Capital Markets
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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?
-
Southern California Edison is marketing its first securitization in 20 years to finance upgrades and costs associated with its wildfire prevention program.
-
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.
-
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
-
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?
-
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.
-
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.
-
NRG Energy has announced several bond offerings it intends to use to finance its acquisition of North American energy retailer Direct Energy from Centrica.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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
-
Sunnova Energy International has completed its sixth residential solar securitization – its second backed by loans rather than leases or power purchase agreements.
-
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.
-
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.
-
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.
-
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?
-
Solar finance company Sunnova priced the first solar securitization of 2020, a $313.5 million dual-tranche offering, on Feb. 5.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
NRG Energy and Talen Energy Supply both dove into the high yield market this week, launching bonds totaling $1.483 billion.
-
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.
-
Residential solar loan provider Loanpal is coming to market with its first solar securitization, a $272.2 million offering.
-
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.
-
Solar Mosaic is returning to market with a $259.7m deal, its fifth ABS offering to date.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Spanish gas and power provider Naturgy (formerly Gas Natural Fenosa) has closed the first non-recourse project bonds to finance solar plants in Brazil.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Several former Morgan Stanley power and utilities bankers have completed their move to Jefferies.
-
Tesla has hired a capital markets professional who previously worked in project finance at a solar developer in California.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Residential solar developer Sunrun will launch a securitization backed by leases and power purchase agreements within the next month, say deal watchers.
-
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.
-
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.
-
Renewable power producer sPower has closed a $500 million private placement refinancing of a portfolio of renewables projects in California and Idaho.
-
Jefferies has hired a senior banker from a bulge-bracket firm as it rebuilds its power and utilities investment banking team in New York.
-
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.
-
Goldman Sachs and residential solar finance firm Mosaic are preparing to jointly issue a new solar loan securitization.
-
Credit Suisse was sole arranger on a privately placed solar securitization that Vivint issued alongside its public market debut last week.
-
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.
-
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.
-
Brazil’s CPFL Geração de Energia has received board approval to raise R$1.4 billion ($375 million) in the debt market.
-
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.
-
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”.
-
The owners of a U.S. gas pipeline have issued a $1.5 billion three-part senior unsecured bond to finance the project.
-
Two Latin American mid-stream gas companies and an independent power producer are preparing to tap the fixed income market in the coming weeks.
-
Mike Mendelsohn, senior director of capital markets and project finance at the Solar Energy Industry Association, has departed the trade organization.
-
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.
-
Solar finance company Mosaic is preparing to issue its first securitization of 2018.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Capital Dynamics has agreed to acquire the yield company 8point3 Energy Partners from its sponsors, First Solar and SunPower Corp.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
A group of power and investment bankers are set to leave Jefferies and move to New York-based Cantor Fitzgerald, sources tell PFR.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Conor, Clark & Lunn Infrastructure has refinanced a pair of solar projects totaling 100 MW in Ontario with two unrated private placements.
-
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.
-
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.
-
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.
-
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.
-
A sponsor has placed a private placement entirely with Allianz Global Investors to refinance a vintage wind project in Washington state.
-
Calpine Corp. was set to reprice three senior secured term loan Bs totaling $2.6 billion on Friday.
-
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.
-
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.
-
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.
-
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.
-
Solar and wind power producer sPower has priced a $421 million private placement secured on roughly half of its operational fleet, say deal watchers.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Bookrunners issued pricing guidance on Tuesday for an ABS offering by Tesla backed by leases and power purchase agreements originated by its SolarCity subsidiary.
-
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.
-
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.
-
Hot on the heels of a tightly-priced asset-backed securitization from Mosaic, Tesla-owned SolarCity is readying its second ABS issuance this year.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Atlantic Power Corp. repriced its term loan B for the second time this year, following an upgrade from Moody’s Investors Service.
-
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.
-
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.
-
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.
-
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.
-
Guggenheim Securities has hired a power and utilities investment banking veteran from Barclays as a senior managing director.
-
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.
-
An influx of foreign capital from South Korea has flooded the generation space as lenders chase yield in the U.S.
-
As cash pours into project finance, non-bank lenders are trying hard to differentiate themselves from banks and each other.
-
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.
-
Solar finance company Mosaic has agreed to sell $300 million of loans for residential rooftop solar systems to Goldman Sachs.
-
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.
-
An independent power producer and a private equity firm are seeking to reprice two term loan Bs to take advantage of borrower-friendly conditions.
-
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.
-
Invenergy has refinanced its operational 70 MW Campo Palomas wind project in Uruguay with a $135.8 million private placement.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Two former infrastructure and energy finance bankers who left Deutsche Bank in the last 12 months have taken up new positions.
-
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.
-
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.
-
Solar lending platform Mosaic is preparing to launch its second asset-backed securitization just four months after sealing its inaugural ABS offering.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
A former senior financier at SunEdison and TerraForm Power has joined a roughly one-and-a-half-year-old solar-focused private equity firm.
-
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.
-
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.
-
A Dutch pension fund manager has agreed to acquire a portfolio of distributed solar assets from SolarCity.
-
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.
-
Fitch Ratings has revised the criteria it uses to assess renewable projects, which could lead to upgrades for several solar project financings.
-
As NextEra Energy priced a $1.25 billion 10-year corporate bond on April 25 to refinance debt that is due to mature later this year, investors were apparently untroubled by the snag it hit trying to acquire a Texas utility company.
-
San Francisco-based Generate Capital is deploying $250 million to finance standalone battery storage and solar-plus-storage projects as it seeks to shape the nascent market for the asset class.
-
The Carlyle Group has hired Morgan Stanley to lead a refinancing of a term loan B secured by a portfolio of gas-fired, oil-fired and hydro projects that the private equity firm acquired last year.
-
Houston-based residential solar finance company Sunnova priced a debut asset-backed securitization this week, putting the issuance volume of solar ABS year to date higher than in the entirety of 2016.
-
Goldman Sachs has been hired for a potential sale of Spruce Finance, say deal watchers.
-
Moody’s Investors Service has placed the debt associated with a contracted gas-fired cogeneration plant in California on review for downgrade, citing renewable development and hydrology levels in the region.
-
Argentina has set itself an ambitious goal for renewables to make up about half of the country's generation capacity within 10 years, but large funding challenges lie ahead if this is to become a reality.
-
Talen Energy Supply has increased the size of its term loan B offering by $100 million and priced a $400 million five-year bond.
-
The two sponsors behind 8Point3 Energy Partners have announced that they are each undertaking a strategic review of their stakes in the yield company as First Solar seeks quicker sales for its projects.
-
Panda Power Funds’ Temple I combined-cycle project in Texas looked set to default on its term loan after a three day grace period expired following the project’s failure to make a coupon payment that was due on March 31.
-
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.
-
Paige Wisdom, the former chief enterprise risk officer at Freddie Mac, has joined residential Property Assessed Clean Energy (PACE) lender Renovate America as cfo.
-
Two banks are arranging a non-recourse $200 million loan for the residential solar sponsor Sunrun.
-
Panda Power Funds is running out of time to refinance its Temple I combined-cycle project, which is in a grace period, having failed to make a coupon payment that was due on March 31.
-
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.
-
Talen Energy is undertaking a corporate refinancing involving the issuance of a new $400 million secured term loan B, a repricing of its existing $600 million term loan and an offering of up to $500 million of senior unsecured notes.
-
Owners of gas-fired projects joined a general stampede to the term loan B market for repricings in the first quarter of the year, in a trend that is likely to continue as long as inflows of capital outweigh borrower demand for new debt.
-
Atlantic Power Corp. has held a lender meeting with a view to repricing a term loan B it originally issued about a year ago, during a more turbulent time in the market.
-
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.
-
Hannon Armstrong has issued an $84 million green debt private placement to finance solar and energy efficiency projects in an offering arranged by BlackRock.
-
New York-based utility company Consolidated Edison has hired a corporate finance director who worked in Barclays’ investment banking group until last month.
-
ArcLight Capital Partners is amending and extending a term loan B it secured last year to refinance a 5 GW portfolio of gas-fired merchant projects it had acquired from Tenaska Capital Management the year before.
-
Blackstone and ArcLight Capital Partners have completed the repricing of a term loan B to finance their joint acquisition of a 5.3 GW portfolio of generation assets from American Electric Power.
-
Vivint Solar has pushed out the maturity date on its $375 million revolving credit facility arranged by Bank of America Merrill Lynch.
-
The Carlyle Group has partly refinanced a 1,066 MW portfolio of gas-fired plants in Georgia, having removed two assets from the collateral package, with implications for a series of bonds related to the portfolio.
-
Brookfield Asset Management has agreed replace to SunEdison as the sponsor of its two yieldcos in deals which will involve Brookfield and institutional partners acquiring a 51% stake in the TerraForm Power and 100% of TerraForm Global.
-
Cheniere Energy priced a $1.35 billion of debt for its Sabine Pass LNG liquefaction project in Louisiana in the public bond market on Feb. 28 after closing an $800 million private placement for the same project the previous week.
-
There is plenty of room for growth in commercial solar securitization, SFIG Vegas attendees heard on Tuesday, and lenders need capital markets access to fund it. But the lack of scale in the market is a key hurdle, creating a ‘catch 22’ situation.
-
Cheniere Energy has priced the $1.35 billion senior secured note offering it announced yesterday, completing the refinancing of loans obtained in 2015 for its Sabine Pass project in Louisiana.
-
Cheniere Energy is hunting for $1.35 billion of debt for its Sabine Pass LNG liquefaction project in Louisiana in the public bond market after closing an $800 million private placement for the same project on Friday.
-
Activist shareholders are likely putting pressure on NRG Energy to sell its yield company, NRG Yield, according to a report published by Moody’s Investors Service.
-
Chilean utility Transelec surprised project finance bankers this week when it awarded a roughly $93 million transmission project to a consortium that includes Spain’s Abengoa, which is in the midst of a debt restructuring process.
-
LS Power has mandated Credit Suisse to arrange financing for its acquisition of a 3.9 GW mostly gas-fired portfolio from TransCanada.
-
PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for Americas LNG Project Finance Deal of the Year.
-
Pattern Energy Group, the yield company of Pattern Development, is cautiously considering taking a stake in its sponsor’s development-stage projects, according to an analyst report.
-
Morgan Stanley has priced a $150 million exit facility as part of Homer City Generation’s pre-packaged restructuring following the coal-fired plant owner’s Chapter 11 filing in January.
-
MidAmerican Energy joined the growing ranks of U.S. utility companies that have issued green bonds with an $850 million dual-tranche offering on Monday.
-
SolarCity has announced a $145 million asset backed securitization, bringing deal flow in the year to date to two offerings and putting the first month of the year on par with activity in all of 2016.
-
Pattern Energy priced its debut high yield bond on Friday in a $350 million offering that was marketed to investors last week.
-
MUFG topped the power project finance league table for North America in 2016, arranging loans totaling some $3.7 billion, according to data from PFR affiliate Dealogic.
-
California-based solar finance company Mosaic is preparing to hit the ABS primary market with an offering backed by loans on residential rooftop solar systems, the first such transaction since early 2016.
-
Pattern Energy Group is planning to price its first corporate-level bond with a $350 million high yield offering later this week, primarily to finance wind project dropdowns from its sponsor.
-
Algonquin Power Co., the renewable generation subsidiary of Algonquin Power & Utilities, has issued its first bond in three years through a C$300 million ($248 million) private placement.
-
Bank of America Merrill Lynch has arranged a $204 million institutional term loan to refinance a 214 MW residential solar portfolio for Vivint Solar.
-
GE Capital's Homer City coal-fired project in Indiana County, Pa., has filed for a pre-packaged restructuring under Chapter 11, as expected.
-
Jefferies has strengthened its leveraged finance team with the addition of a pair of bankers who worked together at Lehman Brothers and Barclays for many years.
-
A number of turbine loans are in the market and slated to close before Dec. 31, project financiers tell PFR. Multiple wind project sponsors are trying to capitalize on the full production tax credit by ordering large volumes of wind turbines before the incentive steps down at year end.
-
TerraForm Global has released its delayed 2015 annual financial report, revealing a net loss of $371 million and project-level defaults as it works with its sponsor SunEdison to find a buyer.
-
Allianz Global Investors, the investment management arm of German insurer Allianz, has completed its first project-level debt investment in the U.S. renewables sector—a more than $400 million private placement for a BHE Renewables wind project in Nebraska.
-
The pricing on a term loan B to finance The Blackstone Group and ArcLight Capital Partners’ joint acquisition of a 5.3 GW portfolio of coal- and gas-fired assets has flexed up.
-
The order book for last week’s $1.5 billion high yield bond for Cheniere Energy’s Corpus Christi LNG terminal exceeded $4.5 million at one point during execution, PFR has learned.
-
Cheniere Energy has priced its fifth project-level bond offering of the year, this time refinancing $1.5 billion of bank debt at its Corpus Christi LNG export terminal in the high yield market.
-
TerraForm Power has belatedly published its annual financial report for 2015, updating investors on its efforts to disentangle itself from its bankrupt sponsor and its attempts to cure or obtain waivers for project-level defaults that have arisen in its portfolio.
-
A joint venture between The Blackstone Group and ArcLight Capital Partners has launched a term loan B to finance its acquisition of a four-project portfolio of coal and gas-fired facilities.
-
Ormat Nevada and Northleaf Capital Partners have closed a $92.5 million private placement refinancing for a 20 MW geothermal project they co-own in Nevada.
-
A joint venture between Blackstone Group and ArcLight Capital Partners plans to launch a term loan B this week to finance its acquisition of a four-project portfolio of coal and gas-fired facilities.
-
Mike Garland, ceo of Pattern Development and president and ceo of its yield company, Pattern Energy Group (PEGI), discusses the latest trends in project finance and gives his view on the state of yieldco equities.
-
New Jersey-based solar shop Soltage has closed the first part of a $140 million equity investment that it will use to develop a 100 MW portfolio of projects in the U.S.
-
Speakers and attendees at the 20th Annual Platts Mexican Energy Conference on Nov. 14 expressed surprise at the speed and success of reforms to the energy market, but warned that some of the renewables projects that won contracts in the country’s first two power auctions may not materialize.
-
Moody’s Investors Service has downgraded $410 million of senior debt secured on a 2 GW portfolio of gas-fired projects owned by Invenergy, citing “substantial financial underperformance”.
-
8minutenergy has hired Bank of America Merrill Lynch as its financial adviser for its first corporate-level capital raise.
-
The joint sponsors of a 100 MW solar facility in Ontario have refinanced the project’s debt in the bond market to take advantage of increasingly favorable pricing.
-
Altus Power America, a private investor with a 60 MW portfolio of commercial and industrial-scale solar projects in the U.S., has obtained a $200 million equity investment from Goldman Sachs and two other investors.
-
A Dynegy subsidiary which owns almost 3 GW of coal-fired generation in Illinois has tentatively agreed to a restructuring deal with a group of bondholders.
-
Cheniere Energy is seeking to acquire the remaining shares in Cheniere Energy Partners LP Holdings that it does not already own. The holding company has an indirect stake in the Sabine Pass LNG terminal in Louisiana.
-
Macquarie Asset Management’s infrastructure debt platform has expanded to establish a U.S. presence in New York. The group is being led by a hire from Macquarie Group’s investment banking division.
-
8Point3 Energy Partners is raising equity to finance its acquisition of a 49% interest in the 102 MW Henrietta solar project in Kings County, Calif., from sponsor SunPower.
-
The solar financing market is evolving as residential solar providers shift to ownership, rather than leasing solar assets, said panelists at ABS East at the Fontainebleau Miami Beach on Sept 19.
-
Cheniere Energy raised $1.5 billion in the bond market on Monday to refinance debt at its Sabine Pass LNG liquefaction project in Louisiana, after S&P Global Ratings raised the project’s rating to investment grade.
-
Despite a tumultuous year, turnout was undamped at Solar Power International in Las Vegas. Over 17,000 solar industry professionals gathered at the Las Vegas Convention Center from Sept. 12 to Sept. 15 for the largest solar trade show in North America.
-
Three financial institutions are advising TerraForm Power and TerraForm Global on SunEdison’s potential sale of its interest in the two yield companies.
-
NRG Energy has closed the sale of a 51.05% stake in the 250 MW California Valley Solar Ranch project to its yield company, in a deal financed with the issuance of additional project-level debt.
-
Invenergy has selected arrangers for a debt package backing the 1.5 GW Lackawanna combined-cycle gas fired project in Jessup, Pa.
-
NextEra Energy Partners has agreed to acquire a 24% interest in the 550 MW Desert Sunlight solar project in California in a transaction to be financed in the equity market.
-
In this week’s Industry Current, Bernays ‘Buz’ Barclay, managing partner at Rimon P.C. and senior adviser to Marathon Capital, calls on the power industry to engage with blockchain technology.
-
In this exclusive interview Recurrent senior v.p., finance & capital markets, and PFR finance official of 2015, Josh Goldstein, discusses the project finance landscape.
-
Hydro projects have long lifespans and a number of assets which are changing hands today were financed more than a century ago, when project finance transactions were a little different.
-
TerraForm Power avoided a technical default on its bonds after bondholders agreed to give the SunEdison yield company until December to file its annual accounts for 2015.
-
Moody's Investors Service and S&P Global Ratings have downgraded their outlooks for Canadian Solar to negative.
-
In this week’s Industry Current, Salem Esber, a Denver-based energy markets expert at London-headquartered PA Consulting Group, considers whether the publicly-traded model is right for U.S. independent power producers.
-
Several power and utilities companies issued corporate bonds this week as issuance generally wound down, allowing bankers, treasurers and investors to take a well-deserved summer break.
-
Pattern Energy Group is in talks with its sponsor, Pattern Development, to acquire its 50% stake in a 180 MW wind farm in Canada after the yield company raised $239 million with an equity offering.
-
Sponsors with gas-fired projects in New York are facing the new reality that nuclear projects in the state could stay online for longer than previously thought.
-
SolarCity has seen a slump in project finance deals in the second quarter, due to the planned $2.6 billion acquisition by Tesla Motors.
-
Dominion Resources priced $1.3 billion of corporate bonds across three tranches on Aug. 4, some of which will go toward its $4.4 billion acquisition of Questar.
-
In an unexpected move, Enel Green Power has made inquiries with banks about providing project finance for three solar projects which won contracts in the Mexico power auction earlier this year.
-
Consumers Energy Co. issued $450 million bond on Monday after releasing its second quarter earnings report last week. Other utilities are expected to follow suit in the coming days as they seek to meet their funding needs before the market slowdown at the end of August.
-
NextEra Energy has agreed to acquire Energy Future Holdings’ 80% stake in Oncor Electric Delivery Co., according to an announcement issued Friday morning, putting to rest years of speculation over who would ultimately buy the Texas utility from its bankrupt parent company.
-
Increasing calls for insurers to divest from companies with a large proportion of coal-fired generation could prompt a sell-off of certain utility company bonds, according to a report by bond research firm CreditSights.
-
Moody’s Investors Service and Fitch Ratings have placed the bonds secured on two Berkshire Hathaway Energy Renewables solar projects in California on review for downgrade following several outages.
-
Freeport LNG has priced a $1.25 billion project bond offering to refinance part of the second liquefaction train at its export facility on Quintana Island, Texas. Four bookrunners priced the notes last week, says a deal watcher.
-
NRG Energy has increased the size of its second high yield bond offering of the year, which was priced on July 19 to take advantage of a rally in credit markets.
-
NRG Energy has returned to the high yield bond market to raise $1 billion with its second offering this year as it continues to manage upcoming maturities.
-
Apex Clean Energy has closed debt and tax equity financing and sold a majority stake in a 217 MW portfolio of projects in Texas.
-
IFM Investors has bolstered its North American infrastructure debt investment team with the hire of an experienced deal originator and executor from Hastings Funds Management.
-
Distributed wind developer United Wind has obtained an equity commitment from Total and is in talks with lenders to arrange debt financing for its fourth and largest project fund.
-
Southern Company has taken another step into the natural gas transportation market by acquiring a 50% stake in a Kinder Morgan pipeline system in the southern U.S for $1.47 billion.
-
A sponsor is planning to launch a local project bond for a wind facility in Uruguay once it comes online next year, to take out commercial bank debt that was put in place in February.
-
The U.S. corporate bond market appears to be receptive to utility and mid-stream energy names that are lining up deals, after a quiet period triggered by the U.K.’s decision to leave the European Union.
-
Pattern Energy has agreed to acquire the 324 MW Broadview wind project in Curry County, N.M., from Pattern Development, marking the yield company’s first dropdown acquisition since August.
-
Brookfield Asset Management and its affiliates have purchased a 12.13% stake in TerraForm Power, and the Toronto-based group is eying a larger role in the yield company's future.
-
Freeport LNG is holding an investor roadshow for a project bond to refinance train two of its 13.9 million mtpa LNG liquefaction and export facility in Quintana Island, Texas.
-
A Santiago-based sponsor is in talks with a boutique investment bank to raise equity for a pumped-storage hydro project and a nearby solar project in the Tarapacá region of Chile.
-
NRG Energy has priced a $1.9 billion seven-year term loan B as it continues to push out the maturities of its debt.
-
Consolidated Edison Co. of New York snuck in a $550 million bond issuance on Tuesday, before mounting fears around the U.K.’s forthcoming referendum on European Union membership halted supply.
-
Spruce Financial has mandated Citigroup as the lead on its first securitization deal.
-
A partnership that owns one of the largest solar facilities in Canada has refinanced the project’s debt with a C$613 million ($480 million) bond issuance.
-
A $1.5 billion high yield bond market refinancing for Cheniere Energy’s Sabine Pass LNG export terminal won orders from investment grade accounts, said a banker at one of the bookrunners. The size of the deal was increased from $1 billion.
-
Canadian utility holding company Emera priced a multiple-tranche bond offering on Thursday to finance its acquisition of Florida’s TECO Energy, after poor U.S. employment figures failed to hold back the investment grade bond market this week.
-
As oil prices have recovered, bringing stability to the equity markets, the months-long decline in yield company stock prices has turned into a modest rally, at least for some.
-
Emera has mandated bookrunners for a senior secured and a hybrid bond transaction to finance its acquisition of TECO Energy.
-
TransAlta Renewables has priced a C$159 million ($122 million) project bond as its parent company, TransAlta Corporation, seeks to replace corporate level debt with non-recourse project debt.
-
Utility companies tapped the U.S. investment grade bond market in the early part of the week, as investment bankers worked hard to get deals done before the federal holiday.
-
Calpine Corporation priced a $625 million high yield bond on May 24, following AES Corp. and NRG Energy into a market that is benefiting from strong investor appetite, in part because supply has been muted so far in 2016.
-
Details of the pricing and the identity of the lender for Panda Power Funds' refinancing of its Sherman project in Texas have emerged, following the closing of the deal on May 20.
-
Southern Company raised a record-breaking $8.5 billion in the bond market on April 19 with a tightly-priced seven-tranche deal, some of which will be used to fund its acquisition of Atlanta-based gas distributor AGL Resources.
-
Power Finance & Risk announced the winners of its 13th Annual Deals and Firms of the Year Awards at the PFR Awards Dinner at the Metropolitan Club in New York on Wednesday, April 18. Read the full list of winners here.
-
Brookfield Renewable Partners is selling $200 million of preferred shares to Canadian investors, the proceeds of which will be used to pay down debt.
-
In this week’s Industry Current, Randy Male, managing director at Bostonia Partners in Boston, explores the latest innovations in renewables financing in the wake of a challenging 12 months for the yield company sector.
-
TerraForm Global has responded to a notice of default delivered by a group of its noteholders last week, saying the notice is “untimely, and therefore ineffective.”
-
Utility companies flooded into the investment grade bond market this week, taking advantage of favorable market conditions following the release of their first quarter earnings reports.
-
Two generation companies and an LNG facility headed to the high yield bond market this week. With issuance volumes as much as 50% lower than the same time last year, investors appear to have been pleased to see them.
-
Pattern Energy has registered a $200 million at-the-market program to issue shares in small batches over time, as other yield companies mull similar schemes amid a stabilization in share prices in the sector.
-
Several generation portfolios financed with term loan Bs have failed to deleverage as expected and are sweeping 100% of their cash to pay down debt as a result of challenging market conditions, according to a report by Moody’s Investors Service.
-
A Nashville, Tenn.-based developer, owner and operator of solar projects has raised $111 million with a privately placed capital increase.
-
Michigan Electric Transmission Company, a subsidiary of ITC Holdings Corp., has issued a $200 million secured private placement to refinance an unsecured term loan due in 2018.
-
The votes are in, and Power Finance & Risk can now reveal the nominees for the Deals and Firms of the Year Awards.
-
Credit Suisse has emerged as the supplier of a roughly $60 million warehouse facility for SunPower in preparation for the company's inaugural asset-backed securitization of a portfolio of residential solar leases.
-
In the second part of this exclusive interview, Kevin Walsh, managing director and group head of renewable energy at GE Energy Financial Services, talks with PFR reporter Fotios Tsarouhis about what is driving development of renewables both in the U.S. and abroad, and what markets GE’s project finance arm is focusing on.
-
SunEdison has obtained $300 million of debtor-in-possession financing from its creditors and filed for Chapter 11 bankruptcy protection, the company announced on April 21.
-
Troubled solar sponsor SunEdison has missed a payment to holders of a convertible bond maturing in 2018, according to a report by CreditSights, an independent financial research firm.
-
The Carlyle Group has obtained commitments totaling more than $1.5 billion for Carlyle Power Partners II, the firm's second fund established to target generation assets in North America.
-
A mergers and acquisitions investment banker who left Barclays in September last year has rejoined four former colleagues he used to work with at Lehman Brothers.
-
TerraForm Global is in talks with lenders to extend the deadline for the filing of its fourth quarter 2015 report, a condition of its revolving credit facility, according to a filing with the U.S. Securities and Exchange Commission.
-
Moody’s Investors Service has upgraded Calpine Corporation’s credit rating, affirmed the ratings of several rivals and downgraded NRG Energy subsidiary GenOn Energy at the end of a review of the U.S. merchant power sector.
-
Vivint Solar has closed a $200 million term loan facility, two weeks after terminating its acquisition agreement with SunEdison.
-
TerraForm Power has received a notice of delisting or failure to satisfy a continued listing rule from Nasdaq because of a late financial statement.
-
Canadian Solar is considering the sale of approximately $2.5 billion of assets or a securitization deal as alternatives to its plan to monetize its assets by creating a yieldco.
-
Vivint Solar is speaking to banks about raising debt after terminating its merger agreement with SunEdison, according to a financier who has been contacted by the rooftop solar company.
-
Georgia Power has become the second investment grade U.S. utility — and the second Southern Company subsidiary — to issue a green bond, as its peers assess the instrument’s potential.
-
SolarCity has raised $49.6 million in its sixth asset backed security offering. Goldman Sachs and Credit Suisse were co-structuring agents and co-bookrunners on the deal, which was priced to yield 6.25%.
-
Duke Energy has launched a public offering of 9.25 million shares to finance part of its purchase of Piedmont Natural Gas.
-
Pattern Energy Group has enough dry powder to acquire one or two projects from its sponsor without issuing new shares, the yield company’s ceo told analysts on Feb. 29.
-
The public equity markets appear to have reopened for some yieldcos, but remain closed for others such as TerraForm Power, whose sponsor, SunEdison, is at “heightened” risk of bankruptcy, according to a recent Moody’s Investors Service report.
-
Power Finance & Risk’s Deals & Firms of the Year Awards are back, recognizing excellence in power finance and asset M&A across the Americas.
-
Apple Inc could use the proceeds of its $1.5 billion debut green bond, part of a $12 billion offering it priced on Feb. 16, to finance new and existing solar, wind and storage projects.
-
Algonquin Power & Utilities Corp. was one of two Canadian firms to announce an acquisition of a U.S. utility company on the same day when it said it had agreed to buy the Empire District Electricity Company on Feb. 9.
-
Shares in SolarCity plunged 29.3% in trading on Wednesday after the rooftop solar company announced it had fallen short of its guidance for growth in the fourth quarter of 2015.
-
Transcontinental Gas Pipe Line Co (Transco), a subsidiary of master limited partnership Williams Partners, priced its first corporate bond in two years on Jan. 19, obtaining pricing that reflects the pressure of low commodities prices on the MLP space.
-
Cheniere Energy Partners is refinancing project debt tied to the Sabine Pass LNG export terminal in Cameron Parish, La., and the Creole Trail Pipeline, which supplies the facility with natural-gas.
-
SolarCity, the largest residential solar developer in the US, has priced a $185 million securitization, the first backed entirely by loans made to homeowners for the financing of solar panel installation.
-
The term loan B market has effectively shut down, according to panelists at Infocast’s 8th Annual Projects & Money conference in New Orleans on Jan. 21.
-
LS Power has refinanced four assets in two club deals totaling $690 million. The four projects are part of a 4.3 GW portfolio of facilities the company is selling.
-
TransAlta will raise between $400 million and $600 million of non-recourse project debt this year to replace $400 million of corporate bonds maturing in June, 2017.
-
Residential solar company SunRun has closed $250 million in senior secured credit facilities, its largest financing to date. The deal, which was arranged by Investec, closed last week.
-
Empresas Públicas de Medellín has closed a $1 billion loan backing the 2.4 GW Ituango hydroelectric project on the Cauca River in northwestern Colombia.
-
Dominion Resources subsidiary Virginia Electric & Power was among the bond issuers that successfully navigated market volatility this week, increasing the size of its 10-year deal to $750 million in response to strong demand on Tuesday.
-
Stonepeak Infrastructure Partners is actively evaluating equity investments in gas-fired and renewable projects in North America having raised $3.5 billion for its second infrastructure fund.
-
Entergy Arkansas became the first U.S. utility to bring a bond to the market in 2016 when it priced a $325 million long 10-year first mortgage bond on Tuesday.
-
SolarCity, the largest residential solar developer in the U.S., is marketing a $185 million securitization, the first backed by loans made to homeowners to finance solar panel installations.
-
Brookfield Renewable Energy and Emera have refinanced 610 MW of hydro facilities on the Deerfield River in Massachusetts via a private placement.
-
Georgia Power found strong demand for a three-year senior unsecured bond on Nov. 11, increasing the size of the transaction from $300 million to $500 million.
-
A fund managed by private equity firm Silver Lake has agreed to invest $100 million in zero coupon convertible senior notes issued by SolarCity, alongside smaller investments by senior SolarCity officials.
-
Southern Power attracted interest from investors who had not previously bought the company’s debt securities when it became the first investment grade U.S. utility to issue a ‘green’ bond.
-
Standard & Poor’s has downgraded SunEdison’s developed market yield company TerraForm Power to B+ and warned that the rating could fall further.
-
SunRun is launching a $230 million aggregation facility this week in a deal being arranged by Investec.
-
NextEra Energy-owned utility Florida Power & Light issued a $600 million 10-year first mortgage bond on Nov. 10, pricing the deal arguably inside its curve.
-
Duke Energy raised the $1 billion it was seeking with a dual tranche bond deal on Nov. 10, despite some investors declining the deal amid expectations of future issuance.
-
Abengoa Yield announced a series of measures to distance itself from its embattled Spanish parent company Abengoa in its third quarter earnings call on Nov. 6. The yield company is seeking an additional sponsor, hiring a new cfo and plans to change its corporate identity.
-
In third quarter earnings calls, yield company executives have faced questions about what strategic options they have, should the volatility the sector has faced since June fail to abate.
-
Sempra Energy has put the launch of its master limited partnership on hold until mid-2016, citing poor MLP market conditions.
-
Pacific Gas & Electric Co. issued $650 million of senior unsecured bonds on Nov. 2, a busy day for investment grade credit, with issaunce totalling almost $7.9 billion.
-
Sunnova has raised $300 million in debt and equity financing and is preparing for an asset backed securitization.
-
The causes and consequences of the recent yield company turmoil, the impact of the Clean Power Plan and hopes to resurrect the production tax credit were all topics of conversation at the American Wind Energy Association Wind Energy Finance and Investment Seminar in at the Roosevelt Hotel in New York.
-
Trevor D’Ollier Lees, a director at Standard & Poor’s, began one of the first sessions of the day at Solar Capital Markets 2015 by introducing a new analogy to illustrate how the solar securitization market had developed since last year’s summit.
-
After months of stock volatility, SunEdison has announced that it is putting asset drop-downs to TerraForm Power and TerraForm Global on hold, just as shares in the yield companies begin to recover some of the ground lost.
-
Moody’s Investor Service has downgraded NRG Yield’s senior unsecured credit rating from Ba1 to Ba2, following a review that began two weeks ago.
-
Southern Co has priced its first junior subordinated debt, a month after the three main rating agencies said its proposed acquisition of AGL Resources would impair its credit metrics.
-
AltaGas has acquired Highstar subsidiary Star West Generation's stake in a 523 MW gas-fired portfolio in California.
-
The Tennessee Valley Authority issued a $1 billion 50-year bond under its Power Bonds program on Monday, choosing its moment carefully amid shaky markets.
-
NRG Energy has revealed its plans for a corporate restructuring and the spin-off of its renewables subsidiaries as a new ‘GreenCo’.
-
Panda Power Funds launches debt financing for its 1 GW Hummel CCGT project in Pennsylvania.
-
NextEra Energy has sold $700 million in equity units, $300 million less than planned, as part of its funding strategy for the acquisition of Texas gas pipeline company NET Midstream.
-
Canadian developer Boralex’s share price, which dropped markedly after the company said it would redeem C$150 million of convertible debentures, has continued its decline since the company announced that it would buy back up to 500,000 shares.
-
SunEdison has financed another large renewables acquisition with private equity backing as it continues to stockpile assets to drop into its yield company, TerraForm Power.
-
Florida utility TECO Energy has found a buyer in the form of Nova Scotia-based Emera, and the $10.4 billion price tag suggests competition for TECO’s regulated assets was strong, says a deal watcher.
-
NextEra Energy this week moved to shield its yield company, NextEra Energy Partners, from volatility in the equity markets with a change in its financing strategy.
-
Canadian Solar has revealed it has back-up plans to monetize its assets should the shaky market for yieldco equities scupper its planned asset spin-off, while SunEdison’s warehouse facilities proliferate.
-
Canadian Solar has revealed it has back-up plans to monetize its assets should the shaky market for yieldco equities scupper its planned asset spin-off.
-
SunEdison capped a busy two days in capital markets Tuesday morning by pricing $650 million of convertible preferred stock the day after announcing the creation of a fourth warehouse facility.
-
In a rocky week for energy equities, SunRun decided to go ahead with its IPO anyway, and although the residential solar firm hit its pricing target, its share price dropped by more than 20% the following day. Meanwhile, in project finance, there is no sign of the usual summer slowdown.
-
This week, Mexican energy infrastructure developer Fermaca's cfo Sergio Camacho spoke to Richard Metcalf, editor of PFR, about the Mexican project finance market, the recent financing of the El Encino-La Laguna gas pipeline and Fermaca’s long-term financing plans for the project.
-
Shares in U.S. residential solar company SunRun have dropped in value by 20% in the first day of trading after its initial public offering, in a tricky market for energy stocks.
-
The proceeds of TerraForm Global’s IPO are 40% lower than its original expectation of $1.13 billion through the sale of 57.7 million class A shares.
-
In this exclusive, Navindu Katugampola, head of green and sustainability bond origination at Morgan Stanley, based in London discusses the rationale behind the bank's recent $500 million green bond sale and the flow of private capital towards green bond issuers in the U.S.
-
Capital Power is planning to issue roughly C$300 million in a senior notes to refinance an existing bond maturing in December 2015, and term out a portion of its drawn credit lines in a volatile Canadian debt market.
-
TerraForm Power's decision to use more debt and cash on hand to fund two recent purchases, instead of issuing $660 million in new equity, demonstrates yieldco sensitivity to capital market conditions, according to a deal watcher.
-
AES Corp. is set to become the first utility company to tap the growing market for securitizations of solar assets, the company has confirmed.
-
SolarCity has opted for a different structure for its fourth securitization, a deal that market participants say is a sign the market is evolving and should lead to more frequent solar asset backed security issuance.
-
This week was dominated by yieldco capital markets activity, with TerraForm Global and Pattern Energy both announcing big equity and debt deals.
-
The pricing Pattern Energy Group Inc. managed to achieve with its public offering of shares and private placement of convertible notes on Thursday was affected by a flurry of capital markets activity by rival yieldcos, according to deal watchers.
-
Standard & Poor’s has given TerraForm Global its first credit rating, ahead of the yield company's inaugural bond issue.
-
SunEdison is acquiring Vivint Solar from Blackstone and other investors in a $2.2 billion deal which will involve TerraForm Power buying a 523 MW portfolio of rooftop solar assets.
-
SunEdison’s emerging market yield company launched its initial public offering and kicked off a roadshow for an $800 million green bond on Monday, both expected to be priced on July 30.
-
SunEdison could become the first sponsor to add solar storage assets to one of its yield companies through its partnership with Green Charge Networks, according to sources at the Belmont, Calif.-based company.
-
Georgia Renewable Power is planning an issuance of $225 million in senior secured bonds to finance the development of two biomass facilities in North Carolina and Georgia.
-
NRG Yield has been able to boost its haul from a rights issue and convertible bond issuance this week since the underwriters on both transactions have agreed to exercise their options to buy additional securities.
-
Even as strategic investors are increasingly becoming involved in financing renewables projects, developers are tackling a fresh set of risks and challenges in developing their generation portfolios.
-
The U.S. offshoot of Spain's Iberdrola is planning to launch a partial IPO once it completes its merger with Orange, Conn.-based United Illuminating Holding Co.
-
NRG Yield has priced $539 million of shares and $250 million of five-year convertible bonds to raise capital for funding acquisitions and retiring outstanding debt.
-
While the renewabels market is seeing high levels of liquidity, yieldcos are capitalizing on declining costs of capital for shovel-ready and operating projects, according to panelists at the 12th Renewable Energy Finance Forum Wall Street conference in New York today.
-
Sempra Energy is gearing up to launch an IPO of Sempra Partners LP, a master limited partnership, as it focuses on ramping up its LNG projects.
-
8point3 Energy Partners has raised $420 million in its IPO of 20 million class-A shares priced at $21 a share.
-
SunEdison is acquiring Globeleq Mesoamerica Energy from Mesoamerica Power and Actis Capital in a deal that marks the prelude to its expansion into Central America.
-
Sempra Energy’s SoCalGas. is the fourth issuer to come to market in less than two weeks, ahead of an anticipated interest rate hike, with $600 million in a pair of first mortgage bonds.
-
First Solar and SunPower’s combined yieldco 8point3 Energy Partners plans to float 20 million Class A shares priced between $19 and $21 in IPO on Thursday.
-
At least three large utilities are coming to market this week against the backdrop of an expected rise in short-term interest rates during the fourth quarter.
-
Québec-based Boralex has issued a C$125 million ($100 million) five-year convertible debenture to refinance the renewable developer's existing debt and fund acquisitions and capital projects.
-
In the second installment of this PFR exclusive, Michael Allison, senior managing director at Macquarie's renewables group discusses his views on the potential for yieldcos coming to market, challenges involved in securing tax equity investments and more.
-
SolarCity, partnering with Bank of America Merrill Lynch, is in talks with regional banks for enrollment in a renewable tax equity investment program announced on May 28.
-
SolarCity has hired former Goldman Sachs executive Radford Small as a member of its executive leadership. .
-
Principal Solar is looking to raise up to $31.6 million with an IPO and Nasdaq listing as it grows its portfolio with two projects in North Carolina and eyes 707 MW of solar in Texas.
-
SunEdison has set the pricing on two convertible bonds totaling $750 million that the company is selling via private placement to fuel its growth in emerging markets.
-
SolarCity is considering multiple ABS issuances in 2015, Marco Krapels, senior v.p. of structured finance and strategy at SolarCity, says in the second instalment of this PFR exclusive by Senior Reporter Olivia Feld.
-
RET Capital, which is eyeing more wind financing deals, has bolstered its origination team with the hire of a former Wells Fargo director.
-
SunEdison has tapped four banks as bookrunners for an IPO of its emerging markets yield company.
-
Project finance and M&A activities continue to swirl in and around PJM.
-
Sponsors and their lead bankers are making the rounds this month to potential lenders. SunEdison’s yield company TerraForm Power is in New York, Boston, Los Angeles and San Francisco on a road show for an $800 million bond offering.
-
SunEdison’s yield company TerraForm Power has embarked on a road show for its $800 million offering of senior, unsecured eight-year notes to fund a portion of its $2.4 billion acquisition of First Wind.
-
LS Power has sealed a refinancing backing its West Deptford combined cycle plant in New Jersey.
-
Investec have closed a $195 million refinancing backing a portfolio of SunRun solar installations. Proceeds from SunRun’s first syndicated financing will be used to grow its residential solar business.
-
Investec have closed a $195 million refinancing backing a portfolio of SunRun solar installations. Proceeds from SunRun’s first syndicated financing will be used to grow its residential solar business.
-
This Industry Current is written by Eli Katz and Michael Masri, partner and associate, respectively, at Chadbourne & Parke in New York.
-
Southwest Generation has wrapped a $240.7 million refinancing. The deal, which will stabilize the Denver-based shop’s portfolio and allow it to focus on increasing its asset base, closed on Monday.
-
The final installment of this Industry Current is an edited transcript of a discussion hosted by Chadbourne & Parke focusing on the benefits and disadvantages of the yield company structure.
-
Pattern Energy Group Inc. has expanded commitments under its corporate credit facility agreement from $145 million to $350 million.
-
FirstEnergy transmission affiliate Trans-Allegheny Interstate Line Co. is issuing $550 million in 10.5-year notes via a private placement.
-
Energy Investors Funds is planning an initial public offering of a vehicle that will include landfill gas generating assets, according to documents the shop filed with the U.S. Federal Energy Regulatory Commission.
-
First Reserve has agreed to buy the 298 MW Kingfisher wind project from Apex Clean Energy.
-
The term loan B market will continue to flourish, according to panelists at Stroock & Stroock & Lavan’s Emerging Energy Industry Developments Seminar on Nov. 18.
-
Terra-Gen Power’s $300 million term loan B could wrap before its Dec. 3 commitment deadline on strong investor demand.
-
SunEdison and TerraForm Power have agreed to buy First Wind for $2.4 billion, including a $510 million earn-out.
-
Terra-Gen Power is pitching a $325 million financing package to pay down project level debt and purchase tax equity interests in a portfolio of wind farms.
-
GE Energy Financial Services and JPMorgan Capital Corp. have agreed to make tax equity investments in NextEra Energy Resources’ Mammoth Plains wind project in Oklahoma.
-
Offtakers in the North America are locking in contracts for an array of fuel types, from wind and solar, to landfill gas and coal.
-
Pattern Energy Group Inc. has shaved 100 basis points off commercial bank debt backing its 265 MW Ocotillo wind project in Imperial Valley, Calif.
-
It was a $7 billion week for power companies in the capital markets. Dynegy launched a multi-tranche $5.1 billion high yield bond sale to pre-fund its acquisition of 12 GW from Duke Energy and Energy Capital Partners.
-
Energy Capital Partners has inked a $1.71 billion financing backing its acquisition of Wheelabrator from Waste Management.
-
SolarCity Corp. is in the process of offering $200 million in senior unsecured notes to public investors in its own online platform.
-
Dynegy is issuing three tranches of privately placed, senior unsecured notes totaling $5.1 billion to finance its acquisition of 12.5 GW from Duke Energy and Energy Capital Partners.
-
NRG Energy and LS Power are among a wave of sponsors out looking for repricings on project finance deals inked in 2011 and 2012.
-
Autumn is a time for pumpkin-flavored everything, breaking out cozy sweaters and fresh starts for Entegra Power Group and Lincoln Renewable Energy.
-
Escondida, the world’s largest copper mine by production in Chile, is catalyzing activity in the debt capital and project finance markets this week.
-
Banks are competing to lead a $700 million to $1 billion refinancing of AES Gener’s 544 MW Angamos coal-fired plant in Chile.
-
A group of lenders aim to wrap a financing backing the 517 MW combined cycle Kelar project in northern Chile this month.
-
A pair of energy efficiency securitization deals is percolating at Citigroup that could hit the market in the next six months.
-
Joint venture partners Greenwood Energy and ILIOSS are talking to banks about financing a $500 million, 250 MW portfolio of distributed generation in Mexico.
-
The yield company dance card could double its size in 2015 as a variety of shops consider making a run at the public markets.
-
The global wind and solar joint venture between Acciona and KKR could hit the public markets in the first quarter.
-
This week’s Industry Current is the transcript of a discussion between a group of seasoned investment bankers that focused on new financing trends, including the term loan B market, green bonds, state green banks, yield companies, financing for merchant plants and other topics.
-
Wind and solar developers have landed a bevy of power purchase agreements in recent weeks as some requests for proposals, such as Duke Energy’s hunt for solar generation in North Carolina, come to a close. The PPA Pulse is a guide to which sponsors and projects have recently garnered power purchase agreements in the Americas.
-
The Tennessee Valley Authority issued $1 billion in 10-year global power bonds this week and will be looking to issue up to $1 billion in its coming fiscal year.
-
Developers are preparing to submit bids in the next few weeks for roughly $2 billion of gas pipelines in Texas and Mexico in tenders hosted by the Comisión Federal de Electricidad.
-
The debt capital markets were flooded with power and utility paper this week, as issuers sent $1.85 billion in notes to bond buyers.
-
Vivint is teeing up its initial public offering that is targeted to raise up to $370.8 million.
-
Ares Capital Corp. has back-levered Competitive Power Ventures’ stake in the 725 MW St. Charles project in Waldorf, Md.
-
Tenaska Capital Management has clinched an upsizing of $100 million to its $1.5 billion term loan B on strong investor demand.
-
DPL Inc. is out to issue $200 million of senior unsecured notes in a private placement this week as it looks to reduce debt.
-
Dominion Resources is in the market to issue $685 million in hybrid junior subordinated notes.
-
Solar panel manufacturers and financial investors may be among the next generation of yield companies, according to analysts.
-
After years of legal battles, regulatory struggles and a documentary film, the Cape Wind offshore wind project has arrived in the project finance market.
-
Cape Wind has launched a wholesale syndication of a $1.95 billion package backing its 468 MW project off the coast of Cape Cod, Mass.
-
The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
-
Solar developers with residential solar pipelines will be looking for tax equity in the next two years at a rate that could squeeze the existing liquidity in the market, according to panelists at IJGlobal’s North America Energy & Infrastructure Financing Forum in New York.
-
Tenaska Capital Management affiliates have launched a $1.59 billion refinancing backing roughly 5 GW of merchant generation.
-
NRG Yield made the biggest headlines this past month as it wrapped a $2.47 billion acquisition of Terra-Gen Power’s Alta wind series in California (PFR, 8/13).
-
A slew of gas-fired projects are slated for development in the next 12-18 months, however, several factors will decide which projects make it through financial close.
-
Innergex is reportedly talking to prospective lenders for financing backing one of its larger hydro projects in Canada.
-
The second installment of this Industry Current is written by Anne Hampson, project manager, and Jessica Rackley, senior associate at ICF International in Washington D.C. For the first installment, click here.
-
TransCanada and Elecnor have dropped out of a request for proposals to build and own the 310-mile Fort McMurray transmission project in Alberta.
RECENT ARTICLES
Recent Articles |
|