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PSEG Power has shuttered the last coal-fired power plant in its fleet, marking the completion of its long-term coal exit strategy.
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Troubled Australian asset manager AMP, the parent company to US renewables investor AMP Capital, has avoided a second shareholder vote against executive pay by a slim margin.
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NextEra Energy has recorded a $180 million revenue hit owing to the severe winter weather in Texas in February, which forced as much as 46 GW of generation offline.
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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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Longview Power – the owner of a 700 MW coal-fired plant in West Virginia – emerged from its most recent prepackaged Chapter 11 restructuring on July 31.
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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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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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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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The U.S. Senate has confirmed Neil Chatterjee and Robert F. Powelson to serve on the Federal Energy Regulatory Commission.
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A key fixture in the power finance calendar, Infocast's annual Projects & Money conference at Harrah's New Orleans drew the great and the good of the industry. Managing editor Olivia Feld attended.
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GE Capital's Homer City coal-fired project in Indiana County, Pa., has filed for a pre-packaged restructuring under Chapter 11, as expected.
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Renewables projects in the U.S. sealed almost 1 GW of power purchase agreements in the last two months, according to data gathered by PFR. Non-utility offtake arrangements outweighed PPAs with traditional utilities and more solar than wind was contracted, but the picture varied state by state.
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In this week’s Industry Current, Bernays ‘Buz’ Barclay, managing partner at Rimon P.C. and senior adviser to Marathon Capital, calls on the power industry to engage with blockchain technology.
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WPPI Energy has issued a request for proposals for 100 MW of renewable generation, preferably from projects in Wisconsin.
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A solar powered airplane that could become the first aircraft to fly around the world without fuel has begun crossing the U.S.
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Michigan Electric Transmission Company, a subsidiary of ITC Holdings Corp., has issued a $200 million secured private placement to refinance an unsecured term loan due in 2018.
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PSEG Long Island, on behalf of the Long Island Power Authority, has issued a request for proposals for 535 MW in western Nassau County, N.Y.
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Corporations in a range of industries continue to supplant utilities as offtakers for renewable projects in the U.S., as they seek to bolster their green credentials.
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Non-utility corporate offtakers have continued to snap up power purchase agreements for the output of renewables projects in the last months, and it’s not all for data centers, although there were a couple of those.
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The causes and consequences of the recent yield company turmoil, the impact of the Clean Power Plan and hopes to resurrect the production tax credit were all topics of conversation at the American Wind Energy Association Wind Energy Finance and Investment Seminar in at the Roosevelt Hotel in New York.
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A Californian utility has employed 20 sure-footed creatures to help haul equipment to its remote hydroelectric project in the Eldorado National Forest.
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On Sept. 16, PJM market participants and industry observers from further afield gathered for the PJM Market Summit to discuss the introduction of new capacity performance rules and the evolution of demand response products.
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Entergy Corp. is evaluating whether to refuel its 850 MW James A. FitzPatrick Nuclear Power Plant near Oswego, N.Y., against a backdrop of low power prices.
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The cfo of Abengoa Yield resigned on Monday, four months after the yield company’s ceo departed to run its parent company, Abengoa S.A.
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University of Minnesota students have unveiled a solar-powered hybrid car that they will take to the other side of the world to race across Australia.
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San Diego Gas & Electric has become the first utility to receive the Federal Aviation Administration’s permission to use drones.
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Two on-site wind turbines have been installed at the Eiffel Tower, as part of the first major renovations at the Parisian landmark in 30 years.
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Google is unveiling airborne wind turbines based on the designs of an avid kite-surfing engineer. The turbines will take flight next month.
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Technology companies are providing a bright spot in the perennial hunt for power purchase agreements this month.
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Wendy Carlson, former managing director of Marathon Capital, has joined Prudential Capital Group as the managing director of its power unit.
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Renewable developers RES America and Blackstone Group-backed OffshoreMW have won leases in the largest U.S. offshore wind auction to date.
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E.ON Climate & Renewables and GE Energy Financial Services have sealed tax equity investment for the 211 MW Grandview wind project in Amarillo, Texas.
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The House of Representatives has voted overwhelmingly in favor of a package of tax extensions that includes a one-year renewal of the production tax credit.
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Jerry Stalun, a former managing director at EIG Global Energy Partners, has joined Sol Systems as its senior director of investments. Stalun joined the Washington D.C.-based company Nov. 21 and reports to Yuri Horowitz, ceo.
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In the end, the beauty of renewables won out over novelty.
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The step down in the investment tax credits in 2016 have solar developers and financiers at the drawing board to create financing structures that will work for a pipeline of projects, according to speakers at Solar Media's Next Generation Solar PV Finance conference in New York.
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JPMorgan Capital Corp. has agreed to sell a portion of its tax equity investments in a portfolio of 10 wind farms to Hannon Armstrong Sustainable Capital.
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TransCanada and Elecnor have dropped out of a request for proposals to build and own the 310-mile Fort McMurray transmission project in Alberta.
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The U.S. Army Corps of Engineers has issued a request for proposals for an onsite solar project at the Redstone Arsenal in Huntsville, Ala.
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Solar developers are recruiting wooly mammals to keep landscaping in check at their projects in the western U.S.
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The U.S. Bureau of Ocean Energy Management is auctioning off a pair of offshore wind plots that could accommodate up to 1.45 GW in the waters off Maryland.
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The City of Palo Alto Utilities in Palo Alto, Calif., has issued a request for proposals as it looks to establish a community solar program that allows utility customers to invest directly in solar generation.
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Solar and wind developers are looking to decrease project development costs in the face of expiring subsidies and dwindling renewable portfolio standards.
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Many wind and solar developers with smaller projects are having difficulty locking in debt and equity, despite a widely acknowledged increase in the amount of capital available to the power sector.
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Arizona Public Service has issued a request for proposal from solar developers and installers for two 10 MW utility-scale solar photovoltaic facilities in Arizona.
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SunEdison has agreed to purchase 50 MW of solar projects in Massachusetts from Boston-based renewable developer BlueWave Capital.
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NorthWestern Energy has launched a call for up to 45 MW of community-scale renewable energy in Montana.
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The Board of Water & Light in Lansing, Mich., has issued a request for proposals for 5 MW of solar.
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Dino Barajas, partner specializing in project finance and Latin America transactions at Akin Gump Strauss Hauer & Feld in Los Angeles, writes an overview of how recent reforms could shape the energy sector.
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DTE Energy has sold the retired 167 MW Marysville coal-fired plant to Commercial Development Co., an industrial brownfield redevelopment firm.
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Bostonia Partners has hired Randall Male as managing director in its Boston office.
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Energy Transfer Equity LP is buying out Iberdrola USA’s stake in a gas-fired facility in Pennsylvania.
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AES Corp. and Duke Energy are awaiting the outcome of the 2017-2018 capacity auction in PJM before taking bids in their respective auctions of unregulated generation in Ohio.
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New Zealand-based retail energy company Meridian Energy has sold a solar facjility in California to SunEdison—the final step in Meridian’s exit from the U.S. power market.
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Tenaska Solar Ventures has launched a debt package that could be north of $500 million to fund construction of its 150 MW Tenaska Imperial Solar Center West in Imperial County, Calif.
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Corporación América, an infrastructure-focused conglomerate out of Argentina, has closed a $176 million debt package financing the Carape I and II wind projects in Maldonado, Uruguay.
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Cheniere Energy is out to issue $2 billion in senior secured 144A bonds to fund capital costs on trains one through four at its Sabine Pass liquefied natural gas export facility in Louisiana.
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Clean Power Finance, a financial services and software provider for the residential solar industry, has raised $200 million in a fund to finance residential solar projects.
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Black Hills Energy-Colorado Electric has issued two requests for proposals for a total of 102 MW in southern Colorado.
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Boston-based First Wind has closed a $369 million financing package backing the 148 MW Oakfield wind project in Aroostook Country, Maine.
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Australian outfit Liquefied Natural Gas Limited has privately place $49.5 million in shares to existing institutional investors in Australia and the U.S. to fund the company’s operations until it reaches financial close on the debt for its $2.2 billion Magnolia LNG project.
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Canadian Solar has landed a C$115.5 million ($105.15 million) construction loan backing 30 MW of solar projects in Ontario.
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This week’s Industry Current on pricing, environmental impacts and new opportunities for generation and storage development is written by Laura Norin, senior project manager, Julia Getchell, associate, and Heather Mehta, principal, with power and energy consultancy MRW & Associates in Oakland, Calif.
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Natural gas pipeline owner Fermaca Enterprises is issuing $527 million in 144A notes to refinance debt on the Tarahumara pipeline in Mexico’s Chihuahua state before it adds a compression station to increase capacity.
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Belgian shipping and engineering company Exmar NV is looking to lock in $170 million in debt to back the world’s first floating liquefied natural gas export facility in waters off of Tolu, Colombia, in the Gulf of Morrosquillo.
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Rockland Capital has lined up a credit facility from Investec to backing its first fund Rockland Power Partners.
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SunEdison and Deutsche Bank have inked their fourth deal in 2014—this one financing construction of the 60 MW Regulus project in Kern County, Calif.
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NextEra Energy has confidentially filed an S-1 with the U.S. Securities and Exchange Commission, putting it on track to take a portion of its unregulated assets public.
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Invenergy has closed a refinancing of the debt on the 620 MW Grays Harbor Energy Center natural gas-fired in Elma, Wash.
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Alterra Power Corp. and Fiera Axium Infrastructure are looking to secure debt to back construction of the 62 MW Jimmie Creek hydro project in southwest British Columbia.
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Northland Power has closed a C$240 million ($217.55 million) financing package backing five 10 MW solar projects in Ontario.
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True Green Capital Management has closed a $130 million credit facility backing a 22 MW portfolio of commercial solar facilities in the northeast U.S.
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SunEdison has closed a C$115 million ($104.24 million) construction loan for a pair of utility scale solar projects totaling 33 MW in Ontario, Canada.
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Deutsche Bank has topped league tables for the first quarter of 2014, highlighting a resurgence of European lenders in power and energy project finance in the U.S. and Canada.
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SunPower has teamed up with tech giant Google on a $250 million fund that will buy residential rooftop solar installations across the U.S.
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Solar developer FLS Energy is looking to buy up to 100 MW of solar photovoltaic projects in the Duke Energy or Dominion North Carolina Power service territories.
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Abengoa subsidiary Abengoa Transmission Sur has closed a $432 million 144A bond refinancing of the 500 kV transmission project in Peru.
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Hannon Armstrong Sustainable Infrastructure Capital and Sol Systems have created a $100 million fund to develop distributed solar projects.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter
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MISO’s second capacity auction yielded capacity price increases in each zone but fell short of some estimates.
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The PPA Pulse is a guide to which sponsors and projects have recently garnered power purchase agreements in the Americas.
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Blackstone Energy Partners-backed Fisterra Energy and CEMEX have closed a $490 million debt package backing the 252 MW Ventika wind project in Nuevo Leon, Mexico.
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The Georgia Public Service Commission has issued a request for proposals via Southern Power Company for 495 MW of utility scale solar photovoltaic generation in the state to go online in 2015 and 2016. Accion Group will be the independent evaluator of the RFP.
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A round-up of renewable tax law developments from David Burton, partner, and David Snyder, associate, at Akin Gump Strauss Hauer & Feld in New York.
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SunEdison has closed the first $150 million tranche of a $300 million three-year revolving credit facility arranged by Deutsche Bank Securities.
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New Generation Power is talking to lenders about lining up roughly $700 million in financing backing the 400 MW New Generation Power Texas wind project in Haskell County, Texas.
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Project finance bankers at Platts’ 29th Annual Global Power Markets are seeing strong deal flow and a growing pool of lenders and financing options in the power sector this year.
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The impact of distributed solar generation on the market is challenging the traditional utility-centric model and piquing financier interest, according to panelists at Platts’ 29th Annual Global Power Markets conference at the Wynn Las Vegas in Las Vegas, Nev., April 8.
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Duke Energy and Piedmont Natural Gas have issued a request for solicitations for a natural gas pipeline to meet growing demand for the fuel in North Carolina. The companies expect to select a bid later this year.
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Energy Investors Funds is in the market talking to lenders about lining up a debt package backing the 655 MW natural gas-fired Newark Energy Center in Newark, N.J.
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Canadian Solar has landed a C$50.5 million ($45.66 million) construction and term financing from Manulife Financial backing the 10 MW Mighty Solar project in North Dundas, Ontario.
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AMP Capital has raised another $450 million to take the overall amount in its AMP Capital Infrastructure Debt Fund II to more than $750 million.
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SolarCity has closed a $250 million financing backing more than 200 MW of solar systems for rooftops and businesses.
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Macquarie Group and Altus Power America Management have launched a $100 million Clean Energy Land Program to help finance solar and wind projects in the U.S. by covering real estate costs associated with project development.
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Sunnyvale, Calif.-based Clean Focus Corp. has closed an $88 million debt package backing nine solar projects in Massachusetts.
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Jeetu Balchandani, director and head of lease, tax, infrastructure equity and tax credit investments at MetLife Investments, has left the company.
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Ares Capital Corporation has added Owen D. Hill and Jonathan M. Shepko, formerly managing directors at a Beal Bank affiliate, as managing directors in the company’s Dallas office.
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Abengoa has mandated BNP Paribas and HSBC to lead a $412 million 144A senior secured note offering that will refinance subsidiary Abengoa Transmisión Sur’s Chilca Nueva-Marcona Nueva-Ocoña-Montalvo 2 transmission project in Peru.
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Cape Wind and The Bank of Tokyo-Mitsubishi UFJ have added Natixis and Rabobank as lead arrangers on the structuring and syndication of the approximately $1.5 billion in commercial bank debt backing the 468 MW off-shore wind project near Cape Cod, Mass.
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Enel Green Power has inked a EUR153 million ($210.88 million) agreement with Banco Santander to help grow the sponsor’s wind operations in Mexico.
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SunEdison has secured a tax equity investment from Wells Fargo following the completion of the 24 MW Cascade solar facility in north Joshua Tree, Calif.
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Pattern Energy has closed the C$850 million ($757.78 million) non-recourse mini-perm backing the 270 MW K2 wind project in Ashfield-Colborne-Wawanosh, Ontario.
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Developers and financiers are keeping an eye on Washington as the expiration of the solar investment tax credits begins to impact financings for projects with longer construction periods.
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Energy Capital Partners has closed $480 million in senior secured credit facilities refinancing the natural gas-fired, merchant 635 MW Empire Generating facility in Rensselaer, N.Y.
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Sempra U.S. Gas & Power has closed the roughly $440 million non-recourse debt package backing the Copper Mountain III solar project near Boulder City, Nev.
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First Wind is aiming to lock in pricing of LIBOR plus 225 basis points for the roughly $300 million construction and term loan backing the quasi-merchant 147 MW Oakfield wind project in Aroostook County, Maine.
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Sempra U.S. Gas & Power is expected to wrap next month a roughly $250 million debt package backing the 156 MW Energía Sierra Juárez wind project in La Rumorosa, Baja California, Mexico.
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The much-discussed reforms to the Mexican energy sector will provide opportunities for foreign investment in renewables projects, according to panelists at Euromoney’s 8th Annual Latin American Energy and Infrastructure Finance Forum at the Biltmore Hotel in Miami on March 11.
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A maturing project finance market in Latin America is opening up opportunities for structures such as those with with term loan B or mezzanine tranches to play alongside traditional forms of debt, noted panelists at Euromoney’s 8th Annual Latin American Energy & Infrastructure Finance Forum at the Biltmore Hotel in Miami on March 12.
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The PPA Pulse is a guide to which sponsors and projects have recently garnered power purchase agreements in the Americas.
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Blackstone-owned residential solar company Vivint Solar has raised $280 million across three tax equity transactions.
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Xcel Energy has issued a request for proposals for up to 150 MW of large-scale solar resources in its Northern States Power Co. service territory by the end of 2016.
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Cameron LNG is shooting for pricing of LIBOR plus 175 basis points for the bank loan tranche of the financing backing its almost $10 billion liquefied natural gas export facility in Hackberry, La.
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A unit of Energy Capital Partners will have voting power in MACH Gen via a derivative contract with second-lien debt holder Deutsche Bank.
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Pattern Energy is set to line up a large club of banks to raise the approximately C$750 million ($676.22 million) in debt backing the 270 MW K2 wind project in Ashfield-Colborne-Wawanosh, Ontario.
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Florida-based development shop NTE Energy is looking to raise construction equity and then debt backing three gas-fired projects in the U.S.
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Someera Khokhar, the Americas regional section head for White & Case’s energy, infrastructure, project finance and asset finance group and José Ignacio Segura Alonso, White & Case local partner look at how a 2012 law will attract investors to the country.
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Energy Capital Partners has launched a $480 million debt package to refinance the natural gas-fired, merchant 635 MW Empire generating facility in Rensselaer, N.Y.
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Cape Wind is poised to land a $600 million loan from the Danish export credit agency EKF backing the 468 MW project off the coast of Cape Cod.
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The Blackstone Group and Transmission Developers, sponsors of the $2.2 billion Champlain Hudson Power Express transmission project, are looking to secure a debt package backing the project by year-end.
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Beowulf Energy and Natural Gas Partners, affiliates of Paul Prager’s Bicent Energy, have landed a $200 million refinancing of their Vernon portfolio of projects.
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Christopher Yonan, formerly a director of leveraged and project finance at Barclays, will join Morgan Stanley as an executive director in April.
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A rush to qualify projects for the production tax credit at the end of 2013 means that thousands of megawatts of projects will be looking for financing this year.
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The growth and availability of term loan Bs are set to continue, driven largely by activity in the mergers and acquisitions market, according to panelists at Euromoney’s 9th annual U.S. Power and Renewable Finance conference at the Westin New York at Times Square on Thursday.
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Duke Energy has issued a request for proposals for 300 MW of solar generation in its Duke Energy Carolinas and Duke Energy Progress territories.
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First Wind has closed a $206 million debt package backing its 150 MW Route 66 wind project near Amarillo, Texas.
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Mitsubishi UFJ Financial Group has dominated year-end league tables for the fourth quarter and 2013 as a whole, topping both lists.
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Canadian Solar is looking to sell almost three million shares and up to $130 million in 144A convertible senior notes due 2019.
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Competitive Power Ventures is talking with lenders about securing up to $600 million backing the 725 MW gas-fired St. Charles project in Charles County, Md.
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BlackRock has purchased its fourth Ontario solar project from Canadian Solar, with the acquisition of the 10 MW Oro-Medonte project.
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BluEarth Renewables is looking to secure upwards of C$300 million ($270.15 million) backing three renewable projects in Canada in the coming months.
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SunPower Corp. has launched a financing program with Bank of America Merrill Lynch to support approximately $220 million of solar residential lease projects.
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Atlantic Power Corp. has launched an up to $800 million debt package as it looks to rework its capital structure and avoid a covenant breach.
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A California court has annulled a decision to allow Pacific Gas & Electric to acquire Radback Energy and Wellhead Electric’s 614 MW Oakley gas-fired project upon completion.
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BluEarth Renewables is nearing financial close on a C$165 million ($148.64 million) debt package backing a troika of solar photovoltaic projects in Ontario.
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A swathe of lenders are taking ticket sizes of up to $600 million in the $4 billion financing backing one of the trains in the Freeport liquefied natural gas export project, say observers.
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Atlantic Power Corp. has launched a refinancing package comprised of a $600 million term loan and $200 million in senior secured revolving credit facilities.
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Denver-based solar company Conergy Americas has launched a $100 million fund to finance solar projects in the U.S.
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Utilities and independent power producers are not immune from the wave of activist shareholders campaigns that have emerged as a driving force of U.S. M&A deals, bankers cautioned at the 27th Annual Exnet Power and Gas M&A Symposium conference in New York.
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Dialogue is needed between developers and financiers on renewable projects that involve communities and First Nation groups, according to speakers at the 5th Annual Canadian Power Finance Conference in Toronto Jan. 29.
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The number of assets coming up for sale in Canada is not as high as it was a couple of years ago, despite an uptick in the number of institutional investors looking to play in the space, according to panelists at the 5th Annual Canadian Power Finance Conference in Toronto Jan. 28.
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Sponsors and lenders are zeroing in on the burgeoning liquefied natural gas space in British Columbia, according to participants at the 5th Annual Canadian Power Finance Conference in Toronto on Jan. 29.
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Competitive transmission projects are a key area of growth for utility holding companies looking to augment the regulated subsidiaries.
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Utilities are looking at rooftop solar programs and initiatives largely because of customer demand.
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Energy efficiency and demand response assets in the U.S. are investment opportunities that have been largely overlooked by large financial players.
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Joule Assets is raising a $100 million fund to lend to commercial and industrial energy efficiency assets as a step toward securitizing the cash flows from the projects.
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Kilowatt Financial, a financial services company focused on residential energy efficiency and solar, has received a $100 million debt facility from Citigroup to fund its residential energy efficiency loan unit.
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Houston-based independent power producer FGE Power has mandated Goldman Sachs to lead a financing backing its more than $500 million, 739 MW combined cycle gas-fired project near Westbrook, Texas.
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Wind developer Globeleq has netted a debt package backing the $69 million, 24 MW expansion to the existing 101 MW Cerro de Hula wind facility in San Buenaventura, Honduras.
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Legal issues in PJM and a waning need for generation in ERCOT are impacting investments in new-build projects in those regions, according to panelists at Infocast’s 6th annual Projects & Money conference at Harrah’s New Orleans Jan. 15.
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Mezzanine lending and project bonds are tipped for increasing activity by panelists at Infocast’s 6th annual Projects & Money conference at Harrah’s New Orleans Jan. 16.
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Recurrent Energy has landed a $390 million senior secured private placement backing its 108 MW Borealis portfolio of solar photovoltaic projects in Ontario, Canada.
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Pattern Energy and its partners are shooting for pricing of LIBOR plus 175 basis points on the C$800 million ($739.85 million) mini-perm backing the 270 MW K2 wind project in the township of Ashfield-Colborne-Wawanosh, Ontario.
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Biomass pellet company Enviva has brought on Martin Livingston, formerly a managing director at WestLB, as v.p. of infrastructure, finance and development.
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Starwood Energy Group has closed a $265 million construction debt including letters of credit and tax equity package backing the 211 MW Stephens Ranch wind project near Lubbock, Texas.
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NRG Energy has secured a $97.4 million senior secured credit facility refinancing its 105 MW Saguaro combined cycle cogeneration facility in Henderson, Nev., which it had been trying to sell.
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A Korean joint venture between Korea Southern Power Corporation and Samsung C&T Corporation has mandated Natixis as financial advisor to lining up debt backing the 517 MW Kelar combined cycle gas-fired project in the north of Chile.
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SunEdison has secured a $320 million letter of credit from Deutsche Bank and has issued $1.2 billion in convertible bonds to refinance debt and save $35 million in payments annually.
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Globeleq has closed a $105.1 million financing backing the 50 MW Orosi wind project in Liberia, Costa Rica.
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Invenergy has closed a refinancing of the 100.5 MW Beech Ridge wind facility in Greenbrier County, W. Va.
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Invenergy has lined up a debt and tax equity package backing its purchase and construction of the 288.6 MW Miami wind project in the Texas panhandle.
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AES Gener and Antofagasta Minerals have closed the $1.217 billion debt package backing the 531 MW Alto Maipo hydro project in Chile.
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Use of the phrase yieldco to describe three recent share flotations by NRG Yield, TransAlta Renewables and Pattern Energy Group masks very different business arrangements.
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A consortium comprising Peru’s Cobra Perú and Argentina’s Enersa called Planta de Reserva Fría de Generación de Eten has launched Latin America’s maiden international greenfield project bond.
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ArcLight Capital Partners-subsidiary NET Midstream has closed a $665 million financing backing the U.S. situated section of the Los Ramones natural-gas pipeline.
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Price talk on the B loan backing Moxie Energy and Panda Power Funds’ Patriot project is coming in at LIBOR plus 600 basis points, according to deal watchers.
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Japanese and Canadian banks topped lender project finance league tables for North America power and energy deals in the third quarter, as the B loan boom quieted down and bank debt came back to the fore.
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De Lage Landen, a subsidiary of Rabobank, has increased the amount of capital in a solar-leaseback fund backing SunEdison’s expansion to in excess of $100 million.
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Australian outfit Liquefied Natural Gas Limited is set to appoint BNP Paribas and Macquarie Capital as financial advisors for $1.54 billion in debt backing the Magnolia LNG facility in Lake Charles, La.
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Conifex Timber has closed a C$102.7 million ($96.4 million) financing backing its 36 MW biomass project in Mackenzie, B.C.
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