired projects joined a general stampede to the term loan B market for repricings in the first quarter of the year, in a trend that is likely to continue as long as inflows of capital outweigh borrower demand for new debt.
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Bank of America Merrill Lynch is nearing financial close on a tax equity investment in a Michigan wind project Algonquin Power & Utilities Corp. recently took full ownership of.
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Atlantic Power Corp. has held a lender meeting with a view to repricing a term loan B it originally issued about a year ago, during a more turbulent time in the market.
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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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Macquarie Capital has mandated CIT Bank to lead a debt raise for a 50 MW solar storage portfolio it invested equity in last year.
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A private equity firm has agreed to purchase three out of a portfolio of four merchant gas-fired projects in PJM Interconnection that Rockland Capital put up for sale last year.
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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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Hannon Armstrong is increasing its tax equity stake in an approximately 600 MW portfolio comprising five wind projects in three Midwestern and Western U.S. states.
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New York-based utility company Consolidated Edison has hired a corporate finance director who worked in Barclays’ investment banking group until last month.
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ArcLight Capital Partners is amending and extending a term loan B it secured last year to refinance a 5 GW portfolio of gas-fired merchant projects it had acquired from Tenaska Capital Management the year before.
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Blackstone and ArcLight Capital Partners have completed the repricing of a term loan B to finance their joint acquisition of a 5.3 GW portfolio of generation assets from American Electric Power.
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Vivint Solar has pushed out the maturity date on its $375 million revolving credit facility arranged by Bank of America Merrill Lynch.
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The Blackstone Group and ArcLight Capital Partners initiated a repricing of a term loan B on Friday, just three months after the deal was originally sealed, as they seek to take advantage of improved market conditions for issuers.
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LS Power has increased the size of a term loan B financing its acquisition of a portfolio of assets from TransCanada and tightened the pricing on the deal, which has attracted a lot of interest from investors.
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Brookfield Asset Management has agreed replace to SunEdison as the sponsor of its two yieldcos in deals which will involve Brookfield and institutional partners acquiring a 51% stake in the TerraForm Power and 100% of TerraForm Global.
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Duke Energy Renewables closed a privately placed debt financing for a roughly 700 MW portfolio of operational wind projects in Texas and Oklahoma in January, PFR has learned.
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Terra Firma has mandated Barclays and KeyBanc Capital Markets to run the sale for its U.S. renewables shop, EverPower Wind Holdings.
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NextEra Energy needs to find about $20 billion in 2017 to finance its project pipeline and its acquisition of Oncor Electric Delivery Co., and is likely to tap a variety of sources, according to a report from Moody’s Investors Service.
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Cheniere Energy has priced the $1.35 billion senior secured note offering it announced yesterday, completing the refinancing of loans obtained in 2015 for its Sabine Pass project in Louisiana.
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JP Morgan has distributed a teaser for Eversource’s 1.2 GW New Hampshire generation portfolio as it prepares to run a two-stage auction for the assets.
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Cheniere Energy is hunting for $1.35 billion of debt for its Sabine Pass LNG liquefaction project in Louisiana in the public bond market after closing an $800 million private placement for the same project on Friday.
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Activist shareholders are likely putting pressure on NRG Energy to sell its yield company, NRG Yield, according to a report published by Moody’s Investors Service.
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Bank of America Merrill Lynch and an undisclosed partner are establishing a joint venture through which the two entities will own tax equity interests in nine wind projects.
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LS Power has mandated Credit Suisse to arrange financing for its acquisition of a 3.9 GW mostly gas-fired portfolio from TransCanada.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for Latin America M&A 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 M&A 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 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 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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Moody’s Investors Service has cited "uneasy" trade relations between Mexico and the U.S. as a risk for a private equity-backed independent power producer in Texas that sells generation across the border.
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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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Exelon Corp. has taken final bids for a stake in its renewables portfolio while its longer-than-expected sales process for the Mystic Generating Station in Charlestown, Mass., rumbles on.
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Morgan Stanley has priced a $150 million exit facility as part of Homer City Generation’s pre-packaged restructuring following the coal-fired plant owner’s Chapter 11 filing in January.
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GDF Energy Marketing NA agreed to pay $81.8 million to settle a market manipulation case relating to four gas-fired peakers in PJM Interconnection two months before its parent company, Engie, closed the sale of a portfolio of assets including the same four projects to Dynegy.
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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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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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California-based solar finance company Mosaic sold a $138.95 million ABS deal late last week, with sources saying it was heavily oversubscribed.
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Dayton Power & Light, a utility owned by AES Corp., has committed to sell three coal projects, shutter two others and buy or develop at least 300 MW of wind and solar generation in a settlement with several Ohio entities in relation to its rate case before the Public Utilities Commission of Ohio.
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State renewable portfolio standards are a key driver of renewables development in the U.S., but now a group of lawmakers in Wyoming has introduced a bill that would have the opposite effect.
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MidAmerican Energy joined the growing ranks of U.S. utility companies that have issued green bonds with an $850 million dual-tranche offering on Monday.
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SolarCity has announced a $145 million asset backed securitization, bringing deal flow in the year to date to two offerings and putting the first month of the year on par with activity in all of 2016.
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Pattern Energy priced its debut high yield bond on Friday in a $350 million offering that was marketed to investors last week.
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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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Panda Power Funds has mandated an investment bank to refinance two struggling combined-cycle gas-fired projects in Texas.
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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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California-based solar finance company Mosaic is preparing to hit the ABS primary market with an offering backed by loans on residential rooftop solar systems, the first such transaction since early 2016.
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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., filed for a pre-packaged restructuring under Chapter 11 on Jan. 11.
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A coal-fired plant in Ohio—a portion of which forms part of a portfolio that AEP Generation Resources is trying to sell—has been taken offline following an incident, reportedly an “explosion”, on Tuesday.
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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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GE Capital's Homer City coal-fired project in Indiana County, Pa., has filed for a pre-packaged restructuring under Chapter 11, as expected.
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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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The announcement by Entergy Corp. of its planned closure of the Indian Point nuclear facility in New York State heralds the end of its merchant generation business, but may present an opportunity for other independent power producers and developers in New York ISO.
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Jefferies has strengthened its leveraged finance team with the addition of a pair of bankers who worked together at Lehman Brothers and Barclays for many years.
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SolarCity has raised $241 million for a distributed solar portfolio with its third levered cash equity transaction.
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EDP Renewables North America has closed a tax equity commitment from Bank of America Merrill Lynch and Bank of New York Mellon for two wind projects.
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JP Morgan Capital Corp. is selling its tax equity stakes in a 600 MW NextEra Energy Resources wind portfolio to Hannon Armstrong through an upper-tier partnership.
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EDP Renewables North America has revealed the size of the tax equity investment two financial institutions are making in its Amazon-contracted wind project in Paulding County, Ohio.
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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 pricing on a term loan B to finance The Blackstone Group and ArcLight Capital Partners’ joint acquisition of a 5.3 GW portfolio of coal- and gas-fired assets has flexed up.
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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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Cheniere Energy has priced its fifth project-level bond offering of the year, this time refinancing $1.5 billion of bank debt at its Corpus Christi LNG export terminal in the high yield market.
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TerraForm Power has belatedly published its annual financial report for 2015, updating investors on its efforts to disentangle itself from its bankrupt sponsor and its attempts to cure or obtain waivers for project-level defaults that have arisen in its portfolio.
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Capital Dynamics has secured a tax equity commitment from GE Energy Financial Services for a 60 MW solar portfolio in Power County, Idaho.
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A joint venture between The Blackstone Group and ArcLight Capital Partners has launched a term loan B to finance its acquisition of a four-project portfolio of coal and gas-fired facilities.
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Pricing details have emerged on a term loan B that will finance Blackstone Group and ArcLight Capital Partners’ joint acquisition of a conventional generation portfolio from First Reserve.
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Ormat Nevada and Northleaf Capital Partners have closed a $92.5 million private placement refinancing for a 20 MW geothermal project they co-own in Nevada.
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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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GE Energy Financial Services has invested tax equity in an sPower wind project in Converse County, Wyo.
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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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Allianz Capital Partners has lined up a tax equity investment in a fourth EDF Renewable Energy wind project, this time in partnership with MUFG.
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A renewables-focused equities analyst has left Credit Suisse to take up a position in finance and investor relations at residential solar company Sunrun.
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Algonquin Power & Utilities Corp. has lined up tax equity investors for a wind project it will soon wholly own.
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Swiss asset manager Capital Dynamics has closed a debt and tax equity financing for a multi-project solar portfolio in North Carolina.
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sPower has closed a $434 million financing comprised of construction debt and tax equity for a three-project solar portfolio in California.
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Speakers and attendees at the 20th Annual Platts Mexican Energy Conference on Nov. 14 expressed surprise at the speed and success of reforms to the energy market, but warned that some of the renewables projects that won contracts in the country’s first two power auctions may not materialize.
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Southern Power priced $1.3 billion of bonds on Nov. 10 in three tranches, two of which were green.
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GE Energy Financial Services is selling its stakes in two wind projects—one of which is contracted and one of which is merchant—to a fund of ArcLight Capital Partners that owns the remaining interests in the projects.
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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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NextEra Energy Resources has agreed to acquire an up-to-350 MW wind project in Alberta from a company owned by local businessman Allan Kettles.
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GE Energy Financial Services is acquiring a 59% interest in two Enel Green Power North America wind projects, marking the latest expansion of an established partnership between the two entities.
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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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Macquarie Capital has launched a term loan B to finance the acquisition of an approximately 1.5 GW portfolio of contracted gas-fired projects by a three-way joint venture from First Reserve, deal watchers tells PFR.
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Moody’s Investors Service has downgraded $410 million of senior debt secured on a 2 GW portfolio of gas-fired projects owned by Invenergy, citing “substantial financial underperformance”.
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Veresen has received more than 200 expressions of interest for a 625 MW portfolio of generation assets it is selling in Canada, according to a person familiar with the process.
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First round bids on the Panda Power Funds portfolio of three gas-fired projects for sale are due next month, deal watchers tell PFR on the sidelines of the Platts 18th Annual Financing U.S. Power conference at the Crowne Plaza New York in Times Square.
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Exelon Generation has lined up tax equity financing for a wind project in Oklahoma that it acquired at the end of last year. The project has a power purchase agreement with Google.
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Veresen has received more than 200 expression of interest for the 625 MW portfolio of generation assets it is selling in Canada.
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TD Securities has launched the sale process for Veresen’s generation assets in Canada, a deal watcher tells PFR.
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Wells Fargo has joined a group of financial institutions that are investing tax equity in a Kansas wind project owned by Enel Green Power North America.
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Goldman Sachs is involved in tax equity deals backing two wind projects in North Dakota, which deal watchers say would be the first such investments by the bank in several years.
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Novatus Energy has requested regulatory approval for a tax equity investment by Goldman Sachs in a wind project under development in North Dakota.
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8minutenergy has hired Bank of America Merrill Lynch as its financial adviser for its first corporate-level capital raise.
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Enel Green Power North America has requested permission for a tax equity investment from Goldman Sachs in wind project it owns in North Dakota.
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NextEra Energy Resources has obtained tax equity commitments from two banks for a pair of Midwestern wind projects totaling 300 MW.
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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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A project finance veteran who spent 20 years working in power at BNP Paribas has left to join the recently established investment banking arm of a Japanese bank.
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GE Energy Financial Services and Citigroup have invested tax equity in Deepwater Wind’s 30 MW Block Island wind project off the coast of Rhode Island. It is the first project of its kind in the U.S. and is expected to be online this fall.
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First Solar is in negotiations with 8Point3 Energy Partners, its joint yield company with SunPower, regarding a potential dropdown of its interest in the 300 MW Desert Stateline solar project in California, one of the projects on the yieldco’s right of first offer list.
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Two buyers have agreed to acquire Duke Energy's Latin American assets in separate transactions that will complete the North Carolina-based utility company’s divestment from the region, following a two-stage auction.
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NextEra Energy Resources has requested permission for two wind tax equity deals involving four investors.
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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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The wind industry is a close-knit group and the AWEA Wind Energy Finance & Investment Conference is generally a friendly affair, so there were plenty of lighter moments amid the serious discussions and dealmaking at the Westin New York at Times Square.
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Power purchase agreement prices for renewable projects are plummeting across the Americas, and it’s changing the way deals are done.
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Tax equity investors are paying close attention to a growing risk for wind projects with non-traditional offtake agreements. At issue is the difference between the price of power at the point of injection and the price where the offtake contract is settled.
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Altus Power America, a private investor with a 60 MW portfolio of commercial and industrial-scale solar projects in the U.S., has obtained a $200 million equity investment from Goldman Sachs and two other investors.
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Two financial institutions are investing tax equity in an EDP Renewables North America wind project that will supply Amazon data centers.
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Mercuria is in the process of selling the 500 MW Danskammer gas and oil-fired peaker project in lower Hudson Valley in a two stage auction.
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An MUFG subsidiary is acquiring the tax equity associated with a wind project in Grady, Okla.
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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 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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First Reserve has agreed to sell a portfolio totaling nearly 1.7 GW of contracted gas-fired projects to a joint venture holding company owned by Harbert Power Fund V, UBS Asset Management Funds - on behalf of UBS International Infrastructure Fund II - and The Northwestern Mutual Life Insurance Co.
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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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Two bankers who departed JP Morgan’s New York office this summer have resurfaced elsewhere in new roles.
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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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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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Three financial institutions are advising TerraForm Power and TerraForm Global on SunEdison’s potential sale of its interest in the two yield companies.
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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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American Electric Power has agreed to sell four Midwestern generation facilities, representing roughly two-thirds of its competitive fleet in Ohio, to two private equity firms.
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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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NextEra Energy Partners has agreed to acquire a 24% interest in the 550 MW Desert Sunlight solar project in California in a transaction to be financed in the equity market.
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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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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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Several power and utilities companies issued corporate bonds this week as issuance generally wound down, allowing bankers, treasurers and investors to take a well-deserved summer break.
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Pattern Energy Group is in talks with its sponsor, Pattern Development, to acquire its 50% stake in a 180 MW wind farm in Canada after the yield company raised $239 million with an equity offering.
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NRG Energy’s yield company has priced a $350 million bond, the proceeds of which it will use mainly to repay all its borrowings under its revolving credit facility.
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Dominion Resources priced $1.3 billion of corporate bonds across three tranches on Aug. 4, some of which will go toward its $4.4 billion acquisition of Questar.
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Consumers Energy Co. issued $450 million bond on Monday after releasing its second quarter earnings report last week. Other utilities are expected to follow suit in the coming days as they seek to meet their funding needs before the market slowdown at the end of August.
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An investment bank is arranging a term loan B to refinance the 1.4 GW portfolio of merchant gas-fired projects that Avenue Capital Partners purchased from Tenaska Capital Management earlier this year.
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JP Morgan is on track to close a series of tax equity investments in an sPower solar portfolio in California by the end of the year.
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Freeport LNG has priced a $1.25 billion project bond offering to refinance part of the second liquefaction train at its export facility on Quintana Island, Texas. Four bookrunners priced the notes last week, says a deal watcher.
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NRG Energy has increased the size of its second high yield bond offering of the year, which was priced on July 19 to take advantage of a rally in credit markets.
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NRG Energy has returned to the high yield bond market to raise $1 billion with its second offering this year as it continues to manage upcoming maturities.
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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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Corporate bond issuances by Chilean transmission company Transelec and oil and gas master limited partnership EnLink Midstream Partners have been well received by investors eager to buy dollar-denominated assets amid uncertainty in Europe.
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Brookfield Renewable Partners has hired two financial advisers to auction a portfolio of three operational wind projects and a development-stage expansion project in Ontario.
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The U.S. corporate bond market appears to be receptive to utility and mid-stream energy names that are lining up deals, after a quiet period triggered by the U.K.’s decision to leave the European Union.
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NextEra Energy Partners has acquired two operational wind projects totaling 285 MW, one of which has two corporate offtakers, from its parent company, NextEra Energy Resources.
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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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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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J.P. Morgan is investing tax equity in an almost 260 MW NextEra Energy Resources solar portfolio spread across four U.S. states.
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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 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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LS Power is selling a majority interest in the 738 MW West Deptford gas-fired combined-cycle project in New Jersey to a group of investors.
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Citi and State Street have closed their purchase of tax equity in a D.E. Shaw solar project under construction in Kern County, Calif.
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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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Westar Energy joined the growing group of U.S. utilities that have issued green bonds on Monday, while Southern Power turned to euros for its second green offering.
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A partnership that owns one of the largest solar facilities in Canada has refinanced the project’s debt with a C$613 million ($480 million) bond issuance.
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A $1.5 billion high yield bond market refinancing for Cheniere Energy’s Sabine Pass LNG export terminal won orders from investment grade accounts, said a banker at one of the bookrunners. The size of the deal was increased from $1 billion.
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Emera has mandated bookrunners for a senior secured and a hybrid bond transaction to finance its acquisition of TECO Energy.
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A mergers and acquisitions banker has left Barclays’ power and utilities group in New York to take up a new role at a pension asset manager.
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Rothschild has sent out teasers and set a deadline for bids for SunEdison’s global project portfolio.
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Calpine Corporation priced a $625 million high yield bond on May 24, following AES Corp. and NRG Energy into a market that is benefiting from strong investor appetite, in part because supply has been muted so far in 2016.
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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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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 project finance manger has left SunEdison to join the solar financing team at Gardner Capital, a developer and sponsor which specializes in tax credit investments.
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Utility companies flooded into the investment grade bond market this week, taking advantage of favorable market conditions following the release of their first quarter earnings reports.
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Two generation companies and an LNG facility headed to the high yield bond market this week. With issuance volumes as much as 50% lower than the same time last year, investors appear to have been pleased to see them.
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First Reserve is selling a portfolio of contracted gas-fired assets totaling nearly 1.7 GW, deal watchers tell PFR. Goldman Sachs is advising the Greenwich, Conn-based private equity firm on the auction.
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NRG Energy was able to increase the size of a high yield bond offering on May 9 thanks to strong demand. The deal is part of NRG’s debt reduction program.
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Panda Power Funds is selling a portfolio of assets totaling almost 2.5 GW, say deal watchers.
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Allianz Risk Transfer, with the help of several partners, has created a novel hedge product to protect wind projects against the risks of intermittent wind resources, which deal watchers say could have a major impact on the market.
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Pattern Energy has registered a $200 million at-the-market program to issue shares in small batches over time, as other yield companies mull similar schemes amid a stabilization in share prices in the sector.
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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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Panda Power Funds is refinancing the 758 MW Sherman combined-cycle gas-fired project in Sherman, Texas.
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A Nashville, Tenn.-based developer, owner and operator of solar projects has raised $111 million with a privately placed capital increase.
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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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Credit Suisse has emerged as the supplier of a roughly $60 million warehouse facility for SunPower in preparation for the company's inaugural asset-backed securitization of a portfolio of residential solar leases.
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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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Panelists discussed the reemergence of the term loan B market and inflows of foreign capital at the Platts Global Power Markets conference in Las Vegas on April 20.
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Citigroup and MUFG have closed a $675 million term loan B backing Ares-EIF's 705 MW Newark gas-fired plant in New Jersey.
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Tenaska has closed a $780 million debt financing backing the 925 MW Westmoreland combined-cycle gas-fired project in South Huntingdon Township, Pa.
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NTE Energy has unveiled details of its next three projects under development in New England-ISO, North Carolina and PJM Interconnection, which will require a combined investment of $2 billion.
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Atlantic Power has allocated its $700 million term loan B refinancing, after making concessions on pricing in a market where other deals have struggled.
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The State of Vermont is exploring a partial or complete purchase of the 560 MW hydro portfolio being sold by TransCanada Corp., to partially finance its $13 billion acquisition of the Columbia Pipeline Group.
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Power Finance & Risk’s Deals & Firms of the Year Awards poll has been extended until April 16, giving you an additional week to tell us which banks, sponsors and law firms best navigated the markets in 2015.
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A mergers and acquisitions investment banker who left Barclays in September last year has rejoined four former colleagues he used to work with at Lehman Brothers.
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Invenergy has sealed debt financing for the 257 MW Wake wind project in Dickens, Crosby and Floyd counties, Texas.
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Investors and bankers discussed the possibility that money divested from fossil fuels by institutional investors could find its way into green investments at the Bloomberg New Energy Finance Summit in New York on April 5.
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Coordinating lead arrangers Bank of America Merrill Lynch, Crédit Agricole, ICBC and Investec have closed a $519 million debt financing for the Clean Energy Future 940 MW Lordstown combined-cycle gas-fired project in Lordstown, Ohio.
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JPM Capital Corp. is buying the tax equity associated with a solar project in Los Angeles County, Calif.
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SunEdison's stock price plunged more than 25% on March 22 in response to a report of a possible restructuring.
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Atlantic Power Corp. has launched a refinancing of its term loan and revolving credit facility that will increase the size of the loan while adding five projects to its collateral package.
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Pricing details and the identities of the lenders that participated in the debt financing for NTE Energy's 475 MW Kings Mountain project, which closed on March 11, have surfaced.
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A subsidiary of Southern Power is acquiring a wind project that was previously set to be acquired by SunEdison from Quantum Utility Generation.
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The co-head of Morgan Stanley's solar group has left the bank and joined AMP Solar Group as executive v.p, head of Americas, as the sponsor looks to grow its footprint in the U.S. market.
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TerraForm Power has closed a $300 million debt refinancing backing one of the wind projects it recently acquired from Invenergy.
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Vivint Solar is speaking to banks about raising debt after terminating its merger agreement with SunEdison, according to a financier who has been contacted by the rooftop solar company.
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BNP Paribas, Citigroup and MUFG have launched a $700 million debt financing for Tenaska's 925 MW Westmoreland gas-fired project in South Huntingdon Township, Pa.
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Georgia Power has become the second investment grade U.S. utility — and the second Southern Company subsidiary — to issue a green bond, as its peers assess the instrument’s potential.
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SolarCity has raised $49.6 million in its sixth asset backed security offering. Goldman Sachs and Credit Suisse were co-structuring agents and co-bookrunners on the deal, which was priced to yield 6.25%.
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In the third and final instalment, Chadbourne & Parke's Keith Martin talks with Jean-Pierre Boudrias, managing director and head of project finance at Goldman Sachs, about the term loan B market, and Jerry Hanrahan, m.d. and head of power and infrastructure at John Hancock, about the project bond market.
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A financier has left BMO Capital Markets in Calgary, Alberta, after landing the role of cfo at a Toronto-listed midstream energy company.
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Power Finance & Risk’s Deals & Firms of the Year Awards are back, recognizing excellence in power finance and asset M&A across the Americas.
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A power and utilities veteran who spent 20 years at Morgan Stanley has joined Guggenheim Securities as a senior adviser.
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SunPower bucked a recent trend among solar companies and met it growth expectations in its fourth quarter results, released on Feb. 17.
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SunDevil Power Holdings is selling two merchant gas-fired units totaling 1.1 GW in Gila Bend, Arizona, after filing for bankruptcy protection.
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Pattern Development has assigned joint lead arrangers to finance the construction of its largest project to date.
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LS Power is selling the 738 MW West Deptford gas-fired combined-cycle project in West Deptford, N.J. Prospective buyers are conducting "late stage due diligence," a deal watcher tells PFR.
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This week’s Industry Current is a transcript of the first part of a conference call hosted by Keith Martin, partner at Chadbourne & Parke, in which he discusses the cost of capital in the tax equity market with two industry veterans.
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Tenaska Capital Management has assigned lead arrangers for a debt financing for the 925 MW Westmoreland gas-fired project in South Huntingdon Township, Pa.
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Shares in SolarCity plunged 29.3% in trading on Wednesday after the rooftop solar company announced it had fallen short of its guidance for growth in the fourth quarter of 2015.
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Fortis Inc. plans to issue $2 billion in the U.S. public bond market to finance its $11.3 billion purchase of transmission company ITC Holdings. Fortis will also sell up to 19.9% of the acquired company to unnamed infrastructure-focused minority investors, the company announced on Feb. 9.
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Deepwater Wind is diversifying into solar and storage project development, less than a year after sealing financing for the first offshore wind project in the U.S.
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Acciona Energy has secured a tax equity investment from Bank of America Merrill Lynch for the 93 MW San Roman wind project near Brownsville in Cameron County, Texas.
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Samsung Renewable Energy has completed debt and equity financing for the 50 MW Southgate solar project in Ontario, Canada.
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Clean Energy Future has assigned lead arrangers for a $600 million debt financing for the 800 MW Lordstown combined-cycle gas-fired facility in Lordstown, Ohio.
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Brookfield Infrastructure has agreed to sell a 348-mile transmission line in Ontario to Hydro One, a utility company which owns 96% of the province's transmission system.
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The project finance pipeline is brimming with deals for large-scale greenfield gas-fired projects due to be launched in the first half of 2016, deal watchers tell PFR.
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SolarCity, the largest residential solar developer in the US, has priced a $185 million securitization, the first backed entirely by loans made to homeowners for the financing of solar panel installation.
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The term loan B market has effectively shut down, according to panelists at Infocast’s 8th Annual Projects & Money conference in New Orleans on Jan. 21.
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LS Power has refinanced four assets in two club deals totaling $690 million. The four projects are part of a 4.3 GW portfolio of facilities the company is selling.
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Axium Infrastructure has purchased a 49% stake in the 100 MW Arbuckle Mountain wind project in Oklahoma from EDP Renewables North America.
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A lack of availability of power hedges was hot topic at the Infocast 8th Annual Projects & Money conference in New Orleans on Jan. 20.
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Residential solar company SunRun has closed $250 million in senior secured credit facilities, its largest financing to date. The deal, which was arranged by Investec, closed last week.
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SunEdison has acquired 172 MW of solar assets from Dominion Energy, completing its acquisition of a 33% ownership interest in a 425 MW portfolio.
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Empresas Públicas de Medellín has closed a $1 billion loan backing the 2.4 GW Ituango hydroelectric project on the Cauca River in northwestern Colombia.
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Dominion Resources subsidiary Virginia Electric & Power was among the bond issuers that successfully navigated market volatility this week, increasing the size of its 10-year deal to $750 million in response to strong demand on Tuesday.
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Abengoa Yield has revealed its new name, Atlantica Yield, and hired a new cfo as it distances itself from its sponsor and part owner, Abengoa.
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Alabama Power and Black Hills Corp. were among eight corporate issuers to launch deals in the U.S. bond market on Friday, Jan. 8, when investment grade issuance resumed after a three-day lull.
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Competitive Power Ventures has assigned joint lead arrangers to launch a debt financing imminently for the 785 MW Towantic Energy Center gas-fired project in Oxford, Conn.
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Entergy Arkansas became the first U.S. utility to bring a bond to the market in 2016 when it priced a $325 million long 10-year first mortgage bond on Tuesday.
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Canadian Solar subsidiary Recurrent Energy has closed debt and equity financing for the 200 MW Garland solar project in Kern County, Calif., its sixth deal in four months.
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Chilean developer Valhalla is seeking debt and equity financing for an up to 600 MW solar project and a 300 MW hydro facility in the Tarapacá region of Chile.
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SolarCity, the largest residential solar developer in the U.S., is marketing a $185 million securitization, the first backed by loans made to homeowners to finance solar panel installations.
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Three New York-based private equity firms are seeking to increase their collective stake in the 775 MW Longview coal-fired facility in Maidsville, W.Va., from just over half to 90.5%.
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Brookfield Renewable Energy and Emera have refinanced 610 MW of hydro facilities on the Deerfield River in Massachusetts via a private placement.
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SunEdison has rewritten its agreement to acquire residential solar company Vivint Solar, cutting the purchase price by $1.25 a share, the company said on Wednesday. The revised plan has been broadly welcomed by investors, who had called for SunEdison to restructure the deal on more favorable terms.
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Draft legislation which would extend the production tax credit for wind projects by two years would lead to an increase in wind project development if it is passed, say deal watchers.
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A term loan B launched by The Carlyle Group to finance its acquisition of the Rhode Island State Energy Center in Johnston, R. I., has been priced and is due to close soon.
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Mexico Power Group has sealed debt and equity financing for the 130 MW La Bufa wind farm in Zacatecas, Mexico. The sponsor closed both deals on Dec. 2.
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NRG Energy has announced the sale of the waste coal-fired 525 MW Seward facility in New Florence, Penn., as part of its asset rebalancing program.
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Three or four secondary tax equity deals, in which investors that hold tax equity in wind projects sell the cash portion of their position to third parties, are in the market and finding strong demand.
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Georgia Power found strong demand for a three-year senior unsecured bond on Nov. 11, increasing the size of the transaction from $300 million to $500 million.
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Abengoa Yield has hired a top tier investment bank to find a new sponsor that will allow the yield company to "grow further", rather than buy out its embattled parent, says a company spokesperson.
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The U.S. Federal Energy Regulatory Commission has approved a divestiture plan proposed by Talen Energy, which was challenged by Macquarie Infrastructure Corp.
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Ares-EIF closed the financing for the 700 MW St Joseph gas-fired combined-cycle project in Indiana on Tuesday.
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Calpine has closed a $460 million debt package to refinance the two gas-fired combined-cycle projects held in its Steamboat Holdings portfolio.
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Carlos Domenech has left his position as ceo of TerraForm Power and TerraForm Global at the request of the yield companies' boards. His last day was Nov. 20, a company spokesperson tells PFR.
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Energy Transfer Partners has raised $1.16 billion in two simultaneous deals backing a pair of natural gas pipelines that will connect the Waha hub in Texas to the Mexican border.
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Southern Power attracted interest from investors who had not previously bought the company’s debt securities when it became the first investment grade U.S. utility to issue a ‘green’ bond.
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Recurrent Energy has closed debt and tax equity financings for the 100 MW Astoria solar project in Kern County, Calif., during a busy spell for the San Francisco-based sponsor.
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Initial price talk has emerged on Rockland Capital's refinancing of the 125 MW Michigan Power project.
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Renewable Energy Trust Capital has requested authorization for a tax equity investment in its 102 MW Coram wind project near Tehachapi in Kern County, Calif.
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A subsidiary of EDF Renewable Energy is seeking to sell tax equity in the company's 150 MW Slate Creek wind project in Sumner County, Kan. to MUFG Union Bank and one or more additional investors.
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SunRun is launching a $230 million aggregation facility this week in a deal being arranged by Investec.
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Samsung Renewable Energy is looking for debt and equity financing for two 50 MW solar projects in Ontario, Canada.
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NextEra Energy-owned utility Florida Power & Light issued a $600 million 10-year first mortgage bond on Nov. 10, pricing the deal arguably inside its curve.
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Calpine has launched a $550 million term loan B to back its acquisition of the 745 MW gas-fired Granite Ridge Energy Center in New Hampshire.
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The $900 million deal backing Moxie Energy and Caithness Energy’s 1050 MW Freedom gas-fired project in Luzerne County, Pa., closed on Tuesday.
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Oncor Electric Delivery Co. has extended the maturity of its senior secured revolving credit facility by one year and reduced its maximum size.
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In the second half of this exclusive interview, Jean-Pierre Boudrias, v.p. and head of project finance at Goldman Sachs, talks to PFR managing editor Olivia Feld about the investment bank's plans to finance more projects in Latin America and how contagion from the energy market is affecting pricing.
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CohnReznick Capital Markets Securities has made three hires to its renewable energy team in New York.
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Pacific Gas & Electric Co. issued $650 million of senior unsecured bonds on Nov. 2, a busy day for investment grade credit, with issaunce totalling almost $7.9 billion.
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Recurrent Energy, a subsidiary of Canadian Solar, has closed debt and tax equity financing for the 60 MW Barren Ridge solar project in Kern County, California.
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sPower is seeking authorization from the U.S. Federal Energy Regulatory Commission for tax equity investments for a wind project in Utah and a solar project in Arizona.
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Jean-Pierre Boudrias, v.p. and head of project finance at Goldman Sachs, sat down with PFR managing editor Olivia Feld in New York to discuss Goldman’s appetite for deals, the impact of recent market volatility on terms and pricing and the rush to get renewable financing sealed before the expiration of tax credits. Boudrias has worked with Panda Power Funds on a succession of deals, most recently the term loan B backing the Hummel project.
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An influx of deals in PJM, ongoing market dislocation and the upcoming 2016 presidential election were all up for discussion at the Platts 17th Annual Financing U.S. Power conference at the New York Marriot Marquis in Times Square.
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Canadian Solar has closed a $100 million senior secured term loan, which has a $100 million extension option, to retire a bridge loan used to finance its acquisition of Recurrent Energy.
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Ares Management and Siemens Financial Services are backing the construction of Panda Power Funds' 1 GW Hummel combined-cycle gas-fired project in Snyder County, Pa.
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Rockland Capital has hired BNP Paribas to arrange a term loan to refinance the debt associated with the Michigan Power project in Ludington, Mich., according to a person close to the deal. Rockland recently agreed to acquire the plant from ArcLight Capital.
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Panda Power Funds is slated to close debt financing for the 1 GW Hummel combined-cycle gas-fired project in Snyder County, Pa., on Tuesday. The pricing widened on the term loan B tranche, with deal watchers blaming market conditions.
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Talen Energy has pulled its $400 million term loan B due to market conditions. The company has announced over $1.6 billion asset sales in the last few weeks.
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Berkshire Hathaway Energy Renewables has closed a project finance deal worth $275 million for a 300 MW wind project in Texas.
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Sunnova has raised $300 million in debt and equity financing and is preparing for an asset backed securitization.
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Invenergy has closed a $540 million financing package backed by a 2.5 GW portfolio of gas-fired generation assets in the U.S. and Canada in a deal led by Morgan Stanley.
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sPower has secured federal tax equity from U.S. Bancorp and state tax equity from various investors via State Tax Credit Exchange for the 48 MW Eden Solar project in Richmond County, N.C. in two separate deals.
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Energy Transfer Partners is raising approximately $1 billion in debt financing to construct two natural gas pipeline projects that will connect the Waha hub in Texas to the Mexico border.
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A former Bank of America Merrill Lynch m.d. started work at Evercore’s investment banking division in New York on Monday, where she will lead the firm’s power and utilities business as a senior m.d.
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Talen Energy Corp. has launched a $400 million term loan B which will go toward financing its acquisition of MACH Gen. Talen executives held bank meetings in New York on Tuesday.
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TerraForm Global has appointed a new executive v.p. and cfo. Alejandro Hernandez, who is executive v.p. and cfo of TerraForm Power, takes on the task of heading both of SunEdison’s yield companies.
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The Carlyle Group has agreed to buy the 583 MW Rhode Island State Energy Center gas-fired plant in Johnston, R.I., from an Entergy Corp. subsidiary for $490 million.
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Fortistar has acquired two landfill gas projects totaling 11 MW from Green Gas Americas, after sealing $150 million in financing.
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Talen Energy Corp. has agreed to sell two hydro projects to a subsidiary of Brookfield Renewable Energy Partners, and a gas-fired plant to TransCanada, for a combined $1.51 billion.
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Southern Co has priced its first junior subordinated debt, a month after the three main rating agencies said its proposed acquisition of AGL Resources would impair its credit metrics.
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Macquarie Infrastructure Corp. has announced its first planned investments in Hawaiian generation assets, while hinting that market turbulence hitting yieldcos could help it expand its portfolio.
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Standard & Poor’s has left its rating of a loan for Invenergy unchanged after the borrower modified the structure of the debt package.
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Ares-EIF has launched a $400 million term loan and additional letters of credit backing its 700 MW St Joseph combined-cycle gas-fired project in St. Joseph County, Indiana.
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A subsidiary of SunEdison is set to acquire the 40 MW Passadumkeag wind project in Maine from Quantum Utility Generation.
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A subsidiary of Blackstone is acquiring the 668 MW Somerset coal-fired project in Somerset, N.Y., and 312 MW Cayuga coal-fired project in Lansing, N.Y. from Upstate New York Power Producers.
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A subsidiary of TransAlta Corp.’s renewables yield company TransAlta Renewables has issued an amortizing project bond backed by three wind facilities in Ontario.
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Panda Power Funds has obtained a rating from Standard & Poor’s for its 1,024 MW gas-fired Hummel station in Pennsylvania, while a loan for Invenergy backing six projects in the U.S. and Canada has won an upgrade from Moody’s Investors Service.
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LS Power has taken second round bids for a large portfolio of assets, mostly in PJM, as market observers wonder who will buy the huge amount of gas-fired generation on sale in the region.
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AltaGas has acquired Highstar subsidiary Star West Generation's stake in a 523 MW gas-fired portfolio in California.
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The Tennessee Valley Authority issued a $1 billion 50-year bond under its Power Bonds program on Monday, choosing its moment carefully amid shaky markets.
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Invenergy’s restructured loan backing a 2 GW portfolio of six gas-fired projects in the U.S. and Canada has been upgraded by Moody’s Investors Service.
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The project finance market, which slowed down in August, has been hastily awoken after Labor Day.
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Invenergy will soon relaunch its deal backing a portfolio of six gas-fired projects in the U.S. and Canada.
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On Sept. 17 at the PJM Market Summit on the outskirts of Philadelphia, a diverse panel discussed the risks and opportunities presented by the latest market developments in terms of project finance and investment in new generation.
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On Sept. 16, PJM market participants and industry observers from further afield gathered for the PJM Market Summit to discuss the introduction of new capacity performance rules and the evolution of demand response products.
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The deal backing Moxie Energy and Caithness Energy’s 900 MW Freedom gas-fired project in Pennsylvania is gathering momentum and is likely to close soon, according to deal watchers.
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Panda Power Funds launches debt financing for its 1 GW Hummel CCGT project in Pennsylvania.
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NextEra Energy has sold $700 million in equity units, $300 million less than planned, as part of its funding strategy for the acquisition of Texas gas pipeline company NET Midstream.
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Solar developer Conergy has increased the size of its bank guarantee facility to $75 million with a $15 million commitment from Goldman Sachs BDC.
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SunEdison will acquire the tax equity stakes in two wind projects it is buying from Invenergy, but not in a third, according to a filing with the Federal Energy Regulatory Commission.
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The impending expiration of tax credits for renewable projects, stock market volatility and sustained low oil prices were all hot topics at Euromoney Seminars’ 10th Anniversary North American Energy and Infrastructure Finance Forum on Sept. 9 and 10 in New York.
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Details have emerged on Canadian Solar subsidiary Recurrent Energy’s has debt financing for the 200 MW Tranquillity solar project in Fresno County, Calif. from a syndicate of six banks.
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Southern Power has agreed to acquire a second Oklahoma wind project from Apex Clean Energy.
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Dominion Resources has invested in a second SunEdison solar project in Utah, expanding an existing joint venture between the two companies.
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Jonathan Kim, who left CIBC earlier this summer, has joined Natixis as managing director and head of global infrastructure and projects in the Americas.
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SunEdison has financed another large renewables acquisition with private equity backing as it continues to stockpile assets to drop into its yield company, TerraForm Power.
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Canadian Solar’s subsidiary Recurrent Energy has obtained debt and tax equity financing for the 100 MW Mustang solar project in Kings County, Calif.
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JPM Capital Corp. and Wells Fargo are taking tax equity stakes in NextEra Energy Resources' Beckinridge wind project in Oklahoma.
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Florida utility TECO Energy has found a buyer in the form of Nova Scotia-based Emera, and the $10.4 billion price tag suggests competition for TECO’s regulated assets was strong, says a deal watcher.
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Ares-EIF and Northbrook Energy have sold two hydro projects totaling 30.4 MW to the Public Sector Pension Investment Board less than three years after acquiring the projects.
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Two fully merchant solar projects in Chile with a combined capacity of 146 MW obtained debt financing entirely from commercial banks in August, it has emerged.
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Lima-headquartered power producer IC Power has filed an F-1 form with the U.S. Securities and Exchange Commission for its initial public offering.
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A joint venture between Duke Energy Renewables and Sumitomo Corp has bought a 50% stake in a Texas wind project which has an offtake agreement with Mars Inc.
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Florida Power & Light has won regulatory approval for its plan to buy a coal-fired facility in Jacksonville, Fla. and terminate the power purchase agreement it has with the plant.
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Tenaska and IFM Investors are among the players that can go ahead with the sale of large portfolios of merchant assets in the North East now that PJM Interconnection has announced the results of its capacity market auction.
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Several large portfolio sales involving assets in the North East are set to go ahead following the results of the PJM Interconnection capacity market auction. Elsewhere, renewables assets are changing hands and EDF RE has boosted its development pipeline by acquiring OwnEnergy.
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IFM Investors has started a sale process for its 1,080 MW Essential Power portfolio, one of several large holdings that may be sold now that the delayed PJM capacity auction results have been announced.
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Morgan Stanley has agreed to sell its tax equity stake in a portfolio of eight wind projects to a special purpose entity owned jointly by JP Morgan Capital Corp. and Hannon Armstrong Sustainable Capital.
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EDF Renewable Energy's acquisition of OwnEnergy, including a 2 GW development pipeline of wind assets, is part of a strategy to re-invigorate the San Diego-based developer's pipeline, according to its ceo, Tristan Grimbert.
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Goldman Sachs has hired a managing director with a focus on Latin American projects from Citigroup.
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Tenaska Capital Management could go ahead with the sale of a large portfolio of merchant assets now that PJM Interconnection has released the results of its capacity market auction.
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BNP Paribas has won the financial advisor mandate for Texas LNG's Brownsville LNG project in Texas.
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Two senior research analysts specializing in renewables stocks left Northland Securities last week to take up new positions at Oppenheimer and Co.
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As downward pressure on SunEdison’s stock price continued on Wednesday, the renewable energy developer announced that it had executed a reassuringly straightforward financing exercise for a Colorado solar project.
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Panda Power Funds plans to expand a gas-fired plant in Texas with help from a municipal development organization, after the facility was hit by forced outages earlier in the month.
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Connecticut-based solar energy systems provider Greenskies Renewable Energy has obtained a $165m financing package that will fund small-scale solar projects across 12 states.
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SunEdison capped a busy two days in capital markets Tuesday morning by pricing $650 million of convertible preferred stock the day after announcing the creation of a fourth warehouse facility.
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A subsidiary of Argo Infrastructure Partners is set to acquire the Cross Sound Cable transmission line from an affiliate of Brookfield Infrastructure Partners before the end of August.
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Moody’s Investors Service has produced a ranking of 18 sub-investment grade merchant projects, with those more heavily reliant on uncontracted cash flows featuring at the lower end of the ‘Ba’ category or lower.
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Pattern Development has closed a $205 million debt financing backing its first solar project in the country.
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Invenergy has postponed a $607 term loan B deal backing a 2 GW gas-fired portfolio in the U.S. and Canada.
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A $280 million seven-year term loan B for TerraForm Private Warehouse was priced at the wide end of initial guidance.
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Boralex has closed a C$64.4 million ($57.7 million) debt financing for a community wind farm in the Capitale-Nationale region of Québec, in a very similar deal to one announced last week.
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Competitive Power Ventures is in talks with potential lenders to raise debt for the quasi-merchant 805 MW gas-fired Towantic Energy Center in Oxford, Conn.
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Invenergy has obtained a debt and tax equity package for the Prairie Breeze II wind project in Nebraska, which is part of a 903 MW renewables portfolio the developer is selling to SunEdison.
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Caithness Energy has closed a $208 million holdco level debt financing for the 350 MW Long Island Energy Center combined-cycle gas-fired project in New York.
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East Kentucky Power Cooperative plans to finance its acquisition of the 594 MW Bluegrass gas-fired facility from LS Power with a long-term loan from the Rural Utilities Service.
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A consortium led by Hunt Consolidated is set to acquire Energy Future Holdings' regulated transmission and distribution company Oncor as part of EFH’s plan to emerge from bankruptcy.
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A senior project finance originator has joined a major Japanese bank to work on deals in North America.
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SunEdison has sealed $360 million in debt and tax equity for a 300 MW wind farm in Texas which is on TerraForm Power's call right list.
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This week, Mexican energy infrastructure developer Fermaca's cfo Sergio Camacho spoke to Richard Metcalf, editor of PFR, about the Mexican project finance market, the recent financing of the El Encino-La Laguna gas pipeline and Fermaca’s long-term financing plans for the project.
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Invenergy is developing a $700 million gas-fired project in Rhode Island. The Clear River Energy Center combined-cycle gas-fired project Burrillville, R.I., is slated to produce more than 900 MW.
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Shares in U.S. residential solar company SunRun have dropped in value by 20% in the first day of trading after its initial public offering, in a tricky market for energy stocks.
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Boralex has obtained C$81.4 of loans for the Frampton community wind farm in Québec.
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Caithness Energy is set to close a $200 million debt financing for a gas-fired project in New York early next week, once syndication is wrapped up, according to a deal watcher.
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Magnolia LNG plans to launch an up to $3 billion debt financing for its project in Lake Charles District, La., in October, having secured its first offtake agreement last week.
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The proceeds of TerraForm Global’s IPO are 40% lower than its original expectation of $1.13 billion through the sale of 57.7 million class A shares.
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In this exclusive, Navindu Katugampola, head of green and sustainability bond origination at Morgan Stanley, based in London discusses the rationale behind the bank's recent $500 million green bond sale and the flow of private capital towards green bond issuers in the U.S.
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Moxie and Caithness have assigned lead arrangers for a $600 million debt financing backing the 900 MW Freedom gas-fired project in Pennsylvania.
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Two large banks have launched a $414 million debt financing backing NTE Energy's 525 MW Middletown combined-cycle gas-fired project in Ohio.
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Pricing details have emerged on the financing of Fermaca’s El Encino-La Laguna gas pipeline project.
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SunEdison has closed the financing for the Quilapilun solar project in Chile’s Metropolitan Region, which is slated to be dropped down into the developer's yieldco.
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Mexico’s Fermaca has secured financing from a group six banks for the $820 million El Encino-La Laguna gas pipeline project in Mexico.
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TerraForm Power's decision to use more debt and cash on hand to fund two recent purchases, instead of issuing $660 million in new equity, demonstrates yieldco sensitivity to capital market conditions, according to a deal watcher.
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AES Corp. is set to become the first utility company to tap the growing market for securitizations of solar assets, the company has confirmed.
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SolarCity has opted for a different structure for its fourth securitization, a deal that market participants say is a sign the market is evolving and should lead to more frequent solar asset backed security issuance.
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A private equity shop recently spun off by JPMorgan is looking to buy more projects after acquiring its first generation asset, a gas-fired plant in Maryland, from a subsidiary of its former parent.
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The pricing Pattern Energy Group Inc. managed to achieve with its public offering of shares and private placement of convertible notes on Thursday was affected by a flurry of capital markets activity by rival yieldcos, according to deal watchers.
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KKR has taken an 80% stake in the solar development subsidiary of Spain's Gestamp, as private equity firms increasingly look to emerging markets for returns.
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Abengoa Yield has more than tripled its revolving credit facility, following parent company Abengoa reduced its stake in the entity to less than 50%.
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Investors raised their eyebrows when Pattern Energy Group announced it would issue $350 million in equity and convertible notes to fund its acquisition of a Texas wind project on Wednesday, amid a glut of yieldco issuance.
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Less than 18 months after New York-based natural gas generator MACH Gen filed for chapter 11 protection, Talen Energy is paying $1.175 billion to acquire it from a group of former creditors.
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Standard & Poor’s has given TerraForm Global its first credit rating, ahead of the yield company's inaugural bond issue.
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The Industrial and Commercial Bank of China has hired a former Citi banker in its New York office, as it grows its presence in the Americas power market.
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SunEdison is acquiring Vivint Solar from Blackstone and other investors in a $2.2 billion deal which will involve TerraForm Power buying a 523 MW portfolio of rooftop solar assets.
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The Korea Development Bank has hired an experienced project finance banker from Mizuho as it seeks to bolster its presence in the Americas.
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SunEdison’s emerging market yield company launched its initial public offering and kicked off a roadshow for an $800 million green bond on Monday, both expected to be priced on July 30.
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Morgan Stanley and ICBC have launched a $607 million term loan B package backing six gas-fired projects in the U.S. and Canada for Invenergy, according to a deal-watcher.
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The readiness of non-utilities such as Amazon Web Services to purchase renewable output has helped the first large wind project in the South East get off the ground, but wind still faces challenges in the region.
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A senior executive at JPMorgan Asset Management in New York has departed the bank.
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Infigen Energy is selling a portfolio of U.S. wind projects to an ArcLight Capital Partners subsidiary for $272.5 million, marking its withdrawal from the U.S. wind market.
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Pattern Development has obtained a C$393 million ($304 million) debt package for a British Columbia wind farm at pricing close to that on a loan for an Ontario project last year, which was a market low at the time.
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Sky Solar has signed loans totaling $85 million to finance the development two solar projects totalling 70 MW in Uruguay.
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TransAlta Corp. could drop a pair of recently acquired wind farms into its yield company, TransAlta Renewables, in a transaction which deal watchers say would enable the Canadian sponsor to meet its debt reduction target for the year.
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This week, SunEdison has driven a barrage of M&A and project finance activity involving more than 1.1 GW of wind assets across the U.S., Canada and Latin America.
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MUFG unit Bankers Commercial Corp. has joined JPMorgan in a $117 million tax equity investment in EDP Renewables North America’s 99 MW Rising Tree South wind farm in Kern County, Calif.
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SunEdison, which secured $360 million in financing for its 185 MW Bingham wind park, has able to overcome the intrinsic challenges involved in constructing a large-scale wind project in Maine.
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Renewable Energy Trust Capital has made its debut wind investment with its purchase of the 102 MW Coram wind park in Kern County, Calif., from Brookfield U.S. Renewable Power Holdings.
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SunEdison is the latest to join the bandwagon of private players investing in Brazil in spite of concerns over a nationwide economic lull and the declining contribution of the country's development bank to project financing.
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SunEdison and its yieldco TerraForm Power have scooped a 930 MW wind portfolio for $2 billion from Chicago-based Invenergy, warding off competition from other potential buyers.
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Market watchers say that the U.S. Supreme Court’s recent ruling on emissions regulations enacted by the Environmental Protection Authority could delay the retirement of coal-fired plants.
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Yield companies are set to circumvent the challenge of new competition if the Master Limited Partnerships Parity Act, recently reintroduced by Delaware and Kansas senators Chris Coons and Jerry Moran, passes muster.
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PSEG Power has financed its acquisition of the 755 MW Keys Energy Center combined-cycle gas-fired facility with loans, and will not require equity contributions to fund the purchase, a company representative has told PFR.
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Alterra Power and Starwood Energy have clinched a $287 million debt financing deal for the 204 MW Shannon wind park in Clay County, Texas.
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SunEdison could become the first sponsor to add solar storage assets to one of its yield companies through its partnership with Green Charge Networks, according to sources at the Belmont, Calif.-based company.
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The New York-based independent power producer is in the market for $200 million in debt financing for its 350 MW Long Island Energy Center facility in Brookhaven, N.Y., after calling off a stake sale.
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Oak Creek Renewable Energy is in talks with investors to secure equity investments in the third phase of its roughly 400 MW Tres Mesas wind farm in Tamaulipas, Mexico.
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NRG Yield has been able to boost its haul from a rights issue and convertible bond issuance this week since the underwriters on both transactions have agreed to exercise their options to buy additional securities.
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EDF Renewable Energy's has added 200 MW to its wind portfolio in Texas with its purchase of the Salt Fork project from Cielo Wind Power.
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The U.S. offshoot of Spain's Iberdrola is planning to launch a partial IPO once it completes its merger with Orange, Conn.-based United Illuminating Holding Co.
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NRG Yield has priced $539 million of shares and $250 million of five-year convertible bonds to raise capital for funding acquisitions and retiring outstanding debt.
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While the renewabels market is seeing high levels of liquidity, yieldcos are capitalizing on declining costs of capital for shovel-ready and operating projects, according to panelists at the 12th Renewable Energy Finance Forum Wall Street conference in New York today.
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PSEG Power's acquisition of Genesis Power and Ares EIF Management's 755 MW Keys Energy Center has led to the collapse of a debt financing deal backing the CCGT project, just when it was on the brink of closure.
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8point3 Energy Partners has raised $420 million in its IPO of 20 million class-A shares priced at $21 a share.
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SunEdison is acquiring Globeleq Mesoamerica Energy from Mesoamerica Power and Actis Capital in a deal that marks the prelude to its expansion into Central America.
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An affiliate of Slate Street has purchased tax equity stakes in EDP Renewables North America's Rising Tree I and II from a unit of MUFG Union Bank.
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Sempra Energy’s SoCalGas. is the fourth issuer to come to market in less than two weeks, ahead of an anticipated interest rate hike, with $600 million in a pair of first mortgage bonds.
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First Solar and SunPower’s combined yieldco 8point3 Energy Partners plans to float 20 million Class A shares priced between $19 and $21 in IPO on Thursday.
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AES Brasil is mulling a bid for Petróbras’ portfolio of thermal facilities, which could soon be launched for sale, according to two sources familiar with the situation.
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Competitive Power Ventures nets close to $1 billion in debt and equity financing for its 720 MW Valley Energy Center combined-cycle gas-fired project in Orange County, N.Y.
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Competitive Power Ventures plans to raise financing for its 980 MW Fairview combined-cycle gas-fired facility in Cambria County, Pa., next summer.
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Organización Soriana, which was able to secure a grandfather permit before Mexico's new energy reforms kicked in, has raised $260 million to construct a pair of wind farms totalling 99 MW in Tamaulipas.
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Affiliates of 8minutenergy Renewables and D.E. Shaw Renewable Investments are set to wrap a $160 million deal backing the 133 MW Springbok solar project in Kern County, Calif., this week.
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Barclays's stake purchase in a Rio de Janeiro-based startup could put a lid on investor concerns over what alternatives would emerge to offset a potential shortage of project-level funds from BNDES.
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SunEdison's TerraForm Power is acquiring a portfolio of small-scale distributed generation solar projects from an affiliate of Integrys Energy Group for roughly $55 million.
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At least three large utilities are coming to market this week against the backdrop of an expected rise in short-term interest rates during the fourth quarter.
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Québec's Boralex has bought a C$5 million option to acquire a 25% stake in the 230 MW Niagara Region wind farm in Ontario from German turbine manufacturer Enercon.
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SunPower is embarking on its first residential solar ABS deal slated for a launch in Q1'16 and led by bookrunners thought to be Citigroup or Credit Suisse.
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In this exclusive, David Giordano, managing director at BlackRock discusses the company’s role in M&A transactions, the benefits of its partnership with EDF Renewable Energy, its burgeoning interest in greenfield renewable project investments, and the risks facing project finance players in parts of Latin America.
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Bank of America Merrill Lynch has appointed Brad Hutchinson from Barclays as co-head of the Americas energy investment banking group in Houston.
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Québec-based Boralex has issued a C$125 million ($100 million) five-year convertible debenture to refinance the renewable developer's existing debt and fund acquisitions and capital projects.
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The Tennessee Valley Authority aims to issue up to $1 billion by issuing power bonds after summer, partly to finance a portion of two CCGT projects totaling 1.7 GW.
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Calpine has signed a $1.6 billion seven-year first lien term loan B to replace facilities maturing in 2018.
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AES Corp. will evaluate its options for up to 3 GW of unregulated generation in Ohio once more clarity emerges on PJM’s capacity performance proposal.
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Stockholm-based Skanska's U.S. affiliate has started operations in Pittsburgh with local maven Geoffrey Murken leading its energy and infra operations, as the company ponders over a bid for NTE Energy's 525 MW Middletown facility in Ohio.
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New York-based Caithness Energy is scouting buyers for a minority stake in the 350 MW Long Island CCGT facility in Brookhaven, N.Y.
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Manchester, Mass.-based Clean Energy Future is offloading an equity stake in its 800 MW Lordstown combined-cycle gas-fired facility in Ohio.
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In the second installment of this PFR exclusive, Michael Allison, senior managing director at Macquarie's renewables group discusses his views on the potential for yieldcos coming to market, challenges involved in securing tax equity investments and more.
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SolarCity, partnering with Bank of America Merrill Lynch, is in talks with regional banks for enrollment in a renewable tax equity investment program announced on May 28.
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NTE Energy is in the bank market to raise debt for two combined cycle gas-fired projects, each pegged at upwards of $400 million.
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EDP Renewables North America and JPMorgan may stalk additional tax equity investors for the 99 MW Rising Tree III wind project in Kern County, Calif.
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SolarCity has hired former Goldman Sachs executive Radford Small as a member of its executive leadership. .
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Michael Allison, senior managing director of Macquarie Capital’s renewables group, sat down with Managing Editor Nischinta Amarnath to discuss the bank’s approach to clients, M&A transactions and capital markets activities. In the first instalment of this exclusive, Allison also offers insights into the bank’s measures to minimize the risks involved in providing development capital for renewable projects.
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Principal Solar is looking to raise up to $31.6 million with an IPO and Nasdaq listing as it grows its portfolio with two projects in North Carolina and eyes 707 MW of solar in Texas.
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Panda Power Funds may have to wait for a regulatory ruling on PJM's capacity market regime, before launching debt financing for its 1 GW Hummel combined-cycle power project in Pennsylvania.
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Invenergy has obtained a construction loan and tax equity financing for its 200 MW Buckeye Wind Energy Center in Ellis County, Kan.
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Rabobank has hired a former director at NordLB as v.p. in loan syndication.
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Price talk has emerged for Genesis Power and Energy Investor Funds' bank financing for their 735 MW Keys Energy Center gas-fired project in Brandywine, Md.
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Canadian Solar has secured a $250 million loan from Shanghai-based China Minsheng Bank, to finance its acquisition of Recurrent Energy and the construction of solar projects.
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Cheniere Energy has closed an $11.5 billion loan for the construction of its Corpus Christi LNG project.
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SunEdison has set the pricing on two convertible bonds totaling $750 million that the company is selling via private placement to fuel its growth in emerging markets.
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Power Evolution is in talks with banks to raise financing for a 70 MW solar project portfolio across the U.S.
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Invenergy is shopping for debt to finance its 1.3 GW Lackawanna gas-fired project, in Pennsylvania, pegged at a cost of $900 million.
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RET Capital, which is eyeing more wind financing deals, has bolstered its origination team with the hire of a former Wells Fargo director.
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Atlantic Power is considering upsizing its seven-year $600 million term loan B to pay down a portion of roughly $316 million in outstanding convertible debentures.
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SunEdison has tapped four banks as bookrunners for an IPO of its emerging markets yield company.
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SolarCity is at the nucleus of asset class growth activity even as a trio of M&A deals have made their way into the market.
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SolarCity has secured $500 million in revolvers from Bank of America Merrill Lynch, Credit Suisse and Deutsche Bank for distributed solar.
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The San Mateo, Calif.-based pioneer of asset-backed rooftop solar securities continues exploring new financial structures under its latest hire, Marco Krapels, senior v.p. of structured finance and strategy. In the first instalment of this PFR exclusive, Krapels spoke to Senior Reporter Olivia Feld about SolarCity’s expansion plans and asset class growth.
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Solar developer Cypress Creek Renewables has tapped Allan Riska, formerly senior manager in project finance at SunEdison, as director of its project finance group.
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Reno, Nev.-based geothermal shop Ormat Technologies has sold a 36.75% stake in its holding co. affiliate, ORPD to Toronto-based Northleaf Capital Partners for $162.3 million.
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Greg Leveto, formerly a v.p. of hard asset trading at Goldman Sachs, is joining Deutsche Bank AG as a director in the transportation, infrastructure and energy finance group.
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Cheniere Energy is planning to add two additional trains at one of its LNG export projects, and plans to finance these trains in 2017.
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A subsidiary of Osaka Gas is making its first investment in a merchant facility through its purchase of a 25% stake in the 725 MW St. Charles CCGT project in Maryland from Marubeni Power International.
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London-based private equity shop Terra Firma Capital Partners is placing its U.S. affiliate EverPower Wind for sale, and has hired Bank of America Merrill Lynch as an advisor.
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First Solar and SunPower's joint yield company 8point3 Energy Partners is planning to close its IPO around June 8. 2015, with Goldman Sachs and Citigroup as book runners and advisors.
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sPower has sealed tax equity investment from JPMorgan for a roughly 80 MW portfolio comprising 10 solar facilities.
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Niska Gas Storage, an affiliate of Riverstone and Carlyle, is conducting a strategic evaluation that involves a potential sale of the company.
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Freeport LNG has clinched a $4.56 billion deal in senior debt and mezzanine financing backing its third LNG train near Freeport, Texas.
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With about 800 MW of wind trades grabbing the spotlight this week, this week has seen a spate of M&A activities in the wind space.
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GBM Infrastructure and a Goldman Sachs affiliate have acquired 148.5 MW in two phases of the Tres Mesas wind project in Mexico from Oak Creek Energy Systems.
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BlackRock is taking a 90% stake in a pair of wind farms totaling 80 MW in Iowa from wind developer RPM Access.
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More shops are circling yieldco IPOs even as investor appetite for yieldco paper grows against the backdrop of an industry that is moving toward consolidation.
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Toronto-based Goodwood is acquiring a minority stake in Reno, Nev.-based geothermal developer Ram Power Corp. for roughly $3.26 million.
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EDP Renewables has sold a 35.9% stake in a portfolio of wind assets totaling 1,100 MW in the U.S. to a consortium led by Fiera Axium Infrastructure.
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Credit Suisse has invested $500 million into a $1 billion fund backing SolarCity’s commercial solar projects.
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I Squared Capital has clinched a $3 billion fund focused on investments in infrastructure, including power and utilities.
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Vivid snapshots of the Platts 30th Annual Global Power Markets conference from our reporter's desk.
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Allete Clean Energy is exercising its option to buy the 101 MW Armenia Mountain wind farm in Pennsylvania from AES Corp.
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Scores of project financiers, investors and sponsors descended on The Wynn Las Vegas for one of the largest events in the power industry calendar: the Platts’ 30th Annual Global Power Market Conference.
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California-based Lightbeam Electric has floated an S-1 with the SEC, aiming to raise $100 million in its initial public offering as a yield company.
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Project financiers at Platts’ 30th Annual Global Power Markets are competing for business as lenders continue to surge into power and energy deals in the Americas.
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A pair of PPL Corp. affiliates is in talks with banks to finalize book runners for an issuance of up to $1.05 billion in senior secured first mortgage bonds.
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MUFG Union Bank subsidiary Bankers Commercial Corp. is selling its stakes in a pair of wind farms totaling 98 MW in Kern County, Calif., to investors.
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Rockland Capital is selling a 71 MW portfolio of contracted wind and solar projects in Minnesota and Massachusetts.
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ICBC has hired Marcia Bockol, director of client coverage in the Americas at National Australia Bank, as an executive director in New York.
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Financers are eyeing a $4.1 billion deal backing a 700-mile natural gas pipeline in Peru.
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Mizuho has tapped three senior debt capital markets executives from Royal Bank of Scotland for its investment banking and capital markets subsidiaries.
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A consortium of at least five creditors is looking to acquire minority stakes in Longview Power as it looks to convert the debt held by its lenders to equity interests.
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Advanced Power has closed an $899 million debt and equity financing deal for the 700 MW Carroll County CCGT facility in Oregon, Ohio.
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Global Infrastructure Partners’ second infrastructure fund, is buying a majority of Competitive Power Ventures’ business, and investing capital in the company.
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AES Corp. has secured a fixed coupon of 5.5% to refinance its existing debt through $575 million in senior unsecured notes.
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Apex Clean Energy has closed a $397 million construction loan for its 299 MW Kay wind project in Kay County, Okla.
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TerraForm Power has purchased 521 MW of contracted wind assets from Atlantic Power Corp. for roughly $350 million.
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San Francisco-based Renewable Energy Trust Capital has tapped Roger Johanson of GCL Solar Energy, as managing director of project finance.
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InterChile is expected to close an $800 million financing backing its transmission line project in Chile in the next few months.
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Pricing talk has emerged on the $275 million term loan package backing Longview Power, launched by Morgan Stanley and KKR Capital Management last week.
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First Reserve and BlackRock have taken an equity stake in the PEMEX and IEnova Los Ramones II gas pipeline project in Mexico.
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Renewable and thermal assets on both sides of the equator are making headlines this week. sPower is the latest player to join a steady stream of distributed generation transactions.
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sPower has bought a solar portfolio of 16 assets from FLS Energy in Asheville, N.C.
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Santander has sealed a $1.3 billion deal backing PEMEX and IENova’s Los Ramones II Norte pipeline in Mexico.
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Morgan Stanley is launching a $275 million term loan package for Longview Power at a bank meeting in New York tomorrow.
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Innergex Renewables has closed a C$491.6 million ($392 million) financing for two hydro projects in British Columbia, its largest project financing to date.
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Renewable Energy Trust Capital has sealed $213 million in financings backing four solar projects in California and Ontario.
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Apex Clean Energy is looking for financing for 450 MW of wind projects in Oklahoma.
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This week’s Industry Current is written by Randy Male, managing director at boutique investment banking firm Bostonia Partners in Boston. Male discusses the growing appetite for yield companies and evolving trends in renewables financing.
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Evelyn Lim, partner at Chadbourne & Parke in Los Angeles, is leaving the firm to join TerraForm Power as managing director for North American origination.
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Abengoa and EIG Global Energy Partners are looking to finance their 924 MW Norte III combined cycle project in northern Mexico.
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Innovative Solar Systems is talking to prospective buyers for a portfolio of shovel-ready utility-scale solar projects totaling roughly 500 MW in North Carolina.
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Dynegy is open to buying Ohio coal-fired generation from AEP Ohio, if the American Electric Power Co. subsidiary opts to sell the assets.
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Jim Schaefer, senior managing director and global head of energy, power & renewables, has left Blackstone Advisory Partners in New York.
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8minutenergy Renewables and D.E. Shaw Renewable Investments seek to raise over $1 billion in financing for a portfolio of utility-scale solar projects in California.
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AES Corp. has sealed its purchase of Boulder, Colo.-based solar developer Main Street Power for $25 million.
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Solar, particularly distributed generation, continues to hold the market’s attention as investors look to get into the game ahead of the investment tax credit plunge in 2017.
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First Solar and SunPower have filed with the U.S. Securities and Exchange Commission for a proposed an initial public offering backing their new yield company 8point3 Energy Partners.
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Northland Power is in talks with lenders to arrange more than $1 billion in senior secured loans for two wind farms on either side of the Atlantic.
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Quantum Utility Generation has closed a $95 million construction and term loan facility for the 40 MW Passadumkeag wind project in Maine.
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Principal Solar is talking to lenders and equity investors about lining up roughly $154 million in financing backing its 72.9 MW utility-scale solar project in Fayetteville, N.C.
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Panda Power Funds has raised pricing on its refinancing backing its 758 MW Temple 1 project in Texas to 625 basis points over LIBOR.
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Larry Kellerman, former ceo of Houston-based Quantum Utility Generation, has moved on to his next venture.
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Solar Star Funding, a subsidiary of Berkshire Hathaway Energy, has upsized an issuance of senior secured series B notes by $10 million.
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Deepwater Wind Block Island, a subsidiary of Deepwater Wind, has closed the first financing for an offshore wind project in the U.S.
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MMA Energy Capital has hired Kevin Panzica as v.p. of finance as the company looks to expand its financing activity with solar projects.
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Rockland Capital has sealed a $170 million refinancing for a three-plant portfolio.
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Dynegy is canceling a process to sell its 2.7 GW California portfolio after concluding a strategic evaluation with advisors Bank of America Merrill Lynch and Barclays.
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Geraint Breeze, who recently left CIBC, has landed at KPMG in Toronto.
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Affiliates of 8minutenergy Renewables and D. E. Shaw Renewable Investments are in the market for $130 million in debt for the 133 MW Springbok solar project in Kern County, Calif.
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Mark Dennes, managing director, head of energy at Santander has left the bank in New York.
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First Solar and SunPower are in advanced talks to launch a joint yield company.
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Andrea Picott, managing director of loan sales and trading at Société Générale, has left the bank for Capital One in New York.
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Geraint Breeze, executive director of project finance at CIBC, has left the bank in Toronto.
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EDP Renewables North America is seeking tax equity investment for its 99 MW Rising Tree III project in Kern County, Calif.
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Advanced Power AG is planning to launch a financing backing the 1 GW Cricket Valley project in the Dover, N.Y., this summer.
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In the second installment of this PFR Exclusive, Andrew Platt, head of project finance Americas at BNP Paribas sits with Senior Reporter Olivia Feld to discuss the bank's take on deal flow in Latin America, and trends in M&A and LNG export facility financing.
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Freeport LNG is in talks with a bank to finance the third train at its facility in Quintana Island, Texas.
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Prospective yield company Sol-Wind Renewable Power has indefinitely pushed back its initial public offering.
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Rabobank pulled out of a financing backing the 298 MW Kingfisher wind project in Oklahoma just before the transaction closed.
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The Tennessee Valley Authority has agreed to acquire Quantum Utility Generation’s 760 MW CCGT Choctaw plant near Ackerman, Miss., for $340 million.
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Competitive Power Ventures is looking for debt and equity for its $900 million 650 MW gas fired combined-cycle Valley Energy Center in Orange County, N.Y,
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Andrew Platt, head of project finance in the Americas for BNP Paribas, sits down with Senior Reporter Olivia Feld to discuss the bank’s structure and strategy in North and South America.
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Developers are increasingly seeking financing for community solar projects.
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Lenders and tax equity investors are increasingly looking to participate in financings backing distributed generation portfolios.
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Financings backing merchant and hedged projects continue to hit the sweet spot for lenders. Debt pricing also surfaced in several panels at Euromoney Seminars’ 10th Annual U.S. Power & Renewables conference held in New York this week.
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Dynegy is nearing the sale of its 2.7 GW portfolio of fuel-oil and natural gas-fired assets in California.
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The lack of PPAs and an abundance of capital are driving more lenders to participate in merchant and quasi-merchant deals.
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SunEdison has secured $155.2 million in long-term financing for its 71.2 MW Crucero merchant solar project in Chile, and has sold a minor stake in the asset to Panamanian solar shop ECOSolar.
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Goldman Sachs and Credit Suisse have launched a $375 million term loan B to refinance Panda Power Funds’ 758 MW Temple I gas-fired combined cycle project in Temple, Texas.
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A club deal backing Algonquin Power & Utilities Corp.’s 200 MW Odell wind project in Minnesota is likely to close early in the second quarter of the year.
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Dino Barajas, partner at Akin Gump Strauss Hauer & Feld, explores investor interest in Mexico's renewables sector and highlights related prospects and opportunities.
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Canadian Solar is considering launching a yield company after it completes its $265 million acquisition of Recurrent Energy from Sharp Corp.
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Mona Dajani, partner at Baker & McKenzie, explains how a recent U.S. Federal Energy Regulatory Commission policy statement could, if adopted, have a significant impact on valuations of large regulated utility mergers and swaps of generation asset portfolios.
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Macquarie Infrastructure Capital has agreed to buy ArcLight Capital Partners’ 512 MW natural gas-fired Bayonne project for $720 million.
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E.ON Climate & Renewables and GE Energy Financial Services have sealed tax equity investment for the 211 MW Grandview wind project in Amarillo, Texas.
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Calpine Corp. has increased an issuance of senior unsecured notes to $650 million, 30% more than the original $500 million on offer.
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American Electric Power Co. is considering strategic options for up to 10,393 MW of merchant generation in Ohio and Indiana, including a sale or retaining assets if the company garners regulatory approval for long-term contracts.
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Enel Green Power North America has scooped tax equity investment for its 150 MW Osage wind project in Oklahoma.
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In the second installment of this exclusive Q&A, John Foster, president and ceo of Southwest Generation, discusses the state of the M&A and financing markets and the company’s ideal profile for potential asset acquisitions.
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Project finance and M&A activities continue to swirl in and around PJM.
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The U.S. House of Representatives has passed a bill to expedite the approval process for liquefied natural gas export permits to countries with non-free trade agreements with the U.S.
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Atlantic Power Corp. has appointed James J. Moore as its ceo. Moore will play a key role in evaluating the Boston-based company’s generation fleet for potential sales, according to a spokeswoman.
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A deal to finance Genesis Power’s $700 million natural gas-fired Keys Energy Center project in Brandywine, Md., could close as soon as next month, according to a deal watcher.
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Jay Worenklein, former partner and co-head of global projects at Akin Gump Strauss Hauer & Feld, has left the firm and launched US Grid Co., which is focusing on enhancing, developing and financing distribution systems.
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PPL Corp. and Riverstone Holdings have agreed to sell a package of assets in PJM to garner approval from the U.S. Federal Energy Regulatory Commission to form their proposed independent power producer Talen Energy.
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CoBank has hired Brian Goldstein, president of Greenwood Investors, as sector v.p. of the project finance group. Goldstein started his post with the Denver-based national cooperative bank this month. He oversees the project finance group and reports to Chief Banking Officer Thomas Halverson.
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A deal to finance Advanced Power’s 755 MW combined-cycle gas-fired project in Ohio is expected to close in the next few weeks.
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First Reserve has wrapped its acquisition of the 298 MW Kingfisher wind project from Apex Clean Energy.
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TerraForm Power has priced $800 million of senior notes due in 2023 at 5.875%. The issuance is slated to close on Wednesday.
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Denver-based Southwest Generation recently wrapped a refinancing and an asset sale that ultimately put it on its current path to growth. “The new objective, as agreed with our shareholders, is to create a diversified, sustainable, self-funding power generation platform in North America,” John Foster, president and ceo, tells PFR in an exclusive interview.
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Sponsors and their lead bankers are making the rounds this month to potential lenders. SunEdison’s yield company TerraForm Power is in New York, Boston, Los Angeles and San Francisco on a road show for an $800 million bond offering.
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Capital Dynamics has sealed financing for the 150 MW Briscoe wind project in Briscoe County, Texas. GE Energy Financial Services and Morgan Stanley will provide tax equity, with Morgan Stanley supplying construction debt, a hedge and a letter of credit in a deal that closed in late December.
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SunEdison’s yield company TerraForm Power has embarked on a road show for its $800 million offering of senior, unsecured eight-year notes to fund a portion of its $2.4 billion acquisition of First Wind.
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Prospective lenders are aiming to make commitments to PEMEX and IENova’s $1.3 billion financing backing their Los Ramones II Norte pipeline in Mexico.
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LS Power has sealed a refinancing backing its West Deptford combined cycle plant in New Jersey.
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Penn Energy Renewables has closed a $125 million deal backing three solar projects in Ontario. Rabobank led the deal, which includes construction and term loan facilities for each project, as coordinating lead arranger.
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After a hectic, albeit happy, end to 2014, attendees at Infocast’s 7th Annual Projects & Money conference were optimistic for this year’s deal and development pipeline. Financiers are looking at backing more gas-fired projects as coal and nuclear retirements step-up.
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Project finance lenders are increasingly looking to expand into solar distributed generation, as the cost continues to decline and deals gain traction in the market, said panelists at Infocast’s 7th Annual Projects & Money in New Orleans.
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Financiers, investors and developers are considering a bevy of changes in the power industry at a time when capital continues to flow into the sector. Yield companies, emissions regulations, natural gas supply, distributed generation and adjustments in capacity markets are among the catalysts that are shifting the power project finance and M&A landscape.
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A refinancing backing LS Power’s West Deptford combined cycle project in West Deptford, N.J., is set to close this month.
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Institutional investors are increasingly looking to make direct investments in generation and gas-related infrastructure, according to panelists at Infocast’s 7th Annual Projects & Money conference in New Orleans.
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Sponsors, investors and financiers are looking for the next slate of opportunities in gas-fired projects and gas-related infrastructure.
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The proliferation of distributed generation, energy efficiency measures and technologies that enable demand conservation, are putting significant pressure on the traditional utility business model.
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Apex Clean Energy has withdrawn its application with the U.S. Federal Energy Regulatory Commission for approval to sell its Kingfisher wind project to First Reserve.
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Sponsors have closed more than $1 billion in debt and equity financing backing the 674 MW gas-fired Salem Harbor project in Salem, Mass.
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Investec have closed a $195 million refinancing backing a portfolio of SunRun solar installations. Proceeds from SunRun’s first syndicated financing will be used to grow its residential solar business.
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Investec have closed a $195 million refinancing backing a portfolio of SunRun solar installations. Proceeds from SunRun’s first syndicated financing will be used to grow its residential solar business.
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D.E. Shaw Renewable Investments has acquired the 314 MW Balko wind project in Beaver County, Okla. from Apex Clean Energy Holdings. Macquarie Capital ran the sale, which closed on Dec. 24.
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ATCO Group and Quanta Services will likely look to finance their $1.43 billion Fort McMurray transmission project in Alberta after it secures permitting at year-end. Royal Bank of Canada advised the pair on its bid for the 500 kV line.
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Project finance players are increasingly questioning the viability of the $1.95 billion deal backing Cape Wind after National Grid and NStar terminated their offtake contracts with the 468 MW wind project late Tuesday.
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TerraForm Power has dominated headlines in the last month, following its landmark $2.4 billion acquisition of First Wind.
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EDP Renewables North America has wrapped a tax equity investment from a Bank of America Merrill Lynch subsidiary for its 200 MW Headwaters wind project in Randolph County, Ind.
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ContourGlobal subsidiary Energia Eolica has issued $204 million in 20-year senior notes in a private placement to refinance Peru’s first wind farms.
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President Obama signed the tax extenders bill into law on Friday, retrospectively extending the production tax credit to the end of 2014.
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Southwest Generation has wrapped a $240.7 million refinancing. The deal, which will stabilize the Denver-based shop’s portfolio and allow it to focus on increasing its asset base, closed on Monday.
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The final installment of this Industry Current is an edited transcript of a discussion hosted by Chadbourne & Parke focusing on the benefits and disadvantages of the yield company structure.
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Affiliates of 8minutenergy Renewables and D. E. Shaw Renewable Investments have closed a debt financing backing the 133 MW Springbok Solar Farm in Kern County, Calif.
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Rabobank and Natixis have surfaced as lead arrangers of a commercial debt tranche backing the 468 MW Cape Wind project. Bank of Tokyo Mitsubishi-UFJ is leading the $1.95 billion deal for the project off the coast of Cape Cod, Mass.
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Fortistar has wrapped a $215 million deal backing its $241.4 million purchase of Primary Energy, an independent power producer that owns recycled energy assets in Indiana. Investec led the deal while Varagon Capital Partners was a joint lead arranger.
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Investec is set to close a $200 million refinancing backing a portfolio of SunRun residential solar installations by year-end. The seven-year mini perm is oversubscribed, a deal watcher notes, and will likely price at 275 basis points over LIBOR.
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Mitsubishi UFJ Financial Group is leading the power project finance league tables in North America in 2014, lending $1.9 billion year-to-date while Credit Agricole has topped the chart for the third quarter of this year, doling out $543 million, according to PFR affiliate Dealogic.
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Cheniere Energy has mandated 18 joint lead arrangers for its $11.5 billion financing to develop and construct its liquefied natural gas export project Corpus Christi. Société Générale is advising Cheniere on the deal and had been auditioning potential JLAs.
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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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Tax equity investors keep picking up stakes in wind projects, as the window for production tax credit eligibility continues to close.
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Energy Transfer Partners is preparing to launch a financing backing its $11 billion Lake Charles LNG project in Calcasieu Parish, La. The Royal Bank of Scotland is advising ETP on the deal, which is set to debut next month.
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The Industrial and Commercial Bank of China is breaking into power and energy project finance in the Americas.
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NextEra Energy Partners has scooped more tax equity investment for 300 MW of wind projects from Bank of America Merrill Lynch subsidiary BAL Investment & Advisory and Bank of New York Mellon.
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Appalachian Power Co., a subsidiary of American Electric Power, has filed a $750 million debt shelf with the U.S. Securities and Exchange Commission on Friday.
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FirstEnergy transmission affiliate Trans-Allegheny Interstate Line Co. is issuing $550 million in 10.5-year notes via a private placement.
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The $1.95 billion financing backing Cape Wind’s 468 MW wind project off the coast of Cape Cod, Mass., will reportedly close in the first quarter of next year.
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The following Industry Current is an edited transcript of a discussion hosted by Chadbourne & Parke focusing on the benefits and disadvantages of the yield company structure.
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Several project financings and M&A transactions are popping on to the markets ahead of the regular year-end hush. ArcLight Capital Partners and the group of owners behind Astoria Energy joined the term loan B parade this week.
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Price talk on ArcLight Capital Partners $365 million term loan Chief Power package is coming in at LIBOR plus 450 to 475 basis points.
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Berkshire Hathaway Energy affiliate MidAmerican Energy Holdings Co. is making its premiere tax equity investment in the 298 MW Kingfisher wind project in Oklahoma.
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Astoria Energy has pitched an $845 million B loan package to repay debt and fund a $221 million distribution to the owners of its 585 MW natural gas-fired plant in Queens, N.Y.
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The House of Representatives is set to vote on a package of tax extensions that includes a one-year renewal of the production tax credit this afternoon.
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NextEra Energy Partners has sealed tax equity investment from Bank of America Merrill Lynch subsidiary BAL Investment & Advisory and Bank of New York Mellon for its 250 MW Palo Duro wind farm in Randall, Texas.
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ArcLight Capital Partners has launched a $365 million term loan package backing its purchase of stakes in two coal-fired assets in Pennsylvania from Exelon Corp.
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Energy Investors Funds is planning an initial public offering of a vehicle that will include landfill gas generating assets, according to documents the shop filed with the U.S. Federal Energy Regulatory Commission.
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Freeport LNG has wrapped roughly $11 billion in debt and equity backing the first two trains at its facility on Quintana Island in Texas. The debt is three times oversubscribed and the deal went through multiple reverse-flexes, according to an observer.
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Deals and projects are lighting up several spots in Latin America this month, with U.S., Asian and Canadian entities making plays in the region.
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First Reserve and Apex Clean Energy are targeting a debt financing backing the roughly $600 million, 298 MW Kingfisher wind project in Oklahoma.
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Wind developers, financiers and attorneys are focusing on Washington D.C. as Congress negotiates an extension of the production tax credit, an incentive that impacts billions of dollars of development projects and deals.
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In this week’s Industry Current David Burton, partner at Akin Gump Strauss Hauer & Feld, dispels misinformation about the investment tax credit step-down at the end of 2016 and explores how it impacts the solar industry by answering frequently asked questions.
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Chicago-based Invenergy has wrapped a construction and term loan financing backing its 207 MW Rattlesnake wind farm in Glasscock County, Texas.
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MUFG Union Bank has agreed to make a tax equity investment in a pair of wind projects in Kern County, Calif., owned by EDP Renewables North America.
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Natixis has wrapped a roughly $477 million deal backing Samsung C&T and Korea Southern Power Corp.’s Kelar gas-fired project in northern Chile. The deal closed earlier this month.
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Term B loans dominated headlines in project finance and borrower strategies this week. Panda Power Funds sealed a $571 million package backing its Stonewall combined cycle project in Virginia via six joint lead arrangers.
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Nearly three dozen lenders are considering making commitments to Cheniere Energy’s $11.5 billion financing for the Corpus Christi liquefied natural gas export project in Texas, say deal watchers.
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First Reserve has agreed to buy the 298 MW Kingfisher wind project from Apex Clean Energy.
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The term loan B market will continue to flourish, according to panelists at Stroock & Stroock & Lavan’s Emerging Energy Industry Developments Seminar on Nov. 18.
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Terra-Gen Power’s $300 million term loan B could wrap before its Dec. 3 commitment deadline on strong investor demand.
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SunEdison and TerraForm Power have agreed to buy First Wind for $2.4 billion, including a $510 million earn-out.
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Panda Power Funds has closed a $571 million financing package for its 778 MW Stonewall combined-cycle project in Loudoun County, Va.
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Energy Investors Funds has sold half of its 869 MW Oregon combined cycle project in Oregon, Ohio, to infrastructure investor I Squared Capital.
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LS Power is considering bringing a portfolio of assets in PJM and New England to market.
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The first half of 2015 could be a busy time for investment banks and law firms. Several yield company transactions and potential auctions could keep folks on the frontlines of deals.
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A steady pace of asset acquisitions and speculation regarding prospective initial public offerings characterize the yield company arena.
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Terra-Gen Power is pitching a $325 million financing package to pay down project level debt and purchase tax equity interests in a portfolio of wind farms.
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GE Energy Financial Services and JPMorgan Capital Corp. have agreed to make tax equity investments in NextEra Energy Resources’ Mammoth Plains wind project in Oklahoma.
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First Wind has closed a $254 million in financing to support its 200 MW South Plains wind project in Floyd County, Texas.
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NRG Yield has agreed to purchase 785 MW of wind and gas-fired assets from parent NRG Energy for $480 million.
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Blackstone Group is out with a deal to upsize a $515 million term B loan by $160 million to acquire two assets from Optim Energy.
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Third quarter earnings calls abounded this week.
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Panda Power Funds has tapped Goldman Sachs to arrange a $546 million term loan B package backing its 750 MW Stonewall combined cycle project in Leesburg, Va. Commitments are due on the seven-year deal Nov. 10.
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The state of Hawaii has finalized a $150 million securitization and will use proceeds to finance development of renewable infrastructure, including distributed generation.
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Yield company NextEra Energy Partners is looking to finalize about $250 million in tax equity investment for its 250 MW Palo Duro wind farm in Randall, Texas.
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Sales of solar assets boomed in the first half of 2014 and represent the resource with the most growth in number of asset trades over the same period last year.
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A group of creditors is taking over Kelson LP’s stake in the 620 MW Dogwood combined cycle facility in Pleasant Hill, Mo.
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The second installment of this Industry Current on tidal range power is written by Ted Verrill, president and ceo of Halcyon Tidal Power in Southport, Conn.
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Energy Investors Funds is slated to hammer out debt size and hedges for the financing of its $860 million Oregon gas-fired project on a call with banks scheduled for Friday.
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Covanta Holding Corp. is out to sell a portfolio of seven biomass facilities in California and Maine.
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Pattern Development Group and Samsung Renewable Energy have closed a C$580 million ($519 million) financing supporting the 180 MW Armow wind project in Kincardine, Ontario.
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Pattern Energy Group Inc. has shaved 100 basis points off commercial bank debt backing its 265 MW Ocotillo wind project in Imperial Valley, Calif.
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Silicon Ranch Corp., a Nashville, Tenn.-based solar shop, has raised $140 million in equity from Greystone Infrastructure Fund.
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Hydro-Québec Distribution has set a new deadline for its request for proposals for 450 MW of wind farms in Quebec.
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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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A variety of changes in PJM and ISO New England are going to re-shape how investors think about power investments in those regions, panelists said at Platts’ Financing U.S. Power conference in New York.
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Several shops are mulling whether to form a yield company largely to compete with existing yieldcos on cost of capital--signaling the asset class’s evolution from a nascent to established market, said panelists at American Wind Energy Association’s Wind Energy Finance & Investment seminar in New York.
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Bank of Tokyo Mitsubishi-UFJ has agreed to make a tax equity investment in NextEra Energy Resources’ wind farm in Colorado.
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Hannon Armstrong Sustainable Capital is paying $144 million for tax equity stakes in a portfolio of wind farms from JPMorgan Capital Corp.
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First round bids have come in for Riverstone Holdings’ Sapphire Power Holdings gas-fired portfolio.
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Deepwater Wind is aiming to finance its first offshore wind project in the coming months, CEO Jeffrey Grybowski said at the American Wind Energy Association’s Wind Energy Finance and Investment Seminar in New York.
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Dynegy has launched a sale of its 2.7 GW of gas- and oil-fired assets in California.
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Fortistar has agreed to buy Primary Energy, an independent power producer that owns recycled energy assets in Indiana, for $241.4 million.
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There is about 13.6 GW of wind projects under construction in the U.S. but lenders and tax equity investors are uncertain about how many will be online to qualify for the production tax credit, according to speakers at American Wind Energy Association’s Wind Energy Finance and Investment Seminar in New York.
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An investor group led by Macquarie Infrastructure and Real Assets has agreed to take Cleco private in a $4.7 billion deal.
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Mild weather in Texas over the last two summers has reshaped how developers and lenders are looking at generation projects in ERCOT, panellists said at Platts’ 16th Annual Financing U.S. Power conference in New York.
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Whitehall & Co. has launched a $3 billion program that will provide debt to energy and infrastructure assets.
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Energy Capital Partners has inked a $1.71 billion financing backing its acquisition of Wheelabrator from Waste Management.
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Contention over pricing and a lengthy due diligence process for Cape Wind's $1.95 billion deal are causing many bankers to question the feasibility of the commitment deadline at month-end.
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Dynegy is issuing three tranches of privately placed, senior unsecured notes totaling $5.1 billion to finance its acquisition of 12.5 GW from Duke Energy and Energy Capital Partners.
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Panda Power Funds is mulling how to finance its latest gas-fired project, the $500 million, 750 MW Stonewall combined cycle in Leesburg, Va.
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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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TerraForm Power and SunEdison are buying a portfolio of 30 MW of solar assets from energy retailer Just Energy Group.
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NRG Energy and LS Power are among a wave of sponsors out looking for repricings on project finance deals inked in 2011 and 2012.
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Autumn is a time for pumpkin-flavored everything, breaking out cozy sweaters and fresh starts for Entegra Power Group and Lincoln Renewable Energy.
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Wayzata Investment Partners has agreed to buy a simple cycle facility in Utah from Exelon Corp.
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Pattern Energy Group LP is selecting banks to participate in a financing backing its 104 MW Conejo solar project in the Atacama Desert in Chile.
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Cheniere Energy is talking to banks for an $11.5 billion financing backing its Corpus Christi liquefied natural gas export project in Texas.
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Entegra Power Group is planning to revive its efforts to either contract or sell its gas-fired portfolio now that it was emerged from Chapter 11 bankruptcy.
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Michael Boarts, a former associate director at WestLB, has joined Credit Agricole as vice president in loan syndications.
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Southwest Generation is refinancing a portfolio of natural gas-fired assets in the southwestern U.S.
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Entegra Power Group has emerged from Chapter 11 bankruptcy proceedings with third lien lenders taking over the equity in a prepackaged plan
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SunRun is working with Investec to refinance a portfolio of residential solar installations.
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Escondida, the world’s largest copper mine by production in Chile, is catalyzing activity in the debt capital and project finance markets this week.
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Banks are competing to lead a $700 million to $1 billion refinancing of AES Gener’s 544 MW Angamos coal-fired plant in Chile.
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Starwood Energy Group has agreed to buy the Quail Run combined cycle facility in Texas from Exelon Power, a subsidiary of Exelon Corp.
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A group of lenders aim to wrap a financing backing the 517 MW combined cycle Kelar project in northern Chile this month.
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A pair of energy efficiency securitization deals is percolating at Citigroup that could hit the market in the next six months.
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Joint venture partners Greenwood Energy and ILIOSS are talking to banks about financing a $500 million, 250 MW portfolio of distributed generation in Mexico.
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The Carlyle Group has agreed to buy ArcLight Capital Partners and Government of Singapore Investment Corp.’s stakes in Southeast PowerGen.
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The step down in the investment tax credits in 2016 have solar developers and financiers at the drawing board to create financing structures that will work for a pipeline of projects, according to speakers at Solar Media's Next Generation Solar PV Finance conference in New York.
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The yield company dance card could double its size in 2015 as a variety of shops consider making a run at the public markets.
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The global wind and solar joint venture between Acciona and KKR could hit the public markets in the first quarter.
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This week’s Industry Current is the transcript of a discussion between a group of seasoned investment bankers that focused on new financing trends, including the term loan B market, green bonds, state green banks, yield companies, financing for merchant plants and other topics.
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The Tennessee Valley Authority issued $1 billion in 10-year global power bonds this week and will be looking to issue up to $1 billion in its coming fiscal year.
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Developers are preparing to submit bids in the next few weeks for roughly $2 billion of gas pipelines in Texas and Mexico in tenders hosted by the Comisión Federal de Electricidad.
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The debt capital markets were flooded with power and utility paper this week, as issuers sent $1.85 billion in notes to bond buyers.
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Vivint is teeing up its initial public offering that is targeted to raise up to $370.8 million.
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Ares Capital Corp. has back-levered Competitive Power Ventures’ stake in the 725 MW St. Charles project in Waldorf, Md.
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Tenaska Capital Management has clinched an upsizing of $100 million to its $1.5 billion term loan B on strong investor demand.
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DPL Inc. is out to issue $200 million of senior unsecured notes in a private placement this week as it looks to reduce debt.
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Coronal Management, a solar developer and financier, has agreed to buy a 29 MW solar project from a subsidiary of hedge fund Centaurus Capital.
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Abengoa Yield is acquiring 181 MW of renewables projects in Uruguay and Spain from Spanish parent Abengoa.
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About 7.8 GW of solar projects have applied for permitting before the Comisión Reguladora de Energia in Mexico, representing just more than half of the 15 GW of applications before the Mexican regulator.
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ConEdison Development has agreed to buy a stake in a wind project that Sempra U.S. Gas & Power is building in Nebraska, deepening its renewables partnership with the sponsor.
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Solar panel manufacturers and financial investors may be among the next generation of yield companies, according to analysts.
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After years of legal battles, regulatory struggles and a documentary film, the Cape Wind offshore wind project has arrived in the project finance market.
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JPMorgan Capital Corp. has agreed to sell a portion of its tax equity investments in a portfolio of 10 wind farms to Hannon Armstrong Sustainable Capital.
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Cape Wind has launched a wholesale syndication of a $1.95 billion package backing its 468 MW project off the coast of Cape Cod, Mass.
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Enel Green Power North America is finalizing a $400 million tax equity investment in 350 MW of wind assets from JPMorgan Capital Corp., MetLife Capital Credit and Bank of New York Mellon
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ArcLight Capital Partners is looking to flip the 512 MW Bayonne gas-fired plant in New Jersey.
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Exelon Corp. subsidiary ExGen Texas Power has reverse flexed and downsized a $700 million term loan B it pitched for a dividend recapitalization.
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Tenaska Capital Management’s $1.59 billion refinancing has been floated at LIBOR plus 450-475 basis points.
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Frank Napolitano, global head of power and utilities at Credit Suisse, talked with Managing Editor Holly Fletcher from the road to talk about why corporate M&A will drive asset-based M&A.
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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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Solar developers with residential solar pipelines will be looking for tax equity in the next two years at a rate that could squeeze the existing liquidity in the market, according to panelists at IJGlobal’s North America Energy & Infrastructure Financing Forum in New York.
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Tenaska Capital Management affiliates have launched a $1.59 billion refinancing backing roughly 5 GW of merchant generation.
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JPMorgan Capital Corp. and an unidentified co-investor are looking to finalize a tax equity investment in a portfolio of NRG Energy wind farms.
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Some European lenders that have been on the bench for the last couple of years are returning to project finance, according to panelists at IJGlobal’s North America Energy & Infrastructure Financing Forum in New York today.
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E.ON Climate & Renewables North America is working with Bank of America Merrill Lynch to sell a portion of its 2.7 GW portfoio of wind assets.
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Enel Green Power North America is looking to bring an investor into its U.S. wind portfolio that clocks in north of 1.3 GW.
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DIF Infrastructure is looking to make equity investments in solar assets in North America.
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Alterra Power has wrapped a C$110 million ($100 million) loan backing a wind project in Texas and a hydro project in Canada from lender AMP Capital. The deal was announced last week.
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Algonquin Power & Utilities Corp. has agreed to buy a $313.5 million, 200 MW wind project in Minnesota from Geronimo Energy, which has other projects totaling 800 MW on the block.
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Apex Clean Energy has hit a series of snags that may delay the financing of a pair of 300 MW wind projects in Oklahoma.
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Frank Napolitano, global head of power and utilities at Credit Suisse, talked with Managing Editor Holly Fletcher from the road to talk about who is active in M&A and why hedge funds are making a return as asset owners.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter. For more news and coverage, follow @PowerFinRisk on Twitter, as well as Managing Editor @HollyFletcher and Editor @SaraReports.
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A prospective deal between First Solar and Southern Power has piqued interest around the advisory space as to whether or not this is an indication that First Solar has decided to pursue a yield company.
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BayWa r.e. has acquired an 80 MW wind project in South Dakota, after guidance from the U.S. Internal Revenue Service on the production tax credit strengthened project.
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NRG Yield made the biggest headlines this past month as it wrapped a $2.47 billion acquisition of Terra-Gen Power’s Alta wind series in California (PFR, 8/13).
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Exelon Corp. subsidiary ExGen Texas Power has floated a $700 million term loan B and a $20 million revolver to take advantage of investor demand and fund a dividend.
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NTR is looking to hire advisors to sell its U.S. wind subsidiary Wind Capital Group.
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JPMorgan Capital Corp. is out to sell a stream of cash flows associated with a portfolio of wind tax equity deals.
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Dynegy is set to acquire 12.5 GW of coal- and gas-fired generation from Duke Energy and Energy Capital Partners in a pair of deals that shuffles the ranking of independent power producers.
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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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A slew of gas-fired projects are slated for development in the next 12-18 months, however, several factors will decide which projects make it through financial close.
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Innergex is reportedly talking to prospective lenders for financing backing one of its larger hydro projects in Canada.
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Olympus Power has put a 20 MW wind farm in Minnesota on the market.
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The second installment of this Industry Current is written by Anne Hampson, project manager, and Jessica Rackley, senior associate at ICF International in Washington D.C. For the first installment, click here.
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Calpine Corp. has agreed to buy the 809 MW Fore River gas-fired plant in Massachusetts from Exelon Corp.
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TransCanada and Elecnor have dropped out of a request for proposals to build and own the 310-mile Fort McMurray transmission project in Alberta.
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Dynegy is set to acquire 12.5 GW of coal- and gas-fired generation from Duke Energy and Energy Capital Partners.
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Morgan Stanley is taking control of three operating wind farms totaling 399 MW in Montana owned by NaturEner USA after investing at least $699 million in the assets over the past few years
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Don Kyle, senior managing director of GE Capital Markets, and Carl Peterson, head of debt origination at GE EFS sat down with PFR Editor Sara Rosner to discuss the market for structuring and financing gas-fired generation.
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Burrows Paper Corp. is in the final stages of selling a portfolio of roughly 19 MW of hydro assets in upstate New York.
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Kristie Pellecchia, director of syndications for Latin America at BNP Paribas, has joined Sumitomo Mitsui Banking Corp.
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Riverstone Holdings is in the market to sell 807 MW of gas-fired assets it bought from Morris Energy to mitigate issues that could arise with its planned generation merger with assets from PPL Corp.
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Developers, bankers and attorneys are eagerly anticipating billions of dollars of generation and pipeline tenders from Mexican state-backed utility Comision Federal de Electricidad.
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Power industry players circle a bundle of tenders in Mexico and the wind sector regroups stateside after the IRS unveils clarifications to the production tax credit.
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Hannon Armstrong Sustainable Infrastructure is planning to issue additional shares and tap the securitization market as it looks to expand its portfolio and increase the company’s leverage.
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NRG Yield has wrapped its $2.47 billion acquisition of the 947 MW Alta wind series in Kern County, Calif., from Terra-Gen Power.
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The U.S. Internal Revenue Service and Department of Treasury have issued clarifications on what it means to “begin construction” on a wind project in order to qualify for the production tax credit.
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Coronado Power Ventures has retooled a hunt for equity and debt for a $727 million, 690 MW combined cycle project in Cameron County, Texas, after some setbacks to an earlier process.
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Welcome to the premiere edition of the Yieldco Sweep, an exclusive monthly feature that will track the performance and activity of key yield companies in the power sector with illustrative graphics and market insight.
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Paul Leggett, executive director at Morgan Stanley, has left the firm, marking its third departure from the power and utilities group in as many weeks.
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NTE Energy is looking to line up power purchase agreements for at least a portion of its $1.1 billion, 1.2 GW portfolio of gas-fired development projects ahead of financing.
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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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BluEarth Renewables has closed C$203 million ($186.5 million) loan to back its 58.23 MW Bow Lake wind project near Sault Ste. Marie, Ontario.
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Editor Sara Rosner spoke with Frank DeRosa, chief commercial officer, and Ryan Bennett, head of North America project finance, about the SunEdison’s growth and development strategy, the impact of its yieldco and its take on the markets.
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Dominion is on track to launch the initial public offering of Dominion Midstream Partners LP, its master limited partnership that will own a stake in the Cove Point liquefied natural gas export facility, later this quarter.
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Entegra Power Group is preparing for a prepackaged Chapter 11 bankruptcy filing that would make Wayzata Investment Partners and Luminus Management its majority owners.
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Energy Capital Partners has received first round bids for EquiPower Resources Corp.—the portfolio company for which it’s considering both an initial public offering and a sale.
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Gas-fired generation is on track to underpin, and possibly reshape, the U.S. project finance market as more than $13 billion of projects make their way through development and construction in the next 18 months.
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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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Emeka Onukwugha, managing director and co-head of Babson Capital’s private placement group, spoke with Managing Editor Holly Fletcher about what the firm has discovered about the power industry in the two years since it hired a trio of bankers to expand its power lending team.
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Mexico continues to roll forward with its landmark energy reforms this week, as the Senate passed a set of provisions that would essentially create a competitive wholesale power market in the country.
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NTE Energy, a developer out of St. Augustine Fla., has brought on Capital Dynamics and a group of private investors to take equity stakes in a trio of gas-fired projects totaling $1.1 billion.
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Craig Edgar and David Whitcher, managing directors at Morgan Stanley, are leaving the bank to join UBS.
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SolarCity is gearing up to launch a $201.5 million solar securitization this week.
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Starwood Energy Group Global has agreed to buy equity stakes in a pair of gas-fired projects totaling 1.5 GW in Texas from FGE Power.
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Mitsubishi UFJ Financial Group has climbed back to the top of mandated lead arrangers in power project finance in North America in the second quarter, lending $497 million during the period, according to PFR affiliate Dealogic.
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SunEdison has revised its target initial public offering share price for its yield company TerraForm Power from $19-21 to $23-25.
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A bankruptcy court-run sale for Optim Energy’s coal-fired plant in Robertson County, Texas, is scheduled for Aug. 4.
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AES Corp. has shelved its sale of 2.8 GW of gas- and coal-fired generation in Ohio, opting to put the assets into a new subsidiary.
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Calpine Corp. has priced two tranches of high yield notes totaling $2.8 billion, marking the company’s move away from a secured bond portfolio to unsecured.
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John Cogan, formerly co-head of power and renewables in the Americas at Credit Suisse, will take a similar position at boutique advisory shop Centerview Partners.
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JPMorgan Capital Corp. is heading up a consortium of investors that are making a $400 million tax equity investment in two of Enel Green Power North America’s wind projects.
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John Cogan, co-head of power and renewables in the Americas at Credit Suisse, resigned from his position July 7.
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Two Black Hills Corp. subsidiaries are issuing $160 million of privately placed first mortgage bonds to finance a gas-fired project in Wyoming.
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The following feature is the final installment of a transcript of a panel co-hosted by Orrick, Herrington & Sutcliffe LLP and PFR as part of our #PowerDrinks series.
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Companies interested in establishing operations in Mexico as the country paves the way for energy reform will have a variety of risks to overcome, panelists said at Euromoney Energy Events' Renewable Energy Finance Forum Wall Street.
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Bankers and lawyers on Thursday’s “Navigating the Debt Markets” panel were asked by moderator Kenneth Locklin, managing director at Impax Asset Management, to gaze into their crystal balls to forecast what they will be saying on the same panel in 2015.
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A collection of sights and sounds from around Euromoney Energy Events' Renewable Energy Finance Forum Wall Street.
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With the oldest yieldco, NRG Yield, preparing to celebrate its first birthday on July 17, panelists at Euromoney Energy Events’ Renewable Energy Finance Forum Wall Street examined issues facing the young class of power companies as they grow.
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Atlantic Power Corp. has received fewer bids than expected as prospective buyers were stymied by questions about the company’s preferred transaction and uncertainty about a class action lawsuit.
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Tenaska is planning to arrange financing for an 800 MW gas-fired combined cycle facility in Texas by year-end.
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Exelon Corp. has received the initial bids for its Quail Run gas-fired facility in Texas.
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SunEdison is out to arrange a $425 million financing package for its proposed yieldco, TerraForm Power.
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Energy Investors Funds has closed a $590 million loan to finance the purchase of a stake in the 705 MW Newark Energy Center in Newark, N.J., which is currently under construction.
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Cleco Corp. has hired two advisors to help it evaluate recent interest from potential acquirers.
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The following feature is a transcript of a panel co-hosted by Orrick, Herrington & Sutcliffe LLP and PFR as part of our #PowerDrinks series.
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If your last glass of rum knocked the wind out of you then you might not be ready for this. That rum in your piña colada just might have come from a factory powered by wind.
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Energy Capital Partners is exploring ways of exiting its four-year-old portfolio company EquiPower Resources Corp.
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Brian Daly, managing director at Babson Capital, has left the firm.
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The group of creditors that took over coal-fired facilities formerly known as AES Eastern Energy have reportedly put two coal-fired assets up for sale.
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ArcLight Capital Partners has sealed a $530 million term loan B package backing its Bayonne facility and ratcheted pricing down to 350 basis points over LIBOR.
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Primary Energy Recycling Corp., an independent power producer that owns recycled energy assets in Indiana, is working with Moelis & Co. on a sale.
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A Goldman Sachs subsidiary is lined up to buy tax equity stakes from KeyCorp. in a pair of wind farms owned by Infigen Energy.
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AES Corp. has agreed to sell its stake in solar developer Silver Ridge Power to SunEdison for up to $207 million.
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Jon Mostel, partner in Stroock’s energy and project finance practice in New York, talks about how regulation will impact growth of micro-grids, which is the modern name for the old idea of decentralized power.
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ArcLight Capital Partners is set to take commitments for a $530 million term loan B package this week backing its purchase of a stake in the Bayonne facility.
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SunShare, a community solar developer out of Colorado Springs, Colo., is looking for an equity partner in a portfolio of distributed solar projects around Denver.
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Exelon Corp. is out to sell two of its gas-fired facilities totaling 1.2 GW.
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Renato Plastina has joined newly established asset manager Varagon Capital Partners as head of energy.
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PPL Corp. and Riverstone Holdings have agreed to combine their respective unregulated generation portfolios into a single, publicly listed entity.
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LS Power has begun talking with commercial banks about how it will finance its acquisition of a 3.5 GW portfolio of gas-fired plants in the Southeast from Calpine Corp.
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Energy Investors Funds’ $500 million deal backing its 655 MW Newark Energy Center is moving along, as lenders ink commitments and pricing.
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A record number of entities participated in voting for Power Finance & Risk’s awards, recognizing excellence and innovation in the power project finance industry in 2013.
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ArcLight Capital Partners’ has launched a $530 million term loan B package backing its purchase of a Hess Corp.’s stake in the Bayonne gas-fired facility.
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DTE Electric, the utility subsidiary of DTE Energy, has issued a request for proposals for a gas-fired facility of at least 50 MW.
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NRG Yield has agreed to buy the Alta wind series that totals 947 MW in Kern County, Calif., from Terra-Gen Power for $2.5 billion, including debt assumption.
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ArcLight Capital Partners is gearing up to launch a $530 million term loan B package to fund its acquisition of Hess Corp.’s stake in the 512 MW Bayonne gas-fired facility in Bayonne, N.J.
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Michael Park, a senior investment officer in the loan guarantee programs office at the U.S. Department of Energy, has joined Noesis Energy in Austin, Texas, as a v.p. of project finance.
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The PPA Pulse is a guide to which sponsors and projects have recently garnered power purchase agreements in the Americas.
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Moelis & Co. has hired JPMorgan’s John Colella as a managing director.
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Hannon Armstrong Capital has bought land lease aggregator American Wind Capital Co. for $106.6 million.
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In this week's round-up: The market is awash with renewable yieldcos and a new round of legislation unsettles the Mexican renewables landscape.
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The PJM capacity auction for 2017-2018 came in at $120 per MW-day for all regions except for one in the east.
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Transmission Developers, Inc., a portfolio company of The Blackstone Group, is working to fast-track a $1.2 billion transmission line in Vermont that would bring hydropower from Canada into New England.
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SolarCity Corp. has taken its residential roof-top solar installations to the masses.
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A compilation of the sights and sounds at Green Power Conferences’ Mexican International Renewable Energy Congress in Mexico City.
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Renewable project development in Mexico is slowing down as players await the outcome of follow-up legislation in June, according to bankers, attorneys and developers at Green Power Conferences’ Mexican International Renewable Energy Congress in Mexico City.
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Commercial and residential solar sponsors from the U.S. and Canada are circling Mexico for growth and expansion.
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Alok Garg has joined Wells Fargo as a managing director in New York.
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SunEdison has filed with the U.S. Securities and Exchange Commission to take a 524 MW portfolio of solar assets public in a yieldco called TerraForm Power.
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Pattern Development is shooting for LIBOR plus 162.5 basis points for a debt package backing its 180 MW Armow wind project, undercutting the market low of LIBOR +175 bps that it nailed down for it’s recent K2 wind financing.
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NextEra Energy’s proposed NextEra Energy Partners LP carries a yield company structure that resembles a master limited partnership more than yieldcos that have gone public to date.
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A growing number of developers are suing the U.S. government for allegedly not paying out the full amount of cash grants eligible to qualifying renewable projects under the section 1603 program of the American Recovery and Reinvestment Act.
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Renewables developers and scores of their attorneys are keeping a close watch on several sets of proceedings at the U.S. Court of Federal Claims in Washington D.C.
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Bostonia Partners has hired Randall Male as managing director in its Boston office.
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AES Corp. and Duke Energy are awaiting the outcome of the 2017-2018 capacity auction in PJM before taking bids in their respective auctions of unregulated generation in Ohio.
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AES Corp. has closed a $775 million floating rate note issuance after upsizing the deal from $500 million.
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NextEra Energy has filed with the U.S. Securities and Exchange Commission to take a portfolio of 10 renewable assets in Canada and the U.S. public.
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Brookfield Renewable Energy Partners has agreed to buy Exelon Corp.’s stake in Safe Harbor Hydro for $613 million—a deal that makes Brookfield the full owner.
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SunEdison is closing in on making a public S-1 filing for its initial public offering of SunEdison YieldCo.
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Innergex Renewable Energy has been speaking to life insurance companies in Canada to finance its 23.3 MW Trethaway hydro project, the first in a C$1.1 billion ($1.01 billion) pipeline of development projects in Canada.
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Deal flow backing renewables projects in Canada is beginning to slow, according to bankers, as many provinces hit or surpass their capacity targets.
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Tenaska Solar Ventures has launched a debt package that could be north of $500 million to fund construction of its 150 MW Tenaska Imperial Solar Center West in Imperial County, Calif.
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Corporación América, an infrastructure-focused conglomerate out of Argentina, has closed a $176 million debt package financing the Carape I and II wind projects in Maldonado, Uruguay.
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ContourGlobal Power Holdings has issued a $400 million in privately placed high-yield notes.
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NextEra Energy Resources has been speaking to lenders stateside about financing its 60 MW Bluewater wind project near the coast of Lake Huron, Ontario.
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Cheniere Energy is out to issue $2 billion in senior secured 144A bonds to fund capital costs on trains one through four at its Sabine Pass liquefied natural gas export facility in Louisiana.
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Second lien creditors have closed the takeover of MACH Gen via a Chapter 11 bankruptcy pre-packaged reorganization.
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Northwestern Mutual Life Insurance Co. has agreed to buy Starwood Energy Group’s stake in the Neptune transmission line in New York.
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This week’s abridged Industry Current is written by John Marciano, partner at Chadbourne & Parke in Washington, D.C. For the full installment, check out our print issue on May 19.
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Clean Power Finance, a financial services and software provider for the residential solar industry, has raised $200 million in a fund to finance residential solar projects.
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Attorneys and wind developers have met with representatives of the U.S. Department of Treasury and the Internal Revenue Service to petition for further clarification on the safe harbors under the production tax credit as the wind industry faces looming operational deadlines and wary tax equity investors and lenders.
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Kevin Walsh, director and group head of power and renewables at GE EFS, talks with Editor Sara Rosner about the growth of distributed generation and why photovoltaic solar is still best for achieving economies of scale.
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The New York Green Bank, a New York-state sponsored investment fund, is looking to add a team of securitization experts, Alfred Griffin, president of N.Y. Green Bank told attendees at the Sunshine Backed Bond conference in New York.
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Boston-based First Wind has closed a $369 million financing package backing the 148 MW Oakfield wind project in Aroostook Country, Maine.
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Australian outfit Liquefied Natural Gas Limited has privately place $49.5 million in shares to existing institutional investors in Australia and the U.S. to fund the company’s operations until it reaches financial close on the debt for its $2.2 billion Magnolia LNG project.
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Canadian Solar has landed a C$115.5 million ($105.15 million) construction loan backing 30 MW of solar projects in Ontario.
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Natural gas pipeline owner Fermaca Enterprises is issuing $527 million in 144A notes to refinance debt on the Tarahumara pipeline in Mexico’s Chihuahua state before it adds a compression station to increase capacity.
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Atlantic Power Corp. has retained Goldman Sachs and Greenhill & Co. to run a strategic evaluation.
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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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Wells Fargo has temporarily benched its tax equity investments in wind due to an accounting issue—a wrinkle that has the wind market looking at capacity in the latter half of the year as projects hit the street looking for financing.
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Sumitomo Corp. of Americas is buying BNB Renewable Energy’s stake in a 200 MW wind project in Texas that has an offtake agreement lined up with Mars, the confectionery-turned-food manufacturer.
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Belgian shipping and engineering company Exmar NV is looking to lock in $170 million in debt to back the world’s first floating liquefied natural gas export facility in waters off of Tolu, Colombia, in the Gulf of Morrosquillo.
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Despite the expiration of the production tax credit, wind is set to have a solid year of project financings, according to Kevin Walsh, managing director and group head of power and renewables at GE EFS.
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Rockland Capital has lined up a credit facility from Investec to backing its first fund Rockland Power Partners.
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SunEdison and Deutsche Bank have inked their fourth deal in 2014—this one financing construction of the 60 MW Regulus project in Kern County, Calif.
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Hannon Armstrong Sustainable Infrastructure is in the final stretch of negotiations to buy American Wind Capital, observers say.
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NextEra Energy has confidentially filed an S-1 with the U.S. Securities and Exchange Commission, putting it on track to take a portion of its unregulated assets public.
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Invenergy has closed a refinancing of the debt on the 620 MW Grays Harbor Energy Center natural gas-fired in Elma, Wash.
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Northland Power has closed a C$240 million ($217.55 million) financing package backing five 10 MW solar projects in Ontario.
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True Green Capital Management has closed a $130 million credit facility backing a 22 MW portfolio of commercial solar facilities in the northeast U.S.
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SunEdison has closed a C$115 million ($104.24 million) construction loan for a pair of utility scale solar projects totaling 33 MW in Ontario, Canada.
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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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TIAA-CREF has invested in a $1.4 billion combined cycle project in New York being developed by Advanced Power NA—the first of what is expected to be a series of partnerships.
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The U.S. Department of Energy is seeking applications for up to $4 billion of innovative renewables and energy efficiency projects in the latest iteration of the loan guarantee program.
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Wind Capital Group has completed the sale of its 150 MW Osage wind project in Osage County, Okla., to TradeWind Energy for $60 million.
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Deutsche Bank has topped league tables for the first quarter of 2014, highlighting a resurgence of European lenders in power and energy project finance in the U.S. and Canada.
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Credit Suisse has hired Jonathon Kaufman from Deutsche Bank as a managing director.
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SunPower has teamed up with tech giant Google on a $250 million fund that will buy residential rooftop solar installations across the U.S.
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CalPERS and Harbert Management Corp. have emerged as the joint frontrunner in the auction of Ontario Teachers’ Pension Plan Board’s stake in Northern Star Generation.
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Abengoa subsidiary Abengoa Transmission Sur has closed a $432 million 144A bond refinancing of the 500 kV transmission project in Peru.
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Portland General Electric is in the process of consolidating its ownership of a coal-fired plant in the eastern part of Oregon as it evaluates whether to retire the facility or convert to biomass.
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Hannon Armstrong Sustainable Infrastructure Capital and Sol Systems have created a $100 million fund to develop distributed solar projects.
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Solar continues to make headlines this week, in both distributed generation and utility-scale, with SunEdison and SunPower nailing down financings.
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Solar continues to make headlines this week, in both distributed generation and utility-scale, with SunEdison and SunPower nailing down financings.
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Juan Kreutz, executive director of energy in U.S. debt capital markets origination at BBVA, has moved to Sumitomo Mitsui Banking Corp. as executive director and group head of natural resources specialized finance.
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Abengoa has filed to take a portfolio of global power and transmission assets public in a NASDAQ-listed yield company.
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Blackstone Energy Partners-backed Fisterra Energy and CEMEX have closed a $490 million debt package backing the 252 MW Ventika wind project in Nuevo Leon, Mexico.
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