Pension Funds
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The Canada Pension Plan Investment Board is acquiring a 49% stake in an Enbridge renewables portfolio that includes all of the company’s renewable assets in Canada and two U.S. projects. Meanwhile, a private equity firm has agreed to purchase Enbridge’s midstream business in the U.S.
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Project finance bankers are pinning their hopes on merger and acquisition activity to keep them busy this year, but they may have to wait a while for it business to pick up, say deal watchers.
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The Canada Pension Plan Investment Board and Voltorantim Energia, a subsidiary of São Paulo-based Voltorantim Group, have launched a joint venture focusing on Brazilian generation assets—and lined up its maiden acquisitions.
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Some of the power finance world’s fresher faces gathered at CohnReznick Capital’s offices in New York’s Credit Lyonnais Building on Oct. 12 for Juniors in Energy Finance's inaugural “30 Under 30” presentation event.
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In June, officials from KeyBanc Capital Markets, Prudential Capital Group, Voya Investment Management and BlackRock discussed the latest trends U.S. renewable project finance with PFR.
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Pattern Energy Group, the yield company of Pattern Development, has agreed to acquire its first development-stage assets in the form of a roughly 20% stake in Pattern Development 2.0, as the group announces separate investments from Riverstone Holdings and a Canadian pension fund.
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Details have begun to emerge of NextDecade’s plans to finance the Rio Grande LNG export project at the Port of Brownsville in Texas and its associated 137-mile Rio Bravo pipeline.
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A Dutch pension fund manager has agreed to acquire a portfolio of distributed solar assets from SolarCity.
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Three funds have closed part of a planned equity investment in a 921 MW renewables portfolio owned by D.E. Shaw Renewable Investments.
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New entrants to the market and a lack of power purchase agreement is creating a more competitive environment for project finance lenders and is prompting more commercial banks to look to finance distributed generation portfolios.
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Ontario Teachers’ Pension Plan will provide $2 billion for North American transmission projects through a recently established joint venture with Anbaric.
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Pattern Energy has closed a C$263 million ($196 million) debt financing for a 147 MW wind project in Québec.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America Conventional Power Project Finance Deal of the Year.
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Kineticor Resource Corp. has acquired a partially-built cogeneration facility from Shell Canada and closed a corporate equity raise.
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A fund managed by Capital Dynamics on behalf of two investors has agreed to purchase the 250 MW Moapa solar project in Clark County, Nev., from First Solar.
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The deadline for nominations for Power Finance & Risk's Deal of the Year 2016 awards is coming up quickly. Make sure your deal of the year doesn't miss out on the short list by sending in a nomination by Jan. 31.
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Three different kinds of lenders outlined their debt offerings for distributed solar in a panel discussion at the Infocast Distributed Solar Summit in Los Angeles on Nov. 17.
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Mainstream Renewable Power has hired a former investment banker and investor to head its new financing and investment division.
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Veresen has received more than 200 expressions of interest for a 625 MW portfolio of generation assets it is selling in Canada, according to a person familiar with the process.
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Veresen has received more than 200 expression of interest for the 625 MW portfolio of generation assets it is selling in Canada.
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A buyer has emerged for a pair of peaker plants that Quantum Utility Generation put up for sale earlier this year.
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Noble Environmental Power, which owns a portfolio of seven wind projects totaling 726 MW in Texas and New York, filed for Chapter 11 bankruptcy protection last week, announcing a restructuring plan that would give MSD Capital, an investment vehicle controlled by computer magnate Michael Dell, greater control over the company.
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AMP Capital has hired a former Caithness Energy finance official as it expands its infrastructure debt team in New York.
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NextEra Energy Partners has agreed to acquire a 24% interest in the 550 MW Desert Sunlight solar project in California in a transaction to be financed in the equity market.
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A Danish pension fund has acquired OffshoreMW, a company developing an offshore wind project off the coast of Massachusetts, from the Blackstone Group.
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A consortium consisting of an infrastructure portfolio manager, a retirement fund and a financial services company has acquired a one third interest in a wind project in Canada from Samsung Renewable Energy.
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IFM Investors has bolstered its North American infrastructure debt investment team with the hire of an experienced deal originator and executor from Hastings Funds Management.
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A fund of Denmark’s Copenhagen Infrastructure Partners has acquired two development-stage Texas wind projects, totaling 516 MW, from Tri Global Energy.
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Brookfield Asset Management has closed a $14 billion infrastructure fund. The Brookfield Infrastructure Fund III is the largest unlisted private equity infrastructure fund ever raised, according to the Toronto-based company.
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A Canadian infrastructure fund and an insurance and financial services company are together buying a 50% stake in an EDF Renewable Energy wind project.
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EDF Energies Nouvelles Group subsidiary EDF EN Canada has sold a 50% stake in its 74 MW Mont Rothery wind project to MD1 WIND, a consortium of four buyers that includes the Desjardins Group Pension Plan and Manulife Financial Corp.
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A mergers and acquisitions banker has left Barclays’ power and utilities group in New York to take up a new role at a pension asset manager.
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The votes are in, and Power Finance & Risk can now reveal the nominees for the Deals and Firms of the Year Awards.
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Power Finance & Risk’s Deals & Firms of the Year Awards poll has been extended until April 16, giving you an additional week to tell us which banks, sponsors and law firms best navigated the markets in 2015.
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H2O Power, a hydro generator majority-owned by Canada’s Public Sector Pension Investment Board, has acquired its first assets in the United States.
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Banco Santander and two Canadian pension funds have acquired two wind projects in Brazil from local developer Casa dos Ventos for R$2 billion ($498 million).
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A consortium led by Hunt Consolidated is set to acquire Energy Future Holdings' regulated transmission and distribution company Oncor as part of EFH’s plan to emerge from bankruptcy.
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Canadian developer Innergex is on course to seal a C$280 million debt financing deal with pension funds and life insurance companies for a 150 MW wind farm in Québec.
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I Squared Capital has clinched a $3 billion fund focused on investments in infrastructure, including power and utilities.
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Freeport LNG is in talks with a bank to finance the third train at its facility in Quintana Island, Texas.
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The lack of PPAs and an abundance of capital are driving more lenders to participate in merchant and quasi-merchant deals.
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Harbert Management Corp. has closed its Harbert Power Fund V with $485 million in equity commitments from 58 investors.
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Mona Dajani, partner at Baker & McKenzie, explains how a recent U.S. Federal Energy Regulatory Commission policy statement could, if adopted, have a significant impact on valuations of large regulated utility mergers and swaps of generation asset portfolios.
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In the second installment of this exclusive Q&A, John Foster, president and ceo of Southwest Generation, discusses the state of the M&A and financing markets and the company’s ideal profile for potential asset acquisitions.
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The U.S. House of Representatives has passed a bill to expedite the approval process for liquefied natural gas export permits to countries with non-free trade agreements with the U.S.
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LS Power has sealed a refinancing backing its West Deptford combined cycle plant in New Jersey.
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A refinancing backing LS Power’s West Deptford combined cycle project in West Deptford, N.J., is set to close this month.
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Sponsors, investors and financiers are looking for the next slate of opportunities in gas-fired projects and gas-related infrastructure.
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The proliferation of distributed generation, energy efficiency measures and technologies that enable demand conservation, are putting significant pressure on the traditional utility business model.
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Apex Clean Energy has withdrawn its application with the U.S. Federal Energy Regulatory Commission for approval to sell its Kingfisher wind project to First Reserve.
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Sponsors have closed more than $1 billion in debt and equity financing backing the 674 MW gas-fired Salem Harbor project in Salem, Mass.
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TerraForm Power has dominated headlines in the last month, following its landmark $2.4 billion acquisition of First Wind.
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EDP Renewables North America has wrapped a tax equity investment from a Bank of America Merrill Lynch subsidiary for its 200 MW Headwaters wind project in Randolph County, Ind.
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ContourGlobal subsidiary Energia Eolica has issued $204 million in 20-year senior notes in a private placement to refinance Peru’s first wind farms.
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President Obama signed the tax extenders bill into law on Friday, retrospectively extending the production tax credit to the end of 2014.
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Southwest Generation has wrapped a $240.7 million refinancing. The deal, which will stabilize the Denver-based shop’s portfolio and allow it to focus on increasing its asset base, closed on Monday.
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The following Industry Current is an edited transcript of a discussion hosted by Chadbourne & Parke focusing on the benefits and disadvantages of the yield company structure.
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Allete Clean Energy is buying a 108 MW wind project in Iowa from NRG Energy.
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Energy Investors Funds is planning an initial public offering of a vehicle that will include landfill gas generating assets, according to documents the shop filed with the U.S. Federal Energy Regulatory Commission.
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In this week’s Industry Current David Burton, partner at Akin Gump Strauss Hauer & Feld, dispels misinformation about the investment tax credit step-down at the end of 2016 and explores how it impacts the solar industry by answering frequently asked questions.
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Sales of solar assets boomed in the first half of 2014 and represent the resource with the most growth in number of asset trades over the same period last year.
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Pattern Energy Group Inc. has shaved 100 basis points off commercial bank debt backing its 265 MW Ocotillo wind project in Imperial Valley, Calif.
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Bank of Tokyo Mitsubishi-UFJ has agreed to make a tax equity investment in NextEra Energy Resources’ wind farm in Colorado.
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An investor group led by Macquarie Infrastructure and Real Assets has agreed to take Cleco private in a $4.7 billion deal.
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Mild weather in Texas over the last two summers has reshaped how developers and lenders are looking at generation projects in ERCOT, panellists said at Platts’ 16th Annual Financing U.S. Power conference in New York.
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Whitehall & Co. has launched a $3 billion program that will provide debt to energy and infrastructure assets.
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Contention over pricing and a lengthy due diligence process for Cape Wind's $1.95 billion deal are causing many bankers to question the feasibility of the commitment deadline at month-end.
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TerraForm Power and SunEdison are buying a portfolio of 30 MW of solar assets from energy retailer Just Energy Group.
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NRG Energy and LS Power are among a wave of sponsors out looking for repricings on project finance deals inked in 2011 and 2012.
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Autumn is a time for pumpkin-flavored everything, breaking out cozy sweaters and fresh starts for Entegra Power Group and Lincoln Renewable Energy.
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Southwest Generation is refinancing a portfolio of natural gas-fired assets in the southwestern U.S.
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A group of lenders aim to wrap a financing backing the 517 MW combined cycle Kelar project in northern Chile this month.
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A pair of energy efficiency securitization deals is percolating at Citigroup that could hit the market in the next six months.
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Joint venture partners Greenwood Energy and ILIOSS are talking to banks about financing a $500 million, 250 MW portfolio of distributed generation in Mexico.
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The yield company dance card could double its size in 2015 as a variety of shops consider making a run at the public markets.
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The global wind and solar joint venture between Acciona and KKR could hit the public markets in the first quarter.
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This week’s Industry Current is the transcript of a discussion between a group of seasoned investment bankers that focused on new financing trends, including the term loan B market, green bonds, state green banks, yield companies, financing for merchant plants and other topics.
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Developers are preparing to submit bids in the next few weeks for roughly $2 billion of gas pipelines in Texas and Mexico in tenders hosted by the Comisión Federal de Electricidad.
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The debt capital markets were flooded with power and utility paper this week, as issuers sent $1.85 billion in notes to bond buyers.
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Vivint is teeing up its initial public offering that is targeted to raise up to $370.8 million.
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Ares Capital Corp. has back-levered Competitive Power Ventures’ stake in the 725 MW St. Charles project in Waldorf, Md.
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Tenaska Capital Management has clinched an upsizing of $100 million to its $1.5 billion term loan B on strong investor demand.
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DPL Inc. is out to issue $200 million of senior unsecured notes in a private placement this week as it looks to reduce debt.
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About 7.8 GW of solar projects have applied for permitting before the Comisión Reguladora de Energia in Mexico, representing just more than half of the 15 GW of applications before the Mexican regulator.
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ConEdison Development has agreed to buy a stake in a wind project that Sempra U.S. Gas & Power is building in Nebraska, deepening its renewables partnership with the sponsor.
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After years of legal battles, regulatory struggles and a documentary film, the Cape Wind offshore wind project has arrived in the project finance market.
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Cape Wind has launched a wholesale syndication of a $1.95 billion package backing its 468 MW project off the coast of Cape Cod, Mass.
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Exelon Corp. subsidiary ExGen Texas Power has reverse flexed and downsized a $700 million term loan B it pitched for a dividend recapitalization.
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Tenaska Capital Management’s $1.59 billion refinancing has been floated at LIBOR plus 450-475 basis points.
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Tenaska Capital Management affiliates have launched a $1.59 billion refinancing backing roughly 5 GW of merchant generation.
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E.ON Climate & Renewables North America is working with Bank of America Merrill Lynch to sell a portion of its 2.7 GW portfoio of wind assets.
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DIF Infrastructure is looking to make equity investments in solar assets in North America.
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Enel Green Power North America is looking to bring an investor into its U.S. wind portfolio that clocks in north of 1.3 GW.
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BayWa r.e. has acquired an 80 MW wind project in South Dakota, after guidance from the U.S. Internal Revenue Service on the production tax credit strengthened project.
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NRG Yield made the biggest headlines this past month as it wrapped a $2.47 billion acquisition of Terra-Gen Power’s Alta wind series in California (PFR, 8/13).
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A slew of gas-fired projects are slated for development in the next 12-18 months, however, several factors will decide which projects make it through financial close.
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The second installment of this Industry Current is written by Anne Hampson, project manager, and Jessica Rackley, senior associate at ICF International in Washington D.C. For the first installment, click here.
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Calpine Corp. has agreed to buy the 809 MW Fore River gas-fired plant in Massachusetts from Exelon Corp.
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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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Dynegy is set to acquire 12.5 GW of coal- and gas-fired generation from Duke Energy and Energy Capital Partners.
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Don Kyle, senior managing director of GE Capital Markets, and Carl Peterson, head of debt origination at GE EFS sat down with PFR Editor Sara Rosner to discuss the market for structuring and financing gas-fired generation.
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Kristie Pellecchia, director of syndications for Latin America at BNP Paribas, has joined Sumitomo Mitsui Banking Corp.
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Developers, bankers and attorneys are eagerly anticipating billions of dollars of generation and pipeline tenders from Mexican state-backed utility Comision Federal de Electricidad.
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Power industry players circle a bundle of tenders in Mexico and the wind sector regroups stateside after the IRS unveils clarifications to the production tax credit.
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Editor Sara Rosner spoke with Frank DeRosa, chief commercial officer, and Ryan Bennett, head of North America project finance, about the SunEdison’s growth and development strategy, the impact of its yieldco and its take on the markets.
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Gas-fired generation is on track to underpin, and possibly reshape, the U.S. project finance market as more than $13 billion of projects make their way through development and construction in the next 18 months.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Emeka Onukwugha, managing director and co-head of Babson Capital’s private placement group, spoke with Managing Editor Holly Fletcher about what the firm has discovered about the power industry in the two years since it hired a trio of bankers to expand its power lending team.
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Mexico continues to roll forward with its landmark energy reforms this week, as the Senate passed a set of provisions that would essentially create a competitive wholesale power market in the country.
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Cape Wind Associates has received a $150 million conditional loan guarantee from the U.S. Department of Energy for the $2.5 billion offshore wind project off the coast of Cape Cod, Mass.
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Renato Plastina has joined newly established asset manager Varagon Capital Partners as head of energy.
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Energy Investors Funds’ $500 million deal backing its 655 MW Newark Energy Center is moving along, as lenders ink commitments and pricing.
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A record number of entities participated in voting for Power Finance & Risk’s awards, recognizing excellence and innovation in the power project finance industry in 2013.
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Michael Park, a senior investment officer in the loan guarantee programs office at the U.S. Department of Energy, has joined Noesis Energy in Austin, Texas, as a v.p. of project finance.
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A growing number of developers are suing the U.S. government for allegedly not paying out the full amount of cash grants eligible to qualifying renewable projects under the section 1603 program of the American Recovery and Reinvestment Act.
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Renewables developers and scores of their attorneys are keeping a close watch on several sets of proceedings at the U.S. Court of Federal Claims in Washington D.C.
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Innergex Renewable Energy has been speaking to life insurance companies in Canada to finance its 23.3 MW Trethaway hydro project, the first in a C$1.1 billion ($1.01 billion) pipeline of development projects in Canada.
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Deal flow backing renewables projects in Canada is beginning to slow, according to bankers, as many provinces hit or surpass their capacity targets.
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Kevin Walsh, director and group head of power and renewables at GE EFS, talks with Editor Sara Rosner about the growth of distributed generation and why photovoltaic solar is still best for achieving economies of scale.
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Shortlisted bidders in Alberta’s request for proposals to develop and own the roughly 310-mile Fort McMurray transmission project in the province are in the market to hire financial advisors.
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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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Despite the expiration of the production tax credit, wind is set to have a solid year of project financings, according to Kevin Walsh, managing director and group head of power and renewables at GE EFS.
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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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The U.S. Department of Energy is seeking applications for up to $4 billion of innovative renewables and energy efficiency projects in the latest iteration of the loan guarantee program.
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The pool of cash dog-eared for the distributed solar market is deepening as the sector matures.
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Solar continues to make headlines this week, in both distributed generation and utility-scale, with SunEdison and SunPower nailing down financings.
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Abundant sources of capital are driving down prices, noted panelists at Platts’ 29th Annual Global Power Markets conference at the Wynn Las Vegas in Las Vegas, Nev., April 8.
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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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Renato Plastina, managing director of energy, infrastructure and project finance at BNP Paribas, has left the bank to take a position at an unidentified institutional investor.
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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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Acciona has taken initial bids from investors looking to buy into its 2.5 GW global wind and solar portfolio.
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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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UBS International Infrastructure Fund’s decision to not sell its stake in Northern Star Generation and chatter about a limited partner or two coming in for stakes is coloring the auction of Ontario Teachers’ Pension Plan Board’s stake.
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Working with local stakeholders and lenders in a constructive manner are critical factors in financing projects in Latin America, noted panelists at Euromoney’s 8th Annual Latin American Energy & Infrastructure Finance Forum at the Biltmore Hotel in Miami on March 11.
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Energy Capital Partners has received commitments from six public retirement plans across the country totaling up to $615 million for its targeted $3.5 billion third fund.
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The proliferation of project bonds is set to continue in Latin America as financiers and sponsors work to optimize deal structures, according to panelists at Euromoney’s 8th Annual Latin American Energy & Infrastructure Finance Forum at the Biltmore Hotel in Miami on March 11.
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Developer Canadian Solar has secured a C$48 million ($43.67 million) construction and term loan from Manulife Financial backing the 14 MW Val Caron solar project in Val Caron, Ontario.
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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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Check out Power Finance & Risk's special report focusing on the burgeoning LNG export industry in the U.S. and the latest opportunities in development and financing.
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LS Power Equity Advisors has closed its third fund, LS Power Equity Partners III, at $2.075 billion.
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Bank, bond and institutional markets are open for power project financings, according to panelists at the Canadian Power Finance Conference in Toronto Jan. 28.
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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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Gulf Pacific Power, a subsidiary of Harbert Management Corp., is buying out a portion of SNC-Lavalin’s stake in in Astoria Energy II, the 550 MW combined cycle facility, in New York.
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Stonepeak Infrastructure Partners has closed its first fund at $1.65 billion.
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Rockland Capital has hit a first close on its second fund, Rockland Power Partners II.
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The California Public Utilities Commission is considering proposals that would not allow Southern California Edison and San Diego Gas & Electric to recover costs associated with power purchase agreements since the San Onofre Nuclear Generating Station has been offline.
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Canadian Solar has sold a pair of solar assets in Ontario, Canada, totaling 16 MW to TransCanada, the first two in a nine-asset, C$470 million ($454 million) agreement the companies made in June.
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Capstone Infrastructure Corp. has closed the acquisition of Renewable Energy Developers, formerly Sprott Power Corp.
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A U.S. District Court judge in Maryland has over turned a state subsidy for Competitive Power Ventures’ 660 MW gas-fired project, siding with utilities, including PPL Corp., that argued they would lose money if the state began to subsidize new projects.
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PNM Resources is evaluating whether to buy a stake in a gas-fired plant with which it has a power purchase agreement.
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Calling all weekend culinary artists: can you whip up your favorite recipes on fewer kWh?
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In this week's round-up: Utilities tap bond market ahead of the U.S. Federal Reserve's taper plan while the generation M&A market heats up.
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Ontario Teachers’ Pension Plan Board is looking to sell its stake in Northern Star Generation, an independent power producer that owns 1.2 GW in the U.S.
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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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Montreal-based Boralex has closed a $90 million refinancing secured by two of its U.S. generating facilities.
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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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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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European and U.S. investment banks have continued to move up the North America project and energy finance league table ladder in the second quarter as they snag mandates in the booming B loan market.
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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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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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LS Power is trying to sell a 20 MW solar development project in California.
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Samsung Renewable Energy has scaled back its investment in renewable energy development in Ontario to C$5 billion ($4.74 billion) from a planned C$7 billion ($6.64 billion).
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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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EDF Renewable Energy has agreed to bring MetLife into its Chestnut Hills wind farm in Pennsylvania as its lessor.
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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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Needham, Mass.-based Energy Investors Funds is looking to do a private placement backing its 300 MW Pio Pico gas-fired plant in San Diego County, Calif., via Société Générale before year-end.
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Nearly 100 active borrowers, asset acquirers and sellers, lenders, attorneys and advisors voted in our new and expanded awards process.
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Financing the massive transition of the U.S. military to renewable energy resources presents a tremendous opportunity, coupled with significant challenges, to developers, lenders, and investors in renewable energy power projects serving the military.
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Ralph Cho and Michael Pantelogianis started as co-heads of power in North America at Investec earlier this year after nine years working together at WestLB. Cho and Pantelogianis sat down with Senior Reporter Nicholas Stone to discuss their first few months with the bank, where they are seeing opportunities in the market and what they are looking to achieve.
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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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