Banks
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Goldman Sachs has promoted Emily Hashimoto to managing director of the infrastructure investment banking team in New York City.
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Rabobank has expanded its banking team and made analyst hires dedicated to energy transition in the US.
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Former Barclays investment bankers Robyn Underwood and Jason Kivett have joined the Pickering Energy Partners’ (PEP) investment banking practice to lead a newly formed team.
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The latest banker to hand in his notice at the New York real assets and structured finance team of HSBC is causing a stir as a leading figure from the bank flown in to steady the ship.
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Industrial and Commercial Bank of China (ICBC) has named Jesus Enriquez Torresdey as a director of project finance credit approval in New York.
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Rainer Kraft has joined CIBC Capital Markets as managing director, head of syndications after leaving BBVA.
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Jeffrey Mathews has been promoted to managing director at Barclays, based in New York.
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Brazil's national development bank BNDES has announced that an auction will take place on June 18 for Companhia de Eletricidade do Amapá (CEA), an energy distributor in the country's northern Amapa State.
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A pair of sponsors has tapped the bank market to raise financing for a portfolio of mixed generation assets in Chile which include both operational and greenfield projects.
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Quinbrook Infrastructure Partners' portfolio company Scout Clean Energy has secured a $50 million letter of credit facility.
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Sempra Energy has reached financial close on the sale of its Chilean assets to State Grid International Development, after announcing the agreement in October of last year.
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A group of banks led by IDB Invest are about to launch a liquidity credit line to help Chilean power companies impacted by the freeze in power prices implemented at the end of 2019.
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BNDESPar, the private investment arm of Brazilian development bank BNDES, has hired a financial adviser to assist with the sale of its stake in AES Tietê Energia.
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Petrobras and Wobben Windpower have entered the binding phase of the sale process of two jointly-owned wind assets in Brazil.
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Market participants in Mexico say new transmission costs imposed on power projects approved before the 2014 Energy Reform – known as proyectos legados – will have a trickle-down effect in the sector harming the asset's developers, equity investors, lenders and off-takers.
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Sempra Energy aiming to close the previously announced sale of its Chilean assets to State Grid International Development on June 24.
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The Brazilian subsidiary of Chinese company CGN Energy plans to invest R$1 billion ($201.52 million) in the construction of a seven-phase wind project in the country.
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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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Petrobras has issued a teaser for the sale of its stakes in five gas, oil, diesel-fired and small hydro plants in Brazil.
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The Inter-American Development Bank is arranging a $280 million debt package for Ecuador to diversify and improve the country’s energy matrix and boost renewable energy sources.
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IDB Invest has announced a plan to certify certain transmission line projects as "green" in order to attract additional investment into the sector.
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Canada's Polaris Infrastructure has closed a $27 million debt package from Brookfield Asset Management's Infrastructure Debt Fund for a portfolio of hydro projects in Peru.
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Spain’s Elawan Energy has inked an agreement with Brazil’s Secretariat of Economic Development (SDE) to develop a 16 MW wind farm in the Brazilian state of Bahia.
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Colombian power producer Isagén is plotting the development of its first wind farm in the country, which would be Colombia's largest to date.
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Spain's Solarpack is planning to sell a 9 MW solar project that is under construction in the Chilean region of Maule.
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Greenpeace and the Mexican Center for Environmental Law (CEMDA) have secured a temporary suspension of policies introduced by Mexican grid operator Cenace and the Secretariat of Energy (SENER) that threaten to delay the interconnection of renewable energy projects in the country.
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Enel has brought forward the schedule for shuttering its two coal-fired units in Chile from 2024 to 2022.
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Developers in Argentina have faced an inhospitable project finance market since 2018, but the country's leading wind developer Genneia has managed to finance no fewer than nine wind projects in the past two years, using creative structures including the company's first ECA-backed corporate loan.
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Argentinian independent power producer Stoneway Capital Corp has secured a forebearance agreement from its creditors, who had been discussing foreclosure in mid-March.
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Panama's state-owned transmission company Empresa de Transmisión Eléctrica (Etesa) must reevaluate its proposed Fourth Line project (Cuarta Línea) on the Atlantic coast, after the country's Public Services Authority (ASEP) rejected its latest proposal.
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Spain's Grenergy Renovables is planning to sell a five-project portfolio of solar projects totaling 52 MW in Chile.
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A Chilean developer is looking for an investor to acquire a majority stake in a 150 MW distributed generation portfolio in the country.
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Engie has signed loans with Brazilian development bank BNDES to finance the construction of two projects in Brazil, a wind farm and a transmission line.
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A group of renewable energy developers in Mexico have won a legal reprieve against grid operator Cenace' suspension of interconnections for wind and solar projects.
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Canada’s Greenbriar Capital Corp has inked a power purchase and operating agreement for an up-to-160 MW solar project in Puerto Rico.
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Eneva has given up on its attempt to merge with AES Corp’s Brazilian subsidiary AES Tiete, at least for now.
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Grupo Ibereólica and Global Power Generation, a subsidiary of Spain's Naturgy Energy Group, has mandated a commercial bank to structure a loan for a 204 MW wind project in Chile.
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Engie plans to invest some R$3 billion ($515 million) to build the 1,800 km Novo Estado transmission line in Brazil.
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Atlas Renewable Energy is aiming to close the financing for a 444 MW (DC) solar project in Mexico in late June or early July.
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IDB Invest is preparing a credit line for AES Corp's distribution subsidiaries in El Salvador, which face liquidity challenges as a result of government measures to mitigate the effect of the Covid-19 pandemic on consumers.
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Brazil’s antitrust regulator Cade has approved EDP Grid’s acquisition of distributed solar projects in the country.
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French independent power producer Neoen has halted operations at a recently completed solar project in Mexico following the suspension of the interconnection of renewable assets in the country, ostensibly because of Covid-19.
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AES Gener is plotting a 63 MW wind project in Chile, the seventh wind asset the sponsor is developing in the country.
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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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Chilean company Saggitar is plotting the development of a small-scale solar duo, expected to qualify under the country's PMGD (Pequeños Medios de Generación Distribuida) distributed generation scheme.
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Atlas Renewable Energy, the Latin American renewable energy portfolio company of private equity firm Actis, is working with a commercial bank and two DFIs to structure the financing of a 444 MW (DC) solar project in Mexico.
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IDB Invest is preparing to lend $1.1 billion to the Chilean power sector, which has been struggling to make ends meet after the implementation of new regulatory measures in the past six months.
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Spain’s OPDEnergy was aiming to reach financial close on a pair of renewable assets in the country by February, but the closing has been pushed back due to the Covid-19 crisis.
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Jinko Solar has sold a 155 MW (DC) operational solar project pair in Mexico to White River Renewables, a joint venture between U.S. private equity firm Riverstone Holdings and Switzerland’s White Summit Capital.
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Enel Green Power has signed a five-year power purchase agreement to supply 42 GWh of energy per year to a Guatemalan distribution company.
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Spain's Grupo Ibereólica has begun the permitting process for a 180 MW wind project in Chile.
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Peruvian state agency Proinversión has launched a procurement process for the development of two substation and transmission projects in the country.
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The World Bank’s International Finance Corporation (IFC) is arranging a debt package to finance solar projects in Panama.
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AES Gener is preparing to launch a $500 million capital raise to fund its 1.6 GW solar and wind pipeline in Chile and Colombia, having obtained approval from its existing shareholders.
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EDP Renováveis has secured a 15-year power purchase agreement for a solar project in Mexico with a local energy services company.
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Sempra Energy is nearing the close of the sale of its Peruvian assets to a Chinese buyer having received all required government authorizations.
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Spanish renewables developer Acciona has brought in one financial investor and is looking for another to jointly acquire KKR & Co.'s minority stake in its international generation subsidiary, Acciona Energía Internacional.
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A group of renewable energy companies have written to the Chilean government to warn it that recent policy changes in response to protests and the Covid-19 pandemic threaten to stifle international investment in the sector.
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Chile’s Energías Renovables Saintec is moving forward with the development of a 217.8 MW solar park in Chile after getting approval from the country's environmental authority.
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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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EnfraGen, a subsidiary of U.S.-based Glenfarne Group, is aiming to close the financing of a roughly 200 MW solar portfolio in Chile by the end of summer.
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A sponsor has been looking to finance two solar projects in Chile for several months, albeit unsuccessfully so far.
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Colombia's Renewable Energy Association (SER) has requested an extension in the construction timelines of solar and wind parks awarded contracts during Colombia's renewable auction last fall.
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Vienna-headquartered AustrianSolar is moving forward with the development of a 141 MW solar project in Chile.
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The sponsor of a combined-cycle gas-fired plant in Mexico has begun talks with bankers to refinance the asset after it starts operations.
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The non-bank financial institution Corporación Interamericana para el Financiamiento de Infraestructura (CIFI) has provided a debt package for a solar portfolio developed under Chile’s PMGD (Pequeños Medios de Generación Distribuida) distributed generation scheme.
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Engie Energía Chile has agreed to acquire a stake in a coal-fired power plant from Chilean copper producer Antofagasta Minerals while inking an 11-year renewable energy power purchase agreement with the mining company.
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Mexico's Federal Electricity Commission (CFE) has quietly pushed back the procurement processes for combined-cycle gas-fired plants and a transmission line until the end of spring as a result of the Covid-19 pandemic.
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The procurement process for an 860 MW CCGT project in Mexico has been pushed back by several weeks as the country's economy reels and state-owned utility Comisión Federal de Electricidad, which is running the process, suffers a credit rating downgrade.
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Ecuador’s Ministry of Energy and Non-renewable Natural Resources has postponed the procurement process for two renewable projects in the country because of the Covid-19 pandemic.
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Delays in the construction of a transmission line in Colombia because of the Covid-19 crisis could put several development-stage wind farms in the La Guajira department under financial duress.
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The Japan International Cooperation Agency (JICA) and the U.S. International Development Finance Corporation (DFC) have joined two other development finance institutions to finance a 376 MW solar portfolio being developed by IEnova in Mexico.
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The South Korean owners of a gas-fired plant in Chile began looking to refinance it through a private placement a few months ago, but market conditions may act as a deterrent, say bankers.
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Lima-based generation company Atria Energía is plotting a 66 MW solar park in Chile.
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The Japan Bank for International Cooperation (JBIC) has granted a $200 million loan to development finance institution Cooperación Andina de Fomento (CAF) to finance renewable projects in four Latin American countries.
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Colombia’s Empresas Públicas de Medellín (EPM) and the consortium Consorcio Energía de la Costa, led by Colombian businessman Alberto Ríos, have won the reprivatization auction for power distributor Electricaribe, which will be split into two companies as a result.
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Atlas Renewable Energy, the Latin American renewables portfolio company of private equity firm Actis, is plotting the development of an 854 MW solar park in Chile.
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Atlas Renewable Energy financed a pair of solar projects in Chile in the U.S. private placement market at the beginning of March, skillfully winning over a skeptical investor community that lacked positive experiences of financing renewables in the country.
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Taiwan's General Energy Solutions (GES), through its local subsidiary Electronic JRC, obtained permission to increase the capacity of its solar park in the Dominican Republic.
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The tender for a 65 MW solar project in Uruguay has been postponed for the seventh time in six months.
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Developers in Mexico have been left waiting for the government to release its private investment plan for energy projects following a delay by the administration.
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Colombia’s Interconexión Eléctrica (ISA) has inked an agreement to acquire a Peruvian transmission company from I Squared Capital.
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Colombia’s Interconexión Eléctrica (ISA) has won the contract to build a transmission line in the country, after out-bidding four other companies.
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Argentinian independent power producer Stoneway Capital Corp. is embarking on what could be a lengthy restructuring process after bondholders declined to extend the maturity of debt due to be repaid this month.
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Engie Energía Chile has inked a power purchase agreement with Chilean fishing company Corpesca to supply its operations in the country from renewable sources.
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Ecuador’s state-owned electric corporation CELEC has announced a tender for a 14.8 MW (DC) solar project with a battery storage unit on the Galapagos islands.
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The Private Financing Advisory Network (PFAN) has launched a request for proposals for clean energy projects in the Caribbean and Central America.
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Mexico’s state-owned Federal Electricity Commission (CFE) has launched a tender to find a gas supplier for gas-fired projects in the state of Baja California Sur, Mexico.
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Brazilian generation and transmission company Alupar has mandated a commercial bank to structure a debt package for a transmission project in Colombia.
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Enel Green Power has inked a 10-year power purchase agreement with beer company Heineken's Mexican subsidiary.
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Canadian Solar has inked a power purchase agreement with an affiliate of steel, energy and construction conglomerate Grupo Techint for a solar project in Mexico.
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Spain’s Naturgy Energy Group has announced it will invest €750 million ($843.2 million) in Panama’s electric distribution grid over the next ten years.
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Uruguay's state-owned utility company Administración Nacional de Usinas y Transmisiones Eléctricas (UTE) has postponed the tender for a 65 MW solar project in the country for the sixth time.
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Atlas Renewable Energy, the Latin American renewables portfolio company of private equity firm Actis, has reached financial close on a private placement to finance two solar projects in Chile.
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Corporación Andina de Fomento (CAF) has agreed to provide a $300 million loan for infrastructure projects in Argentina—including power generation and transmission assets.
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New details have emerged on the plans for the financing of the 108 MW Energía Sierra Juárez II wind project being developed by IEnova and Saavi Energía in Mexico.
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Engie Energía Chile is finally moving forward with its first wind farm in Chile, which was stalled for months because of an arbitration claim.
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IDB Invest could provide up to one-third of the project finance loan for Huemul, the second phase of Mainstream Renewable Power's 1.3 GW Andes Renovables portfolio in Chile.
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AES Argentina Generación sold a short-term green bond to local investors in Argentina recently, showing that developers of projects in the country still have some creative options for financing, despite being shunned by commercial banks.
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Chilean solar developer Cielpanel is planning to construct two projects under the PMGD (Pequeños Medios de Generación Distribuida) program.
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Bravos Energía's private power auction has attracted bids from 28 companies, on the supply and demand side, and is moving forward despite comments made by Mexico's National Center for Energy Control (Cenace).
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Chile’s National Energy Commission (CNE) has announced a delay to the country's 2020 power auction in response to the latest energy demand projections, which are lower than previously forecasted.
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As the Mexican government upends incentives, self-supply contracts and the market for clean energy certificates, project finance and investment bankers in New York and developers in Mexico City are attempting to gauge the impact and decipher the administration's motives.
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German asset manager MPC Capital has reached financial close on a Salvadorian 5 MW solar park it acquired in July.
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Canadian Solar has acquired a 47.5 MW (DC) portfolio of small-scale solar projects in Chile.
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Mexico's President Andrés Manuel López Obrador has announced tenders for two gas-fired power projects and a pipeline on the Yucatán peninsula, though enthusiasm among developers and financiers is muted.
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Chilean independent power producer Colbún is plotting the development of a 980 MW wind project in Chile.
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Arroyo Energy has mandated two commercial banks to structure the refinancing of a pair of renewable energy projects in Chile, amid a slowdown in new build financings in the country.
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Colombia’s Mines and Energy Planning Unit (UPME) has selected a consortium formed by a Spanish construction group and three local companies to develop transmission projects relating to nine substations in the Caribbean region of the country.
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Brookfield Asset Management is moving forward with the acquisition of a 278 MW development-stage solar portfolio in Brazil from a subsidiary of engineering company Steelcons.
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Months after Argentina held the third round of its renewable procurement program, RenovAr, contracts have been signed for 33 projects totaling 203 MW.
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The sponsor behind the Telfers LNG-to-power project in Panama, LNG Group Panama, is in talks with a preferred bidder to take a majority equity stake in the project.
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Spain's Grupo Ibereólica is plotting the development of a pair of solar plants in Chile totaling 500 MW.
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Alten Energías Renovables has mandated a commercial bank and two development finance institutions for the financing of a 250 MW solar project in Mexico.
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Two different wind projects in Argentina—one owned by YPF Luz and another by a Genneia-controlled subsidiary—have secured financing in separate transactions.
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Spanish developer X-Elio has secured a $39.4 million three-tranche debt package to finance the construction of a 70 MW solar plant in Mexico.
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Mainstream Renewable Power is bringing in a multilateral institution for the financing of Huemul and Copihue, the second and third phases of its 1.3 GW Andes Renovables portfolio in Chile.
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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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Michael Skelly, the founder and chairman of transmission developer Clean Line Energy, has joined Lazard Frères & Co. as a senior advisor focusing on energy, sustainability and infrastructure.
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Investors bidding fiercely to deploy capital into a limited supply of North American renewables projects are pushing up valuations and delving into development-stage assets, contributing to a more active mergers and acquisitions market, writes Taryana Odayar.
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A New York-based financial advisory firm has hired an investment banker with over 30 years of experience in power and utilities, most recently at Deutsche Bank, to lead a push into the sector.
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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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Capital Dynamics has sealed its purchase of 8point3 Energy Partners, sparking conversations about the future of the yield company business model during a busy week of summer conferences.
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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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GE Energy Financial Services has announced the retirement of two senior figures as the General Electric division looks to sell its loan book and private equity assets.
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Vivint has priced its first asset-backed securitization, a $466 million offering backed by a multi-state portfolio of residential solar assets, with the vast majority of the cash flows coming from power purchase agreements.
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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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Three energy-focused managing directors at RBC Capital Markets have departed the Canadian firm's New York office, PFR has learned.
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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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CoBank has hired a senior banker who previously worked in project and commodity finance at UniCredit in New York.
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Onyx Renewable Partners, a portfolio company of The Blackstone Group, has scored a $79 million financing for an approximately 80 MW portfolio of distributed solar assets.
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NRG Yield has refinanced its $495 million revolving credit facility.
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The Carlyle Group and GE Energy Financial Services plan to sell a gas-fired project in Washington County, Ga., to a fund managed by Harbert Management Corp.—just as soon as they formally gain ownership of the plant themselves.
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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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Invenergy is approaching the end of a sale process for a gas-fired asset it owns in the Midwestern U.S.
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Wells Fargo has wrapped its $70 million tax equity investment in a portfolio of three NextEra Energy Resources wind projects.
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174 Power Global, the development-focused subsidiary of South Korea-based Hanwha Q Cells has wrangled a tax equity investor for its 178 MW Midway solar project in Pecos County, Texas.
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Residential solar lender Dividend Solar has closed its second solar securitization.
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Terra-Gen has sealed financing from three banks for two development-stage wind projects it owns in California and Texas.
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Details have emerged on a term loan B refinancing for a Blackstone Group Texas gas-fired project.
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GE Energy Financial Services and The Ingelec Group have closed a $150 million debt deal to fund an expansion of their 139 MW Los Guindos gas-fired project in central Chile and refinance its existing debt.
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Silicon Valley Bank has hired a former Banco Bilbao Vizcaya Argentaria head of structured and project finance as managing director as the Californian bank builds up its presence, including in New York.
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NextEra Energy Partners has signed a deal to sell its Canadian assets to a pension fund manager as the yield company looks to reinvest capital in the U.S. in the aftermath of December’s tax reform legislation.
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A Virgin Group subsidiary is considering its options for financing an approximately 50 MW wind project in Honduras.
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A private equity firm has agreed to purchase two gas-fired units at GenOn Energy’s Canal facility in Massachusetts as the bankrupt NRG Energy subsidiary sheds assets as part of its restructuring.
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Spark Energy and its chairman have acquired a New York-based retail energy marketer with operations in several states located throughout the Northeastern and Midwestern U.S.
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Macquarie Capital has sold minority stakes in its 907 MW Norte III gas-fired project in Mexico to two investment funds.
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Ridgewood Infrastructure has sold its stake in the Neptune Regional Transmission System, a 66-mile transmission line running under Long Island Sound.
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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 former Canadian Imperial Bank of Commerce project finance and infrastructure banker has taken up a new position at a Japanese bank in New York.
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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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Wells Fargo has finalized a $49 million tax equity investment in a Mississippi solar project.
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After two decades at Rothschild & Co., a senior investment banker has joined Marathon Capital as a managing director in its New York office.
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A managing director at Macquarie Capital has moved from London to New York to take up the position of head of clean energy in North America.
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GenOn Energy has found a private equity buyer for its 810 MW Hunterstown gas-fired project in Gettysburg, Pa.
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As the Public Utilities Commission of Texas prepares to decide whether Vistra Energy will need to divest upwards of 1.2 GW of generation in Texas as a condition of its Dynegy acquisition, the buyer is weighing potential post-merger asset sales.
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Project finance bankers are pinning their hopes on merger and acquisition activity to keep them busy this year, but they may have to wait a while for it business to pick up, say deal watchers.
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Macquarie Infrastructure Corp. is weighing a sale of a New Jersey gas-fired asset.
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A private equity firm has hired an adviser to sell its stake in a portfolio of hydro assets spread across the U.S.
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A European energy company has swept in to acquire Infinity Renewables after the California-based developer called off an initial sale of the company in recent months.
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A northeastern utility-scale solar developer is raising capital as it seeks to transform its business model by owning as well as developing projects, with the aim of amassing an up-to 1 GW portfolio.
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CohnReznick Capital has named a new president, PFR has learned.
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A sale process for a U.S. renewables developer with a wind-heavy portfolio has been tabled, 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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Renewables-focused brokerage and advisory firm Karbone is expanding, having acquired another New York boutique’s advisory business as it lays roots in a new city.
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The owner of a five-and-a-half-year-old wind project in Idaho and its tax equity investor are selling the facility to its offtaker under the terms of its pre-paid power purchase agreement.
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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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A fund managed by Quinbrook Infrastructure Partners has wrapped a debt and tax equity financing for a 200 MW wind project in Oklahoma.
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A Cincinnati-based regional bank has arranged a $60 million loan for Greenbacker Renewable Energy, the New York-based renewables firm that has ramped up its acquisition activity in recent months.
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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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Having closed a series of three acquisitions of small utility-scale U.S. renewables projects toward the end of last year, Greenbacker Renewable Energy has lined up another deal to buy a portfolio of operational solar assets in Colorado and California.
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Duke Energy Renewables has lined up a tax equity investor for a solar project on Long Island that it is in the process of acquiring from Invenergy.
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A project finance banker who recently left BNP Paribas after a decade at the French firm has taken on a role at an Asian rival's New York office.
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LS Power has closed its purchase of several units of four Pennsylvania gas-fired projects and priced a private placement to finance its acquisition of a stake in a pumped-storage hydro project in Virginia.
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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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Mizuho has hired a senior banker who was most recently a managing director in investment banking at Morgan Stanley to head up its Americas power and infrastructure team.
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Calpine Corp. is repricing three senior secured term loan Bs totaling about $2.6 billion.
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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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A private equity firm is marketing its majority interests in a pair of wind projects supported by power hedges in northern Texas.
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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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TerraForm Power has increased the size of its term loan B by $50 million to $350 million and tightened the pricing during execution.
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A private equity firm has agreed to acquire Ares-EIF’s interests in a portfolio of coal-fired assets, as well as an additional stake in one of the projects that is held by a high-profile individual on the Forbes 400 list of the wealthiest Americans.
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Algonquin Power & Utilities Corp. is teaming up with Abengoa to create a joint venture as it moves to acquire the bulk of the Spanish sponsor’s shareholding in Atlantica Yield.
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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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A German developer has begun talks with several financial institutions as it prepares to raise capital for its first wind projects in the U.S.
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SolarCity is readying its second solar ABS transaction of 2017, a $340 million deal backed by residential rooftop solar leases and power purchase agreements.
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RBC Capital Markets is arranging a $300 million term loan B for TerraForm Power.
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Pattern Development has mandated a group of banks to raise debt for the 300 MW Henvey Inlet wind project in Canada and plans to seal the financing by the end of the year.
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A number of project finance deals backing greenfield gas-fired combined-cycle facilities are likely to be launched in the fourth quarter following a slowdown in new-build financing in the U.S., financiers tell PFR.
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Some of the power finance world’s fresher faces gathered at CohnReznick Capital’s offices in New York’s Credit Lyonnais Building on Oct. 12 for Juniors in Energy Finance's inaugural “30 Under 30” presentation event.
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Mosaic sold a solar loan securitization at tight spreads on Wednesday, as investors report that the market for solar and Property Assessed Clean Energy (PACE) is turning into a food fight amid heavy demand and low supply.
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U.S. Bank has closed a tax equity investment in two Capital Dynamics solar projects in California.
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Rabobank's Gregory Hutton discusses the bank's project finance strategy in the rapidly evolving U.S. renewables sector, touching on non-utility offtakers, community solar and biomass, in the second part of this exclusive interview with PFR's Fotios Tsaoruhis
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NTE Energy has taken bids from potential debt providers for a contracted gas-fired project under development in North Carolina, deal watchers tell PFR.
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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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New Energy Solar has secured a more-than-$80 million debt package to finance two solar assets in California and provide capital for future acquisitions.
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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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Gregory Hutton, managing director and head of project finance for the Americas in Rabobank’s New York office, discusses the renewables landscape, project finance pricing and deal flow and the impact of the Suniva trade case in the first part of an exclusive interview with PFR reporter Fotios Tsarouhis.
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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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The Blackstone Group modestly increased the size of a term loan B backing its equity investment in a 715-mile natural gas pipeline owned by Energy Transfer Partners on Thursday, having tightened pricing in response to strong demand.
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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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The competition between lenders and tax equity providers has heated up as new entities look to invest in the solar sector and the number of projects available for financing lesson.
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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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A municipal utility in Florida is acquiring a 100 MW biomass project from a group of investors including private equity firms Starwood Energy Group Global and Tavistock Group.
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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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An LS Power owned fund has knocked $100 million off the purchase price for a 1,615 MW portfolio of generation assets it is acquiring from two FirstEnergy subsidiaries.
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Greenwood Energy has closed a $52.8 million debt and tax equity financing for a 26 MW portfolio of utility-scale solar assets.
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A former Morgan Stanley Commodities banker has joined a Colorado-based solar developer as executive vice president and head of origination and project finance.
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A former managing director at Macquarie Capital has left the Australian bank to take up a position at IFM Investors.
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MEAG, the asset management arm of Munich Re Group, has acquired minority stakes in two 230 MW Texas wind projects developed by Starwood Energy Group Global.
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Odebrecht Latinvest has lined up a buyer for its 456 MW Chaglla hydro project in Peru.
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Tyr Energy has wrapped financing for its 1 GW Hickory Run project in Lawrence County, Pa.
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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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A subsidiary of Allianz and MUFG are investing in tax equity associated with an Enel Green Power North America wind project in Oklahoma.
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A former equity analyst who has spent the past eight years covering renewable companies at two major banks has moved to a San Francisco-based project lender.
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A group of infrastructure funds managed by UBS Asset Management is acquiring an equity stake in a 751 MW gas-fired project from GE Energy Financial Services
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Duke Energy Renewables is acquiring a 24.9 MW solar project on a former golf course in Suffolk County, N.Y., from Invenergy.
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Bank of New York Mellon is investing tax equity in a newly acquired EDP Renewables North America wind project that is under construction in Ohio, according to an Aug. 9 filing with the U.S. Federal Energy Regulatory Commission.
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LS Power has hired a financial adviser to sell two gas-fired projects, PFR has learned.
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MUFG is investing in tax equity for a development-stage Sempra Energy wind project on Michigan's Lower Peninsula.
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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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Wells Fargo is investing tax equity in a portfolio of four California solar projects owned by Sempra Energy.
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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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Invenergy is preparing to raise construction financing for the 2 GW Wind Catcher wind project in Oklahoma.
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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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A project finance banker has departed a Canadian bank’s New York office after a five-year stint.
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Bank of New York Mellon is investing $370 million of tax equity in an EDP Renewables North America wind project trio totaling nearly 300 MW.
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Andrés Onetto has joined BBVA as head of project finance for Chile, a BBVA spokesperson has confirmed to PFR.
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Key Equipment Finance, a division of KeyBank, has financed a portfolio of community solar facilities in Massachusetts through a sale-leaseback agreement with the projects' owners.
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Italian transmission company Terna has signed $81 million in project finance loans to build a 500 kV project in Uruguay, in a deal that BBVA is claiming to be the first ever green loan in a project finance format.
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KKR and Gestamp are acquiring a 50 MW solar project in Imperial County, Calif., from Solar Frontier Americas.
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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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Dynegy has agreed to sell three merchant gas-fired assets to two private equity shops.
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NRG Energy has announced that is it looking to raise $4 billion from the sale of 6 GW of conventional generation assets, divesting its yield company and offloading its renewables business.
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Capital Dynamics is acquiring the 328 MW (A/C) Mount Signal 3 solar project from developer 8minutenergy Renewables.
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NRG Energy has secured debt and equity commitments for its 100.5 MW Buckthorn wind project, which is in late-stage development in Erath County, Texas.
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Macquarie Infrastructure Corp., has invested in a new renewables development shop founded by former Recurrent Energy employees.
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GE Energy Financial Services and a subsidiary of YPF have closed financing for two gas-fired projects in Argentina, which GE says is the first power plant project financing in the country in almost 20 years.
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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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A utility company and two consortiums representing local governments are raising project financing for a wind facility under construction in Canada.
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Eversource’s auction of its 1.2 GW generation portfolio has moved into a second round.
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An independent power producer has assembled a club of banks to arrange acquisition financing for a pair of gas-fired peakers it is buying in PJM Interconnection.
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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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AES Corp. priced a $1.5 billion private placement, to partially finance its AES Southland portfolio of gas-fired and battery storage assets in California, last week.
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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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Électricité de France received the lion’s share of R$1.037 billion ($311 million) of wind project financing recently announced by Brazil’s National Bank of Economic and Social Development (BNDES), as the company continues its push into Brazilian renewables.
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Pattern Energy Group, the yield company of Pattern Development, has agreed to acquire its first development-stage assets in the form of a roughly 20% stake in Pattern Development 2.0, as the group announces separate investments from Riverstone Holdings and a Canadian pension fund.
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Solar lending platform Mosaic is preparing to launch its second asset-backed securitization just four months after sealing its inaugural ABS offering.
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Pattern Development is seeking construction and long-term debt financing for a wind project in the Henvey Inlet First Nation in Parry Sound County, Ontario.
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Mandates and potential structural issues arising from the two recent power auctions in Mexico were discussed at a half-day conference hosted by Morrison & Foerster in its New York office on June 14.
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The founder and ceo of Invenergy has slammed the market for the abundance of capital flowing into PJM Interconnection, in an exclusive interview with PFR following the disappointing results of the recent capacity auction in the region.
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Sunnova Energy Corp. has closed a $140 million senior secured term loan backing the development of a residential solar portfolio.
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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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Apple priced a $1 billion 10-year green bond on Tuesday, building on its $1.5 billion inaugural offering last year. The technology company plans to use the proceeds for one or more renewable and efficiency projects.
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Tyr Energy was planning to hit the market with a project finance deal following the PJM Interconnection capacity auction results, say deal watchers, who note that the disappointing clearing price could lead to lower leverage.
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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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Allianz Global Investors has completed its first debt investment in a U.S. solar project.
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NRG Energy has completed project financing for the Buckthorn solar project, which it acquired in a portfolio of assets from SunEdison last year. The project is thought to be the first development asset from the portfolio to be financed.
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Odebrecht is close to selecting a buyer for its 406 MW Chaglla hydro project in Peru.
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A California-based renewable project developer with a pipeline totaling over 6.6 GW of predominantly wind projects has mandated a financial adviser to sell the company, deal watchers tell PFR.
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Construction is due to start this year on one of several Invenergy wind projects that the sponsor qualified for the full production tax credit last year with a turbine loan.
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An audit into loans approved by the Overseas Private Investment Corporation to Chilean solar projects that have since struggled is unlikely to hurt the country’s access to funding for other generation deals, say project finance bankers.
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Continued low gas prices and depressed demand lower megawatt-per-day payments and change the game for all parties involved, writes Louise Pesce, m.d., project finance, at MUFG, in this week’s Industry Current.
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The Blackstone Group has promoted a senior m.d. with over a decade of experience in power to be head of its new Saudi-backed infrastructure vehicle.
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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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U.S. Bank has completed the syndication of a tax equity deal to a debut investor—Starbucks Corp.
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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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California-based 8minutenergy Renewables speaks to PFR about its plans to install 1 GW of storage projects in the next four years.
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The Carlyle Group has assigned lead arrangers for a debt financing backing its acquisition of a portfolio of gas-fired peakers from Rockland Capital.
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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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Utility company Fortis has agreed to purchase Teck Resources’ two-thirds interest in the 496 MW Waneta Dam hydro project and accompanying transmission assets in British Columbia, Canada for $1.2 billion.
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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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Sunlight Financial, a residential solar loan provider, has obtained a $500 million loan from a California credit union.
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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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A European bank, which withdrew from project finance in the Americas in the aftermath of the financial crisis, has made several senior hires as it looks to reestablish its footprint in the power and utilities space.
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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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Soltage has closed the second half of a $140 million equity investment from Basalt Infrastructure Partners to finance a 57 MW solar portfolio it is in the process of acquiring from Cypress Creek Renewables.
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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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Goldwind Americas has sealed a tax equity investment for a hedged U.S. wind project in Texas that it bought last year, as it nears an agreement to buy another from the same developer.
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Pembina Pipeline Corp. has agreed to acquire Veresen, the Calgary, Alberta-based company which is in the process of selling its remaining generation assets as it focuses on its gas pipeline business.
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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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A sponsor has assigned a lead arranger for a gas-fired project in PJM Interconnection, where project financing activity is paused in the run up to the upcoming capacity auction, attendees at the Platts Global Power Markets conference in Las Vegas told PFR.
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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 Japanese bank is establishing a mergers and acquisitions advisory team with a focus on generation assets in its New York office, sources tell PFR on the sidelines of Platts Global Power Markets 2017.
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Spain’s Acciona has signed a €100 million 'green loan' with BBVA to part-finance its solar and wind projects in Chile.
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Merchant coal-fired plants in PJM Interconnection are facing elevated refinancing risk as $3 billion of debt approaches its due date, according to a report issued by Moody’s Investors Service.
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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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The owner of the Homer City 1,884 MW coal-fired project in Indiana County, Pa., has emerged from bankruptcy.
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As uncertainty around tax reform in the U.S. contributed to a slowdown in renewables financings in the first quarter of the year, the busiest banks were those with an appetite for quasi-merchant gas-fired deals.
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Alterra Power Corp. has acquired a 320 MW wind project complex in Albany County, Wyo., and is planning further acquisitions of renewable assets in the U.S.
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Enel Green Power México has begun construction on the 238 MW Don José solar project in Guanajuato, Mexico, without obtaining project debt.
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Two banks are arranging a dual-tranche debt financing for NRG Energy's 632 MW Carlsbad Energy Center gas-fired project in California, deal watchers tell PFR.
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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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Harbert Management Corp. refinanced a dual-fuel simple-cycle plant in Alabama toward the end of a slow first quarter for contracted projects, PFR has learned.
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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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Chris Gerlach, who oversaw structured finance at solar thermal sponsor SolarReserve until Friday, has traded one form of energy storage for another by moving to Energy Asset Development, whose subsidiaries develop battery and microgrid technologies.
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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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American Power Ventures has mandated a boutique advisory firm to raise financing for a 1 GW combined-cycle gas-fired project in PJM Interconnection, PFR has learned.
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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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Bankers are already competing for prospective mandates from companies looking to bid for contracts available this year under Alberta's 5 GW renewables program. The first round, which will award 400 MW of contracts, opened for expressions of interest on Friday.
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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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Two banks are arranging a non-recourse $200 million loan for the residential solar sponsor Sunrun.
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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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The debt financing that closed this week for Competitive Power Ventures' 1,050 MW Fairview gas-fired project in Jackson Township, Pa., combined loans from commercial banks, South Korean institutions and three international investors.
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Talen Energy is undertaking a corporate refinancing involving the issuance of a new $400 million secured term loan B, a repricing of its existing $600 million term loan and an offering of up to $500 million of senior unsecured notes.
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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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Spanish utility Iberdrola is on the cusp of officially mandating banks to finance the construction of the Topolobampo III gas-fired plant in Sinaloa, Mexico, two bankers tell PFR.
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The debt financing for Competitive Power Ventures' 1,050 MW Fairview gas-fired combined-cycle project in Jackson Township, Pa., included a fixed-rate tranche provided by three international institutional investors, PFR has learned.
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CIT Group has arranged a $59.8 million financing with a merchant tail for a portfolio of GCL New Energy solar projects in North Carolina.
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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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Three sponsors have closed a $700 million debt financing for a merchant gas-fired project in Pennsylvania.
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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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A lack of sunshine failed to dampen the mood at the Infocast Solar Power Finance & Investment Summit, which attracted approximately 1,000 attendees to the Rancho Bernardo Inn in San Diego, where the prospect of tax reform was mentioned on nearly every panel.
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New entrants to the market and a lack of power purchase agreement is creating a more competitive environment for project finance lenders and is prompting more commercial banks to look to finance distributed generation portfolios.
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Sunnova Energy Corp. has mandated a bank to arrange a debt financing of upwards of $100 million for a 55 MW portfolio of residential solar instillations.
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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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A regional bank seeking to establish itself as a major player in power project finance has bolstered its team with the addition of a former senior Natixis financier.
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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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Sunnova Energy Corp. is seeking upwards of $100 million of debt for a 55 MW portfolio of residential solar assets for which the developer secured a tax equity commitment earlier this month.
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A big winner in the first Mexican power auction is expected by some to eschew project finance in favor of balance sheet funding, but PFR readers know differently.
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Sunnova Energy Corp. has sealed its maiden tax equity investment, securing $80 million from U.S. Bank for the development of residential solar instillations.
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Argentina is planning a round of energy auctions this year, the country's energy minister said days after the World Bank approved a $480 million guarantee to promote private investment in the country’s renewable sector.
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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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As banks gear up for the first financings for renewable projects that were awarded contracts in Mexico’s inaugural post-reform power auctions, attendees at the Euromoney Seminars 11th Annual Latin America Energy and Infrastructure Finance Forum in Miami discussed a range of structures that could be deployed in the region.
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A $535 million debt financing that closed last week for the Samalayuca-Sasabe gas pipeline in Mexico is one of the last of a wave of deals funding the build-out of the country’s trunk network.
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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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Bankers are blaming a slow start to the year in U.S. renewables project finance on uncertainty around corporate tax reform, but activity could pick up once developers get their heads around the risks.
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The Carlyle Group has partly refinanced a 1,066 MW portfolio of gas-fired plants in Georgia, having removed two assets from the collateral package, with implications for a series of bonds related to the portfolio.
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Canadian Solar has received $20 million of unsecured funding from the China and Portuguese-speaking Countries Co-operation and Development Fund (CPDFund) to fund the construction of renewable projects in Brazil, including its Pirapora I solar project in Minas Gerais.
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LS Power refinanced two peakers in Illinois in early February, PFR has learned. Like other recently signed loans backing gas-fired projects in PJM Interconnection, the deal attracted interest from South Korean investors.
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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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Pattern Energy has closed a C$263 million ($196 million) debt financing for a 147 MW wind project in Québec.
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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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TerraForm Power has raised an additional C$114 million ($86 million) of project-level debt secured on its 60 MW utility-scale solar portfolio in Ontario.
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A 200 MW power purchase agreement signed recently by the developer of a wind project in western Kansas is the first such contract intended to be serviced via Clean Line Energy Partners’s proposed Grain Belt Express transmission line.
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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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Iberdrola is buying the remaining 50% of two wind project portfolios in Brazil that it does not already own from Neoenergia for about €98 million ($103 million).
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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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Chilean utility Transelec surprised project finance bankers this week when it awarded a roughly $93 million transmission project to a consortium that includes Spain’s Abengoa, which is in the midst of a debt restructuring process.
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The controversial 11 GW Belo Monte hydro project in Brazil’s Amazonian state of Pará has received an $826 million-equivalent financing to build the first of two transmission lines to siphon generation to the country’s South East.
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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 Latin America Project Finance Deal of the Year.
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Three buyers have agreed to acquire Veresen’s 625 MW generation portfolio for a combined purchase price of $1.18 billion.
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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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Ares-EIF closed a debt financing backing a 450 MW gas-fired project in Berks County, Pa., on Friday.
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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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The former head of BBVA’s North American project finance group has landed a position at a British Columbia-based LNG project developer.
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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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Despite a full slate of proposed gas-fired facilities, deal flow for large-scale greenfield project finance in the U.S. could slow this year, deal watchers tell PFR.
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The Supreme Court of Chile has revoked the environmental permit for the Penco Lirquén offshore regasification terminal, one of two commercially-linked projects, collectively known as Octopus LNG, that obtained debt financing at the end of last year.
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Four financial institutions have committed to invest tax equity in Pattern Development’s 324.3 MW Broadview wind project in Curry County, N.M., and Deaf Smith County, Texas.
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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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The U.S. Federal Energy Regulatory Commission will be unable to issue orders from Friday until at least one commissioner is nominated by the president and confirmed by the Senate.
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EDF Renewable Energy has found a third tax equity investor to participate in a deal backing its 225 MW Great Western wind project in Oklahoma.
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A trio of wind turbine supply loans with differing terms, arranged by five financial institutions, closed in the late stages of last year, deal watchers tell PFR.
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A debt and equity package totaling a combined $1.584 billion backing the Advanced Power 1.1 GW Cricket Valley Energy Center combined-cycle gas-fired project in Dover, N.Y., closed earlier today.
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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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The Peruvian government has announced that it has cancelled its contract with the consortium led by Brazilian construction firm Odebrecht for the under-construction Peruvian Southern Gas Pipeline.
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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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Alberta was high on the agenda at the Euromoney Seminars 8th Annual Canadian Power Finance Conference in Toronto last week, as market participants contemplated a shake-up of the province’s power market as part of its plan to phase out coal by 2030.
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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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Spruce Finance has sealed three separate financings for residential solar projects in December and January, closing one back leverage loan, expanding an existing one and securing a tax equity commitment.
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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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Budding solar independent power producer Silicon Ranch Corp. has closed a $55 million equity raise from its existing investor group, led by Partners Group.
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SolarReserve has revealed the size of Capital One's tax equity investment in its 110 MW Crescent Dunes solar thermal project in Nye County, Nev.
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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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