Gas-fired
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Tenaska will sell its 229MW Berkshire Combined Cycle Power Plant in Massachusetts to investment firm Gate City Power (GCP), PFR has learned.
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Macquarie Asset Management’s sale of the entire 940MW Lordstown Energy Center to ArcLight Capital has been held up by the Federal Energy Regulatory Commission (FERC).
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LS Power has closed on its acquisition of its 810MW natural gas-fired power plant sited in Gettysburg, Pennsylvania from an affiliate of Platinum Equity, PFR has learned.
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Rockland Capital is to acquire the 54MW Ellwood natural gas power station in California from independent power producer GenOn, PFR has learned.
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Holland Industrial Group will auction off the coal-fired units of the 700MW AB Power Plant in Evansville, Indiana ahead of the plant's conversion into a natural gas asset.
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Management firm Riverview Investment Holdings will buy 100% of the interest in subsidiary UGI Development Company from parent UGI Energy Services.
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Oglethorpe Power will acquire a 465MW peaking power plant in Georgia from global investment firm The Carlyle Group’s affiliate Mackinaw Power Holdings.
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A stalled bill to extend tax breaks for data centres in Michigan has been touted as the bellwether for a co-generation comeback.
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NRG Energy has submitted 3 loan proposals to the Texas Energy Fund (TEF) for 1.6GW of natural gas-powered ERCOT projects.
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Alliant's midwestern utility company Wisconsin Power & Light has completed its nearly $127 million sell-down of the West Riverside Energy Center, PFR has learned.
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Eletrobras has completed the sale of a portfolio of gas-fired power plants in Brazil to Âmbar Energia.
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As the Lone Star State begins to face the climbing summer temperatures, intense weather events, specifically Winter Storm Uri, remain at the top of Texans' minds.
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Entergy has submitted proposals for 2 natural gas power plants to the Public Utility Commission of Texas (TPUC) as the state pushes for new generation as energy demand intensifies.
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Louisiana power company Cleco Corporate Holdings has closed on the $600 million sale of its unregulated electric utility business, Cleco Cajun, to private equity firm Atlas Holdings, PFR has learned.
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The $10 billion Texas Energy Fund (TEF) opened its loan program on 1 June with more than 65 applicants submitting proposals totalling 48GW.
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SIBA Energy Corporation has landed long-term financing for a combined-cycle gas fired power plant in the Dominican Republic.
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Brazilian utility Copel and Petrobras have concluded the sale of the Araucária gas-fired power plant they co-owned in Brazil.
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Vistra will add 2GW of dispatchable, natural gas-fuelled power capacity throughout west, central, and north Texas.
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Argentine power generator Grupo Albanesi, through its subsidiaries Generación Mediterránea and Central Térmica Roca, is planning to issue bonds in the local market.
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Conduit Power and Riley Exploration Permian are expanding their joint venture, RPC Power, to develop power generation and storage assets for ERCOT, the Texas grid operator.
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Rockland Capital is to acquire electric power generation and distribution company Lanyard Power from Olympus Power, PFR has learned.
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Bitcoin mining company Genesis Digital Assets has signed a power purchase agreement with YPF Luz in Argentina.
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Alberta, Canada-based Capital Power has cancelled its $2.4 billion Genesee carbon capture and storage (CCS) project after determining the project was not financially viable.
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Former Fengate Asset Management director Vince Castranovo has been hired by Calpine as vice president, corporate development.
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Houston-based independent power producer WattBridge Energy has hired Steven Sneed as commercial director.
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Evergy has closed on the acquisition of a 22.2% stake in the 655MW natural gas-fired Dogwood Energy facility.
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Southwest Gas has closed on its near $300 million initial public offering (IPO) of subsidiary Centuri Holdings.
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PPL Corporation's CEO told the room of power executives at S&P's Global Power Market Conference 2024 that more natural gas power is needed despite a focus on renewables.
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Brazilian power generator Eneva will issue R$2.5 billion ($475 million) in debentures to refinance assets.
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Rockland Power will up its stake in the 237MW Eagle Point Power Generation plant by 13%, PFR has learned.
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Natural gas utility Atmos Energy has entered into 2 revolving credit facilities totaling $3 billion, PFR has learned.
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Natural gas giant CPS Energy will acquire Talen Energy Corporation’s approximately 1,710MW generation portfolio, including natural gas plants in Corpus Christi and Laredo, Texas.
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Southeast PowerGen will sell both its 386MW MPC Generating Power Plant and its 692MW Sandersville gas-fired sites to Gulf Pacific Power, PFR has learned.
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New Fortress Energy (NFE) has completed the acquisition and transfer of a 1.6GW capacity reserve contract from Ceiba Energy, a company of Denham Capital.
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Babcock & Wilcox's (B&W) thermal subsidiary has signed a $246 million agreement to complete a 1GW coal-to-natural gas conversion project.
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New Fortress Energy has sold a pair of emergency gas-fired power plants the company built last year on behalf of US Army Corps of Engineers.
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Power producer SCC Power has completed the expansion and conversion to combined cycle of the San Pedro power plant in Buenos Aires province.
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Enel Americas and Enel Perú have landed approval for the $1.4 billion sale of their Peruvian generation assets to Actis-owned Niagara Energy.
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The government of Mexico and Iberdrola have formally closed government-backed Mexico Infrastructure Partners’ (MIP) $6.2 billion acquisition of a majority stake in the Spanish company’s Mexican portfolio.
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Capital Power has closed on its acquisition of 2 contracted combined-cycle US gas generation facilities from Beal Financial Corporation subsidiary CSG Investments.
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Florida Municipal Power Agency (FMPA) has closed on the first of 3 project acquisitions totaling 339 MW natural gas-fired capacity, from numerous utilities, PFR has learned.
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The Federal Economic Competition Commission (Cofece) has conditionally approved the acquisition of a majority stake in Iberdrola's Mexican portfolio by government-backed Mexico Infrastructure Partners (MIP).
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French energy business TotalEnergies has closed on the $635 million acquisition of 3 gas-fired power plants in Texas from TexGen, PFR has learned.
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Macquarie Asset Management has today (20 February) agreed the sale of Lordstown Energy Center to Arclight Capital vehicle ArcLight Fund VII.
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Sandow Lakes Energy Company is preparing to construct a 1.2GW natural gas-fueled power plant in Texas.
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Alliant Energy’s Wisconsin Utility, Wisconsin Power and Light Company (WPL), has closed on the sale of an 18% ownership stake in the 723.2MW natural-gas combined-cycle generation and 4MW solar hybrid project West Riverside Energy Center, PFR has learned.
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Argentine power generator Albanesi Energía is planning to issue bonds in the local market, scheduled for 14 February 2024.
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Renewable energy provider Cordia has closed on its acquisition of Pittsburgh, Pennsylvania-sited energy systems from Essential Utilities for $165 million.
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Alliant Energy’s Wisconsin Utility, Wisconsin Power and Light Company (WPL), is diluting its interest in the 723.2MW natural-gas combined-cycle generation and 4MW solar hybrid project West Riverside Energy Center, PFR has learned.
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Actis-backed power generation company Valia Energía has issued $530 million in project bonds in Mexico.
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LS Power has agreed to acquire an 810MW natural gas-fired power plant sited in Gettysburg, Pennsylvania from an affiliate of Platinum Equity.
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GE-owned power plant EFS Parlin has closed on the sale of all of its interconnection rights and started the decommissioning process of its 123.5MW natural gas facility following bankruptcy.
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Meridian Clean Energy has upped its stake in 850MW simple-cycle natural gas plant Sentinel Energy.
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Capital Power has completed its $97.5 million acquisition of the Frederickson 1 Generating Station from Atlantic Power & Utilities.
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New Fortress Energy (NFE) has entered a definitive agreement to acquire a 1.6GW capacity reserve contract — PortoCem PPA — from Denham Capital-backed Ceiba Energy.
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Eneva has landed more than R$1 billion ($206 million) in financing for a gas-fired power plant the company is developing in Brazil.
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Hull Street Energy has closed on a $160 million credit facility to finance its 855 MW Milepost Power Texas portfolio, Mesquite Generation.
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Brazilian utility Copel and Petrobras have agreed to sell the Araucária gas-fired power plant they co-owned in Brazil.
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Grant County, Washington’s Public Utility District No. 2 (Grant PUD) has begun an all-source request for proposals (RFP) to fulfill its supply need of 300MW of firm capacity and energy.
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The Bureau of Land Management (BLM) is set to conduct three oil and gas development lease sales in the states of Wyoming, Mississippi, Nevada, Oklahoma and New Mexico.
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The New York Independent System Operator (NYISO) has halted the May 2025 retirement of four peaker plants to keep New York City’s grid reliable.
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Capital Power has acquired two contracted combined-cycle US gas generation facilities from Beal Financial Corporation subsidiary CSG Investments.
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Energyquil has signed a concession agreement for the installation, operation and maintenance of a gas-fired power plant in Ecuador.
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French energy company TotalEnergies is to buy three gas-fired power plants in Texas from TexGen for $635 million.
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New Fortress Energy has secured financing for its 630MW Barcarena power plant in Brazil.
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Brazilian power generator Eneva has received financing for one of its Parnaíba gas-fired power plants located in the state of Maranhão.
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Fortune 500 power firm Entergy is to sell its gas distribution business to private infrastructure equity management company Bernhard Capital Partners.
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Competitive Power Ventures (CPV) has brought online its 1.25GW natural gas fired Three Rivers Energy Center in Grundy, Illinois.
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Enel Americas is looking to sell its Peruvian power generation businesses, Enel Generación Perú, Enel Generación Piura and Compañía Energética Veracruz.
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AES Corporation has agreed to sell minority stakes in its Dominican and Panamanian businesses, adding a new partner in the company’s shareholders.
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MUFG has refinanced its $500 million credit facilities for a natural gas-fired plant portfolio, Invenergy Thermal Operating I, owned by Invenergy and InfraBridge. The portfolio includes four operational plants, totaling 2.29GW, which are located in the US and Canada.
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Brazilian utility Copel is in the process of selling the company’s stake in the Araucária power plant located in the state of Paraná.
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ArcLight Capital Partners has purchased Sojitz's indirect ownership of Kleen Energy Systems, owner of a 620MW natural gas plant in Middletown, Connecticut. ArcLight now has 100% of Sojitz's preferred equity and minority common equity interest of the natural gas facility.
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BKV-BPP Power, a joint venture of BKV Corporation and Banpu Power US Corporation, has closed on its acquisition of the Temple II power plant, the company’s second natural gas generation asset.
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Valia Energía, an Actis-backed power generation company, has completed its acquisition of EVM Energía, adding 850MW of gas-fired assets to its Mexican portfolio.
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Itaú Unibanco has acquired a minority stake in a gas-fired power complex from Brazilian power generator Eneva.
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Iberdrola has signed a binding agreement to sell a large part of its portfolio in the country to the government for $6 billion.
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InfraCorp, the infrastructure investment platform of Grupo Romero, has closed the acquisition of the Puerto Bravo gas-fired plant in Peru.
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Private equity firm Hull Street Energy has agreed to acquire a 100% interest in 2 power plants from Mesquite Generation Holdings – an affiliate of Atlas Holdings.
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Canada’s Algonquin Power & Utilities Corp. and American Electric Power have pulled the plug on the deal for AEP’s utility subsidiary Kentucky Power and its transmission business AEP Kentucky Transco.
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Iberdrola has agreed to sell more than 8.5GW of assets it operates in Mexico, in a transaction valued at around $6 billion.
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New Fortress Energy has entered into an agreement with Weston Solution for the installation and operation of 150MW of additional power generation at the Palo Seco Power Plant in Puerto Rico and the supply of natural gas.
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YPF Luz has announced its intention to purchase all the shares in the thermal generation plant Central Dock Sud from Enel Americas.
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The Puerto Rican Public Private Partnerships Authority has issued a request for qualifications (RFQ) for the development of a LNG-to-hydrogen plant on the island.
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Celepsa has acquired the company's first gas-fired power plant in Peru.
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Independent power generator Onward Energy is acquiring the Broad River power generation facility in Gaffney, South Carolina.
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Brazilian power generator Eneva has received the greenlight from electric energy agency Aneel to start operations of its Parnaíba V power plant.
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The Dominican Republic’s National Energy Commission (CNE) has granted a pair of definitive concessions for energy projects on the island.
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Eneva has closed its acquisition of CELSEPAR, the holding company which owns the largest LNG-to-power asset plant in Brazil.
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The National Electric Energy Agency (ANEEL) has awarded 3 contracts in its reserve capacity power auction in Brazil.
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Update: This article was edited on Sept.16 to include the identity of the sell-side financial advisor and additional details about the PPAs.
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J-Power USA has entered into an agreement with a Thai infrastructure company to sell a minority stake in a 1,200 MW combined cycle gas-fired plant in Illinois.
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Brazilian power generator Eneva is planning to issue R$1.9 billion ($362.7 million) in debentures to refinance three of the company’s projects.
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Earthrise Energy has acquired a pair of gas-fired peaker plants in Illinois totaling 984 MW from a subsidiary of ArcLight Capital Partners.
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The Dominican Republic’s Unified Counsel of Distribution Companies (CUED) has awarded power purchase agreements worth 368 MW of capacity.
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YPF Luz, the power generation arm of Argentine oil and gas company YPF, has issued a combined $100 million in bonds.
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Brazilian power generator Eneva has completed its acquisition of a 327 MW gas-fired CCGT power plant, dubbed TermoFortaleza.
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Consumers Energy is set to close a deal that will see the company purchase a 1,176 MW combined-cycle natural gas-fired project from ArcLight Capital Partners.
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Climate Adaptive Infrastructure (CAI) and Meridian Clean Energy have closed on the purchase of a minority stake in an 850 MW peaking plant in California, as part of a partnership between the two companies.
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OMERS Infrastructure has agreed to sell Midland Cogeneration Venture, a 1,633 MW combined-cycle heat and power plant, to a pair of institutional investors.
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Argentina’s MSU Energy is planning to issue a local bond for up to $15.1 million in order to refinance the company’s existing debt and generation expansion.
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Four companies are preparing offers to acquire the concession rights for the development of a combined cycle gas-fired power plant in Ecuador.
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State-owned Comisión Federal de Electricidad (CFE) has entered into an agreement with New Fortress Energy expanding the duo’s collaboration in Mexico.
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Brazilian utility Eneva has raised R$4.2 billion ($807 million) in a share offering to finance its acquisition of a 1.6 GW CCGT plant and associated LNG regasification terminal.
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LS Power has struck a deal to purchase an 835 MW gas-fired peaker plant in Ohio from ArcLight Capital Partners.
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Fortistar has entered into an agreement to sell a 55 MW peaker plant in New York state to a Canadian blockchain tech company which focuses on cryptocurrency mining.
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SPI Energy, a subsidiary of SCC Power, is planning to issue two bonds for up to $135 million to finance the San Pedro power plant in Argentina, marking the subsidiary’s first issuance.
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A pair of buyers have agreed to purchase minority stakes in a 723 MW combined-cycle gas-fired facility in Wisconsin that is supported by a 4 MW solar array from Alliant Energy.
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The US subsidiary of Japanese energy company JERA Co has agreed to purchase an over 1.6 GW portfolio of operational dual-fuel peaking plants in Massachusetts and Maine from a Stonepeak Infrastructure Partners fund.
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Arroyo Energy has agreed to sell a pair of combined cycle plants in Maryland and South Carolina totaling 1,080 MW to a JP Morgan Asset Management-owned energy company.
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Brazilian power generator Eneva is to purchase the 1.6 GW Porto de Sergipe I CCGT plant, the country’s largest LNG-to-power asset.
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The Ecuadorean Ministry of Energy has prequalified 3 bidders for the 400 MW Guayaquil CCGT tender.
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After more than two years in the process, Stoneway Capital Corporation closed a restructuring deal under Chapter 11 and CBCA plans, which went effective May 17.
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HIG Capital has closed its purchase of private equity firm Lindsay Goldberg’s paper-producing subsidiary, including the company’s 433 MW portfolio of thermal plants that are located in Pennsylvania, Ohio, Maine and Wisconsin.
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Avenue Capital has struck a deal to refinance its 1.8 GW gas-fired asset portfolio, which comprises eight peaking plants and two gas-fired combined cycle plants spread across California.
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Partners Group has found a buyer for its minority stake in an 850 MW contracted gas-fired peaking power plant in California after launching a sale process last year.
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Tyr Energy has entered into an agreement to sell a 236.5 MW dual-fuel combined cycle power plant in Wisconsin to a subsidiary of WEC Group.
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Eight companies have submitted expressions of interest in a tender for a 400 MW combined-cycle gas-fired power plant in Ecuador.
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Starwood Energy Group has closed a $710 million refinancing of an almost 1.2 GW portfolio of gas-fired assets in Massachusetts and Pennsylvania after adjusting the debt package earlier this month.
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Ecuador's ministry of energy and non-renewable natural resources (MERNNR) has extended the deadline for companies to register interest in a tender for a 400 MW combined-cycle gas-fired power plant.
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HIG Capital, an alternative investment firm, has agreed to purchase a paper producing portfolio company of Lindsay Goldberg, including the outfit’s 433 MW portfolio of thermal plants spread across Pennsylvania, Ohio, Maine and Wisconsin.
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Hull Street Energy has struck a deal to acquire the remaining share of a 240 MW gas-fired cogeneration plant in California, after purchasing a majority stake in the plant from BlackRock last year.
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Apollo Global Management has closed the sale of its 25% interest in a 1,050 MW combined-cycle gas-fired power plant in Pennsylvania.
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Tenaska Energy has closed on its purchase of a majority stake in an 845 MW combined-cycle gas-fired plant in Texas that was put up for sale last April.
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AltaGas has struck a deal to sell a 70 MW combined-cycle gas-fired power plant in Colorado to a family trust.
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After securing a stalking horse bid from Rockland Capital for a pair of gas-fired peaking power plants in Texas, sponsor Agilon Energy has elected to sell the assets to another buyer instead.
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ArcLight Capital Partners has closed its acquisition of a 13-project, 6.75 GW portfolio of fossil fuel-fired assets spread across New Jersey, Maryland, Connecticut and New York from Public Service Enterprise Group (PSEG), after slotting into place two separate acquisition financing packages.
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ArcLight Capital Partners has closed its acquisition of a portfolio of thermal assets in Connecticut and New York from Public Service Enterprise Group (PSEG), after putting in place acquisition financing.
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Details have emerged on the acquisition financing that ArcLight Capital Partners slotted into place to finance its purchase of a 4.8 GW portfolio of thermal assets in New Jersey and Maryland.
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Ecuador's Ministry of Energy and Non-Renewable Natural Resources (MERNNR) has extended the deadline for companies to register interest in a trio of tenders for renewables, gas-fired and transmission projects in the country.
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Public Service Enterprise Group (PSEG) has completed the sale of a portion of its 6.75 GW fossil fuel fleet to a subsidiary of ArcLight Capital Partners.
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Despite it being hardly two months into the new year, the M&A market for power and renewables is already heating up with a seemingly endless stream of project and platform sale launches. But despite the buzz around renewables, deal watchers say there is still a “bullish” buyer base that believes in the medium-term viability of gas-fired projects over the next two decades.
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Brazilian developer Eneva has begun commercial operations at its 141 MW Jaguatirica II gas-fired combined-cycle project in Roraima.
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A private equity firm has closed an amend-and-extend deal on the project finance loan associated with its gas-fired project in Rhode Island.
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A Virginia-based energy company has wrapped acquisition financing for a portfolio of peaking power plants in Illinois.
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An InterEnergy-led consortium has clinched a senior secured term loan to finance the acquisition and construction of a Panamanian gas-fired power plant.
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BlackRock has agreed to buy a minority stake in a 945 MW gas-fired plant in Georgia from a subsidiary of Mitsubishi Corp Americas.
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A private equity firm is arranging an amend-and-extend deal on the project finance loan associated with its gas-fired project in Rhode Island.
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A buyer has emerged for a majority stake in a combined-cycle gas-fired power plant in Texas that was put up for sale last April.
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A Houston-based private equity firm has emerged as the stalking horse bidder for a pair of gas-fired peaking power plants in Texas.
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Private equity firm Hull Street Energy has closed its acquisition of a simple-cycle dual-fuel peaking plant in Connecticut from an electricity cooperative.
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Apollo Global Management has agreed to sell its 25% stake in a 1,050 MW combined-cycle gas-fired power plant in Pennsylvania to a South Korean energy company.
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Two international banks are nearing close on a bridge debt package for a roughly 200 MW gas-fired power plant in Colombia.
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A consortium led by InterEnergy has reached financial close on a debt package that will finance a 656 MW LNG-to-power project in Panama.
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Ecuador’s Ministry of Energy and Non-Renewable Natural Resources has launched three procurement processes for renewables, gas-fired and transmission projects in the country, which were announced in September.
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Manulife Investment Management has held a final closing on the Manulife Infrastructure Fund II (MIF II), a $4.65 billion private fund that invests in US energy assets, among others.
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A ProEnergy subsidiary has secured a project finance deal to support a 288 MW gas-fired peaking power plant in Texas.
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An ArcLight Capital Partners’ subsidiary has reached financial close on its acquisition of NRG Energy’s fossil fuel-fired generation fleet, as well as on the financing to support the deal.
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Generation Bridge II, a subsidiary of ArcLight Capital Partners, has launched acquisition financing for the New York- and Connecticut-based fossil fuel assets it purchased from Public Service Enterprise Group (PSEG).
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Rockland Capital is arranging acquisition financing for a pair of gas-fired peaking power plants in Texas that it is purchasing from a sponsor that recently filed for Chapter 11 bankruptcy protection.
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Houston-based Ceiba Energy, which is backed by Denham Capital, has bought Breitener Energética, a holding company with two gas-fired power plants in Manaus, Brazil.
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Generadora Metropolitana Renewables, a joint venture between Andes Mining & Energy (AME) and France's EDF Renewables, is shuttering a pair of Chilean diesel-fired power plants totaling 100 MW.
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Entergy’s Mississippi subsidiary has outlined plans to replace some of its gas-fired fleet with around 1 GW of renewable energy over the next five years.
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In a deal that came down to the wire, Ares Management Corp has closed the refinancing of Panda Power’s 778 MW combined-cycle, gas-fired Stonewall project in Virginia, which it is in the process of acquiring.
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Brazil’s Petrobras has reached financial close on the sale of interests in a pair of hydro power plants and a gas-fired project to Global Participacoes Energia (GPE), making the latter the sole owner of the companies controlling the assets.
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A Swiss private equity firm is preparing to take first round bids for its minority stake in a contracted gas-fired peaking power plant in the Golden State.
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The Blackstone Group has sold its quasi-merchant fossil-fuel fired Lonestar II portfolio in Texas after striking a bilateral deal.
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A buyer has emerged for BlackRock Global Energy & Power Infrastructure Fund I’s majority stake in a 240 MW gas-fired cogeneration plant in California.
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Utility company Alabama Power Co has agreed to purchase a dual-fuel simple-cycle plant from private equity firm Harbert Management Corp.
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A debt and equity raise for a merchant gas-fired project in Queens, New York has been scuppered after the project's air permit was denied by state regulators.
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Brazilian power regulator Aneel and electricity commercialization chamber CCEE have completed an October capacity auction and are working on two new procurement processes.
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A buyer north of the border has emerged for American Electric Power's regulated utility subsidiary Kentucky Power and its regulated transmission business AEP Kentucky Transco.
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A buyer has emerged for a portfolio of gas-fired peaking power plants located in downstate Illinois, following a competitive auction process.
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Connecticut-based asset manager Atlas Holdings has agreed to acquire the remaining stake in a 1,110 MW fleet of mostly fossil fuel-fired peaking plants that it doesn't already own through a joint venture with a commodities trader.
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A pair of banks leading a $780 million construction financing for a 656 MW LNG-to-power project in Panama has reached out to lenders for the syndication of the debt.
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Middle-market private equity firm Hull Street Energy has agreed to purchase an 84 MW simple-cycle dual-fuel peaking plant in Connecticut.
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Stalking horse bids are due soon for a pair of operational gas-fired peaking power plants in Texas.
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Colombian developer Axia Energia has refinanced an 88 MW dual-fuel reserve power plant in the country's Magdalena department.
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Brazil’s power regulator Aneel has approved a capacity auction that will take place later this month, in an effort to optimize hydro resources as the country faces its worst drought in over 90 years.
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A New York-headquartered developer has closed the refinancing of a combined-cycle gas-fired power plant in Pennsylvania.
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London-based fund manager Sustainable Development Capital (SDC) has closed its acquisition of a 35% stake in Primary Energy Recycling Corp, a portfolio of waste-heat-to-power and cogeneration projects supplying steel mills in the Midwest.
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Generadora Metropolitana Renewables, a joint venture between Andes Mining & Energy (AME) and France's EDF Renewables, has reached financial close on a solar and thermal project financing in Chile.
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Allete has struck a deal to sell down a portion of its 50% ownership interest in a combined-cycle gas-fired power plant that it is developing in Wisconsin.
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Global Infrastructure Partners (GIP) has arranged a bond issuance to refinance the bridge facilities that it used to fund its acquisition of one of Mexico's largest independent power producers in August.
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The Brazilian subsidiary of oil and gas giant Royal Dutch Shell plans to invest R$3 billion ($569.1 million) in power generation assets in the country.
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Ecuador’s Ministry of Energy and Non-Renewable Natural Resources has announced the launch of three procurement processes for renewables, gas-fired and transmission projects in the country.
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The Brazilian Ministry of Mines and Energy has outlined the terms of a capacity auction to be held for both renewable and thermal power projects in the country.
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Ares Management Corp has kicked off the refinancing of Panda Power's 778 MW combined-cycle, gas-fired Stonewall plant in Virginia, which it is in the process of acquiring.
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The sale of BlackRock’s stake in a 240 MW contracted gas-fired cogeneration plant in California has moved into the next phase of bidding.
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British private equity firm Actis has agreed to acquire a roughly 2.2 GW portfolio of thermal power plants in Mexico from a consortium of investors.
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A spate of thermal and renewable M&A deals has been launched into the Brazilian power market, with sponsors across the country putting their operational power plants up for sale.
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Energy Capital Ventures (ECV), a recently established venture capital firm based in Chicago, has closed its first fund, which will invest in natural gas utility companies aiming to meet their environmental, social and governance objectives.
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To download a PDF version of this Q&A, click here.
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Starwood Energy Group has struck a deal to sell a 503 MW simple-cycle dual-fuel power plant, located in the MISO market, to a Wisconsin-based electric cooperative.
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Vancouver-based renewables developer Elemental Energy has signed a power purchase agreement with a Canadian pipeline operator for the output of a solar project in Alberta.
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Public Service Enterprise Group (PSEG) has agreed to sell its 6.75 GW fossil fuel portfolio to ArcLight Capital Partners, following an auction process that launched around this time last year.
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Gas Natural Acu (GNA) has raised R$1.8 billion ($343.93 million) through an offering of debentures to refinance a 1.3 GW gas-fired power plant in Brazil.
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Moody's Investors Service has revised its outlook on The Carlyle Group's Nautilus Power portfolio from stable to negative in light of the recent PJM capacity auction results for delivery year 2022/2023.
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The 972 MW gas-fired Linden Cogen facility in New Jersey, which is owned by a consortium of Asian investors, is being partially converted to running on a blend of both hydrogen and natural gas.
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Details have emerged on a roughly $1 billion debt financing that a pair of sponsors is leading for a portfolio of mixed generation assets in Chile, which include both operational and greenfield projects.
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Maxim Power Corp has made financing arrangements to support the expansion of its 204 MW simple-cycle gas-fired M2 power plant in Alberta, and convert it into operating on combined-cycle mode with the installation of heat recovery technology.
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First round bids are due soon for a portfolio of gas-fired peaking power plants located in Illinois.
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Oglethorpe Power Co, an electric not-for-profit cooperative based in Tucker, Georgia, has asked for expedited regulatory approval to acquire a merchant combined-cycle gas-fired power plant ahead of the summer peak demand season.
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American Electric Power has appointed a new executive vice president of energy delivery, replacing Mark McCullough who is retiring, and has also named new presidents and chief operating officers for its Indiana Michigan Power and AEP Ohio subsidiaries.
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Dutch bank ABN Amro is offloading a $1.5 billion portfolio of North American energy loans, as the company divests from oil and gas lending.
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Michigan utility Consumers Energy is planning to shutter five thermal power plants in the state, ahead of schedule, while purchasing four gas-fired plants in their stead in order to maintain reliability while it transitions to using 90% renewable energy by 2040.
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Nautilus Solar Energy has bought a small-scale community solar project in New York from Canadian renewables developer Saturn Power, marking the first transaction between the two companies.
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Secure Futures Solar, a Staunton, Va.-based commercial-scale solar developer, has secured up to $25 million in equity to fund a portfolio of projects spread across three US states.
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An Ares Management Corp-backed renewables developer has sold a 90 MW portfolio of landfill gas-to-energy projects spread across seven US states to a private market fund manager.
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Basalt Infrastructure Partners has completed the sale of its Michigan-based electric utility, Upper Peninsula Power Company (Uppco).
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Ares Management Corp has struck a deal to take ownership of a financially troubled gas-fired combined-cycle power plant in PJM Interconnection ?which was financed with a debt package that is due to mature six months from now.
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Global Infrastructure Partners is seeking a buyer for its minority stake in the 15 mtpa Freeport LNG export facility on Quintana Island, near Freeport, Texas.
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Northern Indiana Public Service Co (NIPSCo) has launched a request for proposals for thermal, renewable and energy storage assets.
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Exelon Generation has secured a $150 million non-recourse debt financing for a simple-cycle, dual-fuel peaking power plant in Massachusetts.
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Ares Management Corp is preparing to take ownership of a financially troubled gas-fired, combined-cycle power plant in PJM Interconnection.
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M&A bankers are readying the sales of a number of district energy systems that are anticipated to hit the auction block in the coming weeks.
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Marketing materials have been circulated for the sale of a majority stake in a combined-cycle gas-fired power plant in Texas.
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Southwest Generation has agreed to sell a combined-cycle gas-fired power plant in California to a family trust.
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Starwood Energy Group Global has submitted an $8 billion investment proposal to the Public Utility Commission of Texas which it says would mitigate reliability issues in Ercot following winter storm Uri.
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The final pricing on two recent power-sector term loan Bs landed inside initial price thoughts, indicating a healthy market for additional issuance.
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LS Power has signed an agreement to sell its 230 MW Hog Bayou Energy Center gas-fired project in Alabama to an investment vehicle managed by another private equity firm.
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Stonepeak Infrastructure Partners has found a buyer for its RED-Rochester district energy system in New York state after shelving an earlier sale process for the asset last year.
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Competitive Power Ventures is preparing to mandate an arranger for the refinancing of a gas-fired combined-cycle project on the US East Coast.
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S&P Global Ratings has given the senior secured term loan B financing for I Squared Capital's take private of Atlantic Power Corp a rating of BB-.
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I Squared Capital has launched a $405 million term loan B package as part of the financing of its $961 million acquisition of publicly-listed independent power producer Atlantic Power Corp.
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Initial price talk has been circulated for the term loan B that I Squared Capital is issuing to partly fund its acquisition of North American independent power producer Atlantic Power Corp.
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I Squared Capital is approaching the market with a $405 million term loan B package as part of the financing of its $961 million acquisition of publicly-listed independent power producer Atlantic Power Corp.
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MUFG has introduced a new CLO asset class, bundling $500 million of project finance and infrastructure loans together for Starwood Property Trust in a deal that clearly demonstrated investor appetite for the product.
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NRG Energy is selling a portfolio of US fossil fuel-fired generation assets totaling 4,850 MW to ArcLight Capital Partners.
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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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Exelon Corp has announced its intention to spin its competitive generation and retail power businesses off into a separate publicly-listed company following a strategic review.
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As winter storms wallop Texas, leaving around four million people to wait out rolling blackouts and sending power prices skyrocketing, project finance professionals and investors are assessing the fallout for project-financed assets in the Lone Star State.
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The Blackstone Group has reached a restructuring deal with the creditors of its Frontera combined-cycle gas-fired plant in Texas, which sells its output across the border in Mexico.
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Novatus Energy and Southwest Generation, two portfolio companies of JP Morgan Asset Management's infrastructure investment funds, have merged to become a combined renewable energy and gas-fired power platform.
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Canadian yield company TransAlta Renewables has agreed to acquire two North American wind projects and a cogeneration facility totaling 303 MW from its developer-sponsor TransAlta Corp.
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The $860 million term loan B refinancing for a portfolio of gas-fired assets in Queens, New York, was priced and allocated on December 4.
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Mexico has announced that eight energy projects will be part of its second infrastructure investment plan, including combined-cycle gas-fired projects, gas pipelines, compression stations and an LNG export terminal.
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GenOn Energy has closed a $250 million debt package to lever up two vintage gas-fired projects in California.
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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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Astoria Energy, which owns two gas-fired assets in Queens, New York, is preparing a refinancing of its term loan B debt.
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NRG Energy has priced a roughly $3.8 billion five-tranche bond offering – including the first ever sustainability-linked notes from a US issuer – to finance its acquisition of North American energy retailer Direct Energy.
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Blackstone portfolio company Fisterra Energy is planning to issue a $904 million project bond to refinance a combined-cycle gas-fired plant in Mexico.
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Exelon Corp has appointed two investment banks as it considers whether to separate its generation business from its utilities.
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Utility holding company FirstEnergy Corp has fired its CEO and two other senior officials amid a high-profile bribery investigation in Ohio, shortly after guilty pleas were entered in federal court by two people who are not FirstEnergy employees.
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Colombia's Mines and Energy Planning Unit (UPME) has released the final tender documents for the LNG regasification project on Buenaventura Bay on the Colombian Pacific Coast.
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DB Energy Assets, a joint venture between developer DCO Energy and fund manager Basalt Infrastructure Partners, has signed a $50 million revolving credit facility to support the acquisition of a cogeneration plant in Delaware.
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DIF Infrastructure VI has reached a €3.03 billion ($3.5bn) final close after increasing its hard cap.
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LS Power has sealed its acquisition of the 1,124 MW Hummel Station gas-fired project in Pennsylvania from its original developer, Panda Power Funds, and co-investor Siemens Financial Services.
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Norsk Hydro and Golar LNG have announced the termination of a memorandum of understanding (MoU) signed in July of this year for LNG supply in Brazil.
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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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Engie Chile has signed a five-year energy supply agreement to provide packaging company Amcor’s operations in Santiago with renewable generation and natural gas.
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Arroyo Energy has reached financial close on the refinancing of a gas-fired project in Mexico, a deal that was arranged by three banks.
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A key asset for opening up Brazil's natural gas market, the lease of Petrobras' Bahia liquefied natural gas (LNG) terminal has suffered a setback and will go on hold.
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One of the Canadian oil and gas producers providing a gas netback to support the financing of Competitive Power Ventures' 1,250 MW Three Rivers Energy Center in Illinois has been revealed.
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With two debt funds nearing final close, Global Infrastructure Partners has provided a $325 million secured term loan for Mexican power producer Saavi Energia.
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The Blackstone Group's 526 MW Frontera combined-cycle gas-fired plant in Texas is "vulnerable to a covenant breach" in the next six months as a result of a shaky power market and currency depreciation in Mexico, according to an S&P Global Ratings report.
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A company established earlier this year with the aim of deploying cryptocurrency mining technology to solve power generators’ excess capacity problems is working on pilot projects after wrapping its seed funding.
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The term loan B to refinance the Linden Cogeneration plant in New Jersey has been priced inside initial price talk after generating strong demand.
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The term loan refinancing for the Linden Cogeneration project in New Jersey has been resized from $950 million to $1 billion in response to strong interest from investors during syndication.
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Six companies have been awarded firm energy obligations for thermal and hydro plants in Colombia as a result of the reliability auctions that took place in September.
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Sempra Energy subsidiary IEnova has raised $800 million in the bond market with a 31-year offering that was priced on September 10.
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Price talk has emerged on a term loan B refinancing for the 974 MW Linden Cogen project in New Jersey following a bank meeting last week.
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The owners of a cogeneration plant in New Jersey have appointed Jefferies as left lead on a term loan B refinancing to be launched later this week.
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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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Brazil’s national agency of water transport Antaq has awarded a port terminal area that will receive investments for the construction of an LNG terminal and a power plant.
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Joint-sponsors Macquarie Capital, Kineticor Resource Corp and OPTrust have closed financing for their 900 MW Cascade combined-cycle gas-fired plant near Edson, Alberta, sealing almost C$1 billion in debt and bringing in two additional equity partners.
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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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The sponsor group behind a combined-cycle gas-fired project in Canada is aiming to close a nearly C$1 billion financing with five banks this week.
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Competitive Power Ventures has reached financial close on its 1,250 MW Three Rivers combined-cycle gas-fired project in Illinois with equity from four co-investors and a combination of floating- and fixed-rate debt.
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The Carlyle Group and EIG Global Energy Partners’ deal to take ownership of Panda Power Funds’ Patriot and Liberty combined-cycle gas-fired plants in Pennsylvania ended years of speculation about the fate of the two plants. But the story did not end there, as the buyers launched the acquisition financing into a market roiled by coronavirus.
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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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Brazil’s Petrobras has started the binding phase on the sale of four thermal power plants in the country.
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The unusual market dynamics created by the pandemic have thrown some interesting names into the rankings of leading power and renewables project finance lead arrangers in North America for the first half of 2020.
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Chicago-based J-Power USA has added seasoned project finance modeller Pascal Schoneburg to its finance team.
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China’s State Power Investment Corporation (SPIC) has entered into an agreement with Prumo to acquire a 33% stake in two LNG-to-power projects located in Brazil – GNA I and GNA II –which have a joint capacity of 3 GW.
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Brazil’s Petrobras has qualified 12 companies to compete for the leasing of its LNG import terminal in the state of Bahia.
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Fresh from a credit ratings boost, LNG terminal and gas-to-power project developer New Fortress Energy is looking to refinance its $800 million corporate term loan.
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Arroyo Energy is nearing financial close on the refinancing of a gas-fired project in Mexico, with two banks arranging the debt package.
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NRG Energy its paying down and unwinding sale-leaseback agreements related to two fossil fuel-fired power stations in Illinois that it owns through its Midwest Generation holding company.
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Mexican state-owned utility Comisión Federal de Electricidad (CFE) has announced plans to increase its generation capacity by building and acquiring power plants, days after cancelling tenders for four gas-fired projects in the country.
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Fluor was recently awarded a front-end engineering and design contract for a carbon capture project at the Elk Hills combined-cycle gas-fired plant in California, which is embroiled in oil and gas exploration company California Resources Corp’s (CRC) Chapter 11 restructuring process.
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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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Golar Power, a joint venture between Golar LNG and Stonepeak Infrastructure Partners, is planning to establish a partnership with Norsk Hydro to develop a liquified natural gas (LNG) terminal in the North of Brazil.
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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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Colombia has scheduled the auction to award the concession contract for its Pacific LNG Import Terminal for 2021.
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New details have emerged on the size and beneficiaries of IDB Invest's credit line for Chilean power companies impacted by last year's power price freeze.
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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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Mexico's state-owned Comisión Federal de Electricidad (CFE) has canceled the procurement processes for four power projects in the country that had been in the works since October of last year.
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A Chapter 11 restructuring at oil and gas company California Resources Corp (CRC) means that the ownership structure of the 500 MW Elk Hills combined cycled gas-fired plant in Bakersfield, California – co-owned by Ares Management – is also set to change.
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Independent power producer Talen Energy has lined up a new head of investor relations after the departure of Ryan Koren.
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The sponsor of a combined-cycle gas-fired plant in Canada has reached out to banks for a nearly $1 billion project financing.
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Laurie Coben has left Evercore, where she led the power and utilities investment banking business as senior managing director, for a new job at rival Guggenheim Securities in New York.
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Argentinian independent power producer MSU Energy agreed to pay a wider margin on its floating rate debt earlier this year to push back the amortization schedule as it seeks to manage risks related to Covid-19.
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Petrobras has begun the non-binding phase of the sale of its stake in five power plants totaling 682 MW in Brazil.
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Public Service Company of Colorado has completed its acquisition of the previously shuttered 80 MW Valmont gas-fired project from Southwest Generation and placed it back in service
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Canadian miner Northern Dynasty is seeking input on its plan to develop a combined-cycle gas-fired project in Alaska to supply its Pebble mining operation and the surrounding area.
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Basalt Infrastructure Partners and DCO Energy have refinanced a gas-fired district energy system in the Midwest.
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Talen Energy Corp is preparing to hand over two gas-fired projects in the Northeast to senior creditor Beal Bank through a Chapter 11 restructuring.
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As Pacific Gas & Electric’s bankruptcy proceedings appear to roll inexorably toward resolution, owners of power and renewable energy projects tied to the utility through power purchase agreements are beginning to indulge in pleasant thoughts of a return to normal for their project finance arrangements.
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Indiana utility Vectren has proposed a renewable energy and gas-fired power procurement to offset generation from coal plant retirements as part of its Integrated Resource Plan.
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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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The Carlyle Group's Hamilton Projects Acquiror term loan B to finance the acquisition of two gas-fired projects in Pennsylvania has been priced inside initial price thoughts – signaling lender enthusiasm for the almost 1.7 GW portfolio – and was allocated on June 11.
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Alabama Power has received regulatory approval to proceed with the procurement of some 2 GW of gas-fired combined-cycle generation in the state, while approvals for solar and storage contracts languish.
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Petrobras has issued a teaser for the sale of its stakes in five gas, oil, diesel-fired and small hydro plants in Brazil.
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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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The Carlyle Group has launched its long-awaited $1.015 billion Hamilton Holdings acquisition financing into a recovering leveraged loan market. Light supply and an uncertain deal pipeline mean the loan has a good chance of attracting investor attention, say market watchers.
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Argentinian independent power producer Stoneway Capital Corp has secured a forebearance agreement from its creditors, who had been discussing foreclosure in mid-March.
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Alaska Gasline Development Corp (AGDC) has won Federal Energy Regulatory Commission approval to construct and operate a natural gas treatment, transportation and liquefaction project crisscrossing virtually the length of the state of Alaska.
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A seasoned infrstructure investment official left Caisse de dépôt et placement du Québec (CDPQ) earlier this month to set up his own shop in Mexico City.
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North American independent power producer Talen Energy Supply has priced an eight year high yield bond to refinance existing debt.
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Petrobras has started the non-binding phase of the sale of its minority stake in natural gas pipeline network Nova Transportadora do Sudeste.
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EIG Global Energy Partners has reached final close at $1.1 billion on its EIG Global Project Fund V (GPF V), well in excess of its $750 million target.
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AES Corp has priced a $1.6 billion dual-tranche senior secured bond offering to refinance existing unsecured debt.
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Hawaiian Electric has selected 16 solar-plus-storage and standalone storage projects after receiving more than 75 bids in response to a 900 MW request for proposals launched last August.
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AES Corp has launched a first lien senior secured bond offering to refinance existing unsecured debt.
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Pointe LNG has appointed a financial adviser to secure development capital and construction financing for a proposed LNG export terminal project in Plaquemines Parish, Louisiana.
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Petrobras has issued a teaser for the sale of four thermal generation plants in Brazil totaling 578 MW.
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In January 2020, Colombia's Termocandelaria Power Limited built on its success in the international bond market with a $186 million tap to finance the conversion of a 20-year old peaker into what it says will be the country’s most efficient gas-fired generation project.
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ArcLight Capital Partners has priced a $156 million debt package with a trio of banks to finance its recently closed acquisition of the 570 MW Griffith Energy gas-fired project in Mohave County, Arizona.
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Capital Power has pulled the plug on a combined-cycle gas-fired project in Alberta that has been in the works for seven years.
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Blackstone company Fisterra Energy is pursuing the refinancing of a combined-cycle gas-fired plant in Mexico, which was meant to start operating in December of last year.
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Brazilian state agency the Investment Partnerships Program (PPI) has recommended that the federal government give priority status to power and transmission line procurements that it recently postponed.
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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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Panda Power Funds and Siemens Financial Services have lined up a buyer for their interests in the 1,124 MW Hummel Station Power Plant in Shamokin Dam, Pa.
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Eneva has withdrawn its offer to merge with AES Tietê as a fight brews between the target company’s ordinary and preferred shareholders.
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A consortium led by infrastructure fund manager AVAIO Capital has appointed MUFG as financial adviser for an LNG export project on the west coast of Mexico.
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An Argentinian power industry association has warned that the sector could face bankruptcies as the government implements the pesification of power contracts and denies inflation adjustments to struggling generators.
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Developers are unsure what to expect from Mexico's soon-to-be-announced private sector investment plan for energy projects, after President Andrés Manuel López Obrador made comments both against and in favor of renewable energy in recent weeks.
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Los Angeles real estate developer Leo Pustilnikov completed his acquisition of the 1.31 GW Redondo Beach gas-fired project from AES Corp. last month but will have to keep the plant running for two more years under a reliability-must-run order.
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Commercial banks have begun providing loans to finance a handful of gas-fired peakers in Texas, especially in the Houston area, as developers look to capitalize on high peak summer power prices.
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The owner of a contracted, gas-fired facility in the southeastern U.S. refinanced the plant last month.
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Despite recent progress toward a tender process for a politically contentious LNG regasification project on the Colombian Pacific coast, expectations among developers and project finance bankers are muted, given the challenges the project faces.
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Mexico's state-owned Federal Electricity Commission (CFE) is structuring three tenders for transmission projects in the country.
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Argentinian independent power producer Stoneway Capital Corp. has a new owner after missing debt amortization payments due in early March.
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Mexico has pushed back the procurement process for three combined-cycle gas-fired projects and a transmission line until the end of spring, as the country’s economy reels and the Federal Electricity Commission (CFE), which is running the process, suffers a credit rating downgrade.
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Avenue Capital Group recently levered up a pair of simple-cycle gas-fired peaking projects in PJM Interconnection with a layer of holdco debt.
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Panama's state-owned transmission company Etesa has awarded short-term power purchase agreements with distribution companies to 18 generation companies.
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The sponsor of a combined-cycle gas-fired plant in Mexico has begun talks with bankers to refinance the asset after it starts operations.
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Covid-19 may have put an end to the days of two-digit margins on construction loans, but while project finance bankers generally agree that pricing is set to widen, the question remains—by how much?
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Mexico's Federal Electricity Commission (CFE) has quietly pushed back the procurement processes for combined-cycle gas-fired plants and a transmission line until the end of spring as a result of the Covid-19 pandemic.
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The procurement process for an 860 MW CCGT project in Mexico has been pushed back by several weeks as the country's economy reels and state-owned utility Comisión Federal de Electricidad, which is running the process, suffers a credit rating downgrade.
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As debt pricing soars across the capital markets, project finance borrowers are obtaining indicative term sheets from lenders for transactions they aim to launch once the dust has settled.
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Colombia’s Celsia is moving forward with the development of an almost 200 MW gas-fired project in the country.
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Donald Kyle is retiring from GE Energy Financial Services on April 1, after 42 years in project finance, more than 15 of them with the General Electric subsidiary.
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The South Korean owners of a gas-fired plant in Chile began looking to refinance it through a private placement a few months ago, but market conditions may act as a deterrent, say bankers.
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The results of a private power auction being run by Bravos Energía in Mexico were expected to be revealed this month but have been delayed until May.
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CFEnergía, the fuel marketing arm of Mexico’s state-owned utility Federal Electricity Commission (CFE), has approved investment plans for two combined-cycle gas-fired projects in the country.
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TransAlta Corp. has agreed to buy a nearly 30-year old contracted cogeneration facility in Michigan.
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Developers in Mexico have been left waiting for the government to release its private investment plan for energy projects following a delay by the administration.
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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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Argentinian independent power producer Stoneway Capital Corp. is embarking on what could be a lengthy restructuring process after bondholders declined to extend the maturity of debt due to be repaid this month.
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Mexico’s state-owned Federal Electricity Commission (CFE) has launched a tender to find a gas supplier for gas-fired projects in the state of Baja California Sur, Mexico.
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Updated with price talk--The Carlyle Group is preparing to tap the leveraged loan market to finance its acquisition of two operating gas-fired plants in Pennsylvania from Panda Power Funds.
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Two of the existing owners of a gas-fired combined-cycle plant in Pennsylvania are in the process of bringing in a troika of new co-investors, all three of them Japanese companies that are involved in the domestic gas market.
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Canadian Solar has inked a power purchase agreement with an affiliate of steel, energy and construction conglomerate Grupo Techint for a solar project in Mexico.
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Competitive Power Ventures returned to the commercial bank market last month to amend its debt package on a newly operational combined-cycle gas-fired power plant.
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Despite the wall of capital chasing North American power and renewable energy assets, a number of sale processes for individual projects and portfolios have recently stalled or been scrapped, suggesting that investors with cash to deploy are remaining disciplined.
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The global supply chain disruption wrought by Covid-19—the flu-like virus originating in Wuhan, China—is taking its toll on project finance activity and reminding bankers that construction risk is still real, even if it is not reflected in loan pricing.
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Invenergy and AMP Capital have cut pricing on a term loan B secured against gas-fired assets in North America.
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Star West Generation, a portfolio company of funds managed by Oaktree Capital Management, has inked a deal with a buyer for its 570 MW Griffith Energy combined-cycle, gas-fired plant.
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Arroyo Energy has mandated two commercial banks to structure the refinancing of a gas-fired project in Mexico.
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Rothschild & Co. has hired a senior investment banker from CIBC in New York to work on power and renewables deals.
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Petrobras has announced its intention to bid its gas-fired projects into the next A-4 power auction in Brazil, scheduled for April (2020), as it seeks to make the assets more attractive to potential buyers.
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IEnova, a subsidiary of Sempra Energy, has announced it will make its final investment decision on the addition of liquefaction facilities to the Energía Costa Azul (ECA) LNG terminal in Mexico by March of this year.
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Investors from across the natural gas value chain are eyeing a soon-to-be-tendered regasification plant in the Colombian Pacific coast, which has been in the works since 2017.
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Ecuador’s state-owned energy company, Petroamazonas, has launched tenders for oil and gas-fired projects totaling 232 MW to power its oil fields in the Amazon region.
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Thirty-nine generation companies have presented bids for a public auction run by Panama's state-owned transmission company Etesa, which will award the winners short-term power purchase agreements with distribution companies.
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Calpine holding company Calpine Construction Finance Co. (CCFC) cut pricing on its nearly $1 billion senior secured facility last month.
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Canadian independent power producer Capital Power Corp. recently refinanced the debt on its newly acquired 875 MW Goreway Power Station gas-fired combined-cycle facility in Brampton, Ontario.
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New Fortress Energy has signed a 25-year power purchase agreement with Nicaragua's largest electric distribution company for an LNG-to-power project it is developing in the country.
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French asset manager Ardian is looking to formally launch its second generation Americas fund.
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A year after private equity firm I Squared Capital completed the acquisition of a large renewable energy portfolio in Latin America, the fund has consolidated its assets by refreshing the debt at both the holdco and project level.
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Bravos Energía's private power auction has attracted bids from 28 companies, on the supply and demand side, and is moving forward despite comments made by Mexico's National Center for Energy Control (Cenace).
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LS Power has appointed Clinton Plummer—who was part of the team that developed the U.S.'s first commercial-scale offshore wind project—as CEO of the 2.2 GW Ravenswood Generating gas-fired project in Queens, N.Y.
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Kineticor Resource Corp. has signed gas supply contracts for a 900 MW conbined-cycle gas-fired project it is financing in Alberta.
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The Blackstone Group increased the size of a proposed debt raise on its 1,108 MW Lonestar II gas-fired portfolio in Texas after going to the leveraged loan market last week.
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There has been plenty of activity in the term loan B market of late, as private equity-backed independent power producers renegotiated the terms of their debt or raised more to fund distributions to equity investors.
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Mexico's President Andrés Manuel López Obrador has announced tenders for two gas-fired power projects and a pipeline on the Yucatán peninsula, though enthusiasm among developers and financiers is muted.
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ArcLight Capital Partners has pushed out the tenor of the more-than-$1 billion term loan B secured against its mostly gas-fired 3.8 GW Eastern Power peaking portfolio.
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Industry observers have begun to speculate about who might step up to buy one of the most prolific developers of combined-cycle gas-fired projects in the U.S., after the company was put up for sale by its private equity owner.
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The Blackstone Group is dipping into the leveraged loan market to raise additional debt on its 1,108 MW Lonestar II Generation gas-fired portfolio in Texas, the proceeds of which it plans to use to fund a distribution.
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Shell, Pátria Investimentos and Mitsubishi Hitachi Power Systems will have the financing for their 565 MW Marlin Azul gas-fired power plant located in Brazil this week.
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Independent power producer Atlantic Power Corp. had a successful foray into the term loan B market recently, pushing out the maturity of its loan after bookrunners had initially approached the market for a repricing.
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Stonepeak Infrastructure Partners has closed the refinancing of its 1.6 GW New England Power portfolio of dual-fuel peakers.
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Warburg Pincus has committed up to $300 million of equity to distributed generation and microgrid start-up Scale Microgrid Solutions (SMS).
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The sponsor behind the Telfers LNG-to-power project in Panama, LNG Group Panama, is in talks with a preferred bidder to take a majority equity stake in the project.
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Energy Capital Partners has announced the closing of its ECP Fund IV with capital commitments of $3.3 billion.
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Eneva will issue R$600 million ($145 million) in debentures to fund part of the construction of the 117 MW Jaguatirica II combined-cycle gas-fired project, which the sponsor has developed according to its reservoir-to-wire business model.
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The bookrunners on a proposed term loan B repricing for Atlantic Power Corp. have approached lenders with initial price thoughts.
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Panda Power Funds has signed a deal to sell two of its gas-fired projects in PJM Interconnection to a consortium of two investors.
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Colombia's Termocandelaria Power has tapped a series of unsecured bonds maturing in January 2029 for $186 million to finance the conversion of one of its gas-fired assets from open to combined-cycle.
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It’s the time of year when many of the big law firms announce their new partners. Here is a round-up of newly elevated lawyers working on power and renewable energy deals in North America.
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Developers of gas-fired projects in PJM Interconnection are forging ahead with financing plans for the first quarter of 2020, despite lingering uncertainty over the delayed capacity auction timetable and rules, while frustrated renewable energy developers have been forced back to the drawing board.
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A flurry of tenders for gas-fired projects in Mexico may be good news for construction contractors, but the prevailing state-ownership model means project finance bankers will be left to scrap over "boring" construction loans rather than meaty project finance mandates.
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Private equity firm I Squared Capital completed an overhaul of the capital structure of portfolio company Nautilus Energy Partners in December, replacing a bridge loan with long-term debt at the corporate level and refreshing the project debt at one of its generation assets in Peru.
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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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Fortress Transportation and Infrastructure Investors has identified a buyer for an interest in the 485 MW Hannibal Port Power (HPP) gas-fired project in Monroe County, Ohio, that it financed at the beginning of the year.
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Invenergy has closed project financing for a 378 MW LNG-to-power project it has developed in El Salvador, a portion of which was wrapped by export credit agencies.
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KST Electric Power Co.—which is a consortium between Korea Electric Power Corp. (KEPCO), Samsung and engineering company Techint—has refinanced a gas-fired project in Mexico with a private placement that was partially guaranteed by the Export-Import Bank of Korea.
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Shell, Pátria Investimentos and Mitsubishi Hitachi Power Systems (MHPS) have closed the financing of their 565 MW Marlin Azul gas-fired combined-cycle plant in Brazil.
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Colombia’s Mines and Energy Planning Unit (UPME) is moving forward with the structuring of two tenders for midstream natural gas projects in Colombia—an LNG regasification plant and a pipeline.
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GE Energy Financial Services has found a taker for its 25% stake in the 615 MW Russell City Energy Center combined-cycle gas-fired project near the eastern shore of the San Francisco Bay, after a proposed sale to Apollo Global Management last year did not materialize.
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French company Engie Group has agreed to develop two projects in Hidalgo, Mexico—a solar park and a natural gas pipeline—which will require a total investment of 2.3 billion Mexican pesos ($1.2 billion).
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Private equity firm EnCap Investments has grown its power, grid infrastructure and energy storage-focused venture capital team with a new hire from across the Atlantic.
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Marina Energy, the onsite energy development subsidiary of South Jersey Industries, has agreed to sell a combined heat and power facility in Atlantic City, N.J.
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Mexico’s Federal Electricity Commission (CFE) has launched tenders for an 804.8 MW gas-fired plant in the state of San Luis Potosí and a 42 MW gas-fired project in Baja California Sur.
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Investment bankers and project finance lenders are watching with interest the development of two large combined-cycle gas-fired projects located just a mile from each other in Virginia, in the PJM Interconnection market.
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Clearway Energy has priced a public offering of common stock to raise the funds it needs to acquire the Carlsbad Energy Center gas-fired project from its sponsor, Global Infrastructure Partners.
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Clearway Energy has launched a public offering of common stock to raise the funds it needs to acquire the Carlsbad Energy Center from its sponsor, Global Infrastructure Partners.
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Paper company Verso Corp. has agreed to sell two cogeneration plants as part of a deal to offload associated paper mill assets.
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A corporate finance official who previously worked at Invenergy has left the developer and taken up a role at boutique investment bank Marathon Capital in Chicago.
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ContourGlobal has closed the acquisition of a 932 MW gas-fired cogeneration portfolio in Mexico from petrochemical company Alpek.
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Dominican utility company Empresa Generadora de Electricidad Haina (EG Haina) has awarded a contract for the conversion of its 215 MW combined-cycle power plant from heavy fuel oil to gas.
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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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Mexican developer Protama has sold a 560 MW gas-fired combined-cycle plant to Spanish utility company Iberdrola.
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A consortium comprising Prumo Logistics, BP and Siemens has started to finance the second phase of its LNG-to-power complex in Brazil, called GNA II.
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LNG Group Panama, through its subsidiary Panama NG Power, is taking another shot at project financing its Telfers LNG-to-power project, which has been in development for more than six years.
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The Blackstone Group’s credit division, GSO Capital Partners, is preparing to sell its stake in Heorot Power Holdings, the independent power producer it has held since a restructuring in 2012, amid plans to convert two of the company's coal-fired plants into data centers.
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Mexico’s Federal Electricity Commission has launched a tender for a 836.79 MW thermal project in the state of Guanajuato.
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Vistra Energy Corp. is refinancing a chunk of its senior secured debt, replacing a term loan B maturing in 2023 with a combination of term loan B and bond debt across three tranches.
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Global Infrastructure Partners has raised long-term holding company debt to lever up its 527 MW gas-fired Carlsbad Energy Center in San Diego County, Calif., with the aim of making the project easier for yield company Clearway Energy to digest.
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Panda Power Funds is again weighing bids for its general partner stake in several power project funds after exclusive talks with a potential buyer ended without a deal.
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AES Gener has priced a high yield bond refinancing of its Cochrane coal-fired plant in Chile, a year after its last attempt ended without a deal.
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IEnova, a subsidiary of Sempra Energy, has decided to delay its final investment decision on the expansion of the Energía Costa Azul (ECA) LNG project in Mexico until early 2020.
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Rockland Capital refinanced a thermal project in New Jersey earlier this month with a loan from two banks.
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AES Gener is preparing to come back to the market with a deal to refinance its Cochrane coal-fired project in Chile, a year after the last attempt.
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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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Uruguay has set a new date for the sale of state-owned company Gas Sayago, which was set up to develop a failed offshore regasification project in the country.
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Brazilian power generation company Eneva has refinanced the debt associated with its 519 MW Parnaíba II Geração de Energia gas-fired project in the municipality of Santo Antonio Dos Lopes, Maranhao state.
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An independent power producer recently put a merchant combined-cycle gas-fired project in Upstate New York up for sale.
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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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After hedge providers got burned earlier this year on deals for new-build gas-fired projects in PJM Interconnection, they are quoting revenue puts at pricing that no longer makes as much sense for CCGT developers, forcing them toward alternatives.
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A Black & Veatch veteran of 25 years has left the company to launch his own independent engineering consultancy.
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Fitch Ratings has upgraded the debt associated with Ares Management’s 620 MW Kleen Energy Systems dual-fuel project in Connecticut by four notches following an amend-and-extend deal in July.
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LS Power has kicked off a $1.5 billion refinancing for its nearly 5 GW Granite Generation portfolio of gas-fired projects in PJM Interconnection.
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TexGen Power, the independent power producer that was known as ExGen Texas Power until a restructuring in 2017, brought in several senior figures over the summer to serve in C-suite roles.
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Developers are waiting to see the details of tenders for thermal projects to be issued by the Federal Electricity Commission (CFE) in the coming weeks before deciding whether to bid on them, amid uncertainty around the Mexican state utility's intentions.
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Blackstone portfolio company Fisterra Energy and steel company Grupo deAcero are still seeking financing and offtakers for a 1,350 MW gas-fired combined-cycle project in Mexico.
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Petrobras and Equinor have signed a memorandum of understanding for the joint development of midstream gas and gas-fired power projects in Brazil.
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Diamond Generating Corp. has agreed to sell a portion of its 50% interest in the 940 MW Westmoreland Generating Station in South Huntingdon Township, Pa., to a Japanese investor.
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Diamond Generating Corp. sealed an almost $600 million refinancing package for its 800 MW Sentinel Energy Center gas-fired project in Riverside County, Calif., toward the end of last month.
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Tenaska is in the process of selling its 915 MW Tenaska Central Alabama Generation Station in Autauga County, Ala., having signed a purchase and sale agreement with a buyer last month.
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A fund managed by Stonepeak Infrastructure Partners has agreed to purchase a dual-fuel thermal power plant interconnected in ISO New England.
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Texas-based private equity firm EnCap Investments has hired former executives of First Solar, Pattern Development and Quinbrook Infrastructure Partners as it builds out a power-focused investment platform.
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EnfraGen, a subsidiary of U.S.-based Glenfarne Group, has purchased a 610 MW gas-fired facility in Colombia from Celsia, part of the country's Grupo Argos conglomerate.
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NJ Transit plans to implement a first-of-its-kind microgrid program that will provide reliable power to portions of its own and Amtrak’s service corridors in the Northeast.
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Dutch commodities firm Royal Vopak has bought a 49% stake in Sociedad Portuaria el Cayao (SPEC), Colombia's only LNG import facility, in Cartagena.
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Maxim Power Corp. is tapping its own management for a loan to finance a 204 MW gas-fired plant in Alberta.
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A $350 million refinancing of the 488 MW Birdsboro Power Plant in Pennsylvania closed on Sept. 9, pushing the maturity of the debt out four years beyond the length of its hedge.
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