Oil-fired
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The US Federal Trade Commission (FTC) is seeking more information before advancing ConocoPhillips’ $22.5 billion all-stock buy of Marathon Oil.
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As the Lone Star State begins to face the climbing summer temperatures, intense weather events, specifically Winter Storm Uri, remain at the top of Texans' minds.
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Chevron New Energies is set to develop a 5MW hydrogen production and solar project on its existing oil field in California's Central Valley.
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The Bureau of Land Management (BLM) will begin the first of 8 oil and gas lease sales this year with the auction of 19 Wyoming-sited parcels covering 13,858.91 acres on 5 March.
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Global Partners has completed the acquisition of 25 liquid energy terminals from Saudi Aramco-subsidiary Motiva Enterprises.
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Crescent Point Energy has closed on its acquisition of Canadian Riverstone Holdings-owned oil and gas business Hammerhead Energy.
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Southern Company subsidiary Georgia Power Company (GPC) will sell multiple specified transmission lines to Georgia Transmission Corporation (GTC), PFR has learned.
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Unit Corporation has completed its previously announced sale of certain non-core oil and gas assets sited in the Texas Panhandle for net cash proceeds of $50 million at closing.
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The Bureau of Land Management (BLM) is set to conduct three oil and gas development lease sales in the states of Wyoming, Mississippi, Nevada, Oklahoma and New Mexico.
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Connecticut-based asset manager Atlas Holdings has agreed to acquire the remaining stake in a 1,110 MW fleet of mostly fossil fuel-fired peaking plants that it doesn't already own through a joint venture with a commodities trader.
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NRG Energy is selling a portfolio of US fossil fuel-fired generation assets totaling 4,850 MW to ArcLight Capital Partners.
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Brazil’s Petrobras has started the binding phase on the sale of four thermal power plants in the country.
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Ares Management's Keith Derman, John Drake of Osaka Gas USA, and Daniel Englander from Panamint Capital take you through the latest trends in US gas-fired project finance on PFR's Thermal Power Roundtable 2020.
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Independent power producer Talen Energy has lined up a new head of investor relations after the departure of Ryan Koren.
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Petrobras has begun the non-binding phase of the sale of its stake in five power plants totaling 682 MW in Brazil.
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Petrobras has issued a teaser for the sale of its stakes in five gas, oil, diesel-fired and small hydro plants in Brazil.
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Petrobras has issued a teaser for the sale of four thermal generation plants in Brazil totaling 578 MW.
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Guatemala’s power distributor Energuate has awarded five-year power purchase agreements to four companies as a result of a tender process that began earlier this year.
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Developers are unsure what to expect from Mexico's soon-to-be-announced private sector investment plan for energy projects, after President Andrés Manuel López Obrador made comments both against and in favor of renewable energy in recent weeks.
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The U.S. Securities and Exchange Commission has sued a former Goldman Sachs banker over his role in an alleged scheme to obtain a power purchase agreement for a Ghanaian power plant through bribery.
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Developers in Mexico have been left waiting for the government to release its private investment plan for energy projects following a delay by the administration.
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Ecuador’s state-owned energy company, Petroamazonas, has launched tenders for oil and gas-fired projects totaling 232 MW to power its oil fields in the Amazon region.
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A year after private equity firm I Squared Capital completed the acquisition of a large renewable energy portfolio in Latin America, the fund has consolidated its assets by refreshing the debt at both the holdco and project level.
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Spanish solar and wind battery storage startup Ampere Energy has secured the backing of Chilean oil company Copec as it looks to expand into Latin America.
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A fund managed by Stonepeak Infrastructure Partners has agreed to purchase a dual-fuel thermal power plant interconnected in ISO New England.
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Final bids are due in the coming weeks in a sale process for a roughly 2.3 GW conventional generation portfolio in Canada.
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Starwood Energy Group Global has launched a deal into the term loan B market to finance its $145 million purchase of FirstEnergy Generation’s 545 MW West Lorain dual-fuel facility in Ohio.
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A former structured finance professional at Deutsche Bank has found a new position.
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An independent power producer tapped an investment bank earlier this year to auction off a merchant dual-fuel facility in Massachusetts.
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As a settlement deal emerges in the bankruptcy case of several FirstEnergy Corp. subsidiaries, the debtors have called off an auction that was set to take place next week for its retail sales business.
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Glenfarne Group announced its subsidiary, EnfraGen, had raised $700 million for an eight-project portfolio of diesel and hydro assets in Chile and Panama on July 11.
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Vistra Energy Corp. has closed its acquisition of Dynegy following a ruling by the Public Utilities Commission of Texas that the buyer did not need to divest 1,281 MW of generation in the state to proceed with the purchase.
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FirstEnergy Solutions has found buyer for a merchant coal-fired facility in PJM Interconnection in the form of a joint venture between a private equity firm and an independent power producer.
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Delegates at the Euromoney Seminars 12th Annual Latin American Energy & Infrastructure Finance Forum in Miami Beach are keeping at least one eye on Latin America’s colorful political landscape, as a year of national elections and unfolding corruption probes promises to have a bearing on project financings and M&A deals.
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There are a few days remaining to cast your votes for the best project sponsors, banks, law firms, institutional and tax equity investors and deals in PFR's 15th Annual Deals and Firms of the Year Awards.
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As the Public Utilities Commission of Texas prepares to decide whether Vistra Energy will need to divest upwards of 1.2 GW of generation in Texas as a condition of its Dynegy acquisition, the buyer is weighing potential post-merger asset sales.
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A private equity firm has agreed to acquire the majority of IC Power’s generation assets through the purchase of its Latin American subsidiary Inkia Energy.
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Vistra Energy has entered into an agreement to acquire Dynegy through an all-stock transaction.
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Eversource's 1.2 GW New Hampshire generation portfolio is set to be sold in two portions following an auction process that was launched at the beginning of the year.
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A newly created subsidiary of Hawaiian Electric Industries has agreed to purchase an oil-fired project on Hawaii’s Big Island from ArcLight Capital Partners, a deal hatched after an earlier attempt at a direct acquisition by HEI subsidiary Hawaii Electric Light Co. was vetoed by state regulators.
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Tiger Infrastructure Partners and Agate Power have announced the acquisition of an operational peaker on the Hudson River.
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Eversource’s auction of its 1.2 GW generation portfolio has moved into a second round.
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The New Hampshire subsidiary of Eversource Energy is selling a stake in a New England oil-fired plant representing 19.5 MW of generating capacity to NextEra Energy Resources, which already holds an approximately 84.3% interest in the project.
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The Hawaii Public Utilities Commission has blocked Hawaii Electric Light Co.’s planned acquisition of an combined-cycle oil-fired plant in Honokaa, rejecting the utility’s claim that its purchase of the project would be beneficial to its customers.
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The Silverfern Group has made a "follow-on investment" in the 878 MW Broad River simple-cycle dual-fuel facility in Gaffney, S.C.
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The Carlyle Group has hired Morgan Stanley to lead a refinancing of a term loan B secured by a portfolio of gas-fired, oil-fired and hydro projects that the private equity firm acquired last year.
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JP Morgan has distributed a teaser for Eversource’s 1.2 GW New Hampshire generation portfolio as it prepares to run a two-stage auction for the assets.
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Three buyers have agreed to acquire Veresen’s 625 MW generation portfolio for a combined purchase price of $1.18 billion.
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Fresh from closing its acquisition of a 9 GW portfolio of mostly gas-fired assets across the U.S., Dynegy is looking toward selling several “non-core” assets, deal watchers tell PFR.
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The deadline for nominations for Power Finance & Risk's Deal of the Year 2016 awards is coming up quickly. Make sure your deal of the year doesn't miss out on the short list by sending in a nomination by Jan. 31.
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Two investment firms have closed their joint acquisition of the the Broad River project in Gaffney, S.C., from Energy Capital Partners.
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NRG Energy subsidiary GenOn Energy is facing an increased likelihood of a default or debt restructuring as it approaches several bond maturity dates, according to a report by Moody's Investor Service.
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A bank has launched a sale process on behalf of a utility company for a part dual-fuel, part combined-cycle multiple-unit facility in Massachusetts.
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A consortium of three Japanese-owned companies has announced that it has agreed to acquire a 635 MW duel-fuel combined cycle project in New York ISO.
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Two buyers have agreed to acquire Duke Energy's Latin American assets in separate transactions that will complete the North Carolina-based utility company’s divestment from the region, following a two-stage auction.
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A buyer has emerged for a pair of peaker plants that Quantum Utility Generation put up for sale earlier this year.
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Mercuria is in the process of selling the 500 MW Danskammer gas and oil-fired peaker project in lower Hudson Valley in a two stage auction.
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Enbridge Inc. will look to sell $2 billion of non-core assets over the next 12 months, following the announcement that it has agreed to merge with Spectra Energy Corp.
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In this week’s Industry Current, Salem Esber, a Denver-based energy markets expert at London-headquartered PA Consulting Group, considers whether the publicly-traded model is right for U.S. independent power producers.
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Duke Energy is moving closer towards selling its 4.4 GW Latin American portfolio, which consists of all of the company's generating assets in the region.
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What better place for a project finance banker, attorney or contractor to treat a client to some haute cuisine than a restaurant located in a former power plant?
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Riverstone Holdings, a 35% stockholder in Talen Energy Corp., has agreed to acquire the rest of the Allentown, Pa.-based company.
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Moody’s Investors Service has upgraded Calpine Corporation’s credit rating, affirmed the ratings of several rivals and downgraded NRG Energy subsidiary GenOn Energy at the end of a review of the U.S. merchant power sector.
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Power Finance & Risk’s Deals & Firms of the Year Awards are back, recognizing excellence in power finance and asset M&A across the Americas.
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Duke Energy subsidiary Duke Energy Florida is acquiring the remaining 33% interest in a 143 MW oil-fired unit from the Georgia Power Company. Duke already owns 67% of the project.
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The Carlyle Group has agreed to acquire IFM Investors’ 1,767 MW Essential Power portfolio, which includes gas-fired, oil-fired, and hydro assets in the Mid-Atlantic and New England.
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ArcLight Capital Partners has agreed to sell the 60 MW oil-fired combined-cycle Hamakua plant in Honokaa, Hawaii, to local utility Hawaii Electric Light, for $84.5 million.
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Lima-headquartered power producer IC Power has filed an F-1 form with the U.S. Securities and Exchange Commission for its initial public offering.
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In this exclusive interview with PFR, Mona Dajani, a partner at Baker & McKenzie’s banking and finance group sheds light on how the ongoing transformation of the power industry is driving corporate restructuring in the context of industry consolidation, and a potential uptick in M&A activity.
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SunEdison is the latest to join the bandwagon of private players investing in Brazil in spite of concerns over a nationwide economic lull and the declining contribution of the country's development bank to project financing.
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Market watchers say that the U.S. Supreme Court’s recent ruling on emissions regulations enacted by the Environmental Protection Authority could delay the retirement of coal-fired plants.
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Québec-based Boralex has issued a C$125 million ($100 million) five-year convertible debenture to refinance the renewable developer's existing debt and fund acquisitions and capital projects.
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The Tennessee Valley Authority aims to issue up to $1 billion by issuing power bonds after summer, partly to finance a portion of two CCGT projects totaling 1.7 GW.
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AES Corp. will evaluate its options for up to 3 GW of unregulated generation in Ohio once more clarity emerges on PJM’s capacity performance proposal.
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Mississippi Power is evaluating alternatives to offset the impact of South Mississippi Electric Power’s withdrawal from a planned investment in a 582 MW coal-fired facility in Kemper County, Miss.
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Keith Martin, partner at Chadbourne & Parke expounds the framework laid out by the IRS for companies aiming to operate as master limited partnerships.
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Niska Gas Storage, an affiliate of Riverstone and Carlyle, is conducting a strategic evaluation that involves a potential sale of the company.
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Scores of project financiers, investors and sponsors descended on The Wynn Las Vegas for one of the largest events in the power industry calendar: the Platts’ 30th Annual Global Power Market Conference.
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A pair of PPL Corp. affiliates is in talks with banks to finalize book runners for an issuance of up to $1.05 billion in senior secured first mortgage bonds.
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A consortium of at least five creditors is looking to acquire minority stakes in Longview Power as it looks to convert the debt held by its lenders to equity interests.
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Pricing talk has emerged on the $275 million term loan package backing Longview Power, launched by Morgan Stanley and KKR Capital Management last week.
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Eversource Energy is looking to sell roughly 1 GW of hydro and thermal plants in New Hampshire through an auction.
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Utilities and operators of U.S. coal-fired generation are planning to shutter hundreds of assets against the backdrop of stringent emissions regulations and heavy plant maintenance costs.
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Dynegy is open to buying Ohio coal-fired generation from AEP Ohio, if the American Electric Power Co. subsidiary opts to sell the assets.
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Dynegy is canceling a process to sell its 2.7 GW California portfolio after concluding a strategic evaluation with advisors Bank of America Merrill Lynch and Barclays.
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The Tennessee Valley Authority has agreed to acquire Quantum Utility Generation’s 760 MW CCGT Choctaw plant near Ackerman, Miss., for $340 million.
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Financings backing merchant and hedged projects continue to hit the sweet spot for lenders. Debt pricing also surfaced in several panels at Euromoney Seminars’ 10th Annual U.S. Power & Renewables conference held in New York this week.
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Dynegy is nearing the sale of its 2.7 GW portfolio of fuel-oil and natural gas-fired assets in California.
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Mona Dajani, partner at Baker & McKenzie, explains how a recent U.S. Federal Energy Regulatory Commission policy statement could, if adopted, have a significant impact on valuations of large regulated utility mergers and swaps of generation asset portfolios.
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Dynegy has launched a sale of its 2.7 GW of gas- and oil-fired assets in California.
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The Yieldco Sweep is an exclusive monthly feature that tracks the performance and activity of key yield companies in the power sector with illustrative graphics and market insight.
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Wind and solar developers have landed a bevy of power purchase agreements in recent weeks as some requests for proposals, such as Duke Energy’s hunt for solar generation in North Carolina, come to a close. The PPA Pulse is a guide to which sponsors and projects have recently garnered power purchase agreements in the Americas.
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Dynegy is set to acquire 12.5 GW of coal- and gas-fired generation from Duke Energy and Energy Capital Partners.
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Welcome to the premiere edition of the Yieldco Sweep, an exclusive monthly feature that will track the performance and activity of key yield companies in the power sector with illustrative graphics and market insight.
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Mitsubishi UFJ Financial Group has climbed back to the top of mandated lead arrangers in power project finance in North America in the second quarter, lending $497 million during the period, according to PFR affiliate Dealogic.
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Jeetu Balchandani, formerly MetLife’s head of lease, tax, infrastructure equity and tax credit investments, has joined BlackRock’s U.S. infrastructure debt team as the firm looks to boost its presence in the North America infrastructure space.
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A record number of entities participated in voting for Power Finance & Risk’s awards, recognizing excellence and innovation in the power project finance industry in 2013.
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Black Hills Energy-Colorado Electric has issued two requests for proposals for a total of 102 MW in southern Colorado.
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Solar continues to make headlines this week, in both distributed generation and utility-scale, with SunEdison and SunPower nailing down financings.
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Juan Kreutz, executive director of energy in U.S. debt capital markets origination at BBVA, has moved to Sumitomo Mitsui Banking Corp. as executive director and group head of natural resources specialized finance.
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Harbinger Group has invested in Energy & Infrastructure Capital, a new platform that is looking to lend a range of debt to sectors, including power and midstream gas.
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Duke Energy has re-ignited a sale process for its unregulated assets in the Midwest totaling 6.6 GW following a decision by the Public Utilities Commission of Ohio to deny recovery of additional capacity costs.
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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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Energy Capital Partners is planning to launch a $125 million term loan C add-on Thursday to finance the acquisition of the Richland-Stryker gas- and oil-fired asset in Ohio.
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The U.S. Department of Energy is expanding its 1703 loan guarantee program to back natural gas-fired and oil-fired projects, with $8 billion of guarantees to deploy in the latest phase of the program.
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NRG Energy has emerged as the stalking horse bidder in the bankruptcy court-run sale of Edison Mission Energy with an agreement to pay $2.635 billion for 7.5 GW and a trading and marketing subsidiary.
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PFR Managing Editor Sara Rosner sat down with Marathon Capital’s Ted Brandt, Gregg Elesh, Terry Grant and Wendy Carlson to discuss the shop’s take on wind, solar and thermal trades in the second installment of this Q&A.
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In this week’s round-up: Several sponsor wrap project financings and a pair of solar securitizations is on the horizon.
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In a sector packed with project finance and M&A giants from Europe and Wall Street, Marathon Capital stands out as an independent advisory shop that continues to net business with power industry heavyweights.
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U.S. Power Generating is on track to receive final bids for its 2.3 GW Astoria Generating Co. unit in the remaining weeks of summer.
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