Capital Markets
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The M&A market for renewables remains muted with speakers at REFF Wall Street 2023 outlining current market dynamics as: owners happy to own, buyers looking for less risk.
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Irish developer Mainstream Renewable Power has raised capital to fund the development of a wind and solar project pipeline in emerging markets, including Latin America.
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Global Infrastructure Partners (GIP) has arranged a bond issuance to refinance the bridge facilities that it used to fund its acquisition of one of Mexico's largest independent power producers in August.
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Trafigura Group announced on April 9 that it will launch its first carbon trading desk, led by Hannah Hauman, further expanding the scope of its trading activities.
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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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NextEra Energy has priced a floating rate note offering over SOFR rather than Libor for the first time, becoming one of the first non-financial corporate bond issuers to do so.
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MUFG has introduced a new CLO asset class, bundling $500 million of project finance and infrastructure loans together for Starwood Property Trust in a deal that clearly demonstrated investor appetite for the product.
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Deal watchers say the sudden bankruptcy filing of Brazos Electric Power Cooperative – which had previously enjoyed single-A credit ratings – could be the first of many in the wake of the recent winter storms in Texas.
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In February, for the first time, Power Finance & Risk brought together representatives of the bank loan, private placement, term loan B and tax equity markets with a project sponsor to discuss the state of project finance, how they coped with the Covid-19 pandemic and what is in store for 2021.
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Exelon Corp has announced its intention to spin its competitive generation and retail power businesses off into a separate publicly-listed company following a strategic review.
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Securitization exists in the public consciousness primarily as a shadowy corner of the capital markets in which out-of-control financial engineering causes global economic meltdowns. Could it be due a reappraisal?
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Southern California Edison is marketing its first securitization in 20 years to finance upgrades and costs associated with its wildfire prevention program.
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Apollo Global Management has increased the size of the initial public offering for its third blank check company targeting the energy transition and sustainability to $480 million.
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A group of Chilean power producers, which had been affected by a power price freeze implemented in 2019, have reached financial close on a receivables securitization deal in Chile
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Recently, it seems that every day brings blank check company news, whether it’s an initial public offering or a merger. But could a privately held renewable energy project developer go public this way by the end of the year?
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FirstEnergy Corp's lenders have signed waivers and amended the terms of its loans to cure compliance breaches stemming fromthe disclosure of a roughly $4 million payment in 2019 that was uncovered as part of an internal bribery investigation.
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NRG Energy has brought the US capital markets a step forward with its inaugural sustainability-linked bond, introducing a new flavor of greens for its debt investors to chew on. But as usual, European corporations led the way.
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NRG Energy has announced several bond offerings it intends to use to finance its acquisition of North American energy retailer Direct Energy from Centrica.
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The apparently unstoppable trend of ever-tightening project finance margins finally hit the buffers in March 2020. But now, even as the pandemic continues to rage, the race to the bottom is back with a vengeance.
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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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Carnelian Energy Capital Management, a Texan private equity fund manager focusing on oil and gas, has raised $300 million for a blank check company targeting clean transportation and other alternative energy sub-sectors.
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The special purpose acquisition sector can’t get enough of the electric vehicle industry, and Qell Acquisition Corp wants to join the party, with intentions of raising $300 million to pursue a deal.
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Price talk has emerged on a term loan B refinancing for the 974 MW Linden Cogen project in New Jersey following a bank meeting last week.
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The owners of a cogeneration plant in New Jersey have appointed Jefferies as left lead on a term loan B refinancing to be launched later this week.
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The Carlyle Group and EIG Global Energy Partners’ deal to take ownership of Panda Power Funds’ Patriot and Liberty combined-cycle gas-fired plants in Pennsylvania ended years of speculation about the fate of the two plants. But the story did not end there, as the buyers launched the acquisition financing into a market roiled by coronavirus.
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Residential solar finance company Mosaic’s foray into the recently reopened asset-backed securitization market was well received by investors, reaping a multiple-times oversubscribed order book, in part thanks to data that shows the pandemic having a limited impact on solar loans.
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Pacific Gas & Electric priced two tranches of high yield bonds and a term loan B last week, capping the initial financing for its exit from Chapter 11
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Sunnova Energy International has completed its sixth residential solar securitization – its second backed by loans rather than leases or power purchase agreements.
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Pacific Gas & Electric priced part of its huge bankruptcy exit financing package on June 16, raising $8.925 billion in investment grade debt just days after receiving court approval for the transaction.
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One of the first pieces of advice a retail stock investor receives after opening their first brokerage account or downloading the Robinhood app is not to try to “time the market.” But in corporate finance – especially during weak markets – timing is everything. If a window of opportunity opens after a period of volatility, you go for it.
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Spanish renewable energy developer Cox Energy has begun the regulatory process to list its Cox Energy Americas subsidiary on Mexico's Bolsa Institucional de Valores stock market.
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Covid-19 may have put an end to the days of two-digit margins on construction loans, but while project finance bankers generally agree that pricing is set to widen, the question remains—by how much?
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Solar finance company Sunnova priced the first solar securitization of 2020, a $313.5 million dual-tranche offering, on Feb. 5.
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Eneva will issue R$600 million ($145 million) in debentures to fund part of the construction of the 117 MW Jaguatirica II combined-cycle gas-fired project, which the sponsor has developed according to its reservoir-to-wire business model.
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While yield-hungry investors of all stripes are viewing distributed, small-scale solar companies ever more favorably, the founders and management of the target companies are finding that there are attractive alternatives to selling stakes in their businesses outright.
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Colombia's Termocandelaria Power has tapped a series of unsecured bonds maturing in January 2029 for $186 million to finance the conversion of one of its gas-fired assets from open to combined-cycle.
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Transmission company Celeo Redes has locked in debt for 30 years—an unusually long tenor for Chilean project finance—to finance a three-project portfolio in the country.
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Clearway Energy has priced a public offering of common stock to raise the funds it needs to acquire the Carlsbad Energy Center gas-fired project from its sponsor, Global Infrastructure Partners.
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Clearway Energy has launched a public offering of common stock to raise the funds it needs to acquire the Carlsbad Energy Center from its sponsor, Global Infrastructure Partners.
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After several months of negotiations to refinance a bank loan with a private placement, the owners of the Duqueco hydro complex in Chile canceled the bond sale at the last minute and opted for a renegotiation with the banks instead.
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In September, Power Finance & Risk brought together a panel of project finance officials at insurance companies, asset managers and Fitch Ratings to discuss how U.S. private placement debt investors are viewing the latest innovations in power and renewable energy finance.
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Brazilian power generation company Eneva has refinanced the debt associated with its 519 MW Parnaíba II Geração de Energia gas-fired project in the municipality of Santo Antonio Dos Lopes, Maranhao state.
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Residential solar finance company Sunrun is preparing a $312.4 million securitization deal backed by a portfolio of leases and power purchase agreements, marking the first time the issuer has tapped the ABS market twice in one year.
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Brazilian state-controlled Petrobras is studying the creation of a subsidiary for some of its power plants with a view to divesting them through an initial public offering.
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Solar finance company Mill City completed a $217.89 million residential solar loan securitization on July 24, bringing year-to-date volume of solar ABS to over $1.3 billion.
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Andy Redinger and Daniel Brown, managing directors at KeyBanc Capital Markets, discuss residential solar finance, including the latest trends in M&A and the future of the sector.
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Sunrun is preparing to refinance an 88 MW portfolio of "seasoned" residential solar assets with its latest securitization, a $204 million deal backed by leases and power purchase agreements.
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NRG Energy and Talen Energy Supply both dove into the high yield market this week, launching bonds totaling $1.483 billion.
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NRG Energy and Talen Energy Supply both dove into the high yield market today, launching bonds totaling $1.233 billion, although only one of them managed an intraday pricing.
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Residential solar loan provider Loanpal is coming to market with its first solar securitization, a $272.2 million offering.
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CoBank’s Brian Goldstein, KeyBanc Capital Markets’ Andy Redinger and Morgan Stanley’s Michael Kumar joined PFR editor Richard Metcalf in January to review 2018 in power project finance and look ahead to 2019. Check out what they had to say.
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Solar Mosaic is returning to market with a $259.7m deal, its fifth ABS offering to date.
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A former global co-head of infrastructure and energy structured credit at Deutsche Bank is starting the New Year with a job at a distressed credit investor.
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In what has become something of an annual ritual, MidAmerican Energy priced a green bond on Jan. 9 as part of the financing for the massive wind portfolio it is building in Iowa.
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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 owners of the Woodbridge Energy Center, also known as CPV Shore, have launched a debt refinancing into the shaky term loan B market, where challengin conditions have recently prompted other borrowers to pull or delay deals.
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The frequency of devastating wildfires has rocketed in California over the past two years. Camp Fire, fully contained as of Sunday, looks set to wipe out a catastrophe bond. Jasper Cox, reporter at GlobalCapital, explores the sharp questions that arise about how to model and price an emergent risk to companies, buildings and people when this is bundled out to the capital markets.
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Moody’s Investors Service has downgraded the term loan associated with the Hunterstown gas-fired project in Pennsylvania in response to a plan by its private equity owner to pay itself a dividend with the proceeds of an additional debt raise.
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A trio of solar securitizations is progressing through the pipeline this week, giving investors a chance to get their hands on nearly $1 billion of bonds tied to residential solar assets.
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The rating on a R$1.2 billion ($320 million) bond issued in October to finance a transmission project in Brazil was boosted as a result of guarantees from the project's sponsors.
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Duke Energy Corp. became the latest U.S. utility company to issue green bonds last week when it priced a $1 billion dual-tranche offering.
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Spanish gas and power provider Naturgy (formerly Gas Natural Fenosa) has closed the first non-recourse project bonds to finance solar plants in Brazil.
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TerraForm Power raised about $77 million with the second of two project finance private placements it priced this year to lever up unencumbered assets in the U.S.
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A deal from solar finance company Sunnova that was priced at the end of last week and a first-time residential solar securitization from Hannon Armstrong, announced on Monday, are rekindling the market for solar ABS in the fourth quarter.
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Steven Nichols, who handled Southern Company’s groundbreaking entry into the green bond market in 2015 as capital markets manager, has joined BNP Paribas’s sustainable finance team in New York.
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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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Residential rooftop solar developer Sunnova is in the market this week with its second securitization, a $262.7 million offering backed by a pool of leases and power purchase agreements.
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A solar developer operating out of New England has closed an approximately $40 million capital raise to fund the expansion of its solar development business, PFR has learned.
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Atlantic Power Corp. has returned to term loan B market right on cue, six months after the last time it cut the pricing on its debt.
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Blackstone has firmed up pricing on its incremental debt raise for the Frontera combined-cycle gas-fired plant in Mission, Texas, while increasing the size of the deal.
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Sturdier power market fundamentals, coupled with an abundance of capital, have improved the refinancing prospects of merchant gas- and coal-fired projects in PJM Interconnection, according to a report from Moody’s Investors Service.
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Several former Morgan Stanley power and utilities bankers have completed their move to Jefferies.
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Tesla has hired a capital markets professional who previously worked in project finance at a solar developer in California.
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Yield company Clearway Energy priced a capital raise at $19.15 per share last week, raising about $75 million toward its acquisition of the Carlsbad gas-fired project in California from NRG Energy.
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Six of sPower's relationship lenders earned fees as co-placement agents on the company's recent $498.7 million privately placed bond offering besides the lead placement agent, structuring agent and ratings adviser, Citi.
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Clearway Energy, the yield company formerly known as NRG Yield, came away from the bond market with more than expected on its first debt capital markets outing since transitioning to a new sponsor and a new name.
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AltaGas is preparing to launch an initial public offering through which it will spin off some of its Canadian assets and utilities as part of the fundraising push for its acquisition of WGL Holdings.
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Just as one robin (or, depending on your geographic location, swallow) doesn’t make a spring, two project finance CLOs (PF CLOs)—Bayfront Infrastructure and RIN—may not confidently mark the re-emergence of PF CLOs. They are, nevertheless, a positive and potentially significant development, writes Paul Forrester, Chicago-based partner at Mayer Brown.
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Residential solar developer Sunrun will launch a securitization backed by leases and power purchase agreements within the next month, say deal watchers.
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TerraForm Power closed a project finance private placement in June as part of the fundraising effort for its acquisition of Spain’s Saeta Yield and has launched a second, similar deal, expected to close later this summer.
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Starwood Property Trust was looking to price a $300 million high yield bond on Wednesday to support the acquisition of GE Capital’s energy project finance business.
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Renewable power producer sPower has closed a $500 million private placement refinancing of a portfolio of renewables projects in California and Idaho.
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Jefferies has hired a senior banker from a bulge-bracket firm as it rebuilds its power and utilities investment banking team in New York.
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Mosaic and Goldman Sachs priced a co-sponsored solar loan securitization on Monday, a $317.52 million deal dubbed Mosaic Solar Loan Trust 2018-2-GS.
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Goldman Sachs and residential solar finance firm Mosaic are preparing to jointly issue a new solar loan securitization.
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Credit Suisse was sole arranger on a privately placed solar securitization that Vivint issued alongside its public market debut last week.
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Residential solar lender Sunlight Financial has raised $50 million of equity from growth investor FTV Capital to fund enhancements to its technology platform and its product suite.
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Italy’s Enel has bought a 73% stake in Eletropaulo for R$5.52 billion ($1.48 billion), beating off stiff competition from Spanish rival Iberdrola in a bidding war for the Brazilian utility.
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Brazil’s CPFL Geração de Energia has received board approval to raise R$1.4 billion ($375 million) in the debt market.
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Vivint is preparing to issue its debut asset-backed securitization, a $355 million offering that will be the year’s first ABS deal to be backed by power purchase agreements and leases.
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DTE Electric Co. has become the newest member in the slowly growing club of investment grade U.S. electric utility companies that have issued bonds explicitly marketed or certified as “green”.
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The owners of a U.S. gas pipeline have issued a $1.5 billion three-part senior unsecured bond to finance the project.
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Two Latin American mid-stream gas companies and an independent power producer are preparing to tap the fixed income market in the coming weeks.
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Mike Mendelsohn, senior director of capital markets and project finance at the Solar Energy Industry Association, has departed the trade organization.
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Dividend Solar is prepping a $104.66 million asset-backed securitization, the company’s second ABS deal and the third deal to come to market this year.
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Solar finance company Mosaic is preparing to issue its first securitization of 2018.
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TerraForm Power is issuing $400 million in common stock as part of the funding plans for its $1.2 billion takeover of Spanish yield company Saeta Yield, according to a filing with the U.S. Securities and Exchange Commission.
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Four investment banks have been selected to lead an international bond issuance that will refinance the debt of South America’s only gas liquefaction plant.
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Public benefit corporation New York State Energy Research and Development Authority is readying an $18.5 million asset-backed securitization to finance loans for rooftop solar installations across New York state.
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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 mezzanine capital investor in two Panda Power Funds combined-cycle gas-fired projects in PJM Interconnection has hired a financial adviser to sell its preferred notes.
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Capital Dynamics has agreed to acquire the yield company 8point3 Energy Partners from its sponsors, First Solar and SunPower Corp.
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Lightstone Generation, the power joint venture between ArcLight Capital Partners and The Blackstone Group, repriced its term loan B package at the tight end of initial price thoughts on Friday afternoon.
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Lightstone Generation, a joint venture between Blackstone Group and ArcLight Capital Partners, has repriced loans totaling $1.675 billion, with Credit Suisse as left lead.
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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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FirstEnergy Corp. has raised $2.5 billion through a private placement of equity and preferred shares, bringing activist investors onboard ahead of an expected Chapter 11 restructuring.
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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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A Texas-based hedge fund is seeking to arrange mezzanine capital for Panda Power Funds, mainly to refinance existing capital associated with its fleet of gas-fired combined-cycle projects in PJM Interconnection, deal watchers tell PFR.
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A group of power and investment bankers are set to leave Jefferies and move to New York-based Cantor Fitzgerald, sources tell PFR.
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Empresas Públicas de Medellín has signed a $1 billion AB term loan package for its 2.4 GW Ituango hydro project in northern Colombia, in a rare example of international commercial banks joining a big-ticket deal in the country’s power sector.
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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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Invenergy is planning to raise $64.75 million through a project bond to refinance a solar project in Uruguay that the sponsor acquired in March, a deal that could pave the way for international debt investors in the country.
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Starwood Energy Group Global has increased the size of a term loan B offering and tightened the pricing as it refinances a portfolio of gas-fired assets known collectively as Compass Power Generation.
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Tesla priced the latest securitization from its SolarCity subsidiary on Friday, pushing total solar asset-backed securitization volume beyond $1.5 billion in 2017 as secondary market activity gradually builds.
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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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Calpine Corp. has tapped a series of corporate senior secured bonds maturing in 2026 for an additional $560 million as part of a $1.55 billion refinancing of debt associated with an almost 4.4 GW portfolio of gas-fired projects.
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Investors are eager for a slice of Tesla’s latest solar asset-backed securitization from its SolarCity subsidiary, say industry sources, but solar ABS volume could remain limited in 2018 unless the challenge of securitizing commercial and industrial-scale solar assets can be cracked.
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Starwood Energy Group Global has launched a term loan B package to refinance its Marcus Hook combined-cycle gas-fired project in Pennsylvania and two peakers in Massachusetts it bought from Dynegy earlier this year.
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About three weeks after NRG Energy pulled a planned high yield bond offering amid market volatility, the independent power producer returned on Nov. 30, this time successfully raising $870 million.
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A sponsor has placed a private placement entirely with Allianz Global Investors to refinance a vintage wind project in Washington state.
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Calpine Corp. was set to reprice three senior secured term loan Bs totaling $2.6 billion on Friday.
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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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The board of Brazil’s Renova Energia has approved the acquisition of the company by Brookfield Asset Management and the Canadian buyer has up to 90 days from Monday to get the transaction documents finalized.
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Canada’s Stoneway Capital Corp. reopened its 10-year dollar-denominated bonds for another $165 million last week to fund the conversion of a gas-fired plant in Argentina from simple-cycle to combined-cycle, a move that will add 120 MW of capacity to the under-construction facility.
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Talen Energy returned to the high yield bond market on Nov. 20 for an add-on transaction that increased the size of a 2026 series of unsecured notes it had issued the week before.
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Solar and wind power producer sPower has priced a $421 million private placement secured on roughly half of its operational fleet, say deal watchers.
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Talen Energy Supply launched a $400 million refinancing on Tuesday in a wobbly high yield bond market that has recently seen three energy sector issuances pulled, including one from NRG Energy.
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The Inter-American Development Bank is evaluating a possible 1 billion peso ($52 million) warehousing loan to finance a portfolio of small-scale solar projects in Mexico with a view to supporting a subsequent securitization in the local capital markets, a model the development bank has used for previous projects.
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Morgan Stanley is arranging a $750 million term loan B backing a 1,791 MW portfolio of wind, solar and biomass assets owned by Exelon Corp.
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Korea Electric Power Corp. has hired three bookrunners to run an investor roadshow ahead of a potential dollar-denominated green bond issuance as it looks to build a renewables portfolio in the U.S. through acquisitions.
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Exelon Corp.’s competitive generation subsidiary in Texas, ExGen Texas Power, has filed for Chapter 11 bankruptcy protection as it enters into a restructuring procedure.
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Tesla priced an asset-backed securitization offering backed by solar lease and power purchase agreements originated by its SolarCity subsidiary on Nov. 3, selling the bonds at the tight end of price guidance.
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Two fossil fuel-fired generators repriced loans and TerraForm Power set out to refinance its debt this week amid borrower-friendly conditions in the leveraged finance market.
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Bookrunners issued pricing guidance on Tuesday for an ABS offering by Tesla backed by leases and power purchase agreements originated by its SolarCity subsidiary.
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Latin American generator Inkia Energy is marketing a 10-year bond this week, as the company looks to buy back $450 million of debt at a time of uncertainty over its ultimate ownership.
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Moody’s Investors Service has upgraded senior secured bonds issued by two Berkshire Hathaway solar projects in California, after Fitch Ratings did the same this summer.
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Hot on the heels of a tightly-priced asset-backed securitization from Mosaic, Tesla-owned SolarCity is readying its second ABS issuance this year.
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Matt Odette, director in project finance, and Frederick Echeverria, executive director on the private placement desk, discussed the trend toward financing projects in the bond market with Richard Metcalf, editor of PFR, in this exclusive interview.
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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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Mosaic sold a solar loan securitization at tight spreads on Wednesday, as investors report that the market for solar and Property Assessed Clean Energy (PACE) is turning into a food fight amid heavy demand and low supply.
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S&P Global Ratings has raised its rating of TerraForm Power’s bonds by three notches following the replacement of SunEdison by Brookfield Asset Management as the yield company’s sponsor.
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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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Atlantic Power Corp. repriced its term loan B for the second time this year, following an upgrade from Moody’s Investors Service.
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Chilean independent power producer Colbún received $3.5 billion of orders for a $500 million corporate bond last week, says a banker on the deal.
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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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LS Power wrapped a mini-perm on Friday to finance part of its acquisition of a bundle of merchant generation assets, called Aspen Generating, from FirstEnergy.
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Dividend Solar priced its first solar ABS transaction at the end of last week, as market chatter around the asset class increases on the back of rumors of more issuance during last month’s ABS East industry conference.
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Guggenheim Securities has hired a power and utilities investment banking veteran from Barclays as a senior managing director.
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The fact that the Suniva 201 trade case is now moving to the remedy phase has the potential to slow or stop solar projects in the works, write John Marciano, Shana Hofstetter and Greg Lavigne of Akin Gump Strauss Hauer & Feld.
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An influx of foreign capital from South Korea has flooded the generation space as lenders chase yield in the U.S.
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As cash pours into project finance, non-bank lenders are trying hard to differentiate themselves from banks and each other.
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Cheniere Energy Partners LP Holdings priced a $1.5 billion high yield bond on Sept. 12 to partially refinance term loans the company signed in February 2016.
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Solar finance company Mosaic has agreed to sell $300 million of loans for residential rooftop solar systems to Goldman Sachs.
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A private equity portfolio company offered term loan B investors a discount to tempt them into a repricing transaction that was priced at the wide end of initial guidance last week.
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An independent power producer and a private equity firm are seeking to reprice two term loan Bs to take advantage of borrower-friendly conditions.
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Atlantic Power Corp. could seek to reprice its term loan B “as early as October” if interest rates remain low, the company’s ceo said during its second-quarter earnings call on Aug. 4.
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Invenergy has refinanced its operational 70 MW Campo Palomas wind project in Uruguay with a $135.8 million private placement.
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After spending a year and a half working as a project finance banker, a former asset management professional has returned to the buy-side, taking up a role at the private equity arm of Siemens.
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A solar developer has wrapped a $450 million debt investment arranged by an Asian state-owned investment manager and a New York-based private credit firm.
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MUFG retained its number one spot in the North American power project finance mandated lead arranger league table for the first half of 2017, as gas-fired deals attracted institutional capital, while wind financing hit a lull.
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Morgan Stanley has repaid debt associated with a gas-fired project it recently acquired in PJM Interconnection as it seeks to make the asset produce a dependable yield.
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Moody’s Investors Service has assigned a rating to a $6.3 billion debtor-in-possession facility for Energy Future Holdings, amid a tussle over who will own its main asset—Oncor Electric Delivery Co.—should it emerge from bankruptcy.
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In June, officials from KeyBanc Capital Markets, Prudential Capital Group, Voya Investment Management and BlackRock discussed the latest trends U.S. renewable project finance with PFR.
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Moody’s Investors Service has downgraded approximately $1.05 billion of debt associated with a 945 MW partially-contracted coal-fired project in Texas from B2 to B3.
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AES Corp. priced a $1.5 billion private placement, to partially finance its AES Southland portfolio of gas-fired and battery storage assets in California, last week.
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Spruce Finance, which finances residential solar and energy efficiency projects in the U.S., sold a $250 million loan portfolio to an undisclosed North American bank on June 21.
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Two former infrastructure and energy finance bankers who left Deutsche Bank in the last 12 months have taken up new positions.
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Companies linked to Argentina’s RenovAr renewables program could use the good sentiment built up by the sovereign’s $2.75 billion 100-year bond, priced on June 19, to print their own debt in the capital markets, say bond syndicate bankers.
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FirstEnergy Corp. priced $3 billion of corporate bonds across three tranches on June 19 to refinance debt amid efforts to shed its competitive generation business.
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Solar lending platform Mosaic is preparing to launch its second asset-backed securitization just four months after sealing its inaugural ABS offering.
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Mandates and potential structural issues arising from the two recent power auctions in Mexico were discussed at a half-day conference hosted by Morrison & Foerster in its New York office on June 14.
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The founder and ceo of Invenergy has slammed the market for the abundance of capital flowing into PJM Interconnection, in an exclusive interview with PFR following the disappointing results of the recent capacity auction in the region.
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Moody’s Investors Service has raised the credit rating of a gas-fired peaker in Illinois by one notch in the wake of the recent PJM Interconnection capacity auction.
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Apple priced a $1 billion 10-year green bond on Tuesday, building on its $1.5 billion inaugural offering last year. The technology company plans to use the proceeds for one or more renewable and efficiency projects.
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Three banks are leading on a roughly $2.2 billion debt package for a portfolio of gas-fired and battery storage projects that AES Corp. is developing in California.
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Power Finance & Risk announced the winners of its 14th Annual Deals and Firms of the Year Awards at a drinks reception at the Bryant Park Hotel in New York on May 24.
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The results of the latest PJM Interconnection capacity auction, announced on May 23, could lead to more conservative lending terms for new-build gas-fired facilities in some regions.
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Moody’s Investors Service has lowered the credit rating of Lonestar Generation, a Blackstone portfolio company that owns a group of merchant gas-fired projects in Texas, but says that sales into Mexico are beginning to buoy the company’s finances.
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NRG Energy and its subsidiary, GenOn Energy, have reached an agreement with a group of GenOn creditors that could pave the way to a consensual Chapter 11 restructuring.
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NRG Energy placed a $407 million private placement with a group of investors led by a large U.S. insurer as part of the financing for its Carlsbad Energy Center in California, PFR has learned.
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LS Power has closed a hybrid bank and institutional debt financing for a more-than-3 GW portfolio of merchant and gas-fired projects and sold the assets to a new group of institutional investors.
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Cheniere Energy has priced a $1.5 billion high yield bond to refinance debt associated with its Corpus Christi LNG facility in San Patricio County, Texas.
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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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A banker who joined Morgan Stanley two years ago to build up the energy and power finance offering within its commodities group has left the bank to take up a new role at Whitehall & Co.
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A former senior financier at SunEdison and TerraForm Power has joined a roughly one-and-a-half-year-old solar-focused private equity firm.
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Investors that missed out on the chance to acquire SunEdison’s two yield companies still have options, as stakes in two other publicly-listed renewables roll-ups have come up for sale this year and another could be put on the block before long.
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PFR has learned the identity of two investment banks advising First Solar and SunPower on a strategic review that could lead to a sale of their joint yieldco, 8point3 Energy Partners.
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A Dutch pension fund manager has agreed to acquire a portfolio of distributed solar assets from SolarCity.
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Solar and Property Assessed Clean Energy (PACE) experts at the IMN Green Investing Conference on Thursday noted that both markets will see more participation as issuance accelerates and the sectors become more sophisticated.
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Fitch Ratings has revised the criteria it uses to assess renewable projects, which could lead to upgrades for several solar project financings.
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