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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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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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Several renowned Scotch whisky makers, including Glenmorangie, are working out a spirited plan to power their Highland distilleries with green hydrogen produced using generation from nearby offshore and onshore wind farms.
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Power Finance & Risk is pleased to announce that nominations are now open for its 18th Annual Deals and Firms of the Year Awards.
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In February, for the first time, Power Finance & Risk brought together representatives of the bank loan, private placement, term loan B and tax equity markets with a project sponsor to discuss the state of project finance, how they coped with the Covid-19 pandemic and what is in store for 2021.
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Securitization exists in the public consciousness primarily as a shadowy corner of the capital markets in which out-of-control financial engineering causes global economic meltdowns. Could it be due a reappraisal?
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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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Last year, solar ABS faced its first major test in the form of economic disruption wrought by the Covid-19 pandemic. To discuss how the market weathered the storm, PFR brought together a panel of market participants, including both issuers and investors.
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In order to deepen our understanding of the benefits and the pitfalls of advanced hedging and offtake strategies, PFR brought together a group of experienced market participants to share their perspectives and insight.
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The years-long stampede of international capital into the US renewable energy sector has continued unabated in the first few weeks of 2021, as latecomers from around the world have finally got in on the action.
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As we heave a collective sigh of relief at finally putting 2020 behind us, let’s take a moment to reflect on the past 12 months through the lens of Power Finance & Risk’s most read stories of the year.
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#PowerTweets is an occasional feature tracking trends in power finance and investment in the Americas on Twitter.
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Recent announcements show that major institutions are taking more of an interest in the world of community solar.
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The US offshore wind industry is on the cusp of lift-off. To discuss the path forward, PFR and McDermott Will & Emery brought together a group of professionals at the forefront.
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NRG Energy has brought the US capital markets a step forward with its inaugural sustainability-linked bond, introducing a new flavor of greens for its debt investors to chew on. But as usual, European corporations led the way.
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The apparently unstoppable trend of ever-tightening project finance margins finally hit the buffers in March 2020. But now, even as the pandemic continues to rage, the race to the bottom is back with a vengeance.
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When Engie and EDP Renováveis christened their offshore wind joint venture Ocean Winds, you could be forgiven for assuming that it had taken about 10 seconds to come up with the name. But in the branding world, nothing is that simple.
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Enterprising energy innovators never tire of coming up with unlikely new locations for power generation – on highways, in roof tiles, at the end of a kite string – with mixed results. Now there’s a start-up producing electrons from municipal water pipes.
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As Latin America's power sector grapples with the consequences of the pandemic, PFR has brought together a diverse panel to share their perspectives on how the market will move forward.
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In the world of project finance, power purchase agreements are usually considered from the point of view of the project owner or lender. But in the last few years, more attention has started to be paid to the other end of the contract.
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Take-or-pay busbar power purchase agreements with electric utilities are all well and good, but they’re starting to look a bit old-fashioned. Bitcoin batteries and green hydrogen are where it’s at these days.
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IJGlobal’s famed Latin America conference took place virtually on September 15 and 16 this year, after the event originally scheduled for March in Miami had to be canceled due to the Covid-19 pandemic.
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As developers phase out their coal-fired assets in Chile and replace them with renewable projects, sponsors' market shares could change, say attendees at IJLatam 2020, IJGlobal's Latin America energy and infrastructure conference.
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Despite Mexico's regulatory changes in the power market in the past few months, industry insiders claim that the market may have slowed down but is not closed.
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The US International Development Finance Corporation is considering deploying equity in Latin America, as it has done previously in other regions such as Southeast Asia.
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Power purchase contracts with non-utility corporate offtakers are growing in popularity in Latin America but remain an exception to the norm in project finance, said industry insiders at IJLatam 2020, IJGlobal's Latin America energy and infrastructure conference.
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A top law firm for conventional generation in North America requires strong capabilities in the full range of capital markets products as well as syndicated bank loans, and Kirkland & Ellis has all the bases covered, according to PFR’s judging panel.
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Investec was on a tear in 2019, sole-underwriting the largest new-build combined-cycle gas-fired deal of the year, leading on several refinancings of marquee power assets in the US, and earning the title of Conventional Power Lead Arranger of the Year.
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MUFG has been recognized as Project Bond Bookrunner of the Year, having excelled across the gamut of debt products for power and renewables in the US and Canada in 2019.
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BlackRock has been chosen as Institutional Investor of the Year (Equity) having completed a raft of impressive deals in 2019 while enjoying a solid reputation for excellence and thought leadership.
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Axium Infrastructure and Manulife Financial Corp issued a C$1.08 billion dual-tranche private placement in March 2019 to finance their C$1.39 billion joint acquisition of a 55% stake in the 277 MW Northwestern Hydro portfolio of run-of-river hydro facilities from AltaGas Canada, building on a similar deal the previous year for 35% of the shares.
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MUFG has once again been recognized as Project Finance Lead Arranger of the Year, having excelled across the gamut of debt products for power and renewables in the US and Canada in 2019.
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Invenergy’s head of finance and capital markets, Meghan Schultz, is 2019’s Sponsor Finance Official of the Year, having been singled out by our judging panel for her problem solving ability, strong work ethic and effective management style.
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Distributed solar is a relatively new asset class in the private placement market and this Goldman Sachs Renewable Power portfolio, clocking in at around 600 MW across 379 sites, is among the largest that bond buyers have seen thus far.
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Prudential was one of the first insurance companies to establish an investment team focused on power and renewable energy credit, and the firm continues to evolve and innovate to maintain its position as the leader in the field.
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When the Canadian government put the modernization of Ottawa’s district energy system out to tender through the Energy Services Acquisition Program in 2017, it placed restrictions on the use of long-term private capital, which required the winning consortium, Innovate Energy, to structure the project in a way not done before in the Canadian PPP market.
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Marathon Capital maintained its “strong lock” on mid-market power and renewable energy M&A in 2019 while staying ahead of rivals with its expertise in emerging asset classes, according to the judging panel.
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Since its merger with projects powerhouse Chadbourne & Parke in 2017, Norton Rose Fulbright has gone from strength to strength in renewable energy finance, leading the conversation and advising on many of the most innovative deals in the sector.
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Berkshire Hathaway Energy, the energy division of Warren Buffet’s huge investment company, made a big impact on the tax equity market in 2019, writing sizeable checks to allow market-leading projects to come to fruition.
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Bank of America is not only one of the most prolific tax equity investors in US renewable energy, it is also one of the most creative and client-friendly of the big banks that dominate this lucrative niche within project finance.
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Ares Management Corp’s recognition across three categories in Power Finance & Risk’s 17th Annual Deals and Firms of the Year demonstrates the group’s continued strength across both private equity and credit following the further integration of the group and the launch of its Ares Infrastructure and Power brand under the leadership of Keith Derman and Andrew Pike.
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Ares Management Corp’s recognition across three categories in Power Finance & Risk’s 17th Annual Deals and Firms of the Year demonstrates the group’s continued strength across both private equity and credit following the further integration of the group and the launch of its Ares Infrastructure and Power brand under the leadership of Keith Derman and Andrew Pike.
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Ares Management Corp’s recognition across three categories in Power Finance & Risk’s 17th Annual Deals and Firms of the Year demonstrates the group’s continued strength across both private equity and credit following the further integration of the group and the launch of its Ares Infrastructure and Power brand under the leadership of Keith Derman and Andrew Pike.
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For project finance afficionados, the 744 MW West Deptford gas-fired project in New Jersey is historic. In 2012, it was the first merchant gas-fired asset to reach financial close since the 2008 financial crisis, setting down a major milestone for the market.
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The award of Conventional Power Sponsor of the Year to The Carlyle Group reflects the high esteem in which this well-established private equity team, led by Matt O’Connor, is held by market participants, as well as its sophisticated use of the full range of financing markets in 2019.
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Power Finance & Risk is pleased to announce the winners of its 17th Annual Deals and Firms of the Year Awards for the most impressive renewable energy and power project sponsors, lenders, advisers, investors and transactions of 2019.
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CCA Group stood out in 2019 among the financial advisory firms that specialize in tax equity transactions for their comprehensive solutions, client service and commercial nous, according to market participants surveyed by PFR.
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The C$1.9 billion Wataynikaneyap transmission project is the first of its kind to be majority-owned by First Nations communities, the largest indigenous-led infrastructure project in Canada, and will be the most far-reaching First Nations grid connection in Ontario when it is completed.
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Christopher Yonan has impressed market participants since moving to Jefferies to relaunch the firm’s power and utilities investment banking franchise in 2018. He was already a well-regarded figure, having established himself as a leading leveraged finance banker in the power sector at Barclays and then at Morgan Stanley, where he became a managing director.
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The first financing to close in 2019 for a new gas-fired project in PJM Interconnection was not the standard fare. The transaction financed the 485 MW Long Ridge Energy Generation project – also known as Hannibal Port Power – as well as an interest in a gas production field under development in Ohio.
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Sondra Martinez was picked out as the leading project finance banker in 2019 thanks to her strong technical knowledge, problem solving skills and commercial acumen.
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CIT continued to be at the forefront of battery storage and cutting-edge solar financing in 2019, winning admiration from clients and peers alike for its “innovative” approach and “reliable” execution.
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High-value investment banking mandates in the power and renewables sector are fiercely fought over by a handful of very capable firms, but Morgan Stanley stood out in 2019 because of its role in several large, complicated or market-shaping transactions and excellent feedback received from clients.
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TerraForm Power became one of the largest distributed generation businesses in the US when it acquired the Arcadia portfolio from AltaGas. Besides a 291 MW distributed solar portfolio, the deal included 10 MW of fuel cells and 21 MW of residential solar. TerraForm took out a non-recourse holdco bridge loan to finance the deal.
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Six months after debuting its first levered convertible equity financing, NextEra Energy Partners designed an even more complex partnership with KKR & Co with a total transaction value of $1.092 billion to fund a 1,192 MW portfolio of ten utility-scale wind and solar projects.
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Laurae Rossi, Winston & Strawn’s project finance powerhouse in Los Angeles, had another impressive year in 2019, cementing her position as one of the leading project finance lawyers in the US.
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For private placement investors, pandemic-related disruption created opportunities as well as headaches. To discuss this, PFR brought together a diverse panel to share their perspectives. Sponsored by Fitch Ratings and MUFG.
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As power market and policy experts quarrel over the reasons for California's first rolling blackouts in 19 years, renewable energy project developers and financiers spy opportunities.
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Andy Redinger and Dan Brown, managing directors at KeyBanc Capital Markets, discuss the surge in demand for US renewable energy assets and what global investors need to consider when evaluating opportunities in this sector.
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Greg Wolf, the former CEO of Leeward Renewable Energy, passed away on August 3. He was 50.
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Quinbrook Infrastructure Partners portfolio company Primergy Solar has appointed a chief development officer who previously worked at Engie North America.
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Whenever a Department of Energy loan goes bad – as it did in the case of the Crescent Dunes concentrated solar project in Nevada – questions are raised about the program. But how bad is the US government at picking winners, really?
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In July, PFR brought together CoBank's Brian Goldstein, Matthew Wade of IFM Investors, Clearway Energy Group's Johana Afenjar and Sean Yovan from Innergex Renewable Energy to look back on a tumultuous - and memorable - six months in the Midyear Review 2020 roundtable.
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A recent development testifies to solar's lasting appeal, albeit with a controversial twist. Afghan opium poppy growers are among those that have caught on to the increasingly affordable technology, though presumably not with ESG criteria in mind.
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Developers of gas-fired and wind projects were united in their fury and dismay last year when Ohio’s House of Representatives passed House Bill 6 – the state’s nuclear and coal bail-out bill. The recent bribery allegations only add fuel to the sense of righteous indignation.
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Several renewable energy and thermal power project developers made use of federal Paycheck Protection Program funding earlier this year, according to data released by the US Department of the Treasury on July 6.
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Ares Management's Keith Derman, John Drake of Osaka Gas USA, and Daniel Englander from Panamint Capital take you through the latest trends in US gas-fired project finance on PFR's Thermal Power Roundtable 2020.
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After sifting through more than 100 nominations, Power Finance & Risk is pleased to announce the short lists for its 17th Annual Deal of the Year Awards.
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Since the novel coronavirus crashed into the US economy in March, the project finance market seems, for now at least, to have settled into a new groove. But while loan margins have widened versus the exuberant pre-pandemic days, some officials still suspect that the market—especially for renewable energy—may be overheated.
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Power Finance & Risk is pleased to announce the short list for the following award: Transmission Deal of 2019.
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