Onshore wind
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NexEra Energy will sell 100% of the class B preferred interest in its clean power subsidiary Nitro Renewables to Blackstone.
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Clearway Energy Group has closed a $261 million project financing by a consortium of banks to repower its 160MW Cedro Hill wind farm in Texas.
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The New York State Energy Research Development Authority (NYSERDA) has launched its 8th annual request for proposals for onshore, large-scale renewable energy projects.
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Pattern Energy has signed a 30-year PPA with Hydro-Québec for its 150MW Broughton Wind project, located in Québec.
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Abraxas Power has selected McDermott as its EPC contractor for the Exploits Valley Renewable Energy Corporation (EVREC) project in Newfoundland and Labrador, which will be Canada's first commercial green hydrogen project.
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Japanese corporate Itochu has made the first investment from its North America renewables-focused fund Overland Capital Partners.
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Lotus Infrastructure Partner has closed its acquisition of PNE USA, with the developer rebranded as Allium Renewable Energy.
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Avangrid has signed a power purchase agreement (PPA) with CPS Energy for 161MW of the Peñascal I wind farm in Kenedy County, Texas.
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Hydro-Québec has revealed plans to add 10GW of wind generation over the next decade, including several First Nations-owned 1GW-sized projects.
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The California Independent Systems Operator (CAISO) has approved 2 major transmission initiatives for the state: 26 projects to help support the state's offshore wind capacity and Pattern Energy's SunZia Project tie-in to the state's grid.
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Hydro-Québec has signed a power purchase agreement (PPA) for the full capacity of electricity generated by the 300MW Peshu Napeu wind project.
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Former Ørsted executives have merged their independent development companies, Cold Water Renewables and Greenbelt Renewable Energy, to create a utility-scale wind, solar, and storage company.
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Renewables operator ERG has closed on its acquisition of a 75% stake in a 317MW solar and wind portfolio with Apex Clean Energy.
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The Nordex Group and has appointed Manav Sharma as chief executive, North America to lead the wind turbine maker’s expansion in the US.
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Greenbacker Renewable Energy Company has closed its sale-leaseback deal with Huntington National Bank, securing $437 million to finance the repowering of a 3 asset wind portfolio.
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Clearway Energy Group has closed a $174 million project financing and finalised a power purchase agreement (PPA) for its Dan's Mountain wind farm in Western Maryland.
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HASI has amended and extended its corporate unsecured credit facility with 14 banks to $1.65 billion, including a revolving line of credit, term loan A, and Green Commercial Paper Note Program (CarbonCount Green CP).
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Colorado-based renewables company Scout Clean Energy has signed a 12-year virtual power purchase agreement (VPPA) with Zoetis for a 50MW portion of its Heart of Texas wind farm.
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Nova Clean Energy has acquired HyFuels, a 1GW mid-to-late-stage wind and solar development that also contains an early-stage green ammonia project on the Texas Gulf coast.
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NextEra Energy has entered into an offtake agreement with wholesale power provider Guzman Energy and local electric cooperative Holy Cross Energy (HCE) for 100% of the capacity of its 200MW Bronco Plains II wind project in Colorado.
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Copenhagen Infrastructure Partners (CIP) has acquired Liberty Renewables and its 1.3GW pipeline of onshore wind projects in New York State.
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Spanish infrastructure builder and operator Elecnor won approval to build a 284MW wind farm and associated infrastructure in the Chilean region of Los Lagos.
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EDF Renewables Brasil and Serena Geração have completed the share swap of their stakes in the Pirapora Solar Complex and the Ventos da Bahia wind farm.
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Ørsted, Avangrid, and Vineyard Offshore among bidders of the 6GW to Massachusetts, Connecticut, and Rhode Island for the states' combined New England auction.
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Natixis Corporate & Investment Banking has closed a $900 million letter of credit with Invenergy to fund its project development pipeline of utility-scale wind and solar projects, as well as battery storage systems.
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InfraRed Capital Partners has closed its purchase of shares in 2 utility-scale onshore renewables projects from Shell's US subsidiaries, Shell Windenergy and Savion, for $166 million.
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French energy company Engie has received the approval to move ahead and start construction of its Pemuco wind project in Chile.
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Spanish renewable developer Solarpack has appointed José Luis García Pérez as chief executive for Latin America, based in Santiago, Chile.
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Canadian power company TransAlta has signed 10-year tax credit transfer agreements for 2 Oklahoma-based wind projects totalling 500MW.
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The largest clean energy infrastructure project in US history was closed just before we started the new year. Pattern Energy inked $11 billion in financing for its 500+ mile transmission line connecting more than 3.5GW of stranded wind resources – SunZia.
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Renewables developer Casa dos Ventos has contracted an offtaker for the operational Rio do Vento wind complex in Brazil.
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The Federal Economic Competition Commission (Cofece) has conditionally approved the acquisition of a majority stake in Iberdrola's Mexican portfolio by government-backed Mexico Infrastructure Partners (MIP).
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Allete Power has issued a request for proposals (RFP) for up to 400MW of wind energy to come online by the end of 2027.
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Asset management firm Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) will acquire a majority stake in the Sharp Hills wind farm from EDP Renewables subsidiary EDP Renewables Canada (EDPR Canada).
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Amazon has signed a power purchase agreement (PPA) to source energy from an Avangrid wind farm located in Gilliam County, Oregon.
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Portland General Electric (PGE) closed on its acquisition of a 208MW stake in the Clearwater Wind Farm from developer NextEra, PFR has learned.
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Industrial power company One Energy Enterprises has appointed Tom Russell as its chief financial officer (CFO) ahead of its New York Stock Exchange (NYSE) listing.
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Avangrid is readying its first renewable energy project in Oklahoma, the 147.5MW Pontotoc Wind project.
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The New York State Energy Research and Development Authority (NYSERDA) has closed its solicitation process for its fourth offshore wind auction. Several companies have announced their proposals, including Equinor, RWE, National Grid, and Ørsted.
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RWE Clean Energy has promoted Andrew Flanagan, the company's former chief development officer, to chief executive.
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Partners Group subsidiary Exus North America has agreed to purchase Dutch commodity trader Vitol’s 244MW Pennsylvania-based 3-project wind portfolio, PFR has learned.
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Renewables and utility project developer Invenergy has opened a regional office in Montreal, becoming the company’s Quebec-based hub for Eastern Canada.
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Shell subsidiaries Shell Wind Energy and Savion Equity will sell partial ownership stakes in two US-based renewable energy projects to international infrastructure investment manager InfraRed Capital Partners (InfraRed).
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Washinton state-based utility Puget Sound Energy (PSE) will construct a 248MW wind farm in Stillwater County, Montana. The project is expected to become operational in 2025.
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Copenhagen Infrastructure Partners (CIP) has launched a platform for the development and realization of renewable projects in Canada, Horizon New Energy, as part of the firm's expansion into the Canadian market.
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Canada-based green hydrogen developer EverWind Fuels has secured a C$125 million (USD $ 91.2 million) debt facility from Export Development Canada (EDC) to put toward its Tupper Point, Nova Scotia-based green hydrogen and ammonia project.
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Leeward Renewable Energy (LRE) has closed on $580 million of tax equity commitments and debt facilities for its White Wing Ranch Solar and GSG Wind projects located in Yuma County, Arizona, and LaSalle County, Illinois, respectively.
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Iberdrola-owned Avangrid has reached a transfer tax credit agreement for over $100 million of 2023 production tax credits (PTCs) with oil and power multinational Vitol, one of the first transferable credit agreements created by the Inflation Reduction Act.
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Ørsted has begun operations on its 13th US wind farm, Sunflower Wind, which is a 200MW wind project located in Marion County, Kansas. The Danish energy giant now operates 832MW of wind energy in the Southwest Power Pool.
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Apex Clean Energy has signed its first power purchase agreement (PPA) with Google for the full 189 MW capacity of the Timbermill Wind project to be sited in North Carolina.
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The environmental protection agency of Rio Grande do Sul in Brazil, FEPAM, has issued a preliminary license for a 643.5MW wind project.
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Desjardins Group Pension Plan and DGAM Global Private Infrastructure Fund II have together acquired 37.5% ofCanadian wind farms Cypress 1 & 2 from EDF Renewables.
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Alaska Renewables, a start-up developer, is negotiating with the Alaska Mental Health Trust to develop a 235MW wind farm on trust land.
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Pattern Energy has completed construction and begun operation at its 150MW Lanfine Wind power project in Alberta, Canada.
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Financial details have emerged on Macquarie’s Green Investment Group (GIG) and Hydro Rein’s 456MW Feijão Wind Farm – part of a 586MW combined wind and solar project in northeastern Brazil.
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Pattern Energy has signed a power purchase agreement (PPA) with both Shell Energy North America and all Regents of the University of California for part of the energy generated from its SunZia Wind Project.
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Allete Clean Energy has closed its sale of the 91.6MW Red Barn wind project in Grant County to WEC Energy Group utility, Wisconsin Public Service (WPS), and Madison Gas and Electric Co (MGE).
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Danish wind turbine manufacturer Vestas has signed an agreement with Brazilian developer Casa dos Ventos to supply wind turbines to two mega wind farms.
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Danish wind turbine manufacturer Vestas has signed two turbine supply contracts with utilities in Argentina and the US for a total capacity of 151MW.
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North American alternative investment manager Fengate Asset Management has reached financial close on the 160MW Prairie Switch Wind project near Houston.
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Electric vehicle (EV) maker Rivian Automotive has signed a PPA with Apex Clean Energy for 50MW of renewable electricity from the proposed Goose Creek Wind farm in Piatt County, Illinois.
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Invenergy has struck a deal with a subsidiary of American Electric Power (AEP) whereby the company will sell a 204 MW wind project it is developing in Illinois.
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Ørsted has brought online a wind project in Nebraska, adding 298 MW to its US portfolio.
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Wind sponsors look poised to favor a "more equitable" direct-pay structure following the approval of a portion of the Democrats’ proposed $3.5 trillion spending package by the US House of Representatives' Ways and Means Committee, which could alter the tax equity landscape, say insiders at REFF Wall Street 2021.
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Leeward Renewable Energy has secured debt and tax equity financing for a pair of wind projects in New Mexico.
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The Biden administration is preparing to launch a lease auction for offshore wind development on the outer continental shelf of the New York Bight – an area of shallow water between Long Island and the New Jersey coast.
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The US Department of the Interior is planning to issue a Request for Interest (RFI) for the development of offshore wind projects on the Gulf of Mexico's outer continental shelf.
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A DIF Capital Partners’ infrastructure fund, DIF Infrastructure VI, has agreed to acquire a 298 MW wind project in Oklahoma.
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NextEra Energy Resources has inked a power purchase agreement with a Washington-based electric utility for a portion of the output of a wind farm located in Montana.
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A Hong Kong-based buyer has completed the acquisition of a pair of wind farms in Canada, marking its first renewables investment in the country.
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A pair of sponsors is nearing financial close on a roughly C$1.2 billion debt refinancing for a wind project located in Ontario.
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Ørsted has secured an offtaker for a 103 MW wind farm in South Dakota.
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NextEra Energy Resources is arranging debt financing for a wind project that it is repowering in California.
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Pattern Energy has inked a power purchase agreement with a German utility for its Western Spirit wind portfolio in New Mexico.
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Northern Indiana Public Service Co (NIPSCo) has launched a request for proposals for thermal, renewable and energy storage assets.
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RWE Renewables and National Grid have agreed to jointly develop offshore wind projects in the coastal region of the Northeastern US and to bid in the New York Bight lease auction.
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NextEra Energy Partners plans to upsize a $1.1 billion convertible equity financing that it secured in November with a consortium of investors led by KKR & Co.
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Dutch energy company Vitol is repowering a wind project in Illinois that it bought from a BlackRock-managed fund earlier this year, and which BlackRock had originally tried to repower in 2019.
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Apex Clean Energy has sold a pair of wind farms in Michigan to DTE Energy, as part of a build-transfer deal.
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Houston-based EnCap Investments has raised $1.2 billion for its EnCap Energy Transition Fund I.
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AES has inked a power purchase agreement with Google to supply electricity to the internet giant's Virginia-based data centers.
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A sale process is underway for a battery storage-focused independent power producer.
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The US Bureau of Ocean Energy Management has kicked off its environmental review of Ørsted and Eversource’s Revolution Wind project off the coast of New England.
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Dominion Energy Virginia has launched a request for proposals for solar, wind and energy storage projects.
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Renewable Energy Systems has secured two virtual power purchase agreements with Bimbo Canada, one of the largest bakeries in the country.
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Leeward Renewable Energy has struck a deal to acquire a 580 MW wind and solar portfolio in Indiana.
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RWE Renewables has tasked GE Renewable Energy with the repowering of the third phase of its Panther Creek wind farm in Texas.
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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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Southern Power has struck a deal to acquire a 118 MW wind project in Oklahoma.
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NextEra Energy Partners has struck a deal to acquire a 391 MW operational wind portfolio from Brookfield Renewable Partners.
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AEP Energy, a subsidiary of American Electric Power, has signed a 12-year power purchase agreement with an Ohio-based lead-acid battery manufacturer.
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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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BluEarth Renewables has signed a power purchase agreement with a retail energy provider for the output of a wind farm in Alberta.
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Canadian pipeline operator TC Energy Corp has hired Marathon Capital to advise on the procurement of as much as 620 MW of wind capacity to power its US assets.
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OMERS Infrastructure has signed a deal to sell its minority stake in Vento II, a 596 MW portfolio of wind projects in four US states, to Atlantica Sustainable Infrastructure.
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German pharmaceuticals company Boehringer Ingelheim has signed a deal with utility company Evergy for a portion of the output of of an Enel Green Power North America wind project in Kansas.
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Energy Capital Partners has raised a $1.2 billion continuation fund to house its stake in renewables developer Terra-Gen, previously held under Energy Capital Partners III, employing a strategy that has come into vogue among private equity firms in recent years.
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Canadian developer Greengate Power Corp has hired former AltaGas director of power finance Scott Perry as a business development executive in Calgary.
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Ørsted has made a final investment decision on a combined wind and solar project in Texas, which the Danish company expects to be online in the first half of 2022.
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Kirkland & Ellis has hired a senior tax attorney from Orrick, Herrington & Sutcliffe as it builds up its renewable energy finance practice.
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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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Steel manufacturer Nucor Corp has signed a power purchase agreement with Ørsted for a portion of the output of a wind farm in Texas.
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Enel Green Power has signed an aggregated virtual power purchase agreement with a consortium of four non-utility offtakers – including ridesharing company Uber – which has been described as the largest contract of its kind.
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Several renowned Scotch whisky makers, including Glenmorangie, are working out a spirited plan to power their Highland distilleries with green hydrogen produced using generation from nearby offshore and onshore wind farms.
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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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Enel Green Power North America has signed a power purchase agreement with cereal maker Kellogg Co for the output of a combined wind and battery storage project 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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Exelon Corp has announced its intention to spin its competitive generation and retail power businesses off into a separate publicly-listed company following a strategic review.
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Eight community choice aggregators in California are aiming to leverage their collective purchasing power by combining to form a new joint powers authority called California Community Power.
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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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Allete Clean Energy has signed a deal to sell two repowered wind projects in Minnesota to utility holding company Xcel Energy.
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EDF Renewable Energy has signed a power purchase agreement with German chemical company BASF for the output of a wind farm in Texas.
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Special purpose acquisition companies (SPACs) have proliferated at a blistering pace over the past year, and market participants are virtually certain that at least one renewable energy developer will go public this way by the end of 2021.
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Ares Management Corp has announced its investment in Apex Clean Energy's 302 MW Lincoln Land wind project in Illinois, which was first reported by PFR on January 12.
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Recently, it seems that every day brings blank check company news, whether it’s an initial public offering or a merger. But could a privately held renewable energy project developer go public this way by the end of the year?
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The years-long stampede of international capital into the US renewable energy sector has continued unabated in the first few weeks of 2021, as latecomers from around the world have finally got in on the action.
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PepsiCo has selected two wind projects being developed by Ørsted to power its operations in the US.
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Credit Suisse has promoted its head of North America renewables in New York to a new global position overseeing investment banking in renewables and sustainable energy technology.
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The state of New York has chosen two projects sponsored by Equinor and its joint-venture partner BP in its latest offshore wind tender.
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Excelsior Energy Capital has closed its first fund, Excelsior Renewable Energy Investment Fund I, with capital commitments of $504 million.
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Novatus Energy and Southwest Generation, two portfolio companies of JP Morgan Asset Management's infrastructure investment funds, have merged to become a combined renewable energy and gas-fired power platform.
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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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Hannon Armstrong Sustainable Infrastructure Capital (HASI) has tweaked the roles of several of its senior officials as former CFO Brandan Herron transitions to an advisory role.
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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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German developer PNE has appointed Karl Dahlstrom as CEO of its US subsidiary following the retirement of Ron Flax-Davidson at the end of 2020.
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Canadian yield company TransAlta Renewables has agreed to acquire two North American wind projects and a cogeneration facility totaling 303 MW from its developer-sponsor TransAlta Corp.
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Pattern Energy has closed the financing for its Western Spirit transmission line and wind project portfolio in New Mexico.
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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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Global Infrastructure Partners has announced its acquisition of the US renewable energy business of fund manager MAP Energy, which includes a seasoned portfolio of wind and solar royalty investments.
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Greenbacker Renewable Energy Co has closed its acquisition of the 50 MW Rippey wind farm in Iowa from developer RPM Access.
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Online retailer Amazon has signed power purchase agreements with Engie for several wind and solar projects in the US as part of a larger deal that also encompasses European projects.
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Spanish companies ACS and Solarpack have emerged as the winning bidders for wind and solar contracts in Ecuador following a 16-month-long competitive process.
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The US offshore wind industry is on the cusp of lift-off. To discuss the path forward, PFR and McDermott Will & Emery brought together a group of professionals at the forefront.
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Offshore wind developer US Wind has hired former Deepwater Wind boss Jeff Grybowski as its new CEO.
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Boralex has bought Caisse de dépôt et placement du Québec out of its stake in a 296 MW portfolio of three wind projects in Québec, becoming their sole owner.
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Berkshire Hathaway Energy has signed a turbine supply agreement for a 117.6 MW wind farm it is developing jointly with Renewable Energy Systems in Alberta.
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Boralex is buying Caisse de dépôt et placement du Québec out of its stake in a 296 MW portfolio of three wind projects in Québec to become their sole owner.
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Leeward Renewable Energy has reached financial close on the tax equity financing of its Sweetwater 3 Wind Farm repowering project in Texas.
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EDP Renewables North America has lined up a tax equity investor for a pair of wind farms it is developing in Colorado and Indiana.
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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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Norwegian energy company Equinor has appointed a bank to oversee the financing of the 816 MW Empire Wind project off the coast of New York, which it co-owns with BP.
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Jason Allen has been appointed CEO of OMERS Infrastructure-owned developer Leeward Renewable Energy.
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AES Corp has decided to merge its wholly-owned US renewable energy development businesses with sPower, the developer it co-owns with Alberta Investment Management Corp.
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Renewable energy developer Apex Clean Energy has hired a former investment banker in a finance role.
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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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Grupo Ibereólica and Global Power Generation are moving forward with the financing for their 204 MW Cabo Leones II wind project in Chile.
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Yield company Clearway Energy has signed an agreement to acquire a 160 MW wind repowering project in West Texas from its developer-sponsor Clearway Energy Group.
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Clearway Energy Group has offered its yield company, Clearway Energy, the opportunity to invest in a 1.6 GW renewable energy portfolio alongside a third party.
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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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Grupo Renovatio has launched the first private power auction in Colombia with the aim of awarding five- to 25-year power purchase agreements to renewable energy projects.
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Thomas Brostrøm, the former chief executive of Ørsted’s North American offshore wind division, is preparing to take the helm of Shell’s global renewable generation team next year.
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Exelon Corp has appointed two investment banks as it considers whether to separate its generation business from its utilities.
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EDF Renewables North America has roped in an electric cooperative as the offtaker for a portion of the output of a wind project in the Texas Hill Country.
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At least three developers or joint ventures submitted bids into New York’s latest offshore wind request for proposals by the October 20 deadline. Check out this and all of the past week's PPA news.
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Utility holding company FirstEnergy Corp has fired its CEO and two other senior officials amid a high-profile bribery investigation in Ohio, shortly after guilty pleas were entered in federal court by two people who are not FirstEnergy employees.
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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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Ørsted has acquired a 298 MW wind project in Nebraska that it intends to bring online in the fourth quarter of 2021.
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Mexican developers have won legal reprieves against measures taken in spring by grid operator Cenace, which had halted the interconnection of wind and solar projects.
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DIF Infrastructure VI has reached a €3.03 billion ($3.5bn) final close after increasing its hard cap.
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Southern Co subsidiary Alabama Power has launched a request for proposals for renewable energy projects in the state.
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At least three developers or joint ventures submitted bids into New York’s latest offshore wind request for proposals by the October 20 deadline.
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Enel Americas has appointed two investment banks to advise on the process of integrating Enel Green Power's renewable energy businesses in Central and South America, other than in Chile.
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Panama’s state-owned power company Empresa de Transmisión Eléctrica (ETESA) is preparing to launch a renewable procurement process in response to delays in the construction of other generation assets.
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AES Gener recently began construction on a wind farm and a solar-plus-storage project that will incorporate the largest lithium battery storage unit in Latin America.
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A year after the Chilean government announced changes to the country's small-scale distributed generation scheme, the final bill was published on October 8, generating a rush among developers who seek to take advantage of the previous plan.
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Irish developer Mainstream Renewable Power has secured mezzanine financing for its 1.3 GW Andes Renovables solar and wind portfolio in Chile.
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After Covid-19-related delays, three developers and one consortium of investors have presented bids to develop two renewable projects in Ecuador totaling 310 MW.
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Bond-focused fund manager Pacific Investment Management Co (PIMCO) is the latest sponsor to back a low carbon blank check company, with former NRG Energy leader David Crane as chief executive.
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Brazil’s Eletrobras has concluded the sale of its stake in the 26 MW Mangue Seco 2 wind farm to the Tradener Group's FIP Pirineus fund.
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Brazil’s Renova Energia has accepted an offer from the local private equity firm Prisma Capital for the acquisition of phase B of its Alto Sertão III wind project, potentially resolving uncertainty that dogged the project for years.
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As Latin America's power sector grapples with the consequences of the pandemic, PFR has brought together a diverse panel to share their perspectives on how the market will move forward.
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In the world of project finance, power purchase agreements are usually considered from the point of view of the project owner or lender. But in the last few years, more attention has started to be paid to the other end of the contract.
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Engie Chile has signed a five-year energy supply agreement to provide packaging company Amcor’s operations in Santiago with renewable generation and natural gas.
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AES Gener has decided to postpone a $500 million capital increase, the proceeds of which it had planned to use to fund its 1.6 GW solar and wind pipeline in Chile and Colombia, having raised the cash by other means.
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Chilean independent power producer Colbún has signed a six-year renewable power purchase agreement with Walmart Chile.
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Italy's Enel Green Power and France's Engie have announced separate plans to develop the first green hydrogen production facilities in Chile.
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Jonathan Silver, who ran the US Department of Energy's loan program before setting up a boutique financial advisory firm focused on tax equity, has joined Guggenheim Securities as a senior adviser.
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Brookfield Renewable Partners has promoted its chief investment officer Connor Teskey to CEO, replacing Sachin Shah, who has moved into a senior role at the company’s financial sponsor Brookfield Asset Management.
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French infrastructure investment manager STOA has signed a new agreement with Voltalia for the acquisition of a stake in a wind farm in Brazil, after changing its mind about a previous deal struck with the developer.
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Take-or-pay busbar power purchase agreements with electric utilities are all well and good, but they’re starting to look a bit old-fashioned. Bitcoin batteries and green hydrogen are where it’s at these days.
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Four years after winning power purchase agreements in the 2016 Chilean power auction, Irish developer Mainstream Renewable Power has closed the financing for the first and the second phase of its 1.3 GW Andes Renovables portfolio, leaving just one project still to finance.
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With two debt funds nearing final close, Global Infrastructure Partners has provided a $325 million secured term loan for Mexican power producer Saavi Energia.
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Statkraft’s Brazilian subsidiary is considering issuing debentures locally to fund the construction of its recently-announced 519 MW Ventos de Santa Eugênia wind project.
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A company established earlier this year with the aim of deploying cryptocurrency mining technology to solve power generators’ excess capacity problems is working on pilot projects after wrapping its seed funding.
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The refinancing of a pair of Arroyo Energy renewable projects in Chile is nearing financial close, after a six-month delay.
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More than three months after reaching financial close on a pair of renewable projects in Chile, OPDEnergy has received the proceeds of the loan.
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Statkraft’s Brazilian subsidiary has revealed plans to almost double the capacity of a two-phase wind farm it is developing in the country.
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A sixth financial institution is participating in the debt package for Mainstream Renewable Power's 630 MW second phase of its 1.3 GW Andes Renovables portfolio in Chile.
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AES Corp's Brazilian subsidiary AES Tietê is moving forward with the acquisition of a 420 MW wind portfolio from developer Casa dos Ventos.
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Brazilian state-owned hydro company Companhia Hidro-Elétrica do São Francisco is preparing to invest R$90.8 million ($16.16 million) to develop a hybrid wind-and-solar project in the Brazilian state of Bahia.
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EDF Renewables has lined up a tax equity investor for its first wind project in Nebraska.
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PFR can reveal the identities of the local law firms that worked on the acquisition by Iberdrola’s Brazilian subsidiary Neoenergia of a 400 MW wind portfolio in the country.
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ArcLight Capital Partners has joined the recent rush to launch special purpose acquisition companies, raising $250 million with ArcLight Clean Transition Corp.
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Brazilian-Italian firm BI Energia is moving forward with plans to develop a 624 MW offshore wind project in Brazil, after signing a protocol of intentions with the government of the state of Rio Grande do Norte.
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Brazil’s BNDES has inked a $100 million debt package from Japan Bank for International Cooperation (JBIC) to fund the construction of a wind portfolio.
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Brazilian power company Cemig has launched a request for proposals for wind projects that it intends to acquire to participate in the country's wholesale power market as well as power auctions scheduled for 2021.
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Saygin Oytan, who joined engineering consultancy Arup to lead its US offshore wind practice earlier this year, has left the company to take up a senior role at developer Vineyard Wind.
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Chilean sponsor Energy Focus is plotting the development of a 364 MW wind project in the country's O'Higgins region.
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Italian energy company Enel has begun the process of integrating its renewable energy businesses in Central and South America, other than in Chile, into its main Americas subsidiary, Enel Americas.
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Power purchase agreement counterparties come in all shapes and sizes these days, as evidenced over the past week, with deals announced involving a German consumer goods manufacturer, a community choice aggregator in California and a rural electric co-operative in Iowa.
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Japanese developer Eurus Energy has lined up financing for a 56 MW wind project in Baja California Sur, Mexico.
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Brazil’s state-owned power company Cemig is set to launch a request for proposals of wind projects to acquire in the coming days.
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AES Corp’s Chilean subsidiary, AES Gener, has signed a 10-year energy supply agreement with Teck Resources Limited’s Carmen de Andacollo (CdA) copper mine, the second deal between the two companies this year.
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Colombia's Isagen has awarded the EPC contract for what will be the country's second wind farm – a 20 MW project in La Guajira.
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Sempra Energy subsidiary IEnova has raised $800 million in the bond market with a 31-year offering that was priced on September 10.
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BP has entered into an agreement to supply Microsoft Corp with renewable power around the world.
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Ørsted has sealed a 10-year power purchase agreement with German consumer product maker Henkel for a portion of the output of a roughly 250 MW wind farm in Texas.
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Iowa wind developer RPM Access has signed a 20-year power purchase agreement with Central Iowa Power Cooperative (CIPCO) for the output of a wind farm in the state's Delaware County.
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Four years after a competitively-bid renewables auction in Chile, financings for projects that were awarded contracts continue to trickle through to financial close, with OPDEnergy among the last to cross the line.
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Brazil’s antitrust agency Cade has approved the acquisition by Omega Geração of a portfolio of wind assets from Eletrobras.
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Ecuador’s Ministry of Energy and Non-Renewable Natural Resources is planning a procurement process for 200 MW of renewable energy assets.
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Argentinian power company Central Puerto has issued $50 million in project bonds across two tranches to refinance the existing debt of two wind farms in the country.
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Power Finance & Risk is pleased to announce the winners of its 17th Annual Deals and Firms of the Year Awards for the most impressive renewable energy and power project sponsors, lenders, advisers, investors and transactions of 2019.
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Irish developer Mainstream Renewable Power has reached financial close on Huemul, the 630 MW second phase of its 1.3 GW Andes Renovables portfolio in Chile.
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DTE Energy has announced plans to increase the size of its solar portfolio tenfold by 2022, with the addition of 420 MW.
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Brazil's AES Tietê and chemical firm Unipar Carbocloro have launched a joint venture to develop a 155 MW wind project in the Brazilian state of Bahia.
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EDP Renewables has agreed to sell an 80% stake in a 563 MW US renewables portfolio to Canada's Connor, Clark & Lunn Infrastructure.
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Additional details have emerged on the financing for the 630 MW Huemul phase of Mainstream Renewable Power’s 1.3 GW Andes Renovables portfolio in Chile.
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Brazilian development bank BNDES has approved a R$37.5 million ($6.9 million) loan to wind turbine producer Aeris.
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Irish developer Mainstream Renewable Power has reached financial close for the second phase of its 1.3 GW Andes Renovables portfolio in Chile, the 630 MW Huemul portion.
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A consortium of South Korean investors has agreed to purchase a combined 49.9% stake in an 852 MW US wind portfolio that is majority-owned by Brookfield Renewable.
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Despite having accepted a binding offer of debt financing from a consortium of investors in March, Brazil’s Renova Energia is still receiving offers of debtor-in-possession financing for phase A of its flagship the Alto Sertão III wind complex.
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Verizon Communications has signed virtual power purchase agreements with Brookfield Renewable and First Solar for a combined total of 450 MW of renewable energy.
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For private placement investors, pandemic-related disruption created opportunities as well as headaches. To discuss this, PFR brought together a diverse panel to share their perspectives. Sponsored by Fitch Ratings and MUFG.
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The new administration in the Dominican Republic has announced plans to update the regulatory framework for renewable energy to create a more favorable environment for private investors.
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Verizon Communications has signed virtual power purchase agreements with Brookfield Renewable and First Solar for a combined total of 450 MW of renewable energy.
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France’s Voltalia has sold a 28 MW ready-to-build wind asset in Brazil to Japanese construction company TODA Corp.
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Iberdrola has signed a 15-year power purchase agreement with German pharmaceutical company Bayer's Mexican subsidiary.
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Brazil's Omega Geração has signed a binding agreement to acquire 50% stakes in two wind assets totaling 182.6 MW from EDF Renewables.
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Mainstream Renewable Power has appointed the company's CFO, Mary Quaney, as its new CEO following the resignation of Andy Kinsella.
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CenterPoint Energy's Indiana-based electric and gas utility, Southern Indiana Gas and Electric Co (SIGECO), is seeking 700 MW to 1,000 MW of solar or solar-plus-storage and 300 MW of wind generation in the Midcontinent Independent System Operator (MISO) market.
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Brookfield Renewable Partners and Hannon Armstrong Sustainable Infrastructure Capital both recently offered green bonds to debt investors in a range of tenors and currencies.
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The previously unnamed buyer of Apex Clean Energy's 500 MW White Mesa wind farm in Crockett County, Texas, has been identified.
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Engie Energia Chile has begun the permitting process for a 204.6 MW wind farm in Antofagasta that will be only its second wind farm in the country.
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AEP Renewables has acquired Invenergy's stakes in a pair of Texas wind farms that the two companies have co-owned for the past two years, in line with the terms of a repowering deal they struck in 2018.
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The unusual market dynamics created by the pandemic have thrown some interesting names into the rankings of leading power and renewables project finance lead arrangers in North America for the first half of 2020.
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Brazilian state-owned energy company Companhia Paranaense de Energia (Copel) has signed power purchase agreements with wind and solar projects totaling 595 MW.
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Irish developer Mainstream Renewable Power is nearing financial close for the second phase of its 1.3 GW Andes Renovables portfolio in Chile, which is penciled for this month.
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Andy Redinger and Dan Brown, managing directors at KeyBanc Capital Markets, discuss the surge in demand for US renewable energy assets and what global investors need to consider when evaluating opportunities in this sector.
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AES Gener has begun the permitting process for an 862.5 MW project that will combine wind and solar technology in Chile’s Antofagasta region.
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Spain's OPDEnergy has reached financial close on a wind farm and a solar project in Chile, bringing to an end a process that began in November of last year.
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The US Federal Energy Regulatory Commission has approved a build-transfer deal for NextEra Energy Resources' 200 MW Crowned Ridge II wind project in South Dakota.
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EDF Renewables has hired former Avangrid capital investment manager Sarah Malik.
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AES Tietê has acquired J. Malucelli Energia's 187 MW wind project portfolio for R$650 million ($122.2 million).
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Brazil’s Renova Energia has received a binding offer for the acquisition of phase B of its Alto Sertão III wind complex from Brazilian private equity firm Prisma Capital.
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JLL has hired Mike Bammel as managing director and national head of the renewable energy valuation team within its valuation advisory business in Los Angeles.
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Gregory Wolf, the former CEO of Leeward Renewable Energy, passed away on August 3. He was 50.
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After calling off a drop-down of the 419 MW Mesquite Star wind farm in Texas at the end of 2019, Clearway Energy has reversed course and agreed to buy the equity stake on new terms.
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Ares Management Corp's 525 MW Aviator wind farm in Texas had to navigate some Covid-related turbulence, but the private equity firm was ultimately able bring on board a pair of very different buyers and land the deal safely last month.
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Greenbacker Renewable Energy has agreed to acquire an eight-year-old operational wind project in Iowa from its original developer.
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Apex Clean Energy has signed a power purchase agreement with Facebook for roughly 170 MW from a 300 MW wind project in Illinois.
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Mitsubishi Corp's offshore wind subsidiary Diamond Offshore Wind has formed a joint venture with RWE Renewables to build a 12 MW floating offshore wind project 12 miles off coastal Maine.
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Northern Indiana Public Service Co has sealed tax equity financing for the 102 MW Rosewater wind farm in White County, Indiana.
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Voltalia is building a fourth wind farm in its Brazilian cluster of Serra Branca in the state of Rio Grande do Norte.
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American Electric Power's retail energy subsidiary AEP Energy Partners has launched a request for proposals for wind and solar generation within PJM Interconnection.
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Kayne Anderson Capital Advisors has launched Kayne Anderson Renewable Infrastructure Fund, an open-ended mutual fund that will target companies that own, operate, and develop renewable energy assets.
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Hydro-Québec's Isabelle Bedard has been seconded to Innergex Renewable Energy as a finance and M&A director as part of strategic alliance between the two companies.
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Brazilian renewable energy company Omega Geração has signed a binding offer to acquire a portfolio of wind farms totaling 582.8 MW from state-controlled Eletrobras.
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Brazilian-Italian company BI Energia is a step closer to building one of the first offshore wind farms in Brazil.
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In July, PFR brought together CoBank's Brian Goldstein, Matthew Wade of IFM Investors, Clearway Energy Group's Johana Afenjar and Sean Yovan from Innergex Renewable Energy to look back on a tumultuous - and memorable - six months in the Midyear Review 2020 roundtable.
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Michigan-based utility holding company CMS Energy has surfaced as the buyer of the 51% share of Ares Management Corp's 525 MW Aviator wind farm in Coke County, Texas.
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Bankers, developers, and institutional investors expect activity in power and renewable energy assets in Mexico to pick up in the fall after a pause brought about by the combined impact of the pandemic and political, regulatory and legal uncertainty.
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Chile's National Oil Company (ENAP) and Pecket Energy, a subsidiary of engineering firm Ingeniería Civil Vicente, are aiming to bring a 10.35 MW wind farm online in the country's southernmost region in August.
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Canadian independent power producer Capital Power has appointed a new CFO as it rejiggers its senior management team.
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Ecuadorian generator Elecaustro is moving forward with the development of a 50 MW wind farm in the province of Loja after securing finance from a development finance institution.
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Norway's state-owned power company Statkraft has signed an agreement to supply Norwegian fish food producer Skretting's operations in Chile with renewable energy.
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Avangrid Renewables has agreed to divest an 85% interest in its 155 MW Tatanka Ridge wind farm, which is under construction in Deuel County, South Dakota.
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Financial advisory firm Pi Capital has hired experienced structured finance banker Susana Vivares as its builds out a new renewable energy and sustainable infrastructure unit.
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RBC Capital Markets has brought in Jonathan Cheng in New York to bolster its tax equity team.
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The states of New York and New Jersey both made multiple-gigawatt offshore wind procurement announcements in the past week, as the sponsors behind previously awarded projects press on through a rough regulatory environment.
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EDF Renewables and a joint venture between 174 Power Global and KOMIPO America have each won a power purchase agreement from NV Energy for a solar-plus-storage project in Clark County, Nevada.
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Credit Suisse and Zions Bancorp have committed debt funding to DE Shaw Renewable Investments.
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Developers of gas-fired and wind projects were united in their fury and dismay last year when Ohio’s House of Representatives passed House Bill 6 – the state’s nuclear and coal bail-out bill. The recent bribery allegations only add fuel to the sense of righteous indignation.
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The Home Depot has committed to buying 335 MW from renewable and alternative energy projects by 2025 in its 2020 Responsibility Report.
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Bravos Energía has pressed pause on its private power auction in Mexico, which was previously expected to come to an end by late May, while it tries to gauge the interest of prospective bidders.
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Spain's oil and gas company Repsol has acquired a 50% stake in a portfolio of Chilean wind and solar assets through a joint venture with Grupo Ibereólica Renovables.
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The New Jersey Board of Public Utilities has issued draft guidance for its second offshore wind solicitaiton, through which it intends to procure up to 2.4 GW
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Despite obstacles caused by the Covid-19 pandemic, France's EDF Renewables and Spain's Grupo Ibereólica reached financial close in June on the refinancing and expansion of a jointly-owned operatonal wind project in Chile – albeit not in the form the deal was initially expected to take.
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German renewable energy start-up Energy Kitchen is developing the second phase of a pair of wind farms totaling 33.6 MW in the Chilean region of Los Lagos.
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Apex Clean Energy has unveiled another corporate offtaker for its 500 MW White Mesa wind farm in Crockett County, Texas, which is expected online next year.
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Brazilian wind developer Casa dos Ventos has closed a long-term power purchase agreement with South America’s largest battery producer, Grupo Moura.
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Several renewable energy and thermal power project developers made use of federal Paycheck Protection Program funding earlier this year, according to data released by the US Department of the Treasury on July 6.
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The financial and legal advisers that helped facilitate Innergex Renewable Energy's recent acquisition of a six-project Terna Energy wind portfolio in Elmore County, Idaho, have come to light.
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Copenhagen Infrastructure Partners has secured a hedge for a solar project it is developing in Ercot.
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New details have emerged on the size and beneficiaries of IDB Invest's credit line for Chilean power companies impacted by last year's power price freeze.
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US-based asset manager Castlelake plans to invest up to R5 billion ($926.8 million) in renewables in Brazil over the next five years through newly founded Brazilian subsidiary Ibitu Energia.
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BP has struck a deal to acquire a 50% stake in a wind farm in Indiana.
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Food producer Cargill has signed a 10-year power purchase agreement with Brazil’s Omega Energia.
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PacifiCorp has issued the largest request for renewable resource proposals in the company's history.
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Since the novel coronavirus crashed into the US economy in March, the project finance market seems, for now at least, to have settled into a new groove. But while loan margins have widened versus the exuberant pre-pandemic days, some officials still suspect that the market—especially for renewable energy—may be overheated.
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Japanese utility holding company Kansai Electric Power Co has signed a deal to acquire a minority stake in the Aviator Wind project in Texas, marking its first investment in US renewable energy.
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Laurie Coben has left Evercore, where she led the power and utilities investment banking business as senior managing director, for a new job at rival Guggenheim Securities in New York.
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Quinbrook Infrastructure Partners has hired two senior officials with experience in power marketing and origination.
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Renewables developer ConnectGEN has hired NextEra Energy veteran Andrew Kushner as its new CFO, after the previous holder of the position left the company.
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PacifiCorp has issued the largest request for renewable resource proposals in the company's history.
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Terra-Gen raised almost $300 million in debt last week for a California wind portfolio repowering.
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The Public Utility Commission of Texas has rejected a portion of Invenergy's 1,485 MW North Central wind complex in Oklahoma, though the portfolio is set to move ahead anyway thanks to a contingency plan.
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Pattern Energy has financed two US wind farms with debt from a trio of banks.
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Renewable energy attorney Danielle Varnell has joined Bracewell's power practice in Washington, DC, as a partner, having previously worked at Jones Day.
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AES Solutions Management has launched a 1 GW request for proposals for carbon-free generation assets in PJM Interconnection, with expressions of interest due on Friday, June 26.
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In November 2019, Engie and Tokyo Gas reached financial close on the largest renewable portfolio in Mexico with government power purchase agreements. Seven months later, the assets are endangered by a raft of government policies, supposedly in response to the Covid-19 pandemic, but widely viewed as political.
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AES Solutions Management has launched a 1 GW request for proposals for carbon-free generation assets in PJM Interconnection, with expressions of interest due on Friday, June 26.
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IEnova and Saavi Energia are approaching financial close on their jointly developed 108 MW Sierra Juárez II wind farm in Baja California, northern Mexico.
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Enel Green Power's Chilean subsidiary is moving forward with the development of the country's first hybrid wind and solar project.
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After denouncing Mexico's policy on permits for renewable energy projects in May, Mexico's competition authority Cofece has argued that it is unconstitutional in a lawsuit filed before the Supreme Court aimed at overturning the measure.
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German renewable energy start-up Energy Kitchen is adding a 95.2 MW wind project with a battery storage system to its Chilean wind pipeline while it works on three other smaller-scale projects in the country.
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Enel Green Power North America has secured power purchase agreements for a 199 MW expansion of its 400 MW Cimarron Bend wind farm in Clark County, Kansas.
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Energia Sustentável do Brasil, a consortium of investors that owns the 3.75 GW Jirau hydro project in Brazil, has launched an auction for wind and solar generation.
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Australian fund manager AMP Capital has promoted its global head of infrastructure equity – Boe Pahari – to the position of CEO.
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Indiana utility Vectren has proposed a renewable energy and gas-fired power procurement to offset generation from coal plant retirements as part of its Integrated Resource Plan.
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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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German renewable energy start-up Energy Kitchen is developing a pair of wind farms totaling 33.6 MW in Chile's southern lake district.
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Copenhagen Infrastructure Partners has reached first close on its fourth vintage fund with commitments totaling €1.5 billion ($1.69 billion).
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Zona Energía's private auction in Chile will benefit from a reform that bans Chile's power distribution companies from selling power to large consumers known as clientes libres or free clients.
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Pattern Energy Group has acquired a development-stage wind portfolio in New Mexico from Orion Renewable Energy Group and MAP Energy.
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Indiana utility Vectren has proposed a renewable energy and gas-fired power procurement to offset generation from coal plant retirements as part of its Integrated Resource Plan.
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Finnish renewables developer Taaleri Energia has closed construction debt, tax equity and cash equity financing for its 336 MW Truscott Gilliland East Wind project located in Knox County, Texas.
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Petrobras and Wobben Windpower have entered the binding phase of the sale process of two jointly-owned wind assets in Brazil.
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Salt River Project (SRP) has recently launched a 500 MW request for information for wind generation while Santee Cooper has launched a request for proposals for 500 MW of solar.
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Mexico's Business Coordinating Council has hit back at transmission fee hikes by state-owned utility Comisión Federal de Electricidad (CFE), describing the policy as “illegal and inadmissible” and "indefensible."
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Software company Intuit has emerged as one of several non-utility offtakers for Clearway Energy Group's 419 MW Mesquite Star wind farm in Fisher County, Texas.
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Argentinian developer Central Puerto has begun selling generation from a wind project in Tucumán province to Swedish auto company Scania under a long-term power purchase agreement.
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Chile’s economic development agency Corfo is launching a $39 million credit line for renewable energy and energy efficiency projects in the country.
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The Brazilian subsidiary of Chinese company CGN Energy plans to invest R$1 billion ($201.52 million) in the construction of a seven-phase wind project in the country.
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The Inter-American Development Bank is arranging a $280 million debt package for Ecuador to diversify and improve the country’s energy matrix and boost renewable energy sources.
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There were signs even before the outbreak of the Covid-19 pandemic that the dynamic of the market for renewable energy assets had shifted in favor of buyers, and the recent flurry of sale processes kicking off despite travel restrictions and lockdowns will have done nothing to tip the scales in the other direction
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Quinbrook Infrastructure Partners has hired a new director of origination who will be based in Austin.
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Eleven weeks after bankers and fund managers left Midtown Manhattan for coronavirus lockdown at home, the pace of activity in power and renewable energy finance in the US seems as hectic as ever. Indeed, disruption to the capital markets has created more work for some borrowers and unique opportunities for lenders.
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Spain's OPDEnergy is nearing financial close on a pair of renewable energy assets in Chile, a process that began in November 2019.
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The refinancing of a pair of Arroyo Energy renewable energy projects in Chile that was supposed to close in early April has still not been launched into syndication as due diligence continues.
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Spain’s Elawan Energy has inked an agreement with Brazil’s Secretariat of Economic Development (SDE) to develop a 16 MW wind farm in the Brazilian state of Bahia.
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Pacific Hydro, a renewable energy company with assets in Australia, Chile and Brazil, is looking to refinance corporate debt with a roughly $400 million loan.
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Colombian power producer Isagén is plotting the development of its first wind farm in the country, which would be Colombia's largest to date.
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Greenpeace and the Mexican Center for Environmental Law (CEMDA) have secured a temporary suspension of policies introduced by Mexican grid operator Cenace and the Secretariat of Energy (SENER) that threaten to delay the interconnection of renewable energy projects in the country.
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Spain's Acciona is developing a 43.2 MW wind farm in the Chilean region of La Araucanía – its seventh project in the country.
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Grupo Bimbo has signed 15-year power purchase agreements with Argentinian developer Genneia to buy generation from three of its wind farms.
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EDF has received the green light to acquire up to 600 MW of wind projects in Brazil from developer PEC Energy, a subsidiary of Grupo Engeform.
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Developers in Argentina have faced an inhospitable project finance market since 2018, but the country's leading wind developer Genneia has managed to finance no fewer than nine wind projects in the past two years, using creative structures including the company's first ECA-backed corporate loan.
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Desert Community Energy, a community choice aggregator serving Palm Springs, Palm Desert and Cathedral City in California, has launched a request for proposals for renewable energy projects.
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The Louisiana Public Service Commission has approved a portion of the build-transfer deal for Invenergy’s 1,485 MW North Central Energy Facilities wind complex in Oklahoma.
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A seasoned infrstructure investment official left Caisse de dépôt et placement du Québec (CDPQ) earlier this month to set up his own shop in Mexico City.
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Brazilian technology company Tivit has signed a contract to purchase power from Casa dos Ventos’ 504 MW Rio do Vento wind project in the Brazilian state of Rio Grande do Norte.
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While the big procurement news this week was the announcement of the winners in Pacific Gas & Electric’s latest round of battery storage procurement (see story, page 1), there were also several developments involving less high profile offtakers—municipalities and universities.
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Connecticut’s two regulated electric utilities, Eversource Energy and United Illuminating, have negotiated a power purchase agreement for the 804 MW Park City offshore wind project being developed by Vineyard Wind.
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German developer Notus Energy is working on a 168 MW wind farm in the Chilean region of Biobío.
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Spain's Grenergy Renovables is planning to sell a five-project portfolio of solar projects totaling 52 MW in Chile.
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A team of project development and finance professionals in Canada has left Saturn Power to set up a new venture under the auspices of offshore energy services company BW Group.
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Potentia Renewables, the wind and solar subsidiary of Power Corp of Canada, is bringing in seasoned project originator Matt Langley to lead its expansion into the US.
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Engie has signed loans with Brazilian development bank BNDES to finance the construction of two projects in Brazil, a wind farm and a transmission line.
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A group of renewable energy developers in Mexico have won a legal reprieve against grid operator Cenace' suspension of interconnections for wind and solar projects.
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Southern Power has completed its acquisition of a 90% stake in the 56.2 MW Beech Ridge II project in West Virginia from Invenergy.
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Grupo Ibereólica and EDF Energies Nouvelles are nearing financial close on the refinancing and expansion of a jointly owned wind asset in Chile.
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Clearway Energy Group has priced a tap of a series of high yield green bonds that mature in 2028.
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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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Mexico's Secretariat of Energy (SENER) has officially announced a measure to limit the development of renewable projects in the country, prompting a backlash from industry groups.
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Potentia Renewables has signed a deal to acquire a 67 MW portfolio of operational wind and solar assets in Canada from Dream Asset Management, after acquiring all of the Canadian renewable energy assets held in Dream's alternatives fund last year.
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Grupo Ibereólica and Global Power Generation, a subsidiary of Spain's Naturgy Energy Group, has mandated a commercial bank to structure a loan for a 204 MW wind project in Chile.
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Wind-focused developer Scout Clean Energy recently appointed Andrew Young as COO and Mark Guzman as director for power origination.
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AES Corp's Panamanian subsidiary has acquired an operational 55 MW wind farm in the country from Goldwind Americas.
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Windmill Capital Management, a firm based in Menlo Park, California, is raising a debt fund to finance commercial and industrial-scale clean energy projects.
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While Mexico's power sector grapples with the country's power pandemic policy, the Secretariat of Energy (SENER) plans a new measure that could further harm renewables.
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The Arkansas Public Service Commission (APSC) has approved a portion of the build-transfer deal for Invenergy’s 1,485 MW North Central Energy Facilities wind complex in Oklahoma.
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AES Tietê – the Brazilian subsidiary of AES Corp – is planning an M&A sprint in the country for operational assets as well as wind and solar projects under development.
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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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TerraForm Power has closed a $246 million private placement to refinance a wind project in Illinois.
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An energy infrastructure fund manager is preparing to receive bids in the auction of an operational wind farm in Texas.
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NextEra Energy Resources has filed for regulatory approval of a build-transfer deal covering half of a 400 MW wind farm in South Dakota.
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Invenergy has hired Jesse Campbell, the former CFO of Suzlon Wind Energy Corp, as vice president for corporate finance.
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Mexico's competition authority, Cofece, has denounced grid operator Cenace's suspension of the interconnection of renewable energy projects as an unclear, unfair policy that is harmful to future investments.
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An alternative investment firm has appointed a financial adviser to market a contracted wind repowering project in California.
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Southern California Edison has signed battery storage contracts for a mixture of standalone and co-located projects totaling 770 MW in California in one of the largest energy storage procurements yet in the US.
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Renewables developers racing to qualify their projects for federal tax credits ahead of looming deadlines could receive an extension in light of recent pandemic-related construction delays, according to a May 7 letter from the US Department of the Treasury.
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Construction has begun on two projects with Northern Indiana Public Service Co power purchase agreements, while a third being developed under a build-transfer deal with the utility has received regulatory approval.
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Irish developer Mainstream Renewable Power has signed contracts for transmission work to interconnect its 630.2 MW Huemul wind and solar portfolio in Chile to the grid.
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Québec-based developer and independent power producer Innergex has added a new member to its US origination team.
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A tax equity specialist who recently joined Silverpeak Renewables Investment Partners is no longer with the firm.
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AES Gener is plotting a 63 MW wind project in Chile, the seventh wind asset the sponsor is developing in the country.
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Dominion Energy Virginia has issued a request for proposals for up to 1 GW of solar and onshore wind and up to 250 MW of energy storage in Virginia, as part of its updated 15-year integrated resource plan.
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A Mexican industry association has threatened Mexico's National Center for Energy (Cenace) with legal actions after the regulatory body introduced measures that could further harm renewable energy projects in the country.
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Norwegian state-owned power company Statkraft has inked two power purchase agreements with food company Agrosuper in Chile.
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President Donald Trump today signed an executive order prohibiting the acquisition, import, transfer or installation of “bulk-power system electric equipment” from some foreign countries in the name of national security.
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Chilean independent power producer Colbún is moving forward with the development of its renewable pipeline in the country, which features five wind and solar assets.
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Swiss Re Corporate Solutions has hired a former power trader into its weather and energy originations team.
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Engie North America has added a renewables originator to its energy management team in Houston.
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French power generator Voltalia has signed a contract with Germany’s Nordex to supply the turbines for a wind farm under development in Brazil.
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Brazilian state agency the Investment Partnerships Program (PPI) has recommended that the federal government give priority status to power and transmission line procurements that it recently postponed.
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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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The most frequently asked questions regarding nominations for our Deal of the Year Awards.
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Project finance bankers predict a four-month delay to the financial close of the debt package for the second and third phases of Mainstream Renewable Power’s 1.3 GW Andes Renovables portfolio in Chile.
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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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Spain’s OPDEnergy was aiming to reach financial close on a pair of renewable assets in the country by February, but the closing has been pushed back due to the Covid-19 crisis.
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Development institution IDB Invest is in the process of structuring a debt package to finance Engie’s first wind project in Chile.
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Citi has signed a deal with an end customer to cover a portion of the output of a Texas wind project that was financed on the basis of a hedge provided by the bank last year.
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Andrew Compton, a New York-based project finance attorney at Linklaters, was elected to the partnership in the firm's recent round of promotions.
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Eneva has withdrawn its offer to merge with AES Tietê as a fight brews between the target company’s ordinary and preferred shareholders.
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The financial close for a pair of renewable energy projects owned by Arroyo Energy in Chile has been delayed by a month due to the Covid-19 crisis.
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Clearway Energy Group and Invenergy have signed long-term power purchase agreements with Verizon Communications for a total of 384 MW of renewable energy.
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IEnova and Saavi Energia have pushed back financial close of their jointly-developed 108 MW Energía Sierra Juárez II wind farm in Mexico by two months.
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Ørsted’s U.S. onshore wind development subsidiary Lincoln Clean Energy has secured tax equity for two wind farms under construction in the Great Plains.
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French company EDF Renewables has issued R$140 million ($23.73 million) in debentures to finance the construction of a wind project in Brazil.
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Citi has signed a deal with an end customer to cover a portion of the output of a Texas wind project that was financed on the basis of a hedge provided by the bank last year.
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Argentina is reviewing wind and solar power purchase agreements awarded by wholesale market distributor Cammesa during the country's renewable auctions in light of delays in project development and construction.
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Leeward Renewable Energy is moving forward with construction on a wind farm in Colorado after securing debt and tax equity earlier this year.
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Calpine Corp. struck a deal to sell a handful of development-stage wind assets late last year after an auction for a broader portfolio and development business apparently did not attract sufficient interest to merit a sale.
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Spain's Grupo Ibereólica has begun the permitting process for a 180 MW wind project in Chile.
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Kevin Helmich, former managing director of origination at Avangrid Renewables, has found a new role.
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Clearway Energy Group has signed an agreement to drop a portfolio of wind projects down into its yield company.
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Rockland Capital has hired a senior executive to build out a new renewables-focused development and financing platform.
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AES Gener has expanded its wind project development pipeline in Chile by adding a second phase to a previously approved, pre-construction project in the country.
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The Kansas Corporation Commission has approved a power purchase agreement for an AEP Renewables wind project whose output will be used by aircraft manufacturer Spirit Aerosystems.
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Toronto-based developer Potentia Renewables has welcomed a new addition to its M&A team.
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AES Gener is preparing to launch a $500 million capital raise to fund its 1.6 GW solar and wind pipeline in Chile and Colombia, having obtained approval from its existing shareholders.
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Dennis Tsesarsky, the former head of renewable energy investment banking at Morgan Stanley, has founded a renewable energy-focused advisory firm in Manhattan.
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Algonquin Power & Utilities Corp. subsidiary Liberty Utilities – Empire District has raised almost $300 million in debt to finance two wind projects in Missouri that have an unconventional utility tax equity structure.
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Colombia’s Mines and Energy Planning Unit (UPME) has delayed the procurement process for a transmission line in the country’s Caribbean region for the second time in a month.
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Rapid City, S.D.-based utility company Black Hills Energy has handed out an engineering, procurement and construction contract for a wind farm whose generation it aims to sell to local commercial subscribers under a renewable tariff scheme.
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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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Ecuador’s Ministry of Energy and Non-renewable Natural Resources has postponed the tenders for two renewable projects in the country for the second time because of the Covid-19 pandemic.
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Avangrid has closed its third green bond—a $750 million, five-year senior unsecured offering.
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Silicon Valley Bank has recruited a renewable energy banker in San Francisco who previously worked at CohnReznick Capital for almost five years.
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NextEra Energy Resources is nearing completion on Roundhouse Renewable Energy, a wind project in Laramie County, Wyo., having increased the size of the project and a related= power purchase agreement from 150 MW to 225 MW.
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Spanish renewables developer Acciona has brought in one financial investor and is looking for another to jointly acquire KKR & Co.'s minority stake in its international generation subsidiary, Acciona Energía Internacional.
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Engie North America has raised $1.6 billion in tax equity commitments from two financial institutions for a portfolio of U.S. wind and solar projects totaling 2 GW.
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New York has passed the Accelerated Renewable Energy Growth and Community Benefit Act, a law designed to streamline environmental permitting and siting for large-scale renewable energy projects across the state and creating an Office of Renewable Energy Siting (ORES), said to be the first of its kind in the U.S.
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A group of renewable energy companies have written to the Chilean government to warn it that recent policy changes in response to protests and the Covid-19 pandemic threaten to stifle international investment in the sector.
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Avangrid has priced a $750 million five-year senior unsecured bond, the proceeds of which will be allocated across seven wind and solar projects in the U.S.
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A director at CohnReznick Capital has left the firm for a rival boutique investment bank.
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AES Tietê has signed a turbine supply agreement with Siemens Gamesa for a 312 MW wind project in Brazil.
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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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Berkshire Hathaway Energy has been identified as the second tax equity investor in BayWa r.e.’s 250 MW Amadeus plant in Texas.
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Colombia's Renewable Energy Association (SER) has requested an extension in the construction timelines of solar and wind parks awarded contracts during Colombia's renewable auction last fall.
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Engineering consultancy Arup has hired Saygin Oytan to spearhead the development of its U.S. offshore wind practice.
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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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Brazilian renewable power generator Omega Geração has suspended all of its prospective M&A transactions due to the Covid-19 pandemic.
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Engie Energía Chile has agreed to acquire a stake in a coal-fired power plant from Chilean copper producer Antofagasta Minerals while inking an 11-year renewable energy power purchase agreement with the mining company.
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German renewables developer BayWa r.e. has closed the financing for its 250 MW Amadeus project in Texas and has hired a financial adviser to sell the asset.
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Algonquin Power & Utilities Corp. subsidiary Liberty Power has closed construction financing for its 202 MW Sugar Creek wind project in Logan County, Ill.
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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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Ecuador’s Ministry of Energy and Non-renewable Natural Resources has postponed the procurement process for two renewable projects in the country because of the Covid-19 pandemic.
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Delays in the construction of a transmission line in Colombia because of the Covid-19 crisis could put several development-stage wind farms in the La Guajira department under financial duress.
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Eurus Energy America has backed out of the power purchase agreement for a 46.8 MW wind project in Hawaii.
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Ørsted Onshore North America has secured tax equity commitments for a wind farm that is under construction in Texas.
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While measures that the renewable energy lobby had been pushing for—such as direct pay in lieu of tax equity—did not make it into phase three of the U.S. Covid-19 economic stimulus bill, large tax equity investors say they are ready to invest more than ever before.
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AES Gener is plotting the development of a 140 MW wind asset in Chile, the third for which the company has filed paperwork this month.
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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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The Japan Bank for International Cooperation (JBIC) has granted a $200 million loan to development finance institution Cooperación Andina de Fomento (CAF) to finance renewable projects in four Latin American countries.
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U.S. renewable energy developers are calling for the government to reintroduce a program reminiscent of the former Department of Treasury cash grant to combat a forecast shortfall of tax equity as a result of the Covid-19 pandemic.
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AES Gener is plotting a 68.4 MW expansion to an existing 80 MW wind project in Chile as part of its strategy to develop renewables in the country.
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Zona Energía, owned by construction and real estate conglomerate Grupo Ebco, is preparing to move forward with its private-sector power auction in Chile despite disruption caused by the Covid-19 crisis.
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The results of a private power auction being run by Bravos Energía in Mexico were expected to be revealed this month but have been delayed until May.
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AES Gener is plotting the development of a 280 MW wind farm in Chile, as part of its strategy to increase investment in renewables in the country.
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Brazil’s Renova Energia has announced that fund manager Castlelake and a local investment vehicle it controls, Vientos Agricolas, have made a binding offer to acquire Phase A of the Alto Sertão III wind complex.
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Project finance bankers say volatile market conditions and a cumbersome bank group could lead some institutions to drop out of the financing of Mainstream Renewable Power’s 730 MW Huemul and Copihue portfolio in Chile.
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Invenergy’s 1,485 MW North Central Energy Facilities wind complex in Oklahoma is heading toward another key approval following a settlement between Southwestern Electric Power Co. (SWEPCO), the staff of the Louisiana Public Service Commission (LPSC), the Alliance for Affordable Energy and Walmart.
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Tyr Energy, a subsidiary of Japan’s ITOCHU Corp., has invested tax equity in two operational wind farms in Nebraska and Minnesota.
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Two banks are nearing close on the syndication of a long-term project finance loan for a WPD wind portfolio in Chile.
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Petrobras and Wobben Windpower have started the sale process of two jointly-owned wind assets located in Brazil.
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The New York State Energy Research and Development Authority (Nyserda) has announced contracts with 21 solar and wind projects in the state totaling 1,278 MW.
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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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Chilean developer Invener, owned by the real estate and construction group EBCO, is plotting the development of a 258 MW wind project in Chile.
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Allete Clean Energy has bought a development-stage wind farm in southern Oklahoma from Apex Clean Energy, a developer it has worked with before.
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Engie Energía Chile has inked a power purchase agreement with Chilean fishing company Corpesca to supply its operations in the country from renewable sources.
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Renewable energy yieldco Pattern Energy Group's shareholders have voted in favor of a take-private deal with the Canada Pension Plan Investment Board despite an intervention by an activist investor.
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The Private Financing Advisory Network (PFAN) has launched a request for proposals for clean energy projects in the Caribbean and Central America.
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Evergy has signed up a customer in the aviation industry to take 55 MW of wind energy from a wind project in Kansas it contracted with in 2018.
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Chilean developer Biwo Renewables is plotting the development of a pair of wind farms in the country.
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Despite the wall of capital chasing North American power and renewable energy assets, a number of sale processes for individual projects and portfolios have recently stalled or been scrapped, suggesting that investors with cash to deploy are remaining disciplined.
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The global supply chain disruption wrought by Covid-19—the flu-like virus originating in Wuhan, China—is taking its toll on project finance activity and reminding bankers that construction risk is still real, even if it is not reflected in loan pricing.
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German asset manager MPC Capital is raising capital among U.S. investors to build 200 MW of renewable projects in the Caribbean.
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The sale process for Terra-Gen, a renewables developer owned by Energy Capital Partners, has moved into its second phase.
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British infrastructure investor John Laing is exiting all investment in standalone wind and solar projects across its geographies.
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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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New details have emerged on the plans for the financing of the 108 MW Energía Sierra Juárez II wind project being developed by IEnova and Saavi Energía in Mexico.
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Engie Energía Chile is finally moving forward with its first wind farm in Chile, which was stalled for months because of an arbitration claim.
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Pattern Energy Group has disclosed details of the loan package for the repowering of its 283 MW Gulf Wind project in Kenedy County, Texas, including the margin.
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IDB Invest could provide up to one-third of the project finance loan for Huemul, the second phase of Mainstream Renewable Power's 1.3 GW Andes Renovables portfolio in Chile.
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AES Gener has announced a $1.8 billion investment in solar and wind projects in Chile and Colombia with a total capacity of 1.6 GW.
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New Jersey Governor Phil Murphy set out the schedule for the state’s 7.5 GW offshore wind procurement process in an announcement on Feb. 28.
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The City Council of Charlotte, N.C., has voted in favor of a 20-year renewable energy deal for a 35 MW solar project in nearby Iredell County.
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Chile’s Grupo Transelec will develop the transmission line to connect a Mainstream Renewable Power 156 MW wind project to the grid, which is part of the second phase of the 1.3 GW Andes Renovables portfolio.
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Spain's Acciona has inked a power purchase agreement with salt producer K+S Chile—its seventh contract with a corporate offtaker in the country.
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New details have emerged on the financing and construction of two Chilean projects owned by Spanish developer OPDEnergy.
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Rothschild & Co. has hired a senior investment banker from CIBC in New York to work on power and renewables deals.
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Sempra Energy subsidiary IEnova and Actis portfolio company Saavi Energia have mandated two commercial banks and a development finance institution for the financing of a 108 MW wind farm in Mexico that will sell its output into the U.S.
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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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IEnova, a subsidiary of Sempra Energy, and Actis-owned independent power producer Saavi Energía are developing a 108 MW wind farm in Mexico that will sell its output into the U.S.
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Regulators in Oklahoma have approved a build-transfer deal for a portion of the 1,485 MW North Central Wind Energy project that Invenergy is developing in the state.
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WEC Energy Group has agreed to increase its stakes in three Midwest wind farms developed by Invenergy from 80% to 90%.
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AES Argentina Generación sold a short-term green bond to local investors in Argentina recently, showing that developers of projects in the country still have some creative options for financing, despite being shunned by commercial banks.
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French asset manager Ardian is looking to formally launch its second generation Americas fund.
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The developer of the 800 MW Vineyard Wind I project off the coast of Massachusetts is in talks with the U.S. Treasury about preserving its investment tax credit eligibility after commercial operations were pushed back into 2023 at the earliest.
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Bravos Energía's private power auction has attracted bids from 28 companies, on the supply and demand side, and is moving forward despite comments made by Mexico's National Center for Energy Control (Cenace).
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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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Three New England utilities have filed for Massachusetts Department of Public Utilities approval for a power purchase agreement with Mayflower Wind Energy’s eponymous 804 MW offshore wind farm, off the Massachusetts coast.
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Utility cooperative Tri-State Generation has put the final power purchase agreements in place as part of its responsible energy plan, announced in January.
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A series of recent announcements shows that there is continuing demand among regulated utility companies for contracted renewable energy, if developers know where to look.
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Invenergy has signed a 12-year virtual power purchase agreement with a building materials firm for a portion of the output of a 250 MW wind farm it is in the process of selling to WEC Infrastructure.
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Clearway Energy has signed a power purchase agreement with American Electric Power subsidiary AEP Energy and automaker Toyota for the output of a wind project in West Virginia.
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Canadian public utility Hydro-Québec is buying a substantial minority interest in Innergex Renewable Energy through a private placement and has also committed C$500 million ($376 million) to a joint venture with the independent power producer.
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Fund manager Harbert Management Corp. almost doubled its renewable energy holdings at the end of 2019 when it acquired a stake in an 812 MW wind portfolio, a deal it ultimately opted to finance in the bank market through a holding company called Gulf Plains Wind.
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Two hires at the beginning of this year capped off a wave of recruitment at renewable energy technical advisory firm Natural Power, as it grows its North American business.
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TransAlta Corp. has closed a tax equity investment for two operational U.S. wind projects totaling 119 MW. (Updated to include identity of tax equity investor).
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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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AES Gener has signed a 20-year power purchase agreement with a copper mine in Chile that is owned by Canada's Teck Resources Limited.
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Kansas and Missouri-based utility Evergy has announced that it will add 660 MW of wind energy to its portfolio with four power purchase agreements.
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As part of its wider divestment plan, Petrobras has begun a sale of its equity stakes in two wind farms in Brazil.
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Berkshire Hathaway Energy's MidAmerican Wind subsidiary refinanced its operational Pinyon Pines I and II wind projects last week, extending the maturity of the projects' loan.
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Chilean independent power producer Colbún is plotting the development of a 980 MW wind project in Chile.
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Appalachian Power has issued a second request for proposals for solar projects in Virginia after a previous process—launched in late 2018—failed to produce any viable projects.
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Arroyo Energy has mandated two commercial banks to structure the refinancing of a pair of renewable energy projects in Chile, amid a slowdown in new build financings in the country.
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The Missouri House of Representatives has dealt the proposed Grain Belt Express transmission line a setback by voting 118-42 to block the use of eminent domain to buy land rights for the 780-mile high-voltage line.
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Although some observers see a blossoming offshore wind industry in Brazil as an unlikely prospect, a group of first movers are jostling for position at the start line of the race to develop projects off the country’s expansive coastline.
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Invenergy has reached an agreement to sell a majority stake in a Midwestern wind project to repeat customer WEC Infrastructure.
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Nicholas Whitcombe, who founded the project finance team at NY Green Bank, left the renewables-focused lender at the end of last year with Kim Erle coming on board as a managing director shortly thereafter.
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NV Energy has issued a request for proposals to add renewable generation projects to its portfolio.
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A project finance loan for a portfolio of Chilean wind projects is falling flat with lenders as the two banks that acted as arrangers attempt to syndicate it.
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Developers have brought a handful of wind projects in Argentina to financial close in recent months, having turned to development finance institutions and export credit agency wraps amid a lack of enthusiasm from commercial banks.
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NY Green Bank has brought in a former Deutsche Bank official and the state-owned lender is not done hiring yet.
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Developer sPower has decided to abandon plans for a wind farm in Ohio amid tough conditions for project development in the state.
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Nicholas Whitcombe, who founded the project finance team at New York Green Bank, left the renewables-focused lender at the end of last year.
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Energy Capital Partners has announced the closing of its ECP Fund IV with capital commitments of $3.3 billion.
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Two different wind projects in Argentina—one owned by YPF Luz and another by a Genneia-controlled subsidiary—have secured financing in separate transactions.
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After working hard to qualify wind projects for the production tax credit ahead of its planned phase out at the end of last year, some developers spent the final days of 2019 frantically cancelling or rewriting contracts after the incentive was unexpectedly extended in a tax bill signed by President Donald Trump just before Christmas.
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Fresh from announcing an almost 1 GW renewables procurement last year, Google has hired in two additional contract structuring professionals to its energy and infrastructure team.
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British developer Cubico Sustainable Investments has acquired a 50 MW operational wind farm in Uruguay from a group of three investors.
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Longroad Energy Partners has sealed construction debt for two wind repowering projects in Minnesota.
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Mainstream Renewable Power is bringing in a multilateral institution for the financing of Huemul and Copihue, the second and third phases of its 1.3 GW Andes Renovables portfolio in Chile.
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D.E. Shaw Renewable Investments closed financing for a small wind farm in the Pacific Northwest late last year.
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Recent power purchase agreement announcements reflect the trend in renewable energy toward multiple contracts with a mix of corporate, community choice aggregator and municipal counterparties, while utility procurement is increasingly driven by large customers in more regulated markets.
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It’s the time of year when many of the big law firms announce their new partners. Here is a round-up of newly elevated lawyers working on power and renewable energy deals in North America.
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Energia Renovable Verano—a joint venture between Spain's Fotowatio Renewable Ventures and Chilean company Verano Capital—is developing a 198 MW wind project in Chile.
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Excelsior Energy Capital has closed on its purchase from Invenergy of 90.1% stakes in two operational wind assets in Nebraska, with back-levered acquisition financing provided by a European commercial bank.
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Chilean platform Zona Energía, owned by holding company Grupo Ebco, has launched a private power auction in Chile, aimed at private offtakers who are looking for renewable power purchase agreements.
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Spanish developer OPDEnergy has mandated a commercial bank for the financing of two renewable energy projects in Chile.
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Brookfield Renewable Partners has signed a bilateral green revolving credit facility, in which the margin is linked to specific environmental sustainability targets, with BNP Paribas.
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Dominican investment fund manager GAM Capital, through its GAM Energía fund, has agreed to acquire a stake in an operational 50 MW wind farm in the Dominican Republic from French developer Akuo Energy.
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Yield company Pattern Energy Group has sealed financing for its repowering of its 283 MW Gulf Wind Farm in Kenedy County, Texas.
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Brookfield Renewable Partners has refinanced two operational wind projects in Ontario that the investor had attempted to sell a few years ago.
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Omega Geração de Energia has inked a deal to acquire a 50 MW expansion of the Assuruá wind complex in Brazil from investment fund FIP IEER.
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DTE Electric has agreed to purchase an Invenergy wind farm that is under construction in central Michigan.
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IDB Invest is working on a $150 million loan to finance wind and solar projects being constructed by Enel in Mexico.
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A new buyer has surfaced to take a stake in a wind farm being developed by Invenergy in PJM Interconnection, after a previously proposed sale was canceled.
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A wind project in Kansas recently reached financial close, sealing a construction loan involving five banks.
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DIF Capital Partners, through its fund DIF Infrastructure V, has closed the acquisition of the 50 MW Cerro Grande wind farm in Uruguay from German companies Enercon and EAB New Energy.
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Enel Green Power North America has signed a 12-year power purchase agreement with food and beverage company Danone North America for a portion of the output of a wind project in Texas.
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As 2019 draws to a close, we took a look at the stories that captured the attention of PFR subscribers over the past 12 months.
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Scout Clean Energy, the Colorado-based renewable energy developer owned by Quinbrook Infrastructure Partners, has closed financing for its 130 MW Bitter Ridge wind farm in Jay County, Ind., with many of the same lenders and investors that have funded its previous deals.
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French company Voltalia has signed a 19-year power purchase agreement for a 90 MW wind farm in Brazil.
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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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Colombia’s Ministry of Mines and Energy has revealed the prices for the eight contracts awarded during the renewables auction held in October, which matched projects and offtakers.
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Erich Stephens, founding principal and chief development officer of Vineyard Wind, is leaving the offshore wind developer.
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Central Maine Power has signed a power purchase agreement for the output of an up-to-12 MW floating wind pilot project
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Boralex has refinanced a wind farm in the Gaspé region of Québec with long-term debt arranged by a group of four banks.
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Copenhagen Infrastructure Partners has acquired a two-phase, development-stage wind project located within PJM Interconnection.
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Canada Infrastructure Bank (CIB) has signed a memorandum of understanding to partner in a proposed wind project in Nova Scotia.
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Allianz Global Investors has provided financing for a Grupo ACS wind farm in Uruguay in the form of an $88.5 million project bond.
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International power and renewables developer ContourGlobal has hired a V.P. to bolster its New York renewables group.
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Six banks provided mini-perm debt this month to finance the purchase of a majority stake in an operating wind portfolio.
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The Public Utilities Commission of Nevada has approved a power purchase agreement proposed by Quinbrook Infrastructure Partners.
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Engie Group has reached financial close for two projects out of a six-project, 721 MW wind and solar portfolio in Mexico.
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Pattern Energy and Samsung Renewable Energy have refinanced two operational wind farms in Ontario.
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Colombia’s Ministry of Mines and Energy has revealed the prices for the eight contracts awarded during the renewables auction held in October, which matched projects and offtakers.
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The 35-day go-shop period for bidders to submit proposals to acquire Pattern Energy Group expired on Dec. 9, leaving Canada Pension Plan Investment Board (CPPIB) one step closer to completing its take-private.
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Oil field services company Baker Hughes has signed a renewable energy supply agreement under which it will buy a blend of wind and solar generation from two projects in Texas for 10 years.
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IDB Invest and Engie Energía Chile have inked a letter of intent for a proposed $125 million loan for renewable energy assets in Chile.
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Nomura’s Americas investment banking division has agreed to acquire technology and infrastructure boutique Greentech Capital Advisors.
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A more-than 2,300 MW wind and solar portfolio being constructed by a European developer is up for sale.
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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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Private equity firm EnCap Investments has grown its power, grid infrastructure and energy storage-focused venture capital team with a new hire from across the Atlantic.
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A member of Nautilus Solar Energy’s asset management team has left the firm for a new role.
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Shell Energy North America has committed to buy the output of a second tranche of EDF Renewables North America's 500 MW Palen Solar project in California, having previously signed a power purchase agreement for another portion in 2018.
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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 European Investment Bank (EIB) and Iberdrola have inked a €250 million ($277.5 million) loan agreement to finance 520 MW of wind capacity in Brazil.
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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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The Connecticut Department of Energy and Environmental Protection (DEEP) has selected Vineyard Wind’s 804 MW Park City offshore wind project in response to a request for proposals launched earlier this year.
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Having closed a tax equity deal last month for an Enel Green Power North America solar project in Upton County, Texas, JP Morgan is working with the same sponsor on the financing for a wind project in the same county.
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Mining company Grupo México has agreed to invest $250 million in a 168 MW wind project that Invenergy is developing in Mexico.
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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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Tenaska and Allete went beyond the typical mini-perm tenor of five to seven years with the project financing of their 250 MW Nobles 2 wind project in southwest Minnesota, which closed last month.
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One of America’s largest wind farm complexes is up for sale, with the existing owner pitching it as a potential repowering.
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AES Tietê Energia has signed a 15-year power purchase agreement with a mining company for a portion of the output of a wind project it is developing in Brazil.
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A more-than-1 GW portfolio of wind and hydro projects in the U.S. is set to be split up and sold off separately to two new private equity owners, following a competitive sale process.
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Invenergy has signed a strategic partnership agreement with Colombian utility and developer Empresas Publicas de Medellin to develop, build and operate wind and solar projects in the country.
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EDP Renováveis has signed a 16-year power purchase agreement with an unnamed offtaker for the output of a wind farm in Brazil.
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EDP Renewables has brought in offshore wind expert Anne Marie McShea to bolster its U.S. business development division.
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KfW IPEX-Bank has revealed the size of the loan it provided to finance Mainstream Renewable Power’s 571 MW Condor wind and solar portfolio in Chile.
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A corporate finance official who previously worked at Invenergy has left the developer and taken up a role at boutique investment bank Marathon Capital in Chicago.
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With community choice aggregators joining forces in California, AEP seeking renewables in PJM Interonnection and procurement processes underway in Hawaii and Ecuador, developers have a lot to bid for. Here's our round-up.
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Goldman Sachs Renewable Power's John F. Kennedy International Airport solar power purchase agreement leads this week's PPA Pulse.
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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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Spanish construction company Elecnor has secured a contract to build a 30 MW wind farm owned by a subsidiary of Banco Sabadell in Mexico.
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Basin Electric Cooperative is preparing to issue a request for proposals for wind and solar projects in the Southwest Power Pool and Midcontinent Independent System Operator grid systems.
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Enel Green Power North America has inked a 23-year power purchase agreement with Basin Electric Power Cooperative for a portion of the output of a 299 MW wind farm in North Dakota.
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AEP Energy Partners, a subsidiary of American Electric Power Co., is aiming to procure wind and solar generation in PJM Interconnection to meet retail and wholesale demand.
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Chile’s National Energy Commission (CNE) has announced the details of its 2020 power auction, which will be held in June.
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Changes to Mexico's clean energy certificate program could spell trouble for renewable energy developers in the country that had banked on selling certificates in the open market, but most of the wind and solar assets being considered for project finance had already locked in a fixed price, say market participants.
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AES Corp. is moving ahead with the development of a 300 MW wind project in Mexico, having secured a power purchase agreement with a private offtaker.
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Hawaiian Electric Companies has received more than 75 proposals for projects using solar, wind, energy storage and other technologies in response to a 900 MW request for proposals it issued in August.
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Two companies have signed 20-year power purchase agreements with wholesale power market administrator Cammesa for projects awarded during the third round of the Argentinian renewable procurement program, RenovAr.
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Statkraft’s Brazilian subsidiary, Statkraft Energias Renovaveis (SKER), is raising financing for its wind projects in the country.
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Estée Lauder Companies has signed a virtual power purchase agreement with NextEra Energy Resources for a portion of the output of a 200 MW wind project in Oklahoma.
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Nine international companies have pre-qualified to bid for two renewable energy projects in Ecuador in a tender process being run by Ecuador’s Ministry of Energy and Non-renewable Natural Resources.
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TerraForm Power is hammering out the terms of a tax equity contribution agreement for a portion of the financing for a pair of wind repowering projects in the state of New York.
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OMERS Infrastructure Management has appointed an associate director in Toronto who was until recently a senior infrastructure investment official at another Canadian pension fund manager.
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David Perl, who as a director at Alberta Investment Management Corp. worked on the acquisition of a stake in U.S. solar developer and independent power producer sPower, has left the fund manager and started a new job.
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German renewable energy start-up Energy Kitchen is developing a 16.8 MW wind project in Chile through a subsidiary called Windkraft Cuatro Chile.
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Arevon Development Co., the Scottsdale, Ariz.-based renewable project development arm of Capital Dynamics, has brought in a power trader and marketer as a senior originator.
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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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Non-utility offtakers dominated this week’s power purchase agreement news, with offtakers ranging from Apple to AT&T to Colombian brewer Bavaria. Check out our weekly round-up.
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The pricing structure of the loan recently signed by Mainstream Renewable Power for its 571 MW Condor wind and solar portfolio in Chile involves several step-ups, PFR has learned.
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Excelsior Energy Capital has hired Christopher Frantz, a former vice president of asset management at Cypress Creek Renewables, as managing director of operations in Los Angeles.
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Invenergy is selling its majority stakes in two operational wind projects in Nebraska to Excelsior Energy Capital.
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A new bill to freeze consumer power prices in Chile has some project finance bankers worrying about the potential impact on projects with older, higher-priced power purchase agreements.
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Yield company Clearway Energy has decided against the purchase of the 419 MW Mesquite Star wind project that its parent company, Clearway Energy Group, is constructing in Texas, as it focuses on other priorities.
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Mainstream Renewable Power has reached financial close on Condor, the first phase of the 1.3 GW Andes Renovables renewable wind and solar portfolio in Chile.
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AEP Energy has signed a long-term retail supply agreement to power a $600 million Google data center in New Albany, Ohio.
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Longroad Energy Partners has financed a wind farm in Maine with debt and tax equity, structuring the deal around the investment tax credit rather than the production tax credit that is more commonly used for wind.
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Invenergy has revealed that AT&T is the offtaker for its 300 MW Thunderhead Wind Energy Center in Nebraska.
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Mainstream Renewable Power is aiming to close financing today for Condor, the first phase of its 1.3 GW Andes Renovables wind and solar portfolio in Chile.
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Pattern Energy has agreed to be acquired and taken private by Canada Pension Plan Investment Board after disclosing that it was in talks with potential suitors in August.
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Terra-Gen had acquired the 15-year-old Oasis wind farm in Kern County, Calif., and bought out the project's tax equity upper-tier partnership investors.
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Karl Dahlstrom has been appointed U.S. chief operating officer of PNE, the German wind developer that is in the midst of a voluntary takeover bid by Morgan Stanley Infrastructure Partners.
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Colombia's Mines and Energy Planning Unit (UPME) has awarded an additional contract to an AES Gener wind project in the country in order to meet its target capacity in a recent auction.
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Mayflower Wind Energy has beaten out two rivals in the race to secure an 800 MW power purchase agreement in the Massachusetts Department of Public Utilities’ second offshore wind procurement.
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Spanish developer Acciona has signed a power purchase agreement with Empresa Concesionaria de Servicios Sanitarios, a company charged with providing drinking water in nine Chilean regions.
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Mayflower Wind Energy has beaten out two rivals in the race to secure an 800 MW power purchase agreement in the Massachusetts Department of Public Utilities’ second offshore wind procurement.
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Avangrid Renewables is preparing to repower a 14-year-old wind farm in Oregon.
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Ecuador’s Ministry of Energy and Non-renewable Natural Resources has announced that 22 companies, many international, have expressed interest in developing two renewable projects in Ecuador.
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Mitsui & Co. has inked a deal to sell its stake in a 679 MW portfolio of wind and solar projects in Canada to an infrastructure fund manager.
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In September, Power Finance & Risk brought together a panel of project finance officials at insurance companies, asset managers and Fitch Ratings to discuss how U.S. private placement debt investors are viewing the latest innovations in power and renewable energy finance.
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EDP Renewables North America has signed a build-transfer deal with a utility for a 302 MW wind farm in Indiana.
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Colombia is preparing to award power purchase agreements to four developers, including two that have not previously brought projects online in the country, following its inaugural renewable energy auction.
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The New York State Energy Research and Development Authority (NYSERDA) has agreed pricing for two, 25-year offshore wind purchase agreements totaling 1,696 MW.
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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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Central Puerto has inked a 10-year power purchase agreement with fruit producer Frutas y Verduras San Miguel for a wind project in Argentina.
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Engie US Wind has signed a pair of virtual power purchase agreements with Walmart for two wind projects totaling more than 366 MW following a single procurement process run by the retailer.
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Iberdrola subsidiary Avangrid Renewables has chosen Boston-based Alejandro de Hoz to replace Laura Beane as CEO and president after she decided to leave the company.
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Colombia’s Mines and Energy Planning Unit (UPME) has announced the results of the country's delayed first renewable auction, which is set to result in eight contracts for wind and solar projects.
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NextEra Energy Resources' contracted wind, solar and energy storage project pipeline through 2022 stands at some 11.6 GW, not including build-transfer deals, according to its latest investor presentation.
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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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Capital Power is working with a tried-and-tested hedge provider for its 150 MW Cardinal Point wind project in McDonough and Warren Counties, Ill.
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Longroad Energy Partners is preparing to repower two wind projects in Minnesota ahead of a sale of the assets to their existing offtaker, Northern States Power Co.
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Berkshire Hathaway Energy and Renewable Energy Systems are the latest developers to unveil a renewable energy project in Alberta as the Canadian province exerts its allure on local and international sponsors.
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Dominion Energy is readying a power purchase agreement with Virginia's first onshore wind project as well as build transfer deals for several solar projects in the state as part of a deal to supply the state government with renewable energy.
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A Black & Veatch veteran of 25 years has left the company to launch his own independent engineering consultancy.
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TerraForm Power is seeking around $141 million in third-party financing to repower three wind projects fitted with Clipper turbines.
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Spanish solar developer OPDEnergy is working on its first wind farm, a 50 MW project in Chile.
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AES Tietê has ended its negotiations to acquire a large wind portfolio in Brazil from Renova Energia.
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Saskatchewan's Crown-owned utility, SaskPower, is preparing to launch a request for proposals for 300 MW of wind capacity to come online in 2023 or 2024.
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Final-round bids were received yesterday in the auction that was launched earlier this year for the sale of Calpine Corp.'s wind development business.
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With Mexico’s government-run power auctions on ice, developers are pushing forward with renewable projects there on the basis of contracts with corporate offtakers. Meanwhile, utilities and non-utilities are signing up for wind and solar in the U.S. and Brazil.
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Pattern Development has lined up dropdowns of stakes in contracted wind projects in Ontario and New Mexico, which its yield company, Pattern Energy, will fund through the issuance of preferred equity.
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Norwegian state-owned energy company Statkraft has acquired two wind projects in the Brazilian state of Bahia from local developer Casa dos Ventos.
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Fresh from raising equity and renegotiating its revolving credit facility, TerraForm Power has embarked on a refinancing of its high yield corporate debt.
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EDP Renováveis has revealed the price of a corporate power purchase agreement for a 100 MW wind project it is developing in Mexico.
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Renewables yield company TerraForm Power took 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 last week, while simultaneously negotiating an enlarged revolving credit facility.
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Brazilian power utility Cemig will hold a renewable energy tender on Nov. 14, its second this semester.
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NextEra Energy Resources has secured a 20-year power purchase agreement with a clean choice aggregator in California for a 300 MW wind project in the state.
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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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An auction held at an event on the trading floor of the New York Stock Exchange in June has led to a signed asset sale agreement between private equity firm Silverpeak and developer Tri Global Energy.
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EDP Renewables North America has revealed the size of a tax equity agreement by Bank of America Merrill Lynch in its 405 MW wind portfolio in Illinois.
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Two software industry juggernauts of renewables procurement, Microsoft and Google, both emphasized the latest innovations as they revealed their most recent power purchase agreements.
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A corporation with a household name is the second offtaker—along with Facebook—for Ares Management Corp.’s recently financed Aviator wind project in Texas.
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Credit Suisse has exited its tax equity position in an Invenergy wind project in Illinois after 10 years, having passed its stake on to a private equity investor.
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E.On has provided additional details regarding a tax equity financing for a wind repowering project in Texas.
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Engie has signed a 15-year power purchase agreement with Microsoft for 235 MW from a wind and a solar project in the U.S. in a deal that incorporates a volume firming agreement.
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Texas-based private equity firm EnCap Investments has hired former executives of First Solar, Pattern Development and Quinbrook Infrastructure Partners as it builds out a power-focused investment platform.
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Car and motorcycle maker Honda has inked two virtual power purchase agreements totaling 320 WM with a wind farm and a solar project in the U.S.
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Google has revealed details of its most recent renewable energy procurement, which has resulted in power purchase agreements totaling 845 MW for wind and solar facilities in the U.S. and Chile.
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Developers are poised to sign power purchase agreements with Michigan's Consumers Energy for solar projects totaling 584 MW after reaching a settlement with the utility over Public Utility Regulatory Policies Act avoided cost rates.
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In August, PFR hosted a panel discussion on the challenges facing sponsors seeking to finance U.S. wind repowerings.
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Toronto-based developer Potentia Renewables has approached the market to finance multiple wind projects across Canada.
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Brazilian power utility Cemig has awarded 476.2 MW of solar and wind projects in an auction on Sept. 13.
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Bravos Energia started receiving non-binding offers from potential buyers on Sept. 17 for Mexico's first private power auction.
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Norgener Renovables, a subsidiary of AES Gener, has agreed to acquire the 109.6 MW Los Cururos wind farm in northern Chile from the local subsidiary of Colombian state-run utility company Empresas Publicas de Medellin.
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Duke Energy Renewables has signed a 12-year virtual power purchase agreement with mobile network operator Sprint Corp. for most of the output of a wind project in Texas.
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BlackRock Real Assets is selling a pair of operational wind projects in Iowa to Greenbacker Renewable Energy.
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DTE Energy has asked wind and solar developers to submits proposals for projects as it looks to add up to 775 MW of renewable energy assets to its portfolio.
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The Overseas Private Investment Corp. (OPIC) has approved loans totaling more than $230 million for two wind farms that are under construction in Argentina and owned by the local subsidiary of AES Corp.
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Copenhagen Infrastructure Partners has sold an operating wind asset in Texas to Greek investor Terna Energy while providing the buyer with mezzanine capital to fund the purchase.
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Norwegian state-owned power company Statkraft has bought three wind projects totaling 115.35 MW in Chile from developer Torsa Chile, a subsidiary of Spain's Torsa Renovables.
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Two project finance lenders and a tax equity investor have closed a deal to finance sPower’s 200 MW Prevailing Winds project in Charles Mix, Hutchinson and Bon Homme Counties, S.D.
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Norton Rose Fulbright is on a hiring spree across the U.S. as the law firm seeks to keep up with the pace of renewable energy developing and financing activity.
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Duke Energy has completed its divestment of a 49% stake in its commercial renewables portfolio to the John Hancock Infrastructure Fund and John Hancock Life Insurance Co.
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A deal that would have involved the repowering of a PJM Interconnection wind project owned by BlackRock appears to have been canceled.
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An M&A professional who has spent the last four years overseeing transactions at Exelon Corp. has joined Bank of America Merrill Lynch’s renewable energy finance team.
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Colombia's Mines and Energy Planning Unit (UPME) has revealed that 27 generators and 26 buyers have applied to participate in the country's rescheduled debut renewable energy auction on Oct. 22. In total, they have presented 56 projects.
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DIF Capital Partners’ latest fund, DIF Infrastructure V, has acquired the 50 MW Cerro Grande wind farm in Uruguay from German duo Enercon and EAB New Energy.
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Wind developers Lincoln Clean Energy and Apex Clean Energy both announced sizeable power purchase agreements with non-utility corporations last week.
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Lincoln Clean Energy, the U.S. onshore wind development arm of Denmark’s Ørsted, has identified Avery Dennison Corp. as the third offtaker for the remaining output of its 230 MW Plum Creek wind farm.
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An infrastructure fund manager is preparing to take a 50% stake in an Avangrid Renewables wind project in northern Arizona that is fitted with Suzlon turbines.
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A banking group led by MUFG has closed construction financing for Terra-Gen’s 400 MW High Prairie wind project in northeastern Missouri.
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WEC Energy Group, which has acquired majority stakes in a string of Invenergy renewables projects in the Midwest, has penned a deal to buy another, this time a 300 MW wind farm in Nebraska.
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Frederic Lévesque has left a Canadian developer and independent power producer Innergex, where he was director of finance, as he returns to advisory work.
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Ares Management and Apex Clean Energy have secured a Facebook power purchase agreement covering a portion of the output of a wind project in Texas.
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Renewables developers eyeing opportunities in Latin America are considering tenders recently launched in Brazil and Ecuador.
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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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Hudson Sustainable Investments last month brought in a vice president who had previously worked on renewable energy investments at GE Energy Financial Services.
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Brazilian power utility Companhia Paranaense de Energia (Copel) has launched bidding documents for an auction to procure renewable generation.
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Brazilian state-controlled Eletrobras has concluded the sale of wind assets to J Malucelli-subsidiary Ventus.
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Richard Rambaldo has left Sempra Renewables, where he worked in principal investing, M&A and capital raising for seven years, to join a specialty renewables and real estate lender.
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The Detroit Zoological Society has announced that it will purchase renewable energy through DTE Energy’s MIGreenPower program.
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NaiKun Wind Energy Group has signed an indicative offer with a major offshore wind development company to develop the Naikun offshore wind project in Hecate Strait.
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A wind farm under development in MISO will require tax equity once it is handed over to an Indiana utility under a build-transfer.
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Colorado’s Holy Cross Energy has signed a power purchase agreement with NGC Partners for 100 MW of output from the 150 MW Arriba Wind Farm, which is being co-developed with Guzman Energy.
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The University of Arizona has signed a 20-year power purchase agreement with Tucson Electric Power for a portion of the output from new solar and wind projects.
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Avangrid Renewables has signed three 10-year power purchase agreements with the California Choice Energy Authority (CalChoice) for the output from its 22.44 MW Mountain View III Wind Farm.
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Argentine retail chain Libertad has inked a five-year power purchase agreement with Pampa Energia for the output from its 53 MW Pampa Energia II Wind Farm.
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The eight-strong banking group that had been assembled to finance Avangrid Renewables' and Copenhagen Infrastructure Partners' 800 MW Vineyard offshore wind farm is waiting in the wings as federal permitting issues threaten to push back commercial operations dates and alter tax equity investments.
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Avangrid Renewables has signed three 10-year power purchase agreements with the California Choice Energy Authority (CalChoice) for the output from its 22.44 MW Mountain View III Wind Farm.
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Enel Green Power North America is selling a development-stage wind project that is slated for a build-transfer in Southwest Power Pool.
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Connecticut’s Department of Energy & Environmental Protection (DEEP) has issued an RFP for offshore wind projects with a combined capacity of up to 2,000MW.
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In July, Power Finance & Risk teamed up with Bracewell to host a panel on the key project finance trends we saw in the first half of the year. Experts from Capital Dynamics, CohnReznick Capital and NextEra Energy also laid out what the market can expect in the next six months.
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Despite ERCOT setting multiple new all-time peak demand records earlier this week, market watchers told PFR that prices for hedges continue to face downward pressure.
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Texas’ Austin City Council has approved a 12-year power purchase agreement between E.ON Climate & Renewables and Austin Energy for 200 MW of output from the 440 MW Big Raymond wind farm.
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Algonquin Power & Utilities Corp. has agreed to take a stake in an RES Americas wind project under development in Texas.
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Geronimo Energy is working with a range of tax equity investors on two of its wind farms that are under construction.
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Renewables yield company Pattern Energy Group has confirmed that it has drawn interest from third parties following a report that it was considering takeover offers.
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Pacific Gas & Electric is seeking the approval of the U.S. Bankruptcy Court and California Public Utilities Commission for reduced-price power purchase agreements and energy storage contracts with three developers.
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Fashion retailer Gap has signed a 12-year virtual power purchase agreement for 90 MW from a wind project in North Dakota.
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Equinor has agreed to buy a stake in an under-construction wind project in Argentina from YPF Luz through a joint venture.
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Werner Nikowitz, who led StormHarbour Securities’ renewable energy, infrastructure and energy technology investment banking practice until April, has set up a new advisory and merchant banking firm.
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Renewables developer sPower is preparing a tax equity and back leverage financing for a wind farm that is under construction in South Dakota.
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PJ Solomon has hired a power and renewables coverage banker in New York from Bank of America Merrill Lynch.
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In this week’s round-up of the latest power purchase agreement news, we have contracts with a regional rail and bus operator and a tech firm as well as a request for proposals in the Desert Southwest.
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Enel Green Power North America is in talks with two different tax equity investors regarding financing for two separate wind farms that are already under construction.
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Eletrobras has relaunched the process to sell minority positions in 39 special purpose vehicles that own wind assets with a total capacity of 842.5 MW as well as a transmission line project.
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Tenaska has begun discussions with lenders to arrange construction financing for a portfolio of build-transfer wind projects in Missouri for Empire District. The utility intends to bring in third-party tax equity through a structure that has been contested by the state's Office of Public Counsel.
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Arizona Public Service Company plans to issue two requests for proposals by Sept. 15 to help expand its renewable energy portfolio with solar and wind projects.
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This week’s round-up of power purchase agreement news features a hybrid wind, solar and battery project in Oklahoma, corporate PPAs for wind in Oklahoma and Argentina, and the largest solar project in Alberta.
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Duke Energy Renewables has signed two virtual power purchase agreements with non-utility corporations for a 350 MW wind project it is developing in Oklahoma.
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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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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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An independent power producer has hired a boutique investment bank to run the sale of a wind development platform that includes two projects with contracts for the sale of renewable energy credits.
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The Maine Public Utilities Commission has approved a 20-year power purchase agreement under which Emera Maine will purchase the output from Longroad Energy Partners' 72.6 MW Weaver Wind project.
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The New York State Energy Research and Development Authority has selected two offshore wind projects for contract negotiations following a solicitation process launched last year.
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Argentina is inviting bids for the third round of its renewable energy procurement program, RenovAr Round 3.
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Argentine power generator Genneia has closed long-term debt for the construction of a 141 MW wind portfolio—comprising the Chubut Norte III and IV projects—in Patagonia.
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American Electric Power and Invenergy are taking a second swing at a massive wind build-transfer deal in Oklahoma, after the previously proposed 2 GW Wind Catcher deal was nixed by state regulators.
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Exelon company Constellation has inked a 15-year power purchase agreement with Scout Clean Energy for 80%, or roughly 104 MW, of the output from the 130 MW Bitter Ridge Wind Farm.
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Colombia has released the final rules for its long-term renewable power auction, which will take place “before the end of October”, according to the planning unit of the ministry of mines and energy, UPME.
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Exelon company Constellation has inked a 15-year power purchase agreement with Scout Clean Energy for 80%, or roughly 104 MW, of the output from the 130 MW Bitter Ridge Wind Farm.
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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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EDP Renováveis has announced that it has secured a 20-year private power purchase agreement for two wind farms in Brazil.
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Javier Mateache Sacristán, the co-founder and U.S. CEO of Elawan Energy (formerly Gestamp Wind), passed away on June 25, following the recurrence of a previously treated cancer, at the age of 53.
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Longroad Energy has sold down equity stakes in its 243 MW El Campo wind project, which is mostly but not entirely contracted with two non-utility offtakers, to a pair of Danish pension funds.
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The team behind a secretive company established by an ex-sPower executive and a former power procurement official at Microsoft with the aim of developing utility infrastructure for the data center market continues to grow, with the addition of another Microsoft alumnus as chief technology officer.
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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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Longroad Energy has sealed construction financing for its 243 MW El Campo wind project in Knox County, Texas.
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Brazil awarded the lowest-priced power purchase agreements ever in Latin America on June 28, reflecting an emerging strategy among wind and solar developers there to compete aggressively for government contracts while leaving a portion of their projects merchant.
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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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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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With single-digit reserve margin forecasts drawing solar, battery and peaker developers to Texas in droves, PFR reporter Shravan Bhat visited Houston last week to catch up with the Ercot community and assess the market for power price hedges.
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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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Bravos Energia, a company founded by one of the architects of Mexico's energy market reforms, is preparing to step into the gap left by the cancellation of the government's power auction program by launching its own private processes to match generators with corporate offtakers.
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Ohio-based onsite wind generation company One Energy is looking for series D funding as it prepares to close a separate $300 million capital raise for an unlisted project investment vehicle it is calling a yield company.
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A senior power trader has left Citi's commodities group after about six years with the firm.
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A senior originator of power purchase agreements at renewables developer sPower recently moved over to the procurement side of the table at a large technology firm in California's Bay Area.
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EDF Renewable Energy has hired a senior director with risk management experience from a rival developer.
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Wells Fargo has announced that its co-head of its award-winning renewables tax equity team, Barry Neal, is retiring. Meanwhile, another senior member of the group has left for a job at a developer.
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Dutch infrastructure fund manager DIF has opened its first Latin American office in Santiago, Chile, which will be run by a former Scotiabank official.
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Voltalia has agreed to sell a minority stake in two wind assets in Brazil to French infrastructure investment fund STOA.
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Early-stage renewable energy projects exceeding 1 GW were auctioned off at a novel event on the trading floor of the New York Stock Exchange last Monday, hosted by Akin Gump, Novogradac, DNV GL and FTI Capital Advisors.
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Vectren Corp. has issued a request for proposals for about 700 MW of generation of any kind.
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The New Jersey Board of Public Utilities has awarded a 1,100 MW contract to Ørsted US Offshore Wind’s Ocean Wind project, 15 miles off the coast of Atlantic City, N.J.
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White & Case has added a partner in New York who was previously tax director at GE Energy Financial Services.
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Lincoln Clean Energy has poached a mid-level executive from a rival wind-focused renewables project developer.
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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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A community choice aggregator in California is preparing to sign around half a gigawatt of power purchase agreements with renewables developers.
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Back to back panels early on Day 1 of the REFF Wall Street 2019 conference at the Intercontinental Barclay in New York highlighted that despite the phase downs in federal renewables tax credits, the tax equity majors still the keys in the capital stack.
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Korea Electric Power Corp. has priced a $500 million five-year corporate green bond to finance the development of renewable energy and clean transportation.
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A senior official in the energy finance team at Prudential Capital Group in Dallas has left the firm after 15 years.
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Ham and hotdog maker Smithfield Foods has inked a 12-year power purchase agreement with Allete Clean Energy for 75 MW from its 300 MW Diamond Springs Wind Farm.
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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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Consolidated Edison Development has refinanced a portion of the 980 MW renewables portfolio it acquired from Sempra Energy last year, focusing on projects that are not exposed through power purchase agreements to Pacific Gas & Electric.
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Omega Geração de Energia has concluded the acquisition of a 303 MW wind complex in Brazil.
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Longroad Energy has secured a second virtual power purchase agreement for a wind project under development in Texas.
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AES Tietê is pushing ahead with the acquisition of a portion of the Alto Sertão III wind complex from Renova Energia after Brazilian regulator Aneel revoked its approval of the grid interconnection for a phase of the project.
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Renewable energy procurement platform LevelTen Energy has blended 146 MW of wind and solar from three developers in three U.S. power markets into a convenient package for coffee chain Starbucks.
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A senior infrastructure investment associate at Legal & General Investment Management, Ross McAdam, is relocating from London to Chicago as the firm seeks to bolster its debt unit in the region.
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Renewable energy procurement platform LevelTen Energy has blended 146 MW of wind and solar from three developers in three U.S. power markets into a convenient package for coffee chain Starbucks.
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CohnReznick Capital announced the arrival of a new senior managing director from a bulge bracket investment bank on June 5.
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Brazilian regulator Aneel has rejected the sale of Renova Energia’s 743 MW Alto Sertão III wind portfolio and other development-stage assets to AES Tietê.
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Scout Clean Energy has signed a 20-year power purchase agreement for a 200 MW wind project in Minnesota.
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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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Colombia’s ministry of mines and energy has put forward new proposals for its second renewables auction for public consultation, three months after closing its first long-term auction without awarding any contracts.
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Data center operator QTS Realty Trust has bundled together generation from a wind farm in Illinois with renewable energy certificates from a project in Texas to power its data centers in Illinois and New Jersey.
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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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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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German utility EnBW has opened an office in New Jersey, through its subsidiary EnBW North America, to target opportunities on the U.S. East Coast.
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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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Offshore wind project sponsors appear set to compromise with lenders over the extent to which they will be able to translate borrower-friendly terms they are used to in Europe to the nascent U.S. market.
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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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The sponsors behind Massachusetts offshore wind joint venture Mayflower Wind Energy have appointed a financial adviser.
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Renewables developer Avangrid and Massachusetts utility company NStar Electric tested bond portfolio managers’ appetites for greens today, as both came to the investment grade market with similar deals.
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TerraForm Power concluded the refinancing of two wind facilities in Uruguay on April 30.
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Clearway Energy Group has closed financing for its 419 MW Mesquite Star wind farm in Texas, which is contracted under virtual power purchase agreements with a diverse assortment of offtakers.
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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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Geronimo Energy has hired a senior project finance official who was previously head of structured finance at a solar developer on the West Coast.
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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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Ric Abel, managing director and principal at Prudential Capital Energy Partners, the mid-market energy finance business sponsored by Prudential Capital Group, is set to retire in the coming weeks after 30 years with the asset manager.
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Moody's Investors Service has assigned an investment grade credit rating to a second community choice aggregator in California.
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Acquisitions of renewable development platforms have surged in recent years as financial and strategic investors have considered ever earlier-stage projects in the scramble for U.S. wind and solar assets. But as businesses are put up for sale with more speculative pipelines, deal watchers say that transactions will be harder to find.
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The Argentine government is preparing to launch the fourth round of its renewables auction program, RenovAr, before year-end.
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Xcel Energy-owned utility Public Service Co. of Colorado has put a solar power purchase agreement out to tender for a second time after the project that won the original contract was shelved, apparently because it was not financially viable.
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Kirk Edelman has left Siemens Financial Services, where he led the firm's global energy finance business and coordinated its Americas investment activity across various industries, as the company appointed a new leader of its global private equity business.
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An MPC Capital-led group has reached financial close on the acquisition of the 21 MW Tilawind wind farm in Costa Rica for around $50 million.
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Packaging and aerospace company Ball Corp. has signed virtual power purchase agreements for the output of solar and wind projects in Oklahoma and Texas.
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PFR is pleased to announce the winners of its 16th Annual Deals and Firms of the Year Awards for the most impressive sponsors, lenders, advisers, investors and deals of 2018.
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A pair of New York-based senior energy and infrastructure project finance bankers are understood to have left HSBC this month.
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Healthcare provider DaVita has signed virtual power purchase agreements for a portion of the output of two renewable energy projects under development in Texas.
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Spanish developer Grenergy has closed financing on two wind projects in Peru.
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North Carolina Renewable Energy has signed a power purchase agreement with a utility company for the output of a 75 MW solar project in South Carolina, which has a total installed capacity of less than 300 MW.
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Brookfield Asset Management has added a horde of professionals to the ranks of its renewable energy business since the beginning of the year, most recently Rahul Sharma, who was previously a senior project finance professional at NextEra Energy Resources.
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Brazil’s power regulator Aneel has approved the procurement notice for the first power auction under the government of President Jair Bolsonaro.
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Two former senior executives at GE Solar joined a Canadian renewables investor in New York earlier this year.
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Engie North America is working with a group of three tax equity investors to finance its 276 MW Solomon Forks wind project near the city of Colby in northwestern Kansas.
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A seasoned structured finance professional who used to work alongside J-Power USA ceo Mark Condon at Heller Financial in the 1990s has rejoined his former colleague by taking a managing director job at the Japanese independent power producer in Chicago.
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Roaring Fork Wind, the wind development joint venture between Renewable Energy Systems Americas and Vestas, has signed a 15-year virtual power purchase agreement with a non-utility offtaker for 200 MW from a wind project in Texas.
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The U.S. Federal Energy Regulatory Commission has given a green light to NextEra Energy’s repowering of two wind farms in Iowa.
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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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The Carlyle Group has hired a senior investment banker from Goldman Sachs to lead a new renewable and sustainable energy team from New York.
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A transactional tax expert who previously worked in-house at GE Energy Financial Services has left the company to become a tax partner in the energy and sustainability group of a law firm in New York.
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Capital Dynamics has promoted two members of its New York clean energy infrastructure team to managing director.
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A GE Capital stalwart of 20 years who worked on debt and equity investments in generation assets has left the company to take up a new role at an alternative investment manager.
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Hormel Foods Corp., the maker of Spam luncheon meat, features in this week's round-up of the latest renewable power purchase agreements.
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Dutch manager DIF is in the process of establishing a presence in Latin America by opening an office in Santiago, Chile over the coming months.
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Tokyo Gas has acquired 50% of Engie’s renewable joint venture in Mexico, Heolios EnTG.
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Hormel Foods Corp. has signed a virtual power purchase agreement for the output of a new 74 MW wind farm to be located near Milligan, Neb. Construction of the facility is expected to be completed in 2020.
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Daniel De Boer has joined Allianz Global Investors as co-head of transactions, Americas, for infrastructure equity. He operates out of New York.
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Amazon Web Services has inked power purchase agreements for projects in the U.S, Ireland and Sweden totaling more than 229 MW.
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The Church Pension Fund has confirmed an investment of $40 million in the New Energy Capital Infrastructure Credit Fund II.
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Utilities in Hawaii, Arizona and Tennessee have all recently announced plans to add renewable energy to their portfolios through requests for proposals.
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A renewable energy-focused private equity firm is setting up a project development company and has hired a former Tenaska Power Services Co. staffer to lead origination.
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A Canadian independent power producer is working on a refinancing for a recently acquired wind project in Québec.
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Project finance lawyer Vincent Casey has returned to Orrick as a partner in the firm's energy and infrastructure group in New York, where he will focus on North American and Latin American projects.
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Two bankers have left ABN Amro’s New York power and renewables project finance team to take up jobs elsewhere.
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Netherlands-based specialty financial advisory firm Green Giraffe has opened a U.S. office with a senior hire from one of its local partners.
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Brazilian antitrust body Cade has approved the sales of wind and transmission assets by Eletrobras to two private sector investors.
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Voting ends on Sunday in Power Finance & Risk's annual Deals and Firms of the Year poll, which will determine the winners of our highly regarded awards.
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Chile has laid out plans for a power auction and several transmission line tenders to be carried out this year.
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Renova has accepted a revamped binding offer from AES Tietê for the 400 MW Alto Sertão III wind complex in Brazil, after a previous bid was rejected in January.
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Leeward Renewable Energy has hired an attorney who was once deputy general counsel at Duke Energy Corp. as chief legal officer and senior v.p. for corporate development.
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Connor, Clark & Lunn Infrastructure and Desjardins have acquired Canadian renewables business Regional Power from Manulife.
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Evelyn Kim has joined DLA Piper’s finance practice in San Francisco as partner with a focus on renewables projects.
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NextEra Energy Resources has signed a combined build-transfer and power purchase agreement deal with a utility for a wind project it is developing in Wyoming.
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TerraForm Power has launched the refinancing of a 95 MW wind facility located in Uruguay.
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Colombia seems to have overcome issues surrounding its renewable energy agenda with EDP Renováveis this week securing two 20-year wind farm contracts.
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A perhaps unsurprising name is in the frame as a potential participant in the financing of Avangrid Renewables and Copenhagen Infrastructure Partners 800 MW Vineyard offshore wind project off the coast of Massachusetts.
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Clearway Energy Group has signed a 20-year power purchase agreement covering about a third of the output of a wind project under development in Washington.
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Tara Higgins and Noreen Phelan have joined Sidley Austin's global energy infrastructure practice as partners and Chris Hutchison as senior associate.
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NextEra Energy Resources has signed a combined build-transfer and power purchase agreement deal with a utility for a wind project it is developing in Wyoming.
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Ratings agencies are keeping close tabs on projects contracted with Southern California Edison as the restructuring of fellow California utility Pacific Gas & Electric rumbles on.
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Fitch Ratings has placed the non-guaranteed project debt associated with a Caithness Energy wind project on negative ratings watch as market participants grapple with the effects of wildfire-related downgrades to Southern California Edison.
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Power Finance & Risk has launched its annual Deals and Firms of the year poll, which will determine the winners of our highly prized Deal and Firm of the Year Awards, to be announced at the end of April.
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German wind developer PNE has entered Latin America with the acquisition of five projects in Panama.
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