Energy
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Strategic Value Partners (SVP) and EverGen Power have launched a partnership to invest in North American natural gas generation.
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Atlas Energy Solutions has appointed Blake McCarthy as its chief financial officer, effective 13 May 2024, PFR has learned.
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Miami-based financial advisory firm Atlantico Capital Partners has hired Juan Francisco Toro as managing director and Juan Pablo Hernández as vice president of its Mexico City office.
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Investment bank Moelis & Company has hired Stephen Trauber, formerly Citi's global head of energy transition, as chairman and global head of its energy and energy transition team.
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A trio of Boston-based energy investors has launched Inyarek Partners to develop energy transition assets, completing its inaugural investment into renewable natural gas (RNG) platform Redtail Renewables.
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Andros Capital Partners has closed its second energy fund – Andros Energy Capital II – at its $750 million hard cap.
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Priority Power Management, an energy optimization and infrastructure business backed by Oaktree Capital Management and Ara Partners, refinanced its existing debt and increased its credit facility from $85 million to $250 million.
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Enbridge, the Canadian energy giant, has bolstered its position in North American renewables with the acquisition of Tri Global Energy (TGE) for $270 million in cash and assumed debt.
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The European Investment Bank (EIB) and the Inter-American Development Bank (IDB) have signed a mutual reliance agreement, allowing the multilaterals to improve cooperation on climate-resilient infrastructure and energy projects in Latin America.
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Colombian business regulator Superintendencia de Sociedades de Colombia has approved the planned merger of Enel’s Colombian subsidiaries.
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Vibra Energia – the Brazilian fuels distributor previously known as BR Distribuidora – plans to exercise a purchase option to acquire a controlling stake in power trader Comerc.
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New York Stock Exchange-listed Kayne Anderson Energy Infrastructure Fund has obtained a $200 million unsecured revolving credit facility.
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JP Morgan’s Infrastructure Investments Fund (IIF) has inked a deal to acquire South Jersey Industries (SJI) in a deal valued at $8.1 billion.
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Brazilian law firm Fialho Salles has promoted project finance lawyer Ricardo Rondino to partner.
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The Latin America-focused Ashmore Andino III Fund has held a first close at COP664.15 million ($168 million).
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The University of Florida (UF) is expected to issue a final request for proposals (RFP) for its energy P3 in the coming months, with a proposal deadline of September 2022.
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The University of Louisville (UofL) is seeking a private partner to finance, operate and maintain its steam, chilled water, electrical and related distribution systems.
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The Brazilian state of Rio Grande do Sul has announced an auction for its electricity generation company, CEEE-G.
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Howard Stern has retired from Northwestern Mutual after spending more than 21 years at the firm.
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Biopharmaceutical company Pfizer has signed a virtual power purchase agreement for at least 310 MW of solar generation to power its North American operations.
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Power Finance & Risk is pleased to announce the short list for the following award: Project Bond of 2020.
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Power Finance & Risk is pleased to announce the short list for the following award: M&A Deal of 2020.
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Power Finance & Risk is pleased to announce the short list for the following award: Canadian Deal of the Year 2020.
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Power Finance & Risk is pleased to announce the short list for the following award: District Energy Deal of 2020.
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Power Finance & Risk is pleased to announce the short list for the following award: Transmission Deal of 2020.
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Power Finance & Risk is pleased to announce the short list for the following award: Term Loan B of 2020.
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Actis Energy has completed fundraising for its fifth fund with $4.7 billion in commitments, as well as co-investment capital bringing the total figure raised up to $6 billion.
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British renewables investor Greencoat Capital has launched in the US with the opening of offices in New York and Chicago ahead of a tipped fund launch.
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French water, waste and energy management group Veolia has started commercial operations at a 12.4 MW biogas complex in Brazil.
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A portfolio company of Toronto-based infrastructure investment firm Instar Asset Management has closed a $53 million credit facility to finance a fleet of district energy systems in Canada.
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Colombian developer Empresas Publicas de Medellin (EPM) has received permission from the national finance ministry to raise funds for its 2021-2023 planned investments.
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DTE Energy has brought forward the deadline for ceasing coal use at the Belle River Power Plant in Michigan by two years.
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Sunrun has increased the size and reduced the pricing of its non-recourse warehouse loan with a syndicate of eight financial institutions.
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Leeward Renewable Energy has inked a power purchase agreement with a community choice aggregator for the full output of a solar-plus-storage project in California.
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Renewables project finance enthusiasts flocked to a secluded conference center in midtown Manhattan earlier this week for REFF Wall Street 2021, after being deprived of events to attend over the last year-and-a-half. PFR editor Taryana Odayar and reporter Alfie Crooks were on site to catch the goings-on.
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Mexico’s President Andrés Manuel López Obrador (AMLO) has put forward an initiative that would reform the country’s constitution as it pertains to the power sector, in an effort to strengthen state-owned energy companies.
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While some debt investors have grown increasingly comfortable financing merchant solar assets over the last few years, many market watchers at REFF Wall Street 2021 remain unconvinced that the attractive yields to be gained by taking on merchant exposure outweigh the associated risks.
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Conference goers at REFF Wall Street 2021 in New York this week applauded the tremendous volume of investments in the renewables space over the last year-and-a-half, despite the disruption wrought by the Covid-19 pandemic, but some warned that there could be "surprises down the road" as a result of the rapid buildout of the asset class.
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Deal watchers have observed that solar project owners are increasingly buying out the tax equity investors in their projects or arranging for third-parties to take their place, as several projects pass their tax credit recapture periods.
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The Bureau of Ocean Energy Management (BOEM) is preparing to launch an environmental review of an offshore wind project being developed by a 50:50 joint venture between Shell New Energies and EDF Renewables North America (EDFRNA), off the coast of New Jersey.
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Sidewalk Infrastructure Partners has raised $190 million in capital from a single limited partner.
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Talen Energy's Cumulus Growth subsidiary has secured an up to $175 million investment from Orion Energy Partners to execute its renewable energy and digital infrastructure growth strategies.
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Acciona Energia has clinched two supply contracts for renewable power in Chile and renewed a third with water utility Aguas Nuevas.
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Dutch fund APG and Celeo Redes have arranged acquisition financing for their purchase of Colbun Transmision, the transmission subsidiary of Chilean independent power producer Colbun.
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Renewable energy retailers have traditionally found ways to sway Texan customers to choose them, typically through competitive rates, but Octopus Energy has devised a new offering – Amazon Prime memberships.
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The solar ABS sector is set to hit a new record for issuance volumes in 2021 with the addition of Sunrun and Solar Mosaic’s transactions, as a wider pool of institutional investors join the market, encouraged by more frequent ratings from the three major credit rating agencies.
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PJM Interconnection has requested regulatory approval to postpone its December base residual auction (BRA) for delivery year 2023/2024 by nearly two months, which would push the auction window into early 2022, and potentially delay subsequent capacity auctions.
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US Senate Finance Committee chairman Ron Wyden (D-Ore) has proposed a slate of tax reforms that could freeze the use of the partnership flip structure in the tax equity market.
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As the Dominican Republic starts opening up to private investments in renewable energy projects under President Luis Abinader, local developer Grupo Energético 23 (GE23) managed to wrangle debt financing for its first such asset in the country this summer.
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Distributed solar developer New Energy Equity has secured a $50 million revolving credit facility to fund the construction of a more than 60 MW community solar portfolio in the US.
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Singapore's sovereign wealth fund GIC Private Limited has closed the first phase of its previously agreed upon acquisition of a 19.9% stake in Duke Energy Indiana.
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A vice president at CohnReznick Capital has joined the renewables project finance team at a Canadian investment bank.
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Dominican utility company Empresa Generadora de Electricidad Haina (EGE Haina) has brought online a 120 MW (DC) solar park in the Dominican Republic.
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Two vice presidents in Goldman Sachs' renewable power group have headed to a Morgan Stanley-backed impact investment platform, where they will lead a new renewables investment division.
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Colombia has launched the country’s third renewable auction, which will take place before October 31 of this year.
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McGuireWoods has recruited an M&A partner in Houston who previously held senior roles at power and renewables project developers such as NRG Energy and Panda Power Funds.
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El Salvador's president has revealed plans to power Bitcoin mining operations in the country using geothermal energy produced by volcanoes, shortly after El Salvador became the first country in the world to adopt Bitcoin as legal tender.
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Aypa Power, which was previously known as Canadian energy storage platform NRstor C&I before it was bought and rebranded by Blackstone Energy Partners in 2020, has recruited an M&A director from AES Corp.
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Voya Investment Management, the asset management business of Voya Financial, has reached first close on an infrastructure debt fund that is focused on renewables project financing.
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Several term loan B deals trading in PJM Interconnection have taken a dip after clearing prices from the highly anticipated Base Residual Auction (BRA) for delivery year 2022/2023 were announced. But deal watchers say that this is unlikely to have a significant impact on revenues in the long run.
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Law firm O’Melveny has hired four energy-focused attorneys from Thompson & Knight as it looks to expand its footprint in Texas.
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LS Power subsidiary CPower Energy Management has disclosed its demand response capacity results from PJM Interconnection's Base Residual Auction for delivery year 2022/2023.
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Longroad Energy has refinanced a 27 MW portfolio of commercial and industrial-scale solar projects spread across several US states.
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Quinbrook Infrastructure Partners has recruited a managing director from BlackRock to lead a newly launched team that is focused on investment strategies in renewable power and industrial decarbonization.
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MPC Energy Solutions has agreed to acquire a combined-heat-and-power plant that is under construction in Puerto Rico.
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A managing director in Crédit Agricole's project finance team, who has spent over a decade at the bank, has left for an opportunity at another bank.
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Vistra has reported its results from PJM Interconnection's Base Residual Auction for delivery year 2022/2023.
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Warburg Pincus-backed distributed generation and microgrid start-up Scale Microgrid Solutions (SMS) has bought a distributed microgrid system located in Connecticut.
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Greenberg Traurig has appointed a global co-head of its energy project finance practice in Washington, DC.
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After two years of delays due to uncertainty over the Minimum Offer Price Rule (MOPR), PJM Interconnection has finally concluded its Base Residual Auction (BRA) for delivery year 2022/2023, although the results of the highly anticipated auction have fallen short of market participants' expectations.
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Orrick has recruited a tax attorney from Kirkland & Ellis as it expands its renewable energy finance practice.
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NordLB's Sondra Martinez, CohnReznick Capital's Conor McKenna, Convergent Energy + Power's Frank Genova and Kirkland & Ellis's Brian Greene discuss the latest developments in the energy storage market.
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Public Service Company of New Mexico (PNM) has launched two requests for proposals, which collectively seek up to 700 MW of generation by June 1, 2023.
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Citi's former North American head of commodities finance and credit solutions is taking up a new role at a Durham, North Carolina-based holding company focused on the energy transition.
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The UK's Amber Infrastructure Group has expanded the scope of its US activities with the launch of Circle Power Renewables, a developer focused on solar, wind and battery storage projects.
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SB Energy, the renewables division of SoftBank, has clinched construction debt and tax equity financing for a pair of solar projects located in California.
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Banverde, a Mexican investment fund focused on commercial and industrial rooftop solar projects, has secured a $57 million syndicated credit facility to support the acquisition of small-scale solar assets in the country.
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The sponsor of the 2.7 GW Westlands Solar Park (WSP) in California has secured debt and tax equity financing for the project's first phase.
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The Biden administration has identified areas off California's central and northern coasts for the development of offshore wind projects and is preparing to lease them out in an auction targeted for mid-2022.
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A director in Bank of America's Global Sustainable Finance Group and a vice president at Orion Energy Partners have joined the energy team at Blackstone Credit.
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Hull Street Energy has struck a deal to acquire Foundation Solar Partners (FSP), the solar development firm set up by three former Cypress Creek Renewables officials two years ago.
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Blackstone Credit portfolio company ClearGen has committed up to $500 million to a joint venture focused on developing behind-the-meter renewable energy microgrids.
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Quinbrook Infrastructure Partners portfolio company Primergy Solar has secured an offtaker for a 155 MW solar project in Colorado.
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Cubico Sustainable Investments has sold two wind farms in Brazil to AES Brasil, the local subsidiary of AES Corp.
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The California Public Utilities Commission has issued two proposals, both of which would require utilities in the state to procure at least 11.5 GW of new generation between 2023 and 2026.
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Capital Dynamics has hired a director from NextEra Energy Resources.
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The Department of Energy's Loan Programs Office has recruited a senior financier from Standard Solar.
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The sale of Eletrobras has moved a step closer to the finish line, thanks to a bill to privatize the power utility passing in the lower senate house on May 19.
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Brazos Electric Power Cooperative has secured US Bankruptcy Court approval to access the first tranche of a proposed $350 million debtor-in-possession (DIP) financing package.
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Sidley Austin has hired a veteran tax partner focused on renewable energy and infrastructure projects.
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John Laing's board of directors has agreed on the terms of KKR & Co’s proposed acquisition of the company, while Equitix has emerged as a 50% partner in the takeover bid.
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A boutique West Coast law firm has recruited six attorneys and a chief operating officer from a range of rival law firms, an electric utility and a solar panel manufacturer.
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Ares Management Corp is preparing to take ownership of a financially troubled gas-fired, combined-cycle power plant in PJM Interconnection.
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Stonepeak Infrastructure Partners has agreed to invest up to $750 million in an electric vehicle charging and transportation joint venture with Nuvve Holding Corp, a Californian EV-charging business that recently went public via a SPAC merger.
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McGuireWoods has recruited three renewable energy project finance and private equity attorneys from DLA Piper.
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Leyline Renewable Capital has hired two senior project finance professionals from NordLB and EDP Renewables, amid the departure of a PF director from the firm.
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Onyx Renewable Partners has hired a project finance vice president who previously worked at True Green Capital Management.
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Canadian pipeline operator TC Energy has expanded a request for information that it issued in April for wind capacity to power its US assets, to include solar and energy storage projects as well.
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Citi has formed a new investment banking group focused on the clean energy transition and appointed two senior bankers to lead it, according to an internal memo seen by PFR.
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Spain's Repsol Energy has made its debut in the US renewables market with a deal to acquire a 40% stake in utility-scale solar and battery storage project developer Hecate Energy.
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California community choice aggregator Clean Power Alliance has signed a power purchase agreement for the full output of a geothermal project in the state.
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Ben Fowke, who has served as Xcel Energy's chaiman and CEO for over a decade, is retiring on August 18.
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Rubicon Capital Advisors' former managing director and general counsel, Sonia McMillan, has joined a specialist infrastructure fund manager in New York.
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Robert Sternthal, the former head of North America at Rubicon Capital Advisors, has re-emerged in a new role at an investment bank that is planning to staff up its renewables team and expand its coverage of the sector.
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AES Brasil has received clearance from Brazil's Administrative Council for Economic Defense to purchase a 231.3 MW wind portfolio in the country.
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The state of Massachusetts has announced a 1.6 GW offshore wind tender.
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The CFO of battery storage developer and independent power producer Key Capture Energy has left the firm, and a senior investment banker has been brought in to act as interim CFO.
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Orion Energy Partners has raised $1.079 billion for its Orion Energy Credit Opportunities Fund III.
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Listed US Solar Fund has raised $132 million in equity on the London Stock Exchange to refinance a solar portfolio at a less aggressive leverage ratio.
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Dominion Energy has struck a deal to acquire a utility-scale renewable energy project developer based in the Southeastern US.
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Origis Energy has secured a buyer for a portfolio of three solar and battery storage projects, each located in a different US state.
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The Biden administration has approved the construction and operation plan for the 800 MW Vineyard Wind project off the coast of Massachusetts, which has been waiting in the wings for years due to federal permitting issues and other delays.
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Cypress Creek Renewables' associate general counsel, Jaya Velamakanni, has left the company to start her own private practice.
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Law firm Baker Donelson has recruited a veteran energy and infrastructure project finance attorney with nearly 30 years of experience to lead its energy transactions team.
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Argo Infrastructure Partners has agreed to acquire a 129 MW commercial and industrial solar portfolio in the US from funds managed by CarVal Investors.
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AES Corp is aiming to replicate a "landmark, first-of-its-kind" power purchase agreement that it recently inked with Google in line with its 24/7 carbon-free strategy, which it says has attracted interest from a number of corporate clients, across the US.
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Competitive Power Ventures ?has circled a term loan B package to refinance a gas-fired, combined-cycle project in Maryland and expects to close a deal next week.
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Greenbacker Renewable Energy has bought its second solar project in Montana – an 80 MW development-stage, contracted asset in Yellowstone County.
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Pacific Gas & Electric Co has been granted approval by the California Public Utilities Commission to issue up to $7.5 billion of "recovery bonds" to finance wildfire-related expenses, in what is being touted as the largest ever securitization by a US utility.
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GenOn Energy has closed the refinancing for a pair of dual-fuel peaking power plants in PJM Interconnection.
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AES Brasil has bought a pair of wind farms totaling 158.5 MW from the Brazilian subsidiary of Cubico Sustainable Investments.
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As Chile's largest developers secure supply contracts with corporate offtakers and search for corporate financing for their portfolios, project finance bankers wonder whether there will be any mandates left in the long run that are not corporate-based.
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Brazilian telecommunications company TIM Participacoes has launched a call to buy wind, solar, hydro and biomass distributed generation projects in the country.
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Pennsylvania-based PPL Corp is seeking regulatory approval for its acquisition of Rhode Island electric and natural gas utility The Narragansett Electric Co from UK's National Grid.
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A university in Indiana has agreed to purchase renewable energy certificates generated by a 20 MW solar project developed by American Electric Power in the state.
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Southwest Generation has agreed to sell a combined-cycle gas-fired power plant in California to a family trust.
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NRG Energy has hired its new chief financial officer from South Korean e-commerce company Coupang.
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A pair of sponsors has tapped the bank market to raise financing for a portfolio of mixed generation assets in Chile which include both operational and greenfield projects.
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CarVal Investors has raised $490 million for its CVI Renewable Energy Fund, almost double its initial target of $250 million.
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PSEG Power has found a buyer for its 365 MW Solar Source portfolio, following a competitive auction process.
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A senior director who recently left NordLB after a decade working in the firm's project finance practice has joined DNB Bank.
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Ex-Goldman Sachs managing director Jean-Pierre Boudrias and ex-Macquarie Capital managing director Ross Warner ?have teamed up to launch their own hydrogen energy storage business.
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A bulge-bracket investment bank is slotting acquisition financing into place to support Dutch fund APG and Celeo Redes' purchase of Colbún's transmission business.
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Brazilian state-controlled Eletrobras has appointed former ANEEL director Rodrigo Limp Nascimento as CEO, effective May 7.
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CarVal Investors has closed tax equity financing for a distributed generation solar and battery storage portfolio located in Massachusetts and Missouri.
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Houston-based EnCap Investments has raised $1.2 billion for its EnCap Energy Transition Fund I.
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A renewables developer has tapped the bank market for a roughly $1 billion debt raise to support the construction of a mammoth solar-plus-storage project located in California.
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Insurance brokerage firm CAC Specialty is rapidly expanding its Natural Resources division with a series of high-level hires, including two from Beecher Carlson.
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A sale process is underway for a battery storage-focused independent power producer.
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KeyBanc Capital Markets has hired six renewables investment bankers from a regional bank to join its San Francisco-based utilities, power and renewables team.
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A senior managing director at Evercore has left for a new opportunity at Moelis & Co.
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A senior director who had worked in NordLB's project finance practice for over a decade has left the bank.
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Lightsource bp has inked a power purchase agreement with online retailer Amazon for an Ohio solar project.
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Tiger Infrastructure Partners has been selected to back a new business that aspires to build the world’s largest carbon capture and storage project.
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Troubled Australian asset manager AMP, the parent company to US renewables investor AMP Capital, has avoided a second shareholder vote against executive pay by a slim margin.
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First Sentier Investors has appointed Chris Tehranian as a senior director in New York.
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The Inter-American Development Bank and IDB Invest have launched an online tool designed to standardize reporting in the Latin American and Caribbean green bond markets and bring about greater transparency.
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A senior banker has left Investec's power and infrastructure team in New York for a new opportunity.
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