Investment Managers
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Crow Holdings, a Texas-based real estate investment and development firm, is launching a renewable energy business, Crow Holdings Renewables.
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Voya Investment Management, the asset management business of Voya Financial, has reached first close on an infrastructure debt fund that is focused on renewables project financing.
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The Chilean subsidiary of AES Corp has found a new buyer for its 50% stake in the 764 MW Guacolda coal-fired power plant in Atacama.
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Engie Energia Chile, a subsidiary of France's Engie, has signed a four-year renewable energy supply agreement with Chilean wastewater treatment firm Tratacal.
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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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Brazil’s power regulator Aneel has approved the opening of a public consultation on bidding documents for a proposed auction of transmission line projects.
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AES Gener is preparing to launch a $500 million capital raise to fund its 1.6 GW solar and wind pipeline in Chile and Colombia, having obtained approval from its existing shareholders.
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Spanish renewables developer Acciona has brought in one financial investor and is looking for another to jointly acquire KKR & Co.'s minority stake in its international generation subsidiary, Acciona Energía Internacional.
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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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The non-bank financial institution Corporación Interamericana para el Financiamiento de Infraestructura (CIFI) has provided a debt package for a solar portfolio developed under Chile’s PMGD (Pequeños Medios de Generación Distribuida) distributed generation scheme.
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British asset manager NextEnergy Capital has announced the acquisition of a 36.1 MW (DC) solar project in Mexico.
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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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Capital Dynamics has sealed its purchase of 8point3 Energy Partners, sparking conversations about the future of the yield company business model during a busy week of summer conferences.
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AES Corp. and Alberta Investment Management Corp. have mandated an adviser to sell a stake in a portfolio owned by sPower, the renewable project developer, owner and operator they jointly acquired last year.
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A joint venture between Axium Infrastructure and Manulife Financial Corp. has agreed to acquire a 35% stake in AltaGas’ hydro assets in northwest British Columbia for C$922 million (approximately $700 million).
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Fengate Real Asset Investments has entered into a $100 million, multi-year equity commitment with Texas developer PowerFin Partners, echoing a deal the asset manager struck with a Canadian developer two months ago.
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Southern Power has signed a deal to sell a one-third interest in a 1.7 GW solar portfolio to an institutional investor following an auction process.
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An entity owned by the Navajo Nation is purchasing a stake in a 1,540 MW coal-fired project that is located on tribal land.
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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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The Caisse de dépôt et placement du Québec is increasing its shareholding in Invenergy Renewables by acquiring additional stakes from parent company Invenergy and an existing minority investor.
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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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Fengate Real Asset Investments has hired a former Skadden project finance lawyer as chairman of its U.S. infrastructure unit, Fengate Capital Management.
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An investment vehicle advised by Soros Fund Management has invested equity in Sunnova Energy Corp.
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Fengate Real Asset Investments has signed a $100 million multi-year equity investment commitment with renewables developer Greengate Power Corp.
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A European infrastructure investment firm has tapped a former Ares-EIF partner to join its New York office as managing director.
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A Canadian pension manager has agreed to acquire Leeward Renewable Energy, adding a 1.7 GW portfolio of largely-contracted wind projects to its pool of investments.
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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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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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A managing director at Macquarie Capital has moved from London to New York to take up the position of head of clean energy in North America.
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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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An asset manager has scooped up SunPower Corp.’s minority stake in a 100 MW Nevada solar project that was once earmarked for the developer’s yield company.
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Alberta Investment Management Corp. is taking 49% stakes in approximately 145 MW of wind assets Enel Green Power North America is developing in Canada.
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Renewables-focused brokerage and advisory firm Karbone is expanding, having acquired another New York boutique’s advisory business as it lays roots in a new city.
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The owner of a five-and-a-half-year-old wind project in Idaho and its tax equity investor are selling the facility to its offtaker under the terms of its pre-paid power purchase agreement.
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A Quinbrook Infrastructure Partners fund has closed its purchase of a 223.5 MW portfolio comprising six older wind assets in three U.S. states that it plans to repower.
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A fund managed by Quinbrook Infrastructure Partners has wrapped a debt and tax equity financing for a 200 MW wind project in Oklahoma.
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Royal Dutch Shell has agreed to acquire a 43.83% stake in Silicon Ranch Corp. from one of its backers, a Swiss private equity firm, making the Anglo-Dutch oil and gas giant the solar developer’s largest shareholder.
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Having closed a series of three acquisitions of small utility-scale U.S. renewables projects toward the end of last year, Greenbacker Renewable Energy has lined up another deal to buy a portfolio of operational solar assets in Colorado and California.
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A fund owned by three individual investors is doubling its stake in an approximately 850 MW portfolio of gas-fired projects, growing its ownership interest to over 99%, according to a filing with the U.S. Federal Energy Regulatory Commission.
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A company backed by Australian asset manager Blue Sky Alternative Investments and individual investor Randolph Mann, known as Randy, has acquired a bundle of battery storage projects from Powin Energy Corp.
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New England-based distributed energy finance shop Constant Energy Capital has hired a commodities trader at the managing director level and is preparing to make a mid-level hire within the next year.
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Marc Groves-Raines is taking over as head of Allianz Capital Partners’ London-based renewables group, which inked a string of U.S. tax equity deals in 2016.
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Former Panda Power Funds cfo Alison Zimlich has joined the c-suite of one of a transmission-focused Blackstone Group portfolio company.
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Asset manager Tennenbaum Capital Partners is seeking regulatory approval to increase its stake in a West Virginia coal-fired plant.
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An Australian investment manager has agreed to acquire a nearly 250 MW portfolio of contracted U.S. wind assets in what is slated to be its second major North American acquisition in a year.
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A renewables-focused Australian investment manager is close to selecting a tax equity investor for a recently-acquired wind project in the U.S.
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A private equity firm has agreed to acquire Ares-EIF’s interests in a portfolio of coal-fired assets, as well as an additional stake in one of the projects that is held by a high-profile individual on the Forbes 400 list of the wealthiest Americans.
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APG Asset Management, a subsidiary of Dutch pension manager Stichting Pensioenfonds ABP, announced this week that it has invested approximately €330 million ($384 million) of equity into a three-project portfolio in the western U.S.
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TransCanada Corp. is selling its solar assets in Ontario to a fund managed by Axium Infrastructure.
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Eversource's 1.2 GW New Hampshire generation portfolio is set to be sold in two portions following an auction process that was launched at the beginning of the year.
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NTE Energy has taken bids from potential debt providers for a contracted gas-fired project under development in North Carolina, deal watchers tell PFR.
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Beal Bank has requested regulatory permission to take possession of the 965.4 MW La Paloma merchant gas-fired project in McKittrick, Calif., on behalf of its creditors.
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New Energy Solar has agreed to acquire 14 solar projects in two U.S. states from Cypress Creek Renewables.
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New Energy Solar has secured a more-than-$80 million debt package to finance two solar assets in California and provide capital for future acquisitions.
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Allianz Renewable Energy Partners of America and Bank of America Merrill Lynch have requested regulatory approval to expand their tax equity collaboration through an investment in a 305.8 MW wind project in Illinois.
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John Laing Group has completed its third investment in a U.S. wind asset, acquiring a majority stake in the 149 MW Rocksprings facility in Val Verde County, Texas, from Akuo Energy.
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An energy infrastructure asset management firm has bought a 37 MW distributed generation portfolio from a solar development company.
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An insurance group partly owned by Goldman Sachs is consolidating its holdings of three solar projects it co-owns with Centaurus Capital.
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Pattern Development is planning to sell its soon-to-be increased stake in a New Mexico wind project to its yield company.
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SunEdison is selling a wind project duo to Longroad Energy, which was founded and is run by former executives of the company that originally developed the projects, First Wind.
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Tiger Infrastructure Partners and Agate Power have announced the acquisition of an operational peaker on the Hudson River.
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Capital Dynamics has added two shovel-ready projects totaling 28 MW (DC) to a portfolio that has swelled this year as the firm snapped up more than 800 MW of assets.
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A San Francisco-based renewables-focused private equity firm has acquired a portfolio of community solar projects in Massachusetts and financed it with a project bond and tax equity.
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Connor, Clark & Lunn Infrastructure and CarbonFree Technology have acquired part of a 65 MW portfolio comprising 15 utility-scale solar projects in Chile and plan to close the purchase of the remaining assets in the coming months.
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A subsidiary of Allianz and MUFG are investing in tax equity associated with an Enel Green Power North America wind project in Oklahoma.
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The Caisse de depot et placement du Quebec, fresh from an acquisition of additional shares in Boralex that made it the independent power producer’s largest shareholder, could potentially seek to merge the company with Innergex Renewable Energy, according to an analyst report circulated this week.
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AES Corp. and Alberta Investment Management Corp. closed their acquisition of sPower on July 25, taking over Fir Tree Partners’ interest in the renewables company.
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Caisse de dépôt et placement du Québec has acquired a 17.3% interest in Canadian developer Boralex.
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A bunch of SunEdison assets have changed hands in the same week that the company sought to finalize its plan to exit bankruptcy.
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The chief investment officer of Brookfield Renewable Partners' North American platform has announced that he is departing the firm.
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In June, officials from KeyBanc Capital Markets, Prudential Capital Group, Voya Investment Management and BlackRock discussed the latest trends U.S. renewable project finance with PFR.
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Macquarie Infrastructure Corp., has invested in a new renewables development shop founded by former Recurrent Energy employees.
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Investment manager MPC Capital has launched a renewables business in Panama City to invest in projects throughout parts of Central America.
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Several senior members of staff have left a Blackstone-financed renewable shop.
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United States Solar Corp. has lined up project finance from a renewables-focused investment manager for upward of 100 MW of community solar assets in Minnesota.
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A new class of tax equity investor is ready to enter the market, said speakers at the 14th annual REFF Wall Street conference in New York.
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An abundance of capital has run up against a lack of major wind and solar projects to finance, forcing banks and investors to broaden their horizons, said panelists at the 14th annual REFF Wall Street conference in New York.
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Caisse de dépôt et placement du Québec is increasing its passive equity stake in Invenergy’s renewables platform.
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Churchill Stateside Group, a Florida-based asset manager, has closed its ninth tax equity fund.
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Allianz Global Investors has completed its first debt investment in a U.S. solar project.
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The Blackstone Group has promoted a senior m.d. with over a decade of experience in power to be head of its new Saudi-backed infrastructure vehicle.
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LS Power has closed a hybrid bank and institutional debt financing for a more-than-3 GW portfolio of merchant and gas-fired projects and sold the assets to a new group of institutional investors.
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Renewables-focused investment manager Quinbrook Infrastructure Partners has acquired wind developer Scout Clean Energy, which owns a 1.6 GW development pipeline comprising nine projects.
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Avangrid Renewables has acquired a 50% stake in a development platform of Copenhagen Infrastructure Partners that owns a lease for a wind project off the coast of Massachusetts.
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A Dutch pension fund manager has agreed to acquire a portfolio of distributed solar assets from SolarCity.
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Moody’s Investors Service has placed the debt associated with a contracted gas-fired cogeneration plant in California on review for downgrade, citing renewable development and hydrology levels in the region.
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Dynegy has taken bids on two gas-fired projects in New England to mitigate competition concerns raised as a result of its recent acquisition of a 9 GW generation portfolio from Engie.
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Three funds have closed part of a planned equity investment in a 921 MW renewables portfolio owned by D.E. Shaw Renewable Investments.
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The Speaker of the U.S. House of Representatives, Rep. Paul Ryan (R-Wis.), signaled this week that passing a tax reform bill would take longer than initially expected. Some deal watchers in the renewables project finance space are wondering if it will ever happen at all.
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An insurance company has agreed to purchase a stake in a renewables business owned by Exelon Corp.
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The online poll for PFR’s Deals and Firms of the Year Awards has closed, after market participants voted for the banks, sponsors, investors and deals they thought were most impressive in 2016. The survey received roughly double the number of votes cast last year.
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The debt financing that closed this week for Competitive Power Ventures' 1,050 MW Fairview gas-fired project in Jackson Township, Pa., combined loans from commercial banks, South Korean institutions and three international investors.
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The debt financing for Competitive Power Ventures' 1,050 MW Fairview gas-fired combined-cycle project in Jackson Township, Pa., included a fixed-rate tranche provided by three international institutional investors, PFR has learned.
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Hannon Armstrong has issued an $84 million green debt private placement to finance solar and energy efficiency projects in an offering arranged by BlackRock.
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Two entities, including a Texas hedge fund, have acquired ownership interests in concentrated solar developer SolarReserve.
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An Australian fund manager has closed its acquisition of a majority stake in a North Carolina solar project from VivoPower.
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LS Power refinanced two peakers in Illinois in early February, PFR has learned. Like other recently signed loans backing gas-fired projects in PJM Interconnection, the deal attracted interest from South Korean investors.
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A managing director who was at Highstar Capital for 12 years left the firm in January, PFR has learned.
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Pattern Energy has closed a C$263 million ($196 million) debt financing for a 147 MW wind project in Québec.
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Sammons Renewable Energy has acquired four development-stage hydro projects in British Columbia from Italian developer and contractor Sorgent.e, and is planning to raise debt financing for the projects next month.
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Duke Energy Renewables closed a privately placed debt financing for a roughly 700 MW portfolio of operational wind projects in Texas and Oklahoma in January, PFR has learned.
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Cheniere Energy is hunting for $1.35 billion of debt for its Sabine Pass LNG liquefaction project in Louisiana in the public bond market after closing an $800 million private placement for the same project on Friday.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for Americas LNG Project Finance Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America Conventional Power Project Finance Deal of the Year.
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Kineticor Resource Corp. has acquired a partially-built cogeneration facility from Shell Canada and closed a corporate equity raise.
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An investment vehicle of two family trusts is acquiring a waste coal-fired facility in Cambria County, Pa., from Babcock & Wilcox.
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Allianz Global Investors has sealed its second U.S. renewables debt investment—a back-leveraged private placement to refinance a D.E. Shaw Renewable Investments-owned wind project in Oklahoma.
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Legal & General has lined up its first U.S. renewables debt financing—a $65.8 million private placement.
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Fengate Real Asset Investments has acquired three solar facilities totaling 59.8 MW in Sault Ste. Marie, Ontario, and is eying opportunities in the U.S.
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Four financial institutions have committed to invest tax equity in Pattern Development’s 324.3 MW Broadview wind project in Curry County, N.M., and Deaf Smith County, Texas.
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EDF Renewable Energy has found a third tax equity investor to participate in a deal backing its 225 MW Great Western wind project in Oklahoma.
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A fund managed by Capital Dynamics on behalf of two investors has agreed to purchase the 250 MW Moapa solar project in Clark County, Nev., from First Solar.
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Brookfield Asset Management has entered into exclusive negotiations to reach two separate deals in which it would acquire or assume sponsorship of SunEdison’s yield companies.
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AMP Capital has hired an institutional director to oversee the distribution of its infrastructure debt and equity funds as it grows its Americas team.
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MUFG topped the power project finance league table for North America in 2016, arranging loans totaling some $3.7 billion, according to data from PFR affiliate Dealogic.
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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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Budding solar independent power producer Silicon Ranch Corp. has closed a $55 million equity raise from its existing investor group, led by Partners Group.
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Homer City Generation, a GE Capital subsidiary that owns a 1,884 MW three-unit coal-fired plant in Indiana County, Pa., filed for a pre-packaged restructuring under Chapter 11 on Jan. 11.
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Bank of America Merrill Lynch has arranged a $204 million institutional term loan to refinance a 214 MW residential solar portfolio for Vivint Solar.
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SolarCity has raised $241 million for a distributed solar portfolio with its third levered cash equity transaction.
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Allianz Global Investors, the investment management arm of German insurer Allianz, has completed its first project-level debt investment in the U.S. renewables sector—a more than $400 million private placement for a BHE Renewables wind project in Nebraska.
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D. E. Shaw Renewable Investments has purchased and secured project financing for its first solar project in the Southeastern U.S.
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An institutional investor has joined the $823 million debt financing backing Engie and Red Eléctrica’s Transmisora Eléctrica del Norte transmission line in Chile that is expected to close imminently.
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Capital Dynamics has secured a tax equity commitment from GE Energy Financial Services for a 60 MW solar portfolio in Power County, Idaho.
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Ormat Nevada and Northleaf Capital Partners have closed a $92.5 million private placement refinancing for a 20 MW geothermal project they co-own in Nevada.
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New Energy Solar Fund, an investment vehicle of Australia-based Walsh & Co., is acquiring stakes in two SunPower solar projects in Kern County, Calif.
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New Jersey-based solar shop Soltage has closed the first part of a $140 million equity investment that it will use to develop a 100 MW portfolio of projects in the U.S.
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Allianz Capital Partners is investing tax equity in an EDF Renewable Energy merchant wind asset under development in Illinois.
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A consortium of South Korean investors have taken a $200 million ticket in a senior secured loan backing Starwood Energy Group Global’s acquisition of two merchant gas-fired units totaling 840 MW, as Asian institutions look to increase their exposure to U.S. generation.
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Mainstream Renewable Power has hired a former investment banker and investor to head its new financing and investment division.
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Macquarie Capital has launched a term loan B to finance the acquisition of an approximately 1.5 GW portfolio of contracted gas-fired projects by a three-way joint venture from First Reserve, deal watchers tells PFR.
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Veresen has received more than 200 expressions of interest for a 625 MW portfolio of generation assets it is selling in Canada, according to a person familiar with the process.
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Veresen has received more than 200 expression of interest for the 625 MW portfolio of generation assets it is selling in Canada.
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Akuo Energy has closed financing for its first wind project in the U.S. The deal includes equity from John Laing, a construction loan from BayernLB and tax equity from GE Energy Financial Services.
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Two buyers have agreed to acquire Duke Energy's Latin American assets in separate transactions that will complete the North Carolina-based utility company’s divestment from the region, following a two-stage auction.
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The average price of power purchase agreements awarded in Mexico’s second power auction was 30% lower than in the first auction, with one PPA coming in at just $26.99/MWh. The low prices will translate into lower leverage on projects, say deal watchers.
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IFM Investors has appointed a former banker as executive director of debt investments for North America.
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Altus Power America, a private investor with a 60 MW portfolio of commercial and industrial-scale solar projects in the U.S., has obtained a $200 million equity investment from Goldman Sachs and two other investors.
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Bank of America Merrill Lynch and Bank of New York Mellon are investing tax equity in a pair of wind projects in late-stage construction in North Dakota.
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Two financial institutions are investing tax equity in an EDP Renewables North America wind project that will supply Amazon data centers.
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A buyer has emerged for a pair of peaker plants that Quantum Utility Generation put up for sale earlier this year.
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A former managing director at Morgan Stanley has landed at BlackRock in New York.
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First Reserve has agreed to sell a portfolio totaling nearly 1.7 GW of contracted gas-fired projects to a joint venture holding company owned by Harbert Power Fund V, UBS Asset Management Funds - on behalf of UBS International Infrastructure Fund II - and The Northwestern Mutual Life Insurance Co.
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Euromoney Seminars’ North American Energy and Infrastructure Finance Forum adjourned on Thursday, but not before attendees discussed a myriad of issues ranging from competition between project finance lenders, the impact of the upcoming U.S. election and the implications of a potential hike in interest rates.
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Two bankers who departed JP Morgan’s New York office this summer have resurfaced elsewhere in new roles.
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Conference participants at the first day of Euromoney Seminars’ 11th Annual North American Energy and Infrastructure Finance Forum gathered at the Westin New York at Times Square on Sept. 21 to discuss new constraints and opportunities in project lending.
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Noble Environmental Power, which owns a portfolio of seven wind projects totaling 726 MW in Texas and New York, filed for Chapter 11 bankruptcy protection last week, announcing a restructuring plan that would give MSD Capital, an investment vehicle controlled by computer magnate Michael Dell, greater control over the company.
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Rabobank’s recently departed head of project finance for the Americas has reappeared at a private equity firm twelve blocks down Park Avenue from the Dutch bank’s New York offices.
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Churchill Stateside Group, a Florida-based investment manager, has closed three tax equity funds that will finance the development of approximately 140 MW of solar projects in three U.S. states.
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Citigroup is taking tax equity in an Idaho solar project, according to a filing with the U.S. Federal Energy Regulatory Commission.
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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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SunEdison has received approval from the U.S. Bankruptcy Court for the Southern District of New York to proceed with a sale of a portfolio of commercial and industrial community solar projects in Minnesota.
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Sponsors with gas-fired projects in New York are facing the new reality that nuclear projects in the state could stay online for longer than previously thought.
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NRG Energy’s yield company has priced a $350 million bond, the proceeds of which it will use mainly to repay all its borrowings under its revolving credit facility.
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BlackRock is buying a minority stake in the Advanced Power 1.1 GW Cricket Valley project under development in Dover, N.Y.
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Virgin Group has announced its first wind acquisition, a newly operational project in Jamaica.
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A consortium consisting of an infrastructure portfolio manager, a retirement fund and a financial services company has acquired a one third interest in a wind project in Canada from Samsung Renewable Energy.
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Ren Plastina, partner and head of energy, is leaving American International Group-backed Varagon Capital Partners.
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Two funds managed by Wayzata Investment Partners have entered into an agreement to transfer two units at a gas-fired facility in Arizona to creditor Beal Bank USA.
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Energy Capital Partners is selling an 850.5 MW dual-fuel project near Gaffney, S.C., to an investment fund managed by Arroyo Energy Investors, according to a filing with the U.S. Federal Energy Regulatory Commission.
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A consortium led by Brookfield Infrastructure Partners is close to reaching an agreement to acquire Petrobras' Nova Transportadora do Sudeste natural gas pipeline unit, the BIP's ceo said on the company's second quarter earnings call Wednesday. An exclusive negotiation period ends this month.
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An affiliate of D. E. Shaw Renewable Investments has acquired a solar project on the site of a decommissioned nuclear facility in Sacramento County, Calif., from First Solar.
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Atlantic Power is considering selling a biomass project in Georgia to John Hancock Life Insurance.
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IFM Investors has bolstered its North American infrastructure debt investment team with the hire of an experienced deal originator and executor from Hastings Funds Management.
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S&P Global Ratings has downgraded Southeast PowerGen from BB to BB- with a negative outlook following its failure to fully re-contract two gas-fired assets in Georgia.
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A fund of Denmark’s Copenhagen Infrastructure Partners has acquired two development-stage Texas wind projects, totaling 516 MW, from Tri Global Energy.
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Brookfield Asset Management has closed a $14 billion infrastructure fund. The Brookfield Infrastructure Fund III is the largest unlisted private equity infrastructure fund ever raised, according to the Toronto-based company.
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Cube Hydro Partners, the hydro platform of infrastructure investment manager I Squared Capital, is acquiring a portfolio of four hydro facilities from a subsidiary of aluminum producer Alcoa, following exclusive bilateral negotiations.
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Southeast PowerGen, which is majority-owned by funds of The Carlyle Group, is seeking to unwind lease agreements it has with local authorities for two gas-fired projects in Georgia and instead directly own the facilities.
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A Canadian infrastructure fund and an insurance and financial services company are together buying a 50% stake in an EDF Renewable Energy wind project.
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Bank of America Merrill Lynch is taking tax equity in a D. E. Shaw Renewable Investments-owned solar project in Minnesota.
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A selection of snippets gleaned on the sidelines of the 13th annual REFF Wall Street conference in New York. A regional U.S. bank seeks to break into renewables financing, and a developer gives his frank take on the Mexico power auction results.
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D. E. Shaw Renewable Investments and Bright Plain Renewable Energy have partnered to buy the 20 MW Portal Ridge solar project in Los Angeles County, Calif., from First Solar.
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The buyer has been identified for a hydro project in upstate New York that Canadian midstream gas and power company Veresen announced it was selling last month.
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A mergers and acquisitions banker has left Barclays’ power and utilities group in New York to take up a new role at a pension asset manager.
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A sponsor which develops geothermal projects in in the Americas has closed a $20 million debt facility with the option to draw a further $30 million over the next two years.
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Power Finance & Risk announced the winners of its 13th Annual Deals and Firms of the Year Awards at the PFR Awards Dinner at the Metropolitan Club in New York on Wednesday, April 18. Read the full list of winners here.
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In this week’s Industry Current, Randy Male, managing director at Bostonia Partners in Boston, explores the latest innovations in renewables financing in the wake of a challenging 12 months for the yield company sector.
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Wayzata Investment Partners has agreed to sell the 189 MW West Valley gas-fired facility in Utah to a municipally-owned joint action agency.
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Two development funds have acquired the 35.5 MW Camargo solar project in Mexico's Chihuahua state from Spanish developer Avant Solar.
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A Nashville, Tenn.-based developer, owner and operator of solar projects has raised $111 million with a privately placed capital increase.
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The votes are in, and Power Finance & Risk can now reveal the nominees for the Deals and Firms of the Year Awards.
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The Carlyle Group has obtained commitments totaling more than $1.5 billion for Carlyle Power Partners II, the firm's second fund established to target generation assets in North America.
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Power Finance & Risk’s Deals & Firms of the Year Awards poll has been extended until April 16, giving you an additional week to tell us which banks, sponsors and law firms best navigated the markets in 2015.
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Investors and bankers discussed the possibility that money divested from fossil fuels by institutional investors could find its way into green investments at the Bloomberg New Energy Finance Summit in New York on April 5.
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Brookfield Renewable Energy Partners has closed its acquisition of two hydro projects from Talen Energy for $860 million.
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Tuscon Electric Power is planning to acquire the interests it does not already own in the 424.8 MW Springerville 1 coal-fired project in Springerville, Ariz. according to a filing made with the U.S. Federal Energy Regulatory Commission.
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Attendees at Euromoney Seminars’ 10th Annual Latin American Energy and Infrastructure Finance Forum looked into the potential for accessing large regional markets through their smaller neighbors on Tuesday at the Ritz-Carlton South Beach in Miami.
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In the third and final instalment, Chadbourne & Parke's Keith Martin talks with Jean-Pierre Boudrias, managing director and head of project finance at Goldman Sachs, about the term loan B market, and Jerry Hanrahan, m.d. and head of power and infrastructure at John Hancock, about the project bond market.
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Allianz Capital Partners, the private equity arm of German insurer Allianz, has closed its first U.S. wind tax equity investment and is looking at more. Other European investors are eying the market, but may face regulatory hurdles, say deal watchers.
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Four institutional investors are acquiring a combined minority interest in the seven-project portfolio recently acquired from Tenaska Capital Management by a fund managed by ArcLight Energy Partners.
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A subsidiary of a fund managed by London-based Icon Infrastructure will indirectly obtain a 468 MW portfolio of installed, mixed generation assets as part of its acquisition of Capstone Infrastructure, a Toronto-based open-ended trust.
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I Squared Capital’s ISQ Global Infrastructure Fund has acquired Lincoln Clean Energy.
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U.S. Geothermal has acquired a majority stake in the Raft River geothermal project in Malta, Idaho, from Goldman Sachs.
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A fund managed by Dutch Infrastructure Fund has closed its acquisition of the third of four 10 MW solar projects in Ontario that it agreed to purchase from Canadian Solar in November 2013.
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The Inter-American Development Bank has approved $87.7 million of 18.5-year loans to finance a 100 MW solar project in El Salvador.
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Draft legislation which would extend the production tax credit for wind projects by two years would lead to an increase in wind project development if it is passed, say deal watchers.
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Three or four secondary tax equity deals, in which investors that hold tax equity in wind projects sell the cash portion of their position to third parties, are in the market and finding strong demand.
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EDF EN Canada is selling a stake in its 350 MW Rivière-du-Moulin wind project in Québec to DIM WIND LP, a consortium comprised of Manulife, Industrial Alliance Insurance and Financial Services, and Desjardins.
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Deutsche Asset & Wealth Management is preparing to launch its first clean technology fund focused on the U.S. and Canada early next year, say market sources.
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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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Innergex Renewable Energy has sealed C$311.7 million in non-recourse construction and term project financing for the 150 MW Mesgi'g Ugju's'n wind farm in the Avignon Regional County Municipality of Québec.
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SunEdison has financed another large renewables acquisition with private equity backing as it continues to stockpile assets to drop into its yield company, TerraForm Power.
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Ares-EIF and Northbrook Energy have sold two hydro projects totaling 30.4 MW to the Public Sector Pension Investment Board less than three years after acquiring the projects.
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Florida Power & Light has won regulatory approval for its plan to buy a coal-fired facility in Jacksonville, Fla. and terminate the power purchase agreement it has with the plant.
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Benson Power, a subsidiary of Competitive Power Ventures, has acquired the 64 MW PowerMinn biomass project in Benson, Minn., from ContourGlobal.
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Tenaska and IFM Investors are among the players that can go ahead with the sale of large portfolios of merchant assets in the North East now that PJM Interconnection has announced the results of its capacity market auction.
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Several large portfolio sales involving assets in the North East are set to go ahead following the results of the PJM Interconnection capacity market auction. Elsewhere, renewables assets are changing hands and EDF RE has boosted its development pipeline by acquiring OwnEnergy.
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IFM Investors has started a sale process for its 1,080 MW Essential Power portfolio, one of several large holdings that may be sold now that the delayed PJM capacity auction results have been announced.
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Morgan Stanley has agreed to sell its tax equity stake in a portfolio of eight wind projects to a special purpose entity owned jointly by JP Morgan Capital Corp. and Hannon Armstrong Sustainable Capital.
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Two senior research analysts specializing in renewables stocks left Northland Securities last week to take up new positions at Oppenheimer and Co.
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A subsidiary of Argo Infrastructure Partners is set to acquire the Cross Sound Cable transmission line from an affiliate of Brookfield Infrastructure Partners before the end of August.
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Moody’s Investors Service has produced a ranking of 18 sub-investment grade merchant projects, with those more heavily reliant on uncontracted cash flows featuring at the lower end of the ‘Ba’ category or lower.
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A consortium led by Hunt Consolidated is set to acquire Energy Future Holdings' regulated transmission and distribution company Oncor as part of EFH’s plan to emerge from bankruptcy.
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Two large banks have launched a $414 million debt financing backing NTE Energy's 525 MW Middletown combined-cycle gas-fired project in Ohio.
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The LEGO Group has entered the renewables market by building a 310 MW wind farm off the northwest coast of Germany. Unfortunately, it is not made of the colorful plastic bricks.
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A senior executive at JPMorgan Asset Management in New York has departed the bank.
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This week, SunEdison has driven a barrage of M&A and project finance activity involving more than 1.1 GW of wind assets across the U.S., Canada and Latin America.
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In this exclusive interview with PFR, Mona Dajani, a partner at Baker & McKenzie’s banking and finance group sheds light on how the ongoing transformation of the power industry is driving corporate restructuring in the context of industry consolidation, and a potential uptick in M&A activity.
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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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Manuel Sanchez Ortega has left his position as ceo of Abengoato join BlackRock as managing director and head of strategic development for the company’s infrastructure investment group.
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SunEdison and its yieldco TerraForm Power have scooped a 930 MW wind portfolio for $2 billion from Chicago-based Invenergy, warding off competition from other potential buyers.
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Brian O’Connor and Paul Colatrella, managing directors at Ares Management, talk exclusively to PFR's Nischinta Amarnath about strategies within the company’s direct lending group, their approach to borrowers, the Panda deals, the burgeoning market for mezzanine debt, and more.
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Alterra Power and Starwood Energy have clinched a $287 million debt financing deal for the 204 MW Shannon wind park in Clay County, Texas.
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EDF Renewable Energy's has added 200 MW to its wind portfolio in Texas with its purchase of the Salt Fork project from Cielo Wind Power.
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After obtaining loans for the Big Silver Creek hydro project, Innergex aims to close the financing for the last of its current crop of Canadian projects by Q3, as it eyes expansion into Western Europe and Latin America.
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PSEG Power's acquisition of Genesis Power and Ares EIF Management's 755 MW Keys Energy Center has led to the collapse of a debt financing deal backing the CCGT project, just when it was on the brink of closure.
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Competitive Power Ventures nets close to $1 billion in debt and equity financing for its 720 MW Valley Energy Center combined-cycle gas-fired project in Orange County, N.Y.
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Pristine Sun kicked off the sale of 572 MW of small scale distributed generation solar projects on June 10 and is said to be eyeing upwards of $900 million to finance the projects.
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Competitive Power Ventures plans to raise financing for its 980 MW Fairview combined-cycle gas-fired facility in Cambria County, Pa., next summer.
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Affiliates of 8minutenergy Renewables and D.E. Shaw Renewable Investments are set to wrap a $160 million deal backing the 133 MW Springbok solar project in Kern County, Calif., this week.
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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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Manchester, Mass.-based Clean Energy Future is offloading an equity stake in its 800 MW Lordstown combined-cycle gas-fired facility in Ohio.
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NTE Energy is in the bank market to raise debt for two combined cycle gas-fired projects, each pegged at upwards of $400 million.
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RET Capital, which is eyeing more wind financing deals, has bolstered its origination team with the hire of a former Wells Fargo director.
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The San Mateo, Calif.-based pioneer of asset-backed rooftop solar securities continues exploring new financial structures under its latest hire, Marco Krapels, senior v.p. of structured finance and strategy. In the first instalment of this PFR exclusive, Krapels spoke to Senior Reporter Olivia Feld about SolarCity’s expansion plans and asset class growth.
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Solar developer Cypress Creek Renewables has tapped Allan Riska, formerly senior manager in project finance at SunEdison, as director of its project finance group.
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Reno, Nev.-based geothermal shop Ormat Technologies has sold a 36.75% stake in its holding co. affiliate, ORPD to Toronto-based Northleaf Capital Partners for $162.3 million.
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Pattern Energy Group Inc. has acquired a 77% stake in a 150 MW wind farm that features Amazon Web Services as the offtaker in a $127 million deal with its parent company.
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Cheniere Energy is planning to add two additional trains at one of its LNG export projects, and plans to finance these trains in 2017.
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A subsidiary of Osaka Gas is making its first investment in a merchant facility through its purchase of a 25% stake in the 725 MW St. Charles CCGT project in Maryland from Marubeni Power International.
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London-based private equity shop Terra Firma Capital Partners is placing its U.S. affiliate EverPower Wind for sale, and has hired Bank of America Merrill Lynch as an advisor.
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Western Energy Partners is looking to raise debt for its 750 MW Clean Path project near Waterflow, N.M. after it secures a long-term offtake contract.
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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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Niska Gas Storage, an affiliate of Riverstone and Carlyle, is conducting a strategic evaluation that involves a potential sale of the company.
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Freeport LNG has clinched a $4.56 billion deal in senior debt and mezzanine financing backing its third LNG train near Freeport, Texas.
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With about 800 MW of wind trades grabbing the spotlight this week, this week has seen a spate of M&A activities in the wind space.
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GBM Infrastructure and a Goldman Sachs affiliate have acquired 148.5 MW in two phases of the Tres Mesas wind project in Mexico from Oak Creek Energy Systems.
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BlackRock is taking a 90% stake in a pair of wind farms totaling 80 MW in Iowa from wind developer RPM Access.
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More shops are circling yieldco IPOs even as investor appetite for yieldco paper grows against the backdrop of an industry that is moving toward consolidation.
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Toronto-based Goodwood is acquiring a minority stake in Reno, Nev.-based geothermal developer Ram Power Corp. for roughly $3.26 million.
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EDP Renewables has sold a 35.9% stake in a portfolio of wind assets totaling 1,100 MW in the U.S. to a consortium led by Fiera Axium Infrastructure.
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I Squared Capital has clinched a $3 billion fund focused on investments in infrastructure, including power and utilities.
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An Argo Infrastructure Partners subsidiary has bought the Cross Sound Cable from an affiliate of Brookfield Infrastructure Partners.
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MUFG Union Bank subsidiary Bankers Commercial Corp. is selling its stakes in a pair of wind farms totaling 98 MW in Kern County, Calif., to investors.
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Rockland Capital is selling a 71 MW portfolio of contracted wind and solar projects in Minnesota and Massachusetts.
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An affiliate of Seoul, Korea-based natural gas distributor Samchully Group, is eyeing the U.S. market, following its purchase of a stake in the 570 MW Luna Energy CCGT facility in Deming, N.M.
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A consortium of at least five creditors is looking to acquire minority stakes in Longview Power as it looks to convert the debt held by its lenders to equity interests.
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Rockland Capital’s fund, Rockland Power Partners II is looking to complete its purchase of Valley Road, an LS Power Development subsidiary, which owns two gas-fired facilities totaling 503 MW.
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Global Infrastructure Partners’ second infrastructure fund, is buying a majority of Competitive Power Ventures’ business, and investing capital in the company.
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Northwestern Mutual is selling stakes in a 400 MW wind portfolio to an affiliate jointly owned by JPMorgan Capital Corp. and a Hannon Armstrong subsidiary.
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Apex Clean Energy has closed a $397 million construction loan for its 299 MW Kay wind project in Kay County, Okla.
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TerraForm Power has purchased 521 MW of contracted wind assets from Atlantic Power Corp. for roughly $350 million.
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Pricing talk has emerged on the $275 million term loan package backing Longview Power, launched by Morgan Stanley and KKR Capital Management last week.
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A GE Energy Financial Services unit has agreed to purchase a stake in a portfolio of renewable and thermal projects totaling 579 MW from an affiliate of Enel Green Power North America.
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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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Greenleaf Power is acquiring Leidos’ 37.5 MW Plainfield Renewable Energy biomass project in Plainfield, Conn.
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Morgan Stanley is launching a $275 million term loan package for Longview Power at a bank meeting in New York tomorrow.
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Apex Clean Energy is looking for financing for 450 MW of wind projects in Oklahoma.
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Evelyn Lim, partner at Chadbourne & Parke in Los Angeles, is leaving the firm to join TerraForm Power as managing director for North American origination.
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Abengoa and EIG Global Energy Partners are looking to finance their 924 MW Norte III combined cycle project in northern Mexico.
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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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Jim Schaefer, senior managing director and global head of energy, power & renewables, has left Blackstone Advisory Partners in New York.
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AES Corp. has sealed its purchase of Boulder, Colo.-based solar developer Main Street Power for $25 million.
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Solar, particularly distributed generation, continues to hold the market’s attention as investors look to get into the game ahead of the investment tax credit plunge in 2017.
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Tenaska's controlling stake in N.J.-based solar developer Soltage is expected to support the latter's deployment of $250M+ into a 125 MW portfolio this year.
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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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MMA Energy Capital has hired Kevin Panzica as v.p. of finance as the company looks to expand its financing activity with solar projects.
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Harbert Management Corp. has closed its Harbert Power Fund V with $485 million in equity commitments from 58 investors.
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SunEdison’s yield company TerraForm Power has embarked on a road show for its $800 million offering of senior, unsecured eight-year notes to fund a portion of its $2.4 billion acquisition of First Wind.
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Prospective lenders are aiming to make commitments to PEMEX and IENova’s $1.3 billion financing backing their Los Ramones II Norte pipeline in Mexico.
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LS Power has sealed a refinancing backing its West Deptford combined cycle plant in New Jersey.
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Apex Clean Energy has withdrawn its application with the U.S. Federal Energy Regulatory Commission for approval to sell its Kingfisher wind project to First Reserve.
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Sponsors have closed more than $1 billion in debt and equity financing backing the 674 MW gas-fired Salem Harbor project in Salem, Mass.
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Allete Clean Energy is buying a 108 MW wind project in Iowa from NRG Energy.
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Energy Investors Funds has sold half of its 869 MW Oregon combined cycle project in Oregon, Ohio, to infrastructure investor I Squared Capital.
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NRG Yield has agreed to purchase 785 MW of wind and gas-fired assets from parent NRG Energy for $480 million.
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Silicon Ranch Corp., a Nashville, Tenn.-based solar shop, has raised $140 million in equity from Greystone Infrastructure Fund.
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Hydro-Québec Distribution has set a new deadline for its request for proposals for 450 MW of wind farms in Quebec.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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A variety of changes in PJM and ISO New England are going to re-shape how investors think about power investments in those regions, panelists said at Platts’ Financing U.S. Power conference in New York.
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Bank of Tokyo Mitsubishi-UFJ has agreed to make a tax equity investment in NextEra Energy Resources’ wind farm in Colorado.
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An investor group led by Macquarie Infrastructure and Real Assets has agreed to take Cleco private in a $4.7 billion deal.
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Mild weather in Texas over the last two summers has reshaped how developers and lenders are looking at generation projects in ERCOT, panellists said at Platts’ 16th Annual Financing U.S. Power conference in New York.
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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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Capital Dynamics and Prudential Capital Group have teamed up to buy a 300 MW wind project in Texas from Pioneer Green Energy.
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A group of lenders aim to wrap a financing backing the 517 MW combined cycle Kelar project in northern Chile this month.
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A pair of energy efficiency securitization deals is percolating at Citigroup that could hit the market in the next six months.
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The yield company dance card could double its size in 2015 as a variety of shops consider making a run at the public markets.
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The global wind and solar joint venture between Acciona and KKR could hit the public markets in the first quarter.
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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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Developers are preparing to submit bids in the next few weeks for roughly $2 billion of gas pipelines in Texas and Mexico in tenders hosted by the Comisión Federal de Electricidad.
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The debt capital markets were flooded with power and utility paper this week, as issuers sent $1.85 billion in notes to bond buyers.
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Vivint is teeing up its initial public offering that is targeted to raise up to $370.8 million.
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Ares Capital Corp. has back-levered Competitive Power Ventures’ stake in the 725 MW St. Charles project in Waldorf, Md.
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Tenaska Capital Management has clinched an upsizing of $100 million to its $1.5 billion term loan B on strong investor demand.
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DPL Inc. is out to issue $200 million of senior unsecured notes in a private placement this week as it looks to reduce debt.
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After years of legal battles, regulatory struggles and a documentary film, the Cape Wind offshore wind project has arrived in the project finance market.
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Tom Murray, formerly the global head of energy of WestLB, is set to join Apollo Global Management next week as the firm looks to ramp up its power and infrastructure credit investing.
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Exelon Corp. subsidiary ExGen Texas Power has reverse flexed and downsized a $700 million term loan B it pitched for a dividend recapitalization.
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Tenaska Capital Management’s $1.59 billion refinancing has been floated at LIBOR plus 450-475 basis points.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Solar developers with residential solar pipelines will be looking for tax equity in the next two years at a rate that could squeeze the existing liquidity in the market, according to panelists at IJGlobal’s North America Energy & Infrastructure Financing Forum in New York.
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JPMorgan Capital Corp. and an unidentified co-investor are looking to finalize a tax equity investment in a portfolio of NRG Energy wind farms.
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DIF Infrastructure is looking to make equity investments in solar assets in North America.
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Enel Green Power North America is looking to bring an investor into its U.S. wind portfolio that clocks in north of 1.3 GW.
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The second installment of this Industry Current is written by Anne Hampson, project manager, and Jessica Rackley, senior associate at ICF International in Washington D.C. For the first installment, click here.
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Calpine Corp. has agreed to buy the 809 MW Fore River gas-fired plant in Massachusetts from Exelon Corp.
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TransCanada and Elecnor have dropped out of a request for proposals to build and own the 310-mile Fort McMurray transmission project in Alberta.
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Dynegy is set to acquire 12.5 GW of coal- and gas-fired generation from Duke Energy and Energy Capital Partners.
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Don Kyle, senior managing director of GE Capital Markets, and Carl Peterson, head of debt origination at GE EFS sat down with PFR Editor Sara Rosner to discuss the market for structuring and financing gas-fired generation.
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Gas-fired generation is on track to underpin, and possibly reshape, the U.S. project finance market as more than $13 billion of projects make their way through development and construction in the next 18 months.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Emeka Onukwugha, managing director and co-head of Babson Capital’s private placement group, spoke with Managing Editor Holly Fletcher about what the firm has discovered about the power industry in the two years since it hired a trio of bankers to expand its power lending team.
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Mexico continues to roll forward with its landmark energy reforms this week, as the Senate passed a set of provisions that would essentially create a competitive wholesale power market in the country.
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Brian Daly, managing director at Babson Capital, has left the firm.
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Primary Energy Recycling Corp., an independent power producer that owns recycled energy assets in Indiana, is working with Moelis & Co. on a sale.
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Invenergy has reached deals with both La Caisse de dépôt et placement du Québec and Liberty Mutual Insurance for affiliates to take a minority stake in a portfolio wind farms in the U.S.
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The North American Development Bank has finance a portion of series of solar projects totaling 400 MW that OCI Solar Power is developing in Texas.
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Jeetu Balchandani, formerly MetLife’s head of lease, tax, infrastructure equity and tax credit investments, has joined BlackRock’s U.S. infrastructure debt team as the firm looks to boost its presence in the North America infrastructure space.
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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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La Caisse de dépôt et placement du Québec has bought a stake in Invenergy’s Parc des Moulins in Québec for C$42 million ($38.1 million).
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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TIAA-CREF has invested in a $1.4 billion combined cycle project in New York being developed by Advanced Power NA—the first of what is expected to be a series of partnerships.
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CalPERS and Harbert Management Corp. have emerged as the joint frontrunner in the auction of Ontario Teachers’ Pension Plan Board’s stake in Northern Star Generation.
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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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