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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The National Regulation Authority for Energy of Haiti has launched the prequalification process for a grid modernization project.
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Brazil will launch a new power auction to replace oil- and diesel-fired generators whose contracts expire in 2023.
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The Marlim Azul consortium is finalizing financing for the construction of the 565 MW Vale Azul II combined-cycle gas-fired project in Brazil.
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The developer behind a combined-cycle gas-fired project in PJM Interconnection has launched an equity raise for the project, having enlisted the services of a boutique investment bank.
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Invenergy has refinanced the debt on its 1.5 GW Lackawanna Energy Center, which came online outside Scranton, Pa., earlier this year.
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Macquarie Capital has opened an office in Mexico City to leverage its recent success in Latin America and increase its on-the-ground presence in the region.
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Macquarie Infrastructure Partners has agreed to sell four landfill gas-to-power projects that it has owned for almost a decade.
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A consortium comprising Prumo Logistics, BP and Siemens has begun drawing down on debt for its 1.3 GW GNA I gas-fired power plant in Brazil.
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The owners of a combined-cycle gas-fired project in the northeast have begun reaching out to banks about refinancing construction debt.
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In July, Power Finance & Risk teamed up with Bracewell to host a panel on the key project finance trends we saw in the first half of the year. Experts from Capital Dynamics, CohnReznick Capital and NextEra Energy also laid out what the market can expect in the next six months.
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Despite ERCOT setting multiple new all-time peak demand records earlier this week, market watchers told PFR that prices for hedges continue to face downward pressure.
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Colombian generator Termoyopal has reached financial close on loans for the expansion of its five-unit gas-fired plant in the department of Casanare.
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Brazilian state-controlled Petrobras is studying the creation of a subsidiary for some of its power plants with a view to divesting them through an initial public offering.
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Invenergy and AMP Capital have launched an incremental term loan B to fund a debt-fueled distribution from their Invenergy Thermal Operating I joint venture.
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PJ Solomon has hired a power and renewables coverage banker in New York from Bank of America Merrill Lynch.
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Veolia Energy North America has identified a buyer for its district energy assets in the U.S., concluding a months-long investment bank-run sale process.
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Panda Power Funds has entered into exclusive talks with a party regarding the potential sale of the general partner that controls its funds, following a months-long investment bank-run process.
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Korea Electric Power Corp. has become the first Korean power company to win a build-transfer deal for a thermal power plant on U.S. territory following a competitive bidding process for a gas-fired project on the island of Guam.
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Rockland Capital has refinanced a portfolio of gas-fired peakers with a fixed-rate project bond.
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Developers and financiers working on greenfield gas-fired projects in Ohio are grappling with “increased uncertainty” as a result of House Bill 6, a law signed yesterday by Republican Gov. Mike DeWine which will help nuclear and coal-fired plants in the state stay afloat and thus potentially lower capacity payment receivables in PJM Interconnection.
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ContourGlobal is raising financing for the acquisition of a 518 MW combined-heat-and-power portfolio in Mexico from North American petrochemical company Alpek.
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The Ohio House of Representatives passed House Bill 6 51-38 on Tuesday, signaling a major win for nuclear and coal-fired plant owners in the state and leaving gas-fired project developers furious.
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Project finance bankers are mulling which of a recent flood of quasi-merchant gas-fired refinancing opportunities in PJM Interconnection they ought to dip into ahead of next month’s capacity auction.
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Edmund "Eddy" Daniels, the former general counsel of Panda Power Funds, has landed a partnership in the energy transactions practice of a law firm in Texas.
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Jefferies is marketing a modified version of a term loan B package for a portfolio of legacy generation assets that GenOn Holdings held onto when it emerged from bankruptcy toward the end of last year, having reduced the leverage and boosted the pricing on the deal since it was first floated a month ago.
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NTE Energy’s project finance team saw a recent change, as director of finance Eric Sieckmann left the company after two years.
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The identity of a third equity investor in Ares Management's 620 MW Hill Top combined-cycle gas-fired project in Greene County, Pa., has been disclosed.
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Independent electric transmission company GridLiance has appointed a capital execution official who previously oversaw engineering and construction at power-focused private equity firm Panda Power Funds.
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Talen Energy, NextEra Energy Partners and Hannon Armstrong were among the high-yield borrowers to hit the capital markets in the last two weeks.
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As the window to finance quasi-merchant gas-fired projects in PJM Interconnection ahead of the August capacity auction begins to close, the sponsors behind three projects recently made headway on their debt and equity raising plans.
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With single-digit reserve margin forecasts drawing solar, battery and peaker developers to Texas in droves, PFR reporter Shravan Bhat visited Houston last week to catch up with the Ercot community and assess the market for power price hedges.
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Talen Energy, NextEra Energy Partners and Hannon Armstrong were among the high-yield borrowers to hit the capital markets in the last two weeks.
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J-Power USA reached financial close today on its 1.2 GW Jackson Generation combined-cycle gas-fired project in Grundy County, Ill., securing a combination of bank and fixed-income debt totaling $790 million.
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A senior power trader has left Citi's commodities group after about six years with the firm.
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Talen Energy Supply priced a senior secured note offering and launched a term loan B into syndication last week, a month after its most recent foray into the high yield bond market.
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Vectren Corp. has issued a request for proposals for about 700 MW of generation of any kind.
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Ares Management has sealed an equity commitment from a European infrastructure fund manager for its Hill Top Energy Center gas-fired project in Pennsylvania.
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Commitments were due on June 21 for the $1.075 billion debt financing of the Guernsey combined-cycle gas-fired project in Ohio, which is already about twice subscribed.
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GenOn Holdings has hired a pair of investment banks to refinance a mostly gas-fired PJM Interconnection portfolio, including some venerable assets, in the term loan B market.
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Roberto Castello Branco, the president of Petrobras, has confirmed the company's intention to build a gas-fired plant in Rio de Janeiro’s petrochemical complex, Comperj.
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A senior official in the energy finance team at Prudential Capital Group in Dallas has left the firm after 15 years.
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Caithness Energy is working with an investment bank to round up equity and mezzanine capital for its 1,836 MW Guernsey Power Station in Ohio.
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Tucson Electric Power has filed for regulatory approval to acquire a power block in a combined-cycle gas-fired project in Arizona by exercising an option associated with a tolling agreement it signed last year.
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A creditor group controlled by a hedge fund has edged a step closer to securing ownership of the 635.7 MW Empire Generating gas-fired combined cycle project in Rensselaer, N.Y., after its $353 million credit bid won approval in bankruptcy court on June 4.
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Brazil has issued contracts totaling 293.8 MW following an auction for the supply power to the only state that is not interconnected to the country's national grid, Roraima.
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A Brazilian energy company is seeking to raise financing to convert a simple-cycle gas-fired plant in Maranhão state into a combined-cycle facility.
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Oklahoma Gas & Electric Co. has completed its acquisition of the 320 MW AES Shady Point coal-fired plant in Le Flore County, Okla., from AES Corp., after the transaction received the approval of the U.S. Federal Energy Regulatory Commission.
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A dispute between two groups of creditors could lead to a lengthy Chapter 11 process for the 635 MW Empire Generating gas-fired combined-cycle project in Rensselaer, N.Y., which filed for bankruptcy protection on May 19.
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Clean Energy Future has hired an investment bank as financial adviser to raise debt and equity for a greenfield combined-cycle gas-fired project in PJM Interconnection.
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Distributed generation company Martin Energy Group has hired a former NextEra Energy Resources executive.
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The Carlyle Group has followed Arclight Capital Partners into the leveraged loan market with a similar dividend recapitalization deal for a thermal generation portfolio company.
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A group of eight lenders are said to be putting together the financing for Competitive Power Ventures' 1,250 MW Three Rivers Energy Center gas-fired combined-cycle project in PJM Interconnection.
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Advanced Power has sold a 15% stake in its under-construction 1,182 MW South Field Energy gas-fired combined-cycle project in Columbiana County, Ohio.
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Arclight Capital Partners is working with a pair of bookrunners to raise additional debt against its 3.8 GW Eastern Power gas-fired portfolio in the term loan B market.
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Mid-market private equity investor Hull Street Energy has reached final close on its first institutional equity fund.
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NRG Energy and Talen Energy Supply both dove into the high yield market this week, launching bonds totaling $1.483 billion.
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Mexican state-owned power utility Comisión Federal de Electricidad has announced a procurement process for five gas-fired combined-cycle facilities.
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Talen Energy Supply priced a senior secured note offering yesterday, increasing the size of the deal from an expected $500 million to $750 million.
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Three banks are marketing long-term non-recourse debt to private placement investors for a contracted combined-cycle gas-fired project in Florida.
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Ric Abel, managing director and principal at Prudential Capital Energy Partners, the mid-market energy finance business sponsored by Prudential Capital Group, is set to retire in the coming weeks after 30 years with the asset manager.
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Kirk Edelman has left Siemens Financial Services, where he led the firm's global energy finance business and coordinated its Americas investment activity across various industries, as the company appointed a new leader of its global private equity business.
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With the financing for Indeck Energy’s Niles Energy Center squared away, the next few deals for new-build gas-fired projects are just around the corner, though commercial banks may find themselves taking a smaller slice of the pie.
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Moody's Investors Service has downgraded a bond associated with a Peruvian gas-fired project by one notch to Ba1, the highest non-investment grade rating, in light of low spot prices and weak demand in the country.
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PFR is pleased to announce the winners of its 16th Annual Deals and Firms of the Year Awards for the most impressive sponsors, lenders, advisers, investors and deals of 2018.
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Indeck Energy reached financial close today on its $1 billion Niles Energy Center in Cass County, Mich., including floating and fixed-rate project finance debt.
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Brazil’s power regulator Aneel has approved the procurement notice for the first power auction under the government of President Jair Bolsonaro.
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A transactional tax expert who previously worked in-house at GE Energy Financial Services has left the company to become a tax partner in the energy and sustainability group of a law firm in New York.
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A joint venture between Prumo Logistics, BP and Siemens is in talks with banks to finance the second unit of an LNG-to-power complex located in the Brazilian state of Rio de Janeiro.
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A GE Capital stalwart of 20 years who worked on debt and equity investments in generation assets has left the company to take up a new role at an alternative investment manager.
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Left lead Morgan Stanley was left lead on a $950 million senior secured term loan B refinancing for Calpine Corp. that closed earlier this month.
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Blackstone Group has circled pricing for a refinancing of its Lonestar Generation trio of merchant fossil fuel-fired plants in Texas.
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Despite rumblings about overbuild in PJM Interconnection, developers are pushing ahead with new build gas-fired projects there, and lenders stand ready to finance them. The only thing missing, it seems, is equity.
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An investment manager brought in two co-investors for an unusual unitranche financing of a brownfield gas-fired plant in Ohio earlier this year.
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Florida-based developer NTE Energy has approached banks for debt proposals for a gas-fired project in New England after clearing the capacity auction earlier this year.
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Two co-sponsors of a combined gas-fired and battery storage project in California sealed 18-year debt financing earlier this year.
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A consortium comprising Prumo Logistics, BP and Siemens has reached financial close on the development, construction and operation of an LNG-to-power project located at Porto do Açu in the Brazilian state of Rio de Janeiro.
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Another Asian investor has taken a portion of Macquarie Infrastructure Partners’s stake in the 856 MW Lordstown Energy Center gas-fired combined-cycle plant in Ohio.
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The first project financing for the construction of a greenfield combined-cycle gas-fired project in PJM Interconnection reached financial close last week.
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Two bankers have left ABN Amro’s New York power and renewables project finance team to take up jobs elsewhere.
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The Carlyle Group has sealed debt financing for its purchase of a gas-fired portfolio in New England from Emera Energy.
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Voting ends on Sunday in Power Finance & Risk's annual Deals and Firms of the Year poll, which will determine the winners of our highly regarded awards.
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Blackstone Group has hired a bookrunner to launch a debt offering to lever up three hedged thermal generation projects in Texas and pay itself a dividend.
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Banks have submitted proposals for debt financing to the developer of a new-build combined-cycle gas-fired project in PJM Interconnection.
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A joint venture led by Invenergy has signed an up-to-$350 million loan from the Overseas Private Investment Corp. for the construction of an LNG terminal and generation facility in El Salvador.
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The developer of a sour gas processing plant in Canada has identified a buyer for a 32 MW onsite cogeneration facility that will provide it with generation and heat under a long-term contract.
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Two senior figures departed wind and gas-fired project sponsor Caithness Energy last month, as the company was tackling two major project finance transactions.
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Ares-EIF is aiming to reach financial close by the end of the month on its 620 MW Hill Top Energy Center gas-fired project in PJM Interconnection.
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Investec has begun talks with prospective coordinating lead arrangers for the $1 billion debt financing of Caithness Energy’s 1,836 MW Guernsey Power Station gas-fired combined-cycle project in Ohio, which is said to have a “conservative” structure.
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Cryptocurrency outfit Integrated Ventures has signed a letter of intent to acquire an idled gas-fired plant in Pennsylvania.
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Tara Higgins and Noreen Phelan have joined Sidley Austin's global energy infrastructure practice as partners and Chris Hutchison as senior associate.
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Power Finance & Risk has launched its annual Deals and Firms of the year poll, which will determine the winners of our highly prized Deal and Firm of the Year Awards, to be announced at the end of April.
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PFR's Deal of the Year Awards are back, recognizing excellence in power project finance and M&A. Check out the shortlisted deals in the North America Conventional Power Project Finance category.
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PFR's Deal of the Year Awards are back, recognizing excellence in power project finance and M&A. Check out the shortlisted deals in the Latin America Mergers & Acquisitions category.
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PFR's Deal of the Year Awards are back, recognizing excellence in power project finance and M&A. Check out the shortlisted deals in the North American conventional power mergers & acquisitions category.
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Having scoured the market for the most impressive and interesting deals of 2018, the editorial team has selected four deals in each of six categories and compiled detailed profiles of each deal, including some previously unpublished material.
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PFR's Deal of the Year Awards are back, recognizing excellence in power project finance and M&A. Check out the shortlisted deals in the Latin America Project Finance category.
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UBS Asset Management's real estate and private markets group has hired real assets veteran and former Buffalo Bills linebacker Joe Azelby.
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Techint has closed the refinancing of a 900 MW gas-fired plant with an unusual offtake structure in the Pesquería area of the State of Nuevo León, Mexico.
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An amendment and repricing of the bank market project finance debt associated with the 940 MW Lordstown Energy Center in Ohio closed last month.
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Indeck Energy has selected five lenders to provide financing for its Niles Energy Center, a 1 GW gas-fired combined-cycle project in Cass County, Mich.
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Ares-EIF and I Squared Capital have closed the refinancing of their 869 MW combined-cycle gas-fired Oregon Clean Energy Center in Ohio after a third bookrunner was added to the deal.
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Investec has closed a $225 million refinancing of Primary Energy Recycling Corp., a portfolio of behind-the-fence generation assets owned by a Fortistar-led consortium.
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Caithness Energy has appointed a bank as sole underwriter on the roughly $1 billion debt financing of its Guernsey Power Station gas-fired project in southeastern Ohio.
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As retirements of coal-fired plants and a tightening reserve margin in ERCOT have fed into talk of financing new-build peakers in Texas, one developer has gone ahead and done it, with debt underwritten by an insurance group.
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The owners of the 1,000 MW Moxie Freedom combined-cycle gas-fired project in Pennsylvania are preparing to launch a refinancing as the term loan B market revs back into life.
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The Brazilian subsidiary of Engie is studying the possibility of doubling the capacity of a gas-fired project in Santa Catarina.
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Arizona Public Service is already preparing for its next round of solar-plus-storage procurement, having announced power purchase agreements for two projects with 600 MWh of storage capacity and a deal to add 423 MWh of storage to existing solar assets.
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Fortress Transportation and Infrastructure Investors has closed first and second lien loans to finance the construction of a 485 MW gas-fired project and related natural gas assets in Ohio.
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The developer of a new build dual-fuel combined-cycle facility in central Pennsylvania that is designed to sell its output into both PJM Interconnection and New York ISO has hired a boutique investment bank to circle equity funding for the project.
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Clearway Energy has pulled out of the acquisition of a stake in a 290 MW solar project, as the New Jersey-based yield company girds itself for potential losses arising from the restructuring of Pacific Gas & Electric.
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Axium Infrastructure has closed a multi-tranche refinancing of the senior debt associated with the 286 MW Brooklyn Navy Yard Cogeneration Partners dual-fuel project in New York, which it acquired last year from Ares-EIF.
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A member of Siemens Financial Services’ Altanta-based project finance team has taken up a position elsewhere after almost eight years with the firm.
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Shell, Pátria Investimentos and Mitsubishi Hitachi Power Systems have established a joint venture to build and operate a gas-fired combined-cycle project in Rio de Janeiro state.
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Spain's Cobra has entered into an agreement with Brazilian group Bolognesi to acquire the 1.3 GW Rio Grande LNG-to-power project, on which development had previously stalled.
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MUFG once again topped the full-year North America league table for 2018, as power and renewables project finance volumes dipped slightly versus 2017.
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Quantum Utility Generation is considering selling its last operational asset, having disposed of at least five facilities over the past three years.
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The sponsors behind a new-build combined-cycle gas-fired project in PJM Interconnection are preparing to accept pitches from banks for debt financing.
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President Andrés Manuel López Obrador's government has officially cancelled Mexico's fourth long-term power auction.
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A previously postponed term loan B refinancing for the 869 MW Oregon Clean Energy Center in Ohio has been launched into an increasingly active leveraged loan market.
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CoBank’s Brian Goldstein, KeyBanc Capital Markets’ Andy Redinger and Morgan Stanley’s Michael Kumar joined PFR editor Richard Metcalf in January to review 2018 in power project finance and look ahead to 2019. Check out what they had to say.
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After a short-lived foray in the power business, Platinum Equity is looking to exit its investment in the 810 MW Hunterstown gas-fired project in Gettysburg, Pa.
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The bookrunners on the $530 million refinancing of Advanced Power's 700 MW Carroll County combined-cycle gas-fired project in Ohio have set the deadline for commitments from investors on Feb. 6.
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The amendment and repricing of the financing for the 940 MW Lordstown Energy Center in Ohio, is set to close next week with significant changes to the banking group, compared with the original deal.
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NTE Energy has appointed two banks to arrange financing for its 475 MW Reidsville gas-fired project in Rockingham County, N.C.
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Final bids are due in the coming weeks in a sale process for a roughly 2.3 GW conventional generation portfolio in Canada.
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The sponsor behind a combined-cycle gas-fired project in PJM Interconnection has begun taking debt proposals from banks.
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The finance lead of a team that is developing a combined-cycle gas-fired project in Virginia has taken a full-time position outside of the power sector.
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A term loan B refinancing for a gas-fired project has been launched into syndication as capital begins to flow back into the leveraged loan market.
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Starwood Energy Group Global has launched a deal into the term loan B market to finance its $145 million purchase of FirstEnergy Generation’s 545 MW West Lorain dual-fuel facility in Ohio.
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A quartet of bookrunners are in the market with a debt refinancing for a combined-cycle gas-fired facility with steel sector owner-offtakers in Mexico.
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A trio of banks are waiting for market conditions to improve before launching a term loan B refinancing for a combined-cycle gas-fired plant in Ohio.
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J-Power has appointed banks to finance its brownfield 1.2 GW Jackson Generation combined-cycle gas-fired project in Will County, Ill.
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A member of Ares Management's infrastructure and power group has left after over a decade with the firm.
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EY Transaction Advisory Services is unifying its infrastructure capabilities across practices in the Americas with changes made to the senior leadership team.
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A second investment bank has won a mandate to raise funds for a proposed thermal generation plant in Pennsylvania.
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The developer behind a new-build combined-cycle gas-fired facility in Virginia has hired an investment bank to market debt and equity in the fully-permitted project.
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The sponsor behind a delayed new-build combined-cycled gas-fired facility in Ohio plans to hire an investment bank in January.
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Executives at wind, solar and gas-fired power companies told PFR about the challenges and opportunities they see for the U.S. power sector next year.
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Competitive Power Ventures has priced the refinancing of its Woodbridge Energy Center, also known as CPV Shore, in a challenging term loan B market, prompting admiration and potentially encouraging others to launch their own deals in the New Year.
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TransCanada Corp. is set to make C$623 million ($465 million) from the sale of a simple cycle gas-fired peaker in Coolidge, Ariz.
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Morgan Stanley Infrastructure Partners has closed the refinancing of its 805 MW Red Oak combined-cycle project in New Jersey.
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The owners of a gas-fired combined-cycle project in Pennsylvania that began operations in November have mandated a bank to lead a refinancing of its debt in the term loan B market.
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The owners of the Woodbridge Energy Center, also known as CPV Shore, have launched a debt refinancing into the shaky term loan B market, where challengin conditions have recently prompted other borrowers to pull or delay deals.
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The term loan B refinancing of the 869 MW Oregon Clean Energy Center in Ohio is understood to have been postponed until next year amid tough conditions in the leveraged finance market.
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Investors are considering a term loan B that is in the market to refinance an operational combined-cycle gas-fired facility in New Jersey.
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Investec has launched a $250 million debt facility into syndication to refinance Primary Energy Recycling Corp., a portfolio of behind-the-fence generation assets located at steel mills in Indiana.
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AltaGas Canada is slotting another pieces of its capital structure into place, a $300 million senior unsecured bond that will allow the listed AltaGas spin-off to repay an inter-company loan from its parent.
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Power Finance & Risk is now accepting pitches for Deal of the Year as part of its 16th Annual Deals and Firms of the Year Awards, recognizing excellence in power asset M&A and project finance across the Americas.
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Gulf Pacific Power has closed a financing package for its purchase of the 745 MW Washington County simple-cycle gas-fired project in Linton, Ga.
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The three banks that financed Apollo Global Management’s purchase of a portfolio of renewable, gas-fired and midstream energy assets from GE Energy Financial Services have launched the debt into syndication in the term loan B market.
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NextEra Energy is said to be using a lease-based structure in order to stay below market-power thresholds that otherwise would have restricted its acquisition of a primarily gas-fired facility in Florida.
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The acquisition finance package for Morgan Stanley Infrastructure Partners' acquisition of the Bayonne Energy Center in New Jersey closed on Nov. 21, having attracted some $1.5 billion in commitments.
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Atlantica Yield today withdrew a $300 million high yield bond offering it had been marketing for the past week in a sign that stock market volatility has infected the debt capital markets.
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A consortium of sponsors including Mitsubishi Hitachi Power Systems is in the market to raise financing for the 466 MW Vale Azul II combined-cycle project in Brazil.
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A more-than-1.6 GW combined-cycle gas-fired project in Brazil, backed by Prumo Logística, BP and Siemens, is on the verge of sealing debt financing.
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MSD Capital, the private equity firm backed by Michael Dell, has bought the one-half stake in the 105 MW Saguaro dual-fuel cogeneration facility in Henderson, Nev., that it did not already own.
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Moody’s Investors Service has downgraded the term loan associated with the Hunterstown gas-fired project in Pennsylvania in response to a plan by its private equity owner to pay itself a dividend with the proceeds of an additional debt raise.
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Talen Energy Supply has firmed pricing on a seven-year term loan B to refinance two gas-fired projects in PJM Interconnection.
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The owners of the operational 869 MW Oregon Clean Energy Center in Lucas County have appointed two banks to lead on a term loan B refinancing.
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A portfolio company of Avenue Capital Partners has closed on bank loans backing its $300 million purchase of a trio of gas-fired projects in California.
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The engineering, procurement and construction contractor for a proposed thermal generation plant in Pennsylvania has enlisted an investment bank to assist with the search for a private equity backer to take the project on.
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Clean Energy Future has hired a second investment bank as it ramps up capital raising activity for a combined-cycle gas-fired project in PJM Interconnection, with the aim of reaching financial close in January.
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The owners of a gas-fired facility that was brought online in PJM Interconnection this year are repricing and amending its term loan as sponsors look to set a new benchmark for low pricing on quasi-merchant project debt.
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An investment bank representing the owner of a portfolio of three merchant combined-cycle gas-fired projects in New England has taken bids from potential buyers.
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Duke Energy Corp. became the latest U.S. utility company to issue green bonds last week when it priced a $1 billion dual-tranche offering.
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Initial price talk is circulating for the $475 million term loan B financing of two Talen Energy Supply gas-fired projects in PJM Interconnection.
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The U.S. subsidiary of Osaka Gas has filed for regulatory approval to buy a roughly 50% stake in the 751 MW Towantic gas-fired project in Oxford, Conn.
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Talen Energy Corp. is expected go to the market with a $475 million term loan B backing two operational gas-fired projects in PJM Interconnection on Oct. 30.
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In more regulated power markets, where end users cannot contract directly with independent power producers, companies like Facebook are displacing portfolio standards as the driving force behind long-term renewables procurement by utilities.
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The U.S. Defense Department’s Defense Logistics Agency Energy has awarded a contract to Ameresco to implement a $133.5 million resilient energy infrastructure project at Joint Base San Antonio in Texas.
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Regions Bank has hired a senior investment banker who previously worked at Wells Fargo as it expands its capital markets offering for midstream energy and power clients.
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Goldman Sachs has circulated initial price talk to investors for the latest repricing of Atlantic Power Corp.'s senior secured term loan B, which was announced this week.
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Financial advisers are sizing up a gas-fired project in New York state with renewed interest while its owner, GenOn Energy, looks to increase its value after a sales process earlier this year did not yield favorable bids.
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Atlantic Power Corp. has returned to term loan B market right on cue, six months after the last time it cut the pricing on its debt.
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Morgan Stanley Infrastructure Partners was able to reverse-flex the pricing on a loan it is raising to finance its acquisition of the Bayonne Energy Center gas-fired combined-cycle facility in New Jersey.
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Details have emerged about the approximately $1 billion portfolio of GE Energy Financial Services equity holdings which Apollo Global Management announced it would be acquiring last week (PFR, 10/8).
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A Japanese investor is buying a slice of Macquarie Group’s 64.67% stake in the 856 MW gas-fired, combined cycle Lordstown Energy Center in Ohio, which Macquarie has been looking to sell down since 2016.
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Banks have received invitations to participate in the refinancing of a New Jersey gas-fired project whose existing debt is in the form of a bond.
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Blackstone has firmed up pricing on its incremental debt raise for the Frontera combined-cycle gas-fired plant in Mission, Texas, while increasing the size of the deal.
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Sturdier power market fundamentals, coupled with an abundance of capital, have improved the refinancing prospects of merchant gas- and coal-fired projects in PJM Interconnection, according to a report from Moody’s Investors Service.
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With sale processes for several gas-fired assets underway in Texas, deal watchers say more could end up going under the hammer following a summer of high power prices in the state.
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An independent power producer tapped an investment bank earlier this year to auction off a merchant dual-fuel facility in Massachusetts.
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As the sale process for a pair of gas-fired assets in Queens, N.Y., heads toward a second round of bidding, deal watchers see varying levels of interest in the two assets.
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Blackstone is hunting additional debt in the term loan B market for its Frontera combined-cycle plant, which is in Texas but sells its output into Mexico.
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The Carlyle Group is buying GE Energy Financial Services out of its stake in a jointly-held, roughly 2.8 GW portfolio of gas-fired assets in Georgia, as the GE Capital unit divests its energy-sector private equity holdings.
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Apollo Global Management has emerged as the buyer of a mostly U.S. portfolio of GE Energy Financial Services' equity holdings, following a competitive auction.
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Private equity firms are believed to be eyeing Abengoa’s soon-to-be-completed A3T cogeneration project in the Mexican state of Tabasco.
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Several former Morgan Stanley power and utilities bankers have completed their move to Jefferies.
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The sponsors behind a portfolio of thermal and renewables projects in Chile have hired a financial adviser to gauge interest in a debt refinancing.
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A private equity sponsor is planning to bypass the term loan A market in lieu of a private placement to finance a new-build quasi-merchant gas-fired project in PJM Interconnection.
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Brad Nordholm is leaving Starwood Energy Group Global, the private equity business he used to run as ceo, to take up the position of chief executive at the Federal Agricultural Mortgage Corp., also known as Farmer Mac.
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Yield company Clearway Energy priced a capital raise at $19.15 per share last week, raising about $75 million toward its acquisition of the Carlsbad gas-fired project in California from NRG Energy.
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As interest rates creep up, privately placed, fixed-rate debt has a role to play in the financing of gas-fired projects, with at least one such deal for a greenfield, new-build project likely to come to the market in the next year, says Louise Pesce, managing director at MUFG.
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This week's round-up of recently-signed offtake contracts includes a power purchase agreement for a Mississippi solar project, a bilateral contract in Brazil and a customer that has signed up for gas-fired power in South Carolina.
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Société Générale has made two lateral hires to its infrastructure project finance team at vice president level and is looking to round out the group with two associates, PFR has learned.
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Fengate has signed a loan package with six banks as arrangers to finance its acquisition of a central utility project, including a gas-fired cogeneration facility, that is part of an Inter Pipeline plastics project in Canada.
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Clearway Energy, the yield company formerly known as NRG Yield, has hired UBS for the latest chunk of financing for its acquisition of the Carlsbad gas-fired project in California.
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Having completed its move from GE Energy Financial Services to a new home at Starwood Property Trust, Denise Persau’s project finance team is looking forward to having a broader mandate, potentially investing up and down the capital structure and in non-energy infrastructure.
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Dominion Energy has reached agreements with two buyers for the sales of three generation assets located in Pennsylvania, Rhode Island and Louisiana for a combined $1.32 billion.
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Invenergy pushed out the maturity and cut the pricing on a loan backing its 584 MW St. Clair gas-fired facility in Ontario, Canada, in a deal that drew nine lenders over the summer.
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GE Energy Financial Services’ project debt team has transitioned to Starwood Property Trust with the closing of the latter’s acquisition of the GE Capital unit’s loan book.
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Clearway Energy, the yield company formerly known as NRG Yield, came away from the bond market with more than expected on its first debt capital markets outing since transitioning to a new sponsor and a new name.
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AltaGas is preparing to launch an initial public offering through which it will spin off some of its Canadian assets and utilities as part of the fundraising push for its acquisition of WGL Holdings.
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The banks underwriting Morgan Stanley Infrastructure Partners’ acquisition of the Bayonne Energy Center in New Jersey—the two initial coordinating leads plus three others—launched the acquisition loan into syndication on Sept. 12.
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An Ontario-based private equity shop has swooped in on AltaGas’s non-core midstream gas and power assets in Canada as well as its shares in Tidewater Midstream and Infrastructure, for approximately $165 million combined.
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Prudential Capital Group has raised its first fund focusing on mezzanine capital investments in the energy sector, giving the firm $343 million to deploy in middle-market businesses in North America, including conventional power and renewables.
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Middle River Power III, a Chicago-based portfolio company of New York private equity firm Avenue Capital Partners, has agreed to acquire a gas-fired portfolio in California’s San Joaquin Valley from Calgary, Alberta-based AltaGas.
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The banks arranging debt financing for Morgan Stanley Infrastructure Partners’ acquisition of the Bayonne Energy Center in New Jersey—the two initial coordinating leads plus three others—are preparing to launch the deal after the Jewish holiday this week.
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A fully permitted combined cycle gas-fired facility in Virginia is in the market for debt and equity.
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Oaktree Capital Management has found a buyer for its 580 MW combined cycle, gas-fired Arlington Valley facility, located approximately 50 miles southwest of Phoenix, Ariz.
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Just as one robin (or, depending on your geographic location, swallow) doesn’t make a spring, two project finance CLOs (PF CLOs)—Bayfront Infrastructure and RIN—may not confidently mark the re-emergence of PF CLOs. They are, nevertheless, a positive and potentially significant development, writes Paul Forrester, Chicago-based partner at Mayer Brown.
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A trio of South Korean investors have teamed up to buy a slice of Ares-EIF and Oaktree Capital Management’s stakes in the 972 MW Linden Cogeneration gas-fired facility in New Jersey.
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As a settlement deal emerges in the bankruptcy case of several FirstEnergy Corp. subsidiaries, the debtors have called off an auction that was set to take place next week for its retail sales business.
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The roughly $750 million debt financing of Advanced Power's 1,182 MW South Field gas-fired project in Ohio, which closed on Aug. 23, attracted a motley band of lenders including banks in Japan and South Korea and non-bank institutions based in Israel.
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Construction has begun on Arroyo Energy’s 129 MW PemCorp simple-cycle gas-fired project in Pesquería, in Nuevo León, which was financed in June on the basis of a power purchase agreement with an auto manufacturer.
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SNC-Lavalin has reached an agreement to sell its 6.3% interest in the 575 MW gas-fired, combined cycle Astoria II plant in Queens, N.Y.
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The Carlyle Group has received regulatory approval for its acquisition of two units of a gas-fired peaking facility in Maryland.
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Rockland Capital refinanced a simple-cycle peaker last month with a club of five banks.
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Having rounded up equity from a consortium of mostly Asian investors, Advanced Power was able to close the $1.3 billion financing of its 1,182 MW quasi-merchant gas-fired project in Columbiana County, Ohio, on Aug. 23.
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A buyer has been identified for GenOn Energy’s 810 MW Choctaw Energy Facility combined-cycle gas-fired plant in French Camp, Mississippi.
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A trio of banks are putting together a hybrid bank loan and institutional debt package for a gas-fired project in development in Mexico.
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Calpine Corp. and Mitsui & Co. are soliciting bids for the largest combined-cycle gas-fired project in Canada, a roughly 1 GW plant that is about halfway through its 20-year offtake contract.
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Two banks are preparing to launch a debt financing in September to support Morgan Stanley Infrastructure Partners’ acquisition of the Bayonne Energy Center in New Jersey.
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A distressed debt investor is increasing its stake in a portion of a 620 MW gas-fired project in Missouri.
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Private equity sponsor LS Power has refinanced a portion of the term loan B backing its gas-fired Helix Generation portfolio with two separate bank market loans.
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Gas-fired project holding company Southwest Generation has refinanced its senior secured debt package, increasing the size of its term loan and resetting the margin at competitive bank market rates.
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Starwood Property Trust was looking to price a $300 million high yield bond on Wednesday to support the acquisition of GE Capital’s energy project finance business.
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As the years-long debate over “out of market” subsidies for generators in PJM Interconnection comes to a head, the grid operator is looking to delay next year’s capacity auction by three months.
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A Japanese investor has bought a portion of Ares-EIF and Oaktree Capital’s stakes in the 974.1 MW gas-fired Linden Cogeneration facility in Linden, N.J.
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For the second time in as many months, The Carlyle Group is hitting the bank market with a power project finance deal—this time to refinance debt on a trio of gas-fired peakers.
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A team of ex-Cogentrix Energy Power Management employees is beginning to look for equity investors for a gas-fired project that is under development in Virginia.
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Starwood Energy Group Global is selling a 50% equity interest in Compass Power Generation in a deal announced on the same day that the 1.1 GW gas-fired portfolio's term loan B debt was repriced.
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GE Capital has found a buyer for its GE Energy Financial Services project finance debt business, including a team of employees. [Updated with acquisition finance details]
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A judge has found the consortium that owns the Lordstown gas-fired project in Ohio, the largest member of which is a Macquarie Group infrastructure fund, to be in contempt of court amid a months-long legal fight over the development of a second combined-cycle plant in the same industrial park.
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A private equity sponsor is evaluating proposals from would-be lead arrangers for a long-awaited quasi-merchant gas-fired project in PJM Interconnection.
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Starwood Energy Group Global has hired a pair of banks for a repricing of the term loan B associated with its 1.2 GW Compass Power Generation gas-fired portfolio, about eight months after the loan was last priced.
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The owners of a contracted gas-fired peaker in Ontario have refinanced the plant in a C$276.48 million ($212.7 million) deal that closed last week.
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Talen Energy subsidiary New MACH Gen is handing over a roughly 1 GW gas-fired project to a creditor in exchange for a reduction of its debt burden as the CCGT portfolio goes through its latest restructuring.
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Macquarie Infrastructure Corp. has found a buyer for its 644 MW Bayonne Energy Center gas-fired plant in New Jersey.
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While some project finance bankers view pushback on pricing in the term loan B market as a sign that improved margins could be on the horizon across the board, leveraged finance specialists warn that they may have to wait a bit longer for an easing of aggressive terms on power sector deals.
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David Harris has abruptly resigned as president and ceo of AltaGas following an unspecified complaint that is being reviewed by the company’s board of directors.
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Lightstone Generation, the non-utility generation joint venture between ArcLight Capital Partners and Blackstone Group, is raising additional debt in the term loan B market to fund a dividend to its private equity sponsors.
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At least three GE Energy Financial Services staffers landed new positions in New York in the past couple of months, as the firm's restructuring of its power finance business rumbles on.
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Jefferies has hired a senior banker from a bulge-bracket firm as it rebuilds its power and utilities investment banking team in New York.
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The Carlyle Group closed a term loan A refinancing for a gas-fired project on July 20, highlighting the competitiveness of the crowded bank market.
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After a slow first three months of the year, project finance activity picked up in the second quarter, propelling MUFG to the top spot of the North American power project loans and bonds league tables.
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LS Power has taken first-round bids for the sale of a 2.3 GW portfolio of gas-fired power plants located in the PJM Interconnection.
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Independent power producer NTE Energy has hired an investment bank to market up to 100% ownership of its 500 MW Reidsville project in Rockingham County.
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The U.S. Department of Energy has asked lenders to submit applications for federal loan guarantees under an up-to-$2 billion program to support projects sponsored by Native American and Alaska Native communities.
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Robert Mancini, who guided Goldman Sachs' entry into the power asset business before spearheading The Carlyle Group’s expansion into the power sector, has retired from his role as managing director and co-head of Carlyle Power Partners.
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ArcLight Capital Partners has closed its refinancing of the 1,176 MW New Covert gas-fired facility in Michigan through an enlarged, syndicated loan underwritten by BNP Paribas, as Whitehall & Co. simultaneously brought in preferred equity investors.
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Macquarie Infrastructure Corp. has launched proceedings to divest its interest in the New Jersey-based 512 MW Bayonne Energy Center, PFR has learned.
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A European developer is marketing equity in a renewables portfolio after a sale process for two gas-fired projects was launched last month.
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Private equity firm Stonepeak Infrastructure Partners secured financing for its $320 million purchase of the Canal 1 and 2 peaking units in Massachusetts on June 29.
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Pricing on Invenergy's term loan B refinancing of a slightly tweaked portfolio of gas-fired plants in the U.S. and Canada last month tightened from initial price thoughts, suggesting strong demand.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter. For more news and coverage, follow @PowerFinRisk on Twitter, as well as editor @richmetcalf and reporters @FotiosEuromoney and @Shravanbhat.
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Northland Power refinanced a C$700 million credit facility signed in 2014 in a deal announced June 22.
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Independent power producer InterGen is shifting its commercial and trading operations out of the U.S. after selling its Mexican generation assets.
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A financial investor is preparing to sell an interest in a gas-fired project in Texas that it owns as a result of a levered sale leaseback transaction originally signed 18 years ago.
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Guggenheim Partners has hired a power and utilities investment banker who had been with Citi for almost eight years.
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Nick Knapp, who took over as president of CohnReznick Capital in January, discusses the latest changes at the firm and his outlook for project finance and M&A activity with PFR reporter Fotios Tsarouhis.
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Invenergy has mandated two banks to run a term loan B refinancing for a portfolio of gas-fired assets in the U.S. and Canada.
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The margins paid by Michigan utility company CMS Energy on two revolving credit facilities will, for the first time, be linked to its sustainability goals as a result of amendments signed on June 5.
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The results of the recent PJM Interconnection capacity auction have excited many in the industry but should prompt a thoughtful pause, writes Louise Pesce, managing director at MUFG in Los Angeles, in this week’s Industry Current.
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Three energy-focused managing directors at RBC Capital Markets have departed the Canadian firm's New York office, PFR has learned.
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As the dust settled after a surprisingly strong PJM Interconnection capacity auction result last month, uncertainty around complex market design reforms made for a more sober assessment of the situation at the S&P Global Platts Northeast Power & Gas Markets Conference in New York.
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GE Energy Financial Services has mandated a pair of financial advisers to sell its project finance loan book as well as equity stakes in generation assets, PFR has learned.
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The Blackstone Group has appointed financial advisers to market a gas-fired project in Texas that was recently refinanced in the term loan B market.
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The Carlyle Group has assigned a lead arranger to refinance a gas-fired project out of the term loan B market into the commercial bank market.
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Talen Energy Corp. has agreed to sell its 163 MW Bayonne Power Plant combined-cycle cogeneration project in Bayonne, N.J., which is due to be retired this year.
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BNP Paribas has syndicated a bank market refinancing of a merchant gas-fired project in PJM Interconnection that is owned by Arclight Capital Partners.
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Higher-than-expected clearing prices in the latest PJM Interconnection capacity auction mean that several gas-fired projects that have been in the works for months will almost certainly be able to circle financing, deal watchers tell PFR.
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Higher-than-expected clearing prices in the latest PJM Interconnection capacity auction could mean that several gas-fired projects that have been in the works for months could finally circle financing, deal watchers tell PFR.
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NextEra Energy is paying about $195 million for two gas-fired plants in Florida, representing about 1.22 GW of owned capacity, that have contracts due to be renewed in the next three-to-five years, as part of its recently signed $6.475 billion asset purchase from Southern Co. and its subsidiary Southern Power.
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LS Power is selling a simple-cycle gas-fired project it acquired less than six months ago to a subsidiary of a liquefied petroleum gas distribution company.
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AMP Capital has agreed to form a joint venture with Invenergy through which the Australian investment manager will buy a 50% stake in a portfolio of gas-fired projects in the U.S., Canada and Mexico.
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PFR is pleased to announce the winners of its 15th Annual Deals and Firms of the Year Awards, with added emphasis this year on the leading investment banks in power across the Americas.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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The Florida Public Service Commission has ruled that a 573 MW gas-fired project being developed by GE Energy Financial Services to serve a long-term contract is needed. Check out the details along with a round-up of other offtake news in this week's PPA Pulse.
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ArcLight Capital Partners has agreed to sell a gas-fired asset in Arizona with a capacity of almost 600 MW.
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A New York-based boutique investment bank has hired an attorney with decades of experience in power and transmission as a senior adviser.
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The creditors of the 635 MW Empire Generating combined-cycle project in New York state have signed a forbearance agreement after two breaches of its debt covenants, prompting a rating agency to say that a default or distressed restructuring is "a virtual certainty".
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The owner of the utility and energy infrastructure that serves Eastman Business Park in Rochester, New York, is planning to raise debt to finance four new gas-fired boilers it is installing at the site.
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A group of four Japanese investors has acquired a majority stake in an Ares-EIF gas-fired project in Connecticut.
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The Florida Public Service Commission has ruled that a 573 MW gas-fired project being developed by GE Energy Financial Services to serve a long-term contract is needed.
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EDF Group has teamed up with Chile’s Andes Mining & Energy to buy 750 MW of flexible generation capacity in the Latin American country, with three-quarters of the price tag being financed with bank debt.
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As NTE Energy makes headway with its strategy of signing contracts for gas-fired projects in the Carolinas, a wind project developer inks a 12-year power purchase agreement with an energy company in Texas.
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TransAlta Renewables has signed what is thought to be the first major power purchase agreement in North America with a company that primarily operates in the blockchain industry.
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NTE Energy has signed long-term power purchase agreements with more than 10 communities in South Carolina for a proposed 1 GW gas-fired project in the state.
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Ares-EIF is in late-stage discussions with a consortium of investors about the sale of a gas-fired project, PFR has learned.
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Sempra Energy is targeting the end of this year for the sale of a gas-fired project in Mexico that it is holding for sale.
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Vistra Energy Corp. is planning to issue a term loan B and upsize its revolving credit facility to refinance debt it has inherited through its acquisition of Dynegy.
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Brazil has received more than a thousand applications to participate in its next power auction, scheduled for Aug. 31, with wind projects making up the bulk of the submissions.
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Lead arrangers are syndicating two separate project finance bank loans to finance the two existing units of the Canal Generating facility in Massachusetts and a third unit that is under construction.
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Having completed the acquisitions of a solar project and a fuel cell project, NRG Yield's next task is to raise capital for its purchase of a contracted gas-fired project in California.
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The Carlyle Group and GE Energy Financial Services plan to sell a gas-fired project in Washington County, Ga., to a fund managed by Harbert Management Corp.—just as soon as they formally gain ownership of the plant themselves.
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Argentina will have to woo international institutional lenders if it is to succeed with its ambitious $150 billion infrastructure initiative, which includes $20 billion dedicated to energy spending over the next 17 years, according to Moody's Investors Service.
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Platinum Equity has increased the size of a term loan B to fund its acquisition of the 810 MW Hunterstown gas-fired project in Pennsylvania from GenOn Energy and priced it inside initial price talk.
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Axium Infrastructure has agreed to acquire the 286 MW Brooklyn Navy Yard in New York from a fund managed by Ares-EIF.
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DTE Electric Co. has become the newest member in the slowly growing club of investment grade U.S. electric utility companies that have issued bonds explicitly marketed or certified as “green”.
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A creditor group that took control of a combined-cycle gas-fired plant in Texas earlier this year has begun to explore strategic options that could result in a sale.
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The pricing on a term loan B to refinance an Ares-EIF combined-cycle cogeneration project in Texas reverse flexed from initial price talk.
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PFR has learned the identities of the financial advisers that have been lined up by the owners of a struggling combined-cycle gas-fired project in upstate New York and its creditors.
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Invenergy is approaching the end of a sale process for a gas-fired asset it owns in the Midwestern U.S.
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Sponsors have a slew of new-build gas-fired projects ready to finance in PJM Interconnection, but equity investors are waiting to see the results of capacity auctions and reform initiatives before cutting checks.
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Canada’s Hydro One is moving closer to sealing its acquisition of Washington state-based Avista Corp.
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A private equity firm has refinanced a cogeneration plant in Louisiana with a trio of banks leading the deal.
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The owners of a combined-cycle gas-fired project in New York state have appointed a financial adviser ahead of a potential restructuring or sale.
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Senior project finance bankers mostly expect the outcome of PJM Interconnection’s next capacity auction to be flat to last year or lower, according to a survey conducted by PFR.
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KeyBanc Capital Markets’ Cleveland-based project finance team has had its most successful first quarter since 2015, rising to the top of the North American power P.F. league table as lenders vied for deals.
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A joint venture between Golar Power and Ebrasil has reached financial close on its 1,551 MW Porto de Sergipe I LNG-to-power project, securing $1.47 billion of non-recourse project debt.
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Price talk has been set on a term loan B being marketed for Platinum Equity’s acquisition of the 810 MW Hunterstown gas-fired project in Pennsylvania from GenOn Energy.
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Details have emerged on a term loan B refinancing for a Blackstone Group Texas gas-fired project.
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Advanced Power is said to have priced a debt package for a quasi-merchant gas-fired project it is developing in Ohio, but the deal is unlikely to close until the results of this year's PJM Interconnection capacity auction are revealed.
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While margins on U.S. project finance loans continue to be squeezed, lenders are still looking to enter or return to the market, given a lack of alternatives elsewhere, deal watchers told PFR on the sidelines of the Platts Global Power Markets conference in Las Vegas this week.
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Vistra Energy Corp. has closed its acquisition of Dynegy following a ruling by the Public Utilities Commission of Texas that the buyer did not need to divest 1,281 MW of generation in the state to proceed with the purchase.
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Osaka Gas has acquired Michigan Power, a 125 MW cogeneration facility in Ludington, Mich., from Rockland Capital.
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GE Energy Financial Services and The Ingelec Group have closed a $150 million debt deal to fund an expansion of their 139 MW Los Guindos gas-fired project in central Chile and refinance its existing debt.
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Ares-EIF has hired a pair of banks to market a term loan B to refinance a combined-cycle cogeneration project in Texas.
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S&P Global Ratings has assigned a preliminary rating of B+ to a $275 million senior secured term loan B and $30 million revolver for Ares-EIF's Channelview Cogeneration project in Texas.
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Price talk has been set on a term loan B refinancing for a private equity-owned cogeneration project in Texas.
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A private equity sponsor has hired a pair of investment banks to market a term loan B for a cogeneration project in Texas.
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FirstEnergy Corp. announced the long-awaited Chapter 11 filing of its competitive generation subsidiary FirstEnergy Solutions, as well as FirstEnergy Nuclear Operating Co., on March 31.
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A global investment bank has been hired by a private equity firm to market a term loan B to refinance a Texas gas-fired project.
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Rockland Capital has signed a $170 million term loan with a club of banks to finance its acquisition of six peakers from AES Corp. subsidiary Dayton Power and Light.
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Tenaska has agreed to acquire a gas-fired project in Massachusetts from Ares-EIF and John Hancock Life Insurance Co.
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Ares-EIF is refinancing about $450 million of debt associated with its 700 MW St. Joseph Energy Center gas-fired project in Indiana in the term loan B market, a move which could free up billions of dollars on commercial bank balance sheets if it is widely replicated.
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A private equity firm has agreed to purchase two gas-fired units at GenOn Energy’s Canal facility in Massachusetts as the bankrupt NRG Energy subsidiary sheds assets as part of its restructuring.
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AES Corp. is looking to reprice its $520 million senior secured term loan B to bring it into line with conditions in the market, as NRG Energy did earlier this month.
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Morgan Stanley is in the market with a term loan B offering to finance Platinum Equity’s acquisition of the 810 MW Hunterstown gas-fired project in Pennsylvania from GenOn Energy.
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Moody's Investors Service has published its credit rating for the $450 million term loan B refinancing of Ares-EIF's St. Joseph gas-fired project in Indiana.
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NRG Energy has repriced its senior secured term loan B, cutting the margin on the loan by 50 basis points and reducing the Libor floor to 0%.
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Macquarie Capital has sold minority stakes in its 907 MW Norte III gas-fired project in Mexico to two investment funds.
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Canadian steel manufacturer Algoma has acquired a 55 MW cogeneration facility that will supply facilities it owns in Sault Ste. Marie, Ontario.
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Mizuho has provided an $80 million loan package to refinance a contracted gas-fired project in California.
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A private equity firm is refinancing about $400 million of debt associated with a gas-fired project in PJM Interconnection in the term loan B market, a move which could free up billions of dollars on commercial bank balance sheets if it is widely replicated.
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Delegates at the Euromoney Seminars 12th Annual Latin American Energy & Infrastructure Finance Forum in Miami Beach are keeping at least one eye on Latin America’s colorful political landscape, as a year of national elections and unfolding corruption probes promises to have a bearing on project financings and M&A deals.
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The recent reform of the U.S. tax regime has ushered in several provisions that, taken together, could make sale-leaseback financing transactions attractive, whether to refinance solar projects or fund the acquisitions of gas-fired facilities. John Eliason and David Weisblat attorneys at Foley & Lardner, address the possibilities in this week’s Industry Current.
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LS Power has taken bids for a pair of gas-fired assets it is in the process of selling in the Midwest.
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AltaGas has called off its sale of two gas-fired projects in California and will instead seek to jettison other assets to finance its acquisition of utility holding company WGL Holdings.
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There are a few days remaining to cast your votes for the best project sponsors, banks, law firms, institutional and tax equity investors and deals in PFR's 15th Annual Deals and Firms of the Year Awards.
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Rockland Capital has tapped an auctioneer to run the sale of a combined-cycle gas-fired plant in Texas.
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GenOn Energy has found a private equity buyer for its 810 MW Hunterstown gas-fired project in Gettysburg, Pa.
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As the Public Utilities Commission of Texas prepares to decide whether Vistra Energy will need to divest upwards of 1.2 GW of generation in Texas as a condition of its Dynegy acquisition, the buyer is weighing potential post-merger asset sales.
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The creditor group that took ownership of Panda Power Funds’ 758 MW Temple I combined-cycle gas-fired project in Texas earlier this month borrowed $50 million from a New York bank to finance the deal, PFR has learned.
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PFR is pleased to announce the finalists for its 15th Annual Deal of the Year awards. Here is the short list for Latin America Conventional Power Project Finance Deal of the Year.
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Project finance bankers are pinning their hopes on merger and acquisition activity to keep them busy this year, but they may have to wait a while for it business to pick up, say deal watchers.
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Macquarie Infrastructure Corp. is weighing a sale of a New Jersey gas-fired asset.
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The owner of a gas-fired project in Texas has hired an investment bank to run a sale process for the asset, PFR has learned.
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A mezzanine capital investor in two Panda Power Funds combined-cycle gas-fired projects in PJM Interconnection has hired a financial adviser to sell its preferred notes.
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An ArcLight Capital Partners portfolio company has agreed to purchase Avangrid Renewables’ gas storage business.
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Rockland Capital is close to securing debt financing for six merchant peaker plants, collectively known as Kimura Power, that it is acquiring from AES Corp. subsidiary Dayton Power and Light, deal watchers tell PFR.
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Bonds increased as a proportion of North American project finance deals in 2017 versus loans, as MUFG remained top in both categories, according to data from Dealogic.
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NRG Energy's efforts to shrink its balance sheet through asset sales have borne fruit, with the independent power producer announcing that it has found buyers for its yield company, renewables platform and a conventional generation portfolio located in Texas and Louisiana.
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S&P Global Ratings has downgraded debt of the 635 MW Empire Generating dual-fuel combined-cycle project in New York state from B to CCC, saying that a technical default "appears to be likely" over the next year, after Moody’s Investors Service downgraded the project last month.
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AES Corp. has revealed a slimmed-down organizational structure, with its general counsel among the departures.
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NTE Energy has signed the first of what it expects to be several power purchase agreements for its Reidsville Energy Center gas-fired project in North Carolina, having reached out to banks for project finance proposals late last year.
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Lightstone Generation, a joint venture between Blackstone Group and ArcLight Capital Partners, has repriced loans totaling $1.675 billion, with Credit Suisse as left lead.
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Halyard Energy Ventures has appointed a financial adviser to raise equity for a gas-fired peaker in Texas, as the developer seeks to “benefit from a first mover advantage” with the low-cost project, according to a teaser seen by PFR.
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