Hedge Funds
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Sempra Energy is putting its 2.6 GW portfolio of U.S. wind and solar assets up for sale in response to demands from activist investors.
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NRG Energy has announced that is it looking to raise $4 billion from the sale of 6 GW of conventional generation assets, divesting its yield company and offloading its renewables business.
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A California-based renewable project developer with a pipeline totaling over 6.6 GW of predominantly wind projects has mandated a financial adviser to sell the company, deal watchers tell PFR.
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California-based 8minutenergy Renewables speaks to PFR about its plans to install 1 GW of storage projects in the next four years.
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Chris Gerlach, who oversaw structured finance at solar thermal sponsor SolarReserve until Friday, has traded one form of energy storage for another by moving to Energy Asset Development, whose subsidiaries develop battery and microgrid technologies.
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Two entities, including a Texas hedge fund, have acquired ownership interests in concentrated solar developer SolarReserve.
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York Capital Management Global Advisors is seeking to sell a contracted and operational utility scale solar project in Idaho.
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The Blackstone Group and ArcLight Capital Partners initiated a repricing of a term loan B on Friday, just three months after the deal was originally sealed, as they seek to take advantage of improved market conditions for issuers.
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Activist shareholders are likely putting pressure on NRG Energy to sell its yield company, NRG Yield, according to a report published by Moody’s Investors Service.
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The deadline for nominations for Power Finance & Risk's Deal of the Year 2016 awards is coming up quickly. Make sure your deal of the year doesn't miss out on the short list by sending in a nomination by Jan. 31.
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Final round bids for the solar-focused independent power producer sPower are due next week. Hedge fund Fir Tree Partners is selling its position in the shop, which owns 1.3 GW of projects and a 5.4 GW development pipeline.
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A hedge fund-backed solar-focused independent power producer has hired four financial advisers to sell its 1.3 GW portfolio of operating, under-construction and shovel-ready projects, development and asset management platform and accompanying 5.4 GW pipeline.
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Three financial institutions are advising TerraForm Power and TerraForm Global on SunEdison’s potential sale of its interest in the two yield companies.
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TerraForm Power avoided a technical default on its bonds after bondholders agreed to give the SunEdison yield company until December to file its annual accounts for 2015.
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TerraForm Power and TerraForm Global are working with managing shareholder SunEdison on its potential exit from the yield companies.
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LS Power Equity Advisors is offloading another project with the sale of the Calhoun Energy Center in Eastaboga, Ala., to a fund managed by Harbert Management Corp.
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JPM Capital Corp. is buying the tax equity associated with a solar project in Los Angeles County, Calif.
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Houston-based independent power producer Calpine has agreed to buy the 745 MW gas-fired Granite Ridge Energy Center in Londonderry, N.H. from a group of financial players, including CarVal Investors, for $500 million.
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Renewable Energy Trust Capital has made its debut wind investment with its purchase of the 102 MW Coram wind park in Kern County, Calif., from Brookfield U.S. Renewable Power Holdings.
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While the renewabels market is seeing high levels of liquidity, yieldcos are capitalizing on declining costs of capital for shovel-ready and operating projects, according to panelists at the 12th Renewable Energy Finance Forum Wall Street conference in New York today.
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In this exclusive, David Giordano, managing director at BlackRock discusses the company’s role in M&A transactions, the benefits of its partnership with EDF Renewable Energy, its burgeoning interest in greenfield renewable project investments, and the risks facing project finance players in parts of Latin America.
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sPower has sealed tax equity investment from JPMorgan for a roughly 80 MW portfolio comprising 10 solar facilities.
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Renewable and thermal assets on both sides of the equator are making headlines this week. sPower is the latest player to join a steady stream of distributed generation transactions.
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sPower has bought a solar portfolio of 16 assets from FLS Energy in Asheville, N.C.
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Innovative Solar Systems is talking to prospective buyers for a portfolio of shovel-ready utility-scale solar projects totaling roughly 500 MW in North Carolina.
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The Yieldco Sweep is an exclusive monthly feature that tracks the performance and activity of key yield companies in the power sector with illustrative graphics and market insight.
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Prospective yield company Sol-Wind Renewable Power has indefinitely pushed back its initial public offering.
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The first half of 2015 could be a busy time for investment banks and law firms. Several yield company transactions and potential auctions could keep folks on the frontlines of deals.
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A steady pace of asset acquisitions and speculation regarding prospective initial public offerings characterize the yield company arena.
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Whitehall & Co. has launched a $3 billion program that will provide debt to energy and infrastructure assets.
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It was a $7 billion week for power companies in the capital markets. Dynegy launched a multi-tranche $5.1 billion high yield bond sale to pre-fund its acquisition of 12 GW from Duke Energy and Energy Capital Partners.
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TerraForm Power and SunEdison are buying a portfolio of 30 MW of solar assets from energy retailer Just Energy Group.
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NRG Energy and LS Power are among a wave of sponsors out looking for repricings on project finance deals inked in 2011 and 2012.
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Autumn is a time for pumpkin-flavored everything, breaking out cozy sweaters and fresh starts for Entegra Power Group and Lincoln Renewable Energy.
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Entegra Power Group has emerged from Chapter 11 bankruptcy proceedings with third lien lenders taking over the equity in a prepackaged plan
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Escondida, the world’s largest copper mine by production in Chile, is catalyzing activity in the debt capital and project finance markets this week.
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Joint venture partners Greenwood Energy and ILIOSS are talking to banks about financing a $500 million, 250 MW portfolio of distributed generation in Mexico.
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This week’s Industry Current is the transcript of a discussion between a group of seasoned investment bankers that focused on new financing trends, including the term loan B market, green bonds, state green banks, yield companies, financing for merchant plants and other topics.
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Entegra Power Group has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court of Delaware.
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Teigwaren Riesa, the leading noodle maker in eastern Germany, has been sating the local citizenry with carbohydrates since 1914.
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A handful of hedge funds are casting an eye toward the renewable space, curious about how to get directly involved with middle market wind and solar assets, observers say.
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Renewable Energy Trust Capital, the renewable shop backed by hedge fund BlueMountain Capital Management, has brought on a pair of marquee name executives as it plots its way forward.
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Brian Daly, managing director at Babson Capital, has left the firm.
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Energy Investors Funds’ $500 million deal backing its 655 MW Newark Energy Center is moving along, as lenders ink commitments and pricing.
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AES Corp. has closed a $775 million floating rate note issuance after upsizing the deal from $500 million.
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Abundant sources of capital are driving down prices, noted panelists at Platts’ 29th Annual Global Power Markets conference at the Wynn Las Vegas in Las Vegas, Nev., April 8.
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Blackstone-owned residential solar company Vivint Solar has raised $280 million across three tax equity transactions.
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Check out Power Finance & Risk's special report focusing on the burgeoning LNG export industry in the U.S. and the latest opportunities in development and financing.
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Entegra Power Group has retained Houlihan Lokey in preparation for a potential restructuring.
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GE Energy Financial Services has agreed to sell its stake in the 800 MW CPV Sentinel to Voltage Finance.
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Renewable project financing options beyond the expiration of the production and investment tax credits was the focus at Euromoney Energy Events Renewable Energy Finance Forum Wall Street at the Waldorf Astoria in New York this week.
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LS Power is trying to sell a 20 MW solar development project in California.
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Needham, Mass.-based Energy Investors Funds is looking to do a private placement backing its 300 MW Pio Pico gas-fired plant in San Diego County, Calif., via Société Générale before year-end.
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Financing the massive transition of the U.S. military to renewable energy resources presents a tremendous opportunity, coupled with significant challenges, to developers, lenders, and investors in renewable energy power projects serving the military.
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Financiers and attorneys are weighing real estate investment trust structures that would open up the asset class, and its large pool of investors, to renewable generation without tripping up the U.S. Internal Revenue Service’s definitions of what types of property qualify for REIT investment.
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Loans to power projects in the U.S. are becoming increasingly “covenant-lite” as investors and lenders emphasize yield over risk, according to a report released by Moody’s Investors Service last week.
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GSR Energy is looking for $205 million in debt and equity backing a 36 MW biomass project on the New River in Orange Walk District, Belize.
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The smaller size and relative inexperience of development companies in Latin America will pave the way for larger more experienced multinationals to buy up local companies, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean in Miami on May 1.
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Solar projects in Mexico will need more equity investments to push them forward, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum-Latin America and Caribbean at the Four Seasons Hotel in Miami on Monday.
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Pan-American Hydro Corp., which is led by Jose Ordoñez, former head of the Latin America power group at Citigroup, is seeking $223 million in debt and equity to develop a pipeline of small-scale hydro projects in Guatemala and Mexico.
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Cheniere Energy has issued $1.5 billion in bonds to fund construction and lower bank commitments associated with the $3.6 billion term loan backing the first two trains at the Sabine Pass LNG export facility in Cameron Parish, La.
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The arrival of plentiful and cheap natural gas in the U.S. has changed the game in the power sector and the ramifications were a constant topic throughout Platts Global Power Markets Conference in Las Vegas last week.
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Marathon Capital has tapped Bryan Fennell, former v.p. of NextEra Energy Resources, and David Kirkpatrick, former v.p. of new business development at NRG Energy, as directors.
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Opportunities abound in the Mexican energy market as investors rediscover one of Latin America’s breakout markets.
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The rate of generation assets finding new owners in the final quarter of 2012 was up versus activity in both the third quarter and the same period in 2011.
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Latin America is bustling with opportunities for project development and M&A, according to Pedro Barriuso, ceo of Blackstone’s new power and energy development company Fisterra Energy.
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The cost of financing merchant generation could be set for a fall.
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PI had a busy run up to the end of 2012. Mezzanine fundraising and deployment, solar project financing and volatility in North American M&A marked the highlights of our coverage in December.
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A unit of Ontario Municipal Employees Retirement System is taking a 49% stake in the class A shares in a portfolio of three operating wind farms developed by EDP Renewables North America for $230 million.
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Demand for what financiers are calling riskier capital is on the increase.
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Wayzata Investment Partners has agreed to buy the Harquahala combined cycle facility in Maricopa County, Ariz., from MACH Gen, industry officials say.
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Calpine has agreed to buy the Bosque gas-fired plant in Texas from a consortium of financial players.
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Western Wind Energy Corp. shareholders backed existing management and rejected a takeover bid by hedge fund investor Savitr Capital in a proxy vote Tuesday in Vancouver.
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Western Wind Energy Corp. shareholders will vote this week in a proxy battle between the company and Savitr Capital, a hedge fund and investor, which is trying to halt the sale of the Vancouver-based wind developer.
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Bondholders in Edison Mission Energy affiliate Midwest Generation are in the early stages of retaining an advisor.
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Securitization bankers and solar players are still trying to figure out how to bring to market the first solar asset-backed securities deals.
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Panda Power Funds has completed the financing for a 758 MW natural gas-fired facility in Temple, Texas, after upsizing the senior secured package to $340.16 million from $305 million.
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Thomas Pritchard, founding partner and chairman, and Kenneth Morris, partner and board member, of boutique energy investor Pritchard Capital Management, have joined the investment banking arm of Imperial Capital as co-heads of energy investing.
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Iberdrola Renewables is looking to sell a smorgasbord of assets ranging from half contracted wind farms to wind and solar development assets.
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BrightSource Energy and NextEra Energy Resources have each been cleared to buy solar projects from Solar Trust of America.
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Creditors are gearing up to take control of two Bicent Holdings generation assets as part of its pre-pack bankruptcy.
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The bankruptcy court-run auction of Solar Trust of America’s four assets that could solidify the stalking horse bid for one asset will be held Thursday.
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Preliminary pricing has emerged on EquiPower Resource Holdings’ $975 million debt package.
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Bids for Batesville, the 837 MW gas-fired plant in Batesville, Miss., were due Monday under its bankruptcy sale process in the U.S. Bankruptcy Court District of Delaware.
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Chesapeake Energy is facing a cash crunch stemming in part from losses from selling its hedges against low gas prices last October.
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First round bids came in for Exelon's 2.648 GW of coal-fired plants in Maryland came in last week and buyers have received notification about whether they moved to the next round.
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The number of generation sales launched across all generation sources dropped 60% from 65 to 26 in the first quarter against the same period last year, according to exclusive data from Power Intelligence’s Generation Sale Database.
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Two creditors of Solar Trust of America have retained Marathon Capital as an advisor as the solar developer works through its bankruptcy process.
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Bicent Holdings, the parent company of Bicent Power, has filed for bankruptcy in the U.S. Bankruptcy Court District of Delaware, starting a process in which lenders are expected to takeover two power plants.
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A trio of investors that owns the 507 MW Bosque gas-fired plant in Laguna Park, Texas, is putting the asset on the market.
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First lien debt holders in Bicent Power have selected boutique Rock Point Associates as their advisor ahead of a potential covenant breach by the company.
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Quintana Infrastructure & Development is selling off a majority of its ownership in two gas- and diesel-fired plants totaling 450 MW in Ohio to a consortium of financial owners, including BlackRock and Starwood Energy Group Global.
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Dynegy is looking to put one of its non-generation subsidiaries into bankruptcy protection that will restructure $4 billion in debt.
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It’s been a decade since Enron began its slide into corporate infamy and its alumni are still making waves in power and midstream gas. Here is where we found some of the notables:
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ArcLight Capital Partners has sealed its latest fund, ArcLight Energy Partners Fund V, at $3.3 billion.
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Dynegy has requested that a New York judge dismiss a lawsuit brought by bondholder Avenue Investments, which seeks to dismantle the company’s reorganization of coal- and gas-fired assets.
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Tenaska has agreed to buy the 837 MW Batesville combined cycle facility in Batesville, Miss., that went into foreclosure last fall.
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Invenergy subsidiary Invenergy Wind LLC is in the market with a $200 million term loan B with an eye to using proceeds to inject equity into development projects.
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Energy Capital Partners has agreed to buy Liberty Electric from an investor consortium led by Strategic Value Partners.
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A consortium of financial owners of a merchant plant in Texas and another in New York are looking to sell the facilities.
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