Consultants
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Charles River Associates, the financial and management consultants, has expanded its US energy practice by hiring Christine Oumansour as vice president.
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Kane Kiester has joined sustainable energy consulting group Insight Energy as vice president of energy procurement and management, based out of Louisville, Kentucky.
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Some of the power finance world’s fresher faces gathered at CohnReznick Capital’s offices in New York’s Credit Lyonnais Building on Oct. 12 for Juniors in Energy Finance's inaugural “30 Under 30” presentation event.
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A San Francisco-based renewables-focused private equity firm has acquired a portfolio of community solar projects in Massachusetts and financed it with a project bond and tax equity.
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Solar and Property Assessed Clean Energy (PACE) experts at the IMN Green Investing Conference on Thursday noted that both markets will see more participation as issuance accelerates and the sectors become more sophisticated.
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Five Massachusetts electric distribution companies have issued a request for proposals for renewable projects in the state, with a view to signing 15- to 20-year contracts for over 1 GW of generation and associated renewable energy certificates.
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Despite their companies taking a beating in the stock market, representatives of some of the leading publicly traded residential solar companies attending the Infocast Solar Power Finance & Investment Summit were keen to stress that they still have access to the capital markets.
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Homer City Generation, a GE Capital subsidiary that owns a 1,884 MW three-unit coal-fired plant in Indiana County, Pa., filed for a pre-packaged restructuring under Chapter 11 on Jan. 11.
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GE Capital's Homer City coal-fired project in Indiana County, Pa., has filed for a pre-packaged restructuring under Chapter 11, as expected.
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Homer City Generation, a GE Capital subsidiary that owns a 1,884 MW three-unit coal-fired plant in Indiana County, Pa., has reached an agreement with its bondholders regarding a “comprehensive financial restructuring plan” as it prepares to file for bankruptcy this week.
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SolarCity has raised $241 million for a distributed solar portfolio with its third levered cash equity transaction.
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This week’s Industry Current, written by Jim Heidell, Ethan Paterno and Mark Repsher, consultants at PA Consulting Group, focuses on Mexico's emergent capacity markets, unraveling the complexities and the opportunities they represent.
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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.
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A biomass project in Copenhagen that aims to entice tourists to stroll amid a forest of hanging tree trunks won an international architecture award this month.
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Falvez Energy, a wind project sponsor founded by a former banker and a real estate and data center entrepreneur in 2014, has obtained tax equity commitments from two lenders for a merchant wind project.
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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.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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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.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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As global financial markets reeled in the wake of the U.K.’s historic vote to leave the European Union, it was business as usual for much of the American project finance community.
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PwC recently carried out a survey of U.S.-headquartered companies regarding their approach to procuring energy, and George Favaloro, an m.d. at the accountancy, tax and advisory firm, was on hand at the REFF Wall Street conference in New York to share the results.
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Non-utility offtakers signed contracts for about 3.4 GW of renewables last year, but long tenors are still putting some off and regulated markets still present challenges, said panelists at the REFF Wall Street conference in New York on June 21.
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Allianz Risk Transfer, with the help of several partners, has created a novel hedge product to protect wind projects against the risks of intermittent wind resources, which deal watchers say could have a major impact on the market.
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Boralex and two co-owners of a pair of wind farms in Québec have refinanced the assets with a C$617.5 million debt package. The two projects are located about 40 miles north of Québec City and total 727 MW.
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A subsidiary of Southern Power is acquiring a wind project that was previously set to be acquired by SunEdison from Quantum Utility Generation.
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Clean Line Energy is talking to banks about raising between $2 billion to $2.5 billion for construction of its Plains & Eastern Clean Line transmission project from the Oklahoma Panhandle to Memphis, Tenn.
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CohnReznick Capital Markets Securities has made three hires to its renewable energy team in New York.
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DTE Electric has completed the acquisition of a 350 MW gas-fired peaking facility in East China Township, Mich., from a non-regulated subsidiary of DTE Energy, DTE East China.
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Alterra Power Corp. is acquiring four hydroelectric projects from Sigma Engineering. The small-scale hydro projects range from 10 MW to 15 MW and all sit along the Toba Montrose transmission line in British Columbia.
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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.
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Obama has set the first ever federal limits on U.S. power plant carbon emissions in a move that is expected to lead to a deluge of renewables projects.
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Apex Clean Energy has appointed a former executive at NextEra Energy to head up a new office it is preparing to open on the West Coast.
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In this exclusive interview with PFR, Mona Dajani, a partner at Baker & McKenzie’s banking and finance group sheds light on how the ongoing transformation of the power industry is driving corporate restructuring in the context of industry consolidation, and a potential uptick in M&A activity.
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Yield companies are set to circumvent the challenge of new competition if the Master Limited Partnerships Parity Act, recently reintroduced by Delaware and Kansas senators Chris Coons and Jerry Moran, passes muster.
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Oak Creek Renewable Energy is in talks with investors to secure equity investments in the third phase of its roughly 400 MW Tres Mesas wind farm in Tamaulipas, Mexico.
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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.
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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.
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PSEG Power's acquisition of Genesis Power and Ares EIF Management's 755 MW Keys Energy Center has led to the collapse of a debt financing deal backing the CCGT project, just when it was on the brink of closure.
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Affiliates of 8minutenergy Renewables and D.E. Shaw Renewable Investments are set to wrap a $160 million deal backing the 133 MW Springbok solar project in Kern County, Calif., this week.
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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.
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SunPower is embarking on its first residential solar ABS deal slated for a launch in Q1'16 and led by bookrunners thought to be Citigroup or Credit Suisse.
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In this exclusive, David Giordano, managing director at BlackRock discusses the company’s role in M&A transactions, the benefits of its partnership with EDF Renewable Energy, its burgeoning interest in greenfield renewable project investments, and the risks facing project finance players in parts of Latin America.
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Bank of America Merrill Lynch has appointed Brad Hutchinson from Barclays as co-head of the Americas energy investment banking group in Houston.
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The Tennessee Valley Authority aims to issue up to $1 billion by issuing power bonds after summer, partly to finance a portion of two CCGT projects totaling 1.7 GW.
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AES Corp. will evaluate its options for up to 3 GW of unregulated generation in Ohio once more clarity emerges on PJM’s capacity performance proposal.
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Stockholm-based Skanska's U.S. affiliate has started operations in Pittsburgh with local maven Geoffrey Murken leading its energy and infra operations, as the company ponders over a bid for NTE Energy's 525 MW Middletown facility in Ohio.
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A SCANA subsidiary is prepping for an RFP aimed at contracting at least 50% of 84 MW in planned solar capacity from utility-scale facilities in South Carolina.
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Manchester, Mass.-based Clean Energy Future is offloading an equity stake in its 800 MW Lordstown combined-cycle gas-fired facility in Ohio.
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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.
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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.
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EDP Renewables North America and JPMorgan may stalk additional tax equity investors for the 99 MW Rising Tree III wind project in Kern County, Calif.
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SolarCity has hired former Goldman Sachs executive Radford Small as a member of its executive leadership. .
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Michael Allison, senior managing director of Macquarie Capital’s renewables group, sat down with Managing Editor Nischinta Amarnath to discuss the bank’s approach to clients, M&A transactions and capital markets activities. In the first instalment of this exclusive, Allison also offers insights into the bank’s measures to minimize the risks involved in providing development capital for renewable projects.
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Keith Martin, partner at Chadbourne & Parke expounds the framework laid out by the IRS for companies aiming to operate as master limited partnerships.
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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.
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RET Capital, which is eyeing more wind financing deals, has bolstered its origination team with the hire of a former Wells Fargo director.
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Atlantic Power is considering upsizing its seven-year $600 million term loan B to pay down a portion of roughly $316 million in outstanding convertible debentures.
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SunEdison has tapped four banks as bookrunners for an IPO of its emerging markets yield company.
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SolarCity is at the nucleus of asset class growth activity even as a trio of M&A deals have made their way into the market.
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SolarCity has secured $500 million in revolvers from Bank of America Merrill Lynch, Credit Suisse and Deutsche Bank for distributed solar.
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The San Mateo, Calif.-based pioneer of asset-backed rooftop solar securities continues exploring new financial structures under its latest hire, Marco Krapels, senior v.p. of structured finance and strategy. In the first instalment of this PFR exclusive, Krapels spoke to Senior Reporter Olivia Feld about SolarCity’s expansion plans and asset class growth.
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Solar developer Cypress Creek Renewables has tapped Allan Riska, formerly senior manager in project finance at SunEdison, as director of its project finance group.
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Reno, Nev.-based geothermal shop Ormat Technologies has sold a 36.75% stake in its holding co. affiliate, ORPD to Toronto-based Northleaf Capital Partners for $162.3 million.
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Greg Leveto, formerly a v.p. of hard asset trading at Goldman Sachs, is joining Deutsche Bank AG as a director in the transportation, infrastructure and energy finance group.
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Pattern Energy Group Inc. has acquired a 77% stake in a 150 MW wind farm that features Amazon Web Services as the offtaker in a $127 million deal with its parent company.
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Cheniere Energy is planning to add two additional trains at one of its LNG export projects, and plans to finance these trains in 2017.
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Xcel Energy is eyeing an acquisition of the 200 MW Courtenay wind farm near Jamestown, N.D., from Geronimo Energy.
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A subsidiary of Osaka Gas is making its first investment in a merchant facility through its purchase of a 25% stake in the 725 MW St. Charles CCGT project in Maryland from Marubeni Power International.
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This week’s Industry Current is written by Chadbourne & Parke attorneys David Jiménez Romaro and Javier Félix Muñoz from Mexico City, and Raquel Bierzwinsky from New York. The authors examine the evolving regulatory framework for geothermal exploration and production in Mexico.
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London-based private equity shop Terra Firma Capital Partners is placing its U.S. affiliate EverPower Wind for sale, and has hired Bank of America Merrill Lynch as an advisor.
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Developers and financiers are actively planning securitizations for portfolios of solar installations, according to panelists at the Information Management Network’s 3rd Annual Sunshine Backed Bonds conference in New York on April 30 and May 1.
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Alliant Energy Corporate Services is inviting bids to contract up to 200 MW of wind projects across Iowa.
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First Solar and SunPower's joint yield company 8point3 Energy Partners is planning to close its IPO around June 8. 2015, with Goldman Sachs and Citigroup as book runners and advisors.
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Western Energy Partners is looking to raise debt for its 750 MW Clean Path project near Waterflow, N.M. after it secures a long-term offtake contract.
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Niska Gas Storage, an affiliate of Riverstone and Carlyle, is conducting a strategic evaluation that involves a potential sale of the company.
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Freeport LNG has clinched a $4.56 billion deal in senior debt and mezzanine financing backing its third LNG train near Freeport, Texas.
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A peregrine falcon dubbed Houdini may be the answer to the perennial bird-versus-wind turbine controversy.
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With about 800 MW of wind trades grabbing the spotlight this week, this week has seen a spate of M&A activities in the wind space.
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GBM Infrastructure and a Goldman Sachs affiliate have acquired 148.5 MW in two phases of the Tres Mesas wind project in Mexico from Oak Creek Energy Systems.
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BlackRock is taking a 90% stake in a pair of wind farms totaling 80 MW in Iowa from wind developer RPM Access.
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More shops are circling yieldco IPOs even as investor appetite for yieldco paper grows against the backdrop of an industry that is moving toward consolidation.
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Hydro-Québec has issued a request for proposals for 500 MW of capacity generation in Québec.
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Toronto-based Goodwood is acquiring a minority stake in Reno, Nev.-based geothermal developer Ram Power Corp. for roughly $3.26 million.
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EDP Renewables has sold a 35.9% stake in a portfolio of wind assets totaling 1,100 MW in the U.S. to a consortium led by Fiera Axium Infrastructure.
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Credit Suisse has invested $500 million into a $1 billion fund backing SolarCity’s commercial solar projects.
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I Squared Capital has clinched a $3 billion fund focused on investments in infrastructure, including power and utilities.
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Sempra US Gas & Power has acquired the 78 MW Black Oak Getty wind farm in Minnesota from Geronimo Wind Energy.
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Vivid snapshots of the Platts 30th Annual Global Power Markets conference from our reporter's desk.
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An Argo Infrastructure Partners subsidiary has bought the Cross Sound Cable from an affiliate of Brookfield Infrastructure Partners.
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Allete Clean Energy is exercising its option to buy the 101 MW Armenia Mountain wind farm in Pennsylvania from AES Corp.
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California-based Lightbeam Electric has floated an S-1 with the SEC, aiming to raise $100 million in its initial public offering as a yield company.
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Project financiers at Platts’ 30th Annual Global Power Markets are competing for business as lenders continue to surge into power and energy deals in the Americas.
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A pair of PPL Corp. affiliates is in talks with banks to finalize book runners for an issuance of up to $1.05 billion in senior secured first mortgage bonds.
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Transactions backing solar storage could become mainstream in the coming years, according to panelists at Platts' 30th Annual Global Power Markets conference in Las Vegas on April 13.
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Rockland Capital is selling a 71 MW portfolio of contracted wind and solar projects in Minnesota and Massachusetts.
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LNG export facilities in the U.S. and gas pipeline projects in Mexico will help balance a growing surplus of natural gas in North America, Bentek Energy presenters noted at Platts' 30th Annual Global Power Markets conference in Las Vegas on April 13.
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Fortis is selling its interests in a portfolio of hydro projects in New York to an affiliate of the City of Ottawa.
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A consortium of at least five creditors is looking to acquire minority stakes in Longview Power as it looks to convert the debt held by its lenders to equity interests.
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Advanced Power has closed an $899 million debt and equity financing deal for the 700 MW Carroll County CCGT facility in Oregon, Ohio.
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Pattern Energy Group is acquiring a trio of wind projects from Wind Capital Group and Pattern Development for a combined purchase price of $372 million.
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Rockland Capital’s fund, Rockland Power Partners II is looking to complete its purchase of Valley Road, an LS Power Development subsidiary, which owns two gas-fired facilities totaling 503 MW.
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Global Infrastructure Partners’ second infrastructure fund, is buying a majority of Competitive Power Ventures’ business, and investing capital in the company.
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AES Corp. has secured a fixed coupon of 5.5% to refinance its existing debt through $575 million in senior unsecured notes.
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Northwestern Mutual is selling stakes in a 400 MW wind portfolio to an affiliate jointly owned by JPMorgan Capital Corp. and a Hannon Armstrong subsidiary.
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Apex Clean Energy has closed a $397 million construction loan for its 299 MW Kay wind project in Kay County, Okla.
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GE Energy Financial Services and Enel Green Power North America are launching yield company EGPNA Renewable Energy Partners.
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TerraForm Power has purchased 521 MW of contracted wind assets from Atlantic Power Corp. for roughly $350 million.
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San Francisco-based Renewable Energy Trust Capital has tapped Roger Johanson of GCL Solar Energy, as managing director of project finance.
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InterChile is expected to close an $800 million financing backing its transmission line project in Chile in the next few months.
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Pricing talk has emerged on the $275 million term loan package backing Longview Power, launched by Morgan Stanley and KKR Capital Management last week.
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A GE Energy Financial Services unit has agreed to purchase a stake in a portfolio of renewable and thermal projects totaling 579 MW from an affiliate of Enel Green Power North America.
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First Reserve and BlackRock have taken an equity stake in the PEMEX and IEnova Los Ramones II gas pipeline project in Mexico.
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Renewable and thermal assets on both sides of the equator are making headlines this week. sPower is the latest player to join a steady stream of distributed generation transactions.
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Greenleaf Power is acquiring Leidos’ 37.5 MW Plainfield Renewable Energy biomass project in Plainfield, Conn.
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Puerto Rico-based Aspenall Energies has bought the 21 MW Grant County wind project in Minnesota from Olympus Power.
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sPower has bought a solar portfolio of 16 assets from FLS Energy in Asheville, N.C.
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Santander has sealed a $1.3 billion deal backing PEMEX and IENova’s Los Ramones II Norte pipeline in Mexico.
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Morgan Stanley is launching a $275 million term loan package for Longview Power at a bank meeting in New York tomorrow.
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Innergex Renewables has closed a C$491.6 million ($392 million) financing for two hydro projects in British Columbia, its largest project financing to date.
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Apex Clean Energy is looking for financing for 450 MW of wind projects in Oklahoma.
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Duke Energy Florida is looking to buy Calpine Corp.’s 599 MW Osprey combined cycle plant in Auburndale, Fla., for $166 million.
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Utilities and operators of U.S. coal-fired generation are planning to shutter hundreds of assets against the backdrop of stringent emissions regulations and heavy plant maintenance costs.
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Google is unveiling airborne wind turbines based on the designs of an avid kite-surfing engineer. The turbines will take flight next month.
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This week’s Industry Current is written by Randy Male, managing director at boutique investment banking firm Bostonia Partners in Boston. Male discusses the growing appetite for yield companies and evolving trends in renewables financing.
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Evelyn Lim, partner at Chadbourne & Parke in Los Angeles, is leaving the firm to join TerraForm Power as managing director for North American origination.
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We Energies has scrapped the sale of its 431 MW coal-fired facility in Michigan to Upper Peninsula Power Co.
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Abengoa and EIG Global Energy Partners are looking to finance their 924 MW Norte III combined cycle project in northern Mexico.
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Jim Schaefer, senior managing director and global head of energy, power & renewables, has left Blackstone Advisory Partners in New York.
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8minutenergy Renewables and D.E. Shaw Renewable Investments seek to raise over $1 billion in financing for a portfolio of utility-scale solar projects in California.
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AES Corp. has sealed its purchase of Boulder, Colo.-based solar developer Main Street Power for $25 million.
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Solar, particularly distributed generation, continues to hold the market’s attention as investors look to get into the game ahead of the investment tax credit plunge in 2017.
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Tenaska's controlling stake in N.J.-based solar developer Soltage is expected to support the latter's deployment of $250M+ into a 125 MW portfolio this year.
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An affiliate of Royal Dutch Shell is in advanced discussions with Gestamp Solar to acquire 280 MW of utility-scale solar assets in California.
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First Solar and SunPower have filed with the U.S. Securities and Exchange Commission for a proposed an initial public offering backing their new yield company 8point3 Energy Partners.
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Northland Power is in talks with lenders to arrange more than $1 billion in senior secured loans for two wind farms on either side of the Atlantic.
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Quantum Utility Generation has closed a $95 million construction and term loan facility for the 40 MW Passadumkeag wind project in Maine.
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Principal Solar is talking to lenders and equity investors about lining up roughly $154 million in financing backing its 72.9 MW utility-scale solar project in Fayetteville, N.C.
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Panda Power Funds has raised pricing on its refinancing backing its 758 MW Temple 1 project in Texas to 625 basis points over LIBOR.
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Khosla Ventures has bought 100% of the equity in a 50 MW geothermal project owned by a subsidiary of EIG.
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Larry Kellerman, former ceo of Houston-based Quantum Utility Generation, has moved on to his next venture.
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Solar Star Funding, a subsidiary of Berkshire Hathaway Energy, has upsized an issuance of senior secured series B notes by $10 million.
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Larry Kellerman, former ceo of Quantum Utility Generation is poised to grow his new venture, Twenty-First Century Utilities as he looks to wed utilities to the latest technology. In this exclusive, Senior Reporter Olivia Feld spoke to him about his company's plans for acquisitions and his take on the future of the utility model.
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The Yieldco Sweep is an exclusive monthly feature that tracks the performance and activity of key yield companies in the power sector with illustrative graphics and market insight.
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Deepwater Wind Block Island, a subsidiary of Deepwater Wind, has closed the first financing for an offshore wind project in the U.S.
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MMA Energy Capital has hired Kevin Panzica as v.p. of finance as the company looks to expand its financing activity with solar projects.
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Rockland Capital has sealed a $170 million refinancing for a three-plant portfolio.
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Dynegy is canceling a process to sell its 2.7 GW California portfolio after concluding a strategic evaluation with advisors Bank of America Merrill Lynch and Barclays.
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Geraint Breeze, who recently left CIBC, has landed at KPMG in Toronto.
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Affiliates of 8minutenergy Renewables and D. E. Shaw Renewable Investments are in the market for $130 million in debt for the 133 MW Springbok solar project in Kern County, Calif.
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As executive v.p. of North America utility and global wind for SunEd, Paul Gaynor is looking to leverage the new wind business over SunEd’s existing global reach. Senior Reporter Olivia Feld sat down with Gaynor to discuss his new role and strategy for wind projects at SunEd.
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First Solar and SunPower are in advanced talks to launch a joint yield company.
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Madrid-based Abengoa and Washington D.C.-based EIG are finalizing a deal to jointly invest $2.5 billion in a vehicle that will fund Abengoa’s contracted projects as they go into construction.
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Southern Company’s subsidiary Southern Power has acquired two of Tradewind Energy’s solar photovoltaic projects totaling 99 MW in Georgia.
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Advanced Power AG is planning to launch a financing backing the 1 GW Cricket Valley project in the Dover, N.Y., this summer.
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In the second installment of this PFR Exclusive, Andrew Platt, head of project finance Americas at BNP Paribas sits with Senior Reporter Olivia Feld to discuss the bank's take on deal flow in Latin America, and trends in M&A and LNG export facility financing.
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This week’s Industry Current is written by David Burton, partner at Akin Gump Strauss Hauer & Feld in New York. Burton, who focuses on tax matters with an emphasis on project finance and energy transactions, examines the now delayed Sol-Wind IPO and compares it to traditional yield companies and master limited partnerships.
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Freeport LNG is in talks with a bank to finance the third train at its facility in Quintana Island, Texas.
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Prospective yield company Sol-Wind Renewable Power has indefinitely pushed back its initial public offering.
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Rabobank pulled out of a financing backing the 298 MW Kingfisher wind project in Oklahoma just before the transaction closed.
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The Tennessee Valley Authority has agreed to acquire Quantum Utility Generation’s 760 MW CCGT Choctaw plant near Ackerman, Miss., for $340 million.
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Andrew Platt, head of project finance in the Americas for BNP Paribas, sits down with Senior Reporter Olivia Feld to discuss the bank’s structure and strategy in North and South America.
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Developers are increasingly seeking financing for community solar projects.
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Lenders and tax equity investors are increasingly looking to participate in financings backing distributed generation portfolios.
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Dynegy is nearing the sale of its 2.7 GW portfolio of fuel-oil and natural gas-fired assets in California.
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The lack of PPAs and an abundance of capital are driving more lenders to participate in merchant and quasi-merchant deals.
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Calpine Corp. has appointed two staffers from EDP Renewables North America as the independent power producer considers growing its renewables activities.
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A club deal backing Algonquin Power & Utilities Corp.’s 200 MW Odell wind project in Minnesota is likely to close early in the second quarter of the year.
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Canadian Solar is considering launching a yield company after it completes its $265 million acquisition of Recurrent Energy from Sharp Corp.
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DTE Energy has issued a request for proposals to acquire up to 350 MW of gas-fired projects in Michigan’s Lower Peninsula.
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Harbert Management Corp. has closed its Harbert Power Fund V with $485 million in equity commitments from 58 investors.
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Mona Dajani, partner at Baker & McKenzie, explains how a recent U.S. Federal Energy Regulatory Commission policy statement could, if adopted, have a significant impact on valuations of large regulated utility mergers and swaps of generation asset portfolios.
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Renewable developers RES America and Blackstone Group-backed OffshoreMW have won leases in the largest U.S. offshore wind auction to date.
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Enel Green Power North America has scooped tax equity investment for its 150 MW Osage wind project in Oklahoma.
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Project finance and M&A activities continue to swirl in and around PJM.
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The U.S. House of Representatives has passed a bill to expedite the approval process for liquefied natural gas export permits to countries with non-free trade agreements with the U.S.
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Atlantic Power Corp. has appointed James J. Moore as its ceo. Moore will play a key role in evaluating the Boston-based company’s generation fleet for potential sales, according to a spokeswoman.
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A deal to finance Genesis Power’s $700 million natural gas-fired Keys Energy Center project in Brandywine, Md., could close as soon as next month, according to a deal watcher.
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Jay Worenklein, former partner and co-head of global projects at Akin Gump Strauss Hauer & Feld, has left the firm and launched US Grid Co., which is focusing on enhancing, developing and financing distribution systems.
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PPL Corp. and Riverstone Holdings have agreed to sell a package of assets in PJM to garner approval from the U.S. Federal Energy Regulatory Commission to form their proposed independent power producer Talen Energy.
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A deal to finance Advanced Power’s 755 MW combined-cycle gas-fired project in Ohio is expected to close in the next few weeks.
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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.
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Prospective lenders are aiming to make commitments to PEMEX and IENova’s $1.3 billion financing backing their Los Ramones II Norte pipeline in Mexico.
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Apex Clean Energy has withdrawn its application with the U.S. Federal Energy Regulatory Commission for approval to sell its Kingfisher wind project to First Reserve.
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Sponsors have closed more than $1 billion in debt and equity financing backing the 674 MW gas-fired Salem Harbor project in Salem, Mass.
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Offtakers inked more than 2,000 MW of long-term contracts for wind generation in December in the U.S. Canada and Latin America, representing just more than 50% of the megawatts that reportedly garnered power purchase agreements last month.
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Allete Clean Energy is buying a 108 MW wind project in Iowa from NRG Energy.
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The first half of 2015 could be a busy time for investment banks and law firms. Several yield company transactions and potential auctions could keep folks on the frontlines of deals.
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A steady pace of asset acquisitions and speculation regarding prospective initial public offerings characterize the yield company arena.
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Third quarter earnings calls abounded this week.
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Sales of solar assets boomed in the first half of 2014 and represent the resource with the most growth in number of asset trades over the same period last year.
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A group of creditors is taking over Kelson LP’s stake in the 620 MW Dogwood combined cycle facility in Pleasant Hill, Mo.
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The second installment of this Industry Current on tidal range power is written by Ted Verrill, president and ceo of Halcyon Tidal Power in Southport, Conn.
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Pattern Energy Group Inc. has shaved 100 basis points off commercial bank debt backing its 265 MW Ocotillo wind project in Imperial Valley, Calif.
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Ikea has agreed to buy a wind project in Illinois from Apex Clean Energy.
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This week's Industry Current on tidal range power is written by Ted Verrill, president and ceo of Halcyon Tidal Power in Southport, Conn.
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Bank of Tokyo Mitsubishi-UFJ has agreed to make a tax equity investment in NextEra Energy Resources’ wind farm in Colorado.
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Contention over pricing and a lengthy due diligence process for Cape Wind's $1.95 billion deal are causing many bankers to question the feasibility of the commitment deadline at month-end.
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TerraForm Power and SunEdison are buying a portfolio of 30 MW of solar assets from energy retailer Just Energy Group.
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NRG Energy and LS Power are among a wave of sponsors out looking for repricings on project finance deals inked in 2011 and 2012.
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Autumn is a time for pumpkin-flavored everything, breaking out cozy sweaters and fresh starts for Entegra Power Group and Lincoln Renewable Energy.
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Wayzata Investment Partners has agreed to buy a simple cycle facility in Utah from Exelon Corp.
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Pattern Energy Group LP is selecting banks to participate in a financing backing its 104 MW Conejo solar project in the Atacama Desert in Chile.
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Capital Dynamics and Prudential Capital Group have teamed up to buy a 300 MW wind project in Texas from Pioneer Green Energy.
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Escondida, the world’s largest copper mine by production in Chile, is catalyzing activity in the debt capital and project finance markets this week.
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Banks are competing to lead a $700 million to $1 billion refinancing of AES Gener’s 544 MW Angamos coal-fired plant in Chile.
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A group of lenders aim to wrap a financing backing the 517 MW combined cycle Kelar project in northern Chile this month.
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A pair of energy efficiency securitization deals is percolating at Citigroup that could hit the market in the next six months.
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Joint venture partners Greenwood Energy and ILIOSS are talking to banks about financing a $500 million, 250 MW portfolio of distributed generation in Mexico.
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After years of legal battles, regulatory struggles and a documentary film, the Cape Wind offshore wind project has arrived in the project finance market.
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Exelon Corp. subsidiary ExGen Texas Power has reverse flexed and downsized a $700 million term loan B it pitched for a dividend recapitalization.
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Tenaska Capital Management’s $1.59 billion refinancing has been floated at LIBOR plus 450-475 basis points.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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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.
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DIF Infrastructure is looking to make equity investments in solar assets in North America.
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Enel Green Power North America is looking to bring an investor into its U.S. wind portfolio that clocks in north of 1.3 GW.
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Exelon Corp. subsidiary ExGen Texas Power has floated a $700 million term loan B and a $20 million revolver to take advantage of investor demand and fund a dividend.
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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.
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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.
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Calpine Corp. has agreed to buy the 809 MW Fore River gas-fired plant in Massachusetts from Exelon Corp.
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TransCanada and Elecnor have dropped out of a request for proposals to build and own the 310-mile Fort McMurray transmission project in Alberta.
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Dynegy is set to acquire 12.5 GW of coal- and gas-fired generation from Duke Energy and Energy Capital Partners.
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Don Kyle, senior managing director of GE Capital Markets, and Carl Peterson, head of debt origination at GE EFS sat down with PFR Editor Sara Rosner to discuss the market for structuring and financing gas-fired generation.
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Kristie Pellecchia, director of syndications for Latin America at BNP Paribas, has joined Sumitomo Mitsui Banking Corp.
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Developers, bankers and attorneys are eagerly anticipating billions of dollars of generation and pipeline tenders from Mexican state-backed utility Comision Federal de Electricidad.
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Power industry players circle a bundle of tenders in Mexico and the wind sector regroups stateside after the IRS unveils clarifications to the production tax credit.
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Editor Sara Rosner spoke with Frank DeRosa, chief commercial officer, and Ryan Bennett, head of North America project finance, about the SunEdison’s growth and development strategy, the impact of its yieldco and its take on the markets.
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Mexico continues to roll forward with its landmark energy reforms this week, as the Senate passed a set of provisions that would essentially create a competitive wholesale power market in the country.
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Brian Daly, managing director at Babson Capital, has left the firm.
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Michael Park, a senior investment officer in the loan guarantee programs office at the U.S. Department of Energy, has joined Noesis Energy in Austin, Texas, as a v.p. of project finance.
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A growing number of developers are suing the U.S. government for allegedly not paying out the full amount of cash grants eligible to qualifying renewable projects under the section 1603 program of the American Recovery and Reinvestment Act.
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Renewables developers and scores of their attorneys are keeping a close watch on several sets of proceedings at the U.S. Court of Federal Claims in Washington D.C.
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AES Corp. has closed a $775 million floating rate note issuance after upsizing the deal from $500 million.
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NextEra Energy Resources has been speaking to lenders stateside about financing its 60 MW Bluewater wind project near the coast of Lake Huron, Ontario.
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Black Hills Energy-Colorado Electric has issued two requests for proposals for a total of 102 MW in southern Colorado.
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Despite the expiration of the production tax credit, wind is set to have a solid year of project financings, according to Kevin Walsh, managing director and group head of power and renewables at GE EFS.
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Renato Plastina, managing director of energy, infrastructure and project finance at BNP Paribas, has left the bank to take a position at an unidentified institutional investor.
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Developer Canadian Solar has secured a C$48 million ($43.67 million) construction and term loan from Manulife Financial backing the 14 MW Val Caron solar project in Val Caron, Ontario.
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Check out Power Finance & Risk's special report focusing on the burgeoning LNG export industry in the U.S. and the latest opportunities in development and financing.
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The Blackstone Group is pitching a $550 million package to finance its acquisition of three gas-fired plants totaling 1,298 MW in Texas from Direct Energy.
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Merchant project financings with financial hedges and private deals with corporate offtakers are tipped for growth in the Canadian power market due to the lack of power purchase agreements, noted panelists at the 5th Annual Canadian Power Finance Conference in Toronto Jan. 28.
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Affiliates of GDF Suez and Hydro-Québec are selling their stakes in a cogeneration facility in Maine to the third co-owner, Verso Bucksport Power.
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Bank, bond and institutional markets are open for power project financings, according to panelists at the Canadian Power Finance Conference in Toronto Jan. 28.
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Bill Sutherland, senior managing director of project finance at Manulife Financial Corp. in Toronto, spoke with Senior Reporter Holly Fletcher about the lifeco’s strategy for choosing deals, pricing and the Canadian landscape of project finance lenders in the second and final installment of this Q&A.
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Entegra Power Group is working on several fronts to restructure its finances, including proceeding with an asset sales agreement, inking a tolling agreement and scoping a second lien refinancing.
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Tax equity investment is growing, fueled largely by an increase in opportunities in the rooftop and distributed solar space, said panelists at Infocast’s 6th annual Projects & Money conference at Harrah’s New Orleans on Jan. 15.
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The number of yieldcos is slated to increase this year, with existing yieldcos fueling a strong buyers market for generation assets, according to panelists at Infocast’s 6th annual Projects & Money conference at Harrah’s New Orleans on Jan. 14.
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Distributed solar company SunRun will tap Ares Capital Management to provide $70 million in debt to finance new projects.
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In this week’s round-up: Several sponsor wrap project financings and a pair of solar securitizations is on the horizon.
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In a sector packed with project finance and M&A giants from Europe and Wall Street, Marathon Capital stands out as an independent advisory shop that continues to net business with power industry heavyweights.
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American International Group is looking to offer insurance on project finance transactions.
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Colombian state-owned transmission company ISA has tapped BBVA as advisor for the financing of its approximately $1 billion transmission line project in Chile.
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Proparco, the private investment unit of the French Development Agency, has joined the Inter-American Development Bank and the IDB-managed Canadian Climate Fund in providing a $66.4 million debt package to Spanish developer Solarpack’s 26.5 MW of photovoltaic projects in the Atacama Desert in Chile.
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I Squared Capital, a company established by ex-Morgan Stanley executives, is aiming to raise $2 billion for its maiden infrastructure fund.
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European and U.S. investment banks have continued to move up the North America project and energy finance league table ladder in the second quarter as they snag mandates in the booming B loan market.
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The third phase of a natural gas pipeline, between Texas and Mexico, has a raft of developers and financiers circling the request for proposals issued by Pemex.
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Renewable project financing options beyond the expiration of the production and investment tax credits was the focus at Euromoney Energy Events Renewable Energy Finance Forum Wall Street at the Waldorf Astoria in New York this week.
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Mexico is expected to detail energy infrastructure plans and if it does industry watchers are predicting a strong flow of power and energy projects, according to panelists at Euromoney’s Mexican Energy and Infrastructure Finance Forum at the JW Marriott in Mexico City on June 25.
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LS Power is trying to sell a 20 MW solar development project in California.
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Samsung Renewable Energy has scaled back its investment in renewable energy development in Ontario to C$5 billion ($4.74 billion) from a planned C$7 billion ($6.64 billion).
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While most bankers may be aware of Energy Investors Funds' Pio Pico plant because of the financing opportunity, they’re probably missing its significance, though indirect, in endocrinological history.
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The U.S. Department of Energy signaled that it would proceed cautiously before approving any more applications to export U.S.-produced liquefied natural gas after granting only the sec¬ond export license in May.
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Needham, Mass.-based Energy Investors Funds is looking to do a private placement backing its 300 MW Pio Pico gas-fired plant in San Diego County, Calif., via Société Générale before year-end.
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Nearly 100 active borrowers, asset acquirers and sellers, lenders, attorneys and advisors voted in our new and expanded awards process.
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Financing the massive transition of the U.S. military to renewable energy resources presents a tremendous opportunity, coupled with significant challenges, to developers, lenders, and investors in renewable energy power projects serving the military.
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Ralph Cho and Michael Pantelogianis started as co-heads of power in North America at Investec earlier this year after nine years working together at WestLB. Cho and Pantelogianis sat down with Senior Reporter Nicholas Stone to discuss their first few months with the bank, where they are seeing opportunities in the market and what they are looking to achieve.
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Sumitomo Mitsui Banking Corp. has hired Carl Adams, head of structured finance at Banco Espirito Santo, as managing director and head of Latin America.
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Deutsche Bank and Key Bank have closed a $110 million debt financing for 37 MW of solar photovoltaic installations in Massachusetts being developed by Rockland Capital and Broadway Electrical Co., including 24 MW in Cape Code and Martha’s Vineyard.
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A subsidiary of U.S. Bancorp is planning to take both equity and tax equity stakes in an EDF Renewable Energy wind farm in Minnesota that went online in 2009.
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Chubu Electric Power Co. and Toyota Tsusho Corp. are looking to refinance the loan on their 880 MW combined-cycle Goreway facility in Brampton, Ontario.
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Financiers and attorneys are weighing real estate investment trust structures that would open up the asset class, and its large pool of investors, to renewable generation without tripping up the U.S. Internal Revenue Service’s definitions of what types of property qualify for REIT investment.
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Canadian banks are targeting renewable energy projects for bond financings in the country.
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Kirk Edelman, ceo of the project and structured finance energy business at Siemens Financial Services, leads its power and energy investing activities worldwide.
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Financiers and sponsors are trying to figure out how to develop a solar securitization structure that appeases tax equity investors concerns’ regarding subordination.
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The smaller size and relative inexperience of development companies in Latin America will pave the way for larger more experienced multinationals to buy up local companies, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean in Miami on May 1.
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Solar projects in Mexico will need more equity investments to push them forward, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum-Latin America and Caribbean at the Four Seasons Hotel in Miami on Monday.
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Pan-American Hydro Corp., which is led by Jose Ordoñez, former head of the Latin America power group at Citigroup, is seeking $223 million in debt and equity to develop a pipeline of small-scale hydro projects in Guatemala and Mexico.
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European lenders took the bulk of top mandated lead arranger slots in power and energy project finance deals in North America, netting $1.3 billion, or roughly 40%, of the $3.21 billion in deals done in the first quarter of this year.
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Federal subsidies are reshaping deals this year, as the power industry copes with the expiration of the U.S. Department of Treasury’s cash grant program and a decreasing confidence in the long-term viability of the production tax credit, Mike Lorusso, managing director and group head of CIT Energy in New York, told PI in an exclusive interview.
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The arrival of plentiful and cheap natural gas in the U.S. has changed the game in the power sector and the ramifications were a constant topic throughout Platts Global Power Markets Conference in Las Vegas last week.
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The unseasonably chilly Las Vegas weather put a dampener on golf rounds ahead of the formal start of the conference.
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Topaz Solar Farms is issuing $250 million of 144A bonds to finance its 550 MW Topaz solar facility, bringing total debt on the project to $1.1 billion instead of its planned $1.3 billion
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GE affiliate GE Energy Financial Services has agreed to purchase a 51% stake in Enel Green Power North America’s 250 MW Buffalo Dunes wind farm for roughly $40 million.
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Longview Power, the owner of a merchant 695 MW supercritical pulverized coal-fired facility in Maidsville, W. Va., is reportedly facing a potential debt covenant breach.
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Opportunities abound in the Mexican energy market as investors rediscover one of Latin America’s breakout markets.
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The U.S. Internal Revenue Service has paved the way for Native American tribal governments to use renewal energy investment tax credits, which they’d been barred from deploying in the past.
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The rate of generation assets finding new owners in the final quarter of 2012 was up versus activity in both the third quarter and the same period in 2011.
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This week’s Industry Current is written by Kerin Cantwell and Miles Killingsworth, partner and associate, respectively, at Akin Gump Strauss Hauer & Feld’s global project finance practice in Los Angeles and George “Chip” Cannon, Jr., partner at the firm’s energy regulatory practice in Washington D.C.
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This week’s Industry Current is the final installment of a transcript of a panel of industry officials focused on the U.S. Army’s solicitation for renewable projects.
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Mike Pepe, senior v.p. and head of energy at HSH Nordbank, is starting a new operation for Washington, D.C.-based Wellford Energy Group, an advisory boutique headed by energy veteran Harrison Wellford.
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Steve Schauer, former senior v.p. of finance and treasurer at First Wind, has joined Westerly Wind as president.
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Jamie Manson, former head of project origination, execution and general marketing for power in North America at Investec in Toronto, joined Brookfield Financial Corp. as a managing partner in Toronto last week.
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Private equity funds and pension trusts that are unable to use the large tax subsidies on U.S. wind farms may have an opportu¬nity shortly to acquire operating projects.
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BluEarth Renewables, a Calgary-based independent renewable power producer, is talking to lenders for financing backing its 60 MW Bow Lake wind farm in Algoma district, Ontario.
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European lenders will likely increase participation in project finance deals due to the Basel Committee on Banking Supervision’s decision to delay and water down Basel III requirements, according to bankers and executives.
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Election jitters and the low power demand picture made for a thin flow of M&A auctions in the third quarter, with just 31 new assets hitting the market in the quarter and 43 sold. That’s against 40 put up for sale and 36 sold in the same period in 2011, according to exclusive data from Power Intelligence’s Generation Sale Database.
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GE Energy Financial Services, MetLife and Union Bank have invested $247 million of tax equity in Wind Capital Group’s 201 MW Post Rock wind farm in Ellsworth and Lincoln Counties, Kansas.
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Algonquin Power & Utilities Corp. has increased a senior secured credit facility to $200 million from $155 million ahead of developing a pipeline of wind and solar projects in the U.S. and Canada.
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Mizuho Corporate Bank has hired Sara Pirzada, a former director at WestLB, as senior v.p. of syndicated finance.
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LS Power is looking for roughly $300 million in financing for a pair of gas-fired plants it is developing in PJM.
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The number of deals finalized during the third quarter slumped to six from 16 in the second quarter, but the dollar amount jumped 52% from $3.54 billion to $5.41 billion, according to PI’s Project Finance Deal Book.
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BHP Billiton has short-listed three bidders for a request for proposals for a plant that will power its Escondida copper mine southeast of Antofagasta, Chile.
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First Wind is considering developing a wind project in Bingham, Maine, that could include up to 60 turbines.
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Siemens has finalized a contract to supply turbines to Pattern Energy’s 265 MW Ocotillo wind project in Southern California.
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Residents of Tuscola County, Mich., protested a wind project proposed by Invenergy in an open house on Monday.
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The Union of Concerned Scientists says utilities could retire more than 300 U.S. coal-fired plants as the cost of installing pollution control equipment would make the assets less competitive with wind and natural gas-fired generation.
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The U.S. Bureau of Land Management has released an environmental impact statement on the enXco’s proposed Desert Harvest solar project.
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Puget Energy is talking with lenders about lining up two new credit facilities.
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Iberdrola will try to reduce debt and sell off non-core assets as it retrenches to deal with a credit downgrade and persistent uncertainty about the Spain’s economy.
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Utilities are expected to continue to cash in on low—in many cases, record low—rates in the bond market.
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Bankers were not allowed into the open company visits at the EEI Financial Conference in Phoenix, Ariz.
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A lack of uniform standards for commercial solar installations is the main obstacle to structuring the market’s first securitization of solar panel revenues, says Paul Detering, ceo of Tioga Energy.
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In this week’s Industry Current the authors take a look at President Barack Obama’s order requiring a Chinese company to sell its stakes in four wind projects in Oregon and its potential implications for other projects.
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A slowing market in the U.S. has sent developers scurrying into Mexico, Brazil, Chile, Peru and Puerto Rico, among other locations. In the first installment of this Industry Current, investors and developers share experiences in Latin America and discuss the economics, potential and challenges of the market.
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There’s an invasion of crocs at Florida Power & Light’s Turkey Point nuclear facility in Homestead, Fla., and it’s not a deluge of the rubber yard shoes.
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Generation assets sales were down in the second quarter compared to the same time last year, though solar trades increased, according to PI’s Generation Sale Quarterly Report.
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Texas is standing out in the U.S. power market as investors and financiers look to back projects aimed at tapping into rising ERCOT power prices, at a time when other markets are slumbering.
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In this week’s Industry Current, several solar company executives shared lessons learned from closing recent financings in a roundtable organized and moderated by Keith Martin partner at Chadbourne & Parke in Washington, D.C.
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Indianapolis Power & Light Company is issuing a request for proposals for 600 MW of gas-fired base load and peaking capacity.
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AES Gener is talking to banks to secure financing for its $1.4 billion, 531 MW Alto Maipo hydro project about 30 miles east of Santiago.
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The hunt is on for the next generation of project financing options, including master limited partnerships, real estate investment trusts, project bonds and securitizations, according to executive and financiers at the 9th annual REFF-Wall Street conference in New York last week.
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Harbert Power is looking to sell its stake in GWF Energy, an independent power producer in California that owns three gas-fired plants.
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Starwood Energy is selling a trio of peakers in California alongside co-owner Tyr Energy.
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There’s a lot of uncertainty floating around these days and the power project finance and M&A markets are not immune, especially when it comes to activity on Capitol Hill.
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A coterie of overseas sponsors and manufacturers are targeting project pipelines in Latin America, driven in part by renewable portfolio standards and new auctions for power purchase agreements, said attendees at Euromoney Energy Events’ Renewable Energy Finance Forum – Latin America & Caribbean in Miami.
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Renewables sponsor Green Valley Energy of Bonita Springs, Fla., is targeting a roughly $65 million financing backing it maiden project, a $100 million, 35 MW biomass project in Santa Barbara, Honduras.
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Vizcaya, Spain-based Solarpack is talking to European and Japanese lenders about securing roughly $120 million in debt to back two solar photovoltaic projects in Peru.
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Banco Santander subsidiary Capital Riesgo Global has taken a $125 million equity stake in Abengoa’s 250-280 MW Solana concentrating solar project near Gila Bend, Ariz.
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First Wind has wrapped a $76 million non-recourse financing backing its 34 MW Bull Hill wind project in Hancock County, Maine.
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Lenders wrapped at least $3.54 billion in project financings in the first quarter, more than five times as much as the $745 million seen in the same period of 2011, according to PI’s Project Finance Deal Book.
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Dozens of bankers and investors jammed a theater in the basement of the Crosby Street Hotel in New York’s SoHo district on Wednesday for a screening of “Cape Spin,” the documentary that chronicles the plight of the proposed 468 MW Cape Wind project in Nantucket Sound.
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