Corporate bonds
-
Southern Company has issued $1.1 billion in convertible senior unsecured notes due 15 June 2027 via a private placement.
-
Engie Energía Chile has commenced a cash tender offer for any outstanding 4.5% notes due in 2025, totalling $350 million.
-
Alliant Energy’s Wisconsin Utility, the Wisconsin Power and Light Company (WPL), is offering $300 million aggregate principal amount of 5.375% debentures.
-
New Fortress Energy will offer $500 million aggregate principal senior secured notes due 2029 via private offering.
-
The power generation arm of YPF, YPF Luz, is planning to issue up to $60 million in bonds in Argentina.
-
Colombian oil and gas company Ecopetrol has raised $1.85 billion in bonds that will be used to mainly refinance existing notes.
-
Investment firm HASI intends to privately offer $350 million in aggregate principal amount of green exchangeable senior unsecured notes due in 2028.
-
AES Argentina Generación is planning to issue a corporate bond in the local market, scheduled for July 12.
-
Duke Energy has announced its intention to offer $1.5 billion of aggregate convertible senior notes due in 2026.
-
Further details have emerged on Colombian transmission firm Interconexión Eléctrica (ISA)’s first bond issuance in the international capital markets.
-
Colombian transmission firm Interconexión Eléctrica (ISA) has closed its first bond issuance in the international capital markets.
-
Independent power producer Colbun is arranging a bond issuance to fund the development of its renewable energy portfolio in Chile.
-
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.
-
Clearway Energy is preparing a $350 million 11-year green bond offering.
-
Sunnova Energy International has upsized and priced a senior unsecured green bond offering that it announced earlier this month.
-
NRG Energy has priced its $1.1 billion sustainability-linked bond offering that was announced earlier this week.
-
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.
-
Brazilian utility Cemig Geração e Transmissão has announced a cash tender offer to buy a portion of its outstanding senior notes.
-
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.
-
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?
-
The Carlyle Group and EIG Global Energy Partners’ deal to take ownership of Panda Power Funds’ Patriot and Liberty combined-cycle gas-fired plants in Pennsylvania ended years of speculation about the fate of the two plants. But the story did not end there, as the buyers launched the acquisition financing into a market roiled by coronavirus.
-
Residential solar finance company Mosaic’s foray into the recently reopened asset-backed securitization market was well received by investors, reaping a multiple-times oversubscribed order book, in part thanks to data that shows the pandemic having a limited impact on solar loans.
-
Pacific Gas & Electric priced part of its huge bankruptcy exit financing package on June 16, raising $8.925 billion in investment grade debt just days after receiving court approval for the transaction.
-
One of the first pieces of advice a retail stock investor receives after opening their first brokerage account or downloading the Robinhood app is not to try to “time the market.” But in corporate finance – especially during weak markets – timing is everything. If a window of opportunity opens after a period of volatility, you go for it.
-
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.
-
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.
-
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.
-
After several months of negotiations to refinance a bank loan with a private placement, the owners of the Duqueco hydro complex in Chile canceled the bond sale at the last minute and opted for a renegotiation with the banks instead.
-
In September, Power Finance & Risk brought together a panel of project finance officials at insurance companies, asset managers and Fitch Ratings to discuss how U.S. private placement debt investors are viewing the latest innovations in power and renewable energy finance.
-
Brazilian power generation company Eneva has refinanced the debt associated with its 519 MW Parnaíba II Geração de Energia gas-fired project in the municipality of Santo Antonio Dos Lopes, Maranhao state.
-
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.
-
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.
-
Rockland Capital has refinanced a portfolio of gas-fired peakers with a fixed-rate project bond.
-
Residential solar loan provider Loanpal is coming to market with its first solar securitization, a $272.2 million offering.
-
CoBank’s Brian Goldstein, KeyBanc Capital Markets’ Andy Redinger and Morgan Stanley’s Michael Kumar joined PFR editor Richard Metcalf in January to review 2018 in power project finance and look ahead to 2019. Check out what they had to say.
-
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.
-
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.
-
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.
-
The rating on a R$1.2 billion ($320 million) bond issued in October to finance a transmission project in Brazil was boosted as a result of guarantees from the project's sponsors.
-
Duke Energy Corp. became the latest U.S. utility company to issue green bonds last week when it priced a $1 billion dual-tranche offering.
-
Spanish gas and power provider Naturgy (formerly Gas Natural Fenosa) has closed the first non-recourse project bonds to finance solar plants in Brazil.
-
TerraForm Power raised about $77 million with the second of two project finance private placements it priced this year to lever up unencumbered assets in the U.S.
-
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.
-
Christoper Jordan has left his position as director of US private placements at Barclays in New York.
-
A deal from solar finance company Sunnova that was priced at the end of last week and a first-time residential solar securitization from Hannon Armstrong, announced on Monday, are rekindling the market for solar ABS in the fourth quarter.
-
Steven Nichols, who handled Southern Company’s groundbreaking entry into the green bond market in 2015 as capital markets manager, has joined BNP Paribas’s sustainable finance team in New York.
-
AltaGas has raised about $874 million by floating a portfolio of Canadian utility and power assets and loading the newly listed spin-off with debt.
-
Residential rooftop solar developer Sunnova is in the market this week with its second securitization, a $262.7 million offering backed by a pool of leases and power purchase agreements.
-
(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.
-
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.
-
Infrastructure credit doyen Thomas Murray resigned from Apollo Global Management in September, PFR has learned.
-
Several former Morgan Stanley power and utilities bankers have completed their move to Jefferies.
-
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.
-
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.
-
Six of sPower's relationship lenders earned fees as co-placement agents on the company's recent $498.7 million privately placed bond offering besides the lead placement agent, structuring agent and ratings adviser, Citi.
-
Clearway Energy, the yield company formerly known as NRG Yield, came away from the bond market with more than expected on its first debt capital markets outing since transitioning to a new sponsor and a new name.
-
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.
-
Just as one robin (or, depending on your geographic location, swallow) doesn’t make a spring, two project finance CLOs (PF CLOs)—Bayfront Infrastructure and RIN—may not confidently mark the re-emergence of PF CLOs. They are, nevertheless, a positive and potentially significant development, writes Paul Forrester, Chicago-based partner at Mayer Brown.
-
Residential solar developer Sunrun will launch a securitization backed by leases and power purchase agreements within the next month, say deal watchers.
-
TerraForm Power closed a project finance private placement in June as part of the fundraising effort for its acquisition of Spain’s Saeta Yield and has launched a second, similar deal, expected to close later this summer.
-
Starwood Property Trust was looking to price a $300 million high yield bond on Wednesday to support the acquisition of GE Capital’s energy project finance business.
-
Renewable power producer sPower has closed a $500 million private placement refinancing of a portfolio of renewables projects in California and Idaho.
-
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.
-
Jefferies has hired a senior banker from a bulge-bracket firm as it rebuilds its power and utilities investment banking team in New York.
-
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.
-
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.
-
Mosaic and Goldman Sachs priced a co-sponsored solar loan securitization on Monday, a $317.52 million deal dubbed Mosaic Solar Loan Trust 2018-2-GS.
-
Goldman Sachs and residential solar finance firm Mosaic are preparing to jointly issue a new solar loan securitization.
-
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.
-
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.
-
Brazil’s CPFL Geração de Energia has received board approval to raise R$1.4 billion ($375 million) in the debt market.
-
BNP Paribas has hired a São Paolo-based banker to head its Latin America energy and utilities investment banking coverage.
-
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.
-
Citi has hired a senior banker from a rival firm to lead its North American commodities-linked financing business, with a focus on energy.
-
The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
-
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.
-
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”.
-
Two Latin American mid-stream gas companies and an independent power producer are preparing to tap the fixed income market in the coming weeks.
-
Solar finance company Mosaic is preparing to issue its first asset-backed securitization of 2018.
-
Solar finance company Mosaic is preparing to issue its first securitization of 2018.
-
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.
-
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.
-
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.
-
Penn Energy Renewables has refinanced five operational solar projects in Ontario with debt provided by Prudential Capital Group.
-
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.
-
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.
-
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.
-
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.
-
AES Corp. has revealed a slimmed-down organizational structure, with its general counsel among the departures.
-
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.
-
MidAmerican Energy priced a second green bond to finance the construction of its huge Wind XI project on Jan. 29.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Conor, Clark & Lunn Infrastructure has refinanced a pair of solar projects totaling 100 MW in Ontario with two unrated private placements.
-
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.
-
Calpine Corp. has tapped a series of corporate senior secured bonds maturing in 2026 for an additional $560 million as part of a $1.55 billion refinancing of debt associated with an almost 4.4 GW portfolio of gas-fired projects.
-
Investors are eager for a slice of Tesla’s latest solar asset-backed securitization from its SolarCity subsidiary, say industry sources, but solar ABS volume could remain limited in 2018 unless the challenge of securitizing commercial and industrial-scale solar assets can be cracked.
-
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.
-
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.
-
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.
-
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.
-
A proposed change to spot market bidding rules in PJM Interconnection could raise power prices, according to a report by Moody’s Investors Service.
-
Solar and wind power producer sPower has priced a $421 million private placement secured on roughly half of its operational fleet, say deal watchers.
-
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.
-
Talen Energy Supply launched a $400 million refinancing on Tuesday in a wobbly high yield bond market that has recently seen three energy sector issuances pulled, including one from NRG Energy.
-
The Inter-American Development Bank is evaluating a possible 1 billion peso ($52 million) warehousing loan to finance a portfolio of small-scale solar projects in Mexico with a view to supporting a subsequent securitization in the local capital markets, a model the development bank has used for previous projects.
-
Morgan Stanley is arranging a $750 million term loan B backing a 1,791 MW portfolio of wind, solar and biomass assets owned by Exelon Corp.
-
Korea Electric Power Corp. has hired three bookrunners to run an investor roadshow ahead of a potential dollar-denominated green bond issuance as it looks to build a renewables portfolio in the U.S. through acquisitions.
-
Tesla priced an asset-backed securitization offering backed by solar lease and power purchase agreements originated by its SolarCity subsidiary on Nov. 3, selling the bonds at the tight end of price guidance.
-
MUFG's Matt Odette, director in project finance, and Frederick Echeverria, executive director on the private placement desk, discuss the trend toward financing projects in the bond market in the second part of this exclusive interview.
-
Moody’s Investors Service has upgraded senior secured bonds issued by two Berkshire Hathaway solar projects in California, after Fitch Ratings did the same this summer.
-
Matt Odette, director in project finance, and Frederick Echeverria, executive director on the private placement desk, discussed the trend toward financing projects in the bond market with Richard Metcalf, editor of PFR, in this exclusive interview.
-
Sponsors are increasingly sourcing project debt in the capital markets rather than from banks, according to data from Dealogic, which is good news for financial institutions with private placement desks.
-
S&P Global Ratings has raised its rating of TerraForm Power’s bonds by three notches following the replacement of SunEdison by Brookfield Asset Management as the yield company’s sponsor.
-
Bids from investors are due on Oct. 16 for a $305 million private placement refinancing of a Brookfield Renewable Energy Partners hydro portfolio located mostly in New York state.
-
Chilean independent power producer Colbún received $3.5 billion of orders for a $500 million corporate bond last week, says a banker on the deal.
-
Brookfield Renewable Partners is preparing to issue a $305 million bond to refinance a portfolio of hydro assets in New York ISO and PJM Interconnection.
-
LS Power wrapped a mini-perm on Friday to finance part of its acquisition of a bundle of merchant generation assets, called Aspen Generating, from FirstEnergy.
-
Project sponsors have submitted more than 200 proposals in response to requests for proposals being run by a New York utility company and state agency.
-
As cash pours into project finance, non-bank lenders are trying hard to differentiate themselves from banks and each other.
-
Cheniere Energy Partners LP Holdings priced a $1.5 billion high yield bond on Sept. 12 to partially refinance term loans the company signed in February 2016.
-
Moody’s Investors Service is reviewing its rating of TerraForm Power’s bonds for a potential upgrade ahead of Brookfield Asset Management’s expected acquisition of the yield company.
-
A consortium led by Chilean independent power producer Colbún has begun meeting investors ahead of a planned $340 million refinancing of its 570 MW Fenix Power Peru gas-fired facility in Chilca, Peru.
-
Siemens Financial Services has hired a director in equity, debt and structured finance, who was most recently involved in project finance at GE Energy Financial Services.
-
On Aug. 2, TerraForm Power asked holders of two series of high yield bonds it originally issued in 2015 for permission to alter the terms of the debt to allow for a change of sponsor from SunEdison to Brookfield Asset Management.
-
Invenergy has refinanced its operational 70 MW Campo Palomas wind project in Uruguay with a $135.8 million private placement.
-
A solar developer has wrapped a $450 million debt investment arranged by an Asian state-owned investment manager and a New York-based private credit firm.
-
MUFG retained its number one spot in the North American power project finance mandated lead arranger league table for the first half of 2017, as gas-fired deals attracted institutional capital, while wind financing hit a lull.
-
Morgan Stanley has repaid debt associated with a gas-fired project it recently acquired in PJM Interconnection as it seeks to make the asset produce a dependable yield.
-
In June, officials from KeyBanc Capital Markets, Prudential Capital Group, Voya Investment Management and BlackRock discussed the latest trends U.S. renewable project finance with PFR.
-
AES Corp. priced a $1.5 billion private placement, to partially finance its AES Southland portfolio of gas-fired and battery storage assets in California, last week.
-
Spruce Finance, which finances residential solar and energy efficiency projects in the U.S., sold a $250 million loan portfolio to an undisclosed North American bank on June 21.
-
Companies linked to Argentina’s RenovAr renewables program could use the good sentiment built up by the sovereign’s $2.75 billion 100-year bond, priced on June 19, to print their own debt in the capital markets, say bond syndicate bankers.
-
FirstEnergy Corp. priced $3 billion of corporate bonds across three tranches on June 19 to refinance debt amid efforts to shed its competitive generation business.
-
Brookfield Renewables wrapped a private placement last week to refinance a merchant hydro portfolio in New England.
-
Moody’s Investors Service has raised the credit rating of a gas-fired peaker in Illinois by one notch in the wake of the recent PJM Interconnection capacity auction.
-
Three banks are leading on a roughly $2.2 billion debt package for a portfolio of gas-fired and battery storage projects that AES Corp. is developing in California.
-
The results of the latest PJM Interconnection capacity auction, announced on May 23, could lead to more conservative lending terms for new-build gas-fired facilities in some regions.
-
Burlington, Mass.-based InterGen will soon launch a formal sales process for its Mexican businesses, marking the end of a 20-year venture into the country as the group looks to chop assets to tackle incoming debt maturities.
-
NRG Energy and its subsidiary, GenOn Energy, have reached an agreement with a group of GenOn creditors that could pave the way to a consensual Chapter 11 restructuring.
-
NRG Energy placed a $407 million private placement with a group of investors led by a large U.S. insurer as part of the financing for its Carlsbad Energy Center in California, PFR has learned.
-
LS Power has closed a hybrid bank and institutional debt financing for a more-than-3 GW portfolio of merchant and gas-fired projects and sold the assets to a new group of institutional investors.
-
Cheniere Energy has priced a $1.5 billion high yield bond to refinance debt associated with its Corpus Christi LNG facility in San Patricio County, Texas.
-
Solar and Property Assessed Clean Energy (PACE) experts at the IMN Green Investing Conference on Thursday noted that both markets will see more participation as issuance accelerates and the sectors become more sophisticated.
-
Fitch Ratings has revised the criteria it uses to assess renewable projects, which could lead to upgrades for several solar project financings.
-
As NextEra Energy priced a $1.25 billion 10-year corporate bond on April 25 to refinance debt that is due to mature later this year, investors were apparently untroubled by the snag it hit trying to acquire a Texas utility company.
-
Houston-based residential solar finance company Sunnova priced a debut asset-backed securitization this week, putting the issuance volume of solar ABS year to date higher than in the entirety of 2016.
-
Moody’s Investors Service has placed the debt associated with a contracted gas-fired cogeneration plant in California on review for downgrade, citing renewable development and hydrology levels in the region.
-
Argentina has set itself an ambitious goal for renewables to make up about half of the country's generation capacity within 10 years, but large funding challenges lie ahead if this is to become a reality.
-
Paige Wisdom, the former chief enterprise risk officer at Freddie Mac, has joined residential Property Assessed Clean Energy (PACE) lender Renovate America as cfo.
-
The online poll for PFR’s Deals and Firms of the Year Awards has closed, after market participants voted for the banks, sponsors, investors and deals they thought were most impressive in 2016. The survey received roughly double the number of votes cast last year.
-
The debt financing that closed this week for Competitive Power Ventures' 1,050 MW Fairview gas-fired project in Jackson Township, Pa., combined loans from commercial banks, South Korean institutions and three international investors.
-
The debt financing for Competitive Power Ventures' 1,050 MW Fairview gas-fired combined-cycle project in Jackson Township, Pa., included a fixed-rate tranche provided by three international institutional investors, PFR has learned.
-
Hannon Armstrong has issued an $84 million green debt private placement to finance solar and energy efficiency projects in an offering arranged by BlackRock.
-
The Carlyle Group has partly refinanced a 1,066 MW portfolio of gas-fired plants in Georgia, having removed two assets from the collateral package, with implications for a series of bonds related to the portfolio.
-
Cheniere Energy priced a $1.35 billion of debt for its Sabine Pass LNG liquefaction project in Louisiana in the public bond market on Feb. 28 after closing an $800 million private placement for the same project the previous week.
-
Duke Energy Renewables closed a privately placed debt financing for a roughly 700 MW portfolio of operational wind projects in Texas and Oklahoma in January, PFR has learned.
-
NextEra Energy needs to find about $20 billion in 2017 to finance its project pipeline and its acquisition of Oncor Electric Delivery Co., and is likely to tap a variety of sources, according to a report from Moody’s Investors Service.
-
There is plenty of room for growth in commercial solar securitization, SFIG Vegas attendees heard on Tuesday, and lenders need capital markets access to fund it. But the lack of scale in the market is a key hurdle, creating a ‘catch 22’ situation.
-
Cheniere Energy has priced the $1.35 billion senior secured note offering it announced yesterday, completing the refinancing of loans obtained in 2015 for its Sabine Pass project in Louisiana.
-
Cheniere Energy is hunting for $1.35 billion of debt for its Sabine Pass LNG liquefaction project in Louisiana in the public bond market after closing an $800 million private placement for the same project on Friday.
-
PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for Americas LNG Project Finance Deal of the Year.
-
Following a competitive nomination process and careful deliberation, PFR can now reveal the finalists for its 14th Annual Deal of the Year Awards.
-
MidAmerican Energy joined the growing ranks of U.S. utility companies that have issued green bonds with an $850 million dual-tranche offering on Monday.
-
The most frequently asked questions regarding nominations for our Deal of the Year Awards.
-
Pattern Energy priced its debut high yield bond on Friday in a $350 million offering that was marketed to investors last week.
-
Project finance bankers will be watching carefully this year to see how President Trump’s administration will handle issues affecting the power industry, but other topics such as the rise of the non-traditional power purchase agreement and the availability of new pools of capital are also on their radars.
-
The deadline for nominations for Power Finance & Risk's Deal of the Year 2016 awards is coming up quickly. Make sure your deal of the year doesn't miss out on the short list by sending in a nomination by Jan. 31.
-
California-based solar finance company Mosaic is preparing to hit the ABS primary market with an offering backed by loans on residential rooftop solar systems, the first such transaction since early 2016.
-
Pattern Energy Group is planning to price its first corporate-level bond with a $350 million high yield offering later this week, primarily to finance wind project dropdowns from its sponsor.
-
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.
-
Algonquin Power Co., the renewable generation subsidiary of Algonquin Power & Utilities, has issued its first bond in three years through a C$300 million ($248 million) private placement.
-
Bank of America Merrill Lynch has arranged a $204 million institutional term loan to refinance a 214 MW residential solar portfolio for Vivint Solar.
-
GE Capital's Homer City coal-fired project in Indiana County, Pa., has filed for a pre-packaged restructuring under Chapter 11, as expected.
-
Jefferies has strengthened its leveraged finance team with the addition of a pair of bankers who worked together at Lehman Brothers and Barclays for many years.
-
SolarCity has raised $241 million for a distributed solar portfolio with its third levered cash equity transaction.
-
TerraForm Global has released its delayed 2015 annual financial report, revealing a net loss of $371 million and project-level defaults as it works with its sponsor SunEdison to find a buyer.
-
Allianz Global Investors, the investment management arm of German insurer Allianz, has completed its first project-level debt investment in the U.S. renewables sector—a more than $400 million private placement for a BHE Renewables wind project in Nebraska.
-
Ares-EIF has agreed to sell its 322 MW gas-fired Pio Pico Energy Center in Otay Mesa, Calif., to institutional investors advised by JP Morgan Asset Management following an auction run by Morgan Stanley.
-
Illinois Power Generating Co., a wholly-owned, indirect subsidiary of Dynegy, has filed for Chapter 11 bankruptcy protection, after failing to gain approval of an out of court restructuring.
-
An $823 million debt financing backing Engie and Red Eléctrica de España’s Transmisora Eléctrica del Norte transmission line in Chile closed on Dec. 7 with the participation of an institutional investor.
-
Cheniere Energy has priced its fifth project-level bond offering of the year, this time refinancing $1.5 billion of bank debt at its Corpus Christi LNG export terminal in the high yield market.
-
Ormat Nevada and Northleaf Capital Partners have closed a $92.5 million private placement refinancing for a 20 MW geothermal project they co-own in Nevada.
-
Power Finance & Risk is now accepting submissions for its Deal of the Year 2016 Awards, recognizing excellence in power asset M&A and project finance across the Americas.
-
Mike Garland, ceo of Pattern Development and president and ceo of its yield company, Pattern Energy Group (PEGI), discusses the latest trends in project finance and gives his view on the state of yieldco equities.
-
The joint sponsors of a 100 MW solar facility in Ontario have refinanced the project’s debt in the bond market to take advantage of increasingly favorable pricing.
-
A Dynegy subsidiary which owns almost 3 GW of coal-fired generation in Illinois has tentatively agreed to a restructuring deal with a group of bondholders.
-
Cheniere Energy raised $1.5 billion in the bond market on Monday to refinance debt at its Sabine Pass LNG liquefaction project in Louisiana, after S&P Global Ratings raised the project’s rating to investment grade.
-
Hydro projects have long lifespans and a number of assets which are changing hands today were financed more than a century ago, when project finance transactions were a little different.
-
TerraForm Power avoided a technical default on its bonds after bondholders agreed to give the SunEdison yield company until December to file its annual accounts for 2015.
-
Several power and utilities companies issued corporate bonds this week as issuance generally wound down, allowing bankers, treasurers and investors to take a well-deserved summer break.
-
NRG Energy’s yield company has priced a $350 million bond, the proceeds of which it will use mainly to repay all its borrowings under its revolving credit facility.
-
Dominion Resources priced $1.3 billion of corporate bonds across three tranches on Aug. 4, some of which will go toward its $4.4 billion acquisition of Questar.
-
In an unexpected move, Enel Green Power has made inquiries with banks about providing project finance for three solar projects which won contracts in the Mexico power auction earlier this year.
-
Consumers Energy Co. issued $450 million bond on Monday after releasing its second quarter earnings report last week. Other utilities are expected to follow suit in the coming days as they seek to meet their funding needs before the market slowdown at the end of August.
-
NextEra Energy has agreed to acquire Energy Future Holdings’ 80% stake in Oncor Electric Delivery Co., according to an announcement issued Friday morning, putting to rest years of speculation over who would ultimately buy the Texas utility from its bankrupt parent company.
-
Moody’s Investors Service and Fitch Ratings have placed the bonds secured on two Berkshire Hathaway Energy Renewables solar projects in California on review for downgrade following several outages.
-
NRG Energy has increased the size of its second high yield bond offering of the year, which was priced on July 19 to take advantage of a rally in credit markets.
-
NRG Energy has returned to the high yield bond market to raise $1 billion with its second offering this year as it continues to manage upcoming maturities.
-
IFM Investors has bolstered its North American infrastructure debt investment team with the hire of an experienced deal originator and executor from Hastings Funds Management.
-
Corporate bond issuances by Chilean transmission company Transelec and oil and gas master limited partnership EnLink Midstream Partners have been well received by investors eager to buy dollar-denominated assets amid uncertainty in Europe.
-
Ares-EIF has sold the 112 MW Northampton waste coal-fired facility in Northampton, Pa.
-
A sponsor is planning to launch a local project bond for a wind facility in Uruguay once it comes online next year, to take out commercial bank debt that was put in place in February.
-
The U.S. corporate bond market appears to be receptive to utility and mid-stream energy names that are lining up deals, after a quiet period triggered by the U.K.’s decision to leave the European Union.
-
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.
-
Freeport LNG is holding an investor roadshow for a project bond to refinance train two of its 13.9 million mtpa LNG liquefaction and export facility in Quintana Island, Texas.
-
Consolidated Edison Co. of New York snuck in a $550 million bond issuance on Tuesday, before mounting fears around the U.K.’s forthcoming referendum on European Union membership halted supply.
-
A partnership that owns one of the largest solar facilities in Canada has refinanced the project’s debt with a C$613 million ($480 million) bond issuance.
-
A $1.5 billion high yield bond market refinancing for Cheniere Energy’s Sabine Pass LNG export terminal won orders from investment grade accounts, said a banker at one of the bookrunners. The size of the deal was increased from $1 billion.
-
Canadian utility holding company Emera priced a multiple-tranche bond offering on Thursday to finance its acquisition of Florida’s TECO Energy, after poor U.S. employment figures failed to hold back the investment grade bond market this week.
-
As oil prices have recovered, bringing stability to the equity markets, the months-long decline in yield company stock prices has turned into a modest rally, at least for some.
-
Emera has mandated bookrunners for a senior secured and a hybrid bond transaction to finance its acquisition of TECO Energy.
-
Calpine Corporation priced a $625 million high yield bond on May 24, following AES Corp. and NRG Energy into a market that is benefiting from strong investor appetite, in part because supply has been muted so far in 2016.
-
Southern Company raised a record-breaking $8.5 billion in the bond market on April 19 with a tightly-priced seven-tranche deal, some of which will be used to fund its acquisition of Atlanta-based gas distributor AGL Resources.
-
Power Finance & Risk announced the winners of its 13th Annual Deals and Firms of the Year Awards at the PFR Awards Dinner at the Metropolitan Club in New York on Wednesday, April 18. Read the full list of winners here.
-
Utility companies flooded into the investment grade bond market this week, taking advantage of favorable market conditions following the release of their first quarter earnings reports.
RECENT ARTICLES
Recent Articles |
|