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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