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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