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  • Covanta Energy is planning to fund its purchase of seven waste-to-energy facilities from French environmental services company Veolia Environment for $450 million with cash on hand.
  • Renewable Power & Light is planning to complete the sale of its 85 MW Massena plant in Massena, N.Y., and the 65 MW Elmwood plant in Elmwood Park, N.J., to independent power producer Morris Energy Group by month-end.
  • Wind Capital Group is talking to lenders about financing for its $300 million, 150 MW Lost Creek wind farm in DeKalb County, Mo. It is also looking to hire people with asset management and operational experience for the facility.
  • An undisclosed number of shares in Astoria Project Partners’ Astoria and Astoria II gas fired plants are on the block. They are expected to be sold in the next week or two once the Astoria II project close is officially filed with the U.S. Federal Energy Regulatory Commission, says a person familiar with the deal. Merrill Lynch is advising on the sale.
  • Citigroup has promoted Julian Mylchreest, chairman of Central and Eastern Europe, Middle East and Africa banking in London, to co-head of the energy, power and chemicals banking group. The promotion was announced in an internal memo last Thursday.
  • Spinnaker Energy will likely secure debt financing for the $400 million, 174 MW phase of two wind farms in southern Texas in September. “Everything slows down this time of year,” says Doug Wert, ceo in San Diego, declining to elaborate. The company had been looking to wrap a deal by the end of last month.
  • Banks leading the roughly $300 million syndication backing BP Alternative Energy and Dominion’s Fowler Ridge wind farm pitched the deal to around eight lenders at Le Parker Meridien in New York on Friday. Pricing on the seven-year facility starts at 300 basis points over LIBOR and steps up every three years over the life of the loan. Commitments are due at month-end. The identity of the attending banks could not be immediately learned.
  • The U.S. Department of the Treasury will allow foreign and tax-exempt companies to set up blocker corporations to tap the cash grant program. Private equity and hedge funds with tax-exempt investors like pension funds and university endowments were prohibited from receiving the 30% cash grant under the American Recovery and Reinvestment Act, designed to spur investment in renewable energy infrastructure. The lingering question was whether blocker corporations would be a way around this (PFR, 7/2).
  • Rabobank has hired Tom Emmons to fill a new post as head of renewable energy and infrastructure finance for the Americas in New York.
  • CIT Goup's downgrade will have no impact on its $290 million so-called BRSP loan. The deal is a refinancing relating to a leveraged lease on two plants operated by Calpine (PFR, 6/5).