Corporate bonds
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Southern Company has issued $1.1 billion in convertible senior unsecured notes due 15 June 2027 via a private placement.
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Engie Energía Chile has commenced a cash tender offer for any outstanding 4.5% notes due in 2025, totalling $350 million.
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Alliant Energy’s Wisconsin Utility, the Wisconsin Power and Light Company (WPL), is offering $300 million aggregate principal amount of 5.375% debentures.
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New Fortress Energy will offer $500 million aggregate principal senior secured notes due 2029 via private offering.
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The power generation arm of YPF, YPF Luz, is planning to issue up to $60 million in bonds in Argentina.
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Colombian oil and gas company Ecopetrol has raised $1.85 billion in bonds that will be used to mainly refinance existing notes.
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Investment firm HASI intends to privately offer $350 million in aggregate principal amount of green exchangeable senior unsecured notes due in 2028.
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AES Argentina Generación is planning to issue a corporate bond in the local market, scheduled for July 12.
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Duke Energy has announced its intention to offer $1.5 billion of aggregate convertible senior notes due in 2026.
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Further details have emerged on Colombian transmission firm Interconexión Eléctrica (ISA)’s first bond issuance in the international capital markets.
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Colombian transmission firm Interconexión Eléctrica (ISA) has closed its first bond issuance in the international capital markets.
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Independent power producer Colbun is arranging a bond issuance to fund the development of its renewable energy portfolio in Chile.
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Costa Rica-owned power and telecommunications provider Instituto Costarricense de Electricidad (ICE) has closed a bond issuance to finance the development of electric smart meters across the grid.
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Clearway Energy is preparing a $350 million 11-year green bond offering.
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Sunnova Energy International has upsized and priced a senior unsecured green bond offering that it announced earlier this month.
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NRG Energy has priced its $1.1 billion sustainability-linked bond offering that was announced earlier this week.
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Months after becoming the first ever US issuer to offer sustainability-linked notes, NRG Energy is preparing another sustainability-linked offering totaling $1.1 billion.
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Brazilian utility Cemig Geração e Transmissão has announced a cash tender offer to buy a portion of its outstanding senior notes.
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A subsidiary of Leeward Renewable Energy has issued up to $375 million in an unsecured bond offering to refinance its outstanding debt, which includes a bridge facility used to acquire solar assets back in March.
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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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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 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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A panel of solar securitization experts gathered in December to discuss the progress of the solar ABS market and what the future holds for this emerging asset class. Sponsored by Credit Suisse.
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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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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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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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The three main credit rating agencies are viewing Southern California Edison Co. more favorably following the latest moves by the company and the California legislature to mitigate wildfire risk.
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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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Rockland Capital has refinanced a portfolio of gas-fired peakers with a fixed-rate project bond.
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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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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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Power Finance & Risk is now accepting pitches for Deal of the Year as part of its 16th Annual Deals and Firms of the Year Awards, recognizing excellence in power asset M&A and project finance across the Americas.
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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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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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Investment firm Vantage Infrastructure, which was known as Hastings Funds Management until a rebrand earlier this year, recently added to its debt team in New York as it seeks to capitalize on opportunities in the U.S.
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Christoper Jordan has left his position as director of US private placements at Barclays in New York.
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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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(Updated with bookrunners) The co-sponsors behind a coal-fired project that serves several copper mines in Chile under various power purchase agreements are preparing a joint loan and bond market refinancing.
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Sturdier power market fundamentals, coupled with an abundance of capital, have improved the refinancing prospects of merchant gas- and coal-fired projects in PJM Interconnection, according to a report from Moody’s Investors Service.
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Infrastructure credit doyen Thomas Murray resigned from Apollo Global Management in September, PFR has learned.
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Several former Morgan Stanley power and utilities bankers have completed their move to Jefferies.
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As interest rates creep up, privately placed, fixed-rate debt has a role to play in the financing of gas-fired projects, with at least one such deal for a greenfield, new-build project likely to come to the market in the next year, says Louise Pesce, managing director at MUFG.
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GridLiance, the transmission company backed by Blackstone, is preparing to sign a $65 million revolving credit facility, its second senior secured debt financing, as it accumulates assets in line with its strategy to partner with cooperative and municipally-owned utilities on grid improvements.
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Six of sPower's relationship lenders earned fees as co-placement agents on the company's recent $498.7 million privately placed bond offering besides the lead placement agent, structuring agent and ratings adviser, Citi.
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Clearway Energy, the yield company formerly known as NRG Yield, came away from the bond market with more than expected on its first debt capital markets outing since transitioning to a new sponsor and a new name.
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A wave of West Coast utility downgrades in the wake of Californian wildfires, and despite the passage of legislation that would allow the companies to pass some liabilities on to customers, has trickled through to at least one publicly-rated project finance deal.
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Just as one robin (or, depending on your geographic location, swallow) doesn’t make a spring, two project finance CLOs (PF CLOs)—Bayfront Infrastructure and RIN—may not confidently mark the re-emergence of PF CLOs. They are, nevertheless, a positive and potentially significant development, writes Paul Forrester, Chicago-based partner at Mayer Brown.
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Residential solar developer Sunrun will launch a securitization backed by leases and power purchase agreements within the next month, say deal watchers.
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TerraForm Power closed a project finance private placement in June as part of the fundraising effort for its acquisition of Spain’s Saeta Yield and has launched a second, similar deal, expected to close later this summer.
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Starwood Property Trust was looking to price a $300 million high yield bond on Wednesday to support the acquisition of GE Capital’s energy project finance business.
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Renewable power producer sPower has closed a $500 million private placement refinancing of a portfolio of renewables projects in California and Idaho.
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Nomura, the Japanese bank that hired former Deutsche Bank group head Vinod Mukani to lead a push into Americas infrastructure and power finance last year, has expanded its team with a series of hires in the last two months.
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Jefferies has hired a senior banker from a bulge-bracket firm as it rebuilds its power and utilities investment banking team in New York.
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After a slow first three months of the year, project finance activity picked up in the second quarter, propelling MUFG to the top spot of the North American power project loans and bonds league tables.
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Colombian power producer Empresa de Energia del Pacifico is set to become the country's first non-financial corporation to issue green bonds, with a deal that will finance finance a 197.36 MW portfolio representing the country's first large-scale solar projects.
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Mosaic and Goldman Sachs priced a co-sponsored solar loan securitization on Monday, a $317.52 million deal dubbed Mosaic Solar Loan Trust 2018-2-GS.
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Goldman Sachs and residential solar finance firm Mosaic are preparing to jointly issue a new solar loan securitization.
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Atlas Renewable Energy is planning to raise about $108 million through the issuance of senior and subordinated project bonds to refinance a pair of solar projects totaling 75 MW in Uruguay.
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GE Energy Financial Services has mandated a pair of financial advisers to sell its project finance loan book as well as equity stakes in generation assets, PFR has learned.
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Brazil’s CPFL Geração de Energia has received board approval to raise R$1.4 billion ($375 million) in the debt market.
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BNP Paribas has hired a São Paolo-based banker to head its Latin America energy and utilities investment banking coverage.
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PFR is pleased to announce the winners of its 15th Annual Deals and Firms of the Year Awards, with added emphasis this year on the leading investment banks in power across the Americas.
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Citi has hired a senior banker from a rival firm to lead its North American commodities-linked financing business, with a focus on energy.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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Brazil has received more than a thousand applications to participate in its next power auction, scheduled for Aug. 31, with wind projects making up the bulk of the submissions.
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DTE Electric Co. has become the newest member in the slowly growing club of investment grade U.S. electric utility companies that have issued bonds explicitly marketed or certified as “green”.
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Two Latin American mid-stream gas companies and an independent power producer are preparing to tap the fixed income market in the coming weeks.
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Solar finance company Mosaic is preparing to issue its first asset-backed securitization of 2018.
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Solar finance company Mosaic is preparing to issue its first securitization of 2018.
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NextEra Energy Resources has financed a solar project in Arkansas under the state's industrial revenue bond program, through a tax efficient sale-leaseback transaction.
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The New York State Energy Research and Development Authority issued its debut residential solar asset-backed securitization last week, three months after the municipal green bond scheme it previously used for financing was scrapped.
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Peru LNG, the owner of South America's only gas liquefaction plant, garnered sufficient investor demand to cover its $940 million debut bond offering more than two and a half times, pricing the deal at the tail end of last week.
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Penn Energy Renewables has refinanced five operational solar projects in Ontario with debt provided by Prudential Capital Group.
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Four investment banks have been selected to lead an international bond issuance that will refinance the debt of South America’s only gas liquefaction plant.
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There are a few days remaining to cast your votes for the best project sponsors, banks, law firms, institutional and tax equity investors and deals in PFR's 15th Annual Deals and Firms of the Year Awards.
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Canadian miner Kinross Gold Corp is planning to raise around $200 million of debt to part-finance its acquisition of two hydro plants in Brazil with a combined capacity of 155 MW.
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Bonds increased as a proportion of North American project finance deals in 2017 versus loans, as MUFG remained top in both categories, according to data from Dealogic.
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AES Corp. has revealed a slimmed-down organizational structure, with its general counsel among the departures.
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Invenergy employed a novel structure for a roughly $64.75 million privately placed project bond it issued to finance its 50 MW La Jacinta solar project in Uruguay.
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MidAmerican Energy priced a second green bond to finance the construction of its huge Wind XI project on Jan. 29.
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Power Finance & Risk is accepting pitches for Deal of 2017 as part of its 15th Annual Deals and Firms of the Year Awards, recognizing excellence in power asset M&A and project finance across the Americas.
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Spanish solar developer X-Elio (formerly Gestamp Solar) has reacquired the Midway I solar project it sold to Solar Frontier Americas Development, the U.S. subsidiary of Japan-based Solar Frontier K.K., two years ago.
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Invenergy is planning to raise $64.75 million through a project bond to refinance a solar project in Uruguay that the sponsor acquired in March, a deal that could pave the way for international debt investors in the country.
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A pair of Latin American power companies have brought dollar bonds to the market, with Mexico’s IEnova and Peru-based Inkia Energy raising $990 million between them.
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Tesla priced the latest securitization from its SolarCity subsidiary on Friday, pushing total solar asset-backed securitization volume beyond $1.5 billion in 2017 as secondary market activity gradually builds.
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FS Investments plans to shift the strategy of its $4.2 billion energy investment fund, placing greater emphasis on self-originated deals and the power and renewables sector, through a partnership with EIG Global Energy Partners.
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Conor, Clark & Lunn Infrastructure has refinanced a pair of solar projects totaling 100 MW in Ontario with two unrated private placements.
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The debt on Ares-EIF’s 286 MW Brooklyn Navy Yard cogeneration plant got a two-notch upgrade from S&P Global Ratings last week following the successful completion of a major maintenance project.
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Calpine Corp. has tapped a series of corporate senior secured bonds maturing in 2026 for an additional $560 million as part of a $1.55 billion refinancing of debt associated with an almost 4.4 GW portfolio of gas-fired projects.
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Investors are eager for a slice of Tesla’s latest solar asset-backed securitization from its SolarCity subsidiary, say industry sources, but solar ABS volume could remain limited in 2018 unless the challenge of securitizing commercial and industrial-scale solar assets can be cracked.
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About three weeks after NRG Energy pulled a planned high yield bond offering amid market volatility, the independent power producer returned on Nov. 30, this time successfully raising $870 million.
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Competition among rating agencies to provide credit ratings for back-levered renewable project finance deals is heating up, with Fitch Ratings and Moody's Investors Service both said to have assigned their first ratings to such deals.
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TerraForm Power, the former SunEdison yield company, priced two tranches of high yield bonds on Nov. 28 after increasing the overall size of the offering from $1 billion to $1.2 billion.
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Canada’s Stoneway Capital Corp. reopened its 10-year dollar-denominated bonds for another $165 million last week to fund the conversion of a gas-fired plant in Argentina from simple-cycle to combined-cycle, a move that will add 120 MW of capacity to the under-construction facility.
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A proposed change to spot market bidding rules in PJM Interconnection could raise power prices, according to a report by Moody’s Investors Service.
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Solar and wind power producer sPower has priced a $421 million private placement secured on roughly half of its operational fleet, say deal watchers.
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Pattern Development’s debt financing for its Henvey Inlet wind project in Ontario comprises a fixed-income bond tranche alongside a commercial bank loan, say deal watchers.
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Talen Energy Supply launched a $400 million refinancing on Tuesday in a wobbly high yield bond market that has recently seen three energy sector issuances pulled, including one from NRG Energy.
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The Inter-American Development Bank is evaluating a possible 1 billion peso ($52 million) warehousing loan to finance a portfolio of small-scale solar projects in Mexico with a view to supporting a subsequent securitization in the local capital markets, a model the development bank has used for previous projects.
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