Canada
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Waga Energy is commissioning a renewable natural gas (RNG) production unit at a landfill site in Quebec, Canada.
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For more than 7 months the government of Alberta paused the approval of new renewable energy projects causing a multi-gigawatt logjam with upwards of $25 billion of investment sat idle.
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M&A and tax advisory firm Leo Berwick has launched its infrastructure, renewables and energy transition financial advisory group, led by former Deloitte partner Colin Schmidt.
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The Canada Growth Fund (CGF) will invest up to C$1 billion ($734m) toward the development of Strathcona Resources carbon capture and sequestration (CCS) infrastructure.
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Entropy, a carbon capture and sequestration (CCS) developer subsidiary of Advantage Energy, has reached Final Investment Decision for its Glacier Phase 2 project.
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SolarBank Corporation has closed its acquisition of Ontario, Canada's solar development and investment business Solar Flow-Through Funds (SFF).
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Ontario-based renewables developer Compass Greenfield Development has closed a CA$49.5 million ($36.29 million) non-recourse project financing for battery storage projects from Selkirk Advisory Group.
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Canadian Infrastructure Bank has finalised a C$283.5 million (US$208m) loan to two Alberta transmission companies to construct a new transmission line.
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Pembina Gas Infrastructure, a joint subsidiary of KKR and Canada's Pembina Pipeline Corporation, will acquire a 50% interest in Whitecap’s 15-07 Kaybob Complex for $420 million.
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Shell has reached the Final Investment Decision (FID) for its Polaris project, a carbon capture project at the Shell Energy and Chemicals Park, Scotford in Alberta, Canada.
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Mitsubishi Heavy Industries and Export Development Canada are some of the latest investors in a $31 million Series A2 financing for energy storage company e-Zinc.
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Low-emission fuels producer ClearSky Global has inked a $168 million investment from a private ESG-focused investment group.
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British Columbia-based Cedar LNG, a partnership between Pembina Pipeline and the Haisla Nation, has reached final investment decision.
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EverGen Infrastructure through subsidiary Fraser Valley Biogas has entered into a 20-year agreement with FortisBC Energy for the supply of renewable natural gas.
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Nuclear Fuels has appointed Gregory Huffman as chief executive officer, president and director, effective immediately.
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Canadian pipeline and energy company Enbridge has partnered with Six Nations Energy Development, an energy investment-focused consortium of 6 First Nations, to build a 200MW wind project in Weyburn, Saskatchewan.
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Independent Canadian fuel distributor and retailer Parkland Corporation is seeking a buyer for its platform.
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Pattern Energy has signed a 30-year PPA with Hydro-Québec for its 150MW Broughton Wind project, located in Québec.
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Abraxas Power has selected McDermott as its EPC contractor for the Exploits Valley Renewable Energy Corporation (EVREC) project in Newfoundland and Labrador, which will be Canada's first commercial green hydrogen project.
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Tax advisory firm Leo Berwick has hired Colin Schmidt as of the firm's infrastructure, renewables, and energy transition financial group.
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Strategic Value Partners (SVP) and EverGen Power have launched a partnership to invest in North American natural gas generation.
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EDP Renewables North America has secured the rights to sell energy, capacity and ancillary services from its Edgeware BESS battery storage facility in Ontario.
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Export Development Canada (EDC) has led a $136 million equity financing for FLO, a North American EV charging hardware and software provider.
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The Canada Growth Fund (CGF) has teamed up with Gibson Energy and Varme Energy to develop Canada's first waste-to-energy facility with carbon capture technology.
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The Canada Pension Plan Investment Board (CPPIB) has named 3 regional heads to cover Europe and North America for its sustainable energies team.
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Brookfield Infrastructure Partners is selling its Canadian gas gathering and processing business, NorthRiver Midstream, to unlisted infrastructure business Kiara Infrastructure Private Limited, PFR has learned.
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Canadian power provider Hydro One has hired Harry Taylor as executive vice president and chief financial and regulatory officer, effective 10 June (2024).
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Canadian pipeline and energy company Enbridge has closed on its acquisition of Dominion Energy’s Questar Gas and Wexpro assets for around $4.3 billion.
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Hydro-Québec has revealed plans to add 10GW of wind generation over the next decade, including several First Nations-owned 1GW-sized projects.
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NOVA Infrastructure is acquiring listed solar and storage developer UGE International in a deal that values the company at C$72 million.
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The Canada Infrastructure Bank (CIB) will loan HTEC C$337 million ($247m) to accelerate hydrogen production and refuelling infrastructure in British Columbia and Alberta.
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Hydro-Québec has signed a power purchase agreement (PPA) for the full capacity of electricity generated by the 300MW Peshu Napeu wind project.
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Energy giant AES has issued $950 million aggregate notes due 2055 at 7.6% to fund the development or redevelopment of clean power projects.
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Canadian power company TC Energy is appealing the Delaware Chancery Court ruling to pay $199.2 million in damages as part of an ongoing class action lawsuit related to its 2016 acquisition of Columbia Pipeline.
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Ontario Independent Electricity System Operator (IESO) has awarded offtake contracts to 13 battery storage, natural gas, and biogas projects, totalling 2.19GW — the capacity needed to power Toronto.
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Alberta, Canada-based Capital Power has cancelled its $2.4 billion Genesee carbon capture and storage (CCS) project after determining the project was not financially viable.
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Hitachi Energy has invested more than $100 million alongside Investissement Quebec to upgrade and modernise its power transformer factory in Varennes and other facilities in Montreal.
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NextEnergy Capital’s fifth fund has raised $745 million, nearing half of its $1.5 billion target.
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Asset management firm Connor, Clark & Lunn Infrastructure (CC&L) has closed on the acquisition of an 80% stake in the Sharp Hills wind farm from EDP Renewables Canada (EDPR Canada).
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Oil, gas and NGL company Chord Energy and Canadian O&G giant Enerplus have cleared the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for their $11 billion business combination, PFR has found.
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Enbridge subsidiaries Enbridge Energy Partners and Spectra Energy Partners have closed on their offering of $3.5 billion in senior notes, PFR has learned.
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Canadian Solar subsidiary Recurrent Energy has secured a €110 million ($120m) multi-currency facility from a consortium of banks led by Investec to support its solar and storage project pipeline in Canada, the US, and abroad.
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Carbon removal credit platform Deep Sky and hybrid direct air capture (HDAC) company Avnos have partnered to incorporate their technologies at Deep Sky's lab in Canada.
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Enbridge has closed on the sale of its 50% stake in the Alliance Pipeline and its 42.7% stake in Aux Sable to Pembina Pipeline.
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Northland Power has begun the search for a chief executive with incumbent, Mike Crawley, set to leave the firm in September.
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EverWind Fuels has signed a green hydrogen memorandum of understanding (MoU) with Nova Scotia-based energy distribution company Eastward Energy.
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TC Energy and partner Northern New England Investment Company are to sell the Portland Natural Gas Transmission System (PNGTS) to BlackRock and investment funds managed by Morgan Stanley Infrastructure Partners (MSIP).
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The Government of Canada has closed its second green bond issuance, a C$4 billion ($2.9 billion) 10-year green bond, becoming the first sovereign borrower to issue a green bond that includes nuclear expenditures.
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Germany-headquartered global asset management group IKAV and asset manager Canadian Plan Pension Investment Board (CPPIB) will each obtain at least 10% stake in California Resources Corporation from owners BlackRock and Vanguard Group.
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Investment bank Moelis & Company has hired Stephen Trauber, formerly Citi's global head of energy transition, as chairman and global head of its energy and energy transition team.
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Mercedes-Benz HPC North America has hired several executives in a push to create a network of electric vehicle (EV) charging stations across the country.
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Capital Power has closed on its acquisition of 2 contracted combined-cycle US gas generation facilities from Beal Financial Corporation subsidiary CSG Investments.
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Construction giant Kajima has invested in a Canadian geothermal energy technology company, Eavor Technologies.
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Sustainable infrastructure company Generate Capital is to sell a 13.45% stake in Pine Gate Renewables to the Healthcare of Ontario Pension Plan Trust Fund (HOOPP), PFR has found.
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Asset management firm Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) will acquire a majority stake in the Sharp Hills wind farm from EDP Renewables subsidiary EDP Renewables Canada (EDPR Canada).
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BP Energy Partners-owned Cryopeak LNG Solutions has merged with the Energy & Minerals Group-owned Ferus Natural Gas Fuels, combining their LNG production and distribution technologies.
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Swedish industrials business SKF has signed 2 Renewable Energy Certificate (REC) purchase agreements in North America.
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Emre Erkovan has been appointed as CIBC Capital Market’s global investment banking director, overseeing energy, infrastructure and transition sectors.
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Canadian independent power producer Innergex Renewable Energy, along with its community partners, has won 2 wind projects totaling 400MW in Hydro-Québec's request for proposals (RFP).
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The City of Edmonton, Alberta and Canadian-based Varme Energy have struck a waste-to-energy offtake deal.
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Azure Sustainable Fuels is set to develop Sustainable Aviation Fuel (SAF) production facilities in British Columbia, Ontario, and Manitoba, Canada, after receiving funding from several Canadian investment institutions.
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Capital Power Corporation and Ontario Power Generation (OPG) have joined forces to assess the development of grid-scale, small modular reactors (SMR) in Alberta, Canada.
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Brookfield Renewable has issued C$400 million (US$298.5 million) of medium-term loans to pay for future green investments and repay indebtedness incurred in previous ventures.
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Oil and gas multinational Shell has signed a 20-year liquid natural gas (LNG) sale and purchase agreement to purchase 2 million tons of LNG from Ksi Lisims LNG's British Columbia-based project per year.
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Canadian-based carbon capture business Svante Technologies (Svante) has appointed Justine Fisher as its new chief financial officer (CFO).
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Canadian power provider Hydro One will commence an internal and external search this summer for a chief financial and regulatory officer as incumbent Chris Lopez leaves June 30, 2024.
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Southwest Gas Holdings has appointed William “Bill” Fehrman as president and chief executive of Centuri Group, effective January 12, 2024.
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Crescent Point Energy has closed on its acquisition of Canadian Riverstone Holdings-owned oil and gas business Hammerhead Energy.
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Renewables and utility project developer Invenergy has opened a regional office in Montreal, becoming the company’s Quebec-based hub for Eastern Canada.
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Canadian province Newfoundland and Labrador (NL) has signed a memorandum of understanding (MoU) with the federal government to become a lead regulator on offshore wind projects in 16 inland bays in the province.
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Southwest Gas Holdings, (Southwest Gas ) will pursue an initial public offering (IPO) of newly issued Centuri Holdings shares during spring or summer of 2024 as the companies look to separate.
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Power Sustainable has committed C$200 million to reach a final close on the second vintage of its energy infrastructure strategy at C$800 million.
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The Canada Infrastructure Bank (CIB) has launched the Indigenous Equity Initiative (IEI) to support First Nation, Metis and Inuit communities in purchasing equity stakes in CIB-backed infrastructure projects.
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KKR-backed investment firm BlackGold Capital Management has closed a deal for US-based energy infrastructure lender Northbase Finance.
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Sumitomo Corporation of Americas (SCOA) has signed a Memorandum of Understanding (MoU) with international trade and development company Invest Alberta to support its energy infrastructure projects in Alberta, Canada.
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Capital Power has acquired two contracted combined-cycle US gas generation facilities from Beal Financial Corporation subsidiary CSG Investments.
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Copenhagen Infrastructure Partners (CIP) has launched a platform for the development and realization of renewable projects in Canada, Horizon New Energy, as part of the firm's expansion into the Canadian market.
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Canada-based green hydrogen developer EverWind Fuels has secured a C$125 million (USD $ 91.2 million) debt facility from Export Development Canada (EDC) to put toward its Tupper Point, Nova Scotia-based green hydrogen and ammonia project.
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Canadian independent power producer Innergex Renewable Energy has closed a $185 million financing deal for three unlevered hydro assets in Quebec and British Columbia, totaling 107MW.
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Oceanic Wind Energy has renegotiated its agreements with green power developer Northland Power, taking back its 400MW Hecate Strait offshore wind project in British Columbia.
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Volvo Group has won the winning auction bid to acquire the Proterra Powered business and assets of recently bankrupt electric vehicle (EV) battery developer Proterra.
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Suncor is offering C$1.468 billion ($1.5 billion) in unsecured senior notes to fund its acquisition of TotalEnergies Canada.
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EverGen Infrastructure has signed a 10-year offtake contract with Irving Oil for the supply of renewable natural gas (RNG).
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Uranium mining company Cameco Corporation and Brookfield Renewable Energy have closed on the joint acquisition of nuclear services business Westinghouse Electric Company on November 8, 2023.
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Ontario, Canada’s government has established Ontario Infrastructure Bank (OIB) to expand infrastructure investments in the province with a proposed $3 billion in public funding at launch.
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Private investment giant Ardian has opened an office in Montréal, its first in Canada and third in North America.
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Braya Renewable Fuels has named former Delek executive, Todd O'Malley, as chief executive.
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Global infrastructure investment manager Wren House has appointed Anne McEntee as managing director in its New York asset management team.
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Industrials company Lafarge Canada and ATCO's subsidiary Canada Utilities have signed a 12.5-year solar virtual power purchase agreement (VPPA) to supply Lafarge's Exshaw cement plant with 79.9GWh — 34% of the plant's power — of renewable energy.
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Maritime Electric Company, a Prince Edward Island (PEI), Canada-based utility, has received $19 million from the Canadian government for its sustainable electrification initiative aimed at updating the local grid and critical connection areas.
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Gibson Energy has entered a 15-year power purchase agreement with Capstone Infrastructure and Sawridge First Nations to take power from the Buffalo Atlee 2 and 4 wind farms.
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FortisBC has begun expanding methane capture infrastructure at the Delta landfill to advance its renewable natural gas offtake agreement with the City of Vancouver. Per the agreement, FortisBC will turn waste from the Delta landfill into RNG and sell it to the city.
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BC Utilities Commission, the regulator of British Columbia’s public energy utilities, has named Mark Jaccard as its chair and chief executive.
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Clean power producer, developer, and energy storage company FirstLight Power has finalized its agreement to acquire Hydroméga Services, including ownership interest in five hydropower generating stations in Québec and five in northeastern Ontario.
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MUFG has refinanced its $500 million credit facilities for a natural gas-fired plant portfolio, Invenergy Thermal Operating I, owned by Invenergy and InfraBridge. The portfolio includes four operational plants, totaling 2.29GW, which are located in the US and Canada.
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Canadian green hydrogen developer EverWind Fuels has won a bid from the Newfoundland government to develop a green hydrogen project on the Burin Peninsula, Newfoundland.
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Greenbacker Renewable Energy Company (Greenbacker) has closed on a warehouse financing facility in an initial aggregate principal amount of $75 million to support the construction and operation of its renewable power generation and energy storage portfolios.
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Algonquin Power & Utilities (AQN) will pursue the sale of its Renewable Energy Group and commence leadership changes with a new interim chief executive.
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The Alberta government has paused approval of renewable generation projects as the Alberta Utilities Commission (AUC) reviews recent policy issues and competing public interest factors.
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Peregrine Energy Solutions, a Boulder, Colorado-based BESS developer and renewable energy platform, has signed a Memorandum of Understanding (MoU) with Six Nations of the Grand River Development Corporation (SNGRDC) to create utility-scale battery storage projects in the Canadian market.
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Hydro One, Ontario's largest transmission and distribution provider, has filed an application with the Ontario Energy Board (OEB) to build and run its proposed $1.2 billion Waasigan Transmission line, which will provide energy to northwestern Ontario.
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German manufacturer RCT Solutions has signed a memorandum of understanding (MoU) with the government of Manitoba, Canada to build a solar PV factory with a 10GW capacity.
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Desjardins Group Pension Plan and DGAM Global Private Infrastructure Fund II have together acquired 37.5% ofCanadian wind farms Cypress 1 & 2 from EDF Renewables.
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EverWind Fuels, Canada-based green hydrogen producer, has acquired three wind farm developments totaling 530MW to power green hydrogen and ammonia projects.
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Canadian Solar is hiring in its c-suite after the retirement of Jianyi Zhang as chief legal officer, chief compliance officer, and corporate secretary after seven years with the company.
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Pattern Energy has completed construction and begun operation at its 150MW Lanfine Wind power project in Alberta, Canada.
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EVLO Energy Storage, the battery energy storage systems developer subsidiary of Hydro-Québec, has launched its first utility-scale storage project in the US.
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The Ontario government is prepping for three additional small modular reactors (SMRs), for a total of four SMRs, with Ontario Power Generation (OPG) at the Darlington nuclear site as it continues its nuclear push.
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RS Technologies, a portfolio company of Werklund Growth Fund and Energy Impact Partners, closed a multi-bank credit facility with JP Morgan, Bank of Montreal, The Toronto-Dominion Bank, and Export Development Canada.
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The Ontario government has begun pre-development work siting the first large-scale nuclear build in more than 30 years.
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Schneider Electric, the energy management business, has appointed Xavier Biot as vice president, Power Distribution & Digital Energy in Canada.
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Recurrent Energy, a development company owned by Canadian Solar, has secured a €150 million multicurrency facility with Santander Corporate & Investment Banking.
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Canada-based EverWind Fuels Company is supportive of Nova Scotia's recently published Offshore Wind Roadmap and the province's efforts to become a global leader in renewable energy.
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The Canada Infrastructure Bank (CIB) has ramped up investing in recent times with $3 billion deployed in clean energy projects – out of a near $10 billion total – and having doubled its cumulative deal volume hitting back at critics who said it was not putting capital to work quick enough.
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North American renewables and storage developer Nexus Renewables announced the closing of multiple financings totaling $40 million.
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Renewable developer Ameresco has entered a joint venture with Atura Power to develop a 250MW and 1GWh battery storage system in Ontario, Canada.
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DIF Capital Partners (DIF) has signed an agreement to acquire a 75% interest in Canadian geothermal energy company Diverso Energy.
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SFC Energy, a supplier of hydrogen and methanol fuel cells, has opened 2 competence centers for hydrogen fuel cell technology in Calgary and Toronto.
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The Canada Infrastructure Bank (CIB) this week (17 April) reached an agreement to invest around C$100 million ($74.74 million) in Noventa Energy Partners, a renewable energy company that provides services to decarbonize the heating and cooling of buildings.
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Marathon Capital, the sustainable-energy-focused investment bank and financial advisor, has named Iain Watson country manager of its Canadian operations.
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The governments of Canada, Nova Scotia, and Newfoundland and Labrador have begun regional assessments for offshore wind development.
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The Ontario Teachers' Pension Plan Board has agreed to acquire a majority stake in renewable natural gas developer (RNG) Sevana Bioenergy.
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Public utility Hydro-Québec has selected three EDF Renewables North America wind projects for wind energy supply contracts under two calls for tenders launched in December 2021.
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EverWind Fuels has secured environmental approval for the initial phase of its green hydrogen and green ammonia projects located in Nova Scotia.
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Vancouver-based Westbridge Renewable Energy has acquired the Red Willow Project, a 295MWp solar photovoltaic and 100MW/200MWh battery energy storage system (BESS).
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An evergreen renewable energy platform with a global strategy has launched with news of its first acquisition – a construction-ready wind farm in Canada – and a keystone investor.
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Canadian renewables developer Westbridge Renewable Energy Company has expanded its Sunnynook Solar PV project in Alberta to 330MWp.
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EverGen Infrastructure Corp. has secured a $31 million syndicated senior term loan facility from its existing lender Roynat Capital – a subsidiary of the Bank of Nova Scotia and Export Development Canada (EDC).
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ATCO, through its investment in Canadian Utilities, has completed its previously announced acquisition of a renewables portfolio from Suncor Energy for C$730 million ($536m).
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Nova Scotia-based financial advisory firm Northgreen Capital has appointed Philip Bassil as managing director and head of global offshore wind M&A.
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Private equity behemoth Blackstone is preparing a $325 million credit facility for portfolio company Aypa Power.
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Brookfield’s latest flagship investment vehicle Brookfield Infrastructure Partners V has brought in $20.7 billion in commitments to date.
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The Canada Infrastructure Bank (CIB) has teamed up with Ontario Power Generation (OPG) and committed $970 million towards Canada’s first small modular reactor (SMR).
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EverGen Infrastructure Corp has appointed Vancouver-based Sean Hennessy as chief financial officer (CFO), effective immediately.
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Canadian Utilities has agreed to acquire a Canada-based renewables portfolio from Suncor Energy for $730 million.
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InfraRed Capital Partners has entered into an agreement to purchase stakes in four wind projects in the US and Canada from Canadian outfit Algonquin Utilities & Power Corp.
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The Canada Infrastructure Bank (CIB) has launched its C$500 million (US$365 million) zero-emission vehicle (ZEV) charging and hydrogen refuelling infrastructure initiative (CHRI).
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Canada’s Algonquin Power & Utilities Corp. has agreed to a new transaction price for its acquisition of American Electric Power's (AEP) utility subsidiary Kentucky Power and its transmission business AEP Kentucky Transco.
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Enbridge, the Canadian energy giant, has bolstered its position in North American renewables with the acquisition of Tri Global Energy (TGE) for $270 million in cash and assumed debt.
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The Canadian province of Nova Scotia has set a goal of reaching 5 GW of offshore wind generation by 2030, outlining plans for an offshore leasing process.
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Slate Asset Management has entered into a strategic partnership with a Canadian renewables developer through the purchase of a minority stake in the platform.
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German renewable developer ABO Wind has sold its Buffalo Plains wind farm located in Alberta, Canada.
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Buckeye Partners has completed its acquisition of Bear Head Energy, owner of a clean energy development project in Point Tupper, Nova Scotia.
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The four-strong HSBC project finance team in Toronto has been served its notice as the bank continues its strategy of shaving numbers.
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Capstone Infrastructure has secured a renewable attributes purchase agreement for the output of its 192 MW wind project in Alberta, Canada.
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Canadian bank CIBC has added three new members to its energy, infrastructure and transition investment banking group after news broke that Neil Davids had joined the bank earlier this month.
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Canadian power company Northland Power has converted a $50 million letter of credit facility into a sustainability-linked agreement, which is backed by Canada’s export credit agency.
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Cordelio Power has appointed a new chief financial officer from Canada Pension Plan Investment Board (CPP Investments) and added an innovation leader.
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Toronto-based developer, Potentia Renewables, has secured financing for a 548 MW portfolio of wind projects the company is developing in the Canadian province of Alberta.
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The Government of Canada has made the country’s inaugural C$5 billion green bond issuance after issuing its green bond framework earlier this month.
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Pomerlau Capital, the infrastructure financing arm of Canadian construction company Pomerlau, has launched a North American renewables and infrastructure-focused fund.
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BBGI Global Infrastructure has invested C$41 million ($32.1 million) in the vehicle responsible for delivering the John Hart Generating Station Replacement P3 hydro project in Vancouver.
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Canada Infrastructure Bank (CIB) has appointed Evelyn Joerg as CFO in Toronto.
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Fengate Asset Management and Ironclad Energy Ventures have formed a joint venture to acquire and operate cogeneration, district energy and other industrial generation projects across the US and Canada.
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Parag Patel, a vice president focused on power and renewables in Prudential Private Capital's real assets group, has left after 15 years with the firm.
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Power Finance & Risk is pleased to announce that nominations are now open for its 19th Annual Deals and Firms of the Year Awards.
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Canadian renewables project developer Saturn Power has secured financing for a utility-scale solar project in Saskatchewan.
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An EDP Renewables executive has left the firm after a decade with the company to launch his own venture.
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Canadian developer Westbridge Energy Corp has secured a controlling interest in a solar-plus-storage project in Alberta, Canada.
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Canadian bank CIBC Capital Markets has hired an executive director from the National Bank of Canada to join its infrastructure, power and utilities team.
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To view the list of winning deals and firms for 2020, click here.
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A buyer north of the border has emerged for American Electric Power's regulated utility subsidiary Kentucky Power and its regulated transmission business AEP Kentucky Transco.
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Australia's Montem Resources is considering building a renewable energy complex, comprising wind, pumped hydro storage and a green hydrogen electrolyzer, on its Tent Mountain coal project site in Alberta.
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After sifting through more than 100 nominations, Power Finance & Risk is pleased to announce the short lists for its 18th Annual Deal of the Year Awards.
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Power Finance & Risk is pleased to announce the short list for the following award: Project Bond of 2020.
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Power Finance & Risk is pleased to announce the short list for the following award: M&A Deal of 2020.
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Power Finance & Risk is pleased to announce the short list for the following award: Canadian Deal of the Year 2020.
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Power Finance & Risk is pleased to announce the short list for the following award: District Energy Deal of 2020.
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Power Finance & Risk is pleased to announce the short list for the following award: Transmission Deal of 2020.
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Power Finance & Risk is pleased to announce the short list for the following award: Term Loan B of 2020.
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Power Finance & Risk is pleased to announce the short list for the following award: Renewable Energy Deal of 2020.
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Power Finance & Risk is pleased to announce the short list for the following award: Conventional Power Deal of 2020.
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BNP Paribas' former North America head of power, infrastructure and project finance, Tim Chin, has taken up a new role at BMO Capital Markets.
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A portfolio company of Toronto-based infrastructure investment firm Instar Asset Management has closed a $53 million credit facility to finance a fleet of district energy systems in Canada.
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Chemical supplier Dow has clinched two power purchase agreements in the Americas, namely one in Canada and another in Brazil.
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TransAlta Corp is retiring two thermal power plants in Alberta and suspending the repowering of a third such project, as it doubles down on the buildout of renewables generation.
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EDP Renewables has signed a power purchase agreement for the full output of a 297 MW wind farm in Alberta, Canada.
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Pattern Energy and Nigig Power Corp have wrapped a C$1.2 billion ($0.94 billion) refinancing for their jointly owned 300 MW Henvey Inlet wind farm in Ontario.
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EDP Renewables has signed a power purchase agreement for the full output of a 297 MW wind farm in Alberta, Canada.
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Vancouver-based renewables developer Elemental Energy has signed a power purchase agreement with a Canadian pipeline operator for the output of a solar project in Alberta.
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Three managing directors at BMO Capital Markets are moving over to Mizuho in an effort to build out the Japanese bank’s power, utilities and infrastructure business in the Americas.
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A Canadian energy storage services firm has kicked off an equity capital raise to fund the expansion of its offerings and execution team across North America.
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Maxim Power Corp has made financing arrangements to support the expansion of its 204 MW simple-cycle gas-fired M2 power plant in Alberta, and convert it into operating on combined-cycle mode with the installation of heat recovery technology.
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A pair of buyers has emerged for Canadian Pension Plan Investment Board’s (CPPIB's) 31.6% stake in Puget Holdings, which is the owner of Washington-based electric utility Puget Sound Energy.
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Aypa Power, which was previously known as Canadian energy storage platform NRstor C&I before it was bought and rebranded by Blackstone Energy Partners in 2020, has recruited an M&A director from AES Corp.
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A Hong Kong-based buyer has completed the acquisition of a pair of wind farms in Canada, marking its first renewables investment in the country.
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A pair of sponsors is nearing financial close on a roughly C$1.2 billion debt refinancing for a wind project located in Ontario.
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BluEarth Renewables has signed a power purchase agreement with a retail energy provider for the output of a wind farm in Alberta.
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Canada Pension Plan Investment Board has set up a new platform that combines its power and sustainable energy group with its energy resources group.
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DNB Bank has named Emilio Fabbrizzi as head of Americas renewables and infrastructure as it expands its coverage of the region.
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Canadian developer Greengate Power Corp has hired former AltaGas director of power finance Scott Perry as a business development executive in Calgary.
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S&P Global Ratings has given the senior secured term loan B financing for I Squared Capital's take private of Atlantic Power Corp a rating of BB-.
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I Squared Capital has launched a $405 million term loan B package as part of the financing of its $961 million acquisition of publicly-listed independent power producer Atlantic Power Corp.
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I Squared Capital is approaching the market with a $405 million term loan B package as part of the financing of its $961 million acquisition of publicly-listed independent power producer Atlantic Power Corp.
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Power Finance & Risk is pleased to announce that nominations are now open for its 18th Annual Deals and Firms of the Year Awards.
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Energy Impact Partners has joined in the series C fundraising round for AddÉnergie Technologies, a Canadian electric vehicle charging company.
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A Hong Kong-based buyer has emerged in the sale of a pair of wind farms in Canada, marking the company's first renewables investment in the country.
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TransAlta's chief operating officer, John Kousinioris, who is also president of TransAlta Renewables, will take the top job and will join the board of TransAlta on April 1.
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Boralex and the Innu communities in Québec have secured a 30-year power purchase agreement for their jointly owned Apuiat wind farm.
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A buyer has emerged for First Solar's development platform, following a competitive auction process.
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Energy Capital Partners has filed a prospectus for the initial public offering of a blank check company called ECP Environmental Growth Opportunities Corp.
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Canada Infrastructure Bank and Oneida Energy Storage have signed a memorandum of understanding for the largest project of its kind in Canada - a 250 MW/1000 MWh energy storage facility in southwestern Ontario.
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I Squared Capital has struck a $961 million deal to take listed independent power producer Atlantic Power Corp private.
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Morgan Stanley Energy Partners (MSEP) has invested in SolMicroGrid, a developer and operator of microgrid systems for commercial and industrial customers in North America.
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Excelsior Energy Capital has closed its first fund, Excelsior Renewable Energy Investment Fund I, with capital commitments of $504 million.
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Axium Infrastructure has bought a 49% stake in Cordelio Power's 396 MW renewables portfolio in southwestern Ontario.
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BluEarth Renewables has acquired stakes in two contracted solar projects in Alberta from Canadian Solar.
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Canadian yield company TransAlta Renewables has agreed to acquire two North American wind projects and a cogeneration facility totaling 303 MW from its developer-sponsor TransAlta Corp.
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Boralex has bought Caisse de dépôt et placement du Québec out of its stake in a 296 MW portfolio of three wind projects in Québec, becoming their sole owner.
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Berkshire Hathaway Energy has signed a turbine supply agreement for a 117.6 MW wind farm it is developing jointly with Renewable Energy Systems in Alberta.
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Boralex is buying Caisse de dépôt et placement du Québec out of its stake in a 296 MW portfolio of three wind projects in Québec to become their sole owner.
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A $3.9 billion five-tranche bond offering by NRG Energy to finance its acquisition of North American energy retailer Direct Energy is set to be priced later today, November 17.
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AES Corp has decided to merge its wholly-owned US renewable energy development businesses with sPower, the developer it co-owns with Alberta Investment Management Corp.
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Canadian yield company TransAlta Renewables has brought online Alberta's first utility-scale battery storage project, having acquired it from its developer-sponsor over the summer.
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Exelon Corp has appointed two investment banks as it considers whether to separate its generation business from its utilities.
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Brookfield Renewable Partners has closed the $400 million second part of a deal to buy TransAlta Corp securities totaling $750 million that are convertible into hydro project equity.
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Australian asset manager AMP Capital has confirmed that it has received a non-binding public takeover offer from Ares Management Corp.
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DIF Infrastructure VI has reached a €3.03 billion ($3.5bn) final close after increasing its hard cap.
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Canadian power producer Boralex has named its replacement for president and CEO Patrick Lemaire, who is retiring at the end of this year.
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Brookfield Renewable Partners has promoted its chief investment officer Connor Teskey to CEO, replacing Sachin Shah, who has moved into a senior role at the company’s financial sponsor Brookfield Asset Management.
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TransAlta Corp and Tidewater Midstream & Infrastructure have agreed to sell the the 120km Pioneer Pipeline in Alberta to ATCO Gas and Pipelines for C$255 ($192) million.
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One of the Canadian oil and gas producers providing a gas netback to support the financing of Competitive Power Ventures' 1,250 MW Three Rivers Energy Center in Illinois has been revealed.
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Canadian Solar has sold its 23 MW Suffield Solar Project in Alberta to BluEarth Renewables, renewing a relationship that dates back to 2014.
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M&A was undoubtedly dampened in the first half of 2020 not only by the global pandemic but also by sector-specific issues. However, deal makers are being kept on their toes by a rash of blank-check company filings, shifting utility and IPP strategies and outbreaks of investor activism.
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The Government of Canada has announced investments totaling C$9.4 million in four tidal energy projects in the Atlantic region.
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BP has entered into an agreement to supply Microsoft Corp with renewable power around the world.
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CPP Investments has made two senior executive appointments, including a new global head of real assets.
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When the Canadian government put the modernization of Ottawa’s district energy system out to tender through the Energy Services Acquisition Program in 2017, it placed restrictions on the use of long-term private capital, which required the winning consortium, Innovate Energy, to structure the project in a way not done before in the Canadian PPP market.
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Power Finance & Risk is pleased to announce the winners of its 17th Annual Deals and Firms of the Year Awards for the most impressive renewable energy and power project sponsors, lenders, advisers, investors and transactions of 2019.
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A seasoned Canadian power trader has left TransAlta for a job at another company in Calgary.
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A Canadian power trader has left Direct Energy to take a job at a speculative trading company established in 2011.
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Joint-sponsors Macquarie Capital, Kineticor Resource Corp and OPTrust have closed financing for their 900 MW Cascade combined-cycle gas-fired plant near Edson, Alberta, sealing almost C$1 billion in debt and bringing in two additional equity partners.
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CIBC has this week sealed three managing director hires – one in the UK and two in the US – significantly boosting its presence in the renewable energy space.
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The sponsor group behind a combined-cycle gas-fired project in Canada is aiming to close a nearly C$1 billion financing with five banks this week.
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Centrica's shareholders have given the thumbs up to the sale of its North American retail electric and gas provider Direct Energy to NRG Energy, which has meanwhile increased the size of its revolving credit facility to support the acquisition.
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Brookfield Renewable Partners and Hannon Armstrong Sustainable Infrastructure Capital both recently offered green bonds to debt investors in a range of tenors and currencies.
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Andy Redinger and Dan Brown, managing directors at KeyBanc Capital Markets, discuss the surge in demand for US renewable energy assets and what global investors need to consider when evaluating opportunities in this sector.
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NRstor C&I, the Canadian energy storage platform that Blackstone Energy Partners acquired in March, has been rebranded Aypa Power as a raft of senior development, power marketing and M&A officials settle into new roles at the company.
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RWE Renewables has signed a 10-year power purchase agreement with Direct Energy for the output from its 25 MW Canadian Hull solar project in Alberta.
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Senior project finance banker Ren Plastina has emerged in a new role at Crédit Industriel et Commercial in New York.
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Ares Management Corp has provided a financing commitment to Boston-based energy efficiency and on-site clean power company RENEW Energy Partners.
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Hydro-Québec's Isabelle Bedard has been seconded to Innergex Renewable Energy as a finance and M&A director as part of strategic alliance between the two companies.
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Royal Bank of Canada and Bullfrog Power have signed power purchase agreements with a BluEarth Renewables solar project in development in Alberta.
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Credit Suisse has combined its infrastructure, utilities and renewables group (GIUR) with its oil and gas group to form a new global investment banking team covering energy and infrastructure.
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Canadian independent power producer Capital Power has appointed a new CFO as it rejiggers its senior management team.
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Generate Capital has brought in former SunPower Corp executive Nam Tran Nguyen as its first chief operating officer.
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Royal Bank of Canada and Bullfrog Power have signed power purchase agreements with a BluEarth Renewables solar project in development in Alberta.
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A senior principal in CPP Investment Board's global infrastructure group has joined Brookfield Asset Management in Toronto.
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Gov. Janet Mills (D-Maine) has struck a deal with Hydro-Québec to sell electricity into Maine at a discounted price, via Central Maine Power's transmission corridor.
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German developer Alpin Sun has agreed to develop a 120 MW project to power Edmonton International Airport in Leduc County, Alberta.
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The sponsor of a combined-cycle gas-fired plant in Canada has reached out to banks for a nearly $1 billion project financing.
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After sifting through more than 100 nominations, Power Finance & Risk is pleased to announce the short lists for its 17th Annual Deal of the Year Awards.
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FortisBC Energy, FortisBC's regulated natural gas utility and subsidiary of Fortis, is entering the green bond market, in what is expected to be the first green bond for a natural gas provider in Canada.
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A Canadian independent power producer has refinanced a wind farm in Ontario.
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Wendy Franks has left the Canada Pension Plan Investment Board (CPPIB) to join Northland Power as executive vice president in strategy and investment management in Toronto.
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Evolugen (formerly Brookfield Renewable Canada) tested the limits of Canadian investors' appetite for delayed-draw private placements in November 2019, when it issued a dual-tranche project bond to refinance a 488 MW hydro portfolio in Ontario.
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Copenhagen Infrastructure Partners has reached first close on its fourth vintage fund with commitments totaling €1.5 billion ($1.69 billion).
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Engineering firm Atwell has recently added two experienced staffers to its power and energy division in North America.
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There were signs even before the outbreak of the Covid-19 pandemic that the dynamic of the market for renewable energy assets had shifted in favor of buyers, and the recent flurry of sale processes kicking off despite travel restrictions and lockdowns will have done nothing to tip the scales in the other direction
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Stonepeak Infrastructure Partners has reportedly raised $6.2 billion for its newest flagship fund, Stonepeak Infrastructure Fund IV.
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Three major global energy and commodities firms announced venture capital-style investments in May, backing companies at the forefront of energy innovation.
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A team of project development and finance professionals in Canada has left Saturn Power to set up a new venture under the auspices of offshore energy services company BW Group.
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TC Energy has made an equity investment in Turning Point Generation, a company that is developing up to 400 MW of pumped hydro capacity in Alberta.
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Pattern Energy Group has found a buyer for a stake in a wind project that straddles state lines.
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EIG Global Energy Partners has reached final close at $1.1 billion on its EIG Global Project Fund V (GPF V), well in excess of its $750 million target.
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Potentia Renewables has signed a deal to acquire a 67 MW portfolio of operational wind and solar assets in Canada from Dream Asset Management, after acquiring all of the Canadian renewable energy assets held in Dream's alternatives fund last year.
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SunPower Corp has divested its solar operations and maintenance business to a Canadian private equity firm.
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Hydro One has won regulatory approval to go ahead with the acquisitions of two municipal utilities in Ontario.
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Apollo Global Management has begun talks with prospective investors about an up to $3 billion second infrastructure fund.
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Paul Bradley, who recently stepped down as CFO of Northland Power, has joined a private equity firm as operating partner.
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TC Energy Corp. has sold a clutch of gas-fired power plants in Ontario for C$2.8 billion ($2.01 billion).
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The most frequently asked questions regarding nominations for our Deal of the Year Awards.
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Power Finance & Risk is pleased to announce that nominations are now open for its 17th Annual Deals and Firms of the Year Awards.
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Two senior executives have retired from Manulife Financial's Canadian power and infrastructure project finance team in recent months.
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Pieridae Energy has delayed reaching final investment decision on its Goldboro LNG Liquefaction Facility in Nova Scotia due to the fallout from the Covid-19 pandemic.
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Toronto-based developer Potentia Renewables has welcomed a new addition to its M&A team.
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Dennis Tsesarsky, the former head of renewable energy investment banking at Morgan Stanley, has founded a renewable energy-focused advisory firm in Manhattan.
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The government of Québec has appointed Sophie Brochu as president and CEO of Hydro-Québec, making her the first woman to hold the title.
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The Public Sector Pension Investment Board and the Alberta Teachers' Retirement Fund Board have completed their C$1.7 billion ($1.3 billion) acquisition of publicly listed AltaGas Canada, and changed the company's name.
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Northland Power has signed a deal to acquire a development-stage offshore wind farm located off the coast of British Columbia.
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The Public Sector Pension Investment Board and the Alberta Teachers' Retirement Fund Board have won the blessings of both the Alberta and British Columbia utilities commissions for their C$1.7 billion ($1.3 billion) acquisition of AltaGas Canada (ACI), following a low-key investment bank-run sale process.
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The Maine Public Utilities Commission (MPUC) has greenlighted Emera Energy's sale of electric utility Emera Maine to Enmax Corp.
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Brookfield Renewable Partners has signed an agreement to buy all of the outstanding publicly traded shares of its yield company, TerraForm Power.
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The Canadian Pension Plan Investment Board has closed on its take-private acquisition of renewable energy yield company Pattern Energy Group.
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The Covid-19 panic that has sent markets spiraling has also upended the working conditions and lifestyles of project finance officials, with cancelled conferences, enforced remote working, handshake bans and even the prospect of "virtual closing dinners," however that is supposed to work.
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Altius Minerals Corp., through a subsidiary dedicated to renewable energy deals, has made a royalties-based investment in a portfolio of development-stage wind and solar assets in North America.
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GNL Québec is forging ahead with a funding round for its C$9 billion ($6.56 billion) Énergie Saguenay LNG export terminal after Berkshire Hathaway pulled out of a potential investment in the project.
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New York-headquartered Star America Infrastructure Partners has closed an equity investment in behind-the-meter energy storage provider Demand Power Group, which is based in Toronto.
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Innogy has signed a power purchase agreement for a solar project in Alberta with Canadian lumber producer West Fraser Timber Co.
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Canadian independent power producer Northland Power has appointed Pauline Alimchandani as CFO, effective April 13.
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Kevin Kerr has rejoined Ontario Teachers’ Pension Plan after almost a decade away from the group.
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The duties of Guy Amato, the recently retired head of global project and structured finance at BMO Capital Markets, are being split between two managing directors.
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As Canadian refinancing momentum remains strong in 2020, Boralex is preparing to refinance a four-year-old wind project in Ontario.
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Guy Amato, head of global project and structured finance at BMO Capital Markets, has retired after 35 years with the bank.
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Canadian independent power producer Capital Power Corp. recently refinanced the debt on its newly acquired 875 MW Goreway Power Station gas-fired combined-cycle facility in Brampton, Ontario.
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Kineticor Resource Corp. has signed gas supply contracts for a 900 MW conbined-cycle gas-fired project it is financing in Alberta.
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Alberta presents a potential bright spot in the otherwise slow Canadian project finance market, as developers attempting to make the most of the province’s deregulated energy market round up equity for solar projects with non-traditional offtake structures.
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Canada Infrastructure Bank (CIB) has signed a memorandum of understanding with a handful of development partners for a proposed C$1.6 billion electric transmission and broadband project connecting Manitoba and the remote, northern province of Nunavut.
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Canadian public utility Hydro-Québec is buying a substantial minority interest in Innergex Renewable Energy through a private placement and has also committed C$500 million ($376 million) to a joint venture with the independent power producer.
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Fund manager Harbert Management Corp. almost doubled its renewable energy holdings at the end of 2019 when it acquired a stake in an 812 MW wind portfolio, a deal it ultimately opted to finance in the bank market through a holding company called Gulf Plains Wind.
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Macquarie Infrastructure Partners—the North American division of Macquarie Infrastructure and Real Assets (MIRA)—has launched its fifth North American fund.
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The bookrunners on a proposed term loan B repricing for Atlantic Power Corp. have approached lenders with initial price thoughts.
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Michael Woo has joined Fifth Third Bank as principal of corporate banking in Toronto.
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Brookfield Renewable Partners has signed a bilateral green revolving credit facility, in which the margin is linked to specific environmental sustainability targets, with BNP Paribas.
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A burst of renewable energy refinancings in the run-up to year-end is bolstering an otherwise slow 12 months in power and renewable energy project finance in Canada.
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Toronto-based renewable energy and transmission company JCM Power, which develops projects in emerging markets, closed a corporate equity raise from a group of development finance institutions this week.
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Boralex has refinanced a wind farm in the Gaspé region of Québec with long-term debt arranged by a group of four banks.
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Innergex Renewable Energy is preparing to refinance for the second time a solar project in Ontario that has been online since 2012.
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Canada Infrastructure Bank (CIB) has signed a memorandum of understanding to partner in a proposed wind project in Nova Scotia.
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H20 Power, a subsidiary of Canada’s Public Sector Pension Investment Board, has sold a share of its operating hydro portfolio.
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Bluearth Renewables is aiming to close a refinancing for a wind project in Ontario by the end of next week.
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Kerri Fox has resigned from Silicon Valley Bank, where she was managing director and market manager for energy and resource innovaton project finance, to become CFO of a Canadian carbon capture technology company.
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Kalina Power is seeking indications of interest from capital partners to fund its distributed generation program in Alberta.
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Wataynikaneyap Power and Fortis achieved financial close and notice to proceed on a C$1.9 billion ($1.4 billion) transmission project in northwestern Ontario on Oct. 29.
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OMERS Infrastructure Management has appointed an associate director in Toronto who was until recently a senior infrastructure investment official at another Canadian pension fund manager.
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David Perl, who as a director at Alberta Investment Management Corp. worked on the acquisition of a stake in U.S. solar developer and independent power producer sPower, has left the fund manager and started a new job.
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Pattern Energy has agreed to be acquired and taken private by Canada Pension Plan Investment Board after disclosing that it was in talks with potential suitors in August.
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Mitsui & Co. has inked a deal to sell its stake in a 679 MW portfolio of wind and solar projects in Canada to an infrastructure fund manager.
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A strong third quarter for Mizuho’s project finance team has propelled the Japanese bank up the North American power and renewables league tables, while Key Bank maintained its position at the head of the pack.
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The Public Sector Pension Investment Board and the Alberta Teachers' Retirement Fund Board have inked a C$1.7 billion ($1.3 billion) deal to acquire AltaGas Canada (ACI) following a low-key investment bank-run sale process.
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Berkshire Hathaway Energy and Renewable Energy Systems are the latest developers to unveil a renewable energy project in Alberta as the Canadian province exerts its allure on local and international sponsors.
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Saskatchewan's Crown-owned utility, SaskPower, is preparing to launch a request for proposals for 300 MW of wind capacity to come online in 2023 or 2024.
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Pattern Development has lined up dropdowns of stakes in contracted wind projects in Ontario and New Mexico, which its yield company, Pattern Energy, will fund through the issuance of preferred equity.
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Bernadette Corpuz, formerly a partner at law firm Torkin Manes, has joined a Toronto-based solar developer.
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Undeterred by the cancelation of Alberta’s renewables program by the province’s new United Conservative Party government earlier this year, solar developers are pushing ahead with financing plans based either on offtake contracts with energy marketers, merchant revenues or a combination of both.
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Joint venture partners Perimeter Solar and Obton have signed a solar power purchase agreement for a portion of the output of a 130 MW solar project in Alberta.
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Toronto-based developer Potentia Renewables has approached the market to finance multiple wind projects across Canada.
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Maxim Power Corp. is tapping its own management for a loan to finance a 204 MW gas-fired plant in Alberta.
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Toronto-based Northland Power has entered into an agreement to buy a 99.2% stake in Colombian utility Empresa de Energía de Boyacá (EBSA).
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Frederic Lévesque has left a Canadian developer and independent power producer Innergex, where he was director of finance, as he returns to advisory work.
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The government of Northwest Territories in Canada has appointed Canada Infrastructure Bank to provide advisory services on the Taltson hydroelectricity expansion project.
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Greengate Power Corp. plans to finance a 400 MW solar project in Alberta on a merchant basis, having received regulatory approval for it from the Alberta Utilities Commission.
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NaiKun Wind Energy Group has signed an indicative offer with a major offshore wind development company to develop the Naikun offshore wind project in Hecate Strait.
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Renewables yield company Pattern Energy Group has confirmed that it has drawn interest from third parties following a report that it was considering takeover offers.
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Canadian investment holding company Power Energy Corp. has acquired community-solar-focused developer Nautilus Solar Energy from Virgo Investment Group and the company's management.
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Capital Power has begun the search for a new president and CEO following the announcement of Brian Vaasjo's retirement from the role.
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This week’s round-up of power purchase agreement news features a hybrid wind, solar and battery project in Oklahoma, corporate PPAs for wind in Oklahoma and Argentina, and the largest solar project in Alberta.
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Canadian Solar has inked an eight-year PPA with Direct Energy Business for a 23 MW solar project in Alberta.
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German bank LBBW and New Brunswick partnership Wisokolamson Energy have closed C$40.87 million ($31 million) in loans for the construction and operation of an 18 MW wind project.
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I Squared Capital has inked a deal to sell a 385 MW U.S. hydro platform to a strategic investor.
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Algonquin Power & Utilities Corp. has hired a project finance professional who spent the last few years at a developer coming up with strategies to finance battery storage assets.
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The sponsor behind a project to convert a partly-built oil-fired plant in Alberta into a gas-fired facility is said to have appointed a pair of banks to raise almost $1 billion in debt.
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A senior official in the energy finance team at Prudential Capital Group in Dallas has left the firm after 15 years.
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Connor, Clark & Lunn Infrastructure has completed the acquisition of a majority stake in Bremner Trio Hydro Corp., the owner of two construction-stage, run-of-river hydro facilities near Harrison Lake in British Columbia, and closed C$197 million ($148 million) in construction debt financing.
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Frank Napolitano, the former head of global power and renewables at Credit Suisse, has returned to investment banking at a firm that is establishing a new power and infrastructure group in New York.
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Algonquin Power & Utilities Corp. is acquiring Bermuda’s sole electric utility for $365 million.
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AltaGas has appointed James Harbilas as executive vice president and cfo, effective June 10.
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RES Americas has signed a deal to sell a 49% stake in an under-construction wind project in Washington State to TransAlta.
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EDF Renewable Energy has signed a contract with Canadian Solar for the supply of 1,800 MW of solar modules in North America, ahead of the first step-down in the U.S. solar investment tax credit at the end of this year.
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Canada’s ATCO has agreed to sell most of its 2.1 GW fossil fuel-fired generation fleet, the majority of which is located in Alberta, to Energy Capital Partners.
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BlackRock has bought Canadian Solar’s 60 MW Aguascalientes project in Mexico through its Infrastructure Fund II.
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Ontario Teachers’ Pension Plan has agreed to sell Canadian hydro, wind and solar sponsor BluEarth Renewables, which comes with a 405 MW operational and under construction portfolio in North America.
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Capital Power Corp. has inked a deal to acquire the 875 MW gas-fired combined-cycle Goreway Power Station in Brampton, Ontario.
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PFR is pleased to announce the winners of its 16th Annual Deals and Firms of the Year Awards for the most impressive sponsors, lenders, advisers, investors and deals of 2018.
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A senior project finance professional has left NextEra Energy Resources to take up a new position in New York.
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Daniel De Boer has joined Allianz Global Investors as co-head of transactions, Americas, for infrastructure equity. He operates out of New York.
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A Canadian independent power producer is working on a refinancing for a recently acquired wind project in Québec.
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AltaGas Canada has priced a $250 million senior unsecured corporate bond offering as it tidies up loose ends in its capital structure.
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Brookfield Renewable Partners has announced a deal to acquire securities that are convertible into equity in TransAlta Corp.’s hydro portfolio in Alberta.
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Voting ends on Sunday in Power Finance & Risk's annual Deals and Firms of the Year poll, which will determine the winners of our highly regarded awards.
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Two ratings agencies have chimed in on TransAlta Corp.’s decision to divest its Alberta hydro assets to Brookfield Renewable Partners.
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An electric utility business in Maine is set to be passed from one Canadian parent company to another in a debt-fueled transaction following a competitive sale process.
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Brookfield Renewable Partners has announced a deal to acquire securities that are convertible into equity in TransAlta Corp.’s hydro portfolio in Alberta.
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The developer of a sour gas processing plant in Canada has identified a buyer for a 32 MW onsite cogeneration facility that will provide it with generation and heat under a long-term contract.
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Connor, Clark & Lunn Infrastructure and Desjardins have acquired Canadian renewables business Regional Power from Manulife.
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Axium Infrastructure and Manulife Financial Corp. have closed a dual-tranche private placement to finance their acquisition of a stake in a portfolio of run-of-river hydro facilities from AltaGas, following a similar deal last year.
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AltaGas has appointed financial advisers as it looks to spin off a subdivision of the Washington D.C.-based gas utility holding company, WGL Holdings, that it recently acquired for $8.4 billion.
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Power Finance & Risk has launched its annual Deals and Firms of the year poll, which will determine the winners of our highly prized Deal and Firm of the Year Awards, to be announced at the end of April.
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PFR's Deal of the Year Awards are back, recognizing excellence in power project finance and M&A. Check out the shortlisted deals in the North American conventional power mergers & acquisitions category.
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Having scoured the market for the most impressive and interesting deals of 2018, the editorial team has selected four deals in each of six categories and compiled detailed profiles of each deal, including some previously unpublished material.
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Emera Energy has sold the last CCGT in its operating portfolio, the 280 MW Bayside power plant in Saint John, New Brunswick.
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Canadian fund manager Axium Infrastructure has acquired a 50% shareholding in a portfolio of solar assets in Toronto.
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Asset manager New Energy Solar Management is looking to launch an initial public offering on the London Stock Exchange for a new solar fund targeting investments in the U.S. solar market.
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This week saw some 739 MW of solar contracts announced across not just mature markets like California and Texas, but also newer pastures like Virginia, Colorado and even Alberta.
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BlackRock Real Assets has agreed to sell a portfolio of operational solar assets located in Ontario, Canada, to Ullico.
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New Energy Capital has reached final close on its second infrastructure credit fund at its hard cap.
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Export Development Canada revealed an update to its climate change policy on Jan. 28 that will prohibit it from making any future investments linked to thermal coal-fired generation.
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Final bids are due in the coming weeks in a sale process for a roughly 2.3 GW conventional generation portfolio in Canada.
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Fortis has agreed to sell its 51% stake in the 335 MW Waneta Expansion hydro facility, located near Trail, British Columbia, for C$991 million ($747.48 million).
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Ontario Power Generation worked with a pair of bookrunners on a C$500 million ($374 million) green bond it priced last week to finance its acquisition of Eagle Creek Renewable Energy.
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The Washington Utilities and Transportation Commission has denied a petition from Hydro One and Avista Corp. to reconsider their rejection of the Canadian utility’s high-stakes acquisition of Spokane, Wash.-based Avista.
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EY Transaction Advisory Services is unifying its infrastructure capabilities across practices in the Americas with changes made to the senior leadership team.
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EDP Renewables has agreed to sell an 80% stake in a 499 MW portfolio of wind farms located in the U.S. and Canada.
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An Axium Infrastructure-led consortium has completed the purchase and refinancing of the 270 MW K2 wind project in Ontario.
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Innergex Renewable Energy has secured long-term, fixed-rate bank debt to refinance its now wholly owned Cartier wind portfolio in the Gaspé peninsula of Québec.
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The government of Alberta has awarded power purchase agreements totaling 763 MW in its latest renewable energy auction, which is estimated to lead to C$1.2 billion ($890 million) of private sector investment.
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TransCanada Corp. is set to make C$623 million ($465 million) from the sale of a simple cycle gas-fired peaker in Coolidge, Ariz.
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AltaGas has agreed to sell an approximately 55% stake in its 277 MW Northwest Hydro portfolio for about C$1.39 billion ($1.04 billion).
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Bruno Guilmette is to join renewable energy power company Boralex in Canada as vice president and cfo.
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Cordelio Power has issued a C$858.2 million ($639.6 million) dual-tranche private placement to refinance a 249 MW portfolio of renewables in Ontario that the Canadian Pension Plan Investment Board-owned company bought in June.
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The Washington Utilities and Transportation Commission has rejected Hydro One's proposed acquisition of Avista Corp., citing political interference in the affairs of the would-be buyer, and triggering a $103 million termination fee.
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Rumors are circulating that Algonquin Power & Utilities is the unidentified bidder that yesterday withdrew its bid to acquire InfraREIT.
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Algonquin Power & Utilities Corp. subsidiary Liberty Utilities has agreed to acquire an Enbridge-owned Canadian regulated utility and its general partner.
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AltaGas Canada is slotting another pieces of its capital structure into place, a $300 million senior unsecured bond that will allow the listed AltaGas spin-off to repay an inter-company loan from its parent.
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Brookfield Renewable Partners has sold a 25% stake in a 413 MW portfolio of hydro assets in Canada and is preparing to sell another 25% of the same portfolio by the end of the year.
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The Carlyle Group has agreed to buy a trio of combined-cycle gas-fired projects in New England from Emera Energy for $590 million after a competitive sales process run by a bulge-bracket investment bank.
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AltaGas Canada, the power asset spin-off that was recently floated on the Toronto Stock Exchange, raked in an additional $35 million after the underwriters of its initial public offereing exercised a greenshoe option in full.
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Having secured a bridge loan to finance its recently acquired Cartier wind assets in Québec, Innergex Renewable Energy is is working with a syndicate of banks to put permanent financing in place.
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The chairman, ceo and president of Canadian Solar, Dr. Shawn Qu, has agreed to withdraw his take-private offer for the company, at least for now, prompting investment bankers and private equity officials to wonder why he has so far been unable to secure the necessary funding.
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Pattern Energy Group, the yield company of Pattern Development, and Capital Power have agreed to sell their one-third stakes in the 270 MW K2 wind project in Ontario.
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In more regulated power markets, where end users cannot contract directly with independent power producers, companies like Facebook are displacing portfolio standards as the driving force behind long-term renewables procurement by utilities.
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AltaGas has raised about $874 million by floating a portfolio of Canadian utility and power assets and loading the newly listed spin-off with debt.
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Atlantic Central, a regional trade association for credit unions in Canada, has signed an agreement with Bullfrog Power for generation from a municipally-owned wind project in Nova Scotia.
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Apollo Global Management has emerged as the buyer of a mostly U.S. portfolio of GE Energy Financial Services' equity holdings, following a competitive auction.
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Pattern Development is dropping down a 51% stake in a development-stage project in Montana to its yield company, Pattern Energy Group, while a Canadian investor is acquiring the remaining 49% stake.
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Fengate has signed a loan package with six banks as arrangers to finance its acquisition of a central utility project, including a gas-fired cogeneration facility, that is part of an Inter Pipeline plastics project in Canada.
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Invenergy pushed out the maturity and cut the pricing on a loan backing its 584 MW St. Clair gas-fired facility in Ontario, Canada, in a deal that drew nine lenders over the summer.
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Enel Green Power, the renewables division of Italy’s Enel Group, has promoted Georgios Papadimitriou to head of its North American business. He replaces Rafael Gonzalez, who has in turn been appointed head of renewables at EGP in Spain.
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Canadian independent power producer Innergex hired a former financial advisory professional as its new director finance in July.
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Calpine Corp. and Mitsui & Co. are soliciting bids for the largest combined-cycle gas-fired project in Canada, a roughly 1 GW plant that is about halfway through its 20-year offtake contract.
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Three senior power, utility and infrastructure bankers who recently left RBC Capital Markets have established a new U.S. investment banking group at rival BMO Capital Markets in New York.
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The owners of a contracted gas-fired peaker in Ontario have refinanced the plant in a C$276.48 million ($212.7 million) deal that closed last week.
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Nomura, the Japanese bank that hired former Deutsche Bank group head Vinod Mukani to lead a push into Americas infrastructure and power finance last year, has expanded its team with a series of hires in the last two months.
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A financing vehicle controlled by Stem, a distributed battery storage company based in California, has secured a C$200 million ($153 million) equity commitment from Ontario Teachers’ Pension Plan.
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A West Coast-based project sponsor has reached out to banks for debt financing for a contracted wind project in New Mexico.
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Robert Mancini, who guided Goldman Sachs' entry into the power asset business before spearheading The Carlyle Group’s expansion into the power sector, has retired from his role as managing director and co-head of Carlyle Power Partners.
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In a relatively quiet week for power purchase agreements, Canadian provincial utility SaskPower and U.S. telecommunications company AT&T were the offtakers that signed up for renewables.
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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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Boralex has agreed to acquire Invenergy’s stakes in five wind projects in Québec, which the Canadian company intends to finance with the issuance of equity in public and private offerings.
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Saturn Power, a developer based in Ontario, has inked a 20-year power purchase agreement for what is said to be the first utility-scale solar project in Canada's northern, sparsely populated Saskatchewan province.
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A joint venture between Axium Infrastructure and Manulife Financial Corp. has agreed to acquire a 35% stake in AltaGas’ hydro assets in northwest British Columbia for C$922 million (approximately $700 million).
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AMP Capital has agreed to form a joint venture with Invenergy through which the Australian investment manager will buy a 50% stake in a portfolio of gas-fired projects in the U.S., Canada and Mexico.
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PFR is pleased to announce the winners of its 15th Annual Deals and Firms of the Year Awards, with added emphasis this year on the leading investment banks in power across the Americas.
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A senior banker has left KfW IPEX-Bank’s New York office to take up a role at another German bank in London.
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Nova Scotia’s Department of Energy has issued marine renewable energy permits and authorized a power purchase agreement for a tidal generation project in the Bay of Fundy.
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Canada’s Sekw'el'was Cayoose Creek Band and Innergex Renewable Energy have renewed their electricity purchase agreement with BC Hydro for the output of a 16 MW run-of-river hydro project in British Columbia.
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Fengate Real Asset Investments has signed a $100 million multi-year equity investment commitment with renewables developer Greengate Power Corp.
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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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Jack Bittan, who led Capstone Infrastructure Corp.’s power business as ceo of Capstone Power Development Corp. for several years, has surfaced at another Canadian infrastructure investment firm.
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Nomura has sold a C$104.725 million term loan backed by a portfolio of contracted solar projects in Ontario to third-party investors.
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ITC Transmission, a subsidiary of utility holding company Fortis, priced a $225 million first mortgage bond in mid-March in the U.S. private placement market, arguably at a tighter spread than it could have achieved in the public bond market.
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Canadian steel manufacturer Algoma has acquired a 55 MW cogeneration facility that will supply facilities it owns in Sault Ste. Marie, Ontario.
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Canadian utility British Columbia Hydro and Power Authority is freezing energy procurement until further notice.
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Penn Energy Renewables has refinanced five operational solar projects in Ontario with debt provided by Prudential Capital Group.
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As capital floods into renewable energy, investors must think strategically about merchant tails and asset performance management, which means digging into power market and operational data analysis, write Ryan Hardy, Ethan Paterno and Barbara Sands, energy and utilities experts at PA Consulting Group, in this week’s Industry Current.
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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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PFR is pleased to announce the finalists for its 15th Annual Deal of the Year awards. Here is the short list for North America M&A Deal of the Year.
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Bonds increased as a proportion of North American project finance deals in 2017 versus loans, as MUFG remained top in both categories, according to data from Dealogic.
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A northern partnership seeking to link Canadian hydro projects to the U.S. grid has emerged as the preferred bidder in a request for proposals in New England, as a Louisiana utility moves ahead with its plan to add more renewables to its fleet.
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NextEra Energy’s yield company is weighing the sale of its Canadian assets with a view to reinvesting the proceeds in the U.S.
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Canadian Solar has appointed Barclays Capital Canada to advise it on a potential take-private transaction, after the company’s chairman made a bid to buy the company late last year.
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Loan pricing is grinding ever tighter amid tough competition and an unrelenting influx of lenders to the U.S. project finance market, said deal watchers at the Infocast Projects and Money conference in New Orleans this week.
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Private equity firm Actis has agreed to buy all of InterGen’s generation assets in Mexico for an enterprise value of $1.256 billion in a transaction to be funded with equity and debt, as the London-based investor continues to ramp up its power capacity in the country.
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Dutch asset manager, DIF, secured C$184 million to refinance brownfield solar assets Canada last December. Natixis approached DIF with a deal consisting of short and long-term debt.
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Pattern Development and co-sponsor Nigig Power Corp. secured a hybrid bank loan and private placement financing for the 300 MW Henvey Inlet wind project in Parry Sound County, Ontario, in late December.
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Power Finance & Risk is accepting pitches for Deal of 2017 as part of its 15th Annual Deals and Firms of the Year Awards, recognizing excellence in power asset M&A and project finance across the Americas.
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Canadian gas distribution company Enbridge is conducting a strategic review of its onshore renewable facilities and plans to cut down its green portfolio by a third within the next two years.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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Bay Area Rapid Transit and the Alberta Electric System Operator are among the latest offtakers inking renewables deals following competitive procurement processes.
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The Alberta Electric System Operator has awarded contracts to nearly 600 MW of wind generation in the form of 20-year renewable energy support agreements in the first round of its Renewable Electricity Program.
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Canadian Solar's chairman, Shawn Qu, has made a bid to take the company private through a leveraged buy-out.
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Conor, Clark & Lunn Infrastructure has refinanced a pair of solar projects totaling 100 MW in Ontario with two unrated private placements.
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TerraForm Power, the former SunEdison yield company, priced two tranches of high yield bonds on Nov. 28 after increasing the overall size of the offering from $1 billion to $1.2 billion.
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Boralex has sealed a $53.3 million debt package to finance a 15 MW wind project in British Columbia.
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Canadian energy storage developer NRStor has secured a C$120 million ($93.9 million) loan from a fund managed by Swiss asset manager SUSI Partners to finance commercial and industrial behind-the-meter projects.
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Pattern Development’s debt financing for its Henvey Inlet wind project in Ontario comprises a fixed-income bond tranche alongside a commercial bank loan, say deal watchers.
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Innergex Renewable Energy has offered to acquire Alterra Power Corp., including its 364 MW operational renewable project portfolio, for a total consideration of $1.1 billion, including the assumption of the target's debt.
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TransCanada Corp. is selling its solar assets in Ontario to a fund managed by Axium Infrastructure.
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A battery storage developer has obtained a construction-to-term loan from a Brookfield Asset Management subsidiary for a project in Ontario.
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Sponsors are increasingly sourcing project debt in the capital markets rather than from banks, according to data from Dealogic, which is good news for financial institutions with private placement desks.
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Bids from investors are due on Oct. 16 for a $305 million private placement refinancing of a Brookfield Renewable Energy Partners hydro portfolio located mostly in New York state.
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Policymakers in Europe are considering tinkering with regulatory capital rules to allow banks to hold less capital against “green” assets, such as renewable project finance loans.
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CohnReznick Capital has hired a director from Bank of America Merrill Lynch and three junior staff to work in its renewable advisory team.
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A Canadian private equity firm has hired a director specializing in U.S. infrastructure, who was until recently a senior director in BayernLB’s project finance team.
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Elemental Energy closed an approximately C$22 million ($17.62 million) debt financing for what it says is the first utility-scale solar project in western Canada.
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TransAlta Renewables has priced an approximately C$260 million ($208 million) bond to partially finance the construction of an expansion to an existing wind project in Canada.
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Bank of America Merrill Lynch has hired a banker who until recently was global head of power, utilities and renewables at a rival investment bank to co-head its Americas power team.
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Alterra Power Corp. has acquired a 40 MW development-stage wind project in California which it aims to bring online by 2020.
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Three former executives at Venture Global LNG have founded a U.S.-based international investment firm with a focus on infrastructure.
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The Caisse de depot et placement du Quebec, fresh from an acquisition of additional shares in Boralex that made it the independent power producer’s largest shareholder, could potentially seek to merge the company with Innergex Renewable Energy, according to an analyst report circulated this week.
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Fortis will no longer acquire Teck Resources’ two-thirds stake in the 496 MW Waneta Dam hydro project in British Columbia, after BC Hydro exercised its right of first offer over the asset.
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Caisse de dépôt et placement du Québec has acquired a 17.3% interest in Canadian developer Boralex.
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Suncor Energy has offloaded its 50% stake in the 76 MW Ripley wind project in Ontario to the owner of the other half of the facility, Acciona Energy.
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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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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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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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An executive v.p. and head of Americas at a solar independent power producer has left the company just over a year after he joined.
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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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Northland Power’s share price has showed weakness in recent weeks as investor patience with a strategic review launched last summer wears thin.
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Morgan Stanley is marketing a portfolio of wind assets in Montana and Alberta, a person familiar with the process has confirmed.
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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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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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Canadian Solar has hired a v.p. for the Americas within its energy group, a role which includes supervising U.S. development subsidiary Recurrent Energy.
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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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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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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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