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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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Power Finance & Risk is pleased to announce the short list for the following award: Renewable Energy Deal of 2019.
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Power Finance & Risk is pleased to announce the short list for the following award: Project Bond of 2019.
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Power Finance & Risk is pleased to announce the short list for the following award: M&A Deal of 2019.
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Power Finance & Risk is pleased to announce the short list for the following award: Term Loan B of 2019.
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Power Finance & Risk is pleased to announce the short list for the following award: District Energy Deal of 2019.
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Power Finance & Risk is pleased to announce the short list for the following award: Conventional Power Deal of 2019.
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Power Finance & Risk is pleased to announce the short list for the following award: Canadian Deal of the Year 2019.
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The pace at which solar assets are being put on the market shows no sign of slowing down, as auctions for substantial portfolios of development-stage and operational assets continued to be launched in June.
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Last week, we published a case study on the uncertain fate of Engie and Tokyo Gas’s Golden Eagle renewable energy portfolio in Mexico in the context of President Andrés Manuel López Obrador’s controversial energy policy (PFR, 6/25). But political risk is not confined to Latin America, and project finance bankers may do well to consider the risks in the US, too.
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The anti-racism protests sparked by the death of George Floyd in Minneapolis have led, among other things, to increased recognition of Juneteenth, the anniversary of the emancipation of the last enslaved African Americans in the US.
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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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There were signs even before the outbreak of the Covid-19 pandemic that the dynamic of the market for renewable energy assets had shifted in favor of buyers, and the recent flurry of sale processes kicking off despite travel restrictions and lockdowns will have done nothing to tip the scales in the other direction
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Power Finance & Risk brought together experts to discuss energy storage, one of the hottest topics in the infrastructure investing and project finance world. If you are interested in the future of financing energy storage – and who isn’t? – you will not want to miss it.
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Eleven weeks after bankers and fund managers left Midtown Manhattan for coronavirus lockdown at home, the pace of activity in power and renewable energy finance in the US seems as hectic as ever. Indeed, disruption to the capital markets has created more work for some borrowers and unique opportunities for lenders.
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Doug Egan, the co-founder and former CEO of Competitive Power Ventures, has passed away at the age of 63 after a long illness.
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Experts in distributed solar finance discussed tax equity, the impact of Covid-19, the emerging community solar model and much more.
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The most frequently asked questions regarding nominations for our Deal of the Year Awards.
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Power Finance & Risk is pleased to announce that nominations are now open for its 17th Annual Deals and Firms of the Year Awards.
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Project finance officials are paying close attention to daily headlines as they feel their way through market turmoil and strive to move deals forward, despite headwinds caused by the Covid-19 crisis and oil price slump.
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The Covid-19 panic that has sent markets spiraling has also upended the working conditions and lifestyles of project finance officials, with cancelled conferences, enforced remote working, handshake bans and even the prospect of "virtual closing dinners," however that is supposed to work.
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As lenders and borrowers prepare to say goodbye to Libor, also known as “the most important number in finance,” are project finance professionals ready? Taryana Odayar investigates.
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A panel of solar securitization experts gathered in December to discuss the progress of the solar ABS market and what the future holds for this emerging asset class. Sponsored by Credit Suisse.
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As 2019 draws to a close, we took a look at the stories that captured the attention of PFR subscribers over the past 12 months.
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In October, Power Finance & Risk brought together a group of project finance officials and a partner from Allen & Overy to discuss the latest opportunities and challenges in financing power and renewables across Latin America.
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In September, Power Finance & Risk brought together a panel of project finance officials at insurance companies, asset managers and Fitch Ratings to discuss how U.S. private placement debt investors are viewing the latest innovations in power and renewable energy finance.
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A strong third quarter for Mizuho’s project finance team has propelled the Japanese bank up the North American power and renewables league tables, while Key Bank maintained its position at the head of the pack.
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The annual Siemens Energy Financial Services Oktoberfest bash in New York settled into a new venue this year at the Ziegfeld Ballroom, a recently repurposed former movie theater in Midtown Manhattan.
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In August, PFR hosted a panel discussion on the challenges facing sponsors seeking to finance U.S. wind repowerings.
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In July, Power Finance & Risk teamed up with Bracewell to host a panel on the key project finance trends we saw in the first half of the year. Experts from Capital Dynamics, CohnReznick Capital and NextEra Energy also laid out what the market can expect in the next six months.
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Power Finance & Risk brought together a panel of experts to talk through the changing dynamics of California’s sun-soaked power market and the impact for project financiers. Leaders from Strata Solar, CleanCapital, Capstone Headwaters and Solar Frontier Americas talked through PG&E’s restructuring, pricing of battery storage debt and much more.
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Javier Mateache Sacristán, the co-founder and U.S. CEO of Elawan Energy (formerly Gestamp Wind), passed away on June 25, following the recurrence of a previously treated cancer, at the age of 53.
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Early-stage renewable energy projects exceeding 1 GW were auctioned off at a novel event on the trading floor of the New York Stock Exchange last Monday, hosted by Akin Gump, Novogradac, DNV GL and FTI Capital Advisors.
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In May, PFR brought together three developers, a private equity investor and a lender for a fascinating and frank discussion about financing battery storage finance.
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Andy Redinger and Daniel Brown, managing directors at KeyBanc Capital Markets, discuss residential solar finance, including the latest trends in M&A and the future of the sector.
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With graduation festivities in full swing across the Golden State, PG&E has begun warning customers about the dangers of helium-filled metallic balloons, using the slogan, ‘Look Up and Live!’
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Ric Abel, managing director and principal at Prudential Capital Energy Partners, the mid-market energy finance business sponsored by Prudential Capital Group, is set to retire in the coming weeks after 30 years with the asset manager.
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PFR is pleased to announce the winners of its 16th Annual Deals and Firms of the Year Awards for the most impressive sponsors, lenders, advisers, investors and deals of 2018.
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Gusts of up to 46 mph in Las Vegas this week did not dampen the spirits of attendees of the S&P Global Platts 34th Annual Global Power Conference, but did put paid to plans for open air cigar parties. PFR editor Richard Metcalf and reporter Taryana Odayar were on hand to chronicle the action, inside and outside the conference hall.
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A bulge-bracket investment bank has begun marketing a district energy business in the U.S. that includes a 256 MW cogeneration plant in Massachusetts.
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As representatives of developers, banks, investment firms and service providers descend on Las Vegas for S&P Global Platts’ 34th Annual Global Power Markets Conference, PFR takes a look at what to expect.
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C2 Energy Capital’s Rich Dovere, Doran Hole from ReneSola, Mike Roth from Ares Management and Soltage cfo Sripradha Ilango joined PFR reporter Shravan Bhat to drill down into the intricacies of financing commercial and industrial solar projects.
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A California grower that recently announced the completion of the cannabis industry’s first commercial-scale solar facility has harsh words for project finance providers.
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Known for undertaking ambitious infrastructure projects such as the world’s largest hydro project, the Three Gorges Dam, China has now embarked on a mission to develop the first utility-scale solar project in space by 2040.
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Power Finance & Risk has launched its annual Deals and Firms of the year poll, which will determine the winners of our highly prized Deal and Firm of the Year Awards, to be announced at the end of April.
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PFR's Deal of the Year Awards are back, recognizing excellence in power project finance and M&A. Check out the shortlisted deals in the North America Conventional Power Project Finance category.
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PFR's Deal of the Year Awards are back, recognizing excellence in power project finance and M&A. Check out the shortlisted deals in the Latin America Mergers & Acquisitions category.
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Having scoured the market for the most impressive and interesting deals of 2018, the editorial team has selected four deals in each of six categories and compiled detailed profiles of each deal, including some previously unpublished material.
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PFR's Deal of the Year Awards are back, recognizing excellence in power project finance and M&A. Check out the shortlisted deals in the North American conventional power mergers & acquisitions category.
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PFR's Deal of the Year Awards are back, recognizing excellence in power project finance and M&A. Check out the shortlisted deals in the North America Renewable Energy Project Finance category.
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PFR's Deal of the Year Awards are back, recognizing excellence in power project finance and M&A. Check out the shortlisted deals in the Latin America Project Finance category.
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An internal memo at Goldman Sachs regarding a new “firm wide flexible dress code” was widely reported this week, but don’t expect the firm’s investment bankers to turn up in sneakers and sweatpants any time soon.
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Kirkland & Ellis attorneys Kelann Stirling and Robert Fleishman, Novartis’ Jim Goudreau, Citi’s Brian Anast and Goldman Sachs’ Cindy Quan joined PFR reporter Shravan Bhat to talk through the challenges and opportunities facing corporate buyers of renewable energy.
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"I am back in Houston,” reads a Jeffrey K. Skilling LinkedIn profile apparently created in September of last year, shortly after the former Enron executive was transferred from a minimum security federal prison camp in Alabama to a halfway house under the supervision of RMM Houston, a residential reentry management field office of the Federal Bureau of Prisons.
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So you've left your job at an established financial institution, project developer or energy retailer and decided to set up your own energy investment firm. There are a lot of decisions to make, but first of all, you need a logo. Where do you go?
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On the morning of Feb. 2, sleeping residents of the Rhode Island towns of Cranston and Johnston were rudely awakened by a booming roar.
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CoBank’s Brian Goldstein, KeyBanc Capital Markets’ Andy Redinger and Morgan Stanley’s Michael Kumar joined PFR editor Richard Metcalf in January to review 2018 in power project finance and look ahead to 2019. Check out what they had to say.
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Budweiser’s 2019 Super Bowl ad features all of its classic motifs: Its beloved Clydesdales, a Dalmation mascot, fields of wheat, and—in an unusual twist—wind turbines spinning to the sultry sounds of Bob Dylan.
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A transformer explosion at a ConEdison facility in Astoria, Queens, which took place two days after Christmas, set the New York city skyline ablaze with a dazzling blue glow. The blast caused power outages across the borough, including at LaGuardia airport, and sent social media users into a frenzy about the possibility of an alien invasion.
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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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Power Finance & Risk is now accepting pitches for Deal of the Year as part of its 16th Annual Deals and Firms of the Year Awards, recognizing excellence in power asset M&A and project finance across the Americas.
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After hurtling 300 million miles through space for almost seven months, NASA’s Insight Lander successfully touched down on the Elysium Planitia region of Mars on Nov. 26 at 2:52 p.m. ET, and will be powered by solar for the next two years.
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Paraguay, home to Jesuit ruins, rainforests and the world’s largest dam, will also soon be home to what is being touted as the world’s largest cryptocurrency mining center and exchange, which will be powered by the massive, state-owned Itaipú hydroelectric project under a 15-year contract.
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Sean Casten, co-founder and former ceo of Recycled Energy Development, won the race to represent Illinois’s 6th Congressional District in the U.S. House of Representatives in the midterm elections on Nov. 6.
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As market participants prepare for the U.S. offshore wind industry to take off, PFR is publishing a special report on the topic, featuring a roundtable discussion sponsored by Orrick, Herrington & Sutcliffe and Fitch Ratings.
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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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Con Edison Solutions has installed solar arrays at five Catholic parishes on Staten Island and in Yonkers, N.Y., after signing 20-year power purchase agreements.
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The #PowerTweets feature tracks trends and news in power and energy on Twitter.
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A Oregon solar project operated by Pine Gate Renewables is abuzz with a sweet collaboration involving bees and brews.
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As stories of sexual harassment, intimidation and assault across Hollywood, business and wider society continue to drive the latest push for gender equality, encapsulated in the Me Too movement, the women who work in power finance have spoken to PFR about their experiences, from the pay gap to female representation in leadership positions and their treatment in the workplace.
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As President Donald Trump's grand infrastructure plan hit the buffers earlier this year, his former attorney, Michael Cohen, was allegedly doing his own bit for the cause by seeking government funds for a mothballed nuclear project in Alabama, according to an Aug. 2 report in the Wall Street Journal.
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British bureaucrats have drawn up radical contingency plans to keep the lights on in Northern Ireland—which relies on a shared energy market with the Irish republic—in the case of a “no-deal Brexit”, the Financial Times reported last week.
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Is it a bird? Is it a plane? No, it's the superman-shaped drone that environmental group Greenpeace flew into a wall of EDF's 3,580 MW Bugey nuclear facility on July 3.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter. For more news and coverage, follow @PowerFinRisk on Twitter, as well as editor @richmetcalf and reporters @FotiosEuromoney and @Shravanbhat.
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A 2.6 GW hydro project built in the Soviet Union in the 1950s is partly to blame for the decline of sturgeon that has devastated the Russian caviar industry, according to a British wildlife conservation researcher.
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Using renewable energy to mine cryptocurrency is not a new idea—PFR first reported on it in December, at which point miners in Europe and Iceland were already using hydro and geothermal—but a recent intervention by Star Trek legend William Shatner has thrust the concept squarely into the limelight.
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Brian Daly, a pioneer of mezzanine financing in the power sector, passed away on June 1. He was 53.
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PFR has pored over the results of this year’s JP Morgan Corporate Challenge race in New York’s Central Park to find out which power sector financiers crossed the finish line first.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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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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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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As the GenOn Energy asset sale spawns several power holding companies with “Kestrel” in the name, an electric utility in California has been busy finding names for a trio of peregrine falcons.
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Calendar clashes, avocado implements and steak—a few notes and observations from the sidelines of the Platts Global Power Markets conference in Las Vegas.
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The Trump Organization is planning to issue a request for proposals for a small-scale coal-fired plant fitted with carbon capture technology to be built on the roof of Trump Tower in Manhattan.
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Sumitomo Mitsui Banking Corp. was sole structurer and bookrunner on a $142 million debt financing for a rural electrification program in Peru that recently closed.
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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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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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PFR caught up with the great and the good of power project finance as they milled around with wine, cocktails and hors d’oeuvres laid on by Latham & Watkins at New York’s American Museum of Natural History on March 1.
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PFR is pleased to announce the finalists for its 15th Annual Deal of the Year awards. Here is the short list for North America Renewables Project Finance Deal of the Year.
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Following a competitive nomination process and careful deliberation, PFR can now reveal the finalists for its 15th Annual Deal of the Year Awards.
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PFR is pleased to announce the finalists for its 15th Annual Deal of the Year awards. Here is the short list for Latin America Conventional Power Project Finance Deal of the Year.
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PFR is pleased to announce the finalists for its 15th Annual Deal of the Year awards. Here is the short list for North America M&A Deal of the Year.
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PFR is pleased to announce the finalists for its 15th Annual Deal of the Year awards. Here is the short list for Latin America M&A Deal of the Year.
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PFR is pleased to announce the finalists for its 15th Annual Deal of the Year awards. Here is the short list for Latin America Renewable Project Finance Deal of the Year.
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PFR is pleased to announce the finalists for its 15th Annual Deal of the Year awards. Here is the short list for North America Conventional Project Finance Deal of the Year.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter. For more news and coverage, follow @@PowerFinRisk on Twitter, as well as editor @richmetcalf and reporters @FotiosEuromoney and @Shravanbhat.
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Tesla’s rooftop solar panels and its rechargeable Powerwall battery will soon be available at The Home Depot.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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Participants in solar project finance are beginning to digest the long-awaited announcement that the U.S. will impose a tariff, initially of 30%, on imported solar cells and modules.
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Delegates traveling to Louisiana from frigid northern cities had their hopes of a respite from the cold dashed as temperatures in New Orleans hovered around freezing point for the duration of the conference this year.
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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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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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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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Whether or not one believes bitcoin is the decentralized future of money or a pyramid scheme masquerading as currency, the reality is that mining bitcoins consumes enormous amounts of energy.
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The first person to walk to both the North and South poles is returning to the Antarctic, this time with his progeny—and some solar panels—in tow.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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Abandoned coal-fired plants may not seem glamorous, but one such structure in New Orleans has developed a secondary career in recent years as a setting on the silver screen and TV.
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M&Ms, Harvey Weinstein and millennials all somehow made it into the reporter’s notebook at this year’s Platts Financing U.S. Power Conference in New York.
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Some of the power finance world’s fresher faces gathered at CohnReznick Capital’s offices in New York’s Credit Lyonnais Building on Oct. 12 for Juniors in Energy Finance's inaugural “30 Under 30” presentation event.
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Shortly after the International Trade Commission's momentous September ruling in a Section 201 trade case concerning solar panel imports, PFR assembled a power and utilities banker, two developers, a project finance attorney and an asset manager who focuses on energy infrastructure debt to discuss the impact of the case and all the latest trends in solar finance.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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The fact that the Suniva 201 trade case is now moving to the remedy phase has the potential to slow or stop solar projects in the works, write John Marciano, Shana Hofstetter and Greg Lavigne of Akin Gump Strauss Hauer & Feld.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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As the generation industry eyes developing pockets of demand for the electrons it produces, a report from Barclays highlights a growing source of demand for millions of megawatts: Cannabis farming.
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As astronomy enthusiasts headed for the path of totality on Aug. 21 to witness the first coast-to-coast total eclipse in the U.S. for nearly a century, grid operators from California to the Carolinas braced for a dip in solar generation.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Total solar eclipses occur as a result of a peculiar, cosmic coincidence—the sun and moon, because of their relative sizes and distances from our planet, appear the same size in the sky.
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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.
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For the first time in over three decades, renewables have overtaken nuclear plants in the race to power the U.S.
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There were many lessons to be learned at the 14th annual REFF Wall Street conference, such as: Not everyone's mother works for a hedge fund.
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Of the many power sector financiers at commercial and investment banks that ran in this year’s JP Morgan Corporate Challenge race in Central Park, who was the fleetest?
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Continued low gas prices and depressed demand lower megawatt-per-day payments and change the game for all parties involved, writes Louise Pesce, m.d., project finance, at MUFG, in this week’s Industry Current.
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Power Finance & Risk announced the winners of its 14th Annual Deals and Firms of the Year Awards at a drinks reception at the Bryant Park Hotel in New York on May 24.
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Renewable project sponsors and tax equity investors are beginning to come to terms despite uncertainty over tax reform, allowing financings to trickle through.
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Alterra Power Corp. has hired Icelandic Stöplar Advisory to explore a sale of its stake in the Blue Lagoon geothermal spa in that country.
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France’s Akuo Energy has tapped a trendy source of capital, raising €200,000 for an operational 28 MW wind project through its own crowdfunding platform.
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EDF EN Canada’s investment in a 23 MW (DC) solar project in Ontario has begun to pay a tasty dividend, in the form of honey.
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The 32nd annual Platts Global Power Markets Conference from April 24 to April 26 at the Wynn Las Vegas. PFR managing editor Olivia Feld and reporter Fotios Tsarouhis were in attendance.
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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.
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When PFR asked financiers and sponsors backing gas-fired projects in PJM Interconnection how President Donald Trump’s executive order to dismantle his predecessor’s Clean Power Plan might affect development in the region, conversation quickly turned to other topics.
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A big winner in the first Mexican power auction is expected by some to eschew project finance in favor of balance sheet funding, but PFR readers know differently.
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Bankers are blaming a slow start to the year in U.S. renewables project finance on uncertainty around corporate tax reform, but activity could pick up once developers get their heads around the risks.
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PFR’s Deals & Firms of the Year Awards are back, recognizing excellence in power finance and asset M&A across the Americas.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for Latin America M&A Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America M&A Deal of the Year.
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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.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for Latin America Project Finance Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America Conventional Power Project Finance Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America Renewable Project Finance Deal of the Year.
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Following a competitive nomination process and careful deliberation, PFR can now reveal the finalists for its 14th Annual Deal of the Year Awards.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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It’s the “Land of 10,000 Lakes” or—as brewery historian Doug Hoverson has called it—the “Land of Amber Waters”. Now, over a century and a half after Anthony Yoerg, a Bavarian immigrant to the U.S., started Minnesota's first commercial brewery, the state is getting its first sunshine-fueled brew-house.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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The most frequently asked questions regarding nominations for our Deal of the Year Awards.
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Developers and financiers are searching for solutions to problems caused by looming changes to the tax code. This week’s Industry Current, written by Eli Katz and Julie Marion, partners at Latham & Watkins, examines the impact of potential tax reforms under the new Trump administration.
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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.
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It will take many years and dollars for Entergy Corp. to decommission its Indian Point nuclear plant in Westchester County, N.Y., but it's never too early to ponder what use will ultimately be made of the site after that.
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The recently completed 648 MW Kamuthi Solar project in Tamil Nadu, India, has set a new record as the largest solar project in the world.
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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.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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The future of the U.S. Environmental Protection Agency, the Clean Power Plan and tax credits for renewable generation are all up in the air following Donald Trump's presidential win in the early hours of Wednesday morning.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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A biomass project in Copenhagen that aims to entice tourists to stroll amid a forest of hanging tree trunks won an international architecture award this month.
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Scientists have accidentally discovered a chemical catalyst that could open the door to industrial-scale energy storage.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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The wind industry is a close-knit group and the AWEA Wind Energy Finance & Investment Conference is generally a friendly affair, so there were plenty of lighter moments amid the serious discussions and dealmaking at the Westin New York at Times Square.
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Power purchase agreement prices for renewable projects are plummeting across the Americas, and it’s changing the way deals are done.
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Euromoney Seminars’ 11th Annual North American Energy and Infrastructure Finance Forum took place at the Westin New York at Times Square from Sept. 22 to 23. PFR managing editor Olivia Feld and reporter Fotios Tsarouhis attended the conference.
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Solar Power International kicked off on Monday at the Las Vegas Convention Center. Managing editor Olivia Feld attended the conference.
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NRG Energy has emerged as the winner of a bankruptcy court auction of a portfolio of SunEdison assets spread across six states.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter. For more news and coverage, follow @PowerFinRisk on Twitter, as well as editor @MetcalfReports, managing editor @OliviaFeld and reporter @FotiosEuromoney.
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In this week’s Industry Current, Bernays ‘Buz’ Barclay, managing partner at Rimon P.C. and senior adviser to Marathon Capital, calls on the power industry to engage with blockchain technology.
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The Chicago Cubs have shaken up their power supply roster with a new signing at the end of summer.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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In this Industry Current Elias Hinckley, partner and leader of the energy group at Sullivan & Worcester in its Washington, D.C., office, argues that a swath of new investors in the tax equity market could herald a period of unprecedented growth in renewable project development.
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Improvements in wind turbine technology in recent years have made it possible to construct ever taller towers and wider blade diameters, but the future of power may be smaller—much smaller—according to recent research.
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What better place for a project finance banker, attorney or contractor to treat a client to some haute cuisine than a restaurant located in a former power plant?
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SunEdison is continuing what many deal watchers are describing as a "fire sale" of its assets, in an auction run by adviser Rothschild.
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Residential solar company Sungevity has intervened in the 2016 presidential campaign by challenging the candidates to a race to install solar panels on their homes.
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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.
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Advances in technology and efficiency, intense competition for power purchase agreements and subsidization through tax credits in the U.S. have pushed the cost of renewable generation ever lower. That’s great news for offtakers, but it also makes financing more difficult.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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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.
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The votes are in, and Power Finance & Risk can now reveal the nominees for the Deals and Firms of the Year Awards.
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Power Finance & Risk’s Deals & Firms of the Year Awards poll has been extended until April 16, giving you an additional week to tell us which banks, sponsors and law firms best navigated the markets in 2015.
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PFR’s Deals & Firms of the Year Awards poll is closing this week. Tell us who you think should win in our power finance and asset M&A categories.
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Power Finance & Risk’s Deals & Firms of the Year Awards are back, recognizing excellence in power finance and asset M&A across the Americas.
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Panda Power Funds' Hummel project could have had a much racier name, if Robert Simmons had got his way.
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What once could be thought of as mythological parable, a mighty sun god harnessing the energy of the sky and distributing it to humanity, could become a technological reality.
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Until now, Sweden’s ICEHOTEL has remained closed in the summer months. That was understandable, because it melts every spring. But the team behind the project now has plans for a solar powered wing to be open all year round.
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Bats are observed more frequently at wind turbines on moonlit nights, looping, diving, hovering and chasing each other. They also visit wind farms more often in low wind speed conditions, according to the latest scientific research.
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Trevor D’Ollier Lees, a director at Standard & Poor’s, began one of the first sessions of the day at Solar Capital Markets 2015 by introducing a new analogy to illustrate how the solar securitization market had developed since last year’s summit.
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SunRun has sealed a sponsorship deal with the Los Angeles Dodgers for the next two seasons, continuing the residential solar shop’s marketing push with baseball teams.
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A Californian utility has employed 20 sure-footed creatures to help haul equipment to its remote hydroelectric project in the Eldorado National Forest.
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As technology allows engineers to build wind turbines ever taller and with ever wider diameters, a team of inventors in Iceland is heading in the opposite direction.
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As the leaves begin to change color and chestnuts appear on the sidewalks here in New York, the project finance and generation asset markets are heating up, especially in PJM.
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The project finance market, which slowed down in August, has been hastily awoken after Labor Day.
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The Netherlands’ rail system will run entirely on wind power by 2018.
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With blue skies over Rhode Island this week one man decided that soaking up the rays at ground level wasn’t good enough and looked for sanctuary a little higher up.
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Several large portfolio sales involving assets in the North East are set to go ahead following the results of the PJM Interconnection capacity market auction. Elsewhere, renewables assets are changing hands and EDF RE has boosted its development pipeline by acquiring OwnEnergy.
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University of Minnesota students have unveiled a solar-powered hybrid car that they will take to the other side of the world to race across Australia.
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A set of 97-million-year-old dinosaur footprints has been discovered at the site of an under-construction wind project in British Columbia.
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August has got off to a busy start in project finance across the Americas, and the market shows little sign of cooling down.
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Two former Obama White House staffers are developing their first community solar project through Solstice Initiative, the social enterprise they founded last year.
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—David John Frenkil, m.d. of Centennial Generating Co., on the burgeoning interest of private equity players in investing in non-U.S. portfolios.
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This week was dominated by yieldco capital markets activity, with TerraForm Global and Pattern Energy both announcing big equity and debt deals.
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At the 26th annual Global Energy and Finance Conference organized by Chadbourne & Parke, five bankers discussed the financing options for merchant projects, and even the prospects of merchant solar projects.
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The LEGO Group has entered the renewables market by building a 310 MW wind farm off the northwest coast of Germany. Unfortunately, it is not made of the colorful plastic bricks.
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This week, SunEdison has driven a barrage of M&A and project finance activity involving more than 1.1 GW of wind assets across the U.S., Canada and Latin America.
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San Diego Gas & Electric has become the first utility to receive the Federal Aviation Administration’s permission to use drones.
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Walt Disney World Resort is gearing up to unveil its own solar facility, which will assume the form of legendary mascot, Mickey Mouse and be built by Duke Energy Florida.
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This week's Industry Current is written by Benjamin L. Israel, a Washington, D.C.-based partner at Kaplan, Kirsch & Rockwell. This feature provides context for what the Tesla Powerwall means for retail consumers and wholesale generation, transmission and distribution.
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SolarCity is at the nucleus of asset class growth activity even as a trio of M&A deals have made their way into the market.
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A peregrine falcon dubbed Houdini may be the answer to the perennial bird-versus-wind turbine controversy.
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With about 800 MW of wind trades grabbing the spotlight this week, this week has seen a spate of M&A activities in the wind space.
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Vivid snapshots of the Platts 30th Annual Global Power Markets conference from our reporter's desk.
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Scores of project financiers, investors and sponsors descended on The Wynn Las Vegas for one of the largest events in the power industry calendar: the Platts’ 30th Annual Global Power Market Conference.
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Renewable and thermal assets on both sides of the equator are making headlines this week. sPower is the latest player to join a steady stream of distributed generation transactions.
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Utilities and operators of U.S. coal-fired generation are planning to shutter hundreds of assets against the backdrop of stringent emissions regulations and heavy plant maintenance costs.
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Google is unveiling airborne wind turbines based on the designs of an avid kite-surfing engineer. The turbines will take flight next month.
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8minutenergy Renewables and D.E. Shaw Renewable Investments seek to raise over $1 billion in financing for a portfolio of utility-scale solar projects in California.
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AES Corp. has sealed its purchase of Boulder, Colo.-based solar developer Main Street Power for $25 million.
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Solar, particularly distributed generation, continues to hold the market’s attention as investors look to get into the game ahead of the investment tax credit plunge in 2017.
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Larry Kellerman, former ceo of Houston-based Quantum Utility Generation, has moved on to his next venture.
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Financings backing merchant and hedged projects continue to hit the sweet spot for lenders. Debt pricing also surfaced in several panels at Euromoney Seminars’ 10th Annual U.S. Power & Renewables conference held in New York this week.
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Power Finance & Risk is kicking off its annual Deals & Firms of the Year Awards, recognizing excellence across the power industry in 2014.
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Dino Barajas, partner at Akin Gump Strauss Hauer & Feld, explores investor interest in Mexico's renewables sector and highlights related prospects and opportunities.
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Super Bowl XLIX won’t just be remembered for the left shark, golden tiger and a horrendous late game blunder. The match will also go down as the year that the big game was offset entirely by renewables.
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Mona Dajani, partner at Baker & McKenzie, explains how a recent U.S. Federal Energy Regulatory Commission policy statement could, if adopted, have a significant impact on valuations of large regulated utility mergers and swaps of generation asset portfolios.
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Project finance and M&A activities continue to swirl in and around PJM.
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Sponsors and their lead bankers are making the rounds this month to potential lenders. SunEdison’s yield company TerraForm Power is in New York, Boston, Los Angeles and San Francisco on a road show for an $800 million bond offering.
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After a hectic, albeit happy, end to 2014, attendees at Infocast’s 7th Annual Projects & Money conference were optimistic for this year’s deal and development pipeline. Financiers are looking at backing more gas-fired projects as coal and nuclear retirements step-up.
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Cape Wind offtakers National Grid and NStar have cancelled their power purchase agreements with the 468 MW project this week, leaving bankers and industry officials more uncertain than ever of the project’s future.
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After more than four decades of contention, Entergy Corp.’s Vermont Yankee nuclear power station in Vernon, Vt., was permanently shut down on Dec. 29.
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This Industry Current is written by Eli Katz and Michael Masri, partner and associate, respectively, at Chadbourne & Parke in New York.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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The second installment of this Industry Current is an edited transcript of a discussion hosted by Chadbourne & Parke focusing on the benefits and disadvantages of the yield company structure.
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Tax equity investors keep picking up stakes in wind projects, as the window for production tax credit eligibility continues to close.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter. For more news and coverage, follow @PowerFinRisk on Twitter, as well as Editor @SaraReports and Senior Reporter @OliviaFeld.
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The following Industry Current is an edited transcript of a discussion hosted by Chadbourne & Parke focusing on the benefits and disadvantages of the yield company structure.
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A team of archeologists has uncovered a solar device in a tomb that was created about 3,000 years ago.
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Several project financings and M&A transactions are popping on to the markets ahead of the regular year-end hush. ArcLight Capital Partners and the group of owners behind Astoria Energy joined the term loan B parade this week.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter. For more news and coverage, follow @PowerFinRisk on Twitter, as well as Editor @SaraReports and Senior Reporter @OliviaFeld.
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Deals and projects are lighting up several spots in Latin America this month, with U.S., Asian and Canadian entities making plays in the region.
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For those energy-conscious, holiday revelers, Duke Energy Florida has a few tips on how to prevent getting carried away with power usage when whipping up holiday fare.
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Wind developers, financiers and attorneys are focusing on Washington D.C. as Congress negotiates an extension of the production tax credit, an incentive that impacts billions of dollars of development projects and deals.
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In this week’s Industry Current David Burton, partner at Akin Gump Strauss Hauer & Feld, dispels misinformation about the investment tax credit step-down at the end of 2016 and explores how it impacts the solar industry by answering frequently asked questions.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Term B loans dominated headlines in project finance and borrower strategies this week. Panda Power Funds sealed a $571 million package backing its Stonewall combined cycle project in Virginia via six joint lead arrangers.
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LS Power is considering bringing a portfolio of assets in PJM and New England to market.
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The first half of 2015 could be a busy time for investment banks and law firms. Several yield company transactions and potential auctions could keep folks on the frontlines of deals.
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A new coffee pot designed by Lancaster University in the U.K. could condition some folks to crave a caffeine fix when the wind is blowing.
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A steady pace of asset acquisitions and speculation regarding prospective initial public offerings characterize the yield company arena.
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Offtakers in the North America are locking in contracts for an array of fuel types, from wind and solar, to landfill gas and coal.
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Third quarter earnings calls abounded this week.
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This particular type of flora provides paper, furniture and shelter and now they can now they can keep our electronic devices ticking too.
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A unit of Ares Management has agreed to acquire Energy Investors Funds for an undisclosed sum.
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The state of Hawaii has finalized a $150 million securitization and will use proceeds to finance development of renewable infrastructure, including distributed generation.
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Coso Geothermal Power Holdings has arranged a letter of credit from Citibank.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Sponsors are making a strong late year push in the term loan B market.
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The placement of many rooftops solar panels in the U.S. is at odds with the needs of the grid.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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A variety of changes in PJM and ISO New England are going to re-shape how investors think about power investments in those regions, panelists said at Platts’ Financing U.S. Power conference in New York.
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Several shops are mulling whether to form a yield company largely to compete with existing yieldcos on cost of capital--signaling the asset class’s evolution from a nascent to established market, said panelists at American Wind Energy Association’s Wind Energy Finance & Investment seminar in New York.
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EDP Renewables North America is looking to expand its wind development footprint in Mexico in the coming two years, CEO Gabriel Alonso told the audience at the American Wind Energy Association’s Wind Energy Finance and Investment Seminar in New York.
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In the end, the beauty of renewables won out over novelty.
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The eternal hunt for tax equity remains the cornerstone of conversation for the U.S. wind industry, according to panelists and attendees at the American Wind Energy Association’s annual Wind Energy Finance & Investment Seminar in New York this week.
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Bank of Tokyo Mitsubishi-UFJ has agreed to make a tax equity investment in NextEra Energy Resources’ wind farm in Colorado.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Carlos Domenech, ceo and president of TerraForm Power, sat down with Managing Editor Holly Fletcher on his trip to New York to ring the bell at NASDAQ, anointing the public arrival of SunEdison’s maiden yield company.
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Summit Power Group is evaluating the construction costs of its 400 MW integrated combined cycle coal gasification project in Texas after labor costs surged past the original estimate and delayed the project.
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It was a $7 billion week for power companies in the capital markets. Dynegy launched a multi-tranche $5.1 billion high yield bond sale to pre-fund its acquisition of 12 GW from Duke Energy and Energy Capital Partners.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Jeff Goldblum, perhaps best known to a certain generation for his iconic role in the Jurassic Park film franchise, has teamed up with General Electric.
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This week’s Industry Current is the transcript of a discussion between developer from AES Corp. and SunPower as well as geothermal and wind shops on practical lessons learned in Latin America at Chadbourne & Parke’s 25 Annual Global Energy and Finance conference in Washington D.C. The discussion is moderated by Todd Alexander, partner at Chadbourne.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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A pair of energy efficiency securitization deals is percolating at Citigroup that could hit the market in the next six months.
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The yield company dance card could double its size in 2015 as a variety of shops consider making a run at the public markets.
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This week’s Industry Current is the transcript of a discussion between a group of seasoned investment bankers that focused on new financing trends, including the term loan B market, green bonds, state green banks, yield companies, financing for merchant plants and other topics.
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The Tennessee Valley Authority issued $1 billion in 10-year global power bonds this week and will be looking to issue up to $1 billion in its coming fiscal year.
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The debt capital markets were flooded with power and utility paper this week, as issuers sent $1.85 billion in notes to bond buyers.
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The Rockefeller family’s philanthropic organization, The Rockefeller Brothers Fund, is planning to sell off its fossil fuel investments.
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About 7.8 GW of solar projects have applied for permitting before the Comisión Reguladora de Energia in Mexico, representing just more than half of the 15 GW of applications before the Mexican regulator.
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Solar developers with residential solar pipelines will be looking for tax equity in the next two years at a rate that could squeeze the existing liquidity in the market, according to panelists at IJGlobal’s North America Energy & Infrastructure Financing Forum in New York.
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Move over fall fashion week. SolarReserve’s 110 MW Crescent Dunes solar facility in Tonopah, Nev., is being transported to New York for a couple of months and taking over Lincoln Center.
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Wind deals are expected to headline the deal flow though the end of the year as developers angle to get financing for projects that need to enter construction.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter. For more news and coverage, follow @PowerFinRisk on Twitter, as well as Managing Editor @HollyFletcher and Editor @SaraReports.
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In Iowa, the hills are alive with the sound of music, specifically Johan Strauss II’s “Blue Danube.”
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Wind trades are cropping up in all corners of the market. NTR is teeing up a sale of its Wind Capital Group subsidiary while JPMorgan Capital Corp. has floated a portfolio of tax equity stakes.
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This Industry Current is written by David Burton, partner at Akin Gump Strauss Hauer & Feld in New York
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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NASA is working on a solar array that will make connoisseurs of origami paper cranes swoon.
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The summer doldrums are winding down and the market is revving for the post-Labor Day comeback once decision makers return to their desks.
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Prairie Plant Systems, a biotechnology company out of Saskatoon, Saskatchewan, has bought a 40 MW gas-fired facility in Michigan from Traxys Group, a commodity trading and lending firm.
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Engineers have teamed with artists to propose a renewable energy project for the Copenhagen Harbor that just might upstage the city’s infamous Little Mermaid statue.
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The transmission lines developed in Texas’ Competitive Renewable Energy Zones are sparking a second wave of financing as they come online, a LatAm syndicator moves to an Asian bank and Riverstone is floating some gas-fired assets.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Power industry players circle a bundle of tenders in Mexico and the wind sector regroups stateside after the IRS unveils clarifications to the production tax credit.
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Municipal utility power managers don’t get to sleep. That’s one lesson that becomes clear from managing a digital power grid on Siemens Energy’s Power Matrix Game, a virtual energy management challenge.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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The U.S. Internal Revenue Service and Department of Treasury have issued clarifications on what it means to “begin construction” on a wind project in order to qualify for the production tax credit.
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Teigwaren Riesa, the leading noodle maker in eastern Germany, has been sating the local citizenry with carbohydrates since 1914.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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NextEra Energy is pursuing two initiatives that could reshape both its regulated footprint and its unregulated division.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Mexico continues to roll forward with its landmark energy reforms this week, as the Senate passed a set of provisions that would essentially create a competitive wholesale power market in the country.
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Arno Harris, ceo of Recurrent Energy, talked with Managing Editor Holly Fletcher about the shop’s activity in Texas, the budding merchant solar market and why a boom in the state points to solar generation going mainstream.
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The summer is looking bright for Cape Wind Associates.
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Owls and power lines are a bad combination.
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The following feature is the final installment of a transcript of a panel co-hosted by Orrick, Herrington & Sutcliffe LLP and PFR as part of our #PowerDrinks series.
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Bankers and lawyers on Thursday’s “Navigating the Debt Markets” panel were asked by moderator Kenneth Locklin, managing director at Impax Asset Management, to gaze into their crystal balls to forecast what they will be saying on the same panel in 2015.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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The following feature is a transcript of a panel co-hosted by Orrick, Herrington & Sutcliffe LLP and PFR as part of our #PowerDrinks series.
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The financing market was on fire this week with three financings totaling $1.57 billion coming to a close.
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Dozens of financiers, investors and finance professionals packed the offices of Orrick Herrington & Sutcliffe on Wednesday evening, to enjoy a casual discussion, cocktails and some seriously tasty fare.
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A record number of entities participated in voting for Power Finance & Risk’s awards, recognizing excellence and innovation in the power project finance industry in 2013.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Please join Power Finance & Risk and Orrick for an evening of discussion and casual cocktails on June 11 in New York.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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In this week's round-up: The market is awash with renewable yieldcos and a new round of legislation unsettles the Mexican renewables landscape.
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The PJM capacity auction for 2017-2018 came in at $120 per MW-day for all regions except for one in the east.
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SolarCity Corp. has taken its residential roof-top solar installations to the masses.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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A growing number of developers are suing the U.S. government for allegedly not paying out the full amount of cash grants eligible to qualifying renewable projects under the section 1603 program of the American Recovery and Reinvestment Act.
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Renewables developers and scores of their attorneys are keeping a close watch on several sets of proceedings at the U.S. Court of Federal Claims in Washington D.C.
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NextEra Energy has filed with the U.S. Securities and Exchange Commission to take a portfolio of 10 renewable assets in Canada and the U.S. public.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Deal flow backing renewables projects in Canada is beginning to slow, according to bankers, as many provinces hit or surpass their capacity targets.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Judging by the amount of solar financing activity there has been of late in Ontario, the whole Canadian province is liable to turn into one giant solar panel if the pace continues.
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Power Intelligence/Power Finance & Risk is seeking a reporter to cover project finance in the power, utility and clean energy space.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Hannon Armstrong Sustainable Infrastructure is lined up to buy Chuck Hinckley’s American Wind Capital, a company that aggregates land leases from wind and solar farms.
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Power Finance & Risk is extending the voting deadline for its 11th Annual Deals & Firms Of The Year Awards to May 15 at 5 p.m.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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The pool of cash dog-eared for the distributed solar market is deepening as the sector matures.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter
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Solar continues to make headlines this week, in both distributed generation and utility-scale, with SunEdison and SunPower nailing down financings.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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In this week's round-up: Lenders anticipate boost from gas-fired greenfield and wind projects as well as acquisition financings.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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A burgeoning lender base and slower deal flow are helping sponsors drive down pricing and secure attractive terms.
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The PPA Pulse is a guide to which sponsors and projects have recently garnered power purchase agreements in the Americas.
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Join Power Finance & Risk for a roundtable and special report that looks at the complexities of commercial and industrial distributed generation by exploring potential developments in financings and financial products.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Acciona is in the market with a 2.5 GW global wind and solar portfolio –the bulk of which is spinning wind assets in the U.S.
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Isaac Deutsch, managing director, co-head of specialized finance in the Americas atSumitomo Mitsui Banking Corp. on how the lending capacity will impact deals at Euromoney’s 9th annual U.S. Power and Renewable Finance conference.
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Pattern Energy was trying to sell a minority stake in its 1 GW of operational, contracted wind farms in North America to raise cash for project development.
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Bankers were bullish on financing merchant facilities at Euromoney Seminars’ 8th Annual Power & Renewables Conference in New York.
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–John Eber, managing director and head of energy investments at JPMorgan Capital Corp., on tax equity investments in solar projects last year.
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EverPower Wind Holdings has entered a deal to buy a merchant wind farm in Illinois from Edison Mission Energy via Suzlon, the lender to the farm.
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Energy efficiency and demand response assets in the U.S. are investment opportunities that have been largely overlooked by large financial players.
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—Dan Pillemer, chairman and ceo of Kilowatt Financial in Minneapolis, on lending to homeowners for energy efficiency upgrades.
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LS Power was nearing a pair of club deals on its Doswell and Riverside gas-fired plants. [The sponsor had been mulling weather to proceed with a term loan B refinancing of Doswell, after a sale process cooled (PI, 10/29).]
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Republican Congressman Walter Jones has entered the discussions over Torch Renewable Energy’s proposed Mill Pond wind project near Newport, N.C.
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Oil and gas giant BP is bullish on the role coal will play in meeting global energy demand.
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Power companies such as the Shenandoah Valley Electric Cooperative and Dominion Virginia Power are asking residents to get prepared, with snow expected to cause havoc with the power supply as the precipitation turns to ice.
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US Capital Partners has launched a project financing program for clean energy projects under 20 MW.
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--Doug Egan, chairman and ceo of Competitive Power Ventures on the company’s ongoing legal battles over offtake contracts in New Jersey and Maryland.
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The next print issue of Power Finance & Risk will be Jan. 13. We will be delivering our usual, in-depth online coverage through the break, apart from the week of Dec. 23. We would like to wish all of our readers Happy Holidays. Sara Rosner, Managing Editor
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Use of the phrase yieldco to describe three recent share flotations by NRG Yield, TransAlta Renewables and Pattern Energy Group masks very different business arrangements.
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—Manfred Ernst, managing director of boutique investment bank Fieldstone Private Capital Group, on how access to information and increased sophistication have led companies to run more sales processes in-house rather than hiring an advisor.
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Brookfield Renewable Energy Partners offered C$2.50 ($2.51) per share for Western Wind Energy Corp., as it looked to increase its stake in the company.
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— Douglas Shultz, director of loan guarantee origination for the U.S. Department Of Energy’s loan programs office, of the revamped section 1703 loan guarantee program.
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SolarCity is setting its sights on being a regular securitization issuer to keep pace with its growing portfolio after wrapping its—and the sector’s—maiden deal.
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A lack of uniform standards for commercial solar installations was proving to be the main obstacle to structuring the market’s maiden securitization of solar panel revenues, according to Paul Detering, ceo of Tioga Energy.
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—Hal Dittmer, president at Wellhead Electric in Sacramento, Calif., on a California appellate court granting the Utility Reform Network’s petition for a review of the project Wellhead is developing with Radback Energy.
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PPL Corp. was shopping its hydro and coal-fired subsidiary PPL Montana in a sale run by UBS.
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—Joe Esteves, cfo at LS Power in New York at Platts 15th Annual Financing U.S. Power, on the importance of timing for term loan B issuance.
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State Street affiliate Antrim took a tax equity stake in NextEra Energy Resources’ 400 MW Limon I & II wind farms in Colorado alongside JPMorgan, Bank of America and Wells Fargo.
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The states of Coahuila and Oaxaca are pushing for photovoltaic projects.
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The U.S. Department of Agriculture has agreed to provide $960 million in loan guarantees to develop 3,587 miles of transmission and smart grid projects.
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The Texas Public Utility Commission moved to create a mandatory reserve margin in ERCOT, which has a target reserve margin of 13.75%.
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Dairyland and Power Cooperative will close two coal-fired units at its Alma station to comply with regulations under the U.S. Environmental Protection Agency.
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– K. Mitchell Posner, co-founder and managing partner of Power Capital Partners, on launching the firm’s maiden power and energy play.
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Barclays dispatched teasers for the 400 MW Gregory gas-fired cogeneration facility near Corpus Christi, Texas, that Rockland Capital, John Hancock Life Insurance and Atlantic Power Corp., were trying to sell.
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This week’s Industry Current is written by Elias Hinckley, head of energy finance and David John Frenkil, an attorney in energy finance at Sullivan & Worcester in New York.
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This week’s Industry Current is written David Burton, partner at Akin Gump Strauss Hauer & Feld in New York.
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—Ted Brandt, principal and ceo of Marathon Capital in Chicago on the shop’s plans for growth in Latin America.
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—Daniel Rausch, treasurer of NorthWestern Corp., on the company’s decision to wait to issue about $900 million of debt and equity until its planned acquisition of 633 MW of hydro assets from PPL Corp. gets closer to state regulatory approval.
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A team from Union Bank moved over to Pasadena, Calif.-based OneWest Bank to establish a power and project finance operation under Grant Ahearn, executive v.p. and head of the specialized financial services group.
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In this week’s round-up: Several sponsor wrap project financings and a pair of solar securitizations is on the horizon.
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Two separate solar securitization deals are currently with the ratings agencies, vying to be the first in the asset-backed security class.
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— Borja Negro, ceo at Gamesa North America, at the American Wind Energy Association’s Wind Energy Finance and Investment Seminar in New York.
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NextEra Energy Resources was looking for tax equity investors in its Limon I & II wind farms totaling 400 MW in Colorado.
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—Ray Wood, managing director and head of U.S. power & renewables at Bank of America Merrill Lynch, on the level of wind activity in 2014 with or without a renewal of the production tax credit.
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Luminus Management, CarVal Investors and Fortress Investment Group extended the timeline for selling their 800 MW Bosque gas-fired plant in Texas to accommodate Calpine, which entered the auction late.
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— Michael Polsky, ceo and founder of Invenergy in Chicago, on attractive markets for wind development.
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Panda Power Funds floated its second term loan B for its Sherman project in Texas, at LIBOR plus 800 basis points. [Panda priced its third B loan in a year for the Liberty CCGT project in Pennsylvania at L+650 bps.]
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In a rare interview, Michael Polsky, founder of Chicago wind shop Invenergy, and Jim Murphy, coo and cfo, sat down with PFR Executive Editor Peter Thompson to discuss a range of issues including debt structures, lender relationships, the prospects for solar and wind and why an IPO is not in the cards.
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—Jon Fouts, managing director of the global power and utilities group at Morgan Stanley, on successful bidders in power asset sales.
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Georgia Power waived its right of first refusal for Perennial Power’s Mid-Georgia cogeneration facility, paving the way for a consortium led by ArcLight Capital Partners to buy the facility.
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—Jonathan Lindenberg, head of project finance in the Americas at Bank of Tokyo Mitsubishi-UFJ in New York.
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Calling all sun lovers in Seattle! The abundance of sunshine is not a draw to the Pacific Northwest—Seattle gets precipitation about 152 days a year, not including cloudy but dry days while San Diego gets wet on 43.
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—Jonathan Lindenberg, head of project finance in the Americas at Bank of Tokyo Mitsubishi-UFJ, on the B loan market.
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Edison International was set to file for bankruptcy if its efforts to restructure debt were note successful.
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Industry Funds Management subsidiary Essential Power was looking to refinance a 1,721 MW portfolio of plants in PJM and ISO New England with a $665 million senior secured package.
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—Bob De Meyere, project manager at Advanced Power NA, on how much of a stake the company wants to retain in the 1 GW Cricket Valley combined cycle project in Dover, N.Y.
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LS Power sealed a $750 million dividend recapitalization for LSP Madison at LIBOR plus 450 basis points.
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Issues surrounding production tax credits may just have become a little hairier.
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—Stuart Murray, managing director, project & infrastructure finance, at Citigroup on the closing of MidAmerican Energy Holdings’ Antelope Valley solar facility.
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—Maria van der Hoeven, executive director of the International Energy Agency, on challenges of renewable project development at Euromoney Energy Events’ Renewable Energy Finance Forum Wall Street in New York.
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Energy Transfer Equity was looking to sell two gas distribution utility subsidiaries acquired in its $7.9 billion takeover of Southern Union Co.
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In this week's round-up: Power companies seize on the attractive rates to repay debt and fund construction while investors get a glimpse into Mexico wind opportunities.
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—Michael Kumar, managing director and global head of project, commodity and infrastructure finance at Morgan Stanley on the amount of power project finance deals in the market this year.
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Renewables developers were scouting new project financing options at the REFF-Wall Street conference in New York, in the forms of master limited partnerships, real estate investment trusts and project bonds.
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In this week's round-up: Refinancings mute M&A activity, Natixis makes a project finance push while MidAmerican Energy Holdings issues solar construction bonds.
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Harbert Power had been looking to sell its stake in independent power producer GWF Energy and Morgan Stanley was running the sale.
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—Mark Noyes, v.p. at ConEd Development in New York¸ on the shop’s strategy for adding generation assets to its fleet.
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Price talk emerged at LIBOR plus 475-500 basis points on a term loan B for Energy Capital Partner’s EquiPower Resource Holdings.
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Lack of demand growth has been dogging developers on both coasts of the U.S. as they struggle to land power purchase agreements.
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Nearly 100 active borrowers, asset acquirers and sellers, lenders, attorneys and advisors voted in our new and expanded awards process.
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The biggest race in the country has been canceled.
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—Ralph Cho, co-head of power in North America at Investec in New York on being able to play in several layers of the capital stack.
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—Bill Hilliard, ceo and co-founder of CleanREIT Partners in Washington D.C., on looking to get approval from the U.S. Internal Revenue Service to add renewable generation assets to a real estate investment trust.
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Rockland Capital put its merchant 1 GW Harquahala combined cycle facility in Maricopa County, Ariz., up for sale in an auction run by Goldman Sachs.
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Rockland Capital and Broadway Electrical Co. have closed on $120 million of loans from Deutsche Bank and Keybank to develop 37 MW of solar projects on Cape Cod and Martha's Vineyard.
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Nearly 90% of executives at power and utility companies that plan to engage in mergers and acquisition say that deal sizes will remain under $500 million, according to a survey conducted by Ernst & Young.
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The North American Electric Reliability Council says the region has enough capacity to meet demand this summer.
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Militant opposition to the 396 MW Marena wind project in Oaxaca, Mexico has impeded Vestas’ access to the site and put the project on hold.
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Chile has announced a strategic partnership with New Zealand to boost Chile’s geothermal development.
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The environmental regulator of Chile has approved the final portion of E-CL’s $685 million, 310 MW wind project near Calama.
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Brazilian electricity regulator Agencia Nacional de Energia Electrica has awarded Abengoa $1.3 billion of transmission concessions covering 1,291 miles of lines in the country.
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The House Energy Committee has approved legislation that would protect power utilities from incurring fines for environmental violations when government bodies order them to keep plants operating.
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Hannon Armstrong listed the industry’s first mortgage real estate investment trust with sustainable and renewable energy characteristics on the New York Stock Exchange.
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—Michael Eckhart, managing director, global head of environmental finance and sustainability at Citigroup, on renewable project finance and M&A at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean at the Four Seasons Hotel in Miami.
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BP Wind Energy and Sempra U.S. Gas & Power was set to start talking to lenders about financing its $800 million, 419 MW Flat Ridge 2 wind project near Wichita, Kan.
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—Kevin Smith, ceo of SolarReserve in Santa Monica, Calif., on the company’s decision grow its business in Latin America.
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A trio of investors including Fortress Investment Group, Luminus Management and CarVal Investors put the 800 MW Bosque gas-fired facility in Laguna Park, Texas, on the market.
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—John Marciano and John Frenkil, partner and associate at Chadbourne & Parke, respectively, on the challenges of securing a power purchase agreement.
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—Alex Urquhart, president and ceo of GE Energy Financial Service in Las Vegas, on the effects of large amounts of capital available for project financing.
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Terra-Gen Power wrapped a $650 million deal backing phases seven and nine of its Alta Wind project in Tehachapi, Calif., as 11 lenders took pieces of the deal with pricing starting at LIBOR plus 262.5 basis points.
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The annual bacchanal in Las Vegas holds center stage for many in the industry as a place to pick up on trends, do business and relax. Last week’s event was no exception. But there was also a real sense of the industry being at something of a watershed as how to deal with the unprecedented flood of cheap natural gas in the U.S.
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—Mike Lorusso, managing director and group head for CIT Energy in New York on the changing landscape of lenders in project finance.
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[The company lined up $41.4 million in loans from the Inter-American Development Bank and Canadian Climate Fund for three projects, including Calama (PI, 4/1).]
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Baltimore Gas & Electric is mailing some green packages to customers in the run up to Arbor Day on April 26.
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Alcoa was near receiving initial bids for its Tapoco portfolio of hydro assets totaling 351 MW in North Carolina and Tennessee in an auction run by JPMorgan.
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—John Marciano, partner at Chadbourne & Parke in Washington, D.C., on a private letter ruling handed down by the U.S. Internal Revenue Service freeing up fresh possibilities for tax equity investments.
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In this week's round-up: A private letter ruling hints at tax equity growth while LatAm gears up for project bonds and Hannon Armstrong pushes toward debuting its sustainable REIT on the public market.
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A fourth grade class in Durham, N.C., has raised pledges of $5,817 in 15 days to finance its project of putting 1 kW of solar panels to take the classroom off the grid and sell power to the local market.
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Generation asset sales in North America almost doubled in the fourth quarter of 2012 compared to the same period in 2011, with 64 assets trading hands versus 34 assets in 2011.
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Pattern Energy was asking lenders to submit proposals for the financing of its 265 MW Ocotillo wind project in Imperial Valley, Calif.
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In this week's round-up: Sempra U.S. Gas & Power looks to finance its second phase of Copper Mountain while BrightSource Energy tries to be the first to finance a solar thermal tower without a loan guarantee.
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In this week's round-up: The B loan market is prepping for Texas gas-fired development deals and coal-fired trades surge.
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—Hamish Bunn, managing director of project finance at Morgan Stanley in New York, on the emergence of project bonds.
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Exelon wrapped its $7.9 billion acquisition of Constellation Energy Group, which triggered the start of the six months it had to sell 2.648 GW of coal-fired plants in Maryland.
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Utility poles downed by heavy winds around Austin, Texas, could find a second life corralling cattle.
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Harry Clark has spent more than two decades working on government contracting.
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—Harry Clark, partner at Orrick in Washington, D.C., on how renewable developers should approach government agencies such as the U.S. Department of Defense about power purchase agreements.
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Edison International was evaluating various options for its unregulated power producer unit Edison Mission Energy, including a potential bankruptcy filing.
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—Kevin Prince, project development manager for federal programs for SunPower, on the U.S. Army’s solicitation for renewable.
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MidAmerican Energy Holdings was on the cusp of closing its $850 million, 144a bond offering financing the 586 MW Topaz solar photovoltaic project in San Luis Obispo County, Calif.
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—Raya Prabhu, managing director of natural resources leveraged finance at Goldman Sachs, in reference to Panda Power Funds looking to finance its merchant Temple II gas fired facility in Texas.
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LS Power was talking to lenders for financing backing its 175 MW Centinela solar photovoltaic project in Imperial Valley, Calif.
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Industry events in Toronto and New Orleans provided glimpses in to what’s on tap for 2013.
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The Sierra Club is increasing its campaign to shutter Energy Future Holdings’ Big Brown coal-fired plant in Fairfield, Texas and two other coal-fired plants in the state.
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U.S. utilities are increasingly using gas for generation due to a slight decline in gas prices and a recent increase in coal prices.
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A bill introduced by Maryland Governor Martin O’Malley requiring utilities to purchase offshore wind generation is gaining traction in the state legislature.
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Leo Denault, ceo of Entergy, says low gas and power prices are making some merchant reactors less competitive in certain markets.
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—Robert Moyle, managing director and head of energy and infrastructure at Raymond James Bank in New York, on launching the lender’s power and renewable project finance business.
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Rockland Capital had been selected as the stalking horse bidder for energy storage flywheel developer Beacon Power, with a $30.5 million bid plus $6.6 million in funding to the U.S. Department of Energy.
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That amber nectar of the gods otherwise known as beer is finally doing its bit to power the planet as well as sate thirsts.
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—Pedro Barriuso, ceo of Blackstone’s new power and energy shop Fisterra Energy in Madrid, on the company’s development strategy.
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Tenaska affiliate Tenaska Solar Ventures had opted to use only a bank loan to finance its $600 million Imperial Solar South project in Imperial County, Calif., and dropped its hunt for a bond tranche.
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—Matt O’Brien, president of asset management firm Connor Clark & Lunn Infrastructure in Toronto, on seeking to invest in development projects in order to avoid stiff competition and high prices for operating assets.
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enXco was looking to take out funding backing its 102.5 MW Shiloh III wind farm in Solano County, Calif.
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—Don Kyle, senior managing director, GE Energy Financial Services, told attendees at Infocast’s 5th annual Projects & Money conference in New Orleans about the direction of pricing in the B loan market.
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LS Power had tapped Banco Santander to lead a bank tranche and Prudential to lead a bond component in a financing backing its 127 MW Arlington Valley solar project in Maricopa County, Ariz.
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—Gerald Hanrahan, senior managing director of the power and infrastructure team at John Hancock Financial Services at a webinar sponsored by Chadbourne & Parke.
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—Andrew Redinger, managing director and group head of utility, power and renewables at KeyBanc Capital Markets in Cleveland, on tapping the debt capital markets for power project finance deals.
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Edison Mission Group landed a $242 million financing backing 204 MW of wind projects in the U.S. via lead WestLB.
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The idea of spending New Year’s Eve in Times Square is about as attractive as eating a chair--to some New Yorkers.
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—Joseph DeSapri, securities analyst at Morningstar in Chicago, on whether utilities will be able to recover costs of damages incurred from Hurricane Sandy through the ratebase.
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Project finance deal flow slowed to a trickle in the third quarter and bankers and utility executives gathered at the Edison Electric Institute's Financial Conference in Phoenix to discuss the changing fuel mix and other trends.
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In addition to aggressively lobbying to extend the production tax credit, the American Wind Energy Association has apparently been busy designing a line of apparel and accessories that would suit even the most fashion forward wind developer for its online store.
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MetLife was considering taking a tax equity stake in Wind Capital Group’s 201 MW Post Rock wind project in Ellsworth and Lincoln Counties, Kansas.
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—Carl Weatherley-White, cfo at K Road Power in New York, on the company’s search for financing backing its 350 MW Moapa solar project in Clark County, Nev.
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MidAmerican Energy Holdings Co. made its solar debut with the purchase of the $2 billion, 550 MW Topaz solar project in San Luis Obispo County, Calif., from First Solar.
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In this week's round-up: Several assets ranging from coal-fired plants to solar projects and energy storage flywheel projects have changed hands in bankruptcy court in 2012 ... and the dark days may not be over yet.
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How much power does it take to keep all those twinkly lights on across the nation during the winter holidays?
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This week’s Industry Current is written by Steve Loeshelle and Mike Fitzpatrick, partners, and Adam O’Brian, an associate, at Hunton & Williams in New York.
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In this week’s round-up: The high yield market softens as high volumes of paper sate investor appetite while Bank of Tokyo-Mitsubishi adds two and BlackRock NTR Renewable Power Fund edges close to a wind acquisition.
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With Thanksgiving gone, we now turn our attention to the often painful task of buying presents for erstwhile friends and long-lost relatives.
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—David Albert, managing director of the Carlyle Energy Mezzanine Opportunities Fund, on the flexible role mezzanine debt funds are playing in financing power.
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—Steven Goltz, director of utilities, project and infrastructure finance at Standard & Poor’s in Toronto on Algonquin Power & Utilities Corp. expanding its credit facility to $200 million.
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Brookfield Asset Management had wrapped a refinancing backing its move to maintain ownership of the Cross Sound Cable in the Long Island Sound in New York.
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—Thomas Fanning, president and ceo of Southern Co., on why the company is pursuing nuclear power development as a reliability fuel for the future even as Pinkerton, executive chairman at oil and gas producer Range Resources Corp., promises that gas will remain about $3.50-5.50 per mcf for the remainder of his lifetime.
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JPMorgan Capital Corp. made a tax equity investment in three NextEra Energy Resources wind projects in California.
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The International Energy Agency has cut back its projection for nuclear capacity in 2035 by 10% to 580 GW.
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MidAmerican Energy Holdings subsidiary MidAmerican Wind has purchased 300 MW of wind generation in California from Terra-Gen Power.
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M&A activity in the power and utilities sector is set to grow, according to a report from PricewaterhouseCoopers, as companies look to expand by purchasing assets.
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More cities are buying power to snag cheaper and cleaner generation in wholesale markets.
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AES was in talks with creditors of its AES Eastern Energy subsidiary, the owner of four coal-fired plants totaling 1.17 GW in New York.
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In this week's round-up: project finance deals will continue to roll through the market despite the effects of Hurricane Sandy.
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While utilities are tallying the damages from Hurricane Sandy and politicians are haggling about the effects of climate change, many Manhattanites are just looking for a place to recharge, and we’re not talking about a hot cup of coffee.
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Due to effects of Hurricane Sandy, PI staffers are not contactable via our regular business e-mail. If you need to contact us, please e-mail Managing Editor Sara Rosner at sara.rosner@gmail.com.
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—Jean-Pierre Boudrias, the director of the energy group at Credit Suisse at a conference in New York, talking about the prevalence of term loan Bs and mezzanine debt in project financings.
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Barclays and Citigroup released teasers for two Tenaska Capital Management merchant plants, the 800 MW Rio Nogales in Seguin, Texas, and the 830 MW High Desert in Victorville, Calif.
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Investors are looking to invest in merchant facilities to take advantage of shrinking reserve margins and increasing power demand and prices, according to participants at the Platts Financing U.S. Power conference in New York on Oct. 18 and 19.
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European banks are taking steps again in North American project financing, attendees heard at the Platts Financing U.S. Power conference in New York on Oct. 18 and 19.
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Natural gas prices are pushing coal plants into early retirement, said attendees at the Platts Financing U.S. Power conference in New York on Oct. 18 and 19.
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Demand for what financiers are calling riskier capital is on the increase.
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Padraic Fallon, chairman of Euromoney Institutional Investor, died Saturday after year-long battle with cancer. He was 66.
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—Ross Posner, group head of infrastructure and real estate assets at Allstate Investments in Northbrook, Ill., on the company’s hunt for energy and infrastructure investments.
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The merits and detractors of 144A and private placements made headlines in the past month as project financiers and sponsors look for ways around a constrained bank loan market. That hurdle has not stopped some sponsors, such as BrightSource and Freeport LNG, from sniffing out billion dollar-plus deals, which could include bond components. In M&A, the specter of initial public offering in Canada for a renewables developer continues to shine in the Pattern Energy saga.
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—Albert Lin, ceo and chairman of EmberClear Corp., on the company looking for financing for its Pennsylvania gas-fired plant.
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Morgan Stanley Infrastructure was looking to sell its stake in Sociedad Austral de Electricidad, a generation, transmission and distribution company in Chile that it co-owned with Ontario Teachers’ Pension Plan.
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—Lachlan Creswell, managing director of Macquarie Capital Mexico, on the appeal of developing power projects in Mexico.
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The European debt crisis was the big concern for project finance lenders at the North American Energy and Infrastructure Finance Forum, with many banks re-pricing, or withdrawing, their participation in the market.
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NRG Solar began looking for about $300 million to finance its 66 MW Alpine solar project in Lancaster, Calif.
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—Chris Thompson, cfo of Western Wind in Vancouver, B.C., on the company’s push to recoup an alleged shortfall in a cash grant it received from the U.S. Department of Treasury.
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Edison Mission Energy was reviewing refinancing options ahead of maturities totaling $1.5 billion in 2012 and 2013.
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Ray Wood, former co-head of the power and renewable energy group at Credit Suisse, started running the global renewable group as Scott DeGhetto, former managing director and co-head, left the bank.
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This week’s Industry Current is written by David Burton, partner focusing on tax and global project finance at Akin Gump Strauss Hauer & Feld in New York.
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Generation assets sales were down in the second quarter compared to the same time last year, though solar trades increased, according to PI’s Generation Sale Quarterly Report.
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U.S. natural gas producer Chesapeake Energy, buffeted by concerns over its indebtedness and governance, has reported underlying post-tax earnings of $3 million in the three months that ended in June, down from $528 million in the commensurate period last year.
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The U.S. Department of Defense will encourage companies to build solar plants and wind farms on 16 million acres of open land surrounding military bases.
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Executives in the coal, natural gas and electricity industries raised the idea of a national energy policy that specifically includes the use of fossil fuels and creates a stable regulatory environment at a gathering on Monday.
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The fifth annual Clean Energy Summit in Las Vegas gets under way today with forums and talks organized by U.S. Sen. Harry Reid to explore the potential uses of green energy across the country.
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President Barack Obama has expedited construction on seven renewable energy projects in order to bring them online faster as part of his “We Can’t Wait” initiative.
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As Walmart was installing solar panels on the roof of its 100th California store last week, the retail giant was also erecting a 265-foot wind turbine outside its Red Bluff, Calif., distribution center.
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Xcel Energy sourced 57% of its power from wind generation on April 15 this year, setting a U.S. record for the highest percentage of power sourced from renewable energy at any time.
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Alliant Energy has plans to build a $700 million combined cycle natural gas-fired plant in Marshalltown, Iowa.
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Green Energy Renewable Solutions, a developer and operator of municipal solid waste processing and recycling facilities, has signed a letter of intent to form a joint venture with Landfill Solutions LLC to create a 15 MW waste-to-energy conversion facility.
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Jeff Immelt, the ceo of General Electric, says the building of nuclear reactors is too expensive and has become “really hard” to justify.
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The convergence of hundreds of the world’s most elite athletes and 20,000 media professionals may be keeping London humming, but it’s the Energy Centre in Olympic Park that’s keeping the lights on for Michael Phelps, Ryan Lochte and the “Fab Five.”
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The most interesting cycling in the world is happening in Europe at the moment, as the Tour de France winds its way into the Pyrenees.
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What has been through a world war, Prohibition, a presidential assassination, the civil rights movement, countless inventions, starred in a Hollywood film and stood sentry over the Little Tennessee River as Neil Armstrong took his first steps on the moon? That would be Alcoa’s--soon to be Brookfield Renewable Energy’s--118 MW Cheoah dam in Graham and Swain counties in North Carolina.
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A bevy of renewable assets went on the block in June and project finance players are buzzing about the next generation of funding options.
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—Pete Keel, senior v.p. of strategy and investor relations at First Wind on the company’s joint venture, Northeast Wind, with Emera. In addition to the 370 MW of operating assets in the JV, Emera will purchase 49% of operating assets the developer drops into Northeast Wind.
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The hunt is on for the next generation of project financing options, including master limited partnerships, real estate investment trusts, project bonds and securitizations, according to executive and financiers at the 9th annual REFF-Wall Street conference in New York last week.
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The major players in project finance have been in flux for quite some time and there are several interesting stories in our people and firms section that chronicle this trend.
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BayernLB, NordLB, Rabobank and Union Bank have finalized a roughly $150 million credit backing enXco and Banco Santander’s 102.5 MW Shiloh 3 wind farm.
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GDF SUEZ North America is considering selling about 300 MW of operational wind assets in Canada.
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John Cogan and Ahmad Masud have been appointed co-heads of power and utilities in the Americas at Credit Suisse.
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Utilities increasingly are promoting energy conservation programs, but that term—energy conservation—is becoming a bit tired at this point.
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Chinese state utility State Grid Corp. is working on what is set to be the largest transmission project in the world.
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Chicago-based E.ON Climate & Renewables has obtained building permits for proposed wind projects across Indiana.
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A proposed underwater transmission line off the Atlantic coast has received approval from the U.S. Bureau of Ocean Energy Management and the Department of the Interior.
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New York Senator Charles Schumer is calling on NRG Energy to continue its payments to the Chautauqua County government even if it decides to idle its coal-fired plant at Dunkirk.
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Arizona solar developer Sunlight Partners has filed applications with North Carolina regulators for five new solar projects in Guildford County.
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Cameco Corp., a Canadian mining firm, is planning to buy nuclear fuel broker Nukem Energy for $136 million.
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Southern Co., developer of a proposed Georgia nuclear facility, is disputing cost adjustments with other owners of the plant.
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Boston-based Free Flow Energy has abandoned plans to develop five hydro projects on the Mississippi River.
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Solar developer Pristine Sun is set to begin work on seven small solar projects throughout Tehama County, Calif.
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Houston company Spectra Energy Corp. is working to secure regulatory approval for a new natural gas pipeline that will run from Tennessee to Georgia.
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M&A activity in the renewable energy sector has continued to grow through the first quarter of 2012, after collapsing in 2008 as capital markets dried up in the wake of the economic recession.
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Regulators in Wisconsin have approved a proposed $202 million transmission line that will run through the western part of the state.
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The Minnesota Department of Commerce has recommended that state utilities shut their older coal-fired facilities ahead of schedule.
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Utility company Energy Northwest is planning to purchase $711 million worth of fuel to power its nuclear plant near Richland, Wash.
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California state regulators have approved a proposed solar project that had been postponed due to concerns over several endangered species at the site.
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Saudi Arabia is looking for $109 billion in investments for solar projects to generate one third of the country’s power by 2032.
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Grid operator PJM Interconnection is planning to auction off transmission capacity in a sale that could be worth as much as $10 billion.
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Southern Co. has tacked on an additional seven months to its building schedule for a proposed nuclear facility in Georgia.
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Nebraska-based Tenaska Energy has agreed not use coal as a generating source for its latest proposed project.
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Global solar generating capacity is set to grow 200-400% over the next five years, with Asia poised to become the new solar leader.
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Solar developer Westinghouse Solar and solar manufacturer CBD Energy have finalized a definitive merger agreement.
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The Sierra Club and other environmental groups are planning to oppose a 15-year energy plan proposed by Dominion Virginia Power.
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Duke Energy and Progress Energy have filed an updated merger agreement with North Carolina regulators.
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GE Technology will supply 38, 2.5 MW turbines for a wind project being developed in Poland by Invenergy.
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The Solano wind project, operated by the Sacramento Municipal Utilities District, has recently received an upgrade of 128 MW of generating capacity.
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Public Service of New Hampshire has stopped operations at its 460 MW Merrimack coal-fired station, claiming it has become cheaper to buy electricity on the open market.
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Purdue University has announced a $33.1 million plan to upgrade its energy facilities.
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The U.S. Department of the Interior has activated a Nevada solar project- the first developed on public land.
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California-based solar developer SPI Solar has secured an engineering contract for a 6.4 MW solar installation at a New Jersey resort.
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Work will begin this week on $700 million of upgrades for a Pennsylvania coal-fired facility.
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Calpine Corp. has announced that it will keep its Sutter gas-fired facility open for the rest of 2012 after securing power purchase agreements from several utilities.
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Ameren Corp. has written down its $377 million investment in the Duck Creek plant in Canton, Ill., as it struggles with falling profits at its unregulated unit, Ameren Energy Resources.
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Gamesa Energy has abandoned plans to install a prototype offshore wind turbine in the waters off the mid-Atlantic coast.
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Environmental groups are urging the U.S. Nuclear Regulatory Commission not to renew an operating license for Entergy Corp.’s Pilgrim nuclear facility near Plymouth, Mass.
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We Energies will spend $3.5 billion on small energy projects throughout Wisconsin.
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AES Corp is selling a majority of its assets in China, including wind and coal-fired generation.
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Construction on a wind farm being developed by AES Corp. has stopped until a permit can be obtained from the U.S. Federal Aviation Administration.
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The Kentucky Public Service Commission has approved plans for a new gas-fired generating facility to be built in Louisville.
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Edison International will close two Chicago-area coal-fired plants earlier than expected.
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Minnesota wind developer Juhl Wind has acquired electric engineering company Engineers Collaborative.
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FirstSolar Inc. has announced a sharp quarterly loss, due mostly to restructuring of the company and a decline in the solar panel market.
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Canadian Solar has closed an agreement with the Bank of China for the financing of an Ontario solar project.
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Planners in Imperial County, Calif. have approved a proposed wind project to be developed by Pattern Energy.
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The Sacramento Municipal Utility District has completed work on a wind farm in Rio Vista, Calif.
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Texas-based Luminant Power is looking to restart 2,200 MW of coal-fired generation before demand peaks in the summer.
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First Energy will delay closing three coal-fired facilities in Ohio for three years.
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There’s a lot of uncertainty floating around these days and the power project finance and M&A markets are not immune, especially when it comes to activity on Capitol Hill.
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First Wind has announced plans to build a $210 million wind farm near Oakesdale, Wash.
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A Texas environmental group is suing Dallas-based Luminant Power over one of the company’s coal-fired facilities.
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Duke Energy CEO Jim Rogers believes that U.S. utilities companies are relying too heavily on natural gas to meet generating needs, endangering the nation’s energy security.
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Acciona Wind Power has begun work on a wind project in Cedar County, Iowa.
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The Tennessee Valley Authority has completed work on a natural gas-fired facility near Rogersville, Tenn.
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U.S. utilities companies are looking to cut back on coal-fired usage and renegotiate coal contracts due to a warmer winter and cheaper alternatives weaken.
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General Electric Co. is shifting its focus from China to Australia as the company looks to tap the country’s booming energy business.
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The Bonneville Power Administration has ordered several wind farms in the Northwest to cut production to accommodate a surplus of hydro power.
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Duke Energy will accept a $420 million charge for costs incurred at one of its coal-fired plants in Indiana.
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Solar developer SolarCity has announced plans for an initial public offering.
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Energy developer The Babcock & Wilcox Company has secured a $25 million contract to upgrade a coal-fired plant owned by Canadian company SaskPower.
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The AES Corp. has announced that Victoria Harker will be stepping down as cfo of the company.
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The U.S. Department of Agriculture has approved a proposed 50 MW solar project planned for Ohio.
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The largest rooftop solar array in the country has begun operation at the Gloucester Marine Terminal in New Jersey.
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Virginia legislators originally in opposition to a proposed $6 billion coal-fired plant have changed their votes.
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Pacific Gas & Electric and Terra-Gen have canceled a contract for a proposed geothermal project in Dixie, Nev.
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NRG Energy, MidAmerican Solar and First Solar have installed the first 100 MW of the Agua Caliente project in Yuma County, Ariz.
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The California Public Utilities Commission has given approval for the proposed Shiloh IV wind project in Solano County, Calif.
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MidAmerican Energy subsidiary PacifiCorp plans to spend $1 billion on upgrading its coal-fired assets.
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The Oklahoma Public Service Co. has agreed to retire two units of its coal-fired facility in Oologah.
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American Electric Power ceo Nicholas Akins has announced that AEP will derive just 50% of its power from coal sources by 2020.
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Nevada-based Ormat Technologies has secured a $61.2 million contract to provide engineering and construction services for a planned geothermal project in North America.
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Development of the mammoth Genesis solar facility in the Mojave Desert has run into problems after Native American artifacts were discovered at the site of the project.
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Regulators in Maine have set terms for the first long-term power purchase agreement for tidal power in the U.S. Regulators have instructed three Maine utilities to talk with Ocean Renewable Power Co. to put tidal energy onto the power grid by the summer.
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Transmission operator Alstom Grid has announced that it will invest $7 million in upgrades to an Alaska transmission line.
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PPL Montana is suing the U.S. Environmental Protection Agency to prevent it from releasing information about its Colstrip coal-fired plant to environmental groups.
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The chief nuclear officer for Southern California Edison has said that he expects the San Onofre nuclear facility to reopen soon.
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NV Energy has abandoned plans for a wind project in Idaho due to concerns for an endangered bird species threatened by construction.
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German wind turbine manufacturer Fuhrlander AG has canceled plans to build a turbine factory in Butte, Mont.
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Planners in Dover, Del. have approved a proposal from Calpine Corp. to build a gas-fired generating facility.
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Edison Mission Group has begun construction on a wind farm in Knox County, Neb.
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New emissions standards issued by the U.S. Environmental Protection Agency are causing a large increase in spending for two Kentucky utilities.
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The Sierra Club has announced that it is working with activists and researchers in Washington and Montana to put a stop to Puget Sound Energy’s purchase of power generated by the Colstrip generating station in Montana.
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Nuclear developers Westinghouse Electric Co. and Ameren Missouri are seeking federal funds and licensing to develop new nuclear reactors in Missouri.
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Denver-based Taylor Energy has come on as a financial partner in the development of a coal-fired plant in Georgia.
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General Electric is looking for $6 billion in renewables contracts in Australia by 2020.
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Regulators in Arizona have approved Arizona Public Service’s purchased of a stake in Southern California Edison’s coal-fired plant in New Mexico.
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The state of New York has doubled the amount of funds available for residential and business solar development.
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DTE Energy is planning to build a 110 MW wind farm in Huron County, Mich.
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The Shaw Group and Westinghouse have received approval from South Carolina Electric & Gas to go forward with engineering and construction for SCE&G’s proposed nuclear project.
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A settlement agreement between Black Hills Energy and the utilities’ customers has been rejected by the Colorado Public Utilities Commission.
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Brazil is considering putting measures in place that could boost solar panel sales by $3 billion in coming years.
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Groups opposed to a nuclear facility proposed by Southern Co. are asking a court of appeals to block the license to go forward with the project.
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California-based SunEdison has completed a 25 MW solar project in Gujarat, India.
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Canada is on track to install a total of 1,500 MW of new wind generating capacity in 2012.
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California legislators are considering a bill that would allow utilities companies to count hydro toward their renewable energy requirements.
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Colorado utility Tri-State Generation and Transmission Association has filed a lawsuit in federal court to appeal the U.S. Environmental Protection Agency’s new emissions standards.
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Canadian wind developer SouthPoint Wind has filed a C$1 billion ($1.01 billion) lawsuit against the Ontario government for its moratorium on offshore wind development.
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Canadian Solar will purchase a majority stake in 16 solar projects from SkyPower.
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Pattern Energy has reached a settlement agreement for the construction of its 150 MW Spring Valley wind project in Nevada.
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A Vermont-based nonprofit organization is suing Green Mountain National Forest over plans to construct a wind project in the area.
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American Electric Power is planning to upgrade its Cook nuclear facility in Michigan.
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Wind generation is set to double in the next four years, as emerging markets increase investments in renewables and U.S. investment declines.
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Massachusetts has launched a program aimed at increasing solar development in the state.
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Georgia utility Cobb EMC has agreed to buy power from the state’s largest solar project.
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Regulators in West Virginia have ordered FirstEnergy Corp. to continue operating three coal-fired plants the company was planning to retire.
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Santee Cooper, the South Carolina state utility company, will sell a share of its stake in the output from two nuclear facilities under construction in the state.
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Siemens CEO Felix Ferleman says the wind industry must quickly cut costs if it is going to be able to compete with other forms of generation.
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Dozens of bankers and investors jammed a theater in the basement of the Crosby Street Hotel in New York’s SoHo district on Wednesday for a screening of “Cape Spin,” the documentary that chronicles the plight of the proposed 468 MW Cape Wind project in Nantucket Sound.
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American Transmission Company is looking to expand transmission services around Green Bay, Wis.
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Geronimo Wind Energy will build a wind project in Rock County, Minn.
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The Maryland Public Service Commission has released a statement calling for new gas-fired generation for the state.
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Energy development has been stalled in Maryland, as legislators have pulled support for bills targeting offshore wind development and gas exploration through hydraulic fracturing.
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China is beginning to close the gap with the U.S. for renewable energy investments, according to a report from research group Pew Charitable Trusts.
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NRG Energy has abandoned plans to convert a gas-fired facility in Baton Rouge, La., to coal.
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Energy storage company Xtreme Power will provide a 3 MW power storage system for a wind project in Alaska.
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An executive at Exelon Corp. is calling on state governments to aid in the development of nuclear generation.
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BrightSource Energy has cancelled plans to go forward with an initial public offering.
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Demand for solar power in Pennsylvania has sapped the state’s $100 million PA Sunshine Solar program of funds.
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The natural gas boom in the U.S. is beginning to worry utilities companies as prices are falling to new lows throughout the country.
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Northeast Utilities and NStar have closed on the merger of the two companies after 18 months of regulatory review.
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New Jersey-based Fisherman’s Energy is looking for more time to file a revised application to build a wind farm in the waters off Atlantic City, N.J.
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The Public Utilities Board of Ontario says it does not have enough information to approve a $6.2 billion proposal for a hydro project in Muskrat Falls, Labrador that includes a underwater cable to Newfoundland.
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New York City has increased its solar capacity with the installation of solar panels on several city-owned buildings.
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Solar developer National Solar Power Partners has closed an agreement with manufacturer SolarWorld to acquire panels for several projects in Florida.
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The Public Service Commission of Wisconsin has approved Wisconsin Power & Light’s purchase of a gas-fired facility.
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A proposed offshore wind energy bill has failed to pass in the Maryland General Assembly.
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The U.S. Nuclear Regulatory Commission has fined NextEra Energy for failure to maintain emergency service facilities at the company’s nuclear plant near Homestead, Fla.
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GE Energy Financial Services is auctioning 225 MW of bi-directional transmission capacity from its Linden transmission facility at the intersection of New York City and PJM power grids.
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Zoning officials in Nobles County, Minn. have approved the next phases of a proposed 30 MW wind project.
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The Maine Land Use Regulation Commission has rejected a proposal from First Wind to build a wind farm near Springfield, Maine.
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The U.S. Nuclear Regulatory Commission has approved a license extension for the 1,150 MW Columbia nuclear station near Richland, Wash.
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Transource Energy, the transmission project launched by Great Plains Energy and American Electric Power, is planning to develop two initial transmission projects worth $466 million.
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The Los Angeles City Council has approved a rooftop solar program that will encourage property owners to sell solar generation from rooftop panels back to the city’s Department of Water and Power.
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Work on a nuclear plant has been halted indefinitely as the U.S. Nuclear Regulatory Commission has stated that more inspections and repairs are needed.
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Mesa Power Group, the renewable energy company formed by T. Boone Pickens, is developing a 377 MW wind farm in Texas.
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The Massachusetts Department of Public Utilities has approved the merger of Northeast Utilities and NStar.
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Roughly 371 earthquakes have rocked California in the past seven days. This activity isn’t necessarily anomalous, according to the U.S. Geological Survey—what’s more interesting is that these regular gyrations haven’t stopped developers from dotting the state with thousands of wind turbines.
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The mergers and acquisitions market has turned tepid as renewables, thermal and coal-fired assets are bogged down by uncertainty about federal energy policy, emission regulations and the grid as baseload plants go offline.
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A round-up of notable outtakes from Platts 27th Global Power Markets conference April 1-3 in Las Vegas.
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The domestic reserves of natural gas should reduce the commodity’s price volatility and propel it into being more than just a renewable bridge fuel for decades to come, proponents of the natural gas told attendees at Platts 27th Global Power Markets conference.
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First Solar and Exelon are in the last stages of finalizing documentation with the U.S. Department of Energy for a loan guarantee for the 230 MW solar project, Frank De Rosa, senior v.p. of First Solar, told PI on the sidelines of the Platts 27th Global Power Markets conference.
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Industry officials at Platts 27th Global Power Markets conference appeared guardedly optimistic that the production tax credits for wind would be extended at some point, although the 2013 wind market could still suffer if the extension comes late in the year.
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The board of supervisors in Imperial County, Calif. has approved three solar projects proposed by 8 Minute Energy Renewables.
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Silverado Power has signed power purchase agreements with San Diego Gas & Electric for 15 MW of solar generation.
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Canadian developer SouthPoint Wind has filed a C$1 billion ($1.3 billion) lawsuit against the Canadian government over a moratorium placed on offshore wind development.
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The Arizona Public Service Co. has reached an agreement with the Arizona State Land Department on the development of a 35 MW solar project near Yuma.
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American Electric Power and Great Plains Energy have launched a company that will develop and invest in transmission projects.
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Essential Power, the U.S. power platform company of Industry Funds Management, has an eye on buying contracted assets to grow its generation platform—although it’s in no rush to buy facilities that don't fit its model.
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Energy Capital Partners and Exelon are looking for opportunities to invest in, or buy, transmission projects, officials told attendees at Platts 27th Global Power Markets conference in Las Vegas.
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Power companies should look for ways to drive consumers toward a cleaner, more diverse generation mix given the absence of a federal long-term energy blueprint, according to speakers at Platts 27th Global Power Markets conference in Las Vegas.
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Oakland, Calif.-based Solar Trust of America has filed for bankruptcy.
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The state of New Jersey could see up to $2 billion in new gas-fired facilities in 2012.
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The Pennsylvania Department of Environmental Protection has approved pollution control upgrades for the coal-fired Homer City generating station.
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EverPower Wind Holdings has purchased a 150 MW wind project in California.
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Chinese company ENN Group is planning a $5 billion solar project in Nevada.
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Atlantic Power Corp. has purchased a 48% stake in on Oklahoma wind farm, and now owns almost all of the 300 MW Canada Hills wind power project.
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Wind industry revenue is set to increase 7.6% in 2012, or $4.3 billion, according to an industry report from IBISWorld.
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SolarReserve has received environmental approval for a 200 MW solar project in Nevada.
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Progress Energy is likely to face increased scrutiny from the U.S. Nuclear Regulatory Commission as it moves forward with plans to build nuclear reactors in Florida.
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The New York Power Authority is planning a $30 million solar energy initiative aimed at bringing down the cost of solar generation.
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A research report from the University of Vermont has claimed that the safety measures needed for nuclear power will eventually render the source unsustainable.
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Canadian company Finavera Wind has received environmental approval for a proposed wind project in British Columbia.
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The U.S. government, along with five state legislatures, is working on a plan to move forward with offshore wind development in the Great Lakes.
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California-based SunEdison has closed on financing for a Bulgarian solar project.
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Construction of a new geothermal plant is being planned for the Klamath wildlife refuge in Klamath Falls, Ore.
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The Florida Public Service Commission has approved a plan from NextEra Energy to dismantle four older gas-fired units and replace them with more efficient facilities.
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The Maryland Economic Matters Committee has approved a proposal to finance wind projects off the state’s coast.
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Solar equipment manufacturer SolFocus, along with developer Synergy Technologies have collaborated with Mexican real estate firm Grupo Musa on the construction of solar project in Baja, California.
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A proposal for the New York Power Authority to buy power from an older coal-fired power plant has been left out of the state budget.
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Duke Energy and Progress Energy may find it difficult to satisfy regulatory requirements at the state level in moving forward with a proposed merger.
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A large number of solar developers are looking to sell power to the Hawaiian Electric Co. in a program meant to encourage the development of renewables.
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Canadian company Boralex has acquired a 50 MW wind project in Quebec.
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Environmental groups are suing the federal government over plans to develop a solar project in the Mojave Desert.
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President Barack Obama’s administration is set to unveil standards putting limits on carbon emissions from new power plants.
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Duke Energy and Progress Energy have stated that they will spend $110 million on new transmission projects as a condition for approval of a merger between the two companies.
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Daniel Yergin, chairman of IHS Cambridge Energy Research Associates, believes that fossil fuels will be the dominant energy resource in the U.S. for decades.
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Missouri-based Wind Capital Group has received approval to begin construction on Florida’s first wind project.
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Entergy has begun work on a proposed 550 MW gas-fired facility in Louisiana.
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The wind energy industry is set to grow at a slower pace than originally anticipated, according to a report from Make Consulting and Navigant Consulting.
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American Electric Power has announced that it will retire fewer coal-fired facilities than it had originally announced.
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NextEra Energy is doubtful that wind energy can succeed in the state of Florida, as regulators in the state are preparing to approve a 200 MW project proposed by Wind Capital Group.
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Louisiana regulators have approved a power purchase agreement between Entergy and Calpine Corporation.
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The California Public Utilities Commission has approved power purchase agreements for two wind projects.
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The California Independent Systems Operator is considering bringing online two plants that had been retired by AES last year.
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First Wind has secured financing for a 69 MW wind project in Hawaii.
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A new study is looking to map areas off the New York coast suitable for offshore wind development.
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Solar developer BrightSource Energy is looking for approximately $182.5 million as it prepares for an initial public offering.
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Natural gas exploration and development in the U.S. has caused a shortage in storage space.
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Lobbying groups have moved in to oppose a bill in the Iowa state legislature that would aid the development of a nuclear plant proposed by MidAmerican Energy.
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Regulators in Georgia have approved a plan proposed by Southern Co. to shutter 600 MW of oil and coal-fired generating capacity.
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Spanish company Acciona Wind Energy is looking to develop a large-scale wind project in Nova Scotia.
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American Electric Power has named Pablo Vegas to the post of president and coo, effective this May.
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Opponents of Tenaska’s proposed $3.6 billion coal-fired power facility in Taylorville, Ill., are claiming that the project will come at great cost to taxpayers.
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SaskPower and Hitachi Ltd. have partnered to build a carbon capture test facility in Saskatchewan, Canada.
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PI was chock full of features and news on the industry’s biggest players in power M&A and project finance.
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Dominion Virginia Power is looking to lease acreage off of the Virginia coast to develop offshore wind projects.
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Xcel Energy and enXco have failed to come to an agreement on the proposed $400 million Merricourt wind project in North Dakota.
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RGS Energy and Smart Energy Capital have launched a partnership to finance and develop commercial solar projects.
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Non-bank investors contributed the most money in a calendar year for renewables projects in 2011.
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U.S. solar developers are looking to line up new sources of solar equipment to avoid a tariff on Chinese solar imports.
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Everpower Renewables’ Buckeye wind project is facing new challenges after being approved by the Ohio Supreme Court.
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Massachusetts-based wind developer Minuteman Wind has requested to reopen the recent NStar merger settlement.
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Regulators in Virginia have approved a proposal from Dominion Virginia Power to convert three coal-fired facilities to biomass.
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Lewis Hay, ceo of NextEra Energy, has announced that he will step down from his position in July of this year.
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Tampa Electric is considering expanding a gas-fired plant to meet increasing energy demands.
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The Mississippi Supreme Court has reversed a ruling for the approval of a $2.8 billion, coal-fired project proposed by Southern Co.
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Solar power advocates in Fresno, Calif., have been met with opposition from farmers who do not want agricultural space to be used for solar generation, arguing that it will cut into crop production.
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United Technologies Corp. is looking to sell Clipper Windpower in an effort to raise approximately $3 billion through the sale of several subsidiaries.
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NRG Energy will close its 535 MW Dunkirk coal-fired plant in upstate New York within 180 days unless state officials find that the closure will have negative impacts on reliability.
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Shale gas expansion is having an adverse effect on the U.S. nuclear industry as utilities increasingly look to cheap natural gas to meet energy needs.
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In the past year, PI has heard a familiar, frustrated refrain from bankers, investors and developers at conferences in Las Vegas, New Orleans, New York, Orlando and San Diego: leaders on Capitol Hill have failed to offer clarity of the future of renewables subsidies.
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While it is generally understood that living bodies and radioactive fuel rods don’t exactly mix, workers at the Savannah River National Laboratory in southern South Carolina have found a substance similar to a spider’s cobwebs in a pool of spent radioactive fuel rods.
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Although President Barack Obama made energy policy a central element of his State of the Union speech Jan. 24, he will, in our view, face significant challenges in persuading Congress to enact any broad-based energy legislation this year.
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Maybe the push to get the production tax credit extended could use another pack of people pushing for lawmakers to stand-up for the environment.
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Power Intelligence hit the ground running after the holidays with a new look in our print issue, our Project Finance Quarterly Recap and coverage of key industry events in Toronto and New Orleans.
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—Michael Magnus, ceo of Shear Wind, a wind developer out of Nova Scotia, at Euromoney Seminar’s 3rd Annual Canadian Power Conference in Toronto on lining up early-stage development funds.
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Banco Espirito Santo was looking to unload EUR2.6 billion ($3.37 billion) of project finance and infrastructure debt.
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Power Intelligence had a busy month in the run up to the end of the year. The highlight was our Annual Review & Preview issue, which included a bounty of features such as listings of the biggest M&A and project finance deals, quotes of the year and a timeline.
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Power Intelligence was on the road for most of November, hitting up the Edison Electric Institute Financial Conference in Orlando and Infocast’s Green Energy M&A Outlook for 2012 in California.
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Companies in Japan are using solar power to brighten up the holidays despite power shortages stemming from nuclear reactors going offline.
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—Daniel Revers, managing partner of ArcLight Capital Partners in Boston on the company’s strategy of divesting $4.5 billion of assets in order to attract investor interest in its latest $3.3 billion fund.
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Capital Power Income LP had put its 1.4 GW portfolio of assets in the U.S. and Canada on the market; Greenhill & Co. advised on the U.S. fleet while CIBC World Markets ran the Canada auction.
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The editorial staff of Power Intelligence take a look at October's top stories in the power M&A and project finance industry. Listen to the podcast after the jump.
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The quest to maximize natural resources has reached a core of many a U.S. neighborhood: the dog park.
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Whisky is fueling more than just the weekly office happy hour.
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Hold on to your Toddler & Tiaras, women working in the nuclear industry in Russia are getting the opportunity to give beauty queens a run for their money in the annual Miss Atom Beauty Contest.
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The editorial staff of Power Intelligence take a look at September's top stories in the power M&A and project finance industry. Listen to the podcast after the jump.
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Constellation Energy Group is working on a pilot project to use sorghum, a cousin of corn that produces a sweet syrup used on typical Southern fare such as buttermilk biscuits and grits, to power biomass facilities.
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While last month's earthquake left most East Coast nuclear plants relatively intact, a pair of reactors in Scotland fell victim to a far more elusive natural phenomenon: jellyfish.
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