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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