Lending
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Intrepid Investment Management and Meritz Securities have teamed up to pursue credit investments in the North American energy sector.
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This week, First Citizens Bank agreed to a whole bank purchase of Silicon Valley Bank, taking on all its loans and certain other assets, as well as assuming all its customer deposits and certain other liabilities. In all, First Citizens is taking assets of $110 billion, deposits of $56 billion and loans of $72 billion.
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Voya Investment Management, the asset management business of Voya Financial, has reached first close on an infrastructure debt fund that is focused on renewables project financing.
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Invenergy has secured construction financing for the second phase of a massive 1.3 GW solar project in Texas.
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A pair of investors has closed acquisition financing to support their purchase of the Canadian operations of Brookfield Infrastructrure Partners' district energy business, Enwave Energy.
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NextEra Energy Partners plans to upsize a $1.1 billion convertible equity financing that it secured in November with a consortium of investors led by KKR & Co.
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CarVal Investors has raised $490 million for its CVI Renewable Energy Fund, almost double its initial target of $250 million.
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Quinbrook Infrastructure Partners' portfolio company Scout Clean Energy has secured a $50 million letter of credit facility.
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Three members of BlackRock’s infrastructure credit group have left the firm for The Carlyle Group in New York.
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I Squared Capital has launched a $405 million term loan B package as part of the financing of its $961 million acquisition of publicly-listed independent power producer Atlantic Power Corp.
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Deal watchers say the sudden bankruptcy filing of Brazos Electric Power Cooperative – which had previously enjoyed single-A credit ratings – could be the first of many in the wake of the recent winter storms in Texas.
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In February, for the first time, Power Finance & Risk brought together representatives of the bank loan, private placement, term loan B and tax equity markets with a project sponsor to discuss the state of project finance, how they coped with the Covid-19 pandemic and what is in store for 2021.
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FirstEnergy Corp's lenders have signed waivers and amended the terms of its loans to cure compliance breaches stemming fromthe disclosure of a roughly $4 million payment in 2019 that was uncovered as part of an internal bribery investigation.
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The apparently unstoppable trend of ever-tightening project finance margins finally hit the buffers in March 2020. But now, even as the pandemic continues to rage, the race to the bottom is back with a vengeance.
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Cypress Creek Renewables has closed an oversubscribed $200 million holdco loan to support its 1.6 GW operating utility-scale solar portfolio in the US.
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Take-or-pay busbar power purchase agreements with electric utilities are all well and good, but they’re starting to look a bit old-fashioned. Bitcoin batteries and green hydrogen are where it’s at these days.
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The creditors of ArcLight Capital Partners’ Chief Power coal-fired portfolio in Pennsylvania are looking to foreclose on the assets after attempts to find a refinancing solution failed.
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Price talk has emerged on a term loan B refinancing for the 974 MW Linden Cogen project in New Jersey following a bank meeting last week.
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The owners of a cogeneration plant in New Jersey have appointed Jefferies as left lead on a term loan B refinancing to be launched later this week.
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The Carlyle Group and EIG Global Energy Partners’ deal to take ownership of Panda Power Funds’ Patriot and Liberty combined-cycle gas-fired plants in Pennsylvania ended years of speculation about the fate of the two plants. But the story did not end there, as the buyers launched the acquisition financing into a market roiled by coronavirus.
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BNP Paribas has appointed a head of sustainability in São Paulo to design and implement the bank's sustainable finance strategy.
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As Pacific Gas & Electric’s bankruptcy proceedings appear to roll inexorably toward resolution, owners of power and renewable energy projects tied to the utility through power purchase agreements are beginning to indulge in pleasant thoughts of a return to normal for their project finance arrangements.
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One of the first pieces of advice a retail stock investor receives after opening their first brokerage account or downloading the Robinhood app is not to try to “time the market.” But in corporate finance – especially during weak markets – timing is everything. If a window of opportunity opens after a period of volatility, you go for it.
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Innergex Renewable Energy has secured $221.3 million in debt and tax equity for a solar project in Ohio.
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Covid-19 may have put an end to the days of two-digit margins on construction loans, but while project finance bankers generally agree that pricing is set to widen, the question remains—by how much?
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Clearway Energy Group has financed a solar project in California that is contracted with two community choice aggregators and a municipality.
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While yield-hungry investors of all stripes are viewing distributed, small-scale solar companies ever more favorably, the founders and management of the target companies are finding that there are attractive alternatives to selling stakes in their businesses outright.
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A burst of renewable energy refinancings in the run-up to year-end is bolstering an otherwise slow 12 months in power and renewable energy project finance in Canada.
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Innergex Renewable Energy is preparing to refinance for the second time a solar project in Ontario that has been online since 2012.
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Transmission company Celeo Redes has locked in debt for 30 years—an unusually long tenor for Chilean project finance—to finance a three-project portfolio in the country.
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North Carolina-based developer Strata Solar is in talks with four banks to arrange an enlarged revolving credit facility.
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EDP is negotiating the financing of a transmission line project in Brazil that it acquired earlier this year.
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Canadian Solar is structuring a debt package with two commercial banks for a 95 MW solar project in Aguascalientes, Mexico.
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Cheniere Energy Partners closed $1.5 billion in senior secured loans with 29 lenders on May 29 to finance construction of train 6 of its Sabine Pass Liquefaction project in Cameron Parish, La.
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Andy Redinger and Daniel Brown, managing directors at KeyBanc Capital Markets, discuss residential solar finance, including the latest trends in M&A and the future of the sector.
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Clearway Energy Group refinanced its 204 MW Tapestry wind project trio in April, increasing the portfolio’s leverage, pushing back the maturity of the debt and cutting the pricing.
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Indeck Energy reached financial close today on its $1 billion Niles Energy Center in Cass County, Mich., including floating and fixed-rate project finance debt.
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Nautilus Solar Energy has signed debt financing for a 6.6 MW community solar portfolio in Maryland.
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CoBank’s Brian Goldstein, KeyBanc Capital Markets’ Andy Redinger and Morgan Stanley’s Michael Kumar joined PFR editor Richard Metcalf in January to review 2018 in power project finance and look ahead to 2019. Check out what they had to say.
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A former global co-head of infrastructure and energy structured credit at Deutsche Bank is starting the New Year with a job at a distressed credit investor.
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The government of Alberta has awarded power purchase agreements totaling 763 MW in its latest renewable energy auction, which is estimated to lead to C$1.2 billion ($890 million) of private sector investment.
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Morgan Stanley Infrastructure Partners has closed the refinancing of its 805 MW Red Oak combined-cycle project in New Jersey.
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The owners of a gas-fired combined-cycle project in Pennsylvania that began operations in November have mandated a bank to lead a refinancing of its debt in the term loan B market.
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LS Power has financed a pair of under-construction U.S. transmission projects with a combination of holding company and operating company debt.
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Cordelio Power has issued a C$858.2 million ($639.6 million) dual-tranche private placement to refinance a 249 MW portfolio of renewables in Ontario that the Canadian Pension Plan Investment Board-owned company bought in June.
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Spain's Cox Energy has obtained environmental permits for a 308 MW solar project in Chile's Atacama desert region that the developer expects to cost €240 million ($271 million).
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Fotowatio Renewable Ventures is nearing financial close on its 290 MW Potrero solar project in the Mexican state of Jalisco, which will sell its output entirely into wholesale markets.
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The owners of the Woodbridge Energy Center, also known as CPV Shore, have launched a debt refinancing into the shaky term loan B market, where challengin conditions have recently prompted other borrowers to pull or delay deals.
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The term loan B refinancing of the 869 MW Oregon Clean Energy Center in Ohio is understood to have been postponed until next year amid tough conditions in the leveraged finance market.
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Frederic Petit has resigned from his position as director in the New York project finance team of Crédit Agricole to join Investec’s growing line-up.
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Investec has launched a $250 million debt facility into syndication to refinance Primary Energy Recycling Corp., a portfolio of behind-the-fence generation assets located at steel mills in Indiana.
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Silicon Valley Bank has appointed Ines Serrao as a vice president in its project finance team in New York, where she will report to her former boss from her time at BBVA, Kerri Fox, as well as Bret Turner.
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Argentine construction company Genergíabio has signed financing with a syndicate of banks for an 18 MW biomass project in the province of Corrientes.
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A high-voltage transmission line developer has signed a letter of interest with a potential anchor customer for a 1,000 MW project designed to deliver renewable energy from Upstate New York to Brooklyn.
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A consortium of sponsors including Mitsubishi Hitachi Power Systems is in the market to raise financing for the 466 MW Vale Azul II combined-cycle project in Brazil.
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A more-than-1.6 GW combined-cycle gas-fired project in Brazil, backed by Prumo Logística, BP and Siemens, is on the verge of sealing debt financing.
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Moody’s Investors Service has downgraded the term loan associated with the Hunterstown gas-fired project in Pennsylvania in response to a plan by its private equity owner to pay itself a dividend with the proceeds of an additional debt raise.
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Dominion Energy has closed a green private placement bond to finance a portfolio of 20 operational solar projects totaling 574 MW.
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Christoper Jordan has left his position as director of US private placements at Barclays in New York.
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A Fortistar-led consortium is preparing to refinance a portfolio of behind-the-meter generation assets located at steel mills in Indiana.
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AltaGas has raised about $874 million by floating a portfolio of Canadian utility and power assets and loading the newly listed spin-off with debt.
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Atlantic Power Corp. has returned to term loan B market right on cue, six months after the last time it cut the pricing on its debt.
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Morgan Stanley Infrastructure Partners was able to reverse-flex the pricing on a loan it is raising to finance its acquisition of the Bayonne Energy Center gas-fired combined-cycle facility in New Jersey.
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Morgan Stanley Infrastructure has closed its acquisition of the 644 MW Bayonne Energy Center gas-fired project in New Jersey, a deal financed with an acquisition loan package that was oversubscribed in the bank market.
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Banks have received invitations to participate in the refinancing of a New Jersey gas-fired project whose existing debt is in the form of a bond.
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Blackstone has firmed up pricing on its incremental debt raise for the Frontera combined-cycle gas-fired plant in Mission, Texas, while increasing the size of the deal.
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Sturdier power market fundamentals, coupled with an abundance of capital, have improved the refinancing prospects of merchant gas- and coal-fired projects in PJM Interconnection, according to a report from Moody’s Investors Service.
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Blackstone is hunting additional debt in the term loan B market for its Frontera combined-cycle plant, which is in Texas but sells its output into Mexico.
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Infrastructure credit doyen Thomas Murray resigned from Apollo Global Management in September, PFR has learned.
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Several former Morgan Stanley power and utilities bankers have completed their move to Jefferies.
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Société Générale has made two lateral hires to its infrastructure project finance team at vice president level and is looking to round out the group with two associates, PFR has learned.
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Société Générale has hired a project finance banker who previously spent eight years at MUFG, where he focused on Latin American power, renewables and infrastructure.
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Having completed its move from GE Energy Financial Services to a new home at Starwood Property Trust, Denise Persau’s project finance team is looking forward to having a broader mandate, potentially investing up and down the capital structure and in non-energy infrastructure.
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East West Bank, as sole lead arranger, has signed a construction-to-term loan for a solar project that is contracted under a Long Island Power Authority feed-in tariff power purchase agreement.
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A tax equity partnership is due to make its case to the U.S. Tax Court early next year in a dispute over a tax equity deal that the Internal Revenue Service has described as a “legal sham.”
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GE Energy Financial Services’ project debt team has transitioned to Starwood Property Trust with the closing of the latter’s acquisition of the GE Capital unit’s loan book.
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A wave of West Coast utility downgrades in the wake of Californian wildfires, and despite the passage of legislation that would allow the companies to pass some liabilities on to customers, has trickled through to at least one publicly-rated project finance deal.
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The banks underwriting Morgan Stanley Infrastructure Partners’ acquisition of the Bayonne Energy Center in New Jersey—the two initial coordinating leads plus three others—launched the acquisition loan into syndication on Sept. 12.
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Prudential Capital Group has raised its first fund focusing on mezzanine capital investments in the energy sector, giving the firm $343 million to deploy in middle-market businesses in North America, including conventional power and renewables.
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Just as one robin (or, depending on your geographic location, swallow) doesn’t make a spring, two project finance CLOs (PF CLOs)—Bayfront Infrastructure and RIN—may not confidently mark the re-emergence of PF CLOs. They are, nevertheless, a positive and potentially significant development, writes Paul Forrester, Chicago-based partner at Mayer Brown.
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Two banks are preparing to launch a debt financing in September to support Morgan Stanley Infrastructure Partners’ acquisition of the Bayonne Energy Center in New Jersey.
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A 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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TerraForm Power closed a project finance private placement in June as part of the fundraising effort for its acquisition of Spain’s Saeta Yield and has launched a second, similar deal, expected to close later this summer.
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Vivint Solar was able to maximize the proceeds of its latest $327 million residential solar project financing by structurally subordinating Bank of America Merrill Lynch’s tax equity commitment to a tranche of senior secured, privately placed debt. [Updated with quotes, loan pricing and tenor]
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A judge has found the consortium that owns the Lordstown gas-fired project in Ohio, the largest member of which is a Macquarie Group infrastructure fund, to be in contempt of court amid a months-long legal fight over the development of a second combined-cycle plant in the same industrial park.
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Nomura, the Japanese bank that hired former Deutsche Bank group head Vinod Mukani to lead a push into Americas infrastructure and power finance last year, has expanded its team with a series of hires in the last two months.
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Jefferies has hired a senior banker from a bulge-bracket firm as it rebuilds its power and utilities investment banking team in New York.
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Acciona has unveiled the full four-bank line-up behind an 18-year project finance loan for a 317.5 MW solar project that it co-owns in Sonora, Mexico.
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Coronal Energy has begun building a 15 MW solar project in Tennessee with a power purchase agreement that was priced and signed in 2015, before competition pushed prices to today’s low levels.
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A subsidiary of German wind turbine maker Enercon has signed a $70 million 15-year commercial bank term loan for its 50 MW Cerro Grande Wind Farm.
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The sustainability-linked loan pricing trend is gathering pace in the U.S., with renewables developer and utility holding company Avangrid becoming the latest corporation to agree to make the margin on its revolving credit facility dependent on environmental metrics.
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ING Capital has created an Americas sustainable finance team in New York, appointing a former metals and mining banker to lead the group and bringing in an environmental impact assessment professional.
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In this week’s Industry Current, John J. Marciano III, partner, and Ramin Mohammad, associate, at Akin Gump in Washington, D.C., outline the implications of the Internal Revenue Service’s latest guidance in relation to the solar investment tax credit.
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Sumitomo Mitsui Banking Corp. has hired a banker who was until recently a managing director at a French bank as executive director and head of natural resources project finance.
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Argentina’s Genneia has signed a $141.6 million debt financing with German lenders for its 101.4 MW Pomona wind farm in Argentina.
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Ivan Oliveros left Sumitomo Mitsui Banking Corp., where he was head of Latin America power and renewables, last week.
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The margins paid by Michigan utility company CMS Energy on two revolving credit facilities will, for the first time, be linked to its sustainability goals as a result of amendments signed on June 5.
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ING Capital's Tom Cantello is relocating from New York to San Francisco to set up a new office for the Dutch bank.
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Lincoln Clean Energy has recruited a finance and corporate development professional who previously worked at Morgan Stanley and sat on the boards of wind platforms owned by the investment bank.
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GE Energy Financial Services has mandated a pair of financial advisers to sell its project finance loan book as well as equity stakes in generation assets, PFR has learned.
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The Carlyle Group has assigned a lead arranger to refinance a gas-fired project out of the term loan B market into the commercial bank market.
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BNP Paribas has syndicated a bank market refinancing of a merchant gas-fired project in PJM Interconnection that is owned by Arclight Capital Partners.
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Spanish developer Grenergy has reached financial close on its 24 MW Kosten wind farm in Argentina, with Germany’s KfW IPEX-Bank arranging a 15-year export credit agency-backed loan.
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Moody’s Investors Service has assigned Marin Clean Energy what the rating agency says is the first credit rating for a community choice aggregator.
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Erik Codrington has been promoted to head of Americas structured finance at MUFG, filling the role vacated by Jon Lindenberg, who has been elevated to head of the Japanese institution’s Americas investment banking group.
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Innergex has lined up the purchase of a pair of hydro projects in Chile in partnership with local company Energía Llaima, marking the Canadian developer's first step into Latin America.
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AES Gener has put the finishing touches to a restructuring agreement with the banks that are funding its troubled 531 MW Alto Maipo hydro project in Chile, and Fitch Ratings has bumped up the outlook on the company's debt as a result.
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EDF Group has teamed up with Chile’s Andes Mining & Energy to buy 750 MW of flexible generation capacity in the Latin American country, with three-quarters of the price tag being financed with bank debt.
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Vistra Energy Corp. is planning to issue a term loan B and upsize its revolving credit facility to refinance debt it has inherited through its acquisition of Dynegy.
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Brazil has received more than a thousand applications to participate in its next power auction, scheduled for Aug. 31, with wind projects making up the bulk of the submissions.
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Lead arrangers are syndicating two separate project finance bank loans to finance the two existing units of the Canal Generating facility in Massachusetts and a third unit that is under construction.
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Ormat Technologies has signed a $124.7 million project finance deal for a 35 MW geothermal project in Honduras.
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Innergex Renewable Energy has signed a 12-year power purchase agreement with an energy company for a portion of the output of a 350 MW wind project in Texas.
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Residential solar developer Sunrun has amended loans for its Hera and Neptune portfolio financing vehicles, more than doubling the size of the former, in a busy period of project finance activity for the company.
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Sponsors have a slew of new-build gas-fired projects ready to finance in PJM Interconnection, but equity investors are waiting to see the results of capacity auctions and reform initiatives before cutting checks.
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Senior project finance bankers mostly expect the outcome of PJM Interconnection’s next capacity auction to be flat to last year or lower, according to a survey conducted by PFR.
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Iberdrola has financed a trio of Mexican wind projects with a $400 million green loan from Banco Bilbao Vizcaya Argentaria, marking the arrival of the product championed by the Spanish bank in a new country.
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The lenders that provided a $39.4 million ‘B’ loan to China’s Jinko Solar for its 80 MW San Juan solar project in Argentina included a Chinese bank and a unique international institution.
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Financiers believe that the thin construction loan pricing targeted by Invenergy for its 2 GW wind project in Oklahoma is achievable, but it will not be every lender’s cup of tea.
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KeyBanc Capital Markets’ Cleveland-based project finance team has had its most successful first quarter since 2015, rising to the top of the North American power P.F. league table as lenders vied for deals.
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A senior banker has left KfW IPEX-Bank’s New York office to take up a role at another German bank in London.
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A joint venture between Golar Power and Ebrasil has reached financial close on its 1,551 MW Porto de Sergipe I LNG-to-power project, securing $1.47 billion of non-recourse project debt.
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China’s Jinko Solar has signed a $60.15 million funding package for an 80 MW solar project in Argentina, in a deal IDB Invest has described as the longest loan with commercial bank participation for a project linked to the country’s RenovAr program.
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Société Générale has built a huge order book for a roughly $6 billion term loan transaction backing Cheniere Energy’s Corpus Christi gas liquefaction project in Texas.
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While margins on U.S. project finance loans continue to be squeezed, lenders are still looking to enter or return to the market, given a lack of alternatives elsewhere, deal watchers told PFR on the sidelines of the Platts Global Power Markets conference in Las Vegas this week.
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Georgia Renewable Power has selected a turbine supplier and an operations and maintenance contractor for a trio of biomass projects it financed with credit fund debt at the end of last year.
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Solar finance company Mosaic is preparing to issue its first securitization of 2018.
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Rockland Capital has signed a $170 million term loan with a club of banks to finance its acquisition of six peakers from AES Corp. subsidiary Dayton Power and Light.
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Ares-EIF is refinancing about $450 million of debt associated with its 700 MW St. Joseph Energy Center gas-fired project in Indiana in the term loan B market, a move which could free up billions of dollars on commercial bank balance sheets if it is widely replicated.
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AES Corp. is looking to reprice its $520 million senior secured term loan B to bring it into line with conditions in the market, as NRG Energy did earlier this month.
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Starwood Energy Group Global placed part of the debt financing for its acquisition of a contracted coal-fired portfolio that closed earlier this year with affiliated real estate investment trust Starwood Property Trust.
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Morgan Stanley is in the market with a term loan B offering to finance Platinum Equity’s acquisition of the 810 MW Hunterstown gas-fired project in Pennsylvania from GenOn Energy.
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Moody's Investors Service has published its credit rating for the $450 million term loan B refinancing of Ares-EIF's St. Joseph gas-fired project in Indiana.
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A private equity firm is pitching a term loan B to refinance a gas-fired project in PJM Interconnection at a slightly wider spread than the original bank market loan signed three years ago.
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A private equity firm is refinancing about $400 million of debt associated with a gas-fired project in PJM Interconnection in the term loan B market, a move which could free up billions of dollars on commercial bank balance sheets if it is widely replicated.
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Lightsource BP has requested debt and tax equity financing proposals for its first U.S. solar project, after announcing a strategic partnership with BP in December.
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NTE Energy has signed the first of what it expects to be several power purchase agreements for its Reidsville Energy Center gas-fired project in North Carolina, having reached out to banks for project finance proposals late last year.
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Lightstone Generation, the power joint venture between ArcLight Capital Partners and The Blackstone Group, repriced its term loan B package at the tight end of initial price thoughts on Friday afternoon.
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Lightstone Generation, a joint venture between Blackstone Group and ArcLight Capital Partners, has repriced loans totaling $1.675 billion, with Credit Suisse as left lead.
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A tax equity investment sealed by Coronal Energy for a solar portfolio in December was the first project finance deal to be supported by a solar revenue put provided by risk management and data firm kWh Analytics.
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Sponsors developing solar projects in Chile are increasingly taking advantage of a program that supports small-scale projects in the country with price stabilization and other benefits.
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C2 Energy Capital acquired a 52 MW portfolio of contracted, development-stage solar projects in South Carolina at the end of the year and is in the process of putting financing in place.
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The Chilean subsidiary of French developer Cap Vert Energie has signed a $36.5 million deal with Banco Security to finance 33 MW of solar plants it developed under the country's increasingly popular small-scale generation regime.
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Starwood Energy Group Global has completed its acquisition of stakes in a contracted coal-fired portfolio from an Ares-EIF fund, which the buyer is financing with long-term debt from a club of lenders.
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Public Service Co. of New Mexico has filed with the New Mexico Public Regulation Commission for approval of three long-term power purchase agreements, the costs of which it will recover through a special service contract with Facebook.
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Loan pricing is grinding ever tighter amid tough competition and an unrelenting influx of lenders to the U.S. project finance market, said deal watchers at the Infocast Projects and Money conference in New Orleans this week.
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Fotowatio Renewable Ventures has sealed financing for a solar project in Mexico and announced a hybrid solar-and-wind project in Chile.
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Developers, bankers and other market participants are talking increasingly seriously about the prospect of solar projects in Texas obtaining debt financing on the basis of power hedges, even with a potentially detrimental trade case decision looming in Washington.
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A group of power and investment bankers are set to leave Jefferies and move to New York-based Cantor Fitzgerald, sources tell PFR.
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Empresas Públicas de Medellín has signed a $1 billion AB term loan package for its 2.4 GW Ituango hydro project in northern Colombia, in a rare example of international commercial banks joining a big-ticket deal in the country’s power sector.
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Dutch asset manager, DIF, secured C$184 million to refinance brownfield solar assets Canada last December. Natixis approached DIF with a deal consisting of short and long-term debt.
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EDP Renewables North America has closed tax equity funds for a portfolio of solar projects in South Carolina and a bundle of wind assets spread across four states.
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Greenbacker Renewable Energy is in talks with a lender and a tax equity investor to finance a solar project it acquired from Solar Frontier Americas Holding late last month.
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Pattern Development and co-sponsor Nigig Power Corp. secured a hybrid bank loan and private placement financing for the 300 MW Henvey Inlet wind project in Parry Sound County, Ontario, in late December.
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Apollo Global Management has signed a $50 million mezzanine deal for a 299 MW portfolio of under-construction wind projects in Chile.
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Spanish solar developer X-Elio (formerly Gestamp Solar) has reacquired the Midway I solar project it sold to Solar Frontier Americas Development, the U.S. subsidiary of Japan-based Solar Frontier K.K., two years ago.
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Total Eren, the French developer known until recently as Eren Renewable Energy, has reached financial close on a $167 million loan package for its 97.2 MW Vientos Los Hércules wind farm in Argentina, amid a revival of project finance in the country.
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ERCOT’s latest capacity, demand and reserves report forecasts a reserve margin for the grid system operator’s territory, which covers most of Texas, of just 9.3% for summer 2018, raising the prospect of scarcity pricing.
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Pan American Energy has agreed a $21.8 million export credit agency-guaranteed loan to finance the 24.15 MW Parque Eólico del Sur wind project in Argentina.
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Investec has hired Ren Plastina, who worked in project finance at CIT Bank and BNP Paribas for many years, to spearhead its cleantech and distributed generation business.
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Starwood Energy Group Global has increased the size of a term loan B offering and tightened the pricing as it refinances a portfolio of gas-fired assets known collectively as Compass Power Generation.
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Conor, Clark & Lunn Infrastructure has refinanced a pair of solar projects totaling 100 MW in Ontario with two unrated private placements.
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Calpine Corp. has tapped a series of corporate senior secured bonds maturing in 2026 for an additional $560 million as part of a $1.55 billion refinancing of debt associated with an almost 4.4 GW portfolio of gas-fired projects.
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Vistra Energy, the Texas utility that is buying Dynegy, is the latest power sector borrower to launch a repricing of its term loans, with an almost $2.8 billion deal.
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Calpine Corp. is tapping a series of corporate senior secured bonds maturing in 2026 for an additional $550 million as part of a $1.55 billion refinancing of debt associated with an almost 4.4 GW portfolio of gas-fired projects.
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Starwood Energy Group Global has launched a term loan B package to refinance its Marcus Hook combined-cycle gas-fired project in Pennsylvania and two peakers in Massachusetts it bought from Dynegy earlier this year.
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Competition among rating agencies to provide credit ratings for back-levered renewable project finance deals is heating up, with Fitch Ratings and Moody's Investors Service both said to have assigned their first ratings to such deals.
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Independent power producer Central Puerto has agreed $105 million of loans for a 99 MW wind farm and transmission line in the province of Buenos Aires, in the latest round of international investment to pour into Argentina’s power sector.
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Boralex has sealed a $53.3 million debt package to finance a 15 MW wind project in British Columbia.
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Zuma Energía opted for development-bank only loans for its recent Mexican solar project financings to save time and money, says the company’s ceo, Adrián Katzew, who adds that innovative structures are required for commercial banks to participate in the market.
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