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US-based Mammoth Energy subsidiary Cobra Acquisitions is to receive $188.4 million in settlement proceeds from the Puerto Rico Electric Power Authority (PREPA) and the Financial Oversight and Management Board for Puerto Rico (FOMB).
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Renewables business Primary Energy has closed its $178 million platform refinancing led by Apterra Infrastructure Capital, PFR has learned.
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Blackstone-owned energy storage business Aypa Power has closed its $650 million pre-notice to proceed development facility.
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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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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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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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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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German developer WPD has issued an request for proposals to banks to raise financing for greenfield wind projects.
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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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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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7X Energy has signed a power purchase agreement for a 250 MW solar project in Texas.
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