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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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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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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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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Canadian energy storage developer NRStor has secured a C$120 million ($93.9 million) loan from a fund managed by Swiss asset manager SUSI Partners to finance commercial and industrial behind-the-meter projects.
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Solar and wind power producer sPower has priced a $421 million private placement secured on roughly half of its operational fleet, say deal watchers.
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A bank has laid out terms for a loan to finance a contracted solar project with a novel production hedge developed by kWh Analytics, offering a debt service coverage ratio of 1.1 times.
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Pattern Development’s debt financing for its Henvey Inlet wind project in Ontario comprises a fixed-income bond tranche alongside a commercial bank loan, say deal watchers.
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KeyBanc Capital Markets has signed a construction loan and letter of credit facility for Recurrent Energy’s 20 MW Gaskell West 1 solar project in California.
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As developers round up loans to finance Mexican renewables projects in the wake of two aggressively-bid power auctions, the government continues to tinker with market design amid sweeping reforms that could see power purchase prices drop even lower.
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East West Bank has hired a banker from MUFG to replace a first vice president who left in April.
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Starwood Energy Group Global has inked construction and term loans and a tax equity deal for a wind project with a non-utility power purchase agreement.
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Two fossil fuel-fired generators repriced loans and TerraForm Power set out to refinance its debt this week amid borrower-friendly conditions in the leveraged finance market.
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Colombian state-owned holding company Interconexión Eléctrica has beaten competition from four other bidders to win two contracts to build transmission lines in Peru that will require an investment of $272 million.
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BBVA is shuffling several senior bankers within its global project finance team after its global head of energy project finance departed to take up a role at ING Capital in New York.
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Morgan Stanley is sole bookrunner on two term loan B repricings that launched at the end of October for power sector borrowers, as they chip away at their coupons.
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A developer is aiming to close debt financing for a 1 GW quasi-merchant gas-fired project in Michigan in the first quarter of next year.
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M&Ms, Harvey Weinstein and millennials all somehow made it into the reporter’s notebook at this year’s Platts Financing U.S. Power Conference in New York.
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M&A, refinancing activity and even new-build financings could be on the cards in Texas in the wake of recently announced coal-fired plant retirements, according to speakers at the 19th Annual Platts Financing U.S. Power Conference in New York.
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Greenwind has signed $104 million in debt for its 100 MW Corti Wind Farm in Argentina, which the lenders say has the longest tenor of any project finance deal to emerge from the country’s RenovAr program and is the first to involve international banks.
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Deutsche Bank is looking to make a big push in lending, says its head of originations for U.S. infrastructure and energy.
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Matt Odette, director in project finance, and Frederick Echeverria, executive director on the private placement desk, discussed the trend toward financing projects in the bond market with Richard Metcalf, editor of PFR, in this exclusive interview.
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Sponsors are increasingly sourcing project debt in the capital markets rather than from banks, according to data from Dealogic, which is good news for financial institutions with private placement desks.
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True Green Capital Management aims to acquire and finance a portfolio of commercial and industrial-scale solar projects with about $700 million of tax equity and debt, having closed its third discretionary fund earlier this year.
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D.E. Shaw and Torch Clean Energy have sealed construction and tax equity financing for an Arizona solar project.
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The International Finance Corporation is considering providing a $200 million-equivalent loan to the 1.5 GW Porto de Sergipe LNG-to-power project in Brazil, as the expected funding deadline for Latin America’s largest thermal facility draws closer.
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Atlantic Power Corp. repriced its term loan B for the second time this year, following an upgrade from Moody’s Investors Service.
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Policymakers in Europe are considering tinkering with regulatory capital rules to allow banks to hold less capital against “green” assets, such as renewable project finance loans.
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Atlantic Power Corp. is set to reprice its term loan B for the second time this year, following an recent upgrade from Moody's Investors Service.
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The U.S. International Trade Commission sent shockwaves through the solar industry when it found injury to the domestic crystalline silicon solar cell industry, based on a petition bought by bankrupt manufacturers Suniva and SolarWorld, on Sept. 22.
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Project sponsors have submitted more than 200 proposals in response to requests for proposals being run by a New York utility company and state agency.
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Bolivia’s senate has approved €66 million ($78 million) of financing from French development lender Agence Française de Développement to part fund 45 MW of wind farms in the country.
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Brazil’s Mines and Energy Ministry has cut nine transmission line licenses to Spain’s Abengoa after the Spanish company stopped construction work two years ago.
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An influx of foreign capital from South Korea has flooded the generation space as lenders chase yield in the U.S.
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As cash pours into project finance, non-bank lenders are trying hard to differentiate themselves from banks and each other.
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Morgan Stanley is arranging a term loan B backing The Blackstone Group's acquisition of a stake in Energy Transfer Partners’ 715-mile Rover international natural gas pipeline.
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Details around the second round of financing for the Cerro Dominador solar project in Chile’s Atacama Desert are beginning to firm up, with the borrower seeking to raise between $700 million and $800 million from banks, says a person close to the talks.
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The project financing for the Norte III combined-cycle gas-fired project in Ciudad Juárez, Mexico, includes a five-year mini-perm, PFR has learned.
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Panda Power Funds is revising the structure of a financing for a greenfield gas-fired project in Maryland that has attracted interest from South Korean investors.
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Part of the $1.4 billion Cerro Dominador solar project in Chile’s Atacama Desert came online this week, providing its first 62 MW to the national grid, as the project's owner prepares to close a second round of financing.
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A solar analytics firm called kWh Analytics is marketing a production hedge product that it claims will allow sponsors to raise more debt on contracted solar projects in the U.S.
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Argentina has kick-started its latest tender for renewable project contracts with a tax incentive for renewables companies
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An independent power producer and a private equity firm are seeking to reprice two term loan Bs to take advantage of borrower-friendly conditions.
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MUFG and Santander were the only commercial banks to participate in three project finance loans that recently closed for wind and solar projects in Mexico, among a host of development banks.
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A Santiago-based project finance banker has left Santander to take up a position at the Inter-American Investment Corp.
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The Brazilian Development Bank has provided its first solar project loan in a deal that will support an under-construction facility co-owned by Canadian Solar and EDF Energies Nouvelles.
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AES Corp. is deciding whether to proceed with the Alto Maipo hydro project in Chile, according to analysts, amid talks with creditors over a technical default as the over-budget development seeks a new contractor.
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Spain’s Grenergy Renovables has entered the Argentine wind market with an agreement to acquire the 24 MW Kosten wind farm in Patagonia, which is in the process of being financed.
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A regional bank has hired a renewable finance specialist from a rival as it looks to begin providing project finance, primarily to solar developers.
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MUFG retained its number one spot in the North American power project finance mandated lead arranger league table for the first half of 2017, as gas-fired deals attracted institutional capital, while wind financing hit a lull.
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In June, officials from KeyBanc Capital Markets, Prudential Capital Group, Voya Investment Management and BlackRock discussed the latest trends U.S. renewable project finance with PFR.
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Fisterra Energy closed financing totaling $620 million for its 875 MW Tierra Mojada gas-fired project plant in Mexico on Friday, with a club of banks providing a term loan and letters of credit.
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Électricité de France received the lion’s share of R$1.037 billion ($311 million) of wind project financing recently announced by Brazil’s National Bank of Economic and Social Development (BNDES), as the company continues its push into Brazilian renewables.
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The Carlyle Group has sealed acquisition financing for a trio of gas-fired peakers in Illinois that the firm is buying from Rockland Capital.
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Tyr Energy was planning to hit the market with a project finance deal following the PJM Interconnection capacity auction results, say deal watchers, who note that the disappointing clearing price could lead to lower leverage.
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An audit into loans approved by the Overseas Private Investment Corporation to Chilean solar projects that have since struggled is unlikely to hurt the country’s access to funding for other generation deals, say project finance bankers.
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Three banks are leading on a roughly $2.2 billion debt package for a portfolio of gas-fired and battery storage projects that AES Corp. is developing in California.
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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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The results of the latest PJM Interconnection capacity auction, announced on May 23, could lead to more conservative lending terms for new-build gas-fired facilities in some regions.
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Spain’s SolarPack has signed $104 million of syndicated and bilateral loans, partly to finance three solar projects in the Atacama desert in northern Chile.
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LS Power increased the size of the bank loan for a more-than-3 GW quasi-merchant gas-fired portfolio known as Gridiron Generating in response to strong demand, PFR has learned.
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Moody’s Investors Service has lowered the credit rating of Lonestar Generation, a Blackstone portfolio company that owns a group of merchant gas-fired projects in Texas, but says that sales into Mexico are beginning to buoy the company’s finances.
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NRG Energy and its subsidiary, GenOn Energy, have reached an agreement with a group of GenOn creditors that could pave the way to a consensual Chapter 11 restructuring.
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NRG Energy placed a $407 million private placement with a group of investors led by a large U.S. insurer as part of the financing for its Carlsbad Energy Center in California, PFR has learned.
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LS Power has closed a hybrid bank and institutional debt financing for a more-than-3 GW portfolio of merchant and gas-fired projects and sold the assets to a new group of institutional investors.
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The Carlyle Group has assigned lead arrangers for a debt financing backing its acquisition of a portfolio of gas-fired peakers from Rockland Capital.
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Spain’s Acciona has signed a €100 million 'green loan' with BBVA to part-finance its solar and wind projects in Chile.
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Canadian Solar has inked a tax equity bridge and term loan deal for a 73 MW solar project in North Carolina with an institutional investor.
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Merchant coal-fired plants in PJM Interconnection are facing elevated refinancing risk as $3 billion of debt approaches its due date, according to a report issued by Moody’s Investors Service.
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As uncertainty around tax reform in the U.S. contributed to a slowdown in renewables financings in the first quarter of the year, the busiest banks were those with an appetite for quasi-merchant gas-fired deals.
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Enel Green Power México has begun construction on the 238 MW Don José solar project in Guanajuato, Mexico, without obtaining project debt.
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Panda Power Funds’ Temple I gas-fired project in Texas filed for Chapter 11 bankruptcy protection on Monday.
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The Carlyle Group has hired Morgan Stanley to lead a refinancing of a term loan B secured by a portfolio of gas-fired, oil-fired and hydro projects that the private equity firm acquired last year.
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Harbert Management Corp. refinanced a dual-fuel simple-cycle plant in Alabama toward the end of a slow first quarter for contracted projects, PFR has learned.
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Argentina has set itself an ambitious goal for renewables to make up about half of the country's generation capacity within 10 years, but large funding challenges lie ahead if this is to become a reality.
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Acciona Energía México has assembled a club of three development banks and a commercial lender to finance construction of a solar project with a long-term loan.
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Fitch Ratings has lowered the outlook on bonds issued by an Acciona wind farm in Mexico from positive to stable, citing the project’s exposure to "cost uncertainty" coupled with an increasing debt service profile.
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Panda Power Funds’ Temple I combined-cycle project in Texas looked set to default on its term loan after a three day grace period expired following the project’s failure to make a coupon payment that was due on March 31.
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A merchant bank and a boutique investment bank, each led by an experienced financier, have joined forces to form a new advisory firm focusing on natural resources, energy, power and utility infrastructure.
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Panda Power Funds is running out of time to refinance its Temple I combined-cycle project, which is in a grace period, having failed to make a coupon payment that was due on March 31.
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When PFR asked financiers and sponsors backing gas-fired projects in PJM Interconnection how President Donald Trump’s executive order to dismantle his predecessor’s Clean Power Plan might affect development in the region, conversation quickly turned to other topics.
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The debt financing that closed this week for Competitive Power Ventures' 1,050 MW Fairview gas-fired project in Jackson Township, Pa., combined loans from commercial banks, South Korean institutions and three international investors.
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Talen Energy is undertaking a corporate refinancing involving the issuance of a new $400 million secured term loan B, a repricing of its existing $600 million term loan and an offering of up to $500 million of senior unsecured notes.
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Owners of gas-fired projects joined a general stampede to the term loan B market for repricings in the first quarter of the year, in a trend that is likely to continue as long as inflows of capital outweigh borrower demand for new debt.
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Atlantic Power Corp. has held a lender meeting with a view to repricing a term loan B it originally issued about a year ago, during a more turbulent time in the market.
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The financing package backing the acquisition of a gas-fired project in Mexico has been launched into syndication, says a banker that has seen the syndication invitation.
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Spanish utility Iberdrola is on the cusp of officially mandating banks to finance the construction of the Topolobampo III gas-fired plant in Sinaloa, Mexico, two bankers tell PFR.
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The debt financing for Competitive Power Ventures' 1,050 MW Fairview gas-fired combined-cycle project in Jackson Township, Pa., included a fixed-rate tranche provided by three international institutional investors, PFR has learned.
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CIT Group has arranged a $59.8 million financing with a merchant tail for a portfolio of GCL New Energy solar projects in North Carolina.
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Despite their companies taking a beating in the stock market, representatives of some of the leading publicly traded residential solar companies attending the Infocast Solar Power Finance & Investment Summit were keen to stress that they still have access to the capital markets.
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Sunnova Energy Corp. has mandated a bank to arrange a debt financing of upwards of $100 million for a 55 MW portfolio of residential solar instillations.
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Latin America-focused project finance bankers are readying themselves for the outcome of the bidding period for trunk transmission lines in Chile in April, with a huge response expected from sponsors.
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A regional bank seeking to establish itself as a major player in power project finance has bolstered its team with the addition of a former senior Natixis financier.
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ArcLight Capital Partners is amending and extending a term loan B it secured last year to refinance a 5 GW portfolio of gas-fired merchant projects it had acquired from Tenaska Capital Management the year before.
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Blackstone and ArcLight Capital Partners have completed the repricing of a term loan B to finance their joint acquisition of a 5.3 GW portfolio of generation assets from American Electric Power.
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A big winner in the first Mexican power auction is expected by some to eschew project finance in favor of balance sheet funding, but PFR readers know differently.
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Argentina is planning a round of energy auctions this year, the country's energy minister said days after the World Bank approved a $480 million guarantee to promote private investment in the country’s renewable sector.
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As banks gear up for the first financings for renewable projects that were awarded contracts in Mexico’s inaugural post-reform power auctions, attendees at the Euromoney Seminars 11th Annual Latin America Energy and Infrastructure Finance Forum in Miami discussed a range of structures that could be deployed in the region.
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A $535 million debt financing that closed last week for the Samalayuca-Sasabe gas pipeline in Mexico is one of the last of a wave of deals funding the build-out of the country’s trunk network.
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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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The Carlyle Group has partly refinanced a 1,066 MW portfolio of gas-fired plants in Georgia, having removed two assets from the collateral package, with implications for a series of bonds related to the portfolio.
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Canadian Solar has received $20 million of unsecured funding from the China and Portuguese-speaking Countries Co-operation and Development Fund (CPDFund) to fund the construction of renewable projects in Brazil, including its Pirapora I solar project in Minas Gerais.
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LS Power has increased the size of a term loan B financing its acquisition of a portfolio of assets from TransCanada and tightened the pricing on the deal, which has attracted a lot of interest from investors.
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Pattern Energy has closed a C$263 million ($196 million) debt financing for a 147 MW wind project in Québec.
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TerraForm Power has raised an additional C$114 million ($86 million) of project-level debt secured on its 60 MW utility-scale solar portfolio in Ontario.
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Cheniere Energy priced a $1.35 billion of debt for its Sabine Pass LNG liquefaction project in Louisiana in the public bond market on Feb. 28 after closing an $800 million private placement for the same project the previous week.
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Duke Energy Renewables closed a privately placed debt financing for a roughly 700 MW portfolio of operational wind projects in Texas and Oklahoma in January, PFR has learned.
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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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Iberdrola is buying the remaining 50% of two wind project portfolios in Brazil that it does not already own from Neoenergia for about €98 million ($103 million).
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Chilean utility Transelec surprised project finance bankers this week when it awarded a roughly $93 million transmission project to a consortium that includes Spain’s Abengoa, which is in the midst of a debt restructuring process.
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The controversial 11 GW Belo Monte hydro project in Brazil’s Amazonian state of Pará has received an $826 million-equivalent financing to build the first of two transmission lines to siphon generation to the country’s South East.
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LS Power has mandated Credit Suisse to arrange financing for its acquisition of a 3.9 GW mostly gas-fired portfolio from TransCanada.
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Boralex has closed a $33.4 million debt financing for a 10 MW wind farm in Ontario.
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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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Following a competitive nomination process and careful deliberation, PFR can now reveal the finalists for its 14th Annual Deal of the Year Awards.
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Pattern Energy Group, the yield company of Pattern Development, is cautiously considering taking a stake in its sponsor’s development-stage projects, according to an analyst report.
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Moody’s Investors Service has cited "uneasy" trade relations between Mexico and the U.S. as a risk for a private equity-backed independent power producer in Texas that sells generation across the border.
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Allianz Global Investors has sealed its second U.S. renewables debt investment—a back-leveraged private placement to refinance a D.E. Shaw Renewable Investments-owned wind project in Oklahoma.
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Ares-EIF closed a debt financing backing a 450 MW gas-fired project in Berks County, Pa., on Friday.
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Panda Power Funds’ plan to refinance two gas-fired projects in Texas include raising mezzanine debt at the holding company level as well as a first-lien term loan, deal watchers tell PFR.
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The Supreme Court of Chile has revoked the environmental permit for the Penco Lirquén offshore regasification terminal, one of two commercially-linked projects, collectively known as Octopus LNG, that obtained debt financing at the end of last year.
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Moody’s Investors Service has downgraded loans associated with a pair of coal-fired facilities in PJM Interconnection amid tough competition from gas-fired projects.
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Project finance bankers will be watching carefully this year to see how President Trump’s administration will handle issues affecting the power industry, but other topics such as the rise of the non-traditional power purchase agreement and the availability of new pools of capital are also on their radars.
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MUFG topped the power project finance league table for North America in 2016, arranging loans totaling some $3.7 billion, according to data from PFR affiliate Dealogic.
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Bank of America Merrill Lynch has arranged a $204 million institutional term loan to refinance a 214 MW residential solar portfolio for Vivint Solar.
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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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Jefferies has strengthened its leveraged finance team with the addition of a pair of bankers who worked together at Lehman Brothers and Barclays for many years.
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Alterra Power Corp. is in the process of negotiating a power hedge for a 200 MW wind project in Texas that it plans to finance this year.
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The three sponsors behind an offshore LNG regasification terminal and a linked gas-fired combined-cycle project in Chile, collectively known as Octopus LNG, have closed an $850 million debt financing for the projects, more than three years after initially hiring financial advisers.
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TerraForm Global has released its delayed 2015 annual financial report, revealing a net loss of $371 million and project-level defaults as it works with its sponsor SunEdison to find a buyer.
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Allianz Global Investors, the investment management arm of German insurer Allianz, has completed its first project-level debt investment in the U.S. renewables sector—a more than $400 million private placement for a BHE Renewables wind project in Nebraska.
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PFR has learned the identity of the corporation that will purchase 100 MW from Akuo Energy’s recently financed 150 MW Rocksprings wind project in Texas.
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French sponsor Akuo Energy has sealed financing for its 150 MW Rocksprings wind project in Texas, including bridge loans, third-party equity and tax equity.
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A gas-fired combined-cycle project in California that is majority-owned by EIG Global Partners has filed for bankruptcy.
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The pricing on a term loan B to finance The Blackstone Group and ArcLight Capital Partners’ joint acquisition of a 5.3 GW portfolio of coal- and gas-fired assets has flexed up.
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An $823 million debt financing backing Engie and Red Eléctrica de España’s Transmisora Eléctrica del Norte transmission line in Chile closed on Dec. 7 with the participation of an institutional investor.
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An institutional investor has joined the $823 million debt financing backing Engie and Red Eléctrica’s Transmisora Eléctrica del Norte transmission line in Chile that is expected to close imminently.
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Several banks have joined a project finance deal backing a 332 MW portfolio of wind projects in Chile owned by Aela Energía, a joint venture between Irish developer Mainstream Renewable Power and London-based private equity firm Actis.
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A joint venture between The Blackstone Group and ArcLight Capital Partners has launched a term loan B to finance its acquisition of a four-project portfolio of coal and gas-fired facilities.
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NextEra Energy Resources has closed a $270 million debt financing for two adjacent, operational solar projects totaling 235 MW in California, one of which has an offtake agreement with Kaiser Permanente.
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Pricing details have emerged on a term loan B that will finance Blackstone Group and ArcLight Capital Partners’ joint acquisition of a conventional generation portfolio from First Reserve.
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A joint venture between Blackstone Group and ArcLight Capital Partners plans to launch a term loan B this week to finance its acquisition of a four-project portfolio of coal and gas-fired facilities.
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Fermaca closed a debt financing involving 10 banks for a 235-mile Mexican gas pipeline on Nov. 22.
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Grupo Ibereólica and EDF Energies Nouvelles have closed a term loan for a contracted wind project in the Atacama region of Chile.
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Moody’s Investors Service has revised the outlook on Star West Generation’s senior debt from stable to negative, in light of the terms of a recently announced gas-fired combined-cycle sale in the Southwest.
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Three different kinds of lenders outlined their debt offerings for distributed solar in a panel discussion at the Infocast Distributed Solar Summit in Los Angeles on Nov. 17.
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Mike Garland, ceo of Pattern Development and president and ceo of its yield company, Pattern Energy Group (PEGI), discusses the latest trends in project finance and gives his view on the state of yieldco equities.
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Speakers and attendees at the 20th Annual Platts Mexican Energy Conference on Nov. 14 expressed surprise at the speed and success of reforms to the energy market, but warned that some of the renewables projects that won contracts in the country’s first two power auctions may not materialize.
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A joint venture between Howard Energy Partners and Grupo Clisa has sealed a $353.3 million mini-perm debt financing for a U.S.-Mexican gas pipeline project.
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Mike Garland, ceo of Pattern Development and president and ceo of its yield company, Pattern Energy Group (PEGI), gives his view on trends in the availability and pricing of power purchase agreements, the competitiveness of offshore wind and the latest developments in the tax equity market in the first part of this exclusive interview with Richard Metcalf, editor of PFR.
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A consortium of South Korean investors have taken a $200 million ticket in a senior secured loan backing Starwood Energy Group Global’s acquisition of two merchant gas-fired units totaling 840 MW, as Asian institutions look to increase their exposure to U.S. generation.
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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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Pattern Development is in talks with lenders regarding a possible turbine loan, which would be the developer’s first, after deal watchers predicted that this kind of financing could make a come-back.
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Moody’s Investors Service has downgraded $410 million of senior debt secured on a 2 GW portfolio of gas-fired projects owned by Invenergy, citing “substantial financial underperformance”.
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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 Carlyle Group’s Essential Power has renegotiated the terms of its senior secured debt, including an extension of its revolving credit facility. However, one of the revolver lenders has dropped out of the deal, according to a report by Moody’s Investors Service.
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Akuo Energy has closed financing for its first wind project in the U.S. The deal includes equity from John Laing, a construction loan from BayernLB and tax equity from GE Energy Financial Services.
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The expected closing date of a loan to finance a 379-mile transmission line in Chile has been pushed back as negotiations over interest rate swap provisions continue.
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sPower has closed a tax equity and back leverage financing for a portfolio of nine solar projects totaling 270 MW in Lancaster, Calif.
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The average price of power purchase agreements awarded in Mexico’s second power auction was 30% lower than in the first auction, with one PPA coming in at just $26.99/MWh. The low prices will translate into lower leverage on projects, say deal watchers.
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Lincoln Clean Energy has secured bank loans and tax equity commitments for a 253 MW wind project in Scurry County, Texas, that has a power purchase agreement with Amazon.
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BNP Paribas Capstar Partners U.S. has begun to deploy its own capital in renewable tax equity transactions, following a corporate restructuring of its parent company's U.S. operations.
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Seven banks are underwriting a debt financing for a floating LNG terminal off the coast of Chile and an associated gas-fired combined-cycle project in the country’s Bíobío region, collectively known as the Octopus LNG project, says a person familiar with the deal.
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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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A joint venture between EDF Energies Nouvelles and Andes Mining & Energy has secured a 15-year loan to finance the construction of a 100 MW solar project near Chile’s capital, Santiago.
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Conference participants at the first day of Euromoney Seminars’ 11th Annual North American Energy and Infrastructure Finance Forum gathered at the Westin New York at Times Square on Sept. 21 to discuss new constraints and opportunities in project lending.
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Several New York-based structured and project finance bankers have left BBVA as a result of a shake-up of the Spanish bank’s corporate and investment banking division in the U.S.
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In the second part of this exclusive interview, PFR’s managing editor, Olivia Feld, speaks with Josh Goldstein, senior v.p., finance and capital markets, at Recurrent Energy, about tax equity, market dynamics in Texas and Recurrent’s strategy regarding distributed generation and power hedges.
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Despite a tumultuous year, turnout was undamped at Solar Power International in Las Vegas. Over 17,000 solar industry professionals gathered at the Las Vegas Convention Center from Sept. 12 to Sept. 15 for the largest solar trade show in North America.
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Invenergy has selected arrangers for a debt package backing the 1.5 GW Lackawanna combined-cycle gas fired project in Jessup, Pa.
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Pacific Mercantile Bank has appointed an experienced project finance banker to lead a new renewables financing group that will initially focus on small and medium-sized solar projects in the U.S.
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A former director of structured finance at SunEdison has taken a new role at a bank specializing in small and mid-market lending.
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SolarCity raised $345 million in tax equity from four investors in June and July, and has increased the size of its aggregation facility with commitments from two additional lenders.
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A sponsor is planning to launch a local project bond for a wind facility in Uruguay once it comes online next year, to take out commercial bank debt that was put in place in February.
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NextEra Energy Partners has acquired two operational wind projects totaling 285 MW, one of which has two corporate offtakers, from its parent company, NextEra Energy Resources.
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Pattern Energy has agreed to acquire the 324 MW Broadview wind project in Curry County, N.M., from Pattern Development, marking the yield company’s first dropdown acquisition since August.
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Financiers at commercial and multilateral banks discussed how debt financings might be structured for projects that have obtained aggressively priced power purchase agreements in auctions under Mexico’s new market rules at the Infocast Mexico Power Finance & Investment Summit in New York on June 30.
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Advances in technology and efficiency, intense competition for power purchase agreements and subsidization through tax credits in the U.S. have pushed the cost of renewable generation ever lower. That’s great news for offtakers, but it also makes financing more difficult.
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A group of lenders assembled onstage at the culmination of REFF Wall Street this year to talk about financing trends for renewables projects, including how to deal with the merchant aspects of projects with non-utility offtake contracts.
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Rooftop solar company Sunrun has increased the size of its syndicated working capital facility and added a new bank to the lending group.
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NRG Energy has priced a $1.9 billion seven-year term loan B as it continues to push out the maturities of its debt.
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SunPower is in talks with banks to arrange debt financing for its 100 MW (AC) El Pelícano solar project in the Coquimbo and Atacama regions of Chile.
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Globeleq Mesoamerica Energy has finalized a $149 million debt financing for a portfolio of four wind projects totaling 80 MW in Costa Rica.
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Vivint Solar has obtained a $75 million tax equity commitment from an investor it has not previously worked with, in a market which has become less hectic in response to the tax credit extension at the end of last year.
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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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NTE Energy has unveiled details of its next three projects under development in New England-ISO, North Carolina and PJM Interconnection, which will require a combined investment of $2 billion.
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TerraForm Global is in talks with lenders to extend the deadline for the filing of its fourth quarter 2015 report, a condition of its revolving credit facility, according to a filing with the U.S. Securities and Exchange Commission.
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Panda Power Funds has filed a lawsuit against the Electric Reliability Council of Texas, in which it accuses the grid manager of publishing misleading capacity, demand and reserve reports to spur investment in the state.
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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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Atlantic Power Corp. has launched a refinancing of its term loan and revolving credit facility that will increase the size of the loan while adding five projects to its collateral package.
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A three-strong team left Capstone Power Development earlier this month to start up a new consultancy venture as the acquisition of CPD’s parent company by a London-based infrastructure fund gathers approvals.
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A panel of bankers discussed the changing dynamic between local and international banks in Latin America, and how it could affect the availability and cost of capital at the Euromoney Seminars 10th Anniversary Latin American Energy and Infrastructure Finance Forum in Miami.
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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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Crédit Agricole has hired a project finance banker with a focus on Latin America to bolster its presence in the region.
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TransAlta will raise between $400 million and $600 million of non-recourse project debt this year to replace $400 million of corporate bonds maturing in June, 2017.
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Residential solar company SunRun has closed $250 million in senior secured credit facilities, its largest financing to date. The deal, which was arranged by Investec, closed last week.
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Standard & Poor’s has lowered the credit ratings of both of SunEdison’s yield companies following the closing of TerraForm Power’s acquisition of a wind portfolio from Invenergy.
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Moody's Investors Service has downgraded Star West Generation's credit rating, as the private equity-owned company refinances its debt to allow the sale of a portfolio of assets to AltaGas.
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The Carlyle Group aims to finance its acquisition of the Rhode Island State Energy Center with a $375 million of debt and $207 million of sponsor equity, according to a Moody’s Investors Service report.
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Oncor Electric Delivery Co. has extended the maturity of its senior secured revolving credit facility by one year and reduced its maximum size.
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On Sept. 17 at the PJM Market Summit on the outskirts of Philadelphia, a diverse panel discussed the risks and opportunities presented by the latest market developments in terms of project finance and investment in new generation.
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Panda Power Funds launches debt financing for its 1 GW Hummel CCGT project in Pennsylvania.
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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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Pattern Development has closed a $205 million debt financing backing its first solar project in the country.
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Invenergy has postponed a $607 term loan B deal backing a 2 GW gas-fired portfolio in the U.S. and Canada.
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A $280 million seven-year term loan B for TerraForm Private Warehouse was priced at the wide end of initial guidance.
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Boralex has closed a C$64.4 million ($57.7 million) debt financing for a community wind farm in the Capitale-Nationale region of Québec, in a very similar deal to one announced last week.
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Competitive Power Ventures is in talks with potential lenders to raise debt for the quasi-merchant 805 MW gas-fired Towantic Energy Center in Oxford, Conn.
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Two large banks have launched a $414 million debt financing backing NTE Energy's 525 MW Middletown combined-cycle gas-fired project in Ohio.
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Abengoa Yield has more than tripled its revolving credit facility, following parent company Abengoa reduced its stake in the entity to less than 50%.
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The Manufacturers Life Insurance Company has provided financing for the fourth Ontario solar project in a portfolio of five that Canadian Solar is selling to Concord Green Energy.
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The Industrial and Commercial Bank of China has hired a former Citi banker in its New York office, as it grows its presence in the Americas power market.
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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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Morgan Stanley and ICBC have launched a $607 million term loan B package backing six gas-fired projects in the U.S. and Canada for Invenergy, according to a deal-watcher.
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Pattern Development has obtained a C$393 million ($304 million) debt package for a British Columbia wind farm at pricing close to that on a loan for an Ontario project last year, which was a market low at the time.
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An executive director at CIBC World Markets Corp. has resigned from its New York office, after a change of leadership in the bank’s project finance group in Toronto.
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This week, SunEdison has driven a barrage of M&A and project finance activity involving more than 1.1 GW of wind assets across the U.S., Canada and Latin America.
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SunEdison, which secured $360 million in financing for its 185 MW Bingham wind park, has able to overcome the intrinsic challenges involved in constructing a large-scale wind project in Maine.
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Renewable Energy Trust Capital has made its debut wind investment with its purchase of the 102 MW Coram wind park in Kern County, Calif., from Brookfield U.S. Renewable Power Holdings.
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Brian O’Connor and Paul Colatrella, managing directors at Ares Management, talk exclusively to PFR's Nischinta Amarnath about strategies within the company’s direct lending group, their approach to borrowers, the Panda deals, the burgeoning market for mezzanine debt, and more.
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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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PSEG Power has financed its acquisition of the 755 MW Keys Energy Center combined-cycle gas-fired facility with loans, and will not require equity contributions to fund the purchase, a company representative has told PFR.
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Alterra Power and Starwood Energy have clinched a $287 million debt financing deal for the 204 MW Shannon wind park in Clay County, Texas.
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The New York-based independent power producer is in the market for $200 million in debt financing for its 350 MW Long Island Energy Center facility in Brookhaven, N.Y., after calling off a stake sale.
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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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Even as strategic investors are increasingly becoming involved in financing renewables projects, developers are tackling a fresh set of risks and challenges in developing their generation portfolios.
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While the renewabels market is seeing high levels of liquidity, yieldcos are capitalizing on declining costs of capital for shovel-ready and operating projects, according to panelists at the 12th Renewable Energy Finance Forum Wall Street conference in New York today.
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After obtaining loans for the Big Silver Creek hydro project, Innergex aims to close the financing for the last of its current crop of Canadian projects by Q3, as it eyes expansion into Western Europe and Latin America.
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PSEG Power's acquisition of Genesis Power and Ares EIF Management's 755 MW Keys Energy Center has led to the collapse of a debt financing deal backing the CCGT project, just when it was on the brink of closure.
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AES Brasil is mulling a bid for Petróbras’ portfolio of thermal facilities, which could soon be launched for sale, according to two sources familiar with the situation.
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Competitive Power Ventures nets close to $1 billion in debt and equity financing for its 720 MW Valley Energy Center combined-cycle gas-fired project in Orange County, N.Y.
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Competitive Power Ventures plans to raise financing for its 980 MW Fairview combined-cycle gas-fired facility in Cambria County, Pa., next summer.
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Organización Soriana, which was able to secure a grandfather permit before Mexico's new energy reforms kicked in, has raised $260 million to construct a pair of wind farms totalling 99 MW in Tamaulipas.
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Affiliates of 8minutenergy Renewables and D.E. Shaw Renewable Investments are set to wrap a $160 million deal backing the 133 MW Springbok solar project in Kern County, Calif., this week.
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Calpine has signed a $1.6 billion seven-year first lien term loan B to replace facilities maturing in 2018.
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In the second installment of this PFR exclusive, Michael Allison, senior managing director at Macquarie's renewables group discusses his views on the potential for yieldcos coming to market, challenges involved in securing tax equity investments and more.
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Panda Power Funds may have to wait for a regulatory ruling on PJM's capacity market regime, before launching debt financing for its 1 GW Hummel combined-cycle power project in Pennsylvania.
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Duke Energy has laid out a plan to invest $1.1bn as it replaces its 376 MW Asheville coal plant in Skyland, N.C., with a 650 MW gas-fired combined-cycle project at the same site over the next four to five years.
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Invenergy has obtained a construction loan and tax equity financing for its 200 MW Buckeye Wind Energy Center in Ellis County, Kan.
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Rabobank has hired a former director at NordLB as v.p. in loan syndication.
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Price talk has emerged for Genesis Power and Energy Investor Funds' bank financing for their 735 MW Keys Energy Center gas-fired project in Brandywine, Md.
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Canadian Solar has secured a $250 million loan from Shanghai-based China Minsheng Bank, to finance its acquisition of Recurrent Energy and the construction of solar projects.
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Cheniere Energy has closed an $11.5 billion loan for the construction of its Corpus Christi LNG project.
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Power Evolution is in talks with banks to raise financing for a 70 MW solar project portfolio across the U.S.
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RET Capital, which is eyeing more wind financing deals, has bolstered its origination team with the hire of a former Wells Fargo director.
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Atlantic Power is considering upsizing its seven-year $600 million term loan B to pay down a portion of roughly $316 million in outstanding convertible debentures.
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SolarCity is at the nucleus of asset class growth activity even as a trio of M&A deals have made their way into the market.
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SolarCity has secured $500 million in revolvers from Bank of America Merrill Lynch, Credit Suisse and Deutsche Bank for distributed solar.
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Solar developer Cypress Creek Renewables has tapped Allan Riska, formerly senior manager in project finance at SunEdison, as director of its project finance group.
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Greg Leveto, formerly a v.p. of hard asset trading at Goldman Sachs, is joining Deutsche Bank AG as a director in the transportation, infrastructure and energy finance group.
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Cheniere Energy is planning to add two additional trains at one of its LNG export projects, and plans to finance these trains in 2017.
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London-based private equity shop Terra Firma Capital Partners is placing its U.S. affiliate EverPower Wind for sale, and has hired Bank of America Merrill Lynch as an advisor.
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Western Energy Partners is looking to raise debt for its 750 MW Clean Path project near Waterflow, N.M. after it secures a long-term offtake contract.
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sPower has sealed tax equity investment from JPMorgan for a roughly 80 MW portfolio comprising 10 solar facilities.
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Niska Gas Storage, an affiliate of Riverstone and Carlyle, is conducting a strategic evaluation that involves a potential sale of the company.
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Freeport LNG has clinched a $4.56 billion deal in senior debt and mezzanine financing backing its third LNG train near Freeport, Texas.
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Credit Suisse has invested $500 million into a $1 billion fund backing SolarCity’s commercial solar projects.
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Project financiers at Platts’ 30th Annual Global Power Markets are competing for business as lenders continue to surge into power and energy deals in the Americas.
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A pair of PPL Corp. affiliates is in talks with banks to finalize book runners for an issuance of up to $1.05 billion in senior secured first mortgage bonds.
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ICBC has hired Marcia Bockol, director of client coverage in the Americas at National Australia Bank, as an executive director in New York.
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Financers are eyeing a $4.1 billion deal backing a 700-mile natural gas pipeline in Peru.
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Mizuho has tapped three senior debt capital markets executives from Royal Bank of Scotland for its investment banking and capital markets subsidiaries.
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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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Apex Clean Energy has closed a $397 million construction loan for its 299 MW Kay wind project in Kay County, Okla.
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San Francisco-based Renewable Energy Trust Capital has tapped Roger Johanson of GCL Solar Energy, as managing director of project finance.
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Pricing talk has emerged on the $275 million term loan package backing Longview Power, launched by Morgan Stanley and KKR Capital Management last week.
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Duke Energy Progress is buying back 700 MW nuclear and coal-fired stakes from the North Carolina Eastern Municipal Power Agency in exchange for a wholesale contract from the agency.
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Renewable and thermal assets on both sides of the equator are making headlines this week. sPower is the latest player to join a steady stream of distributed generation transactions.
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Greenleaf Power is acquiring Leidos’ 37.5 MW Plainfield Renewable Energy biomass project in Plainfield, Conn.
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Santander has sealed a $1.3 billion deal backing PEMEX and IENova’s Los Ramones II Norte pipeline in Mexico.
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