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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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Pattern Energy, Capital Power and Samsung Renewable Energy have approached banks about securing a C$800 million ($750.89 million) mini-perm deal backing the K2 wind project in the township of Ashfield-Colborne-Wawanosh, Ontario.
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Invenergy is planning to tap institutional investors in a private placement to line up just under $400 million for its merchant 288.6 MW Miami wind facility in Roberts, Hemphill and Gray Counties, Texas.
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Goldman Sachs will launch a $585 million financing package backing Panda Power Funds and Moxie Energy’s $800 million, merchant, gas-fired Moxie Patriot project this Thursday.
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PurEnergy and Southern Company are circling a $296.2 million restructuring of the debt backing the 440 MW lignite coal-fired Red Hills coal-fired facility via two bond issuances.
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AES Gener and Antofagasta Minerals are close to wrapping the financing backing the $2 billion, 531 MW Alto Maipo run-of-river hydro project in Chile, tapping the multilateral, bank and bond markets.
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Southern Company subsidiary Southern Electric Generating has issued $100 million in 144A bonds, with the company keen to tap the attractive rates available for borrowers.
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Sempra Energy has issued $500 million in senior unsecured notes to pay off commercial paper, as Treasury rates settle back down to near record lows following a spike earlier in the year.
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Tenaska Solar Ventures has closed the $319.4 million bond refinancing of the 130 MW Tenaska Imperial Solar Energy Center South facility near El Centro, Calif.
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The U.S. Department of Energy is expanding its 1703 loan guarantee program to back natural gas-fired and oil-fired projects, with $8 billion of guarantees to deploy in the latest phase of the program.
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SunEdison has closed a $126 million non-recourse debt financing backing the 50 MW San Andres solar facility in the Atacama Desert, Chile.
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Three staffers from Rabobank’s renewable energy team have joined private equity shop Pegasus Capital Advisors in New York.
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Cheniere Energy has issued $1 billion of senior secured notes to reduce bank debt backing the first four liquefaction trains at its liquefied natural gas export project in Cameron Parish, La.
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Veolia Environnement and Electricité de France-backed Dalkia Canada and Fengate Capital Management have started talking with banks about securing roughly C$175 million ($168 million) backing their 40 MW Merritt biomass facility in Merritt, British Columbia.
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Electricité de France-backed Dalkia Canada and Fengate Capital Management have closed a C$175 million ($168 million) debt package backing the 40 MW Fort St. James biomass facility near Fort St. James, British Columbia.
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Pattern Energy is gearing up to launch a financing backing the second phase of its 322 MW Panhandle wind project in Texas.
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ArcLight Capital Partners affiliate NET Midstream is looking to launch a syndication of roughly $500 million in debt backing its NET Mexico gas pipeline in Texas.
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The Long Island Power Authority has issued a request for proposals for just under 2,000 MW of renewable and peak generation capacity.
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Bank of America subsidiary BAL Investment & Advisory is aiming to take tax equity stakes in two NextEra Energy Resources wind farms.
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ArcLight Capital Partners affiliate NET Midstream is looking to launch a syndication of roughly $500 million in debt backing its NET Mexico gas pipeline in Texas.
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Dan Lonergan, formerly a senior managing director at Tenaska Capital Management, has been promoted to ceo.
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Distributed solar company SunRun will tap Ares Capital Management to provide $70 million in debt to finance new projects.
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The $990 million financing of the 614 MW Oakley gas-fired project has been temporarily put on hold as co-developers Radback Energy and Wellhead Electric await a court ruling on the merits of a petition challenging the facility’s power purchase agreement.
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Recurrent Energy has approached banks about securing more than $350 million backing a portfolio utility scale solar projects in California.
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Pemex has split the Los Ramones II pipeline project and awarded mandates to Sempra and GDF Suez joint ventures.
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LS Power’s $1.26 billion refinancing of its 900 MW Sandy Creek pulverized coal-fired facility in Texas has been oversubscribed, deal watchers say.
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Canadian Solar has landed a C$104 million ($100 million) non-recourse construction financing backing three solar photovoltaic facilities in Ontario totaling 30 MW.
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SolarCity is set to issue the debut solar securitization, with a private placement of $54.425 million of solar asset-backed notes.
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The Inter-American Development Bank will provide up to $132.6 million in debt backing Uruguayan developers’ Vengano S.A. and Fingano S.A.’s Carapé I and Carapé II wind projects in the Maldonado region, Uruguay.
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Boralex and development partners Gaz Métro Limited Partnership and Valener Inc. have closed a C$166.1 million ($159.05 million) non-recourse financing for the 68 MW phase II of the Seigneurie de Beaupré wind facility in La Jacques-Cartier, Québec.
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Lenders and financiers watching the rebirth of merchant and quasi-merchant project financing in the U.S. are still looking to find optimal structures for financing these assets, said panelists at Platts 15th Annual Financing U.S. Power Conference at the Marriott Marquis in New York on Oct. 28-29.
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Lenders and financiers watching the rebirth of merchant and quasi-merchant project financing in the U.S. are still looking to find optimal structures for financing these assets, said panelists at Platts 15th Annual Financing U.S. Power Conference at the Marriott Marquis in New York on Oct. 28-29.
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Boralex and development partners Gaz Métro Limited Partnership and Valener Inc. have closed a C$166.1 million ($159.05 million) non-recourse financing for the 68 MW phase II of the Seigneurie de Beaupré wind facility in La Jacques-Cartier, Québec.
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The global term loan B market is set to have a record breaking year in 2013, beating the previous largest year of issuance in 2007.
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Samsung Renewable Energy has closed the C$525.3 million ($502.9 million) debt package backing the 100 MW Grand solar facility in Haldimand County, Ontario.
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Industry officials expect to see several developers to pursue yield company structures in the next year following the success of NRG Energy and Pattern Energy’s breakthrough deals.
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Mergers and acquisition activity is slated for growth in the next year, as yieldcos look to acquire more assets to fuel growth and private equity companies look to exit investments, said panelists at Platts 15th Annual Financing U.S. Power conference at the Marriott Marquis in New York on Oct. 28-29.
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Moxie Energy is shooting to launch a B loan package in November backing the merchant Moxie Patriot gas-fired facility in Lycoming County, Pa., say deal watchers.
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Etrion Corp., a solar developer with assets in Europe and South America, is looking at ways to fuel growth.
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Boston-based developer First Wind has approached banks about securing a debt package for the 200 MW Route 66 wind facility east of Amarillo, Texas.
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Austin Energy has issued a request for proposals for up to 50 MW of solar generation.
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Blackstone-backed residential solar provider Vivint Solar has secured roughly $740 million in project financing as it looks to grow its business.
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LS Power has launched a $1.025 billion B loan refinancing its stake in the 900 MW Sandy Creek pulverized coal-fired plant in Texas.
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Private equity firm Power Capital Holdings has partnered with Hunt Consolidated subsidiary Hunt Power Capital Partners to launch its maiden power and energy play, Power Capital Partners.
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First Wind is talking to lenders about securing approximately $300 million in debt backing its 147 MW Oakfield wind project in Aroostook County, Maine.
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Rooftop and distributed solar generation company SolarCity has issued $230 million in convertible bonds, and priced over $158 million in common shares.
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Enel Wind Brazil is slated to secure up to $420 million from the International Finance Corporation backing 342 MW of wind farms in Brazil.
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Bank of Tokyo Mitsubishi and Sumitomo Mitsui Banking Corp. are joint lead bookrunners on Sempra U.S. Gas & Power’s approximately $400 million Copper Mountain III debt package.
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George Revock, formerly a director at Citigroup, has joined Capital One as a managing director as the bank looks to start an alternative energy and project finance business.
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The U.S. government shutdown is jeopardizing billions of dollars of wind projects that are aiming to qualify for the production tax credit before it expires Dec. 31.
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Liberty Ventures Group, a subsidiary of media conglomerate Liberty Interactive Corp., has wrapped a $300 million tax equity investment in Abengoa’s 290 MW Solana concentrating solar facility in Gila Bend, Ariz.
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Power industry players are increasingly looking south of the border for projects and deals, as a booming middle class drives up demand under a compelling regulatory regime.
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The International Finance Corp. has closed a $1.2 billion infrastructure investment fund, up from a proposed total of $1 billion.
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David Nason, senior v.p. and global regulatory management and compliance officer at GE Capital, will take over GE Energy Financial Services as president and ceo.
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SolarReserve has appointed Tim Rosenzweig, ceo at Goldwind USA, as cfo.
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SunPower has hired Natalie Jackson, v.p. of structured and project finance at BrightSource Energy, as managing director of project finance.
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Price talk on the $990 million bank loan backing Radback Energy’s Oakley facility is coming in at under LIBOR plus 200 basis points, note observers.
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GE Energy Financial Services has sold its stake in the 800 MW CPV Sentinel gas-fired plant in California to Voltage Finance LLC, which is owned by a group of private investors.
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Duke Energy Renewables is set to begin talking to lenders about securing around $600 million for the next two phases of Los Vientos III and IV wind projects in Starr County, Texas.
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PFR Managing Editor Sara Rosner sat down with Ted Brandt, Gregg Elesh, Terry Grant, and Wendy Carlson to get the Marathon Capital team’s perspective on buying and selling assets in today’s market.
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Invenergy has closed a debt and tax equity package backing its 200.6 MW Prairie Breeze wind facility in Antelope, Boone and Madison Counties, Neb.
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U.S. Geothermal has closed a $30.74 million refinancing of the approximately 9 MW Phase I of the San Emidio geothermal project in Washoe County, Nev.
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Renewable developer First Wind has closed a construction and term loan and a tax equity tranche backing a 17 MW of solar facilities in Massachusetts.
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CIT Group has closed a $36 million senior secured credit facility for Spanish developer Gestamp Wind’s 23.4 MW Punta Lima wind facility near Naguabo, Puerto Rico.
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First Solar has bought the 350 MW Moapa solar project in Clark County, Nev., from developer K Road Power.
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PFR Managing Editor Sara Rosner sat down with Marathon Capital’s Ted Brandt, Gregg Elesh, Terry Grant and Wendy Carlson to discuss the shop’s take on wind, solar and thermal trades in the second installment of this Q&A.
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French energy giant Total and Swiss independent power producer Etrion Corp. have sealed a roughly $140 million non-recourse debt package backing the merchant 70 MW Salvador solar photovoltaic facility in the Atacama region in Chile.
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Duke Energy Florida will issue a request for proposals for roughly 1,640 MW of capacity on October 8.
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Chilean independent power producer Andes Mining & Energy and Chilean developer Austalis Power are set to mandate next week BNP Paribas and Crédit Agricole to lead the financing of their $150 million Octopus liquefied natural gas re-gasification facility in Concepción bay, Chile.
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Borealis subsidiary Midland Cogeneration Venture will issue an additional $178 million in senior secured notes to refinance debt.
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Exelon Corp. subsidiary PECO Energy Co. is taking advantage of the low interest rate environment and a delay in the U.S. Federal Reserve’s plan to taper its bond buying program to issue $500 million in first mortgage bonds.
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Competitive Power Ventures, ArcLight Capital Partners and Toyota Tsusho have closed a $585 million debt package backing the 700 MW Woodbridge facility in Woodbridge, N.J.
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Energy Capital Group is planning the $600 million, 300 MW ECG Utah Solar 1 project in Utah.
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Utilities in the west are considering measures that would charge customers with rooftop solar panels more for the power they buy when the panels are not generating.
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Noble Environmental Power is in the process of selling the remaining tax equity capacity in its Noble Great Plains wind farms in Texas to a subsidiary of Union Bank.
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Connecticut Light & Power and United Illuminating have signed 15-year power purchase agreements with a 20 MW Fusion solar project in Sprague, Conn., that is being developed by HelioSage Energy and the 250 MW Number Nine wind project in Aroostook County, Maine, being developed by the U.S. subsidiary of EDP Renováveis.
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ERCOT is evaluating wind projects totaling 11 GW planned for the Texas Panhandle even though the nearly complete $1.6 billion transmission upgrade won’t be able to handle the queue.
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Tenaska Solar Ventures has started talking to banks about securing roughly $500 million in debt for its 150 MW Tenaska Imperial Solar Energy Center West in Imperial County, Calif.
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Wind developers with initial contracts under the U.S. Army’s call for renewables are talking to lenders and tax equity investors.
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Canadian independent power producer Northland Power has tapped the bond market to refinance bank debt on its 260 MW North Battleford gas-fired facility near Saskatoon, Saskatchewan.
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Pattern Energy and Samsung Renewable Energy have closed a C$400 million ($388.3 million) non-recourse debt financing backing the 150 MW Grand wind facility in Haldimand County, Ontario.
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MidAmerican Energy Co. has issued $950 million in first-mortgage bonds to take advantage of investor demand for utility paper.
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SunEdison has closed a $260.5 million debt package backing the 100 MW Amanecer solar project near Copiapo in the Atacama Desert in Chile.
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Queries regarding wind projects’ qualification for the production tax credit and the PTC’s potential extension are stymieing investments in the sector, according to panelists at the American Wind Energy Association’s wind energy finance and investment seminar at the Conrad Hotel in New York on Sept. 9-10.
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The universe of tax equity investors in renewable projects is set to grow, with Coca Cola reportedly eyeing investments, according to panelists at the American Wind Energy Association’s wind energy finance and investment seminar at the Conrad Hotel in New York on Sept. 9-10.
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Developers are increasingly looking to build wind facilities with merchant exposure and hedge arrangements, noted panelists at the American Wind Energy Association’s wind energy finance and investment seminar at the Conrad Hotel in New York on Sept. 9-10.
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The New York State Green Bank will begin lending to renewables projects in the state in January next year.
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Radback Energy is looking to line up a club of banks to secure $990 million in debt, as well as an equity investor, for its 586 MW Oakley gas-fired facility in Contra Costa Country, Calif.
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American International Group is looking to offer insurance on project finance transactions.
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Sempra U.S. Gas & Power is talking to lenders about securing up to $400 million in debt backing the 250 MW third phase of the Copper Mountain solar facility.
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Three private equity firms have committed $67.3 million in debt and equity to back the construction of 150 MW of SunEdison’s utility scale solar facilities in California.
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Invenergy has closed a C$410 million ($390.74 million) refinancing of the 584 MW natural gas-fired St. Clair facility near Sarnia, Ontario.
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Montreal-based Boralex has closed a $90 million refinancing secured by two of its U.S. generating facilities.
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Matthew Wade, director at the Royal Bank of Scotland’s U.S. power and infrastructure team, has joined the Royal Bank of Canada.
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Abengoa Solar has secured tax equity investments from a trio of banks backing its 250 MW Mojave concentrating solar project in San Bernardino County, Calif.
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Australian investment manager AMP Capital has completed a $300 million first close on its AMP Capital Infrastructure Debt Fund II from 17 institutional investors.
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Investment manager True Green Capital Management has tapped Investec to lead a $64 million credit facility backing a 39 MW portfolio of solar photovoltaic facilities in the Northeast.
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Cash flows from U.S. merchant power generators are coming under pressure due to lower power and gas prices and expiring hedges, according to a report by Standard & Poor’s.
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Southern Co. increased a five-year bond issuance to $500 million from $400 million upon finding a market flush with cash and little deal flow.
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American Wind Capital is nearing the close of its $100 million loan backed by renewable land leases.
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Invenergy officials are talking with lenders about securing a debt package for the merchant 584 MW Nelson gas-fired facility in Rock Falls, Ill.
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Panda Power Funds and Moxie Liberty have closed the $585 million debt package backing the 829 MW gas-fired Moxie Liberty project in Bradford County, Pa.
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The Lake Charles liquefied natural gas export project, with a price tag of potentially $11 billion, is being eyed by banks and lenders after receiving approval from the U.S. Department of Energy.
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Chilean transmission company Transelec, a subsidiary of Brookfield Asset Management, has closed a $150 million debt financing for a 220kV transmission line linking the Caserones mine in Chile to generation facilities.
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First Wind has shelved its $325 million B loan to refinance assets in the Northeast, as it was unable to lock in pricing in the range of LIBOR plus 425-450 basis points.
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SolarReserve has appointed Morgan Stanley as advisor in its search for debt, tax equity and equity investment backing the 150 MW Rice solar thermal project in Blythe, Calif.
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Tenaska Capital Management has hired Michael Flinn as a senior v.p. in Houston as part of the private equity shop’s strategy to expand its midstream investment business.
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Panda Power Funds and Moxie Energy have adjusted the debt package backing their 825 MW Liberty project, nixing the $119 million mezzanine tranche and increasing the first-draw term loan B to $435 million from $358 million.
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This week’s Industry Current is the transcript of a panel of industry officials focused on the market for portfolio sales of generating assets and consolidation in the power industry.
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Instituto Costarricense de Electricidad is talking to lenders to secure financing for the $1.4 billion Reventazón hydro facility in Limon province, Costa Rica.
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Pattern Energy aims to close the $500 million bridge financing for its 322 MW first phase of the Panhandle wind project in Texas by the end of this week.
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Competitive Power Ventures is near closing its $585 million debt package backing the 725 MW Woodbridge gas-fired plant in Woodbridge, N.J.
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Seminole Financial Services and Round Rock Partners have formed a joint venture known as Seminole Equity Partners to secure tax equity from investors for renewable energy projects in the U.S.
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Mandy Querio, a former associate director in the syndications team at WestLB, has joined OneWest Bank as its first v.p. of syndications.
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Montreal-based renewable company Boralex has closed a C$55.3 million ($53.65 million) financing backing its 22 MW Jamie Creek hydro facility near Gold Bridge, B.C.
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Duke Energy expects a ruling in its petition to the Ohio Public Utilities Commission regarding how its roughly 7.5 GW Commercial Power fleet recovers maintenance costs in the fourth quarter.
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Calling all sun lovers in Seattle! The abundance of sunshine is not a draw to the Pacific Northwest—Seattle gets precipitation about 152 days a year, not including cloudy but dry days while San Diego gets wet on 43.
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In this week's round-up: PJM capacity auction results have some whistling a muted tune while LNG and wind boom in Latin America.
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Innergex Renewable Energy has closed a C$61.7 million ($59.3 million) non-recourse construction and term project financing for the 24.6 MW Viger-Denonville wind project in Quebec, Canada.
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In the second installment of this Q&A, Jonathan Lindenberg, head of project finance in the Americas at Bank of Tokyo Mitsubishi-UFJ discusses liquefied natural gas project landscape, prospects for renewables and potential challenges in project finance. Senior Reporter Nicholas Stone sat down with Lindenberg at the bank’s office in New York.
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GDF Suez has brought in Marubeni as a joint venture partner to develop the $1.125 billion GNL del Plata re-gasification facility in Montevideo, Uruguay and is looking to the finance the facility.
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Erik V. Savi, formerly a managing director at WestLB, has joined BlackRock as a managing director and head of U.S. infrastructure debt.
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Panda Power Funds is nearing a first close on its up to $1 billion second power investment fund, with the company’s pipeline of shovel-ready projects reportedly drawing interest.
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A joint venture between subsidiaries of Chinese turbine manufacturer Xinjiang Goldwind Science & Technology Co. and of Spanish developer Union Eolica Espanola have closed a $71 million financing backing the 55 MW Penonome wind facility in Panama.
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Proparco, the private investment unit of the French Development Agency, has joined the Inter-American Development Bank and the IDB-managed Canadian Climate Fund in providing a $66.4 million debt package to Spanish developer Solarpack’s 26.5 MW of photovoltaic projects in the Atacama Desert in Chile.
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In the post-crisis world, Bank of Tokyo Mitsubishi-UFJ has emerged as arguably the top shop for power financing.
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Radback Energy has reignited a search for around $800 million in financing backing its 586 MW Oakley gas-fired facility in Contra Costa County, Calif.
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Pricing talk on the Panda Power Funds and Moxie Energy B loan backing their 825 MW natural gas-fired Liberty facility has come in at LIBOR plus 650 basis points.
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E.ON Climate & Renewables has secured a $76.6 million tax equity investment from JPMorgan Capital Corp. backing the 100 MW Anacacho wind farm near Brackettville, Texas.
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Marathon Capital is leading a $120 million bond refinancing of Gradient Resources’ 60 MW Patua geothermal facility near Fernley, Nev.
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Summit Power Group is aiming to close a $1.5 billion debt facility backing its 400 MW Texas Clean Energy Project near Odessa, Texas, in October.
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Greg Hazelton, a managing director in the power and utilities group at UBS, is set to be the v.p. of finance, treasurer and controller at Hawaiian Electric Industries.
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Credit Suisse and Goldman Sachs will launch a $600 million B loan package today backing Moxie Energy’s 825 MW natural-gas Liberty facility in Bradford County, Pa.
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Telemark Development Group, a company out of Nevada, is planning a $250 million, 171 MW gas-fired project in San Benito, Texas.
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Xcel Energy will move its headquarters out of Minneapolis, Minn., if city voters elect to take over the city’s distribution service in November.
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Summit Power Group is aiming to break ground this fall on its roughly $2.5 billion, 400 MW coal gasification project in Penwell, Texas.
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Covanta Energy is planning a $30 million expansion to a waste-to-energy plant in Niagara Falls, N.Y., that would allow it to receive 300,000 tons of waste from New York City by train.
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Resort beaches are for more than just lounging.
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In this week's round-up: Morgan Stanley alum hit the fundraising trail as sponsors see tight spreads on lender competition.
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Brazilian conglomerate Odebrecht has closed a $774 million senior secured financing package backing its 406 MW Chaglla hydro facility in Peru.
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NextEra Energy Resources has closed a $253.6 million term loan supporting its 162 MW North Sky River wind farm in Kern County, Calif.
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Enel Green Power inked two power purchase agreements for a pair of wind projects in Mexico with automotive supplier Delphi Automotive and Mexican bank Banamex.
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Samsung Renewable Energy, Pattern Energy and Capital Power have received a renewable energy approval for the 270 MW K2 wind project near Lake Huron from Ontario officials.
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Arkansas Electric Cooperative Corp. has signed a power purchase agreement for the 150 MW Origin wind project in Murray and Carter Counties, Okla., that is being developed by RES Americas.
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Apex Clean Energy has a pair of preliminary power purchase agreements with PacifiCorp for two 80 MW wind projects in Utah totaling $230 million.
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Selray Energias, a joint venture between German solar developer Saferay Holding and Chilean engineering and electrical company Seltec, is set for a $47 million loans backing the first utility scale photovoltaic facility to sell its output to the spot market of Chile’s northern grid.
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Ohio Power Co., a subsidiary of American Electric Power, will redeem the entire outstanding $225 million principal amount of its 6.375% senior notes due in 2033 on Aug. 12.
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I Squared Capital, a company established by ex-Morgan Stanley executives, is aiming to raise $2 billion for its maiden infrastructure fund.
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Chilean transmission company Transelec is looking to sell $300 million in 144A bonds, the first time the company has hit the U.S. bond markets since 2001.
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Canadian solar developer Potentia Solar is looking to secure up to C$200 million ($192.5 million) in debt to back solar distributed generation projects in Ontario.
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Fiera Axium Infrastructure Canada II has wrapped a $175 million debt financing backing the construction of four solar photovoltaic projects totaling 42 MW.
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NRG Energy has raised $430.65 million in its initial public offering of NRG Yield Inc., a yield company that holds 1,324 MW of renewable and gas-fired facilities.
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Duke Energy subsidiary Duke Energy Indiana has locked in $500 million in floating- and fixed-rate notes as interest rates continue to rise and the company faces $400 million of maturing debentures.
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The order book for Southern Power’s 30-year, $300 million issuance of bonds was more than seven times over-subscribed this week.
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A joint venture between Sempra Energy and Mexican oil and gas monopoly Pemex has tapped Bank of Tokyo Mitsubishi to lead a $500 million deal to lever up its Gasoductos de Chihuahua pipelines in the north of Mexico.
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The San Diego County Water Authority and the City of San Diego have issued a request for proposals for firms to evaluate the economic and financial requirements for a potential $1 billion, 500 MW hydro facility at the San Vicente Reservoir, Calif.
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Liberty Interactive Corp., the owner of QVC and TripAdvisor, is taking a stake in Abengoa Solar’s 250 MW Solana solar project near Gila Bend, Ariz.
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Harbert Management Corp. is buying Energy Investors Funds’ 33.3% stake in the 550 MW Astoria Energy II combined cycle plant in New York.
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The third phase of a natural gas pipeline, between Texas and Mexico, has a raft of developers and financiers circling the request for proposals issued by Pemex.
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A syndicate of tax equity lenders will provide $260 million to Enel Green Power and GE Energy Financial Services’ 250 MW Buffalo Dunes wind project in Grant, Finney and Haskell Counties, Kan.
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PensionDanmark’s $200 million mezzanine loan to the 454 MW Cape Wind project has reportedly priced at around the 14% mark—a tight level for mezz, according to observers.
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K Road Power is reportedly lining up mezzanine debt from Ares Management for its 350 MW Moapa solar facility in Clark County, Nev.
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Michael Whalen, cfo at solar developer SolarReserve, has taken a position as v.p. of structured finance at the Overseas Private Investment Corp. in Washington.
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Invenergy Wind has wrapped financings backing two merchant wind facilities.
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MidAmerican Energy Holdings’ subsidiary Solar Star Funding upsized its 144A bond offering backing the 579 MW Antelope Valley solar facility to $1 billion from $700 million on strong investor appetite last week.
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Innergex Renewable Energy has closed a C$52.8 million ($50.4 million) non-recourse refinancing for its 109.5 MW Carelton wind facility in Carleton-sur-Mer, Québec.
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Private equity-backed Union Energy Group has acquired Peruvian project development company Generación Andina from EnBW Energie Baden-Württemberg.
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MidAmerican Energy Holdings’ subsidiary Solar Star Funding has upsized its 144A bond offering backing the 579 MW Antelope Valley solar facility to $1 billion from $700 million on strong investor appetite.
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Comisión Federal de Electricidad nixed plans for a 10-year fixed-rate note issuance and opted for MXP12 billion ($923 million) of five-year floating rate notes after credit markets were rocked by rising U.S. Treasury rates last week.
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Renewable project financing options beyond the expiration of the production and investment tax credits was the focus at Euromoney Energy Events Renewable Energy Finance Forum Wall Street at the Waldorf Astoria in New York this week.
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American Electric Power has petitioned the Public Utilities Commission of Ohio to stop FirstEnergy from soliciting customers in its territory, escalating an argument over how to deal with a power company offering competitive power in another’s footprint.
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SolarCity is planning to introduce a solar and battery duo in 2015 that will allow power to be stored for use at night.
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San Bernardino County, Calif., is pushing to streamline the permitting process for solar projects in preparation for a moratorium on new projects to be lifted in about a month.
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Several states, including California and Massachusetts, rely on natural gas imported from Canada to supply generating facilities, according to the Institute for Energy Research.
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Sponsors and bankers are working to develop renewable project bond structures to appeal to foreign and domestic institutional investors.
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Gauss Energia, a Mexico City-based energy company, is looking to bring three new solar projects to market in the coming months, CEO and President Hector Olea told PFR on the sidelines of Euromoney’s Mexican Energy and Infrastructure Finance Forum at the JW Marriott in Mexico City on June 26.
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Peso financings are on the increase in Mexico, but there is still a chunk of the market U.S. dollar-denominated deals rule, said panelists at Euromoney’s Mexican Energy and Infrastructure Finance Forum in Mexico City yesterday.
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Capital will be needed to develop natural gas pipelines in Mexico, a move arising out of the country looking to import shale gas from the U.S., said panelists at Euromoney’s Mexican Energy and Infrastructure Finance Forum at the JW Marriott in Mexico City on June 25.
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Mexico is expected to detail energy infrastructure plans and if it does industry watchers are predicting a strong flow of power and energy projects, according to panelists at Euromoney’s Mexican Energy and Infrastructure Finance Forum at the JW Marriott in Mexico City on June 25.
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Arizona Public Service Company has put its $294 million purchase of two units of the Four Corners coal-fired plant on hold because of the Arizona Corporation Commission’s consideration of deregulation.
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NRG Energy is planning coal-fired to gas conversions of two plants in PJM—the 330 MW New Castle near Pittsburgh, Pa., and the 776 MW Avon Lake in Ohio—that were acquired through its merger with GenOn Energy.
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First Wind is planning a $400 million, 191 MW wind project in Somerset and Piscataquis Counties, Maine.
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Sunlight Partners is planning a trio of projects in North Carolina including two 20 MW projects in Guildford County and a 4 MW project in Forsyth County, which is expected to sell power to Duke Energy.
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LS Power and Riverstone Holdings encountered investor resistance to their respective B loan packages as the market softened on broader economic jitters.
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Price talk on MidAmerican Energy Holdings’ subsidiary Solar Star Funding’s $700 million of 144A senior secured notes has come in to 5.375% from 5.5%.
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EDP Renewables North America is talking to investors to secure equity and tax equity partners for its $350-400 million, 200 MW Headwaters wind project in Randolph County, Ind.
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Duke Energy subsidiary Duke Energy International Geração Paranapanema is on a road show this week in Brazil touting a proposed R$500 million ($233 million) domestic bond issuance to repay short-term debt
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Pacific Gas & Electric Co. tapped the senior unsecured note mart for $750 million last week to take out maturing debt nine months early and secure low rates.
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Innergex Renewable Energy is extending its C$425 million ($416.37 million) revolving term credit facility with a new five-year tenor ending in 2018 as it looks to finance and develop more than a dozen wind, solar and hydro projects in its pipeline.
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American Electric Power subsidiary AEP-PSO has issued a request for proposals for up to 200 MW of wind generation in Oklahoma.
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The Pennsylvania Department of Environmental Protection has cancelled a public hearing about LS Power’s proposed Berks Hollow natural gas-fired plant in Ontelaunee, Pa., due to lack of interest.
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The Austin, Texas, city council is expected to approve two Austin Energy 25-year power purchase agreements this week for wind projects proposed by Duke Energy and E.ON Climate & Renewables.
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NRG Energy has encountered pushback from local business and environmental groups on its $506 million plan to convert the Dunkirk coal-fired plant in Chautauqua County, N.Y., to natural gas.
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The Public Service Co. of Oklahoma has launched a request for proposals for 200 MW of wind power from projects that are in late stage development to qualify for the production tax credit.
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Natixis is looking to become more active in project finance lending in the Americas and has added two senior bankers in the drive.
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Baltimore Gas And Electric Company is issuing $300 million in bonds to tap low rates and take out existing debt.
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Terra-Gen Power has closed a $550 million financing backing phases X and XI of its Alta wind projects in Tehachapi, Calif.
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Monique Palumbo, head of loan syndications and private placements at Union Bank, has left to join Natixis as global head of loan syndications at the French bank.
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Solar power generation on California's electricity grid reached an all-time high last week, totaling 2,071 MW, state officials said Sunday.
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MidAmerican Energy Holdings subsidiary Solar Star Funding will issue $700 million of 144A senior secured notes to finance construction of its 579 MW Antelope Valley solar photovoltaic project in Kern and Los Angeles Counties, Calif.
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Lower than expected PJM capacity pricing has tempered the outlook on the region’s merchant prospects as a record amount of power was imported from other regions.
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The Los Angeles Department of Water and Power has issued a request for proposals for 200 MW of utility scale solar to be built at a formerly NextEra-owned site in Kern County in the Mojave Desert, Calif.
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Cheniere Energy has increased the senior secured loan backing its Sabine Pass liquefied natural-gas export facility to $4.4 billion from $2.3 billion and netted $1.5 billion of additional debt from the Export-Import Bank of Korea and the Korea Trade Insurance Corp.
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Innergex Renewable Energy has closed a C$72 million ($69.63 million) construction and term loan backing the 17.5 MW Northwest Stave River run-of-river hydro facility in Mission, British Columbia.
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Competitive Power Ventures is putting together financing for its 725 MW natural-gas fired Shore facility near Woodbridge, N.J.
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Xcel Energy subsidiary Northern States Power Co. has issued $400 million, 10-year 2.6% first mortgage bonds, continuing the move by utilities looking to tap low rates.
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Sempra U.S. Gas & Power has wrapped a $350 million financing for the second phase of its Copper Mountain Solar facility in Boulder City, Nev.
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Early pricing talk on the B loan backing Moxie Energy’s 825 MW natural gas-fired Liberty facility in Bradford County, Pa., is coming in at around LIBOR plus 600 basis points.
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Deutsche Bank and Key Bank have closed a $110 million debt financing for 37 MW of solar photovoltaic installations in Massachusetts being developed by Rockland Capital and Broadway Electrical Co., including 24 MW in Cape Code and Martha’s Vineyard.
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Sempra LNG has sold three 16.6% equity stakes in its Cameron liquefied natural-gas export facility to GDF SUEZ, Mitsui and a joint-venture between Mitsubishi and Nippon Yusen.
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Samsung Renewable Energy is talking to banks to secure financing for its 100 MW Grand Renewable Solar photovoltaic facility in Haldimand County, Ontario.
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Chubu Electric Power Co. and Toyota Tsusho Corp. are looking to refinance the loan on their 880 MW combined-cycle Goreway facility in Brampton, Ontario.
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This week’s Industry Current is written by Darin Lowder and Mary Grace Folwell, associates at Ballard Spahr in Washington, D.C.
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In this week's round-up: Capacity pricing results may stoke M&A in PJM while project financiers are grappling with how to open the market to real estate investment trusts.
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The government of Québec has issued a request for proposals for 800 MW of wind generation.
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The Medellin, Colombia-based Interconexión Eléctrica S.A. is looking to mandate a financial advisor for a potentially $1 billion transmission line project in Chile.
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Kirk Edelman, ceo of the project and structured finance energy business at Siemens Financial Services, leads its power and energy investing activities worldwide.
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Michael Canavan, formerly a director of high-yield markets at RBS Securities, has joined SunTrust Robinson Humphrey as a director in New York.
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Jon Schintler, director of finance at Chicago-based Invenergy, has joined Alterra Power Corp. as director of project finance and mergers & acquisitions.
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GSR Energy is looking for $205 million in debt and equity backing a 36 MW biomass project on the New River in Orange Walk District, Belize.
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The Japan Bank for International Cooperation and the Nippon Export and Investment Insurance agencies are working to provide around $2 billion in debt backing Cameron LNG’ export facility in Hackberry, La.
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French and Japanese banks are increasing their activity in Latin America, as the renewable energy sector in the region becomes a more stable and attractive proposition, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean in Miami.
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French and Japanese banks are increasing their activity in Latin America, as the renewable energy sector in the region becomes a more stable and attractive proposition, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean in Miami.
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Hybrid bank/bond structures are being floated for renewable energy projects in Latin America, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean in Miami.
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José María Figueres, former President of Costa Rica and ceo of sustainable development consultant Carbon War Room, told PI in an interview that he is “very bullish” on renewable energy in Latin America.
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MidAmerican Energy Holdings has reportedly tapped Barclays, Citigroup and Royal Bank of Scotland to lead a bond financing backing its $2.5 billion, 579 MW Antelope Valley solar photovoltaic project.
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Panda Power Funds has taken equity stakes in two merchant gas-fired projects being developed by Moxie Energy in PJM and will launch a B loan via Goldman Sachs and Credit Suisse to finance the 825 MW gas-fired Liberty facility in Bradford County, Pa.
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Calpine Corp. is pursuing a potential $1.055 billion debt refinancing in the term loan B market via subsidiary Calpine Construction Finance Company.
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A thirst for yield is pushing more institutional investors into private equity funds backing power and energy projects in the U.S.
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Solar developer SolarReserve has opened an office in Santiago, Chile, as it looks to expand into Latin America.
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K Road Power has tapped Banco Santander and Prudential Capital Corp. to raise $550 million in debt for its 350 MW Moapa solar photovoltaic project in Clark County, Nev.
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Essential Power has tightened the pricing of a $550.7 million senior secured term loan B to LIBOR plus 325 basis points from LIBOR plus 350 bps.
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The geothermal energy players are aiming to get more private equity funding and bank lending to back early stage development, according to panelists at the Geothermal Energy Association’s International Geothermal Energy Finance Forum at the Marriot Marquis in New Marquis in New York last week.
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Cheniere Energy has issued $1.5 billion in bonds to fund construction and lower bank commitments associated with the $3.6 billion term loan backing the first two trains at the Sabine Pass LNG export facility in Cameron Parish, La.
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The U.S. Internal Revenue Service has released the criteria clarifying what beginning of construction means for a facility looking to qualify for the production tax credit under its latest extension.
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The North American Development Bank will loan SunEdison $35 million for the construction of a 16 MW solar photovoltaic facility at Davis-Monthan Air Force Base, southeast of Tucson, Ariz.
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Ian Connor has been made head of power and utilities at JPMorgan in New York.
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Boston-based First Wind will likely finalize an agreement to sell a wind project to an undisclosed investor before month-end, according to a deal watcher on the sidelines of Platts Global Power Markets Conference in Las Vegas.
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Bankers and developers are increasingly turning to emerging markets to grow their businesses.
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Marathon Capital has tapped Bryan Fennell, former v.p. of NextEra Energy Resources, and David Kirkpatrick, former v.p. of new business development at NRG Energy, as directors.
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Final pitches to lead the financing of an approximately $400 million liquefied natural-gas regasification facility near Montevideo, Uruguay, are due in the next couple of weeks, following the selection of a project developer on April 1.
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Panda Power Funds is looking to raise a new investment fund with a target of $800 million and a hard cap of $1 billion.
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Ivenergy is talking to lenders for financing backing its 95 MW Stony Creek wind project in Orangeville, N.Y.
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Longview Power, the owner of a merchant 695 MW supercritical pulverized coal-fired facility in Maidsville, W. Va., is reportedly facing a potential debt covenant breach.
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Cameron LNG, an affiliate of Sempra LNG, is trying to lock down 16-year debt backing its liquefied natural gas export facility at the Calcasieu Channel in Hackberry, La.
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Industry Funds Management subsidiary Essential Power is looking to refinance debt on a 1,721 MW portfolio with a $550.7 million senior secured term loan B.
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AES Gener has closed the financing of its 532 MW Cochrane coal-fired facility in Mejillones, Chile.
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Moxie Energy has entered into a membership interest purchase agreement with an undisclosed third party investor for its $800 million, 825 MW gas-fired Moxie Liberty facility in Bradford County, Pa.
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The Inter-American Development Bank has closed a $41.4 million deal backing three solar photovoltaic facilities with a combined 26.5 MW output in the Atacama Desert, Chile.
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The U.S. Internal Revenue Service has paved the way for Native American tribal governments to use renewal energy investment tax credits, which they’d been barred from deploying in the past.
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E.ON Climate & Renewables has closed the $174.9 million tax equity financing of the 200 MW Wildcat I Wind Farm in Madison and Tipton Counties, Ind., with a group including JPMorgan Capital Corp. and Wells Fargo Wind Holdings contributing.
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Financial services shop Hannon Armstrong is close to completing a road show and securing investors for the first real estate investment trust backing sustainable and renewable energy assets.
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Bonds backing power projects in Latin America are becoming more attractive as borrowers move to find cheaper sources of capital.
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The Washington State Utilities and Transportation Commission has postponed a hearing and moratorium on utilities’ natural gas hedging practices saying that they plan to work with utilities to look at hedging and whether it’s beneficial for customers.
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The U.S. Federal Energy Regulatory Commission has filed a lawsuit against the Idaho Public Utilities Commission over the way it handled power purchase agreements between Idaho Power and three wind farms, including Murphy Flat, Grouse Creek and Grouse Creek II.
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Dominion Virginia Power has received approval from Virginia regulators to buy solar power from residential and commercial solar installations at $0.15 per kWh.
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E.ON Climate & Renewables plans to start construction on the 100 MW second phase of its Wildcat wind project in Howard County, Ind., this year.
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TransAlta Corp. has declared force majeure at a 395 MW generator at its Keephills 1 coal-fired plant in Alberta because of a failure with its generator.
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BrightSource Energy is talking to lenders and potential equity investors for financing backing its 500 MW Palen solar thermal tower project in Riverside County, Calif.
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The Washington Utilities and Transportation Commission will continue its investigation into utility hedges on natural gas at the request of the state attorney general’s office.
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The limit on utility returns on equity could continue to fall as state regulators question why the companies need current returns if debt is cheaper.
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Bicent Power is looking for an $83 million, seven-year term loan B to refinance the debt on two generation facilities in Brush, Colo.
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Sempra U.S. Gas & Power has reportedly tapped Union Bank and Société Générale to lead the financing backing its $600 million, Copper Mountain II solar photovoltaic project in Boulder City, Nev.
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Pricing on Pattern Energy’s $500 million bridge loan backing its 322 MW project in the Texas Panhandle is slated to start at LIBOR plus 200 basis points and bumps up to LIBOR plus 225 bps after an undisclosed length of time.
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Standard & Poor’s saw doubled the number of project bond ratings in 2012 versus 2011—underscoring the dramatic surge in non-bank funding.
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Innergex Renewable Energy is looking to for roughly $590 million in debt financing for two groups of hydro projects in British Columbia and aims to secure a tenor of construction plus 40 years.
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Less than half of a dozen deals worth $1.9 billion closed in the U.S. and Canada during the fourth quarter last year--the lowest deal flow since the first quarter of 2011, when roughly $745 million made it through the market across the same number of projects.
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This week’s Industry Current is written by Kerin Cantwell and Miles Killingsworth, partner and associate, respectively, at Akin Gump Strauss Hauer & Feld’s global project finance practice in Los Angeles and George “Chip” Cannon, Jr., partner at the firm’s energy regulatory practice in Washington D.C.
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OCI Solar will head back into the market to look for financing backing the next two stages of its Alamos project outside of San Antonio.
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FGE Power, a Houston-based independent power producer, is looking for debt financing and equity partners for a 726 MW, approximately $500 million combined cycle project near Westbrook, Texas.
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A financing backing Panda Power Funds’ 750 MW Temple II gas-fired project will be launched at 10 a.m. tomorrow at a bank meeting in New York.
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Pattern Energy and Samsung Renewable Energy have closed a C$700 ($680.93) million financing of their 270 MW South Kent facility in Chatham-Kent, Ontario.
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Michael Canavan, director of high-yield capital markets at RBS Securities, has resigned from the Stamford, Conn.-based shop to work in structured power project finance at another undisclosed lender.
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Terra-Gen Power is beginning preliminary talks with lenders for phases X, XI and possibly phase XII of the Alta wind projects in Tehachapi, Calif.
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Local banks are increasingly active in project finance in Latin America.
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Mining development in northern Chile and southern Peru is creating a need for dedicated infrastructure, including generation capacity.
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Energy and infrastructure finance advisory shop Astris Finance is looking for players to participate in a new solar offtake arrangement in northern Mexico.
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OCI Solar has tapped the Korea Finance Corp. and Korea Development Bank for financing backing the first 41 MW phase of its 400 MW Alamos solar project near San Antonio.
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Panda Power Funds has reportedly approached Standard & Poor’s to get a rating for the term loan B backing the second 750 MW phase of its merchant Temple gas-fired facility in Temple, Texas.
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President Obama’s sequestration order will trigger an automatic cut of 8.7% to all U.S. Department of Treasury payments made under the 1603 cash grant program.
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K Road Power is looking to tap mezzanine debt in the financing of its $1 billion, 350 MW Moapa solar photovoltaic project in Clark County, Nev.
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EDF Renewable Energy is hunting debt for its 350 MW Rivière-du-Moulin wind farm in eastern Québec.
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A private letter ruling from the U.S. Internal Revenue Service is being seen as a green light to include sustainable and renewable energy assets in a novel mortgage real estate investment trust.
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Brookfield Renewable Energy Partners has completed a C$450 million ($437 million) bond issuance refinancing its 166 MW Comber wind project— the first rated bond issuance backing a wind deal in Canada on the public market.
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Pattern Energy has mandated a trio of banks to lead a $500 million bridge loan for its 322 MW Panhandle project in Carson County, Texas.
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MidAmerican Solar is putting out feelers for financing backing the 579 MW Antelope Valley solar facilities in Kern and Los Angeles counties in California.
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Kinder Morgan Energy Partners plans to issue $1 billion of senior unsecured notes to help finance its $21.1 billion acquisition of El Paso Corp. and $3.9 billion purchase of Copano Energy.
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Genesis Power is looking for debt backing a 735 MW natural gas-fired combined-cycle facility in Brandywine, Md., and a subsidiary of Energy Investors Fund is a co-investor in the project.
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Some lenders are looking to shed exposure to the first round of financing for Cheniere Energy’s Sabine Pass natural gas liquefaction facility to make room for a second deal from the company.
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Xcel Energy has issued a request for proposals for up to 200 MW of wind resources via subsidiary Northern States Power Co.
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