Law Firms
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Law firm Barclay Damon has opened a power and energy construction practice area following a merger with Washington DC–based Shapiro, Lifschitz & Schram (SLS).
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Clifford Chance has hired Joclynn Marsh as counsel in its energy and oil and gas related infrastructure practice.
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Latham & Watkins has hired Daniel Sinaiko as a partner in the firm’s project development & finance practice and the energy & infrastructure industry group, based in Los Angeles, California.
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Baker Botts has hired a partner to join its energy, projects, and transactions practice of the firm’s global projects department.
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Law firm Sheppard, Mullin, Richter, & Hampton has hired tax attorney Julie Marion to the energy, infrastructure, and project finance team as partner in Chicago.
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Energy and commodities-focused lawyer Don Macbean has joined Willkie Farr & Gallagher as a partner in the firm's corporate and financial services department based in New York.
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Baker Botts has hired a partner for the energy, projects, and transactions team of the law firm's global projects department in the Washington, DC, office.
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Clifford Chance has hired 2 US energy and infrastructure partners, Ty'Meka Reeves-Sobers and Marcia Hook, to join the law firm's Houston and Washington, DC offices, respectively.
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Crowell & Moring has hired Ruta Kalvaitis Skučas as partner in the law firm's environment, energy, and natural resources practice group.
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Mona Dajani has joined Baker Botts as a partner in the law firm's global projects department in New York.
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Andrea Lucan has joined Sidley Austin’s Los Angeles office as a partner in the firm’s energy, transportation, and infrastructure group.
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Global law firm Vinson & Elkins has added a number of lawyers with energy expertise to its partnership and promoted others to counsel, effective January 1, 2024.
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Linklaters has hired Michael Rodgers – formerly of White & Case – as partner in its energy & infrastructure and tax practices in Washington, DC.
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Law firm Greenberg Traurig has added to its energy & natural resources practice in the US with the hire of a tax partner.
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Clifford Chance has hired corporate M&A partner Cephas Sekhar and counsel Kyle Kreshover to its recently opened Houston office.
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Law firm Akin has hired Sam Guthrie as a tax partner in its Washington DC office to focus on projects and energy transition.
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Baker Botts has hired an energy-focused corporate partner, Clay Brett, to its Houston office. The hire reflects a steady rise in energy and infrastructure deals and investment for the law firm.
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Multinational law firm Winston & Strawn has appointed Rodney Moore and Sam Peca as partners and as members of the transactions department's private equity transactions practice.
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Perkins Coie has hired Buck Endemann and Elizabeth Crouse as partners in the firm’s renewable energy practice based in the US West Coast.
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Gabriel Salinas has rejoined Mayer Brown as a partner in the firm’s Houston office. He will be a part of its corporate and securities practice, where he will focus on M&A transactions and energy transition projects across the Americas.
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Law firm Linklaters has added two partners and senior counsel to its energy and infrastructure group.
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Energy lawyer Tyler O'Connor has re-joined Crowell & Moring as a partner in its energy and government affairs practice, based in Washington DC.
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Bracewell has appointed energy attorneys Frank Lee and Ted Duver as partners in its corporate and securities team in New York.
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A recent court decision relating to a wind project financing in 2010 has injected a dose of uncertainty into valuations used in renewable project deals, especially those involving investment tax credits.
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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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Axium Infrastructure has agreed to acquire the 286 MW Brooklyn Navy Yard in New York from a fund managed by Ares-EIF.
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NextEra Energy Partners has signed a deal to sell its Canadian assets to a pension fund manager as the yield company looks to reinvest capital in the U.S. in the aftermath of December’s tax reform legislation.
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Some of the power finance world’s fresher faces gathered at CohnReznick Capital’s offices in New York’s Credit Lyonnais Building on Oct. 12 for Juniors in Energy Finance's inaugural “30 Under 30” presentation event.
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Sempra Energy has announced that it has agreed to acquire Energy Future Holdings Corp., the majority owner of Oncor Electric Delivery Co., trumping Berkshire Hatherway Energy’s offer to buy the company.
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Onyx Renewable Partners has closed a tax equity investment with RBC Capital Markets.
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Great Plains Energy and Westar Energy have signed a new merger agreement following the Kansas Corporation Commission’s rejection of an earlier deal.
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Capital Dynamics is acquiring the 328 MW (A/C) Mount Signal 3 solar project from developer 8minutenergy Renewables.
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A Bethesda, Md.-based private equity shop has completed its acquisition of a hydro portfolio from funds managed by affiliates of The Carlyle Group.
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Power Finance & Risk announced the winners of its 14th Annual Deals and Firms of the Year Awards at a drinks reception at the Bryant Park Hotel in New York on May 24.
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Alterra Power Corp. has acquired a 320 MW wind project complex in Albany County, Wyo., and is planning further acquisitions of renewable assets in the U.S.
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Bankers are already competing for prospective mandates from companies looking to bid for contracts available this year under Alberta's 5 GW renewables program. The first round, which will award 400 MW of contracts, opened for expressions of interest on Friday.
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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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A lack of sunshine failed to dampen the mood at the Infocast Solar Power Finance & Investment Summit, which attracted approximately 1,000 attendees to the Rancho Bernardo Inn in San Diego, where the prospect of tax reform was mentioned on nearly every panel.
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Bankers are blaming a slow start to the year in U.S. renewables project finance on uncertainty around corporate tax reform, but activity could pick up once developers get their heads around the risks.
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There is plenty of room for growth in commercial solar securitization, SFIG Vegas attendees heard on Tuesday, and lenders need capital markets access to fund it. But the lack of scale in the market is a key hurdle, creating a ‘catch 22’ situation.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for Latin America M&A Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America M&A Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for Americas LNG Project Finance Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for Latin America Project Finance Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America Conventional Power Project Finance Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America Renewable Project Finance Deal of the Year.
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The former head of BBVA’s North American project finance group has landed a position at a British Columbia-based LNG project developer.
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The U.S. Federal Energy Regulatory Commission has issued an order delegating additional authority to its staff to allow orders to be issued while it remains one commissioner short of quorum, but some approvals could still be delayed, say deal watchers.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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The U.S. Federal Energy Regulatory Commission will be unable to issue orders from Friday until at least one commissioner is nominated by the president and confirmed by the Senate.
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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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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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GE Capital's Homer City coal-fired project in Indiana County, Pa., has filed for a pre-packaged restructuring under Chapter 11, as expected.
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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., has reached an agreement with its bondholders regarding a “comprehensive financial restructuring plan” as it prepares to file for bankruptcy this week.
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Kerri Fox, who was head of project finance, North America, at BBVA until September, is one of three independent directors recently appointed to the board of TerraForm Power.
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A show and tell story, a slip of the tongue and an odd metaphor for battery storage leaped out from the pages of the PFR reporter’s notebook following recent conferences in Mexico City and Los Angeles.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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The future of the U.S. Environmental Protection Agency, the Clean Power Plan and tax credits for renewable generation are all up in the air following Donald Trump's presidential win in the early hours of Wednesday morning.
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Enercon Canada has closed a C$825.5 million ($621.4 million) project financing for a 230 MW wind project in Ontario.
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There was little movement in the North American power project finance league table in the third quarter of the year, which was quieter than the same period in 2015. However, Crédit Agricole rose up the ranks, buoyed by its role in a $283 million wind project deal in July.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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The wind industry is a close-knit group and the AWEA Wind Energy Finance & Investment Conference is generally a friendly affair, so there were plenty of lighter moments amid the serious discussions and dealmaking at the Westin New York at Times Square.
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Despite an slowdown immediately following the production tax credit extension, this year has so far been a busy one for wind project financing at a number of the leading banks in the space.
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Panelists discussed the increasing ownership of wind projects directly by utility companies at the AWEA Wind Energy Finance and Investment Conference at the Westin New York at Times Square on Oct. 5.
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Falvez Energy, a wind project sponsor founded by a former banker and a real estate and data center entrepreneur in 2014, has obtained tax equity commitments from two lenders for a merchant wind project.
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American Electric Power has agreed to sell four Midwestern generation facilities, representing roughly two-thirds of its competitive fleet in Ohio, to two private equity firms.
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NextEra Energy Partners has agreed to acquire a 24% interest in the 550 MW Desert Sunlight solar project in California in a transaction to be financed in the equity market.
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In this week’s Industry Current, Bernays ‘Buz’ Barclay, managing partner at Rimon P.C. and senior adviser to Marathon Capital, calls on the power industry to engage with blockchain technology.
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Infraestructura Energética Nova (IEnova) has agreed to buy the "largest wind farm in Mexico” from Blackstone Energy Partners, affiliated private equity funds, Fisterra Energy, which is owned by Blackstone-managed funds, and minority investors.
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Korean Electric Power Corp. is acquiring a solar project in Colorado from a subsidiary of The Carlyle Group. The companies have also announced plans to form a jointly owned independent power producer in the U.S.
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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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Southern Company has taken another step into the natural gas transportation market by acquiring a 50% stake in a Kinder Morgan pipeline system in the southern U.S for $1.47 billion.
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As global financial markets reeled in the wake of the U.K.’s historic vote to leave the European Union, it was business as usual for much of the American project finance community.
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Some of the renewables projects that won offtake contracts in a Mexico power auction in March face a lengthy development period and may even end up not being built at all, said panelists at the Infocast Mexico Power Finance & Investment Summit in New York on June 29.
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Non-utility offtakers signed contracts for about 3.4 GW of renewables last year, but long tenors are still putting some off and regulated markets still present challenges, said panelists at the REFF Wall Street conference in New York on June 21.
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Renewables tax credits may have been extended at the end of last year, but tax equity investors are having to adapt to an evolving market, including ever lower-cost wind generation. Some of the major players discussed the changes at on the first day of the REFF Wall Street conference, which took place at the Grand Hyatt New York on June 21 and 22.
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In the first part of this Industry Current, Orrick attorneys discuss the evolution of the U.S. Department of Defense’s power procurement process and the implications for sponsors seeking DoD power purchase agreements.
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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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Allianz Risk Transfer, with the help of several partners, has created a novel hedge product to protect wind projects against the risks of intermittent wind resources, which deal watchers say could have a major impact on the market.
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In this week’s Industry Current, David Burton of Mayer Brown and Richard Page of Akin Gump Strauss Hauer & Feld discuss the latest tax incentives for solar generation in Idaho, which could encourage additional solar developments in the state.
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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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SunEdison has obtained $300 million of debtor-in-possession financing from its creditors and filed for Chapter 11 bankruptcy protection, the company announced on April 21.
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Panelists discussed the reemergence of the term loan B market and inflows of foreign capital at the Platts Global Power Markets conference in Las Vegas on April 20.
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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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This week’s Industry Current is written by David Burton, partner, and Richard Page, associate, in Akin Gump Strauss Hauer & Feld’s New York office.
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SunEdison's stock price plunged more than 25% on March 22 in response to a report of a possible restructuring.
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The trend toward commercial bank financing of solar projects in Chile on a merchant basis may have stalled, as some projects financed in recent years without power purchase agreements enter restructuring.
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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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Power Finance & Risk’s Deals & Firms of the Year Awards are back, recognizing excellence in power finance and asset M&A across the Americas.
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This week’s Industry Current is a transcript of the second part of a conference call hosted by Keith Martin, partner at Chadbourne & Parke, in which he discusses the cost of capital in the bank market with Rabobank's Thomas Emmons.
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SunDevil Power Holdings is selling two merchant gas-fired units totaling 1.1 GW in Gila Bend, Arizona, after filing for bankruptcy protection.
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This week’s Industry Current is a transcript of the first part of a conference call hosted by Keith Martin, partner at Chadbourne & Parke, in which he discusses the cost of capital in the tax equity market with two industry veterans.
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Orrick has revealed the names of 13 partners it has hired from rival law firms to set up its Houston office, including seven project development and finance attorneys with experience in conventional and renewable generation, transmission, gas pipelines and LNG facilities.
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Axium Infrastructure has purchased a 49% stake in the 100 MW Arbuckle Mountain wind project in Oklahoma from EDP Renewables North America.
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Solar stocks have rebounded on reports that a deal reached by U.S. congressional leaders on a spending bill includes a five-year extension of tax credits for solar and wind projects. The measures have been welcomed by the renewables industry and could lead to an uptick in dealflow.
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Energy Transfer Partners has raised $1.16 billion in two simultaneous deals backing a pair of natural gas pipelines that will connect the Waha hub in Texas to the Mexican border.
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Developers, lawyers and senior rating agency analysts discussed challenges tax equity structures pose to solar securitizations at Infocast’s Solar Capital Markets summit in New York on Oct. 15.
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The Carlyle Group has agreed to buy the 583 MW Rhode Island State Energy Center gas-fired plant in Johnston, R.I., from an Entergy Corp. subsidiary for $490 million.
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Fortistar has acquired two landfill gas projects totaling 11 MW from Green Gas Americas, after sealing $150 million in financing.
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Talen Energy Corp. has agreed to sell two hydro projects to a subsidiary of Brookfield Renewable Energy Partners, and a gas-fired plant to TransCanada, for a combined $1.51 billion.
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On Sept. 16, PJM market participants and industry observers from further afield gathered for the PJM Market Summit to discuss the introduction of new capacity performance rules and the evolution of demand response products.
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The impending expiration of tax credits for renewable projects, stock market volatility and sustained low oil prices were all hot topics at Euromoney Seminars’ 10th Anniversary North American Energy and Infrastructure Finance Forum on Sept. 9 and 10 in New York.
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Florida utility TECO Energy has found a buyer in the form of Nova Scotia-based Emera, and the $10.4 billion price tag suggests competition for TECO’s regulated assets was strong, says a deal watcher.
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This Industry Comment is written by Paul Forrester, a partner in the Chicago office of Mayer Brown. Here, he examines the swap reporting requirements that result from the recent rise of non-utility renewables offtakers.
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Obama has set the first ever federal limits on U.S. power plant carbon emissions in a move that is expected to lead to a deluge of renewables projects.
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NorthWestern Energy is acquiring the Beethoven wind farm near Tripp, S.D., from BayWa r.e. after matching an earlier $143 million offer made by a rival bidder.
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SunEdison is acquiring Vivint Solar from Blackstone and other investors in a $2.2 billion deal which will involve TerraForm Power buying a 523 MW portfolio of rooftop solar assets.
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SunEdison’s emerging market yield company launched its initial public offering and kicked off a roadshow for an $800 million green bond on Monday, both expected to be priced on July 30.
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In the second part of this exclusive interview, Mona Dajani, a partner in the banking and finance practice at Baker & McKenzie’s Chicago and New York offices, talks to PFR about the sustainability of the yieldco business model and the consequences of high levels of liquidity in a credit market pepped up by new entrants.
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Consolidated Edison Development is buying a 95 MW wind farm in Campbell County, S.D. Construction began in December 2014, without project financing in place, in order for the project to qualify for the wind production tax credit.
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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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Market watchers say that the U.S. Supreme Court’s recent ruling on emissions regulations enacted by the Environmental Protection Authority could delay the retirement of coal-fired plants.
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Yield companies are set to circumvent the challenge of new competition if the Master Limited Partnerships Parity Act, recently reintroduced by Delaware and Kansas senators Chris Coons and Jerry Moran, passes muster.
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Oak Creek Renewable Energy is in talks with investors to secure equity investments in the third phase of its roughly 400 MW Tres Mesas wind farm in Tamaulipas, Mexico.
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A snapshot of lighter moments at the 2015 REFF Wall Street conference in New York replete with snippets of conversation and banter across panels, luncheons and cocktails.
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Sempra Energy is gearing up to launch an IPO of Sempra Partners LP, a master limited partnership, as it focuses on ramping up its LNG projects.
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Keith Martin, partner at Chadbourne & Parke expounds the framework laid out by the IRS for companies aiming to operate as master limited partnerships.
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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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This week’s Industry Current is written by Chadbourne & Parke attorneys David Jiménez Romaro and Javier Félix Muñoz from Mexico City, and Raquel Bierzwinsky from New York. The authors examine the evolving regulatory framework for geothermal exploration and production in Mexico.
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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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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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Vivid snapshots of the Platts 30th Annual Global Power Markets conference from our reporter's desk.
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Advanced Power has closed an $899 million debt and equity financing deal for the 700 MW Carroll County CCGT facility in Oregon, Ohio.
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Pattern Energy Group is acquiring a trio of wind projects from Wind Capital Group and Pattern Development for a combined purchase price of $372 million.
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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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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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An affiliate of Royal Dutch Shell is in advanced discussions with Gestamp Solar to acquire 280 MW of utility-scale solar assets in California.
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First Solar and SunPower have filed with the U.S. Securities and Exchange Commission for a proposed an initial public offering backing their new yield company 8point3 Energy Partners.
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This week’s Industry Current is written by Jake Seligman, associate at Chadbourne & Parke in Washington, D.C. Seligman evaluates investor attraction to community solar projects and offers insights into key opportunities, risks and challenges.
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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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This week’s Industry Current is written by David Burton, partner at Akin Gump Strauss Hauer & Feld in New York. Burton, who focuses on tax matters with an emphasis on project finance and energy transactions, examines the now delayed Sol-Wind IPO and compares it to traditional yield companies and master limited partnerships.
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Prospective yield company Sol-Wind Renewable Power has indefinitely pushed back its initial public offering.
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Canadian Solar is considering launching a yield company after it completes its $265 million acquisition of Recurrent Energy from Sharp Corp.
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Mona Dajani, partner at Baker & McKenzie, explains how a recent U.S. Federal Energy Regulatory Commission policy statement could, if adopted, have a significant impact on valuations of large regulated utility mergers and swaps of generation asset portfolios.
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Project finance and M&A activities continue to swirl in and around PJM.
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The U.S. House of Representatives has passed a bill to expedite the approval process for liquefied natural gas export permits to countries with non-free trade agreements with the U.S.
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Atlantic Power Corp. has appointed James J. Moore as its ceo. Moore will play a key role in evaluating the Boston-based company’s generation fleet for potential sales, according to a spokeswoman.
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A deal to finance Genesis Power’s $700 million natural gas-fired Keys Energy Center project in Brandywine, Md., could close as soon as next month, according to a deal watcher.
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Jay Worenklein, former partner and co-head of global projects at Akin Gump Strauss Hauer & Feld, has left the firm and launched US Grid Co., which is focusing on enhancing, developing and financing distribution systems.
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PPL Corp. and Riverstone Holdings have agreed to sell a package of assets in PJM to garner approval from the U.S. Federal Energy Regulatory Commission to form their proposed independent power producer Talen Energy.
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A deal to finance Advanced Power’s 755 MW combined-cycle gas-fired project in Ohio is expected to close in the next few weeks.
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First Reserve has wrapped its acquisition of the 298 MW Kingfisher wind project from Apex Clean Energy.
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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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A refinancing backing LS Power’s West Deptford combined cycle project in West Deptford, N.J., is set to close this month.
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Institutional investors are increasingly looking to make direct investments in generation and gas-related infrastructure, according to panelists at Infocast’s 7th Annual Projects & Money conference in New Orleans.
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Sponsors, investors and financiers are looking for the next slate of opportunities in gas-fired projects and gas-related infrastructure.
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The proliferation of distributed generation, energy efficiency measures and technologies that enable demand conservation, are putting significant pressure on the traditional utility business model.
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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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TerraForm Power has dominated headlines in the last month, following its landmark $2.4 billion acquisition of First Wind.
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EDP Renewables North America has wrapped a tax equity investment from a Bank of America Merrill Lynch subsidiary for its 200 MW Headwaters wind project in Randolph County, Ind.
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This Industry Current is written by Eli Katz and Michael Masri, partner and associate, respectively, at Chadbourne & Parke in New York.
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Southwest Generation has wrapped a $240.7 million refinancing. The deal, which will stabilize the Denver-based shop’s portfolio and allow it to focus on increasing its asset base, closed on Monday.
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The final installment of this Industry Current is an edited transcript of a discussion hosted by Chadbourne & Parke focusing on the benefits and disadvantages of the yield company structure.
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The second installment of this Industry Current is an edited transcript of a discussion hosted by Chadbourne & Parke focusing on the benefits and disadvantages of the yield company structure.
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The following Industry Current is an edited transcript of a discussion hosted by Chadbourne & Parke focusing on the benefits and disadvantages of the yield company structure.
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Allete Clean Energy is buying a 108 MW wind project in Iowa from NRG Energy.
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The House of Representatives is set to vote on a package of tax extensions that includes a one-year renewal of the production tax credit this afternoon.
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Energy Investors Funds is planning an initial public offering of a vehicle that will include landfill gas generating assets, according to documents the shop filed with the U.S. Federal Energy Regulatory Commission.
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In this week’s Industry Current David Burton, partner at Akin Gump Strauss Hauer & Feld, dispels misinformation about the investment tax credit step-down at the end of 2016 and explores how it impacts the solar industry by answering frequently asked questions.
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The 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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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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Sales of solar assets boomed in the first half of 2014 and represent the resource with the most growth in number of asset trades over the same period last year.
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A group of creditors is taking over Kelson LP’s stake in the 620 MW Dogwood combined cycle facility in Pleasant Hill, Mo.
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The second installment of this Industry Current on tidal range power is written by Ted Verrill, president and ceo of Halcyon Tidal Power in Southport, Conn.
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Pattern Energy Group Inc. has shaved 100 basis points off commercial bank debt backing its 265 MW Ocotillo wind project in Imperial Valley, Calif.
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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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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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Contention over pricing and a lengthy due diligence process for Cape Wind's $1.95 billion deal are causing many bankers to question the feasibility of the commitment deadline at month-end.
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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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Southwest Generation is refinancing a portfolio of natural gas-fired assets in the southwestern U.S.
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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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Banks are competing to lead a $700 million to $1 billion refinancing of AES Gener’s 544 MW Angamos coal-fired plant in Chile.
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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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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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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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Coronal Management, a solar developer and financier, has agreed to buy a 29 MW solar project from a subsidiary of hedge fund Centaurus Capital.
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Abengoa Yield is acquiring 181 MW of renewables projects in Uruguay and Spain from Spanish parent Abengoa.
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About 7.8 GW of solar projects have applied for permitting before the Comisión Reguladora de Energia in Mexico, representing just more than half of the 15 GW of applications before the Mexican regulator.
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ConEdison Development has agreed to buy a stake in a wind project that Sempra U.S. Gas & Power is building in Nebraska, deepening its renewables partnership with the sponsor.
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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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Cape Wind has launched a wholesale syndication of a $1.95 billion package backing its 468 MW project off the coast of Cape Cod, Mass.
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Enel Green Power North America is finalizing a $400 million tax equity investment in 350 MW of wind assets from JPMorgan Capital Corp., MetLife Capital Credit and Bank of New York Mellon
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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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Tenaska Capital Management affiliates have launched a $1.59 billion refinancing backing roughly 5 GW of merchant generation.
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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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E.ON Climate & Renewables North America is working with Bank of America Merrill Lynch to sell a portion of its 2.7 GW portfoio of wind assets.
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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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Alterra Power has wrapped a C$110 million ($100 million) loan backing a wind project in Texas and a hydro project in Canada from lender AMP Capital. The deal was announced last week.
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Algonquin Power & Utilities Corp. has agreed to buy a $313.5 million, 200 MW wind project in Minnesota from Geronimo Energy, which has other projects totaling 800 MW on the block.
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BayWa r.e. has acquired an 80 MW wind project in South Dakota, after guidance from the U.S. Internal Revenue Service on the production tax credit strengthened project.
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NRG Yield made the biggest headlines this past month as it wrapped a $2.47 billion acquisition of Terra-Gen Power’s Alta wind series in California (PFR, 8/13).
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A slew of gas-fired projects are slated for development in the next 12-18 months, however, several factors will decide which projects make it through financial close.
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Innergex is reportedly talking to prospective lenders for financing backing one of its larger hydro projects in Canada.
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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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Kristie Pellecchia, director of syndications for Latin America at BNP Paribas, has joined Sumitomo Mitsui Banking Corp.
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Developers, bankers and attorneys are eagerly anticipating billions of dollars of generation and pipeline tenders from Mexican state-backed utility Comision Federal de Electricidad.
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Power industry players circle a bundle of tenders in Mexico and the wind sector regroups stateside after the IRS unveils clarifications to the production tax credit.
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Entegra Power Group has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court of Delaware.
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Editor Sara Rosner spoke with Frank DeRosa, chief commercial officer, and Ryan Bennett, head of North America project finance, about the SunEdison’s growth and development strategy, the impact of its yieldco and its take on the markets.
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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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Mitsubishi UFJ Financial Group has climbed back to the top of mandated lead arrangers in power project finance in North America in the second quarter, lending $497 million during the period, according to PFR affiliate Dealogic.
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A bankruptcy court-run sale for Optim Energy’s coal-fired plant in Robertson County, Texas, is scheduled for Aug. 4.
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The following feature is the final installment of a transcript of a panel co-hosted by Orrick, Herrington & Sutcliffe LLP and PFR as part of our #PowerDrinks series.
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Companies interested in establishing operations in Mexico as the country paves the way for energy reform will have a variety of risks to overcome, panelists said at Euromoney Energy Events' Renewable Energy Finance Forum Wall Street.
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Bankers and lawyers on Thursday’s “Navigating the Debt Markets” panel were asked by moderator Kenneth Locklin, managing director at Impax Asset Management, to gaze into their crystal balls to forecast what they will be saying on the same panel in 2015.
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A collection of sights and sounds from around Euromoney Energy Events' Renewable Energy Finance Forum Wall Street.
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With the oldest yieldco, NRG Yield, preparing to celebrate its first birthday on July 17, panelists at Euromoney Energy Events’ Renewable Energy Finance Forum Wall Street examined issues facing the young class of power companies as they grow.
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Cleco Corp. has hired two advisors to help it evaluate recent interest from potential acquirers.
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Brian Daly, managing director at Babson Capital, has left the firm.
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Renato Plastina has joined newly established asset manager Varagon Capital Partners as head of energy.
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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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A record number of entities participated in voting for Power Finance & Risk’s awards, recognizing excellence and innovation in the power project finance industry in 2013.
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Michael Park, a senior investment officer in the loan guarantee programs office at the U.S. Department of Energy, has joined Noesis Energy in Austin, Texas, as a v.p. of project finance.
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A growing number of developers are suing the U.S. government for allegedly not paying out the full amount of cash grants eligible to qualifying renewable projects under the section 1603 program of the American Recovery and Reinvestment Act.
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Renewables developers and scores of their attorneys are keeping a close watch on several sets of proceedings at the U.S. Court of Federal Claims in Washington D.C.
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AES Corp. has closed a $775 million floating rate note issuance after upsizing the deal from $500 million.
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Innergex Renewable Energy has been speaking to life insurance companies in Canada to finance its 23.3 MW Trethaway hydro project, the first in a C$1.1 billion ($1.01 billion) pipeline of development projects in Canada.
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Deal flow backing renewables projects in Canada is beginning to slow, according to bankers, as many provinces hit or surpass their capacity targets.
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NextEra Energy Resources has been speaking to lenders stateside about financing its 60 MW Bluewater wind project near the coast of Lake Huron, Ontario.
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Attorneys and wind developers have met with representatives of the U.S. Department of Treasury and the Internal Revenue Service to petition for further clarification on the safe harbors under the production tax credit as the wind industry faces looming operational deadlines and wary tax equity investors and lenders.
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Kevin Walsh, director and group head of power and renewables at GE EFS, talks with Editor Sara Rosner about the growth of distributed generation and why photovoltaic solar is still best for achieving economies of scale.
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Shortlisted bidders in Alberta’s request for proposals to develop and own the roughly 310-mile Fort McMurray transmission project in the province are in the market to hire financial advisors.
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Despite the expiration of the production tax credit, wind is set to have a solid year of project financings, according to Kevin Walsh, managing director and group head of power and renewables at GE EFS.
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The U.S. Department of Energy is seeking applications for up to $4 billion of innovative renewables and energy efficiency projects in the latest iteration of the loan guarantee program.
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The pool of cash dog-eared for the distributed solar market is deepening as the sector matures.
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Solar continues to make headlines this week, in both distributed generation and utility-scale, with SunEdison and SunPower nailing down financings.
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A round-up of renewable tax law developments from David Burton, partner, and David Snyder, associate, at Akin Gump Strauss Hauer & Feld in New York.
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The impact of distributed solar generation on the market is challenging the traditional utility-centric model and piquing financier interest, according to panelists at Platts’ 29th Annual Global Power Markets conference at the Wynn Las Vegas in Las Vegas, Nev., April 8.
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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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NRG Yield is set to buy the El Segundo combined cycle facility in California from NRG Energy, the first of four possible deals between the two this year.
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Renato Plastina, managing director of energy, infrastructure and project finance at BNP Paribas, has left the bank to take a position at an unidentified institutional investor.
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Working with local stakeholders and lenders in a constructive manner are critical factors in financing projects in Latin America, noted panelists at Euromoney’s 8th Annual Latin American Energy & Infrastructure Finance Forum at the Biltmore Hotel in Miami on March 11.
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The proliferation of project bonds is set to continue in Latin America as financiers and sponsors work to optimize deal structures, according to panelists at Euromoney’s 8th Annual Latin American Energy & Infrastructure Finance Forum at the Biltmore Hotel in Miami on March 11.
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Developer Canadian Solar has secured a C$48 million ($43.67 million) construction and term loan from Manulife Financial backing the 14 MW Val Caron solar project in Val Caron, Ontario.
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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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The Blackstone Group is pitching a $550 million package to finance its acquisition of three gas-fired plants totaling 1,298 MW in Texas from Direct Energy.
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Merchant project financings with financial hedges and private deals with corporate offtakers are tipped for growth in the Canadian power market due to the lack of power purchase agreements, noted panelists at the 5th Annual Canadian Power Finance Conference in Toronto Jan. 28.
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Affiliates of GDF Suez and Hydro-Québec are selling their stakes in a cogeneration facility in Maine to the third co-owner, Verso Bucksport Power.
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Bank, bond and institutional markets are open for power project financings, according to panelists at the Canadian Power Finance Conference in Toronto Jan. 28.
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Utilities are looking at rooftop solar programs and initiatives largely because of customer demand.
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Bill Sutherland, senior managing director of project finance at Manulife Financial Corp. in Toronto, spoke with Senior Reporter Holly Fletcher about the lifeco’s strategy for choosing deals, pricing and the Canadian landscape of project finance lenders in the second and final installment of this Q&A.
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Algonquin Power & Utilities Corp. is in the process of issuing C$200 million ($182.9 million) in bonds to finance the acquisition of wind stakes in the U.S. and pay down debt at one of its operational wind farms.
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Tax equity investment is growing, fueled largely by an increase in opportunities in the rooftop and distributed solar space, said panelists at Infocast’s 6th annual Projects & Money conference at Harrah’s New Orleans on Jan. 15.
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The number of yieldcos is slated to increase this year, with existing yieldcos fueling a strong buyers market for generation assets, according to panelists at Infocast’s 6th annual Projects & Money conference at Harrah’s New Orleans on Jan. 14.
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NRG Energy is financing a portion of its $2.635 billion acquisition of Edison Mission Energy with $1.1 billion in privately placed bonds.
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The U.S. Internal Revenue Service and Department of Treasury have issued guidelines on tax equity investments in financing the rehabilitation of historic buildings that is expected to impact some types of renewables tax equity deals
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The $990 million financing of the 614 MW Oakley gas-fired project has been temporarily put on hold as co-developers Radback Energy and Wellhead Electric await a court ruling on the merits of a petition challenging the facility’s power purchase agreement.
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This week’s Industry Current is written by Elias Hinckley, head of energy finance and David John Frenkil, an attorney in energy finance at Sullivan & Worcester in New York.
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NRG Energy has emerged as the stalking horse bidder in the bankruptcy court-run sale of Edison Mission Energy with an agreement to pay $2.635 billion for 7.5 GW and a trading and marketing subsidiary.
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Jeffrey Chester, partner at Kaye Scholer, has joined Morrison & Foerster as the law firm looks to build out its energy group.
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Richard Randall, managing director and head of project finance and independent power producer coverage at Royal Bank of Scotland, has left to join Industry Funds Management.
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The U.S. government shutdown is jeopardizing billions of dollars of wind projects that are aiming to qualify for the production tax credit before it expires Dec. 31.
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In this week’s round-up: Several sponsor wrap project financings and a pair of solar securitizations is on the horizon.
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In a sector packed with project finance and M&A giants from Europe and Wall Street, Marathon Capital stands out as an independent advisory shop that continues to net business with power industry heavyweights.
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Two separate solar securitization deals are currently with the ratings agencies, vying to be the first in the asset-backed security class.
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Longview Power, LLC, the independent power producer backed by First Reserve, has filed for Chapter 11 protection in the U.S. Bankruptcy Court District of Delaware.
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Edison Mission Energy is marketing coal, gas and wind generation assets as part of its Chapter 11 bankruptcy proceedings.
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In a rare interview, Michael Polsky, founder of Chicago wind shop Invenergy, and Jim Murphy, coo and cfo, sat down with PFR Executive Editor Peter Thompson to discuss a range of issues including debt structures, lender relationships, the prospects for solar and wind and why an IPO is not in the cards.
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This week’s Industry Current is the transcript of a panel of industry officials focused on the market for portfolio sales of generating assets and consolidation in the power industry.
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Brazilian conglomerate Odebrecht has closed a $774 million senior secured financing package backing its 406 MW Chaglla hydro facility in Peru.
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European and U.S. investment banks have continued to move up the North America project and energy finance league table ladder in the second quarter as they snag mandates in the booming B loan market.
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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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Samsung Renewable Energy has scaled back its investment in renewable energy development in Ontario to C$5 billion ($4.74 billion) from a planned C$7 billion ($6.64 billion).
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While most bankers may be aware of Energy Investors Funds' Pio Pico plant because of the financing opportunity, they’re probably missing its significance, though indirect, in endocrinological history.
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The U.S. Department of Energy signaled that it would proceed cautiously before approving any more applications to export U.S.-produced liquefied natural gas after granting only the sec¬ond export license in May.
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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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Nearly 100 active borrowers, asset acquirers and sellers, lenders, attorneys and advisors voted in our new and expanded awards process.
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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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Ralph Cho and Michael Pantelogianis started as co-heads of power in North America at Investec earlier this year after nine years working together at WestLB. Cho and Pantelogianis sat down with Senior Reporter Nicholas Stone to discuss their first few months with the bank, where they are seeing opportunities in the market and what they are looking to achieve.
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Institutional demand for Energy Capital Partners’ $610 million term loan has allowed the private equity shop to upsize the loan and reprice existing debt.
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A subsidiary of U.S. Bancorp is planning to take both equity and tax equity stakes in an EDF Renewable Energy wind farm in Minnesota that went online in 2009.
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This week’s Industry Current is written by Darin Lowder and Mary Grace Folwell, associates at Ballard Spahr in Washington, D.C.
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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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Canadian banks are targeting renewable energy projects for bond financings in the country.
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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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Financiers and sponsors are trying to figure out how to develop a solar securitization structure that appeases tax equity investors concerns’ regarding subordination.
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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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Edison Mission Energy has taken pitches from investment banks to sell its 7.5 GW generation portfolio.
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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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Starwood Energy and Fiera Axium Infrastructure are rounding up roughly $140 million in debt on a 35 MW solar project that they are developing in Ontario.
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BrightSource Energy is looking for equity investment at the corporate level.
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European lenders took the bulk of top mandated lead arranger slots in power and energy project finance deals in North America, netting $1.3 billion, or roughly 40%, of the $3.21 billion in deals done in the first quarter of this year.
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Renewable energy projects traditionally attract financing only after securing a long-term contract to sell the electricity to a creditworthy offtaker at a relatively fixed price. The project development is hard enough, but in today’s market, finding a power contract is becoming exceedingly difficult.
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Energy Future Holdings and its private equity sponsors have failed to reach an agreement with first lien creditors for a prepackaged bankruptcy filing.
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Federal subsidies are reshaping deals this year, as the power industry copes with the expiration of the U.S. Department of Treasury’s cash grant program and a decreasing confidence in the long-term viability of the production tax credit, Mike Lorusso, managing director and group head of CIT Energy in New York, told PI in an exclusive interview.
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The annual bacchanal in Las Vegas holds center stage for many in the industry as a place to pick up on trends, do business and relax. Last week’s event was no exception. But there was also a real sense of the industry being at something of a watershed as how to deal with the unprecedented flood of cheap natural gas in the U.S.
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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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The unseasonably chilly Las Vegas weather put a dampener on golf rounds ahead of the formal start of the conference.
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Topaz Solar Farms is issuing $250 million of 144A bonds to finance its 550 MW Topaz solar facility, bringing total debt on the project to $1.1 billion instead of its planned $1.3 billion
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GE affiliate GE Energy Financial Services has agreed to purchase a 51% stake in Enel Green Power North America’s 250 MW Buffalo Dunes wind farm for roughly $40 million.
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Longview Power, the owner of a merchant 695 MW supercritical pulverized coal-fired facility in Maidsville, W. Va., is reportedly facing a potential debt covenant breach.
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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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This week’s Industry Current is written by Kerin Cantwell and Miles Killingsworth, partner and associate, respectively, at Akin Gump Strauss Hauer & Feld’s global project finance practice in Los Angeles and George “Chip” Cannon, Jr., partner at the firm’s energy regulatory practice in Washington D.C.
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Harry Clark has spent more than two decades working on government contracting.
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A consortium led by affiliates of Odebrecht and state-backed utility Eletrobras Furnas is weighing issuing bonds backing a 3,150 MW hydro facility in Rondônia, Brazil, according to a deal watcher on the sidelines of Euromoney Seminar’s Latin America Energy & Infrastructure Finance Forum.
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Bonds backing generation assets will increasingly be used for project financing.
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Energy and infrastructure finance advisory shop Astris Finance is looking for players to participate in a new solar offtake arrangement in northern Mexico.
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Local banks are increasingly active in project finance in Latin America.
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Mining development in northern Chile and southern Peru is creating a need for dedicated infrastructure, including generation capacity.
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This week’s Industry Current is the final installment of a transcript of a panel of industry officials focused on the U.S. Army’s solicitation for renewable projects.
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Cape Wind has mandated Bank of Tokyo-Mitsubishi UFJ to lead financing for its $2.6 billion project, Jim Gordon, ceo, told attendees at Euromoney’s 8th Annual U.S. Power & Renewable Finance Conference in New York today.
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This week’s Industry Current is the transcript of a panel of industry officials focused on the U.S. Army’s solicitation for renewable projects.
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This week’s Industry Current is written by Paul Kaufman, partner in corporate and project finance at Chadbourne & Parke in Los Angeles.
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JPMorgan Capital Corp. has made a $35.7 million tax equity investment in eight geothermal facilities owned by Ormat Nevada in California and Nevada.
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CIT Energy has financed a rooftop solar project at a private housing complex planned for Joint Military Base McGuire-Dix-Lakehurst in New Jersey.
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Private equity funds and pension trusts that are unable to use the large tax subsidies on U.S. wind farms may have an opportu¬nity shortly to acquire operating projects.
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NextEra Energy Resources is planning on issuing more bonds backing renewables projects in Canada.
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Northland Power is talking to lenders to fund development of 30 MW of solar projects in Ontario this quarter.
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More natural gas-fired, nuclear and biomass generation opportunities could result from increased coal-fired retirements in the U.S., according to panelists at Infocast’s 5th Annual Projects & Money conference executive briefing in New Orleans.
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BluEarth Renewables, a Calgary-based independent renewable power producer, is talking to lenders for financing backing its 60 MW Bow Lake wind farm in Algoma district, Ontario.
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European lenders will likely increase participation in project finance deals due to the Basel Committee on Banking Supervision’s decision to delay and water down Basel III requirements, according to bankers and executives.
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Generation asset merger and acquisition activity this year is expected to be driven by companies looking to exit non-core business areas and private equity funds nearing the end of various funds’ life cycle, says Todd Guenther, managing director at Citigroup.
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Japanese banks took the lion’s share of lead arranger mandates in power and energy project finance deals in the Americas in 2012. The lenders accounted for four of the top 10 slots, for a combined $10.1 billion in deals, according to DeaLogic, a PI sister operation.
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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 hearing to approve the re-organization plan for Homer City Funding, the financing vehicle affiliated with the 1,884 MW coal-fired plant, is set for Thursday in the U.S. Bankruptcy Court District of Delaware.
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Exelon has completed the sale of three coal-fired plants in Maryland to Raven Power Holdings, a portfolio company of Riverstone Holdings.
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Algonquin Power & Utilities Corp. has increased a senior secured credit facility to $200 million from $155 million ahead of developing a pipeline of wind and solar projects in the U.S. and Canada.
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Mizuho Corporate Bank has hired Sara Pirzada, a former director at WestLB, as senior v.p. of syndicated finance.
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LS Power is looking for roughly $300 million in financing for a pair of gas-fired plants it is developing in PJM.
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Simply to keep the lights on, Chile needs to increase generation by 6% per year, but developers have put the Chilean government in a difficult position by suspending several large-scale power projects and attributing the delay to government policies.
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BHP Billiton has short-listed three bidders for a request for proposals for a plant that will power its Escondida copper mine southeast of Antofagasta, Chile.
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First Wind is considering developing a wind project in Bingham, Maine, that could include up to 60 turbines.
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Siemens has finalized a contract to supply turbines to Pattern Energy’s 265 MW Ocotillo wind project in Southern California.
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Residents of Tuscola County, Mich., protested a wind project proposed by Invenergy in an open house on Monday.
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The Union of Concerned Scientists says utilities could retire more than 300 U.S. coal-fired plants as the cost of installing pollution control equipment would make the assets less competitive with wind and natural gas-fired generation.
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The U.S. Bureau of Land Management has released an environmental impact statement on the enXco’s proposed Desert Harvest solar project.
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Puget Energy is talking with lenders about lining up two new credit facilities.
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Iberdrola will try to reduce debt and sell off non-core assets as it retrenches to deal with a credit downgrade and persistent uncertainty about the Spain’s economy.
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Utilities are expected to continue to cash in on low—in many cases, record low—rates in the bond market.
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Bankers were not allowed into the open company visits at the EEI Financial Conference in Phoenix, Ariz.
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A lack of uniform standards for commercial solar installations is the main obstacle to structuring the market’s first securitization of solar panel revenues, says Paul Detering, ceo of Tioga Energy.
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Antrim, an affiliate of Boston-based State Street Corp., is making a tax equity investment in two wind farms in Colorado developed by NextEra Energy Resources.
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In this week’s Industry Current the authors take a look at President Barack Obama’s order requiring a Chinese company to sell its stakes in four wind projects in Oregon and its potential implications for other projects.
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In the second installment of this Industry Current, four veterans in the project finance market talked about private equity and merchant risk in regards to the cost of capital at an event hosted by Chadbourne & Parke.
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The wind market is quietly gearing up for a new era in acquisition opportunities as a generation of wind farms that inked tax equity deals in 2007 draw near the partnership flip date—or the time when the tax equity investment matures.
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In this week's round-up: Gas-fired plants in Arizona, Michigan and Texas have found new owners just as Allstate Investments looks to make a drive into power equity plays.
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The merits and detractors of 144A and private placements made headlines in the past month as project financiers and sponsors look for ways around a constrained bank loan market. That hurdle has not stopped some sponsors, such as BrightSource and Freeport LNG, from sniffing out billion dollar-plus deals, which could include bond components. In M&A, the specter of initial public offering in Canada for a renewables developer continues to shine in the Pattern Energy saga.
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In this week’s Industry Current, four veterans in the project finance market talked about the cost of capital at an event hosted by Chadbourne & Parke. Eli Katz, partner in New York, moderated the panel.
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Renewable developers waiting to make a move toward an initial public offering should begin preparing even when the markets are not ideal, bankers said at Euromoney’s Renewable Energy Financing Forum-West in San Francisco.
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Quantum Utility Generation is talking to lenders about financing development assets and potential acquisitions before year-end.
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A slowing market in the U.S. has sent developers scurrying into Mexico, Brazil, Chile, Peru and Puerto Rico, among other locations.
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A slowing market in the U.S. has sent developers scurrying into Mexico, Brazil, Chile, Peru and Puerto Rico, among other locations. In the first installment of this Industry Current, investors and developers share experiences in Latin America and discuss the economics, potential and challenges of the market.
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As the presidential campaign heats up, details of each candidate’s energy policies have emerged to shed light on potential impact on future energy investments and transactions.
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Traditional private placements and 144a deals are being targeted by sponsors as the bank loan market continues to strain under financial troubles in Europe.
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This week’s Industry Current is written by Ben Davidson and Christopher Gladbach, managing associates of energy infrastructure for Orrick, Herrington & Sutcliffe in Washington, D.C.
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Transmission users are looking to clamp down on investor owned utilities’ return on equity in transmission projects, with four complaints filed with the U.S. Federal Energy Regulatory Commission.
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In this week's round-up: Lenders look to relationship sponsors to beat the summer doldrums and M&A gears up for the year-end crunch.
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This week’s Industry Current is written by David Burton, partner focusing on tax and global project finance at Akin Gump Strauss Hauer & Feld in New York.
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The U.S. Department of the Treasury is facing criticism from sponsors and attorneys who say it is increasingly assigning lower values to projects seeking cash grants than the numbers submitted by sponsors.
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Bankers and attorneys are discussing a federally backed enterprise, dubbed Sunny Mac that would essentially support the nascent solar securitization industry vis-à-vis the way Fannie Mae and Freddie Mac anchor mortgage-backed securities.
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Generation assets sales were down in the second quarter compared to the same time last year, though solar trades increased, according to PI’s Generation Sale Quarterly Report.
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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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Utilities in Idaho are looking to rework qualifying facility PPAs—a move that could slash revenues from hundreds of megawatts of contracted wind projects, leaving the facilities unable to service debt.
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In this week’s Industry Current, several solar company executives shared lessons learned from closing recent financings in a roundtable organized and moderated by Keith Martin partner at Chadbourne & Parke in Washington, D.C.
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A bevy of renewable assets went on the block in June and project finance players are buzzing about the next generation of funding options.
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Pablo Garcia, managing director and head of Latin America global infrastructure finance of Scotia Capital, has joined construction company Ingenieros Civiles Asociados in Mexico City as head of infrastructure finance.
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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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Summit Power is looking for roughly $500 million in tax equity investment for its $2.4 billion, 400 MW integrated gasification combined-cycle project in Odessa, Texas.
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The hunt is on for the next generation of project financing options, including master limited partnerships, real estate investment trusts, project bonds and securitizations, according to executive and financiers at the 9th annual REFF-Wall Street conference in New York last week.
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BrightSource Energy and NextEra Energy Resources have each agreed to acquire projects from Solar Trust of America.
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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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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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Cleo Zahariades, an investor in Dynegy, is suing the company’s directors in Delaware Chancery Court.
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Five partners have joined law firm Bracewell & Giuliani from the power and utilities group at beleaguered Dewey & LeBoeuf.
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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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There’s a lot of uncertainty floating around these days and the power project finance and M&A markets are not immune, especially when it comes to activity on Capitol Hill.
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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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Salvador Escobedo, founding partner of Latin American solar management firm SOLAM, on the need for strong, transparent competition in the region: “The conquest of Latin America happened 500 years ago.”
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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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Solar Trust of America is set to receive funding from a hedge fund in lieu of financing from NextEra Energy Resources in order to push back the dates on a bankruptcy court-run sale of four solar photovoltaic projects.
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Creditors of Solar Trust of America, the solar developer that filed for bankruptcy earlier this month, are in the final stages of choosing an investment bank to advise on the sale of a 2 GW solar development pipeline.
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Wind Capital Group has pushed back the financing of its 150 MW wind project in Osage County, Okla.
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The mergers and acquisitions market has turned tepid as renewables, thermal and coal-fired assets are bogged down by uncertainty about federal energy policy, emission regulations and the grid as baseload plants go offline.
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A round-up of notable outtakes from Platts 27th Global Power Markets conference April 1-3 in Las Vegas.
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Protecting endangered species at the sites of renewables projects—particularly solar and wind facilities—is increasing the cost to build and maintain plants, according to a special comment issued late last month by Moody’s Investors Service.
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First Wind has landed a $236 million financing supporting its 69 MW Kawailoa project in Oahu, Hawaii.
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PI was chock full of features and news on the industry’s biggest players in power M&A and project finance.
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Six attorneys in Dewey & LeBoeuf’s tax equity team have left for Sidley Austin, including partners Sean Moran, Michael Joyce and Timothy Moran.
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Multilateral financial institutions are looking at taking bigger tickets in project financings and considering modifications to traditional deal structures.
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GCL Solar Energy is seeking up to $1.5 billion in construction debt this year to support 450 MW of photovoltaic projects in California and Puerto Rico.
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PI’s annual awards recognize excellence in power project finance and M&A transactions by assessing deals in terms of innovation, size and hurdles cleared on the road to execution.
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