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GoodLeap has closed a $311.6 million securitisation of residential solar loans originated on its platform.
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Sunrun, a provider of residential solar, storage and energy services, has priced a $886.3 million securitisation of leases and power purchase agreements, known as Sunrun’s solar-as-a-service offering.
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Sunnova Energy has secured a $244 million securitization for its Hestia I solar project, which includes the development of 587MW of distributed generation energy resources (DERs) and associated software in Puerto Rico.
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Sunnova Energy Corporation intends to offer a $400 million green bond to finance or refinance existing and new projects.
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Sunrun, a provider of residential solar, storage and energy services, has priced a $715 million securitization of leases and power purchase agreements, known as Sunrun’s solar-as-a-service offering.
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New York-based DSD Renewables (DSD) has raised $155 million in debt financing for its first commercial and industrial (C&I) solar-asset-backed securitization (ABS).
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SolaREIT, a Maryland-based solar real estate investment fund, has closed a $100 million securitization of solar leases with Nuveen.
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Rayburn Electric County Coop, a Texas-based electric generation and transmission cooperative that suffered massive losses due to winter storm Uri last February, has closed a $908 million securitization.
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PNM, the New Mexico utility subsidiary of PNM Resources, has filed a notice of appeal with the New Mexico Supreme Court after the utility’s application to divest its interest in the Four Corners coal-fired power plant was denied by the New Mexico Public Regulation Commission (NMPRC).
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Vivint Solar's former chief commercial officer and head of capital markets, Thomas Plagemann, has joined a Louisiana-based residential solar developer as its CFO.
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Sunnova Energy has priced its fifth securitization backed by residential solar loans totaling $155.8 million.
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Sunrun has increased the size and reduced the pricing of its non-recourse warehouse loan with a syndicate of eight financial institutions.
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Sunrun has closed a residential solar lease securitization under the name Sunrun Demeter 2021-2.
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The solar ABS sector is set to hit a new record for issuance volumes in 2021 with the addition of Sunrun and Solar Mosaic’s transactions, as a wider pool of institutional investors join the market, encouraged by more frequent ratings from the three major credit rating agencies.
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Sunnova Energy International is preparing to launch its fourth securitization backed by residential solar loans.
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MUFG has introduced a new CLO asset class, bundling $500 million of project finance and infrastructure loans together for Starwood Property Trust in a deal that clearly demonstrated investor appetite for the product.
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Securitization exists in the public consciousness primarily as a shadowy corner of the capital markets in which out-of-control financial engineering causes global economic meltdowns. Could it be due a reappraisal?
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Residential solar finance company Mosaic’s foray into the recently reopened asset-backed securitization market was well received by investors, reaping a multiple-times oversubscribed order book, in part thanks to data that shows the pandemic having a limited impact on solar loans.
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One of the first pieces of advice a retail stock investor receives after opening their first brokerage account or downloading the Robinhood app is not to try to “time the market.” But in corporate finance – especially during weak markets – timing is everything. If a window of opportunity opens after a period of volatility, you go for it.
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Solar finance company Sunnova priced the first solar securitization of 2020, a $313.5 million dual-tranche offering, on Feb. 5.
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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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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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Solar finance company Mill City completed a $217.89 million residential solar loan securitization on July 24, bringing year-to-date volume of solar ABS to over $1.3 billion.
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Residential PACE provider Renew Financial has promoted Mary Kathryn Lynch, who has worked in finance and capital markets at the company for about three-and-a-half years, to the position of CFO.
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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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Sunrun is preparing to refinance an 88 MW portfolio of "seasoned" residential solar assets with its latest securitization, a $204 million deal backed by leases and power purchase agreements.
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A former global co-head of infrastructure and energy structured credit at Deutsche Bank is starting the New Year with a job at a distressed credit investor.
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Residential solar developer Sunrun priced its second ever securitization on Dec. 12, Sunrun 2018-1, a $378.5 million offering backed by leases and power purchase agreements tied to rooftop solar systems.
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A trio of solar securitizations is progressing through the pipeline this week, giving investors a chance to get their hands on nearly $1 billion of bonds tied to residential solar assets.
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A deal from solar finance company Sunnova that was priced at the end of last week and a first-time residential solar securitization from Hannon Armstrong, announced on Monday, are rekindling the market for solar ABS in the fourth quarter.
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Residential rooftop solar developer Sunnova is in the market this week with its second securitization, a $262.7 million offering backed by a pool of leases and power purchase agreements.
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Tesla has hired a capital markets professional who previously worked in project finance at a solar developer in California.
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Brad Nordholm is leaving Starwood Energy Group Global, the private equity business he used to run as ceo, to take up the position of chief executive at the Federal Agricultural Mortgage Corp., also known as Farmer Mac.
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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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Residential solar developer Sunrun will launch a securitization backed by leases and power purchase agreements within the next month, say deal watchers.
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Mosaic and Goldman Sachs priced a co-sponsored solar loan securitization on Monday, a $317.52 million deal dubbed Mosaic Solar Loan Trust 2018-2-GS.
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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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Credit Suisse was sole arranger on a privately placed solar securitization that Vivint issued alongside its public market debut last week.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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Solar finance company Mosaic is preparing to issue its first securitization of 2018.
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Tesla priced the latest securitization from its SolarCity subsidiary on Friday, pushing total solar asset-backed securitization volume beyond $1.5 billion in 2017 as secondary market activity gradually builds.
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Investors are eager for a slice of Tesla’s latest solar asset-backed securitization from its SolarCity subsidiary, say industry sources, but solar ABS volume could remain limited in 2018 unless the challenge of securitizing commercial and industrial-scale solar assets can be cracked.
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The Inter-American Development Bank is evaluating a possible 1 billion peso ($52 million) warehousing loan to finance a portfolio of small-scale solar projects in Mexico with a view to supporting a subsequent securitization in the local capital markets, a model the development bank has used for previous projects.
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Tesla priced an asset-backed securitization offering backed by solar lease and power purchase agreements originated by its SolarCity subsidiary on Nov. 3, selling the bonds at the tight end of price guidance.
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Bookrunners issued pricing guidance on Tuesday for an ABS offering by Tesla backed by leases and power purchase agreements originated by its SolarCity subsidiary.
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Mosaic sold a solar loan securitization at tight spreads on Wednesday, as investors report that the market for solar and Property Assessed Clean Energy (PACE) is turning into a food fight amid heavy demand and low supply.
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Dividend Solar priced its first solar ABS transaction at the end of last week, as market chatter around the asset class increases on the back of rumors of more issuance during last month’s ABS East industry conference.
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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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Spruce Finance, which finances residential solar and energy efficiency projects in the U.S., sold a $250 million loan portfolio to an undisclosed North American bank on June 21.
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Solar lending platform Mosaic is preparing to launch its second asset-backed securitization just four months after sealing its inaugural ABS offering.
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Solar and Property Assessed Clean Energy (PACE) experts at the IMN Green Investing Conference on Thursday noted that both markets will see more participation as issuance accelerates and the sectors become more sophisticated.
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Houston-based residential solar finance company Sunnova priced a debut asset-backed securitization this week, putting the issuance volume of solar ABS year to date higher than in the entirety of 2016.
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Goldman Sachs has been hired for a potential sale of Spruce Finance, say deal watchers.
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Paige Wisdom, the former chief enterprise risk officer at Freddie Mac, has joined residential Property Assessed Clean Energy (PACE) lender Renovate America as cfo.
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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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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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SolarCity has announced a $145 million asset backed securitization, bringing deal flow in the year to date to two offerings and putting the first month of the year on par with activity in all of 2016.
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California-based solar finance company Mosaic is preparing to hit the ABS primary market with an offering backed by loans on residential rooftop solar systems, the first such transaction since early 2016.
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BNP Paribas Capstar Partners U.S. has begun to deploy its own capital in renewable tax equity transactions, following a corporate restructuring of its parent company's U.S. operations.
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Spruce Financial has mandated Citigroup as the lead on its first securitization deal.
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Credit Suisse has emerged as the supplier of a roughly $60 million warehouse facility for SunPower in preparation for the company's inaugural asset-backed securitization of a portfolio of residential solar leases.
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Solar financiers converged on the New York Marriott Downtown Thursday for the Information Management Network's 4th Annual Sunshine Backed Bonds Conference.
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Investors and bankers discussed the possibility that money divested from fossil fuels by institutional investors could find its way into green investments at the Bloomberg New Energy Finance Summit in New York on April 5.
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Canadian Solar is considering the sale of approximately $2.5 billion of assets or a securitization deal as alternatives to its plan to monetize its assets by creating a yieldco.
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Shares in SolarCity plunged 29.3% in trading on Wednesday after the rooftop solar company announced it had fallen short of its guidance for growth in the fourth quarter of 2015.
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SolarCity, the largest residential solar developer in the US, has priced a $185 million securitization, the first backed entirely by loans made to homeowners for the financing of solar panel installation.
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SolarCity, the largest residential solar developer in the U.S., is marketing a $185 million securitization, the first backed by loans made to homeowners to finance solar panel installations.
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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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SunRun is launching a $230 million aggregation facility this week in a deal being arranged by Investec.
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Sunnova has raised $300 million in debt and equity financing and is preparing for an asset backed securitization.
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Trevor D’Ollier Lees, a director at Standard & Poor’s, began one of the first sessions of the day at Solar Capital Markets 2015 by introducing a new analogy to illustrate how the solar securitization market had developed since last year’s summit.
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Developers, lawyers and senior rating agency analysts discussed challenges tax equity structures pose to solar securitizations at Infocast’s Solar Capital Markets summit in New York on Oct. 15.
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Residential solar loan platform Sunlight Financial has sealed $300 million in equity and debt and plans to launch an asset-backed securitization.
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8minutenergy is contemplating adding securitization to its financing repertoire, and not just for small-scale commercial and industrial assets but also utility-scale projects.
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AES Corp. is set to become the first utility company to tap the growing market for securitizations of solar assets, the company has confirmed.
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SolarCity has opted for a different structure for its fourth securitization, a deal that market participants say is a sign the market is evolving and should lead to more frequent solar asset backed security issuance.
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The state of Hawaii has finalized a $150 million securitization and will use proceeds to finance development of renewable infrastructure, including distributed generation.
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It was a $7 billion week for power companies in the capital markets. Dynegy launched a multi-tranche $5.1 billion high yield bond sale to pre-fund its acquisition of 12 GW from Duke Energy and Energy Capital Partners.
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A pair of energy efficiency securitization deals is percolating at Citigroup that could hit the market in the next six months.
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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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Hannon Armstrong Sustainable Infrastructure is planning to issue additional shares and tap the securitization market as it looks to expand its portfolio and increase the company’s leverage.
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SolarCity is gearing up to launch a $201.5 million solar securitization this week.
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Clean Fund LLC, a specialty finance shop out of Sausalito, Calif., is aggregating a portfolio of commercial energy efficiency and solar assets that it plans to securitize in a rated transaction in the fourth quarter.
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The New York Green Bank, a New York-state sponsored investment fund, is looking to add a team of securitization experts, Alfred Griffin, president of N.Y. Green Bank told attendees at the Sunshine Backed Bond conference in New York.
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SolarCity Corp. priced its second privately placed solar securitization, a $70.2 million deal, today.
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SolarCity could hit the market next month with a securitization double the size of its first $54.42 million transaction.
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CMS Energy is in the process of buying a gas-fired plant in Michigan from an affiliate of JPMorgan to replace coal-fired retirements.
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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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Sempra Energy has issued $500 million in senior unsecured notes to pay off commercial paper, as Treasury rates settle back down to near record lows following a spike earlier in the year.
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SolarCity is setting its sights on being a regular securitization issuer to keep pace with its growing portfolio after wrapping its—and the sector’s—maiden deal.
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The Tennessee Valley Authority’s decision to retire more than 3 GW of coal-fired plants could be an opportunity for Clean Line Energy Partners, which is developing a $2 billion transmission line between Oklahoma and Arkansas.
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FootPrint Power’s proposed 800 MW gas-fired project on the waterfront in Salem, Mass., is drawing opposition from the Conservation Law Foundation.
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Google has asked the Public Service Co. of Oklahoma to make a new customer class for large industrial and commercial users that want to buy additional renewable energy.
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Xcel Energy has received the greenlight to sign power purchase agreements totaling 689 MW from three wind projects in New Mexico, Oklahoma and Texas
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A decision expected Thursday on net metering from state utility regulators at the Arizona Corporation Commission highlights residential solar securitizations’ ability to mitigate default losses on a solar lease or power purchase agreements, according to analysts.
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Janus Capital Group will not be buying SolarCity’s landmark $54.43 million solar securitization, according to John Kerschner, global head of securitized products at money manager giant Janus Capital Group.
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SolarCity is premarketing the industry’s debut solar securitization—a private placement of $54.425 million of solar asset-backed notes—ahead of the roadshow launch.
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This week’s Industry Current is written by Elias Hinckley, head of energy finance and David John Frenkil, an attorney in energy finance at Sullivan & Worcester in New York.
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SolarCity is in the final stages of preparing the first solar securitization, deal watchers say.
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Jeffrey Chester, partner at Kaye Scholer, has joined Morrison & Foerster as the law firm looks to build out its energy group.
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Two separate solar securitization deals are currently with the ratings agencies, vying to be the first in the asset-backed security class.
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MidAmerican Energy Co. has issued $950 million in first-mortgage bonds to take advantage of investor demand for utility paper.
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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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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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Marathon Capital is leading a $120 million bond refinancing of Gradient Resources’ 60 MW Patua geothermal facility near Fernley, Nev.
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Ohio Power Co., a subsidiary of American Electric Power, will redeem the entire outstanding $225 million principal amount of its 6.375% senior notes due in 2033 on Aug. 12.
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Chilean transmission company Transelec is looking to sell $300 million in 144A bonds, the first time the company has hit the U.S. bond markets since 2001.
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Duke Energy subsidiary Duke Energy Indiana has locked in $500 million in floating- and fixed-rate notes as interest rates continue to rise and the company faces $400 million of maturing debentures.
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The order book for Southern Power’s 30-year, $300 million issuance of bonds was more than seven times over-subscribed this week.
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MidAmerican Energy Holdings’ subsidiary Solar Star Funding upsized its 144A bond offering backing the 579 MW Antelope Valley solar facility to $1 billion from $700 million on strong investor appetite last week.
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MidAmerican Energy Holdings’ subsidiary Solar Star Funding has upsized its 144A bond offering backing the 579 MW Antelope Valley solar facility to $1 billion from $700 million on strong investor appetite.
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Comisión Federal de Electricidad nixed plans for a 10-year fixed-rate note issuance and opted for MXP12 billion ($923 million) of five-year floating rate notes after credit markets were rocked by rising U.S. Treasury rates last week.
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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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Sponsors and bankers are working to develop renewable project bond structures to appeal to foreign and domestic institutional investors.
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Gauss Energia, a Mexico City-based energy company, is looking to bring three new solar projects to market in the coming months, CEO and President Hector Olea told PFR on the sidelines of Euromoney’s Mexican Energy and Infrastructure Finance Forum at the JW Marriott in Mexico City on June 26.
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Price talk on MidAmerican Energy Holdings’ subsidiary Solar Star Funding’s $700 million of 144A senior secured notes has come in to 5.375% from 5.5%.
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Duke Energy subsidiary Duke Energy International Geração Paranapanema is on a road show this week in Brazil touting a proposed R$500 million ($233 million) domestic bond issuance to repay short-term debt
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Pacific Gas & Electric Co. tapped the senior unsecured note mart for $750 million last week to take out maturing debt nine months early and secure low rates.
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Baltimore Gas And Electric Company is issuing $300 million in bonds to tap low rates and take out existing debt.
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A handful of FirstEnergy power utility affiliates in Ohio are marketing a $446 million rate-recovery securitization, which is slated to price Wednesday.
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Xcel Energy subsidiary Northern States Power Co. has issued $400 million, 10-year 2.6% first mortgage bonds, continuing the move by utilities looking to tap low rates.
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Financiers and sponsors are trying to figure out how to develop a solar securitization structure that appeases tax equity investors concerns’ regarding subordination.
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Hybrid bank/bond structures are being floated for renewable energy projects in Latin America, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean in Miami.
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MidAmerican Energy Holdings has reportedly tapped Barclays, Citigroup and Royal Bank of Scotland to lead a bond financing backing its $2.5 billion, 579 MW Antelope Valley solar photovoltaic project.
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Analysts at Moody’s Investors Service are calling out several “major credit risks” it says market players should take into account, with the possibility that when solar deals eventually come down the pike, they may be structured as shorter securities or will garner lower ratings.
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Cheniere Energy has issued $1.5 billion in bonds to fund construction and lower bank commitments associated with the $3.6 billion term loan backing the first two trains at the Sabine Pass LNG export facility in Cameron Parish, La.
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Bonds backing power projects in Latin America are becoming more attractive as borrowers move to find cheaper sources of capital.
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American Electric Power has received approval for its Ohio subsidiary Ohio Power Co. to issue a rate reduction securitization while two other subsidiaries await regulatory approval, according to PI’s sister publication Securitization Intelligence.
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American Electric Power has received approval from Ohio regulators to issue $298 million in rate recovery bonds that will be securitized.
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Standard & Poor’s saw doubled the number of project bond ratings in 2012 versus 2011—underscoring the dramatic surge in non-bank funding.
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American Electric Power subsidiaries Appalachian Power Company and Wheeling Power Company are closing in on an agreement in West Virginia to issue a rate recovery securitization.
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A private letter ruling from the U.S. Internal Revenue Service is being seen as a green light to include sustainable and renewable energy assets in a novel mortgage real estate investment trust.
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Brookfield Renewable Energy Partners has completed a C$450 million ($437 million) bond issuance refinancing its 166 MW Comber wind project— the first rated bond issuance backing a wind deal in Canada on the public market.
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Kinder Morgan Energy Partners plans to issue $1 billion of senior unsecured notes to help finance its $21.1 billion acquisition of El Paso Corp. and $3.9 billion purchase of Copano Energy.
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The use of project bonds never reached the level expected in 2012, but there is still optimism this year, panelists said at Euromoney’s 8th Annual U.S. Power & Renewable Finance Conference at the Westin Hotel in New York on Wednesday.
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The solar industry needs to address standardization of performance evaluation, analytics of panel equipment and output before solar securitizations roll out, industry officials said at American Securitization Forum 2013 in Las Vegas according to PI sister publication Securitization Intelligence.
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Cheniere Energy has upsized its 144a offering to $1.5 billion from $1 billion after an investor roadshow in New York, Boston and Chicago.
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A team from Houston-based Cheniere Energy is on the road this week meeting investors in New York, Boston and Chicago, to market $1 billion in 144a notes.
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This week’s Industry Current is written by Steve Loeshelle and Mike Fitzpatrick, partners, and Adam O’Brian, an associate, at Hunton & Williams in New York.
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A lack of uniform standards for commercial solar installations is the main obstacle to structuring the market’s first securitization of solar panel revenues, says Paul Detering, ceo of Tioga Energy.
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In this week's round-up: The dog days of summer are over and the financing markets are gearing up to get deals done by the end of the year and distributed generation continues to show signs of grotwh.
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In this week's round-up: What motivates the generation auctions on the market and how sponsors access capital amid a shruken project finance roster.
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Bankers and attorneys are discussing a federally backed enterprise, dubbed Sunny Mac that would essentially support the nascent solar securitization industry vis-à-vis the way Fannie Mae and Freddie Mac anchor mortgage-backed securities.
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Securitization bankers and solar players are still trying to figure out how to bring to market the first solar asset-backed securities deals.
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In this week’s Industry Current, several solar company executives shared lessons learned from closing recent financings in a roundtable organized and moderated by Keith Martin partner at Chadbourne & Parke in Washington, D.C.
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A bevy of renewable assets went on the block in June and project finance players are buzzing about the next generation of funding options.
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Texas Central Company, a subsidiary of power utility American Electric Power Company, priced an $800 million securitization of rate-recovery bonds, enabling the utility to recover costs linked to its deregulation
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This week’s Industry Current is written by Jeff Chester, Bill Fellerhoff and Madeleine Tan, partners at Kaye Scholer in Los Angeles, Chicago and New York, respectively.
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American Wind Capital Co., Chuck Hinckley’s venture, has been aggregating leases from landowners who have contracted their property to wind farms in order to securitize the royalty payments.
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NRG Energy is in the early stages of an initiative to securitize portions of the revenue from its solar portfolio as a way to diversify its access to capital.
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