Equity
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Utility-scale solar and energy storage development company Redeux Energy Partners is seeking investors to buy a minority stake as a corporate-level equity capital raise, PFR has learned.
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Goldman Sachs Renewable Power (GSRP) has wrapped a $655.9 million debt package for its recently acquired Slate solar-plus-storage project in California.
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Capital Dynamics has found a buyer for a stake in a 100 MW/400 MWh standalone battery storage project in California.
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Recently, it seems that every day brings blank check company news, whether it’s an initial public offering or a merger. But could a privately held renewable energy project developer go public this way by the end of the year?
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One of the first pieces of advice a retail stock investor receives after opening their first brokerage account or downloading the Robinhood app is not to try to “time the market.” But in corporate finance – especially during weak markets – timing is everything. If a window of opportunity opens after a period of volatility, you go for it.
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Spanish renewable energy developer Cox Energy has begun the regulatory process to list its Cox Energy Americas subsidiary on Mexico's Bolsa Institucional de Valores stock market.
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TC Energy has made an equity investment in Turning Point Generation, a company that is developing up to 400 MW of pumped hydro capacity in Alberta.
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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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Montana utility NorthWestern Energy is seeking approval to acquire for $1 a 25% stake in unit 4 of the 2,094 MW Colstrip coal-fired plant.
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Clearway Energy has launched a public offering of common stock to raise the funds it needs to acquire the Carlsbad Energy Center from its sponsor, Global Infrastructure Partners.
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The private equity sponsor of a Texas wind project with non-utility power purchase agreements has secured construction financing from a European bank.
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Renewables yield company Pattern Energy Group has confirmed that it has drawn interest from third parties following a report that it was considering takeover offers.
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Brazilian state-controlled Petrobras is studying the creation of a subsidiary for some of its power plants with a view to divesting them through an initial public offering.
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Ares Management has sealed an equity commitment from a European infrastructure fund manager for its Hill Top Energy Center gas-fired project in Pennsylvania.
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Indeck Energy reached financial close today on its $1 billion Niles Energy Center in Cass County, Mich., including floating and fixed-rate project finance debt.
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AltaGas sold its 50% stake in a 29.04 MW wind project in Huerfano County, Colo., for $16 million after sale to an independent power producer linked to the project’s utility offtaker won regulatory approval.
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Siemens Corp. has hired an attorney who was previously a partner at a New York law firm as a senior in-house counsel specializing in project finance equity investments.
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AES Tietê has made a bid to acquire the 400 MW Alto Sertão III wind complex from Brazilian developer Renova Energia along with a 1.1 GW pipeline of other wind projects in development.
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In October, PFR teamed up with Fitch Ratings and Orrick to host a candid discussion on the challenges and opportunities for financing America’s nascent offshore wind industry. Experts covered everything from debt pricing to offtake structures and the full report is in this week’s issue.
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An unidentified party, rumored to be Canada's Algonquin Power & Utilities, has abandoned its effort to outbid Oncor Electric Delivery Company to acquire Texas utility InfraREIT.
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NextEra Energy has signed a deal to to acquire the Trans Bay Cable underwater transmission system in California from SteelRiver Infrastructure Fund North America and its partners.
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Pattern Energy Group, the yield company of Pattern Development, and Capital Power have agreed to sell their one-third stakes in the 270 MW K2 wind project in Ontario.
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In September, PFR and Mayer Brown teamed up to bring together a panel of tax equity experts to review the latest developments and innovations in this fascinating area of renewable energy finance, as well as the outlook for the coming years. Check out the full transcript.
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Regulatory filings reveal that Invenergy purchased a short position on the equity it sold to Caisse de dépôt et placement du Québec (CDPQ) in April, with a remaining shelf life of just over two months.
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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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Enel Green Power has reached financial close on its 1.8 GW renewables portfolio in Mexico, selling equity to institutional investors and raising around $605 million of project debt, some two years after obtaining power purchase agreements and with some of the projects already online.
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With sale processes for several gas-fired assets underway in Texas, deal watchers say more could end up going under the hammer following a summer of high power prices in the state.
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An independent power producer tapped an investment bank earlier this year to auction off a merchant dual-fuel facility in Massachusetts.
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As the sale process for a pair of gas-fired assets in Queens, N.Y., heads toward a second round of bidding, deal watchers see varying levels of interest in the two assets.
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Apollo Global Management has emerged as the buyer of a mostly U.S. portfolio of GE Energy Financial Services' equity holdings, following a competitive auction.
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Yield company Clearway Energy priced a capital raise at $19.15 per share last week, raising about $75 million toward its acquisition of the Carlsbad gas-fired project in California from NRG Energy.
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Clearway Energy, the yield company formerly known as NRG Yield, has hired UBS for the latest chunk of financing for its acquisition of the Carlsbad gas-fired project in California.
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Sempra Energy has lined up a strategic investor to buy a 980 MW collection of renewables assets including operational solar projects, development stage solar and battery storage projects and a single wind farm.
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A tax equity partnership is due to make its case to the U.S. Tax Court early next year in a dispute over a tax equity deal that the Internal Revenue Service has described as a “legal sham.”
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France’s Voltalia has forged a partnership with a private equity-backed power producer, selling the firm an initial 197 MW development-stage wind portfolio with a view to transferring up to 500 MW in total.
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AltaGas is preparing to launch an initial public offering through which it will spin off some of its Canadian assets and utilities as part of the fundraising push for its acquisition of WGL Holdings.
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GridLiance, the independent transmission owner and operator backed by Blackstone, has signed a deal to acquire six transmission lines from a subsidiary of Vistra Energy.
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GCL New Energy has made use of kWh Analytics’ solar revenue put as part of its tax equity financing of a contracted four-project solar portfolio in Oregon.
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British emerging markets investor Ashmore has signed an investment agreement with a consortium led by Peruvian conglomerate Graña y Montero to fund a transmission project in the Caribbean region of Colombia.
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Australian developer Windlab has agreed to sell a wind project in Ohio to Swift Current Energy after talks with previous would-be buyer fell through.
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Chile’s Antofagasta has sold its 30% stake of the 115 MW El Arrayán wind farm to the same private equity firm that bought the rest of the project from Pattern Energy Group earlier this week.
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Pattern Energy Group has completed its departure from the Chilean market by selling its 70% stake in the 115 MW El Arrayán wind project for $70.5 million.
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A private equity firm is in talks with Noble Environmental Power about buying some or all of a six-project wind portfolio in upstate New York, PFR has learned.
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Three senior power, utility and infrastructure bankers who recently left RBC Capital Markets have established a new U.S. investment banking group at rival BMO Capital Markets in New York.
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A recent court decision relating to a wind project financing in 2010 has injected a dose of uncertainty into valuations used in renewable project deals, especially those involving investment tax credits.
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The owners of the 321 MW Pirapora solar complex in Brazil, EDF Energies Nouvelles and Canadian Solar, are selling a 50% stake in the assets to a local wind and hydro power producer.
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Vivint Solar was able to maximize the proceeds of its latest $327 million residential solar project financing by structurally subordinating Bank of America Merrill Lynch’s tax equity commitment to a tranche of senior secured, privately placed debt. [Updated with quotes, loan pricing and tenor]
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Recurrent Energy has cancelled the sale of a portfolio of operational solar projects in California to a Chinese investor after the deal failed to obtain required regulatory approval in time.
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A judge has found the consortium that owns the Lordstown gas-fired project in Ohio, the largest member of which is a Macquarie Group infrastructure fund, to be in contempt of court amid a months-long legal fight over the development of a second combined-cycle plant in the same industrial park.
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Macquarie Infrastructure Corp. has found a buyer for its 644 MW Bayonne Energy Center gas-fired plant in New Jersey.
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Canadian developer BluEarth Renewables has lined up its second U.S. wind investment—the acquisition of a development-stage portfolio totaling some 795 MW in Medicine Bow, Wyo.
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A subsidiary of NextEra Energy is set to acquire 20 miles of 138 kV transmission lines from a municipal utility in Illinois following a yearlong, competitive sales process.
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LS Power has taken first-round bids for the sale of a 2.3 GW portfolio of gas-fired power plants located in the PJM Interconnection.
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Dhamma Energy has closed the sale of a 108 MW (DC) solar project in the Mexican state of Guanajuato that is contracted under private power purchase agreements signed before the country's energy reforms.
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Capital Dynamics partnered with a South Korean asset manager on its recent acquisition of minority stakes in Tenaska’s Imperial South and West solar projects in California's Imperial Valley.
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Robert Mancini, who guided Goldman Sachs' entry into the power asset business before spearheading The Carlyle Group’s expansion into the power sector, has retired from his role as managing director and co-head of Carlyle Power Partners.
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Coronal Energy has begun building a 15 MW solar project in Tennessee with a power purchase agreement that was priced and signed in 2015, before competition pushed prices to today’s low levels.
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Following its acquisition by a "blank check" company, Ontario-based Spark Power Corp. has bought a major Canadian green energy marketer.
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Goldman Sachs Asset Management has emerged as the winning bidder in an auction for a portfolio of distributed solar projects in New England and the Mid-Atlantic.
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Atlantic Power Corp. has agreed to acquire a 50% stake in a run-of-the-river hydro project in Washington state for $11.8 million, becoming the project’s sole owner and operator, in what will be its first external growth investment in three years.
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Xcel Energy has completed its acquisition of a 200 MW wind project in Minnesota, its second wind acquisition in the Upper Midwest this year.
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EDF Renewable Energy has lined up a tax equity commitment for two contracted wind projects—a 79.9 MW facility in upstate New York and a 100 MW project in Minnesota.
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A pair of investors have bought an operational 21 MW wind project in Costa Rica from a local developer.
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Macquarie Capital has reached financial close on a 200 MW Texas wind project and announced the expansion of its Green Investment Group platform into North America.
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In the third and final part of this exclusive interview, Nick Knapp, president of CohnReznick Capital, discusses co-advisory mandates, emerging areas of activity in renewables and the state of the project finance market with PFR reporter Fotios Tsarouhis.
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Spanish developer Dhamma Energy has sold a 37 MW shovel-ready solar project in Mexico to Balam Fund, marking the private equity firm’s fourth renewables project investment in the country.
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In this week’s Industry Current, John J. Marciano III, partner, and Ramin Mohammad, associate, at Akin Gump in Washington, D.C., outline the implications of the Internal Revenue Service’s latest guidance in relation to the solar investment tax credit.
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In the second part of this exclusive interview, Nick Knapp, president of CohnReznick Capital, discusses opportunities in restructuring, M&A market dynamics and how the firm competes for advisory mandates with PFR reporter Fotios Tsarouhis.
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Boralex has agreed to acquire Invenergy’s stakes in five wind projects in Québec, which the Canadian company intends to finance with the issuance of equity in public and private offerings.
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Following the announcement of Greenbacker Renewable Energy Co.’s acquisition of two development-stage solar assets in North Carolina, a second deal has emerged in which the company bought an operational solar project in the same state.
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An idle 18 MW biomass plant in California is set to be auctioned off by its owners following a dispute with the Sacramento Municipal Utility District over the cancellation of its power purchase agreement.
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A joint venture between Scatec Solar and Norwegian state-owned energy company Equinor has entered the Argentine solar market by acquiring a contracted 117 MW project, and the ceo of Scatec says the company is mulling other opportunities in the Latin American country.
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A financial investor is preparing to sell an interest in a gas-fired project in Texas that it owns as a result of a levered sale leaseback transaction originally signed 18 years ago.
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Guggenheim Partners has hired a power and utilities investment banker who had been with Citi for almost eight years.
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TerraForm Power has foregone a planned public equity offering to fund its acquisition of Saeta Yield, instead using a backstop provided by its sponsor to place 61 million shares privately with Brookfield Renewable Partners and its institutional partners for $650 million.
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Residential solar lender Sunlight Financial has raised $50 million of equity from growth investor FTV Capital to fund enhancements to its technology platform and its product suite.
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Italy’s Enel has bought a 73% stake in Eletropaulo for R$5.52 billion ($1.48 billion), beating off stiff competition from Spanish rival Iberdrola in a bidding war for the Brazilian utility.
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The Blackstone Group has appointed financial advisers to market a gas-fired project in Texas that was recently refinanced in the term loan B market.
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Australian investor New Energy Solar has agreed to acquire developer VivoPower’s minority stakes in two solar projects in North Carolina.
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Southern Power is aiming to sell tax equity interests in its existing wind portfolio by the end of the year.
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Higher-than-expected clearing prices in the latest PJM Interconnection capacity auction mean that several gas-fired projects that have been in the works for months will almost certainly be able to circle financing, deal watchers tell PFR.
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Spain’s Iberdrola is ramping up its presence in Brazil after entering into a bidding war to purchase electric distribution company Eletropaulo and separately hammering out plans to invest the equivalent of $816 million in the country over the next five years.
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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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Moody’s Investors Service has assigned Marin Clean Energy what the rating agency says is the first credit rating for a community choice aggregator.
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EDF Group has teamed up with Chile’s Andes Mining & Energy to buy 750 MW of flexible generation capacity in the Latin American country, with three-quarters of the price tag being financed with bank debt.
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Innergex Renewable Energy has signed a 12-year power purchase agreement with an energy company for a portion of the output of a 350 MW wind project in Texas.
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Capital Power Corp. is nearing selection of a tax equity investor for its 99 MW New Frontier wind project in McHenry County, N.D.
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Budding Mexican independent power producer Thermion Energy has bought a 171 MW wind project from compatriot Comexhidro for an undisclosed sum, as part of the company’s planned $2 billion-equivalent investment in renewables.
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Sacramento Municipal Utility District is buying back its 128 MW Solano III wind project in Rio Vista, Calif. from investors Forsyth Street and Citi.
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The recent reform of the U.S. tax regime has ushered in several provisions that, taken together, could make sale-leaseback financing transactions attractive, whether to refinance solar projects or fund the acquisitions of gas-fired facilities. John Eliason and David Weisblat attorneys at Foley & Lardner, address the possibilities in this week’s Industry Current.
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Leeward Renewables, the wind generation portfolio company of ArcLight Capital Partners, is planning to seek financing for a wind repowering project in Illinois later this year.
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RES Americas has sold a wind project in Texas that has been online since 2007 to a newly established joint venture between Paris-based private investment firm Ardian and Transatlantic Power Holdings, a company set up by the former chief executive of Iberdrola Renewables.
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Edison International's effort to sell distributed solar company SoCore Energy has resulted in an agreement with Engie North America, the same company that recently announced the acquisition of U.S. wind developer Infinity Renewables.
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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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As capital floods into renewable energy, investors must think strategically about merchant tails and asset performance management, which means digging into power market and operational data analysis, write Ryan Hardy, Ethan Paterno and Barbara Sands, energy and utilities experts at PA Consulting Group, in this week’s Industry Current.
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Rockland Capital has tapped an auctioneer to run the sale of a combined-cycle gas-fired plant in Texas.
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Lightsource BP has requested debt and tax equity financing proposals for its first U.S. solar project, after announcing a strategic partnership with BP in December.
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A mezzanine capital investor in two Panda Power Funds combined-cycle gas-fired projects in PJM Interconnection has hired a financial adviser to sell its preferred notes.
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London-based emerging markets investor Actis has acquired the 100 MW El Pelícano solar project in Chile from SunPower, less than two months after the plant began commercial operations.
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NRG Energy's efforts to shrink its balance sheet through asset sales have borne fruit, with the independent power producer announcing that it has found buyers for its yield company, renewables platform and a conventional generation portfolio located in Texas and Louisiana.
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Capital Dynamics has agreed to acquire the yield company 8point3 Energy Partners from its sponsors, First Solar and SunPower Corp.
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NTE Energy has signed the first of what it expects to be several power purchase agreements for its Reidsville Energy Center gas-fired project in North Carolina, having reached out to banks for project finance proposals late last year.
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Duke Energy Progress has renewed a power purchase agreement with a 50 MW biomass facility in North Carolina that will help the utility company meet the state's portfolio standard for generation from pig and poultry waste.
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A structured finance and tax equity professional who has worked in finance for more than three decades has left PNC Bank to take a sabbatical, PFR has learned.
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A tax equity investment sealed by Coronal Energy for a solar portfolio in December was the first project finance deal to be supported by a solar revenue put provided by risk management and data firm kWh Analytics.
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Halyard Energy Ventures has appointed a financial adviser to raise equity for a gas-fired peaker in Texas, as the developer seeks to “benefit from a first mover advantage” with the low-cost project, according to a teaser seen by PFR.
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Sponsors developing solar projects in Chile are increasingly taking advantage of a program that supports small-scale projects in the country with price stabilization and other benefits.
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Industrial and Commercial Bank of China’s former head of energy structured finance in the Americas has surfaced at a newly-established broker-dealer.
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Onyx Renewable Partners, a Blackstone Group portfolio company that develops commercial, industrial and small-scale utility solar projects, is exploring the sale of a portfolio of assets.
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Canadian Solar has appointed Barclays Capital Canada to advise it on a potential take-private transaction, after the company’s chairman made a bid to buy the company late last year.
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C2 Energy Capital acquired a 52 MW portfolio of contracted, development-stage solar projects in South Carolina at the end of the year and is in the process of putting financing in place.
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A Texas-based hedge fund is seeking to arrange mezzanine capital for Panda Power Funds, mainly to refinance existing capital associated with its fleet of gas-fired combined-cycle projects in PJM Interconnection, deal watchers tell PFR.
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Developers, bankers and other market participants are talking increasingly seriously about the prospect of solar projects in Texas obtaining debt financing on the basis of power hedges, even with a potentially detrimental trade case decision looming in Washington.
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EDP Renewables North America has closed tax equity funds for a portfolio of solar projects in South Carolina and a bundle of wind assets spread across four states.
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Greenbacker Renewable Energy is in talks with a lender and a tax equity investor to finance a solar project it acquired from Solar Frontier Americas Holding late last month.
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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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The final version of the Republicans’ signature tax reform bill puts to rest many of the fears expressed by the renewable industry, but leaves unclear how the broader tax equity market will adapt to the new rules, writes Eli Katz, partner at Latham & Watkins in New York.
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Enel Green Power North America has acquired a 20 MW solar project that won a 20-year power purchase agreement in the New England Clean Energy Request for Proposals in 2016.
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A provision in the tax reform bill passed by the U.S. Senate on Saturday morning is holding up at least $1 billion of renewable project finance deals, according to lawyers at Akin Gump Strauss Hauer & Feld.
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The board of Brazil’s Renova Energia has approved the acquisition of the company by Brookfield Asset Management and the Canadian buyer has up to 90 days from Monday to get the transaction documents finalized.
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Whitehall & Co. has won a financial advisory mandate for the sale of a 349-mile subterranean transmission line project that would lie beneath existing railroads between MISO and PJM Interconnection in exchange for development-stage capital.
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Enel Green Power North America has acquired its first wind project in Nebraska, a 320 MW facility that will supply a new Facebook data center under a bundled power purchase agreement.
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Southern Power is planning to sell an up-to-one-third stake in the 27-project solar portfolio it has built up through acquisitions over the past five years.
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A developer is aiming to close debt financing for a 1 GW quasi-merchant gas-fired project in Michigan in the first quarter of next year.
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M&A, refinancing activity and even new-build financings could be on the cards in Texas in the wake of recently announced coal-fired plant retirements, according to speakers at the 19th Annual Platts Financing U.S. Power Conference in New York.
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ArcLight Capital Partners has retained advisers for a potential sale of its 1,040 MW New Covert gas-fired project in Michigan, after an auction last year did not result in a transaction.
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Brazilian renewable energy company Renova Energia said on Oct. 17 that a period of exclusive talks with Brookfield Asset Management around a potential sale of the company had expired with no agreement reached.
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True Green Capital Management aims to acquire and finance a portfolio of commercial and industrial-scale solar projects with about $700 million of tax equity and debt, having closed its third discretionary fund earlier this year.
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Beal Bank has agreed to sell two 550 MW units at the Gila River gas-fired project near Gila Bend, Ariz., after acquiring the assets in a bankruptcy-related sale last year.
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D.E. Shaw and Torch Clean Energy have sealed construction and tax equity financing for an Arizona solar project.
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Allianz Global Investors’ chief investment officer for infrastructure equity is relocating from Frankfurt to New York as the firm prepares to launch its third fund for the asset class.
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The renewables subsidiary of Enel has sold a majority stake in 1.7 GW of operational and under-construction wind and solar projects in Mexico and plans to raise about $900 million of project finance to bring the entire portfolio online.
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An infrastructure, power and utilities banker who worked at Scotiabank for 10 years has left the firm to take up a role in acquisition finance at a rival institution in New York.
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U.K. private equity shop Terra Firma has lined up buyers for EverPower Wind Holdings following an auction process, a source close to the deal tells PFR.
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As cash pours into project finance, non-bank lenders are trying hard to differentiate themselves from banks and each other.
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Alterra Power Corp. has acquired a 40 MW development-stage wind project in California which it aims to bring online by 2020.
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Silicon Ranch Corp. is preparing to finance a series of four solar projects in Georgia totaling 200 MW after securing power purchase agreements in the summer.
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Panda Power Funds is revising the structure of a financing for a greenfield gas-fired project in Maryland that has attracted interest from South Korean investors.
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