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CenterPoint Energy subsidiary CenterPoint Energy Houston Electric (CPE Houston) has entered a $300 million term loan to cover damage from category 2 hurricane-like winds and tornadoes in Texas, PFR has learned.
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Blackstone-owned energy storage business Aypa Power is set to close a $650 million pre-Notice to Proceed development facility, PFR has learned.
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Renewables business Primary Energy has tapped Apterra Infrastructure Capital for the refinancing of its platform, PFR has learned.
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Nexus PMG has made an investment in renewable fuels company Saola Energy.
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SunPower has drawn $50 million from a loan made by its majority shareholder Sol Holding, which is owned jointly by TotalEnergies and Global Infrastructure Partners (GIP).
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DLL, the Rabobank-owned asset finance company for equipment and technology, has partnered with Sunstone Credit to provide a loan platform for solar and battery storage assets.
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QCells' residential solar financing platform EnFin has completed its first asset-backed securities (ABS) transaction totaling $252.86 million.
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The US Department of Energy's Loan Programs Office (LPO) and UK Export Finance (UKEF) have signed a memorandum of understanding (MoU) for cooperation on joint financing for energy and green infrastructure projects.
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Argentina’s Ministry of Energy and the Bank of the Argentine Nation (BNA) have finalized a line of credit for the implementation of distributed generation of renewable energy.
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Australia and New Zealand Banking Group (ANZ) has issued a $280 million green loan facility to SK Battery America which will use the net proceeds to finance capital expenditure for an electric vehicle battery plant in the US.
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Brazilian development bank BNDES has approved financing for French electricity producer Helexia, part of the Voltalia Group, to install solar projects across Brazil.
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Brazilian development bank BNDES has granted UISA Geo Biogás an R$80 ($14.6m) million loan to construct an industrial unit producing biomethane and electricity from sugarcane residue.
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Details have emerged on the acquisition financing that ArcLight Capital Partners slotted into place to finance its purchase of a 4.8 GW portfolio of thermal assets in New Jersey and Maryland.
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Term sheet details have emerged on an equity and debt raise that is underway for a massive solar-plus-storage project in Nevada.
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A private equity firm has closed an amend-and-extend deal on the project finance loan associated with its gas-fired project in Rhode Island.
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CCE Holding is supporting its acquisition of a solar project in Chile and another in Italy with a financing package provided by Germany's Berenberg Bank.
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Invenergy has closed construction financing for a 250 MW wind project in Illinois.
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A Virginia-based energy company has wrapped acquisition financing for a portfolio of peaking power plants in Illinois.
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Amp Energy has secured a $50.5 million construction debt package for a portfolio of solar projects in central New York state.
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Lightsource bp has wrapped a $97.8 million construction debt package for an 80 MW portfolio of solar projects in Pennsylvania, and a $533 million package for a pair of solar projects in Louisiana and Arkansas.
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Canadian renewables project developer Saturn Power has secured financing for a utility-scale solar project in Saskatchewan.
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An InterEnergy-led consortium has clinched a senior secured term loan to finance the acquisition and construction of a Panamanian gas-fired power plant.
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Lightsource bp has closed a $533 million construction financing package for a pair of solar projects totaling 480 MW (DC) in Arkansas and Louisiana.
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Czech solar developer Solek has secured a $15.1 million loan to finance a portfolio of small-scale distributed solar projects in Chile.
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Goldman Sachs Asset Management has arranged a A$346.33 million ($252 million) debt package for a portfolio of energy storage projects located in the US and Australia.
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Oya Solar has secured construction and tax equity financing for a portfolio of community solar projects in New York state.
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Lightsource bp has wrapped construction and tax equity financing for an 80 MW portfolio of solar projects in Pennsylvania.
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Leeward Renewable Energy has secured debt and tax equity financing for a 54.4 MW wind repowering project in Illinois.
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A private equity firm is arranging an amend-and-extend deal on the project finance loan associated with its gas-fired project in Rhode Island.
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Invenergy has closed construction financing for a 104 MW wind farm in New York state which will form part of the renewable generation portfolio of the $11 billion Clean Path New York infrastructure project.
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Irradiant Partners and Pine Gate Renewables have closed financing on a pair of solar projects totaling 40 MW in Michigan.
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Toronto-based Polaris Infrastructure has secured debt to refinance an 82 MW geothermal asset in Nicaragua.
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Lightsource bp has closed debt and tax equity financing for a 466 MW (DC) portfolio of solar projects in Indiana and Colorado.
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Lightsource bp has secured $100 million in tax equity and project financing to support a solar project in Alabama.
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Two international banks are nearing close on a bridge debt package for a roughly 200 MW gas-fired power plant in Colombia.
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A consortium led by InterEnergy has reached financial close on a debt package that will finance a 656 MW LNG-to-power project in Panama.
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Publicly listed-firm Engie Brasil Energia has inked a debt package for the first phase of a wind complex in the Brazilian state of Rio Grande do Norte.
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A ProEnergy subsidiary has secured a project finance deal to support a 288 MW gas-fired peaking power plant in Texas.
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Leeward Renewable Energy has clinched a $190 million debt package for a wind project that the company is constructing in Colorado.
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Development finance institution IDB Invest is preparing a debt package that will fund the working capital needs of Belize’s utility Belize Electric Limited (BEL).
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Intersect Power has closed a "bespoke" $2.6 billion financing which will support the construction and operation of a 2.2 GW (DC) portfolio of solar assets, along with 1.4 GWh of energy storage capacity in Texas and California.
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A joint venture between D.E. Shaw Renewable Investments (DESRI) and Torch Clean Energy has acquired and financed a solar project in the Centennial State.
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In a deal that came down to the wire, Ares Management Corp has closed the refinancing of Panda Power’s 778 MW combined-cycle, gas-fired Stonewall project in Virginia, which it is in the process of acquiring.
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Plus Power, an independent battery energy storage developer, has closed a debt package for a standalone energy storage project in Hawaii.
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Enel Green Power Peru has requested a debt package from a development finance institution to support the expansion of a 132 MW wind farm in the country.
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A joint venture between Summit Ridge Energy (SRE) and Osaka Gas USA have clinched debt and tax equity financing for a community solar portfolio in Maine.
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A debt and equity raise for a merchant gas-fired project in Queens, New York has been scuppered after the project's air permit was denied by state regulators.
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Amp Energy, a Canadian renewables developer backed by The Carlyle Group, has secured construction financing for a community solar-plus-storage portfolio in New York state.
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D.E. Shaw Renewable Investments (DESRI) has closed debt and tax equity financing for a 149 MW solar project in Michigan.
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Cypress Creek Renewables has closed financing for a 270 MW solar project in Texas, the company's largest solar project yet.
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Pine Gate Renewables has secured construction financing for a 69.89 MW solar project in North Carolina.
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UK-based Soleco Energy is working with development finance institution IDB Invest on a debt package for a distributed generation solar portfolio in Jamaica.
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Matrix Renewables, a portfolio company of private equity firm TPG, has clinched a debt package for an operating solar complex in Colombia.
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Utility-scale solar developer Urban Grid has secured a $275 million debt package from Crayhill Capital Management to support the deployment of its US solar and energy storage platform.
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Canadian renewables developer Grasshopper Energy, formerly known as Grasshopper Solar, has secured a $48 million debt package for a portfolio of solar-plus-storage projects in Massachusetts.
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Lead arrangers have laid out the terms for the almost $2.4 billion construction debt package for the 800 MW Vineyard Wind project off the coast of Massachusetts, which was launched into syndication last week.
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Clearway Energy has financed a 7.5 GW fleet of renewable power projects in the US with $775 million of corporate credit facilities arranged by a club of banks.
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Colombian developer Axia Energia has refinanced an 88 MW dual-fuel reserve power plant in the country's Magdalena department.
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A New York-headquartered developer has closed the refinancing of a combined-cycle gas-fired power plant in Pennsylvania.
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France's TotalEnergies, formerly Total, has reached financial close on a debt package for a solar-plus-storage project in Texas.
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Generadora Metropolitana Renewables, a joint venture between Andes Mining & Energy (AME) and France's EDF Renewables, has reached financial close on a solar and thermal project financing in Chile.
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Three sponsors have secured debt financing from a development finance institution for a 54.5 MW solar asset with an adjacent energy storage facility in French Guiana.
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Details have emerged on the debt package that D.E. Shaw Renewable Investments’ (DESRI's) secured to support the acquisition and construction of a solar-plus-storage project in New Mexico.
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Uruguay’s state-owned National Administration of Power Plants and Electric Transmission (UTE) has secured financing for a 365 km (226.8-mile) transmission project in the country.
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Pattern Energy and Nigig Power Corp have wrapped a C$1.2 billion ($0.94 billion) refinancing for their jointly owned 300 MW Henvey Inlet wind farm in Ontario.
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The lead arrangers on the almost $2.4 billion construction debt package for the 800 MW Vineyard Wind project off the coast of Massachusetts have begun sounding out lenders to participate in syndication.
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Ares Management Corp has kicked off the refinancing of Panda Power's 778 MW combined-cycle, gas-fired Stonewall plant in Virginia, which it is in the process of acquiring.
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Altus Power has refinanced a $368 million senior funding facility, upsizing it by $135 million, and plans to use the proceeds to partially fund the acquisition of an operational solar portfolio from TrueGreen Capital Management.
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London-based fund manager Sustainable Development Capital (SDC) is slotting debt financing into place to support its purchase of an additional stake in Primary Energy Recycling Corp, a portfolio of waste-heat-to-power and cogeneration projects supplying steel mills in the Midwest.
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CarVal Investors has wrapped a $137.5 million debt package to support its US renewables portfolio.
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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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Owners of hedged renewable energy projects in Texas face an uphill battle as they plead for protection against foreclosure in court, if a recent ruling by a New York judge is anything to go by.
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The final pricing on two recent power-sector term loan Bs landed inside initial price thoughts, indicating a healthy market for additional issuance.
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German developer BayWa r.e. has signed a loan with the North American Development Bank for a utility-scale solar project in Texas.
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Solar and battery storage developer Strata Solar has raised $150 million of flexible capital in a deal with Blackstone Credit ?and its affiliates.
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Invenergy has closed the construction financing for its 999 MW Traverse Wind Energy Center, the last to be financed of the three projects that make up its 1,485 MW North Central Wind Energy portfolio in Oklahoma.
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Czech solar developer Solek has signed an $85.25 million senior secured loan to finance a portfolio of small-scale projects in Chile known as PMGDs.
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S&P Global Ratings has given the senior secured term loan B financing for I Squared Capital's take private of Atlantic Power Corp a rating of BB-.
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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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I Squared Capital is approaching the market with 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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Power Finance & Risk is pleased to announce that nominations are now open for its 18th Annual Deals and Firms of the Year Awards.
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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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As winter storms wallop Texas, leaving around four million people to wait out rolling blackouts and sending power prices skyrocketing, project finance professionals and investors are assessing the fallout for project-financed assets in the Lone Star State.
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Canadian developer Potentia Renewables refinanced a two-phase solar project in the Dominican Republic toward the end of last year with debt from a local fund manager.
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Invenergy sealed loans at the end of last year for the three large wind farms it is preparing to build in Oklahoma for American Electric Power utility companies.
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Ares Management Corp has financed a contracted wind farm in Illinois that it acquired from a developer last year.
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Clearway Energy Group has closed a $427 million construction loan for its 354 MW Mesquite Sky wind project in Texas.
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Canadian developer Innergex Renewable Energy has closed on a construction loan and tax equity commitment for its 225 MW Griffin Trail wind project in northwest Texas.
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The $860 million term loan B refinancing for a portfolio of gas-fired assets in Queens, New York, was priced and allocated on December 4.
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Since entering the US market in 2019 with the acquisition of a pipeline of projects in California and Texas, SB Energy – the renewables division of SoftBank – has put together a string of project finance deals including a loan to finance late-stage development.
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The Abu Dhabi Future Energy Co, also known as Masdar, is working on a holding company financing to lever up its portfolio of renewable energy assets in the US.
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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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Vermont-based solar and energy storage developer Encore Renewable Energy has obtained a corporate loan to finance development activity.
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Updated: Spruce Finance has acquired two portfolios of residential solar projects, including all of NRG Energy's remaining residential solar assets.
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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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Clearway Energy has paid $43.5 million to buy its sponsor-developer, Clearway Energy Group, out of a 286 MW portfolio of distributed solar assets.
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Details have emerged of a $209 million term loan package that was executed in September to refinance a portfolio of three operational solar projects.
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Chicago-based developer Invenergy is aiming to close construction loans totaling $1.8 billion for three wind farms in Oklahoma by the end of the year.
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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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Recent transactions in the US power and renewable energy sector lend credence to a recent report from Kroll Bond Rating Agency, which says that project finance borrowers and investors are exhibiting an increasing fondness for holding company debt.
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Australian asset manager AMP Capital has confirmed that it has received a non-binding public takeover offer from Ares Management Corp.
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With an unpredictable election looming, developers, financiers and would-be buyers of US renewable energy projects are carefully weighing the potential impact of a Joe Biden presidency as they try to reach decisions on M&A and financing transactions.
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Skyline Renewables has acquired its first US solar asset – a 250 MW project in Texas that has been financed with construction debt from a group of five lenders.
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DE Shaw Renewable Investments has broken ground on a pair of solar projects in Louisiana, having put in place a financing structure involving tax equity and back leverage.
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The term loan B to refinance the Linden Cogeneration plant in New Jersey has been priced inside initial price talk after generating strong demand.
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The term loan refinancing for the Linden Cogeneration project in New Jersey has been resized from $950 million to $1 billion in response to strong interest from investors during syndication.
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OYA Solar has signed a $35 million loan to fund interconnection and construction costs for a portfolio of three community solar projects in New York state.
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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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The Delaware River Port Authority has signed a 20-year power purchase agreement with SunPower Corp for an estimated 22 MW from a mixture of roof-mounted solar panels and solar canopies over parking, storage and work areas.
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Recurrent Energy has reached financial close on its contracted 144 MW Pflugerville solar project in Texas.
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Senior project finance banker Ren Plastina has emerged in a new role at Crédit Industriel et Commercial in New York.
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The debt financing for Recurrent Energy’s next solar project in Texas is expected to close in the following week or two.
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Talen Energy Corp is preparing to hand over two gas-fired projects in the Northeast to senior creditor Beal Bank through a Chapter 11 restructuring.
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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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EIG Global Energy Partners has reached final close at $1.1 billion on its EIG Global Project Fund V (GPF V), well in excess of its $750 million target.
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The lenders and tax equity investor have been revealed for a recently financed wind repowering project in California.
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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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ArcLight Capital Partners has priced a $156 million debt package with a trio of banks to finance its recently closed acquisition of the 570 MW Griffith Energy gas-fired project in Mohave County, Arizona.
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Power Finance & Risk is pleased to announce that nominations are now open for its 17th Annual Deals and Firms of the Year Awards.
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The Japan Bank for International Cooperation (JBIC) has partially securitized a portfolio of project finance loans backed by North American energy infrastructure assets.
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Commercial banks have begun providing loans to finance a handful of gas-fired peakers in Texas, especially in the Houston area, as developers look to capitalize on high peak summer power prices.
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Engie’s subsidiary in Brazil has signed financing with development bank BNDES to fund several wind parks totaling 361.2 MW in the country.
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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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As debt pricing soars across the capital markets, project finance borrowers are obtaining indicative term sheets from lenders for transactions they aim to launch once the dust has settled.
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KeyBanc Capital Markets doubled its North American power and renewable energy project finance business in 2019, overtaking MUFG as the most prolific arranger in the sector, according to the latest league table data from IJGlobal.
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After months searching for an economic solution for its flagship project, Renova Energia has accepted a binding offer to finance phase A of the Alto Sertão III wind complex in Brazil.
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Project finance officials are paying close attention to daily headlines as they feel their way through market turmoil and strive to move deals forward, despite headwinds caused by the Covid-19 crisis and oil price slump.
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An affiliate of Algonquin Power & Utilities Corp. has sealed a loan with a quintet of banks to finance its roughly 490 MW Maverick Creek wind project in Texas.
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Meridiam and Engie have reached financial close on the financing of a 50-year public-private partnership for the University of Iowa’s utility system.
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Brazil’s Renova Energia has received a proposal to finance Phase A of of its 743 MW Alto Sertão III wind complex.
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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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Irish developer Mainstream Renewable Power has scheduled a lender meeting for this week for the next portion of its 1.3 GW Andes Renovables portfolio in Chile, known as Huemul. Two additional banks have joined the syndicate.
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BayernLB is preparing to sell down a portion of a loan made to Greenbacker Renewable Energy for a portfolio of U.S. wind projects.
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As Canadian refinancing momentum remains strong in 2020, Boralex is preparing to refinance a four-year-old wind project in Ontario.
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IDB Invest has provided a $110 million loan to Banco Cooperativo Sicredi to promote access to financing for distributed generation solar projects in Brazil.
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Fuel cell company Bloom Energy Corp. has informed investors that it will have to restate earnings going back to 2016, two years before its initial public offering.
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Clearway Energy Group has closed a loan to finance its 160 MW Rattlesnake Flats wind project in Washington.
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Canadian Solar has secured a R$225.2 million ($55 million) project finance loan from Brazilian regional development bank Banco do Nordeste do Brasil (BNB) for its 152.4 MW (DC) Lavras solar project.
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Cubico Sustainable Investments has acquired and reached financial close on a contracted solar project in South Carolina.
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Kineticor Resource Corp. has signed gas supply contracts for a 900 MW conbined-cycle gas-fired project it is financing in Alberta.
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There has been plenty of activity in the term loan B market of late, as private equity-backed independent power producers renegotiated the terms of their debt or raised more to fund distributions to equity investors.
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As lenders and borrowers prepare to say goodbye to Libor, also known as “the most important number in finance,” are project finance professionals ready? Taryana Odayar investigates.
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Denham Capital’s Rio Energy is negotiating a financing for the expansion of its Serra da Babilonia wind complex in Brazil.
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Shell, Pátria Investimentos and Mitsubishi Hitachi Power Systems will have the financing for their 565 MW Marlin Azul gas-fired power plant located in Brazil this week.
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Stonepeak Infrastructure Partners has closed the refinancing of its 1.6 GW New England Power portfolio of dual-fuel peakers.
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Eneva will issue R$600 million ($145 million) in debentures to fund part of the construction of the 117 MW Jaguatirica II combined-cycle gas-fired project, which the sponsor has developed according to its reservoir-to-wire business model.
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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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Cypress Creek has joined the ranks of solar project developers to have signed loans this year to finance the purchase of solar equipment with a view to qualifying it for the full investment tax credit.
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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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Public Service Co. of Oklahoma (PSO) has filed with the Oklahoma Corporation Commission for approval to purchase a 675 MW chunk of the 1,485 MW North Central Wind Energy project, the successor to Wind Catcher, in a build-transfer deal with Invenergy.
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Bluearth Renewables is aiming to close a refinancing for a wind project in Ontario by the end of next week.
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The lead arrangers on the $580 million debt package for Mainstream Renewable Power's 571 MW Condor wind and solar portfolio in Chile have funded the deal one month after signing.
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In October, Power Finance & Risk brought together a group of project finance officials and a partner from Allen & Overy to discuss the latest opportunities and challenges in financing power and renewables across Latin America.
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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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After several months of negotiations to refinance a bank loan with a private placement, the owners of the Duqueco hydro complex in Chile canceled the bond sale at the last minute and opted for a renegotiation with the banks instead.
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A round up of the rest of this week's project finance news from North America and Latin America.
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NRG Energy has repaid about $95 million of debt associated with the Petra Nova carbon capture project at its WA Parish coal-fired plant in Houston and provided a $12 million letter of credit to cover debt reserve requirements.
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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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Engie has raised R$1.26 billion ($312 million) in debt to finance the first phase of its Umburanas wind complex in the Brazilian state of Bahia.
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Mainstream Renewable Power is about to close on the financing for Condor, the first phase of its huge Andes Renovables wind and solar portfolio in Chile.
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Brazilian power generation company Eneva has refinanced the debt associated with its 519 MW Parnaíba II Geração de Energia gas-fired project in the municipality of Santo Antonio Dos Lopes, Maranhao state.
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A strong third quarter for Mizuho’s project finance team has propelled the Japanese bank up the North American power and renewables league tables, while Key Bank maintained its position at the head of the pack.
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After hedge providers got burned earlier this year on deals for new-build gas-fired projects in PJM Interconnection, they are quoting revenue puts at pricing that no longer makes as much sense for CCGT developers, forcing them toward alternatives.
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Residential solar finance company Sunrun is preparing a $312.4 million securitization deal backed by a portfolio of leases and power purchase agreements, marking the first time the issuer has tapped the ABS market twice in one year.
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SunPower Corp. has signed a joint venture agreement with frequent collaborator Hannon Armstrong to safe harbor solar panels with a total capacity of 200 MW.
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Engie Energía Chile has announced the beginning of construction on a trio of renewables projects as part of its plan to build a 1 GW portfolio of wind and solar assets in Chile.
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Renewables yield company TerraForm Power has taken advantage of a sustained recovery of its stock price since the beginning of the year to raise $251 million through an underwritten public stock offering.
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First-round bids are due next week for a pair of solar projects in California that Capital Dynamics recently put up for sale.
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Asset manager Balam is in the market raising long-term financing for a 40 MW solar project that is under construction in Mexico.
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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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Fermaca has joined the ranks of gas pipeline owners that have reached an agreement with the Mexican government over changes to contracts.
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About a half dozen loans intended to safe harbor equipment for grid-scale and residential U.S. solar projects for the investment tax credit are moving forward and at least one deal has closed, but the highly bespoke product is not suited to every developer, say deal watchers.
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Toronto-based Northland Power has entered into an agreement to buy a 99.2% stake in Colombian utility Empresa de Energía de Boyacá (EBSA).
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A $350 million refinancing of the 488 MW Birdsboro Power Plant in Pennsylvania closed on Sept. 9, pushing the maturity of the debt out four years beyond the length of its hedge.
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Powertis has secured R$2.5 billion ($610 million) in financing from BNDES and BNB to develop four solar projects totaling 765 MW in Minas Gerais and São Paulo.
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Private equity funds managed by BTG Pactual have refinanced a 150-mile 500 kV transmission line they own in Brazil's Bahia state with the issuance of infrastructure debentures.
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Ecuador's Ministry of Energy and Non-renewable Natural Resources has started the selection process for the concession of two renewable energy projects.
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Greengate Power Corp. plans to finance a 400 MW solar project in Alberta on a merchant basis, having received regulatory approval for it from the Alberta Utilities Commission.
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Colombian generator Termoyopal has reached financial close on loans for the expansion of its five-unit gas-fired plant in the department of Casanare.
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The margin on a loan secured by TerraForm Power to finance three portfolios of distributed solar projects totaling 137.7 MW has been revealed.
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Residential solar installer Vivint Solar has refinanced an existing aggregation loan with a $325 million revolving warehouse facility provided by a group of five banks.
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David Velasco Fischman has returned to the banking world, taking on the role of director of project finance for Chile and Peru at SMBC’s office in Santiago.
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Arroyo Energy Investors has signed a $69.1 million debt financing for an up-to-70 MW portfolio of solar projects in Chile.
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Calpine Corp. held a lender call this morning for a $550 million term loan B to refinance a chunk of its senior secured debt.
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The three main credit rating agencies are viewing Southern California Edison Co. more favorably following the latest moves by the company and the California legislature to mitigate wildfire risk.
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NextEra Energy Resources has signed a power purchase agreement for a 700 MW hybrid project including wind, solar and battery storage in Oklahoma.
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Building materials company Holcim Argentina is among the offtakers that have signed power purchase agreements with power producer YPF Luz for generation from its 172 MW Los Teros Wind Farm.
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ContourGlobal is raising financing for the acquisition of a 518 MW combined-heat-and-power portfolio in Mexico from North American petrochemical company Alpek.
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Renova Energia has obtained a one-month extension of a bridge loan from BNDES in relation to the Alto Sertão III wind project in Brazil.
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Venture Global LNG has secured $10 billion in financing commitments with 13 banks to construct and commission the Calcasieu Pass facility and the associated TransCameron pipeline.
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Cubico Sustainable Investments has reached financial close on the 100 MW Huntley solar project in Orangeburg County, S.C.
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Raphael Dumas, an experienced energy and infrastructure financier with a focus on Latin America, has started in a new job after leaving HSBC earlier this year.
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A Mexican wind developer is in final negotiations with banks to finance a project in the country.
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The identity of a third equity investor in Ares Management's 620 MW Hill Top combined-cycle gas-fired project in Greene County, Pa., has been disclosed.
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Argentina's Central Puerto has closed a $76.1 million financing with the IFC for its 88 MW La Genoveva wind farm near Bahia Blanca in the southern part of Buenos Aires province.
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EDP Renovaveis has closed a €150 million ($170.7 million) loan from the European Investment Bank to finance the development of renewables projects in Brazil and Mexico.
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California community choice aggregator Clean Power Alliance has signed power purchase agreements totaling 275 MW with NextEra Energy Resources, Clearway Energy Group and Isabella Partners.
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German bank LBBW and New Brunswick partnership Wisokolamson Energy have closed C$40.87 million ($31 million) in loans for the construction and operation of an 18 MW wind project.
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As the window to finance quasi-merchant gas-fired projects in PJM Interconnection ahead of the August capacity auction begins to close, the sponsors behind three projects recently made headway on their debt and equity raising plans.
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BlackRock has closed a $225 million refinancing for its 130 MW La Bufa wind farm in Mexico through a privately-placed bond.
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Spain's Ibereólica Renovables has signed a $110.8 million financing for its Cabo Leones III wind project in the Atacama region of Chile.
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Talen Energy, NextEra Energy Partners and Hannon Armstrong were among the high-yield borrowers to hit the capital markets in the last two weeks.
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Sara Pirzada has left her role as managing director, loan capital markets, at Mizuho Securities.
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Nevada's NV Energy has awarded 25-year power purchase agreements for about 1.2 GW of solar and 590 MW of battery storage capacity in the state to three developers.
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Thomas Murray, the former head of infrastructure credit at Apollo Global Management and sometime head of energy and project finance at WestLB, has started in a new senior role at infrastructure fund manager I Squared Capital.
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Commitments were due on June 21 for the $1.075 billion debt financing of the Guernsey combined-cycle gas-fired project in Ohio, which is already about twice subscribed.
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Clearway Energy Group has lined up a tax equity investor and finalized the terms of an investment by its yield company in the Wildorado and Elbow Creek wind repowering projects in Texas.
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Capital Dynamics has sold the residential solar portfolio it came to own last year as a result of its take-private of yield company 8point3 Energy Partners.
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SunPower Corp. has signed a levered tax equity financing deal to fund its residential solar lease business.
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Retail giant Target has signed power purchase agreements with ENGIE North America and Leeward Renewable Energy as it nears its goal of using renewable sources for its electricity needs by 2030.
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Connor, Clark & Lunn Infrastructure has completed the acquisition of a majority stake in Bremner Trio Hydro Corp., the owner of two construction-stage, run-of-river hydro facilities near Harrison Lake in British Columbia, and closed C$197 million ($148 million) in construction debt financing.
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Vivint Solar has signed a $360 million multi-party forward-flow agreement to finance roughly 95 MW to 100 MW of residential solar systems.
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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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JP Morgan’s Infrastructure Investments Fund (IIF) has signed a deal to acquire El Paso Electric and take it private, concluding a hotly contested auction process.
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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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Latin America Power has closed the refinancing of a 73 MW portfolio of hydro projects in Peru.
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Green Street Power Partners has wrapped tax equity and long-term debt for a 17.5 MW community solar portfolio in Minnesota with commercial and industrial customers.
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Vistra Energy's retail energy subsidiary, TXU Energy, has clinched a 10-year electric supply contract with the City of Dallas that it will fulfill at first with generation and renewable energy credits (RECs) from Innergex Renewable Energy's 352.8 MW Foard City Wind Farm.
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Avangrid has secured a second power purchase agreement for a wind project it is developing in South Dakota.
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French firm Neoen has reached financial close on two solar projects totaling 208 MW (DC) in Argentina, known collectively as Altiplano 200, that benefit from an export credit agency wrap.
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Engie and EDP have signed a memorandum of understanding to create a co-controlled 50:50 offshore wind joint venture.
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Geronimo Energy closed on construction financing for its 200 MW Crocker wind project in South Dakota in March, around the time that its acquisition by National Grid was announced.
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Spain's Ibereolica is working with a commercial bank on the financing of a Chilean wind project in the Atacama region of Chile.
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Associated Electric Cooperative has signed a power purchase agreement with Enel Green Power North America for the output of a wind project in Missouri.
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Cypress Creek Renewables has reached financial close on a solar project in North Carolina that it is selling to Cubico Sustainable Investments.
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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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TerraForm Power concluded the refinancing of two wind facilities in Uruguay on April 30.
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TerraForm Power expects to close the latest in a series of project financings this month as part of the fundraising for its acquisition of Spain’s Saeta Yield.
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One of Chile’s priorities for the energy sector in 2019 will be the construction of transmission lines linking the country to both Peru and Argentina.
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Colombia’s Century Energy Corp. has requested $60 million in support loans from IDB Invest to help finance two run-of-river hydro projects in the country.
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Mars has signed a 15-year power purchase agreement for 30% of the output of an operational 70 MW wind project in Mexico.
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Innergex Renewable Energy has closed $290.9 million in project finance for its 327.6 MW Foard City wind project in Texas.
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Spanish developer Grenergy has closed financing on two wind projects in Peru.
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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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Canadian Solar is gearing up for the disbursement of long-term financing for its 68 MW Aguascalientes Potencia 1 solar project in Mexico.
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Tenaska has wrapped a $302 million project finance loan for a contracted wind project in Missouri with a syndicate of five banks.
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Sempra Energy subsidiary IEnova is raising debt to finance four solar projects in Mexico totaling 376 MW.
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A joint venture between Prumo Logistics, BP and Siemens is in talks with banks to finance the second unit of an LNG-to-power complex located in the Brazilian state of Rio de Janeiro.
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Despite rumblings about overbuild in PJM Interconnection, developers are pushing ahead with new build gas-fired projects there, and lenders stand ready to finance them. The only thing missing, it seems, is equity.
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An investment manager brought in two co-investors for an unusual unitranche financing of a brownfield gas-fired plant in Ohio earlier this year.
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Two co-sponsors of a combined gas-fired and battery storage project in California sealed 18-year debt financing earlier this year.
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A consortium comprising Prumo Logistics, BP and Siemens has reached financial close on the development, construction and operation of an LNG-to-power project located at Porto do Açu in the Brazilian state of Rio de Janeiro.
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Argentina has signed contracts for two solar projects and a small-scale biogas-fired plant in Córdoba that were successful in the second round of its renewable energy program, RenovAr 2.
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A joint venture led by Invenergy has signed an up-to-$350 million loan from the Overseas Private Investment Corp. for the construction of an LNG terminal and generation facility in El Salvador.
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A California grower that recently announced the completion of the cannabis industry’s first commercial-scale solar facility has harsh words for project finance providers.
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TerraForm Power has launched the refinancing of a 95 MW wind facility located in Uruguay.
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France's Neoen has signed a project finance loan for its 375MW (DC) El Llano solar farm in the state of Aguascalientes, Mexico.
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Ormat Technologies has signed a 25-year power purchase agreement with a California utility for the first new-build geothermal project to be built in CAISO territory in the last 30 years.
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Investec has begun talks with prospective coordinating lead arrangers for the $1 billion debt financing of Caithness Energy’s 1,836 MW Guernsey Power Station gas-fired combined-cycle project in Ohio, which is said to have a “conservative” structure.
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Atlas Renewable Energy has closed long-term financing for three solar farms totaling 300 MW (DC) in Brazil.
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A developer has appointed a financial adviser and approached banks to discuss debt and tax equity options for a newly-acquired solar project in California.
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PFR's Deal of the Year Awards are back, recognizing excellence in power project finance and M&A. Check out the shortlisted deals in the North America Conventional Power Project Finance category.
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Having scoured the market for the most impressive and interesting deals of 2018, the editorial team has selected four deals in each of six categories and compiled detailed profiles of each deal, including some previously unpublished material.
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PFR's Deal of the Year Awards are back, recognizing excellence in power project finance and M&A. Check out the shortlisted deals in the North America Renewable Energy Project Finance category.
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PFR's Deal of the Year Awards are back, recognizing excellence in power project finance and M&A. Check out the shortlisted deals in the Latin America Project Finance category.
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Techint has closed the refinancing of a 900 MW gas-fired plant with an unusual offtake structure in the Pesquería area of the State of Nuevo León, Mexico.
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Panamanian state-owned transmission company Empresa de Transmisión Eléctrica (Etesa) has closed a debt financing with the Central American Bank for Economic Integration (CABEI).
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Residential solar installer Sunrun is aiming to refinance a portion of "seasoned assets" by midyear as advance rates on rooftop-mounted arrays march upward and the cost of capital for such assets continues to decline.
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Spain's Solarpack has reached financial close on its 123 MW La Granja Solar project in Chile’s Atacama Desert, in the Pozo Almonte region.
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German developer WPD has issued an request for proposals to banks to raise financing for greenfield wind projects.
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Guatemalan power distribution company Empresa Eléctrica de Guatemala (EEGSA) is set to issue requests for proposals in the run up to three auctions as part of the government's plan to expand generation capabilities.
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Total Eren has reached financial close on the 50.4 MW Malaspina wind project in Argentina’s Southern region.
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Following its initial public offering at the end of January, gas-to-power business New Fortress Energy is in the market with a term loan B to round-out its capital structure with additional debt.
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Fortress Transportation and Infrastructure Investors has closed first and second lien loans to finance the construction of a 485 MW gas-fired project and related natural gas assets in Ohio.
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7X Energy has signed a power purchase agreement for a 250 MW solar project in Texas.
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Following its initial public offering at the end of January, gas-to-power business New Fortress Energy is in the market with a term loan B to round-out its capital structure with additional debt.
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Axium Infrastructure has closed a multi-tranche refinancing of the senior debt associated with the 286 MW Brooklyn Navy Yard Cogeneration Partners dual-fuel project in New York, which it acquired last year from Ares-EIF.
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Spain's Cobra has entered into an agreement with Brazilian group Bolognesi to acquire the 1.3 GW Rio Grande LNG-to-power project, on which development had previously stalled.
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Voltalia has financed and begun construction on a wind project and associated transmission line in Brazil.
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MUFG once again topped the full-year North America league table for 2018, as power and renewables project finance volumes dipped slightly versus 2017.
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Vinson & Elkins has hired an attorney to focus on cross-border transactions in Latin America and Spain as a partner in its project finance practice.
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Pacific Gas & Electric was able to tighten pricing on its $5.5 billion debtor-in-possession facilities in general syndication.
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Canadian Solar and Brazilian local developer Lira Empreendimentos have raised financing for a portfolio of solar projects in Brazil, in the north-eastern state of Pernambuco.
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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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Three developers have secured 20-year power purchase agreements for projects in Indiana totaling 802 MW as a result of Northern Indiana Public Service Co.'s latest request for proposals.
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Spanish solar companies X-Elio and Cox Energy Solar are raising financing for a 100 MW solar project in Mexico.
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New Energy Capital has reached final close on its second infrastructure credit fund at its hard cap.
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NTE Energy has appointed two banks to arrange financing for its 475 MW Reidsville gas-fired project in Rockingham County, N.C.
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Export Development Canada revealed an update to its climate change policy on Jan. 28 that will prohibit it from making any future investments linked to thermal coal-fired generation.
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California-based solar developer 8minutenergy has begun talks with hedge providers and lenders as it lays the groundwork to finance a portfolio of projects in Texas.
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Financing and liquidity proposals are due in the coming weeks in a process being run by an investment bank for Panda Power Funds.
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Cementos Mexicanos (Cemex) and Pattern Development have reached financial close on their 30 MW San Matías wind project in Baja California, Mexico.
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Competitive Power Ventures has priced the refinancing of its Woodbridge Energy Center, also known as CPV Shore, in a challenging term loan B market, prompting admiration and potentially encouraging others to launch their own deals in the New Year.
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Canadian Solar has raised long-term debt for its 80 MW Cafayate solar project in Argentina.
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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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In October, PFR teamed up with Fitch Ratings and Orrick to host a candid discussion on the challenges and opportunities for financing America’s nascent offshore wind industry. Experts covered everything from debt pricing to offtake structures and the full report is in this week’s issue.
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Iberdrola has reached financial close on the 220 MW Pier IV wind project in the Mexican state of Puebla, which is contracted under a power purchase agreement with Mexican brewery Grupo Modelo.
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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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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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Power Finance & Risk is now accepting pitches for Deal of the Year as part of its 16th Annual Deals and Firms of the Year Awards, recognizing excellence in power asset M&A and project finance across the Americas.
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The acquisition finance package for Morgan Stanley Infrastructure Partners' acquisition of the Bayonne Energy Center in New Jersey closed on Nov. 21, having attracted some $1.5 billion in commitments.
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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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Investment firm Vantage Infrastructure, which was known as Hastings Funds Management until a rebrand earlier this year, recently added to its debt team in New York as it seeks to capitalize on opportunities in the U.S.
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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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Argentine sponsor Petroquímica Comodoro Rivadavia has signed a $108 million financing from a pair of lenders for a 126 MW wind farm in the south of the country.
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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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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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Nick Pucius, one of the trio of bankers that established National Australia Bank’s New York energy and infrastructure team in 2015, has returned to Melbourne.
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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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(Updated with bookrunners) The co-sponsors behind a coal-fired project that serves several copper mines in Chile under various power purchase agreements are preparing a joint loan and bond market refinancing.
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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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Enel Green Power has reached financial close on its 1.8 GW renewables portfolio in Mexico, selling equity to institutional investors and raising around $605 million of project debt, some two years after obtaining power purchase agreements and with some of the projects already online.
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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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Infrastructure credit doyen Thomas Murray resigned from Apollo Global Management in September, PFR has learned.
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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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GridLiance, the transmission company backed by Blackstone, is preparing to sign a $65 million revolving credit facility, its second senior secured debt financing, as it accumulates assets in line with its strategy to partner with cooperative and municipally-owned utilities on grid improvements.
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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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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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The Kentucky Municipal Energy Agency has selected a joint venture between two developers to build an 86 MW solar project in the state, following a highly competitive procurement process.
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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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The banks arranging debt financing for Morgan Stanley Infrastructure Partners’ acquisition of the Bayonne Energy Center in New Jersey—the two initial coordinating leads plus three others—are preparing to launch the deal after the Jewish holiday this week.
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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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Atlas Renewable Energy has inked an $88.5 million loan for a solar project in Mexico that it acquired from SunPower Corp. earlier this year.
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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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Home games of the Philadelphia Flyers and 76ers will be 100% wind powered under a contract signed recently by Comcast Spectacor, the owner of their home arena, the Wells Fargo Center.
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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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Starwood Property Trust was looking to price a $300 million high yield bond on Wednesday to support the acquisition of GE Capital’s energy project finance business.
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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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GE Capital has found a buyer for its GE Energy Financial Services project finance debt business, including a team of employees. [Updated with acquisition finance details]
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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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After a slow first three months of the year, project finance activity picked up in the second quarter, propelling MUFG to the top spot of the North American power project loans and bonds league tables.
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The U.S. Department of Energy has asked lenders to submit applications for federal loan guarantees under an up-to-$2 billion program to support projects sponsored by Native American and Alaska Native communities.
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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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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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Macquarie Capital has reached financial close on a 200 MW Texas wind project and announced the expansion of its Green Investment Group platform into North America.
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In the third and final part of this exclusive interview, Nick Knapp, president of CohnReznick Capital, discusses co-advisory mandates, emerging areas of activity in renewables and the state of the project finance market with PFR reporter Fotios Tsarouhis.
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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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Goldman Sachs and residential solar finance firm Mosaic are preparing to jointly issue a new solar loan securitization.
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Atlas Renewable Energy is planning to raise about $108 million through the issuance of senior and subordinated project bonds to refinance a pair of solar projects totaling 75 MW in Uruguay.
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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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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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The results of the recent PJM Interconnection capacity auction have excited many in the industry but should prompt a thoughtful pause, writes Louise Pesce, managing director at MUFG in Los Angeles, in this week’s Industry Current.
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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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Swiss private equity firm Capital Dynamics has added to its recently formed infrastructure credit team with a former debt originator at GE Energy Financial Services.
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The Blackstone Group has appointed financial advisers to market a gas-fired project in Texas that was recently refinanced in the term loan B market.
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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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Higher-than-expected clearing prices in the latest PJM Interconnection capacity auction mean that several gas-fired projects that have been in the works for months will almost certainly be able to circle financing, deal watchers tell PFR.
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PFR is pleased to announce the winners of its 15th Annual Deals and Firms of the Year Awards, with added emphasis this year on the leading investment banks in power across the Americas.
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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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Innergex has lined up the purchase of a pair of hydro projects in Chile in partnership with local company Energía Llaima, marking the Canadian developer's first step into Latin America.
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AES Gener has put the finishing touches to a restructuring agreement with the banks that are funding its troubled 531 MW Alto Maipo hydro project in Chile, and Fitch Ratings has bumped up the outlook on the company's debt as a result.
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EDF Group has teamed up with Chile’s Andes Mining & Energy to buy 750 MW of flexible generation capacity in the Latin American country, with three-quarters of the price tag being financed with bank debt.
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Ares-EIF is in late-stage discussions with a consortium of investors about the sale of a gas-fired project, PFR has learned.
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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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Argentina will have to woo international institutional lenders if it is to succeed with its ambitious $150 billion infrastructure initiative, which includes $20 billion dedicated to energy spending over the next 17 years, according to Moody's Investors Service.
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A greenfield 150 MW waste-to-energy plant near Mexico City is set to receive around $200 million-equivalent in long-term financing from the Inter-American Investment Corporation and IDB Invest.
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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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PFR has learned the identities of the financial advisers that have been lined up by the owners of a struggling combined-cycle gas-fired project in upstate New York and its creditors.
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The owners of a combined-cycle gas-fired project in New York state have appointed a financial adviser ahead of a potential restructuring or sale.
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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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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 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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Banks are pitching for lead roles on a $2 billion debt financing for Invenergy’s 2 GW Wind Catcher wind project in Oklahoma, as the developer looks to get tight pricing on the two-year deal.
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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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Ares-EIF has hired a pair of banks to market a term loan B to refinance a combined-cycle cogeneration project in Texas.
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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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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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Mizuho has added a director to its Americas project finance team in New York.
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Sumitomo Mitsui Banking Corp. was sole structurer and bookrunner on a $142 million debt financing for a rural electrification program in Peru that recently closed.
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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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NRG Energy has repriced its senior secured term loan B, cutting the margin on the loan by 50 basis points and reducing the Libor floor to 0%.
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Five commercial banks have inked a R$477 million ($144 million) letter of credit to backstop a project finance loan for a solar project in Brazil.
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Mizuho has provided an $80 million loan package to refinance a contracted gas-fired project in California.
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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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Pattern Development has obtained a construction loan, letter of credit facility and tax equity commitment for its Stillwater Wind project in Montana, which was previously known as Vivaldi Springtime.
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Cheniere Energy has held a lender meeting with a view to increasing the size of a loan for its Corpus Christi gas liquefaction project in Texas to $6 billion.
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There are a few days remaining to cast your votes for the best project sponsors, banks, law firms, institutional and tax equity investors and deals in PFR's 15th Annual Deals and Firms of the Year Awards.
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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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A mezzanine capital investor in two Panda Power Funds combined-cycle gas-fired projects in PJM Interconnection has hired a financial adviser to sell its preferred notes.
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Canadian miner Kinross Gold Corp is planning to raise around $200 million of debt to part-finance its acquisition of two hydro plants in Brazil with a combined capacity of 155 MW.
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Bonds increased as a proportion of North American project finance deals in 2017 versus loans, as MUFG remained top in both categories, according to data from Dealogic.
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The joint-venture partners behind a solar project under construction in Mexico's Sonora state are adding almost 50 MW of merchant capacity to their original plans.
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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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Invenergy employed a novel structure for a roughly $64.75 million privately placed project bond it issued to finance its 50 MW La Jacinta solar project in Uruguay.
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The next wave of LNG projects in the U.S. will face more daunting financing challenges because of how the global natural gas market has evolved, say analysts at S&P Global Ratings.
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A structured finance and tax equity professional who has worked in finance for more than three decades has left PNC Bank to take a sabbatical, PFR has learned.
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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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Industrial and Commercial Bank of China’s former head of energy structured finance in the Americas has surfaced at a newly-established broker-dealer.
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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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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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A Texas-based hedge fund is seeking to arrange mezzanine capital for Panda Power Funds, mainly to refinance existing capital associated with its fleet of gas-fired combined-cycle projects in PJM Interconnection, deal watchers tell PFR.
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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 banker who joined ING’s utilities, power and renewables team in New York as a director last summer has already left for a different role at an advisory firm in Spain.
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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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Private equity firm Actis has agreed to buy all of InterGen’s generation assets in Mexico for an enterprise value of $1.256 billion in a transaction to be funded with equity and debt, as the London-based investor continues to ramp up its power capacity in the country.
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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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Energy Capital Partners repriced $1.258 billion of term debt associated with its Wheelabrator Technologies waste-to-energy portfolio in December, adding a $125 million term loan C to the package and amending the change-of-control provisions in the process.
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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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Power Finance & Risk is accepting pitches for Deal of 2017 as part of its 15th Annual Deals and Firms of the Year Awards, recognizing excellence in power asset M&A and project finance across the Americas.
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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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The final version of the Republicans’ signature tax reform bill puts to rest many of the fears expressed by the renewable industry, but leaves unclear how the broader tax equity market will adapt to the new rules, writes Eli Katz, partner at Latham & Watkins in New York.
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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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Two banks have arranged a construction loan for Invenergy’s 132 MW Bishop Hill III wind project in Henry County, Ill.
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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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FS Investments plans to shift the strategy of its $4.2 billion energy investment fund, placing greater emphasis on self-originated deals and the power and renewables sector, through a partnership with EIG Global Energy Partners.
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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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A sponsor has placed a private placement entirely with Allianz Global Investors to refinance a vintage wind project in Washington state.
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Calpine Corp. was set to reprice three senior secured term loan Bs totaling $2.6 billion on Friday.
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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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Zuma Energía sealed $291 million of loans with Mexican development banks for two solar projects totaling 283 MW in September, about one-and-a-half months after the sponsor inked the first project finance deal to emerge from Mexico’s post-reform power auctions.
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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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While there was disappointment in some markets as Senate Republicans proposed delaying a planned corporate tax cut from 2018 to 2019, the wind industry lobby was delighted with their move to keep the existing production tax credit unchanged.
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Intesa Sanpaolo has hired a former director in project finance at WestLB as a senior structured finance banker in New York.
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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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National Australia Bank has hired a banker who recently left a European institution in New York, bringing the Australian bank’s U.S. project finance headcount to six.
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BayernLB has hired a senior director in structured finance who worked at a rival bank in New York until recently.
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Exelon Corp.’s competitive generation subsidiary in Texas, ExGen Texas Power, has filed for Chapter 11 bankruptcy protection as it enters into a restructuring procedure.
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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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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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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&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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MUFG's Matt Odette, director in project finance, and Frederick Echeverria, executive director on the private placement desk, discuss the trend toward financing projects in the bond market in the second part of this exclusive interview.
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Two developers recently signed loans totaling more than $350 million to finance U.S. residential solar portfolios.
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Panda Power Funds has brought another bank on as a coordinating lead arranger for the debt financing for its Mattawoman gas-fired project in Maryland.
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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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Brazilian regional development lender Banco do Nordest has agreed to finance 482 MW of renewable projects in the country, at a time when asset managers are once again bullish on real-denominated assets.
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A battery storage developer has obtained a construction-to-term loan from a Brookfield Asset Management subsidiary for a project in Ontario.
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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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Private equity-owned solar developer X-Elio has requested proposals for debt financing for $128.6 million of projects in Mexico with maturities ranging from 16 to 20 years.
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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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The renewables subsidiary of Enel has sold a majority stake in 1.7 GW of operational and under-construction wind and solar projects in Mexico and plans to raise about $900 million of project finance to bring the entire portfolio online.
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Gregory Hutton, managing director and head of project finance for the Americas in Rabobank’s New York office, discusses the renewables landscape, project finance pricing and deal flow and the impact of the Suniva trade case in the first part of an exclusive interview with PFR reporter Fotios Tsarouhis.
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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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An infrastructure, power and utilities banker who worked at Scotiabank for 10 years has left the firm to take up a role in acquisition finance at a rival institution in New York.
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LS Power wrapped a mini-perm on Friday to finance part of its acquisition of a bundle of merchant generation assets, called Aspen Generating, from FirstEnergy.
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Norway’s Statoil, whose forays into renewables have previously been limited to offshore wind, has made its first move into solar by agreeing to enter into a joint venture with compatriot Scatec Solar to build and run solar projects in Brazil.
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The Brazilian subsidiary of Italy’s Enel plans to raise bridge financing to partly fund the acquisition of a concession for a 380 MW hydro project on the Rio Grande, called Volta Grande.
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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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As cash pours into project finance, non-bank lenders are trying hard to differentiate themselves from banks and each other.
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A senior structured finance banker has departed the New York office of Industrial and Commercial Bank of China.
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Sponsors have registered more than 2,700 projects totaling 77 GW to participate in Brazil's latest power auction, with a large bias toward renewables.
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The U.S. Federal Energy Regulatory Commission has granted a waiver to the developer of a lateral natural gas pipeline that will serve a Competitive Power Ventures gas-fired project, overriding the New York State Department for Environmental Conservation (DEC).
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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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A group of sponsors is aiming to close a $736 million debt financing for a contracted LNG-to-power project in Panama by the end of the month.
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Silicon Ranch Corp. is preparing to finance a series of four solar projects in Georgia totaling 200 MW after securing power purchase agreements in the summer.
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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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Spain’s Abengoa has completed the sale of its 907 MW Norte III combined-cycle gas-fired project in Mexico to Macquarie Capital and Techint Engineering & Construction in a deal that analysts say will have a $33 million net positive effect on the seller’s balance sheet.
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Competitive Power Ventures plans to bring its 720 MW Valley Energy Center gas-fired project online using its back-up fuel, oil, after the New York Department of Environmental Conservation denied a water certificate to a pipeline project that is intended to supply the facility with natural gas.
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A South Korean financial institution is looking to provide acquisition financing for coal-fired generation in the U.S., a banker in Seoul tells PFR.
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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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A private equity portfolio company offered term loan B investors a discount to tempt them into a repricing transaction that was priced at the wide end of initial guidance last week.
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Tyr Energy is seeking to wrap project financing for a 1 GW gas-fired project in Pennsylvania, having brought Asian investors on board on both the debt and equity side.
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Sojitz Corp. has continued its Latin American renewables push by snapping up a stake in a 290 MW solar project in Mexico, which Sojitz says is the first such move by a Japanese company.
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Siemens Financial Services has hired a director in equity, debt and structured finance, who was most recently involved in project finance at GE Energy Financial Services.
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A joint venture closed a $410 million debt financing for a three-project wind portfolio in Chile with a club of banks on Aug. 8.
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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 joint venture is set to close a roughly $450 million debt financing for a three-project wind portfolio in Chile with a club of banks this week.
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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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Atlantic Power Corp. could seek to reprice its term loan B “as early as October” if interest rates remain low, the company’s ceo said during its second-quarter earnings call on Aug. 4.
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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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LS Power Development has signed a loan package with eight banks to finance its acquisition of two gas-fired peakers in PJM Interconnection from Dynegy.
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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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Moody’s Investors Service has assigned a rating to a $6.3 billion debtor-in-possession facility for Energy Future Holdings, amid a tussle over who will own its main asset—Oncor Electric Delivery Co.—should it emerge from bankruptcy.
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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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An international consortium of sponsors has lined up a $73.31 million debt financing, partly insured by one of Japan's two export credit agencies, for a merchant solar project in Chile.
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Alterra Power has secured additional debt under an existing loan from AMP Capital Investors to help finance a hedged wind project in Texas.
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An independent power producer has assembled a club of banks to arrange acquisition financing for a pair of gas-fired peakers it is buying in PJM Interconnection.
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Moody’s Investors Service has downgraded approximately $1.05 billion of debt associated with a 945 MW partially-contracted coal-fired project in Texas from B2 to B3.
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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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AES Corp. priced a $1.5 billion private placement, to partially finance its AES Southland portfolio of gas-fired and battery storage assets in California, last week.
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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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Mandates and potential structural issues arising from the two recent power auctions in Mexico were discussed at a half-day conference hosted by Morrison & Foerster in its New York office on June 14.
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JP Morgan has hired a former Natixis project finance banker as a v.p. in its infrastructure finance and advisory team in New York.
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Argentina’s Genneia has signed two electricity supply contracts for its 220 MW Madryn wind farm in the country’s south, which is due to begin commercial operations in 2019.
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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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Continued low gas prices and depressed demand lower megawatt-per-day payments and change the game for all parties involved, writes Louise Pesce, m.d., project finance, at MUFG, in this week’s Industry Current.
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Alterra Power Corp. has signed a hedge agreement for a 200 MW Texas wind project and plans to close on the financing in the next few weeks.
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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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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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France’s Akuo Energy has tapped a trendy source of capital, raising €200,000 for an operational 28 MW wind project through its own crowdfunding platform.
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Morgan Stanley is marketing a portfolio of wind assets in Montana and Alberta, a person familiar with the process has confirmed.
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Ares-EIF has hired two investment banks to run a sale process for an under-construction gas-fired project in PJM Interconnection, deal watchers tell PFR.
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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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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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Two banks are arranging a dual-tranche debt financing for NRG Energy's 632 MW Carlsbad Energy Center gas-fired project in California, deal watchers tell PFR.
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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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The online poll for PFR’s Deals and Firms of the Year Awards has closed, after market participants voted for the banks, sponsors, investors and deals they thought were most impressive in 2016. The survey received roughly double the number of votes cast last year.
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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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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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Macquarie Capital has mandated CIT Bank to lead a debt raise for a 50 MW solar storage portfolio it invested equity in last year.
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Three sponsors have closed a $700 million debt financing for a merchant gas-fired project in Pennsylvania.
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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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The Blackstone Group and ArcLight Capital Partners initiated a repricing of a term loan B on Friday, just three months after the deal was originally sealed, as they seek to take advantage of improved market conditions for issuers.
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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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ExGen Texas Power, a subsidiary of Exelon Corp. that owns 3,477 MW of gas-fired generation in Texas, has hired a restructuring adviser amid tough conditions in the ERCOT market.
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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 refinanced two peakers in Illinois in early February, PFR has learned. Like other recently signed loans backing gas-fired projects in PJM Interconnection, the deal attracted interest from South Korean investors.
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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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A managing director who was at Highstar Capital for 12 years left the firm in January, PFR has learned.
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Pattern Energy has closed a C$263 million ($196 million) debt financing for a 147 MW wind project in Québec.
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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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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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A 200 MW power purchase agreement signed recently by the developer of a wind project in western Kansas is the first such contract intended to be serviced via Clean Line Energy Partners’s proposed Grain Belt Express transmission line.
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NextEra Energy needs to find about $20 billion in 2017 to finance its project pipeline and its acquisition of Oncor Electric Delivery Co., and is likely to tap a variety of sources, according to a report from Moody’s Investors Service.
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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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Cheniere Energy is hunting for $1.35 billion of debt for its Sabine Pass LNG liquefaction project in Louisiana in the public bond market after closing an $800 million private placement for the same project on Friday.
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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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Morgan Stanley has priced a $150 million exit facility as part of Homer City Generation’s pre-packaged restructuring following the coal-fired plant owner’s Chapter 11 filing in January.
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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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The most frequently asked questions regarding nominations for our Deal of the Year Awards.
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Alberta was high on the agenda at the Euromoney Seminars 8th Annual Canadian Power Finance Conference in Toronto last week, as market participants contemplated a shake-up of the province’s power market as part of its plan to phase out coal by 2030.
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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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The deadline for nominations for Power Finance & Risk's Deal of the Year 2016 awards is coming up quickly. Make sure your deal of the year doesn't miss out on the short list by sending in a nomination by Jan. 31.
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Budding solar independent power producer Silicon Ranch Corp. has closed a $55 million equity raise from its existing investor group, led by Partners Group.
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Homer City Generation, a GE Capital subsidiary that owns a 1,884 MW three-unit coal-fired plant in Indiana County, Pa., filed for a pre-packaged restructuring under Chapter 11 on Jan. 11.
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Bank of America Merrill Lynch has arranged a $204 million institutional term loan to refinance a 214 MW residential solar portfolio for Vivint Solar.
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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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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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The roughly $1 billion debt financing for Invenergy’s 1,485 MW Lackawanna Energy Center gas-fired project in Pennsylvania includes fixed- and floating-rate commercial bank loans as well as a privately placed bond, according to deal watchers.
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SolarCity has raised $241 million for a distributed solar portfolio with its third levered cash equity transaction.
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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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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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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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Ares-EIF has agreed to sell its 322 MW gas-fired Pio Pico Energy Center in Otay Mesa, Calif., to institutional investors advised by JP Morgan Asset Management following an auction run by Morgan Stanley.
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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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TerraForm Power has belatedly published its annual financial report for 2015, updating investors on its efforts to disentangle itself from its bankrupt sponsor and its attempts to cure or obtain waivers for project-level defaults that have arisen in its portfolio.
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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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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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Power Finance & Risk is now accepting submissions for its Deal of the Year 2016 Awards, recognizing excellence in power asset M&A and project finance across the Americas.
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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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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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Mainstream Renewable Power has hired a former investment banker and investor to head its new financing and investment division.
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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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Macquarie Capital has launched a term loan B to finance the acquisition of an approximately 1.5 GW portfolio of contracted gas-fired projects by a three-way joint venture from First Reserve, deal watchers tells PFR.
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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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Talen Energy has priced a $600 million term loan B that will be used partly to fund its acquisition by Riverstone Holdings.
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8minutenergy has hired Bank of America Merrill Lynch as its financial adviser for its first corporate-level capital raise.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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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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First Solar is in negotiations with 8Point3 Energy Partners, its joint yield company with SunPower, regarding a potential dropdown of its interest in the 300 MW Desert Stateline solar project in California, one of the projects on the yieldco’s right of first offer list.
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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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Two buyers have agreed to acquire Duke Energy's Latin American assets in separate transactions that will complete the North Carolina-based utility company’s divestment from the region, following a two-stage auction.
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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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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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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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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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Infraestructura Energética Nova (IEnova) has agreed to buy the "largest wind farm in Mexico” from Blackstone Energy Partners, affiliated private equity funds, Fisterra Energy, which is owned by Blackstone-managed funds, and minority investors.
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The developer of a 700 MW combined-cycle gas-fired project under construction in Indiana is set to seek approvals and tax abatements for a second phase which would double the size of the facility.
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Wind projects dominated the highly competitive Chilean power auction, the results of which were announced on Wednesday. Despite being intermittent resources, many of the wind projects won 24-hour blocks in the auction, prompting deal watchers to question how they will be financed.
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In an unexpected move, Enel Green Power has made inquiries with banks about providing project finance for three solar projects which won contracts in the Mexico power auction earlier this year.
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Citigroup, Morgan Stanley and Jefferies climbed the North American power project finance loan rankings in the second quarter of the year, after the term loan B market re-opened for gas-fired project refinancings.
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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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IFM Investors has bolstered its North American infrastructure debt investment team with the hire of an experienced deal originator and executor from Hastings Funds Management.
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Distributed wind developer United Wind has obtained an equity commitment from Total and is in talks with lenders to arrange debt financing for its fourth and largest project fund.
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SunEdison is continuing what many deal watchers are describing as a "fire sale" of its assets, in an auction run by adviser Rothschild.
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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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As global financial markets reeled in the wake of the U.K.’s historic vote to leave the European Union, it was business as usual for much of the American project finance community.
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EDP Renewables has closed debt financing for its 200 MW Eólica de Coahuila wind project in Mexico.
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Some of the renewables projects that won offtake contracts in a Mexico power auction in March face a lengthy development period and may even end up not being built at all, said panelists at the Infocast Mexico Power Finance & Investment Summit in New York on June 29.
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Crédit Agricole has hired a former corporate finance executive at a public utility as managing director in its structured finance advisory group in New York.
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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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Non-utility offtakers signed contracts for about 3.4 GW of renewables last year, but long tenors are still putting some off and regulated markets still present challenges, said panelists at the REFF Wall Street conference in New York on June 21.
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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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Bankers are expecting the first project finance mandates soon for renewables projects that were awarded power purchase agreements by Mexico’s National Center for Energy Control (CENACE) in March.
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Atlantica Yield, the yield company formerly known as Abengoa Yield, has received indicative interest from project developers for a right-of-first-offer agreement as it continues to try to become independent of its struggling sponsor, Abengoa.
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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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Calpine Corporation priced a $625 million high yield bond on May 24, following AES Corp. and NRG Energy into a market that is benefiting from strong investor appetite, in part because supply has been muted so far in 2016.
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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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Boralex and two co-owners of a pair of wind farms in Québec have refinanced the assets with a C$617.5 million debt package. The two projects are located about 40 miles north of Québec City and total 727 MW.
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Several generation portfolios financed with term loan Bs have failed to deleverage as expected and are sweeping 100% of their cash to pay down debt as a result of challenging market conditions, according to a report by Moody’s Investors Service.
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NRG Yield intends to acquire its parent company’s 51.05% interest in a 250 MW solar project in California sooner than previously expected, in a drop down transaction that will likely be partly financed with additional project-level debt.
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Michigan Electric Transmission Company, a subsidiary of ITC Holdings Corp., has issued a $200 million secured private placement to refinance an unsecured term loan due in 2018.
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The votes are in, and Power Finance & Risk can now reveal the nominees for the Deals and Firms of the Year Awards.
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In the second part of this exclusive interview, Kevin Walsh, managing director and group head of renewable energy at GE Energy Financial Services, talks with PFR reporter Fotios Tsarouhis about what is driving development of renewables both in the U.S. and abroad, and what markets GE’s project finance arm is focusing on.
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SunEdison has obtained $300 million of debtor-in-possession financing from its creditors and filed for Chapter 11 bankruptcy protection, the company announced on April 21.
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Stiff penalties introduced by PJM Interconnection to ensure the reliability of its grid system will incentivize owners of single projects to sell up or aggregate their assets into larger portfolios, according to a report by rating agency Standard & Poor’s.
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In the first part of this exclusive interview, Don Kyle, senior managing director at GE Capital Markets, and Tim Howell, m.d., power and development, at GE EFS, discussed the firm’s investment targets and strategy for conventional generation in a shifting U.S. power market with PFR reporter Fotios Tsarouhis.
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Power Finance & Risk’s Deals & Firms of the Year Awards poll has been extended until April 16, giving you an additional week to tell us which banks, sponsors and law firms best navigated the markets in 2015.
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The Mexican government agency responsible for overseeing the country's first ever power auction surprised market participants by amending the results, hours after they were first announced.
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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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The trend toward commercial bank financing of solar projects in Chile on a merchant basis may have stalled, as some projects financed in recent years without power purchase agreements enter restructuring.
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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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TransCanada plans to sell its merchant power assets in the Northeast to fund its $13 billion acquisition of Columbia Pipeline Group.
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Mainstream Renewable Power is preparing to mandate leads this month for a debt financing backing a pair of wind projects totaling about 300 MW in Chile.
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Pattern Energy Group has enough dry powder to acquire one or two projects from its sponsor without issuing new shares, the yield company’s ceo told analysts on Feb. 29.
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In the third and final instalment, Chadbourne & Parke's Keith Martin talks with Jean-Pierre Boudrias, managing director and head of project finance at Goldman Sachs, about the term loan B market, and Jerry Hanrahan, m.d. and head of power and infrastructure at John Hancock, about the project bond market.
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Residential solar lender Spruce Finance has hired Investec to launch a $132 million aggregation facility to finance the installation of about 80 MW of rooftop generation.
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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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Chilean developer Valhalla is seeking debt and equity financing for an up to 600 MW solar project and a 300 MW hydro facility in the Tarapacá region of Chile.
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The Inter-American Development Bank has approved $87.7 million of 18.5-year loans to finance a 100 MW solar project in El Salvador.
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The Brooklyn Navy Yard dual-fuel cogeneration facility has made a $29.6 million bullet letter of credit loan repayment, prompting Standard & Poor’s to raise the 286 MW project’s senior secured credit rating from CCC to B-.
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Recurrent Energy has closed debt and tax equity financings for the 100 MW Astoria solar project in Kern County, Calif., during a busy spell for the San Francisco-based sponsor.
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Standard & Poor’s has downgraded SunEdison’s developed market yield company TerraForm Power to B+ and warned that the rating could fall further.
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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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Star West Generation has issued a $450 million 5-year senior secured term loan B and sealed a $100 million revolving credit facility to allow the sale of a fleet of contracted assets in California 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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Calpine has launched a $550 million term loan B to back its acquisition of the 745 MW gas-fired Granite Ridge Energy Center in New Hampshire.
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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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Volatility in the capital markets and regulatory pressures are pushing up margins and causing project finance deals in the institutional and bank markets to be repriced.
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Boston-based FFP New Hydro has acquired a 52 MW hydro project at the John H. Overton lock and dam on the Red River in Rapides Parish, Louisiana, from Northwest Power Services.
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Canadian Solar has closed a $100 million senior secured term loan, which has a $100 million extension option, to retire a bridge loan used to finance its acquisition of Recurrent Energy.
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Rockland Capital has hired BNP Paribas to arrange a term loan to refinance the debt associated with the Michigan Power project in Ludington, Mich., according to a person close to the deal. Rockland recently agreed to acquire the plant from ArcLight Capital.
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Berkshire Hathaway Energy Renewables has closed a project finance deal worth $275 million for a 300 MW wind project in Texas.
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Moody’s Investors Service has placed Highstar Capital subsidiary Star West Generation's credit rating under review for downgrade in the wake of the announcement that it would sell a fleet of contracted gas-fired facilities in California to AltaGas.
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Invenergy has closed a $540 million financing package backed by a 2.5 GW portfolio of gas-fired generation assets in the U.S. and Canada in a deal led by Morgan Stanley.
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A joint venture between MMA Energy Capital and Fundamental Advisors has provided a $55 million loan package to Conergy for the construction and operation of a portfolio of seven solar projects in North Carolina.
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The project finance market, which slowed down in August, has been hastily awoken after Labor Day.
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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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Canadian Solar’s subsidiary Recurrent Energy has obtained debt and tax equity financing for the 100 MW Mustang solar project in Kings County, Calif.
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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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Brazilian state-backed utility Cemig has plans to raise debt and equity to finance construction of an unnamed, large-scale solar project in the state of Minas Gerais, Brazil.
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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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Caithness Energy has closed a $208 million holdco level debt financing for the 350 MW Long Island Energy Center combined-cycle gas-fired project in New York.
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East Kentucky Power Cooperative plans to finance its acquisition of the 594 MW Bluegrass gas-fired facility from LS Power with a long-term loan from the Rural Utilities Service.
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A consortium led by Hunt Consolidated is set to acquire Energy Future Holdings' regulated transmission and distribution company Oncor as part of EFH’s plan to emerge from bankruptcy.
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SunEdison has sealed $360 million in debt and tax equity for a 300 MW wind farm in Texas which is on TerraForm Power's call right list.
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Canadian developer Innergex is on course to seal a C$280 million debt financing deal with pension funds and life insurance companies for a 150 MW wind farm in Québec.
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This week, Mexican energy infrastructure developer Fermaca's cfo Sergio Camacho spoke to Richard Metcalf, editor of PFR, about the Mexican project finance market, the recent financing of the El Encino-La Laguna gas pipeline and Fermaca’s long-term financing plans for the project.
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Magnolia LNG plans to launch an up to $3 billion debt financing for its project in Lake Charles District, La., in October, having secured its first offtake agreement last week.
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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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Pricing details have emerged on the financing of Fermaca’s El Encino-La Laguna gas pipeline project.
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SunEdison has closed the financing for the Quilapilun solar project in Chile’s Metropolitan Region, which is slated to be dropped down into the developer's yieldco.
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Mexico’s Fermaca has secured financing from a group six banks for the $820 million El Encino-La Laguna gas pipeline project in Mexico.
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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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Less than 18 months after New York-based natural gas generator MACH Gen filed for chapter 11 protection, Talen Energy is paying $1.175 billion to acquire it from a group of former creditors.
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In the second part of this exclusive interview, Mona Dajani, a partner in the banking and finance practice at Baker & McKenzie’s Chicago and New York offices, talks to PFR about the sustainability of the yieldco business model and the consequences of high levels of liquidity in a credit market pepped up by new entrants.
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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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NRG Yield has priced $539 million of shares and $250 million of five-year convertible bonds to raise capital for funding acquisitions and retiring outstanding debt.
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After obtaining loans for the Big Silver Creek hydro project, Innergex aims to close the financing for the last of its current crop of Canadian projects by Q3, as it eyes expansion into Western Europe and Latin America.
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PSEG Power's acquisition of Genesis Power and Ares EIF Management's 755 MW Keys Energy Center has led to the collapse of a debt financing deal backing the CCGT project, just when it was on the brink of closure.
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Competitive Power Ventures nets close to $1 billion in debt and equity financing for its 720 MW Valley Energy Center combined-cycle gas-fired project in Orange County, N.Y.
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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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A $900 million debt, which Moxie Energy is hoping to raise, is the latest among several financings that industry observers say areunlikely to close until the delayed PJM capacity auction for delivery year 2018-2019 takes place.
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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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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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Two Duke Energy subsidiaries are set to contract or acquire 53 MW of solar projects in South Carolina this year.
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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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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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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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With about 800 MW of wind trades grabbing the spotlight this week, this week has seen a spate of M&A activities in the wind space.
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BlackRock is taking a 90% stake in a pair of wind farms totaling 80 MW in Iowa from wind developer RPM Access.
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Credit Suisse has invested $500 million into a $1 billion fund backing SolarCity’s commercial solar projects.
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Vivid snapshots of the Platts 30th Annual Global Power Markets conference from our reporter's desk.
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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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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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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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Morgan Stanley is launching a $275 million term loan package for Longview Power at a bank meeting in New York tomorrow.
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Innergex Renewables has closed a C$491.6 million ($392 million) financing for two hydro projects in British Columbia, its largest project financing to date.
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Renewable Energy Trust Capital has sealed $213 million in financings backing four solar projects in California and Ontario.
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Apex Clean Energy is looking for financing for 450 MW of wind projects in Oklahoma.
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Abengoa and EIG Global Energy Partners are looking to finance their 924 MW Norte III combined cycle project in northern Mexico.
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8minutenergy Renewables and D.E. Shaw Renewable Investments seek to raise over $1 billion in financing for a portfolio of utility-scale solar projects in California.
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Solar, particularly distributed generation, continues to hold the market’s attention as investors look to get into the game ahead of the investment tax credit plunge in 2017.
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Northland Power is in talks with lenders to arrange more than $1 billion in senior secured loans for two wind farms on either side of the Atlantic.
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Quantum Utility Generation has closed a $95 million construction and term loan facility for the 40 MW Passadumkeag wind project in Maine.
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Panda Power Funds has raised pricing on its refinancing backing its 758 MW Temple 1 project in Texas to 625 basis points over LIBOR.
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MMA Energy Capital has hired Kevin Panzica as v.p. of finance as the company looks to expand its financing activity with solar projects.
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Andrea Picott, managing director of loan sales and trading at Société Générale, has left the bank for Capital One in New York.
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Freeport LNG is in talks with a bank to finance the third train at its facility in Quintana Island, Texas.
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Rabobank pulled out of a financing backing the 298 MW Kingfisher wind project in Oklahoma just before the transaction closed.
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Competitive Power Ventures is looking for debt and equity for its $900 million 650 MW gas fired combined-cycle Valley Energy Center in Orange County, N.Y,
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Andrew Platt, head of project finance in the Americas for BNP Paribas, sits down with Senior Reporter Olivia Feld to discuss the bank’s structure and strategy in North and South America.
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Developers are increasingly seeking financing for community solar projects.
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Financings backing merchant and hedged projects continue to hit the sweet spot for lenders. Debt pricing also surfaced in several panels at Euromoney Seminars’ 10th Annual U.S. Power & Renewables conference held in New York this week.
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The lack of PPAs and an abundance of capital are driving more lenders to participate in merchant and quasi-merchant deals.
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SunEdison has secured $155.2 million in long-term financing for its 71.2 MW Crucero merchant solar project in Chile, and has sold a minor stake in the asset to Panamanian solar shop ECOSolar.
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Goldman Sachs and Credit Suisse have launched a $375 million term loan B to refinance Panda Power Funds’ 758 MW Temple I gas-fired combined cycle project in Temple, Texas.
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Calpine Corp. has increased an issuance of senior unsecured notes to $650 million, 30% more than the original $500 million on offer.
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In the second installment of this exclusive Q&A, John Foster, president and ceo of Southwest Generation, discusses the state of the M&A and financing markets and the company’s ideal profile for potential asset acquisitions.
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Project finance and M&A activities continue to swirl in and around PJM.
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The U.S. House of Representatives has passed a bill to expedite the approval process for liquefied natural gas export permits to countries with non-free trade agreements with the U.S.
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Prospective lenders are aiming to make commitments to PEMEX and IENova’s $1.3 billion financing backing their Los Ramones II Norte pipeline in Mexico.
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LS Power has sealed a refinancing backing its West Deptford combined cycle plant in New Jersey.
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A refinancing backing LS Power’s West Deptford combined cycle project in West Deptford, N.J., is set to close this month.
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Institutional investors are increasingly looking to make direct investments in generation and gas-related infrastructure, according to panelists at Infocast’s 7th Annual Projects & Money conference in New Orleans.
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Sponsors, investors and financiers are looking for the next slate of opportunities in gas-fired projects and gas-related infrastructure.
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Sponsors have closed more than $1 billion in debt and equity financing backing the 674 MW gas-fired Salem Harbor project in Salem, Mass.
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EDP Renewables North America has wrapped a tax equity investment from a Bank of America Merrill Lynch subsidiary for its 200 MW Headwaters wind project in Randolph County, Ind.
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ContourGlobal subsidiary Energia Eolica has issued $204 million in 20-year senior notes in a private placement to refinance Peru’s first wind farms.
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President Obama signed the tax extenders bill into law on Friday, retrospectively extending the production tax credit to the end of 2014.
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Southwest Generation has wrapped a $240.7 million refinancing. The deal, which will stabilize the Denver-based shop’s portfolio and allow it to focus on increasing its asset base, closed on Monday.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter. For more news and coverage, follow @PowerFinRisk on Twitter, as well as Editor @SaraReports and Senior Reporter @OliviaFeld.
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The following Industry Current is an edited transcript of a discussion hosted by Chadbourne & Parke focusing on the benefits and disadvantages of the yield company structure.
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In this week’s Industry Current David Burton, partner at Akin Gump Strauss Hauer & Feld, dispels misinformation about the investment tax credit step-down at the end of 2016 and explores how it impacts the solar industry by answering frequently asked questions.
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The first half of 2015 could be a busy time for investment banks and law firms. Several yield company transactions and potential auctions could keep folks on the frontlines of deals.
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A steady pace of asset acquisitions and speculation regarding prospective initial public offerings characterize the yield company arena.
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Pattern Energy Group Inc. has shaved 100 basis points off commercial bank debt backing its 265 MW Ocotillo wind project in Imperial Valley, Calif.
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Whitehall & Co. has launched a $3 billion program that will provide debt to energy and infrastructure assets.
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Contention over pricing and a lengthy due diligence process for Cape Wind's $1.95 billion deal are causing many bankers to question the feasibility of the commitment deadline at month-end.
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NRG Energy and LS Power are among a wave of sponsors out looking for repricings on project finance deals inked in 2011 and 2012.
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Autumn is a time for pumpkin-flavored everything, breaking out cozy sweaters and fresh starts for Entegra Power Group and Lincoln Renewable Energy.
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Capital Dynamics and Prudential Capital Group have teamed up to buy a 300 MW wind project in Texas from Pioneer Green Energy.
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Southwest Generation is refinancing a portfolio of natural gas-fired assets in the southwestern U.S.
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Escondida, the world’s largest copper mine by production in Chile, is catalyzing activity in the debt capital and project finance markets this week.
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Banks are competing to lead a $700 million to $1 billion refinancing of AES Gener’s 544 MW Angamos coal-fired plant in Chile.
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A group of lenders aim to wrap a financing backing the 517 MW combined cycle Kelar project in northern Chile this month.
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The yield company dance card could double its size in 2015 as a variety of shops consider making a run at the public markets.
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The global wind and solar joint venture between Acciona and KKR could hit the public markets in the first quarter.
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This week’s Industry Current is the transcript of a discussion between a group of seasoned investment bankers that focused on new financing trends, including the term loan B market, green bonds, state green banks, yield companies, financing for merchant plants and other topics.
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Developers are preparing to submit bids in the next few weeks for roughly $2 billion of gas pipelines in Texas and Mexico in tenders hosted by the Comisión Federal de Electricidad.
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The debt capital markets were flooded with power and utility paper this week, as issuers sent $1.85 billion in notes to bond buyers.
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Ares Capital Corp. has back-levered Competitive Power Ventures’ stake in the 725 MW St. Charles project in Waldorf, Md.
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Tenaska Capital Management has clinched an upsizing of $100 million to its $1.5 billion term loan B on strong investor demand.
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DPL Inc. is out to issue $200 million of senior unsecured notes in a private placement this week as it looks to reduce debt.
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After years of legal battles, regulatory struggles and a documentary film, the Cape Wind offshore wind project has arrived in the project finance market.
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Cape Wind has launched a wholesale syndication of a $1.95 billion package backing its 468 MW project off the coast of Cape Cod, Mass.
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Enel Green Power North America is finalizing a $400 million tax equity investment in 350 MW of wind assets from JPMorgan Capital Corp., MetLife Capital Credit and Bank of New York Mellon
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Exelon Corp. subsidiary ExGen Texas Power has reverse flexed and downsized a $700 million term loan B it pitched for a dividend recapitalization.
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Tenaska Capital Management’s $1.59 billion refinancing has been floated at LIBOR plus 450-475 basis points.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Solar developers with residential solar pipelines will be looking for tax equity in the next two years at a rate that could squeeze the existing liquidity in the market, according to panelists at IJGlobal’s North America Energy & Infrastructure Financing Forum in New York.
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Tenaska Capital Management affiliates have launched a $1.59 billion refinancing backing roughly 5 GW of merchant generation.
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JPMorgan Capital Corp. and an unidentified co-investor are looking to finalize a tax equity investment in a portfolio of NRG Energy wind farms.
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Exelon Corp. subsidiary ExGen Texas Power has floated a $700 million term loan B and a $20 million revolver to take advantage of investor demand and fund a dividend.
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A slew of gas-fired projects are slated for development in the next 12-18 months, however, several factors will decide which projects make it through financial close.
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TransCanada and Elecnor have dropped out of a request for proposals to build and own the 310-mile Fort McMurray transmission project in Alberta.
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Dynegy is set to acquire 12.5 GW of coal- and gas-fired generation from Duke Energy and Energy Capital Partners.
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Don Kyle, senior managing director of GE Capital Markets, and Carl Peterson, head of debt origination at GE EFS sat down with PFR Editor Sara Rosner to discuss the market for structuring and financing gas-fired generation.
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Kristie Pellecchia, director of syndications for Latin America at BNP Paribas, has joined Sumitomo Mitsui Banking Corp.
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Developers, bankers and attorneys are eagerly anticipating billions of dollars of generation and pipeline tenders from Mexican state-backed utility Comision Federal de Electricidad.
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Power industry players circle a bundle of tenders in Mexico and the wind sector regroups stateside after the IRS unveils clarifications to the production tax credit.
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Welcome to the premiere edition of the Yieldco Sweep, an exclusive monthly feature that will track the performance and activity of key yield companies in the power sector with illustrative graphics and market insight.
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Mitsubishi UFJ Financial Group has climbed back to the top of mandated lead arrangers in power project finance in North America in the second quarter, lending $497 million during the period, according to PFR affiliate Dealogic.
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Brian Daly, managing director at Babson Capital, has left the firm.
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Renato Plastina has joined newly established asset manager Varagon Capital Partners as head of energy.
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Energy Investors Funds’ $500 million deal backing its 655 MW Newark Energy Center is moving along, as lenders ink commitments and pricing.
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Michael Park, a senior investment officer in the loan guarantee programs office at the U.S. Department of Energy, has joined Noesis Energy in Austin, Texas, as a v.p. of project finance.
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A growing number of developers are suing the U.S. government for allegedly not paying out the full amount of cash grants eligible to qualifying renewable projects under the section 1603 program of the American Recovery and Reinvestment Act.
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Renewables developers and scores of their attorneys are keeping a close watch on several sets of proceedings at the U.S. Court of Federal Claims in Washington D.C.
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Kevin Walsh, director and group head of power and renewables at GE EFS, talks with Editor Sara Rosner about the growth of distributed generation and why photovoltaic solar is still best for achieving economies of scale.
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Australian outfit Liquefied Natural Gas Limited has privately place $49.5 million in shares to existing institutional investors in Australia and the U.S. to fund the company’s operations until it reaches financial close on the debt for its $2.2 billion Magnolia LNG project.
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Despite the expiration of the production tax credit, wind is set to have a solid year of project financings, according to Kevin Walsh, managing director and group head of power and renewables at GE EFS.
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Rockland Capital has lined up a credit facility from Investec to backing its first fund Rockland Power Partners.
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The U.S. Department of Energy is seeking applications for up to $4 billion of innovative renewables and energy efficiency projects in the latest iteration of the loan guarantee program.
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Juan Kreutz, executive director of energy in U.S. debt capital markets origination at BBVA, has moved to Sumitomo Mitsui Banking Corp. as executive director and group head of natural resources specialized finance.
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Solar developer SunPower has landed $42 million in non-recourse debt backing the expansion of its solar leasing program.
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SunEdison has closed the first $150 million tranche of a $300 million three-year revolving credit facility arranged by Deutsche Bank Securities.
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Following the close of the Woodbridge financing, Competitive Power Ventures is looking to tighten the pricing on the bank loan backing the 725 MW St. Charles in Charles County, Md.
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Duke Energy and Piedmont Natural Gas have issued a request for solicitations for a natural gas pipeline to meet growing demand for the fuel in North Carolina. The companies expect to select a bid later this year.
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AMP Capital has raised another $450 million to take the overall amount in its AMP Capital Infrastructure Debt Fund II to more than $750 million.
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Energy Capital Partners has closed $480 million in senior secured credit facilities refinancing the natural gas-fired, merchant 635 MW Empire Generating facility in Rensselaer, N.Y.
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Sempra U.S. Gas & Power has closed the roughly $440 million non-recourse debt package backing the Copper Mountain III solar project near Boulder City, Nev.
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Sempra U.S. Gas & Power is expected to wrap next month a roughly $250 million debt package backing the 156 MW Energía Sierra Juárez wind project in La Rumorosa, Baja California, Mexico.
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A maturing project finance market in Latin America is opening up opportunities for structures such as those with with term loan B or mezzanine tranches to play alongside traditional forms of debt, noted panelists at Euromoney’s 8th Annual Latin American Energy & Infrastructure Finance Forum at the Biltmore Hotel in Miami on March 12.
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Developer Canadian Solar has secured a C$48 million ($43.67 million) construction and term loan from Manulife Financial backing the 14 MW Val Caron solar project in Val Caron, Ontario.
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Cameron LNG is shooting for pricing of LIBOR plus 175 basis points for the bank loan tranche of the financing backing its almost $10 billion liquefied natural gas export facility in Hackberry, La.
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Cape Wind is poised to land a $600 million loan from the Danish export credit agency EKF backing the 468 MW project off the coast of Cape Cod.
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Check out Power Finance & Risk's special report focusing on the burgeoning LNG export industry in the U.S. and the latest opportunities in development and financing.
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The Blackstone Group and Transmission Developers, sponsors of the $2.2 billion Champlain Hudson Power Express transmission project, are looking to secure a debt package backing the project by year-end.
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Mitsubishi UFJ Financial Group has dominated year-end league tables for the fourth quarter and 2013 as a whole, topping both lists.
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SunPower Corp. has launched a financing program with Bank of America Merrill Lynch to support approximately $220 million of solar residential lease projects.
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Atlantic Power Corp. has launched an up to $800 million debt package as it looks to rework its capital structure and avoid a covenant breach.
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A swathe of lenders are taking ticket sizes of up to $600 million in the $4 billion financing backing one of the trains in the Freeport liquefied natural gas export project, say observers.
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Atlantic Power Corp. has launched a refinancing package comprised of a $600 million term loan and $200 million in senior secured revolving credit facilities.
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The number of assets coming up for sale in Canada is not as high as it was a couple of years ago, despite an uptick in the number of institutional investors looking to play in the space, according to panelists at the 5th Annual Canadian Power Finance Conference in Toronto Jan. 28.
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Sponsors and lenders are zeroing in on the burgeoning liquefied natural gas space in British Columbia, according to participants at the 5th Annual Canadian Power Finance Conference in Toronto on Jan. 29.
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Bank, bond and institutional markets are open for power project financings, according to panelists at the Canadian Power Finance Conference in Toronto Jan. 28.
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Jimmy Anderson, formerly a director at WestLB, has joined New York-based infrastructure and energy debt advisory shop CamberLink as a director.
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Wind developer Globeleq has netted a debt package backing the $69 million, 24 MW expansion to the existing 101 MW Cerro de Hula wind facility in San Buenaventura, Honduras.
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Bill Sutherland, senior managing director of project finance at Manulife Financial Corp. in Toronto, spoke with Senior Reporter Holly Fletcher about the lifeco’s strategy for choosing deals, pricing and the Canadian landscape of project finance lenders in the second and final installment of this Q&A.
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Legal issues in PJM and a waning need for generation in ERCOT are impacting investments in new-build projects in those regions, according to panelists at Infocast’s 6th annual Projects & Money conference at Harrah’s New Orleans Jan. 15.
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Mezzanine lending and project bonds are tipped for increasing activity by panelists at Infocast’s 6th annual Projects & Money conference at Harrah’s New Orleans Jan. 16.
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The number of yieldcos is slated to increase this year, with existing yieldcos fueling a strong buyers market for generation assets, according to panelists at Infocast’s 6th annual Projects & Money conference at Harrah’s New Orleans on Jan. 14.
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Recurrent Energy has landed a $390 million senior secured private placement backing its 108 MW Borealis portfolio of solar photovoltaic projects in Ontario, Canada.
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Pattern Energy and its partners are shooting for pricing of LIBOR plus 175 basis points on the C$800 million ($739.85 million) mini-perm backing the 270 MW K2 wind project in the township of Ashfield-Colborne-Wawanosh, Ontario.
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NRG Energy has secured a $97.4 million senior secured credit facility refinancing its 105 MW Saguaro combined cycle cogeneration facility in Henderson, Nev., which it had been trying to sell.
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A Korean joint venture between Korea Southern Power Corporation and Samsung C&T Corporation has mandated Natixis as financial advisor to lining up debt backing the 517 MW Kelar combined cycle gas-fired project in the north of Chile.
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A consortium comprising Peru’s Cobra Perú and Argentina’s Enersa called Planta de Reserva Fría de Generación de Eten has launched Latin America’s maiden international greenfield project bond.
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ArcLight Capital Partners-subsidiary NET Midstream has closed a $665 million financing backing the U.S. situated section of the Los Ramones natural-gas pipeline.
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Price talk on the B loan backing Moxie Energy and Panda Power Funds’ Patriot project is coming in at LIBOR plus 600 basis points, according to deal watchers.
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Japanese and Canadian banks topped lender project finance league tables for North America power and energy deals in the third quarter, as the B loan boom quieted down and bank debt came back to the fore.
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Australian outfit Liquefied Natural Gas Limited is set to appoint BNP Paribas and Macquarie Capital as financial advisors for $1.54 billion in debt backing the Magnolia LNG facility in Lake Charles, La.
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Invenergy is planning to tap institutional investors in a private placement to line up just under $400 million for its merchant 288.6 MW Miami wind facility in Roberts, Hemphill and Gray Counties, Texas.
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Goldman Sachs will launch a $585 million financing package backing Panda Power Funds and Moxie Energy’s $800 million, merchant, gas-fired Moxie Patriot project this Thursday.
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PurEnergy and Southern Company are circling a $296.2 million restructuring of the debt backing the 440 MW lignite coal-fired Red Hills coal-fired facility via two bond issuances.
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Cheniere Energy has issued $1 billion of senior secured notes to reduce bank debt backing the first four liquefaction trains at its liquefied natural gas export project in Cameron Parish, La.
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Pattern Energy is gearing up to launch a financing backing the second phase of its 322 MW Panhandle wind project in Texas.
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ArcLight Capital Partners affiliate NET Midstream is looking to launch a syndication of roughly $500 million in debt backing its NET Mexico gas pipeline in Texas.
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Bank of America subsidiary BAL Investment & Advisory is aiming to take tax equity stakes in two NextEra Energy Resources wind farms.
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The $990 million financing of the 614 MW Oakley gas-fired project has been temporarily put on hold as co-developers Radback Energy and Wellhead Electric await a court ruling on the merits of a petition challenging the facility’s power purchase agreement.
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LS Power’s $1.26 billion refinancing of its 900 MW Sandy Creek pulverized coal-fired facility in Texas has been oversubscribed, deal watchers say.
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Moxie Energy is shooting to launch a B loan package in November backing the merchant Moxie Patriot gas-fired facility in Lycoming County, Pa., say deal watchers.
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Blackstone-backed residential solar provider Vivint Solar has secured roughly $740 million in project financing as it looks to grow its business.
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LS Power has launched a $1.025 billion B loan refinancing its stake in the 900 MW Sandy Creek pulverized coal-fired plant in Texas.
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Richard Randall, managing director and head of project finance and independent power producer coverage at Royal Bank of Scotland, has left to join Industry Funds Management.
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Bank of Tokyo Mitsubishi and Sumitomo Mitsui Banking Corp. are joint lead bookrunners on Sempra U.S. Gas & Power’s approximately $400 million Copper Mountain III debt package.
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George Revock, formerly a director at Citigroup, has joined Capital One as a managing director as the bank looks to start an alternative energy and project finance business.
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U.S. Geothermal has closed a $30.74 million refinancing of the approximately 9 MW Phase I of the San Emidio geothermal project in Washoe County, Nev.
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French energy giant Total and Swiss independent power producer Etrion Corp. have sealed a roughly $140 million non-recourse debt package backing the merchant 70 MW Salvador solar photovoltaic facility in the Atacama region in Chile.
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Chilean independent power producer Andes Mining & Energy and Chilean developer Austalis Power are set to mandate next week BNP Paribas and Crédit Agricole to lead the financing of their $150 million Octopus liquefied natural gas re-gasification facility in Concepción bay, Chile.
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Competitive Power Ventures, ArcLight Capital Partners and Toyota Tsusho have closed a $585 million debt package backing the 700 MW Woodbridge facility in Woodbridge, N.J.
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In this week’s round-up: Several sponsor wrap project financings and a pair of solar securitizations is on the horizon.
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In a sector packed with project finance and M&A giants from Europe and Wall Street, Marathon Capital stands out as an independent advisory shop that continues to net business with power industry heavyweights.
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The New York State Green Bank will begin lending to renewables projects in the state in January next year.
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Radback Energy is looking to line up a club of banks to secure $990 million in debt, as well as an equity investor, for its 586 MW Oakley gas-fired facility in Contra Costa Country, Calif.
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Sempra U.S. Gas & Power is talking to lenders about securing up to $400 million in debt backing the 250 MW third phase of the Copper Mountain solar facility.
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Three private equity firms have committed $67.3 million in debt and equity to back the construction of 150 MW of SunEdison’s utility scale solar facilities in California.
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Invenergy has closed a C$410 million ($390.74 million) refinancing of the 584 MW natural gas-fired St. Clair facility near Sarnia, Ontario.
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Australian investment manager AMP Capital has completed a $300 million first close on its AMP Capital Infrastructure Debt Fund II from 17 institutional investors.
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Investment manager True Green Capital Management has tapped Investec to lead a $64 million credit facility backing a 39 MW portfolio of solar photovoltaic facilities in the Northeast.
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Cash flows from U.S. merchant power generators are coming under pressure due to lower power and gas prices and expiring hedges, according to a report by Standard & Poor’s.
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Invenergy officials are talking with lenders about securing a debt package for the merchant 584 MW Nelson gas-fired facility in Rock Falls, Ill.
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Panda Power Funds and Moxie Liberty have closed the $585 million debt package backing the 829 MW gas-fired Moxie Liberty project in Bradford County, Pa.
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The Lake Charles liquefied natural gas export project, with a price tag of potentially $11 billion, is being eyed by banks and lenders after receiving approval from the U.S. Department of Energy.
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Chilean transmission company Transelec, a subsidiary of Brookfield Asset Management, has closed a $150 million debt financing for a 220kV transmission line linking the Caserones mine in Chile to generation facilities.
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First Wind has shelved its $325 million B loan to refinance assets in the Northeast, as it was unable to lock in pricing in the range of LIBOR plus 425-450 basis points.
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Panda Power Funds and Moxie Energy have adjusted the debt package backing their 825 MW Liberty project, nixing the $119 million mezzanine tranche and increasing the first-draw term loan B to $435 million from $358 million.
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Instituto Costarricense de Electricidad is talking to lenders to secure financing for the $1.4 billion Reventazón hydro facility in Limon province, Costa Rica.
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Competitive Power Ventures is near closing its $585 million debt package backing the 725 MW Woodbridge gas-fired plant in Woodbridge, N.J.
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Mandy Querio, a former associate director in the syndications team at WestLB, has joined OneWest Bank as its first v.p. of syndications.
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Colombian state-owned transmission company ISA has tapped BBVA as advisor for the financing of its approximately $1 billion transmission line project in Chile.
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Montreal-based renewable company Boralex has closed a C$55.3 million ($53.65 million) financing backing its 22 MW Jamie Creek hydro facility near Gold Bridge, B.C.
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Innergex Renewable Energy has closed a C$61.7 million ($59.3 million) non-recourse construction and term project financing for the 24.6 MW Viger-Denonville wind project in Quebec, Canada.
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In the second installment of this Q&A, Jonathan Lindenberg, head of project finance in the Americas at Bank of Tokyo Mitsubishi-UFJ discusses liquefied natural gas project landscape, prospects for renewables and potential challenges in project finance. Senior Reporter Nicholas Stone sat down with Lindenberg at the bank’s office in New York.
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GDF Suez has brought in Marubeni as a joint venture partner to develop the $1.125 billion GNL del Plata re-gasification facility in Montevideo, Uruguay and is looking to the finance the facility.
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Erik V. Savi, formerly a managing director at WestLB, has joined BlackRock as a managing director and head of U.S. infrastructure debt.
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Proparco, the private investment unit of the French Development Agency, has joined the Inter-American Development Bank and the IDB-managed Canadian Climate Fund in providing a $66.4 million debt package to Spanish developer Solarpack’s 26.5 MW of photovoltaic projects in the Atacama Desert in Chile.
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In the post-crisis world, Bank of Tokyo Mitsubishi-UFJ has emerged as arguably the top shop for power financing.
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Radback Energy has reignited a search for around $800 million in financing backing its 586 MW Oakley gas-fired facility in Contra Costa County, Calif.
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Pricing talk on the Panda Power Funds and Moxie Energy B loan backing their 825 MW natural gas-fired Liberty facility has come in at LIBOR plus 650 basis points.
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Marathon Capital is leading a $120 million bond refinancing of Gradient Resources’ 60 MW Patua geothermal facility near Fernley, Nev.
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Summit Power Group is aiming to close a $1.5 billion debt facility backing its 400 MW Texas Clean Energy Project near Odessa, Texas, in October.
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Credit Suisse and Goldman Sachs will launch a $600 million B loan package today backing Moxie Energy’s 825 MW natural-gas Liberty facility in Bradford County, Pa.
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Brazilian conglomerate Odebrecht has closed a $774 million senior secured financing package backing its 406 MW Chaglla hydro facility in Peru.
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NextEra Energy Resources has closed a $253.6 million term loan supporting its 162 MW North Sky River wind farm in Kern County, Calif.
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Selray Energias, a joint venture between German solar developer Saferay Holding and Chilean engineering and electrical company Seltec, is set for a $47 million loans backing the first utility scale photovoltaic facility to sell its output to the spot market of Chile’s northern grid.
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I Squared Capital, a company established by ex-Morgan Stanley executives, is aiming to raise $2 billion for its maiden infrastructure fund.
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Canadian solar developer Potentia Solar is looking to secure up to C$200 million ($192.5 million) in debt to back solar distributed generation projects in Ontario.
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European and U.S. investment banks have continued to move up the North America project and energy finance league table ladder in the second quarter as they snag mandates in the booming B loan market.
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Fiera Axium Infrastructure Canada II has wrapped a $175 million debt financing backing the construction of four solar photovoltaic projects totaling 42 MW.
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The third phase of a natural gas pipeline, between Texas and Mexico, has a raft of developers and financiers circling the request for proposals issued by Pemex.
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PensionDanmark’s $200 million mezzanine loan to the 454 MW Cape Wind project has reportedly priced at around the 14% mark—a tight level for mezz, according to observers.
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K Road Power is reportedly lining up mezzanine debt from Ares Management for its 350 MW Moapa solar facility in Clark County, Nev.
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Michael Whalen, cfo at solar developer SolarReserve, has taken a position as v.p. of structured finance at the Overseas Private Investment Corp. in Washington.
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Innergex Renewable Energy has closed a C$52.8 million ($50.4 million) non-recourse refinancing for its 109.5 MW Carelton wind facility in Carleton-sur-Mer, Québec.
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Renewable project financing options beyond the expiration of the production and investment tax credits was the focus at Euromoney Energy Events Renewable Energy Finance Forum Wall Street at the Waldorf Astoria in New York this week.
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Capital will be needed to develop natural gas pipelines in Mexico, a move arising out of the country looking to import shale gas from the U.S., said panelists at Euromoney’s Mexican Energy and Infrastructure Finance Forum at the JW Marriott in Mexico City on June 25.
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Power project finance in Latin America accounted for 63% of the $7.83 billion of deals wrapped in the Americas during the first quarter.
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Monique Palumbo, head of loan syndications and private placements at Union Bank, has left to join Natixis as global head of loan syndications at the French bank.
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Solar power generation on California's electricity grid reached an all-time high last week, totaling 2,071 MW, state officials said Sunday.
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Financing the massive transition of the U.S. military to renewable energy resources presents a tremendous opportunity, coupled with significant challenges, to developers, lenders, and investors in renewable energy power projects serving the military.
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Ralph Cho and Michael Pantelogianis started as co-heads of power in North America at Investec earlier this year after nine years working together at WestLB. Cho and Pantelogianis sat down with Senior Reporter Nicholas Stone to discuss their first few months with the bank, where they are seeing opportunities in the market and what they are looking to achieve.
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Cheniere Energy has increased the senior secured loan backing its Sabine Pass liquefied natural-gas export facility to $4.4 billion from $2.3 billion and netted $1.5 billion of additional debt from the Export-Import Bank of Korea and the Korea Trade Insurance Corp.
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Innergex Renewable Energy has closed a C$72 million ($69.63 million) construction and term loan backing the 17.5 MW Northwest Stave River run-of-river hydro facility in Mission, British Columbia.
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Sumitomo Mitsui Banking Corp. has hired Carl Adams, head of structured finance at Banco Espirito Santo, as managing director and head of Latin America.
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Competitive Power Ventures is putting together financing for its 725 MW natural-gas fired Shore facility near Woodbridge, N.J.
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Sempra U.S. Gas & Power has wrapped a $350 million financing for the second phase of its Copper Mountain Solar facility in Boulder City, Nev.
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Early pricing talk on the B loan backing Moxie Energy’s 825 MW natural gas-fired Liberty facility in Bradford County, Pa., is coming in at around LIBOR plus 600 basis points.
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Institutional demand for Energy Capital Partners’ $610 million term loan has allowed the private equity shop to upsize the loan and reprice existing debt.
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Deutsche Bank and Key Bank have closed a $110 million debt financing for 37 MW of solar photovoltaic installations in Massachusetts being developed by Rockland Capital and Broadway Electrical Co., including 24 MW in Cape Code and Martha’s Vineyard.
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Sempra LNG has sold three 16.6% equity stakes in its Cameron liquefied natural-gas export facility to GDF SUEZ, Mitsui and a joint-venture between Mitsubishi and Nippon Yusen.
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Chubu Electric Power Co. and Toyota Tsusho Corp. are looking to refinance the loan on their 880 MW combined-cycle Goreway facility in Brampton, Ontario.
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GSR Energy is looking for $205 million in debt and equity backing a 36 MW biomass project on the New River in Orange Walk District, Belize.
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The Japan Bank for International Cooperation and the Nippon Export and Investment Insurance agencies are working to provide around $2 billion in debt backing Cameron LNG’ export facility in Hackberry, La.
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The smaller size and relative inexperience of development companies in Latin America will pave the way for larger more experienced multinationals to buy up local companies, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean in Miami on May 1.
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