Private Equity
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KKR and Hannon Armstrong Sustainable Infrastructure Capital (HASI) have partnered on a $2 billion investment vehicle for sustainable infrastructure projects.
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A trio of Boston-based energy investors has launched Inyarek Partners to develop energy transition assets, completing its inaugural investment into renewable natural gas (RNG) platform Redtail Renewables.
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Barely a month into the new year and infrastructure and energy investment managers have dominated headlines. Global Infrastructure Partners – and all $100 billion of its AUM – got absorbed into fund management behemoth BlackRock. Meanwhile, General Atlantic bolted on $12.5 billion sustainable infrastructure firm Actis onto its beefy $86 billion body of managed assets.
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Quantum Capital Group, the energy-focused private equity firm, has hired David Altshuler partner and co-head of client solutions.
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Casey Moye, formerly of NextEra Energy, has teamed up with Boston-based family office, Slater Family Holdings, to establish the renewable investment platform Greenview Energy (GVE).
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A seasoned infrstructure investment official left Caisse de dépôt et placement du Québec (CDPQ) earlier this month to set up his own shop in Mexico City.
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Argentinian independent power producer Stoneway Capital Corp. has a new owner after missing debt amortization payments due in early March.
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The South Korean owners of a gas-fired plant in Chile began looking to refinance it through a private placement a few months ago, but market conditions may act as a deterrent, say bankers.
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Argentinian independent power producer Stoneway Capital Corp. is embarking on what could be a lengthy restructuring process after bondholders declined to extend the maturity of debt due to be repaid this month.
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German asset manager MPC Capital is raising capital among U.S. investors to build 200 MW of renewable projects in the Caribbean.
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AES Gener has announced a $1.8 billion investment in solar and wind projects in Chile and Colombia with a total capacity of 1.6 GW.
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IEnova, a subsidiary of Sempra Energy, and Actis-owned independent power producer Saavi Energía are developing a 108 MW wind farm in Mexico that will sell its output into the U.S.
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A year after private equity firm I Squared Capital completed the acquisition of a large renewable energy portfolio in Latin America, the fund has consolidated its assets by refreshing the debt at both the holdco and project level.
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Infrastructure private equity firm I Squared Capital has named three new partners, in addition to three existing managing partners.
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Five local players and one international developer could bid to buy power distributor Electricaribe in an auction later this month, with international investors looking for partners to participate in the process.
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Private equity firm Denham Capital has announced a $250 million investment in Ceiba Energy, a Latin America-focused power project developer headquartered in Houston.
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A private equity firm has tapped boutique investment bank Evercore to market its stake in a wind and solar project developer.
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A fund managed by Starwood Energy Group Global has lined up a buyer for an Ohio wind project that is expected to come online later this summer.
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Capital Dynamics has sealed its purchase of 8point3 Energy Partners, sparking conversations about the future of the yield company business model during a busy week of summer conferences.
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GE Energy Financial Services has announced the retirement of two senior figures as the General Electric division looks to sell its loan book and private equity assets.
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A joint venture between Axium Infrastructure and Manulife Financial Corp. has agreed to acquire a 35% stake in AltaGas’ hydro assets in northwest British Columbia for C$922 million (approximately $700 million).
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Fengate Real Asset Investments has entered into a $100 million, multi-year equity commitment with Texas developer PowerFin Partners, echoing a deal the asset manager struck with a Canadian developer two months ago.
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ArcLight Capital Partners has agreed to sell a gas-fired asset in Arizona with a capacity of almost 600 MW.
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Fengate Real Asset Investments has hired a former Skadden project finance lawyer as chairman of its U.S. infrastructure unit, Fengate Capital Management.
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A group of four Japanese investors has acquired a majority stake in an Ares-EIF gas-fired project in Connecticut.
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Onyx Renewable Partners, a portfolio company of The Blackstone Group, has scored a $79 million financing for an approximately 80 MW portfolio of distributed solar assets.
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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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A former principal at Oaktree Capital Management has joined Energy Capital Partners as a partner.
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The Carlyle Group and GE Energy Financial Services plan to sell a gas-fired project in Washington County, Ga., to a fund managed by Harbert Management Corp.—just as soon as they formally gain ownership of the plant themselves.
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Axium Infrastructure has agreed to acquire the 286 MW Brooklyn Navy Yard in New York from a fund managed by Ares-EIF.
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Starwood Energy Group Global has hired Phil Pletka, formerly a senior member of BlackRock’s energy and power team, as a managing director.
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Atlas Renewable Energy has acquired a 101.4 MW solar project in Mexico from SunPower Corp.
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Terra-Gen has sealed financing from three banks for two development-stage wind projects it owns in California and Texas.
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A fund managed by Ares-EIF is acquiring a majority stake in developer Conti Solar.
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Details have emerged on a term loan B refinancing for a Blackstone Group Texas gas-fired project.
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Osaka Gas has acquired Michigan Power, a 125 MW cogeneration facility in Ludington, Mich., from Rockland Capital.
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Longview Power has hired Houlihan Lokey as an adviser as it explores strategic options for its 700 MW coal-fired project near Maidsville, W.Va., including a potential refinancing of its senior secured debt.
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Fengate Real Asset Investments has signed a $100 million multi-year equity investment commitment with renewables developer Greengate Power Corp.
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A European infrastructure investment firm has tapped a former Ares-EIF partner to join its New York office as managing director.
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A private equity firm has agreed to purchase two gas-fired units at GenOn Energy’s Canal facility in Massachusetts as the bankrupt NRG Energy subsidiary sheds assets as part of its restructuring.
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A Canadian pension manager has agreed to acquire Leeward Renewable Energy, adding a 1.7 GW portfolio of largely-contracted wind projects to its pool of investments.
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FirstEnergy Solutions has found buyer for a merchant coal-fired facility in PJM Interconnection in the form of a joint venture between a private equity firm and an independent power producer.
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Ridgewood Infrastructure has sold its stake in the Neptune Regional Transmission System, a 66-mile transmission line running under Long Island Sound.
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Delegates at the Euromoney Seminars 12th Annual Latin American Energy & Infrastructure Finance Forum in Miami Beach are keeping at least one eye on Latin America’s colorful political landscape, as a year of national elections and unfolding corruption probes promises to have a bearing on project financings and M&A deals.
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A British emerging markets-focused private equity shop has received bids for a portfolio of Brazilian wind assets it is looking to sell.
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A New York private equity shop has hired a pair of financial advisers to sell a hydro project in PJM Interconnection that it previously tried to sell four years ago.
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LS Power has taken bids for a pair of gas-fired assets it is in the process of selling in the Midwest.
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An investor group led by private equity firm Bernhard Capital Partners Management has purchased transmission business W.A. Chester from Exelon Corp.
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GenOn Energy has found a private equity buyer for its 810 MW Hunterstown gas-fired project in Gettysburg, Pa.
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Convergent Energy and Power is acquiring a pair of energy storage assets from Rockland Capital, according to a Feb. 23 filing with the U.S. Federal Energy Regulatory Commission.
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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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A private equity firm has hired an adviser to sell its stake in a portfolio of hydro assets spread across the U.S.
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Macquarie Infrastructure Corp. is weighing a sale of a New Jersey gas-fired asset.
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An ArcLight Capital Partners portfolio company has agreed to purchase Avangrid Renewables’ gas storage business.
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A Quinbrook Infrastructure Partners fund has closed its purchase of a 223.5 MW portfolio comprising six older wind assets in three U.S. states that it plans to repower.
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A Basalt Infrastructure Partners fund has acquired a stake in a generation portfolio owned by DCO Energy. In a separate deal, the two entities have wrapped the joint purchase of a Michigan biomass facility.
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A fund managed by Quinbrook Infrastructure Partners has wrapped a debt and tax equity financing for a 200 MW wind project in Oklahoma.
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Royal Dutch Shell has agreed to acquire a 43.83% stake in Silicon Ranch Corp. from one of its backers, a Swiss private equity firm, making the Anglo-Dutch oil and gas giant the solar developer’s largest shareholder.
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Having closed a series of three acquisitions of small utility-scale U.S. renewables projects toward the end of last year, Greenbacker Renewable Energy has lined up another deal to buy a portfolio of operational solar assets in Colorado and California.
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A fund managed by Rockland Capital is acquiring a portfolio of gas-fired and oil-fired facilities in PJM Interconnection from an AES Corp. subsidiary.
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LS Power has closed its purchase of several units of four Pennsylvania gas-fired projects and priced a private placement to finance its acquisition of a stake in a pumped-storage hydro project in Virginia.
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New England-based distributed energy finance shop Constant Energy Capital has hired a commodities trader at the managing director level and is preparing to make a mid-level hire within the next year.
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BlackRock entered into an agreement to acquire EverPower Wind Holdings on Nov. 22, according to a filing with the U.S. Federal Energy Regulatory Commission.
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A private equity firm has agreed to acquire the majority of IC Power’s generation assets through the purchase of its Latin American subsidiary Inkia Energy.
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Former Panda Power Funds cfo Alison Zimlich has joined the c-suite of one of a transmission-focused Blackstone Group portfolio company.
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New York-based private equity firm LS Power has negotiated the sale of a combined-cycle gas-fired project in South Carolina to a local utility.
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Asset manager Tennenbaum Capital Partners is seeking regulatory approval to increase its stake in a West Virginia coal-fired plant.
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An Australian investment manager has agreed to acquire a nearly 250 MW portfolio of contracted U.S. wind assets in what is slated to be its second major North American acquisition in a year.
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A private equity firm is marketing its majority interests in a pair of wind projects supported by power hedges in northern Texas.
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A private equity firm has agreed to acquire Ares-EIF’s interests in a portfolio of coal-fired assets, as well as an additional stake in one of the projects that is held by a high-profile individual on the Forbes 400 list of the wealthiest Americans.
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APG Asset Management, a subsidiary of Dutch pension manager Stichting Pensioenfonds ABP, announced this week that it has invested approximately €330 million ($384 million) of equity into a three-project portfolio in the western U.S.
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An established joint venture between two Japanese utility companies is acquiring a 50% equity interest in the six-unit Linden Cogeneration gas-fired project in Union County, N.J.
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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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Eversource's 1.2 GW New Hampshire generation portfolio is set to be sold in two portions following an auction process that was launched at the beginning of the year.
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Beal Bank has requested regulatory permission to take possession of the 965.4 MW La Paloma merchant gas-fired project in McKittrick, Calif., on behalf of its creditors.
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An energy infrastructure asset management firm has bought a 37 MW distributed generation portfolio from a solar development company.
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An auction for a portfolio of coal-fired, fully-contracted projects is drawing to an end, say deal watchers close to the deal.
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The Blackstone Group modestly increased the size of a term loan B backing its equity investment in a 715-mile natural gas pipeline owned by Energy Transfer Partners on Thursday, having tightened pricing in response to strong demand.
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An individual investor has acquired the 55 MW Carson gas-fired project in Los Angeles County, Calif., from a private equity-backed vehicle.
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Capital Dynamics has added two shovel-ready projects totaling 28 MW (DC) to a portfolio that has swelled this year as the firm snapped up more than 800 MW of assets.
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Morgan Stanley is arranging a term loan B backing The Blackstone Group's acquisition of a stake in Energy Transfer Partners’ 715-mile Rover international natural gas pipeline.
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An investment vehicle managed by Harbert Management Corp. is acquiring interests in two wind projects owned by Enel Green Power North America.
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A municipal utility in Florida is acquiring a 100 MW biomass project from a group of investors including private equity firms Starwood Energy Group Global and Tavistock Group.
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An LS Power owned fund has knocked $100 million off the purchase price for a 1,615 MW portfolio of generation assets it is acquiring from two FirstEnergy subsidiaries.
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ArcLight Capital Partners is acquiring equity interests in two operational wind projects in Idaho that were originally financed in 2010 and 2011.
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MEAG, the asset management arm of Munich Re Group, has acquired minority stakes in two 230 MW Texas wind projects developed by Starwood Energy Group Global.
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A global asset manager has closed debt and tax equity financing for two utility-scale projects, which it recently added to its burgeoning portfolio of solar assets.
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A private equity firm is selling a waste-to-energy business, PFR has learned.
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Onyx Renewable Partners has closed a tax equity investment with RBC Capital Markets.
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LS Power has hired a financial adviser to sell two gas-fired projects, PFR has learned.
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Deal volume for power and utility asset acquisitions in the first half of 2017 is down year-on-year, as expected by market participants recovering from an exceptionally busy 2016. As capital flocks to the power sector, competition for assets in the market is likely to remain fierce as long as financing remains cheap.
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Alterra Power Corp. has sealed financing for its 200 MW Flat Top wind project in Texas after landing an equity commitment from BlackRock Real Assets.
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Several senior members of staff have left a Blackstone-financed renewable shop.
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United States Solar Corp. has lined up project finance from a renewables-focused investment manager for upward of 100 MW of community solar assets in Minnesota.
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A Bethesda, Md.-based private equity shop has completed its acquisition of a hydro portfolio from funds managed by affiliates of The Carlyle Group.
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An independent power producer has assembled a club of banks to arrange acquisition financing for a pair of gas-fired peakers it is buying in PJM Interconnection.
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Moody’s Investors Service has downgraded approximately $1.05 billion of debt associated with a 945 MW partially-contracted coal-fired project in Texas from B2 to B3.
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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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LS Power Equity Advisors has closed its acquisition of four merchant generation assets in the northeastern U.S. from TransCanada Corp. for $100 million less than initially anticipated.
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Private equity firm EIG Global Energy Partners is committing $500 million in equity to a natural gas pipeline Cheniere Energy is developing in Oklahoma.
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A California-based renewable project developer with a pipeline totaling over 6.6 GW of predominantly wind projects has mandated a financial adviser to sell the company, deal watchers tell PFR.
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The Blackstone Group has promoted a senior m.d. with over a decade of experience in power to be head of its new Saudi-backed infrastructure vehicle.
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Power Finance & Risk announced the winners of its 14th Annual Deals and Firms of the Year Awards at a drinks reception at the Bryant Park Hotel in New York on May 24.
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Japanese conglomerate ORIX has filed with the U.S. Federal Energy Regulatory Commission for its acquisition of a 22.1% stake in geothermal developer Ormat Technologies.
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LS Power increased the size of the bank loan for a more-than-3 GW quasi-merchant gas-fired portfolio known as Gridiron Generating in response to strong demand, PFR has learned.
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Actis' newly formed wind platform Echoenergia has acquired two operating wind farms in north east Brazil from developer Casa dos Ventos.
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LS Power has closed a hybrid bank and institutional debt financing for a more-than-3 GW portfolio of merchant and gas-fired projects and sold the assets to a new group of institutional investors.
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California-based 8minutenergy Renewables speaks to PFR about its plans to install 1 GW of storage projects in the next four years.
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The Silverfern Group has made a "follow-on investment" in the 878 MW Broad River simple-cycle dual-fuel facility in Gaffney, S.C.
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The Carlyle Group has agreed to sell a gas-fired project in New Jersey that the private equity firm put on the block last fall.
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Ares-EIF has hired two investment banks to run a sale process for an under-construction gas-fired project in PJM Interconnection, deal watchers tell PFR.
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A former senior financier at SunEdison and TerraForm Power has joined a roughly one-and-a-half-year-old solar-focused private equity firm.
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Pricing on the term loan B backing The Carlyle Group’s Nautilus Power portfolio, previously known as Essential Power, flexed up last week. The deal was priced on Friday.
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Opinions on the impact—or lack of impact—of shifts in government policy on coal-fired and renewable generation converged during the opening panel discussion of Platts Global Power Markets 2017.
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As uncertainty around tax reform in the U.S. contributed to a slowdown in renewables financings in the first quarter of the year, the busiest banks were those with an appetite for quasi-merchant gas-fired deals.
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Panda Power Funds’ Temple I gas-fired project in Texas filed for Chapter 11 bankruptcy protection on Monday.
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Panda Power Funds, whose troubled Temple I project in Texas filed for bankruptcy earlier this week, has appointed a new head of debt and finance.
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The Carlyle Group has hired Morgan Stanley to lead a refinancing of a term loan B secured by a portfolio of gas-fired, oil-fired and hydro projects that the private equity firm acquired last year.
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D.E. Shaw is behind a new solar development shop that is building utility-scale projects in the U.S., according to market participants.
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Harbert Management Corp. refinanced a dual-fuel simple-cycle plant in Alabama toward the end of a slow first quarter for contracted projects, PFR has learned.
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Moody’s Investors Service has placed the debt associated with a contracted gas-fired cogeneration plant in California on review for downgrade, citing renewable development and hydrology levels in the region.
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Siemens Wind Power has finalized its acquisition of a controlling stake in Spanish turbine manufacturer and project sponsor Gamesa, which owns a merchant utility-scale wind asset in the U.S.
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Fresh from acquiring an equity stake in a gas-fired project in PJM Interconnection, Sojitz Corp. has signaled its intent to ramp up investment in U.S. generation assets.
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Panda Power Funds’ Temple I combined-cycle project in Texas looked set to default on its term loan after a three day grace period expired following the project’s failure to make a coupon payment that was due on March 31.
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The online poll for PFR’s Deals and Firms of the Year Awards has closed, after market participants voted for the banks, sponsors, investors and deals they thought were most impressive in 2016. The survey received roughly double the number of votes cast last year.
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Owners of gas-fired projects joined a general stampede to the term loan B market for repricings in the first quarter of the year, in a trend that is likely to continue as long as inflows of capital outweigh borrower demand for new debt.
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A private equity firm has agreed to purchase three out of a portfolio of four merchant gas-fired projects in PJM Interconnection that Rockland Capital put up for sale last year.
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Private equity firm Fengate Real Asset Investments has closed a $300 million fund and acquired a stake in a company that develops distributed generation projects in Canada.
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Castlelake, a Minneapolis-based alternative investment firm, has agreed to acquire a wind repowering project in Northern California’s Altamont Pass from developer Salka, as it turns its focus to renewable assets.
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ArcLight Capital Partners is amending and extending a term loan B it secured last year to refinance a 5 GW portfolio of gas-fired merchant projects it had acquired from Tenaska Capital Management the year before.
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Axium Infrastructure has acquired equity interests in two gas-fired projects from Capital Dynamics.
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New York-based independent power producer Novatus Energy has agreed to acquire a solar asset in Colorado from First Reserve, according to a filing with the U.S. Federal Energy Regulatory Commission.
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The Blackstone Group and ArcLight Capital Partners initiated a repricing of a term loan B on Friday, just three months after the deal was originally sealed, as they seek to take advantage of improved market conditions for issuers.
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The Carlyle Group has partly refinanced a 1,066 MW portfolio of gas-fired plants in Georgia, having removed two assets from the collateral package, with implications for a series of bonds related to the portfolio.
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LS Power refinanced two peakers in Illinois in early February, PFR has learned. Like other recently signed loans backing gas-fired projects in PJM Interconnection, the deal attracted interest from South Korean investors.
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A managing director who was at Highstar Capital for 12 years left the firm in January, PFR has learned.
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Actis has closed its fourth energy-focused fund, Actis Energy 4, which will invest in generation and distribution businesses in Latin America, Africa and Asia.
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Brookfield Asset Management has agreed replace to SunEdison as the sponsor of its two yieldcos in deals which will involve Brookfield and institutional partners acquiring a 51% stake in the TerraForm Power and 100% of TerraForm Global.
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Terra Firma has mandated Barclays and KeyBanc Capital Markets to run the sale for its U.S. renewables shop, EverPower Wind Holdings.
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Actis is launching a new solar platform in Latin America with its acquisition of an approximately 1.6 GW asset portfolio from SunEdison.
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Atlantica Yield has agreed to acquire a stake in the 114-mile 3.2 GW Ten West Link transmission line being developed by Starwood Energy Group Global in California and Arizona.
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Dynegy is selling two gas-fired projects it recently acquired from Engie to LS Power. Separately, the independent power producer is also reconfiguring its ownership stakes in two Ohio coal-fired assets.
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Activist shareholders are likely putting pressure on NRG Energy to sell its yield company, NRG Yield, according to a report published by Moody’s Investors Service.
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LS Power has mandated Credit Suisse to arrange financing for its acquisition of a 3.9 GW mostly gas-fired portfolio from TransCanada.
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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 Latin America M&A Deal of the Year.
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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 M&A Deal of the Year.
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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 Latin America Project Finance Deal of the Year.
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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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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America Renewable Project Finance Deal of the Year.
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Moody’s Investors Service has cited "uneasy" trade relations between Mexico and the U.S. as a risk for a private equity-backed independent power producer in Texas that sells generation across the border.
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Allianz Global Investors has sealed its second U.S. renewables debt investment—a back-leveraged private placement to refinance a D.E. Shaw Renewable Investments-owned wind project in Oklahoma.
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Cogentrix Energy Power Management and Quantum Utility Generation have closed their sale of a merchant coal-fired project in Virginia to a Michigan developer, completing their divestment from the U.S. coal-fired generation market.
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Maxim Power Corp. is seeking authorization from the U.S. Federal Energy Regulatory Commission to sell its entire U.S. generation business to a Maryland-based private equity fund.
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Despite a full slate of proposed gas-fired facilities, deal flow for large-scale greenfield project finance in the U.S. could slow this year, deal watchers tell PFR.
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Dayton Power & Light, a utility owned by AES Corp., has committed to sell three coal projects, shutter two others and buy or develop at least 300 MW of wind and solar generation in a settlement with several Ohio entities in relation to its rate case before the Public Utilities Commission of Ohio.
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D.E. Shaw Renewable Investments and Bright Plain Renewable Energy, a frequent collaborator of the investment firm, have acquired a contracted solar project in eastern Connecticut from Coronal Energy.
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FirstEnergy Corp. has found a buyer for all four of its merchant gas-fired projects in Pennsylvania and its interest in a hydro facility in Virginia.
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Starwood Energy Group Global has raised more than half of the $1.5 billion it is targeting for its third infrastructure fund.
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Panda Power Funds has mandated an investment bank to refinance two struggling combined-cycle gas-fired projects in Texas.
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Project finance bankers will be watching carefully this year to see how President Trump’s administration will handle issues affecting the power industry, but other topics such as the rise of the non-traditional power purchase agreement and the availability of new pools of capital are also on their radars.
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MUFG topped the power project finance league table for North America in 2016, arranging loans totaling some $3.7 billion, according to data from PFR affiliate Dealogic.
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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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Budding solar independent power producer Silicon Ranch Corp. has closed a $55 million equity raise from its existing investor group, led by Partners Group.
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SunEdison has found a buyer for its stake in a portfolio of U.S. wind assets. The sponsor has held the assets through a warehouse financing vehicle since acquiring them from Atlantic Power in 2015.
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Jefferies has strengthened its leveraged finance team with the addition of a pair of bankers who worked together at Lehman Brothers and Barclays for many years.
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Two investment firms have closed their joint acquisition of the the Broad River project in Gaffney, S.C., from Energy Capital Partners.
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Rockland Capital is marketing four merchant gas-fired projects totaling 1.25 GW that sell their generation in the PJM Interconnection market.
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The pricing on a term loan B to finance The Blackstone Group and ArcLight Capital Partners’ joint acquisition of a 5.3 GW portfolio of coal- and gas-fired assets has flexed up.
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Starwood Energy Group Global is selling two recently completed wind projects totaling 460 MW in Texas.
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A joint venture between The Blackstone Group and ArcLight Capital Partners has launched a term loan B to finance its acquisition of a four-project portfolio of coal and gas-fired facilities.
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Pricing details have emerged on a term loan B that will finance Blackstone Group and ArcLight Capital Partners’ joint acquisition of a conventional generation portfolio from First Reserve.
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Ormat Nevada and Northleaf Capital Partners have closed a $92.5 million private placement refinancing for a 20 MW geothermal project they co-own in Nevada.
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Axium Infrastructure has acquired an 84 MW eight-project solar portfolio from Renewable Energy Trust Capital, including the private equity firm's first solar projects in the U.S.
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Swiss asset manager Capital Dynamics has closed a debt and tax equity financing for a multi-project solar portfolio in North Carolina.
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GE Energy Financial Services is selling its stakes in two wind projects—one of which is contracted and one of which is merchant—to a fund of ArcLight Capital Partners that owns the remaining interests in the projects.
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A consortium of South Korean investors have taken a $200 million ticket in a senior secured loan backing Starwood Energy Group Global’s acquisition of two merchant gas-fired units totaling 840 MW, as Asian institutions look to increase their exposure to U.S. generation.
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A private equity executive who was head of EQT Partners’ U.S. infrastructure business has landed at the New York office of London-based Actis.
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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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TransCanada has agreed to sell its U.S. generation assets to two private equity shops, LS Power Equity Advisors and ArcLight Capital Partners.
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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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First round bids on the Panda Power Funds portfolio of three gas-fired projects for sale are due next month, deal watchers tell PFR on the sidelines of the Platts 18th Annual Financing U.S. Power conference at the Crowne Plaza New York in Times Square.
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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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Eurus Energy America and a fund of ArcLight Capital Partners are rearranging the ownership structure of two jointly-owned wind projects so that they each hold just one of the projects.
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8minutenergy has hired Bank of America Merrill Lynch as its financial adviser for its first corporate-level capital raise.
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GE Energy Financial Services and Citigroup have invested tax equity in Deepwater Wind’s 30 MW Block Island wind project off the coast of Rhode Island. It is the first project of its kind in the U.S. and is expected to be online this fall.
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Two buyers have agreed to acquire Duke Energy's Latin American assets in separate transactions that will complete the North Carolina-based utility company’s divestment from the region, following a two-stage auction.
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The average price of power purchase agreements awarded in Mexico’s second power auction was 30% lower than in the first auction, with one PPA coming in at just $26.99/MWh. The low prices will translate into lower leverage on projects, say deal watchers.
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Altus Power America, a private investor with a 60 MW portfolio of commercial and industrial-scale solar projects in the U.S., has obtained a $200 million equity investment from Goldman Sachs and two other investors.
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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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Cogentrix Energy Power Management is selling two generation assets in the PJM Interconnection market totalling nearly 1 GW, including a project it co-owns with Quantum Utility Generation that is slated to go offline next year.
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First Reserve has agreed to sell a portfolio totaling nearly 1.7 GW of contracted gas-fired projects to a joint venture holding company owned by Harbert Power Fund V, UBS Asset Management Funds - on behalf of UBS International Infrastructure Fund II - and The Northwestern Mutual Life Insurance Co.
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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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Three financial institutions are advising TerraForm Power and TerraForm Global on SunEdison’s potential sale of its interest in the two yield companies.
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Rabobank’s recently departed head of project finance for the Americas has reappeared at a private equity firm twelve blocks down Park Avenue from the Dutch bank’s New York offices.
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American Electric Power has agreed to sell four Midwestern generation facilities, representing roughly two-thirds of its competitive fleet in Ohio, to two private equity firms.
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Sky Solar and Hudson Clean Energy Partners are bringing their international collaboration on renewables stateside, establishing a partnership that will focus on the development and acquisition of solar projects in the U.S.
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Two investment banks are preparing to launch a sale process for Arclight Capital Partners' New Covert gas-fired project in Michigan in the next two weeks, a deal watcher tells PFR.
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Rockland Capital has acquired a gas-fired asset in Victoria, Texas, from a subsidiary of ArcLight Capital Partners.
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TerraForm Power avoided a technical default on its bonds after bondholders agreed to give the SunEdison yield company until December to file its annual accounts for 2015.
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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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Arclight Capital Partners is planning to sell the New Covert project, which the private equity shop acquired in a portfolio from Tenaska Capital Management last year.
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Virgin Group has announced its first wind acquisition, a newly operational project in Jamaica.
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TerraForm Power and TerraForm Global are working with managing shareholder SunEdison on its potential exit from the yield companies.
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Apex Clean Energy has closed debt and tax equity financing and sold a majority stake in a 217 MW portfolio of projects in Texas.
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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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Distributed wind developer United Wind has obtained an equity commitment from Total and is in talks with lenders to arrange debt financing for its fourth and largest project fund.
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Hannon Armstrong Sustainable Infrastructure has raised $82 million with a public share offering to free up borrowing capacity and to invest in renewable and energy efficiency projects.
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A former senior managing director in Macquarie's infrastructure group, who left the bank in May, has landed at Stonepeak Infrastructure Partners.
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Mainstream Renewable Power is in the final stages of negotiations with a group of banks for a project finance deal backing two wind farms totaling 300 MW in Chile.
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Macquarie’s corporate and asset finance group has requested permission to offload its tax equity exposure in a number of U.S. wind projects to funds managed by a subsidiary of a Texas-based private equity firm.
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Rothschild has sent out teasers and set a deadline for bids for SunEdison’s global project portfolio.
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Power Finance & Risk announced the winners of its 13th Annual Deals and Firms of the Year Awards at the PFR Awards Dinner at the Metropolitan Club in New York on Wednesday, April 18. Read the full list of winners here.
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In this week’s Industry Current, Randy Male, managing director at Bostonia Partners in Boston, explores the latest innovations in renewables financing in the wake of a challenging 12 months for the yield company sector.
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A project finance manger has left SunEdison to join the solar financing team at Gardner Capital, a developer and sponsor which specializes in tax credit investments.
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First Reserve is selling a portfolio of contracted gas-fired assets totaling nearly 1.7 GW, deal watchers tell PFR. Goldman Sachs is advising the Greenwich, Conn-based private equity firm on the auction.
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Allianz Risk Transfer, with the help of several partners, has created a novel hedge product to protect wind projects against the risks of intermittent wind resources, which deal watchers say could have a major impact on the market.
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Several generation portfolios financed with term loan Bs have failed to deleverage as expected and are sweeping 100% of their cash to pay down debt as a result of challenging market conditions, according to a report by Moody’s Investors Service.
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A Nashville, Tenn.-based developer, owner and operator of solar projects has raised $111 million with a privately placed capital increase.
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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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SunEdison has obtained $300 million of debtor-in-possession financing from its creditors and filed for Chapter 11 bankruptcy protection, the company announced on April 21.
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Panelists discussed the reemergence of the term loan B market and inflows of foreign capital at the Platts Global Power Markets conference in Las Vegas on April 20.
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Stiff penalties introduced by PJM Interconnection to ensure the reliability of its grid system will incentivize owners of single projects to sell up or aggregate their assets into larger portfolios, according to a report by rating agency Standard & Poor’s.
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The Carlyle Group has obtained commitments totaling more than $1.5 billion for Carlyle Power Partners II, the firm's second fund established to target generation assets in North America.
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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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A company owned by funds of Ares-EIF and Power Plant Management Services have agreed to pay $7.2 million in fines and civil penalties after pleading guilty to tampering with emissions equipment at the 245 MW gas-fired Berkshire Power project in Agawam, Mass., and lying to environmental and energy regulators for three years.
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LS Power Equity Advisors is offloading another project with the sale of the Calhoun Energy Center in Eastaboga, Ala., to a fund managed by Harbert Management Corp.
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A three-strong team left Capstone Power Development earlier this month to start up a new consultancy venture as the acquisition of CPD’s parent company by a London-based infrastructure fund gathers approvals.
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A renewables financing expert has joined Forum Equity Partners following a seven month stint at hedge-fund backed Renewable Energy Trust Capital.
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Pricing details and the identities of the lenders that participated in the debt financing for NTE Energy's 475 MW Kings Mountain project, which closed on March 11, have surfaced.
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Pattern Energy Group has enough dry powder to acquire one or two projects from its sponsor without issuing new shares, the yield company’s ceo told analysts on Feb. 29.
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Power Finance & Risk’s Deals & Firms of the Year Awards are back, recognizing excellence in power finance and asset M&A across the Americas.
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SunDevil Power Holdings is selling two merchant gas-fired units totaling 1.1 GW in Gila Bend, Arizona, after filing for bankruptcy protection.
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Samsung Renewable Energy has completed debt and equity financing for the 50 MW Southgate solar project in Ontario, Canada.
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The project finance pipeline is brimming with deals for large-scale greenfield gas-fired projects due to be launched in the first half of 2016, deal watchers tell PFR.
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LS Power has refinanced four assets in two club deals totaling $690 million. The four projects are part of a 4.3 GW portfolio of facilities the company is selling.
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A lack of availability of power hedges was hot topic at the Infocast 8th Annual Projects & Money conference in New Orleans on Jan. 20.
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A consortium led by Brookfield Renewable Energy Partners has agreed to acquire a 57.6% interest in Isagen, from the Colombian government for 6,486 billion Colombian pesos ($2.2 billion).
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Macquarie Infrastructure Corp. has acquired the land beneath its 512 MW gas-fired Bayonne Energy Center in Bayonne, N.J., from Hess Corp. as part of a planned expansion of BEC to at least 642 MW.
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A Blackstone portfolio company is aiming to secure $3.4 billion in financing for two transmission projects in North America by the end of the year. Transmission Developers Inc. is developing the two projects in New England and New York.
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Private equity firm Riverstone Holdings is selling a 30 MW waste tire and biomass-fired facility in Connecticut to a local tire dealership, Empire Tire of Edgewater II.
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The Brooklyn Navy Yard dual-fuel cogeneration facility has made a $29.6 million bullet letter of credit loan repayment, prompting Standard & Poor’s to raise the 286 MW project’s senior secured credit rating from CCC to B-.
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Three New York-based private equity firms are seeking to increase their collective stake in the 775 MW Longview coal-fired facility in Maidsville, W.Va., from just over half to 90.5%.
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SunEdison has rewritten its agreement to acquire residential solar company Vivint Solar, cutting the purchase price by $1.25 a share, the company said on Wednesday. The revised plan has been broadly welcomed by investors, who had called for SunEdison to restructure the deal on more favorable terms.
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North Carolina-based developer Innovative Solar Systems is seeking an investor to take a 25% stake in the company, having delayed a planned initial public offering.
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Three or four secondary tax equity deals, in which investors that hold tax equity in wind projects sell the cash portion of their position to third parties, are in the market and finding strong demand.
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The U.S. Federal Energy Regulatory Commission has approved a divestiture plan proposed by Talen Energy, which was challenged by Macquarie Infrastructure Corp.
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BlackRock has acquired 50% of Spinning Spur 3, a 194 MW wind farm in Oldham County, Texas, from EDF Renewable Energy, as part of an infrastructure partnership announced in February.
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Cube Hydro Partners, a subsidiary of global infrastructure investment manager I Squared Capital, has purchased York Haven Hydro Station in York County, Pa.
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A fund managed by private equity firm Silver Lake has agreed to invest $100 million in zero coupon convertible senior notes issued by SolarCity, alongside smaller investments by senior SolarCity officials.
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Initial price talk has emerged on Rockland Capital's refinancing of the 125 MW Michigan Power project.
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SunRun is launching a $230 million aggregation facility this week in a deal being arranged by Investec.
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A NextEra Energy subsidiary intends to sell its stake in a 75 MW wind project in California's Mojave Desert to an affiliate of a fund managed by Energy Capital Partners III.
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The $900 million deal backing Moxie Energy and Caithness Energy’s 1050 MW Freedom gas-fired project in Luzerne County, Pa., closed on Tuesday.
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In third quarter earnings calls, yield company executives have faced questions about what strategic options they have, should the volatility the sector has faced since June fail to abate.
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sPower is seeking authorization from the U.S. Federal Energy Regulatory Commission for tax equity investments for a wind project in Utah and a solar project in Arizona.
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Deutsche Asset & Wealth Management is preparing to launch its first clean technology fund focused on the U.S. and Canada early next year, say market sources.
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Ares Management and Siemens Financial Services are backing the construction of Panda Power Funds' 1 GW Hummel combined-cycle gas-fired project in Snyder County, Pa.
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Rockland Capital has hired BNP Paribas to arrange a term loan to refinance the debt associated with the Michigan Power project in Ludington, Mich., according to a person close to the deal. Rockland recently agreed to acquire the plant from ArcLight Capital.
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Arclight Capital Partners has agreed to sell a 125 MW gas-fired facility to a fund managed by Rockland Capital.
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Sunnova has raised $300 million in debt and equity financing and is preparing for an asset backed securitization.
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New York-based private equity firm Cerberus Capital Management has acquired Renovalia, a Spanish renewables shop with projects in the U.S., Canada, Mexico and Chile, for €1 billion.
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Houston-based independent power producer Calpine has agreed to buy the 745 MW gas-fired Granite Ridge Energy Center in Londonderry, N.H. from a group of financial players, including CarVal Investors, for $500 million.
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Conergy’s regional head of the Americas, Yann Brandt, speaks to PFR editor Richard Metcalf about the aspirant solar independent power producer's plans to grow its portfolio in the U.S., Brazil and Mexico, how it will finance that growth, and long term financing options such as securitization and yield companies.
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The Carlyle Group has agreed to buy the 583 MW Rhode Island State Energy Center gas-fired plant in Johnston, R.I., from an Entergy Corp. subsidiary for $490 million.
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Fortistar has acquired two landfill gas projects totaling 11 MW from Green Gas Americas, after sealing $150 million in financing.
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A joint venture between MMA Energy Capital and Fundamental Advisors has provided a $55 million loan package to Conergy for the construction and operation of a portfolio of seven solar projects in North Carolina.
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Ares-EIF has launched a $400 million term loan and additional letters of credit backing its 700 MW St Joseph combined-cycle gas-fired project in St. Joseph County, Indiana.
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A BlackRock-managed fund has acquired a 50% stake in the 200 MW Longhorn wind farm in Texas, as part of an agreement to provide equity for a portfolio of EDF Renewable Energy projects.
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Talen Energy has added a third option to its divestiture plans after failing to extend the lease at one of its combined-cycle facilities.
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A subsidiary of Blackstone is acquiring the 668 MW Somerset coal-fired project in Somerset, N.Y., and 312 MW Cayuga coal-fired project in Lansing, N.Y. from Upstate New York Power Producers.
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A newly formed portfolio company owned by Partners Group is buying a 25% stake from Competitive Power Ventures in its 800 MW Sentinel combined-cycle gas-fired project in Riverside County, Calif.
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Ares-EIF has emerged as the buyer of GE Energy Financial Services’ 50% stake in the Linden cogeneration project in New Jersey.
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Panda Power Funds has obtained a rating from Standard & Poor’s for its 1,024 MW gas-fired Hummel station in Pennsylvania, while a loan for Invenergy backing six projects in the U.S. and Canada has won an upgrade from Moody’s Investors Service.
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LS Power has taken second round bids for a large portfolio of assets, mostly in PJM, as market observers wonder who will buy the huge amount of gas-fired generation on sale in the region.
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AltaGas has acquired Highstar subsidiary Star West Generation's stake in a 523 MW gas-fired portfolio in California.
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Residential solar loan platform Sunlight Financial has sealed $300 million in equity and debt and plans to launch an asset-backed securitization.
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Panda Power Funds launches debt financing for its 1 GW Hummel CCGT project in Pennsylvania.
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The impending expiration of tax credits for renewable projects, stock market volatility and sustained low oil prices were all hot topics at Euromoney Seminars’ 10th Anniversary North American Energy and Infrastructure Finance Forum on Sept. 9 and 10 in New York.
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SunEdison has financed another large renewables acquisition with private equity backing as it continues to stockpile assets to drop into its yield company, TerraForm Power.
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Ares-EIF and Northbrook Energy have sold two hydro projects totaling 30.4 MW to the Public Sector Pension Investment Board less than three years after acquiring the projects.
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Morgan Stanley has agreed to sell its tax equity stake in a portfolio of eight wind projects to a special purpose entity owned jointly by JP Morgan Capital Corp. and Hannon Armstrong Sustainable Capital.
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Tenaska Capital Management could go ahead with the sale of a large portfolio of merchant assets now that PJM Interconnection has released the results of its capacity market auction.
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Brad Nordholm, the ceo and managing director of Starwood Energy, and Himanshu Saxena, managing director, talk about the appeal of transmission assets, the evolution of the debt finance market, the prospects for mergers and acquisitions in PJM, the emergence of non-utility offtakers in the renewables space, and the impact of President Obama’s Clean Power Plan.
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Panda Power Funds plans to expand a gas-fired plant in Texas with help from a municipal development organization, after the facility was hit by forced outages earlier in the month.
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A subsidiary of Argo Infrastructure Partners is set to acquire the Cross Sound Cable transmission line from an affiliate of Brookfield Infrastructure Partners before the end of August.
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Moody’s Investors Service has produced a ranking of 18 sub-investment grade merchant projects, with those more heavily reliant on uncontracted cash flows featuring at the lower end of the ‘Ba’ category or lower.
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WindSail Capital is offloading its majority stake in renewables trading firm Skystream Markets, less than a year after it invested in the company, according to a confidential memo.
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First Reserve is considering a bid for Petrobras’ gas pipeline operating subsidiary TAG, according to sources close to the situation.
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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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The proceeds of TerraForm Global’s IPO are 40% lower than its original expectation of $1.13 billion through the sale of 57.7 million class A shares.
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Two large banks have launched a $414 million debt financing backing NTE Energy's 525 MW Middletown combined-cycle gas-fired project in Ohio.
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GE Energy Financial Services is set to pick a buyer for its 50% stake in the Linden combined-cycle cogeneration facility in New Jersey, as the project nears the end of a power purchase agreement.
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TransAlta is set to acquire its first solar generation assets as part of a portfolio of U.S. renewables projects that it is acquiring from Rockland Capital.
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A private equity shop recently spun off by JPMorgan is looking to buy more projects after acquiring its first generation asset, a gas-fired plant in Maryland, from a subsidiary of its former parent.
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KKR has taken an 80% stake in the solar development subsidiary of Spain's Gestamp, as private equity firms increasingly look to emerging markets for returns.
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In the second part of this exclusive interview, Mona Dajani, a partner in the banking and finance practice at Baker & McKenzie’s Chicago and New York offices, talks to PFR about the sustainability of the yieldco business model and the consequences of high levels of liquidity in a credit market pepped up by new entrants.
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Infigen Energy is selling a portfolio of U.S. wind projects to an ArcLight Capital Partners subsidiary for $272.5 million, marking its withdrawal from the U.S. wind market.
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Consolidated Edison Development is buying a 95 MW wind farm in Campbell County, S.D. Construction began in December 2014, without project financing in place, in order for the project to qualify for the wind production tax credit.
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This week, SunEdison has driven a barrage of M&A and project finance activity involving more than 1.1 GW of wind assets across the U.S., Canada and Latin America.
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In this exclusive interview with PFR, Mona Dajani, a partner at Baker & McKenzie’s banking and finance group sheds light on how the ongoing transformation of the power industry is driving corporate restructuring in the context of industry consolidation, and a potential uptick in M&A activity.
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SunEdison is the latest to join the bandwagon of private players investing in Brazil in spite of concerns over a nationwide economic lull and the declining contribution of the country's development bank to project financing.
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Manuel Sanchez Ortega has left his position as ceo of Abengoato join BlackRock as managing director and head of strategic development for the company’s infrastructure investment group.
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SunEdison could become the first sponsor to add solar storage assets to one of its yield companies through its partnership with Green Charge Networks, according to sources at the Belmont, Calif.-based company.
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A snapshot of lighter moments at the 2015 REFF Wall Street conference in New York replete with snippets of conversation and banter across panels, luncheons and cocktails.
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SunEdison is acquiring Globeleq Mesoamerica Energy from Mesoamerica Power and Actis Capital in a deal that marks the prelude to its expansion into Central America.
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PJM is proceeding with its annual capacity auction this summer following the FERC’s approval of its capacity performance proposals late on Tuesday, June 9.
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Competitive Power Ventures plans to raise financing for its 980 MW Fairview combined-cycle gas-fired facility in Cambria County, Pa., next summer.
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Barclays's stake purchase in a Rio de Janeiro-based startup could put a lid on investor concerns over what alternatives would emerge to offset a potential shortage of project-level funds from BNDES.
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NTE Energy is in the bank market to raise debt for two combined cycle gas-fired projects, each pegged at upwards of $400 million.
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Reno, Nev.-based geothermal shop Ormat Technologies has sold a 36.75% stake in its holding co. affiliate, ORPD to Toronto-based Northleaf Capital Partners for $162.3 million.
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Cheniere Energy is planning to add two additional trains at one of its LNG export projects, and plans to finance these trains in 2017.
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A subsidiary of Osaka Gas is making its first investment in a merchant facility through its purchase of a 25% stake in the 725 MW St. Charles CCGT project in Maryland from Marubeni Power International.
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Developers and financiers are actively planning securitizations for portfolios of solar installations, according to panelists at the Information Management Network’s 3rd Annual Sunshine Backed Bonds conference in New York on April 30 and May 1.
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With about 800 MW of wind trades grabbing the spotlight this week, this week has seen a spate of M&A activities in the wind space.
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BlackRock is taking a 90% stake in a pair of wind farms totaling 80 MW in Iowa from wind developer RPM Access.
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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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Scores of project financiers, investors and sponsors descended on The Wynn Las Vegas for one of the largest events in the power industry calendar: the Platts’ 30th Annual Global Power Market Conference.
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Project financiers at Platts’ 30th Annual Global Power Markets are competing for business as lenders continue to surge into power and energy deals in the Americas.
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Transactions backing solar storage could become mainstream in the coming years, according to panelists at Platts' 30th Annual Global Power Markets conference in Las Vegas on April 13.
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Rockland Capital is selling a 71 MW portfolio of contracted wind and solar projects in Minnesota and Massachusetts.
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Advanced Power has closed an $899 million debt and equity financing deal for the 700 MW Carroll County CCGT facility in Oregon, Ohio.
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Rockland Capital’s fund, Rockland Power Partners II is looking to complete its purchase of Valley Road, an LS Power Development subsidiary, which owns two gas-fired facilities totaling 503 MW.
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Global Infrastructure Partners’ second infrastructure fund, is buying a majority of Competitive Power Ventures’ business, and investing capital in the company.
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Northwestern Mutual is selling stakes in a 400 MW wind portfolio to an affiliate jointly owned by JPMorgan Capital Corp. and a Hannon Armstrong subsidiary.
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sPower has bought a solar portfolio of 16 assets from FLS Energy in Asheville, N.C.
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Evelyn Lim, partner at Chadbourne & Parke in Los Angeles, is leaving the firm to join TerraForm Power as managing director for North American origination.
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Innovative Solar Systems is talking to prospective buyers for a portfolio of shovel-ready utility-scale solar projects totaling roughly 500 MW in North Carolina.
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Jim Schaefer, senior managing director and global head of energy, power & renewables, has left Blackstone Advisory Partners in New York.
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AES Corp. has sealed its purchase of Boulder, Colo.-based solar developer Main Street Power for $25 million.
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Khosla Ventures has bought 100% of the equity in a 50 MW geothermal project owned by a subsidiary of EIG.
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This week’s Industry Current is written by David Burton, partner at Akin Gump Strauss Hauer & Feld in New York. Burton, who focuses on tax matters with an emphasis on project finance and energy transactions, examines the now delayed Sol-Wind IPO and compares it to traditional yield companies and master limited partnerships.
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Financings backing merchant and hedged projects continue to hit the sweet spot for lenders. Debt pricing also surfaced in several panels at Euromoney Seminars’ 10th Annual U.S. Power & Renewables conference held in New York this week.
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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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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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Project finance and M&A activities continue to swirl in and around PJM.
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Sponsors and their lead bankers are making the rounds this month to potential lenders. SunEdison’s yield company TerraForm Power is in New York, Boston, Los Angeles and San Francisco on a road show for an $800 million bond offering.
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Capital Dynamics has sealed financing for the 150 MW Briscoe wind project in Briscoe County, Texas. GE Energy Financial Services and Morgan Stanley will provide tax equity, with Morgan Stanley supplying construction debt, a hedge and a letter of credit in a deal that closed in late December.
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Project finance lenders are increasingly looking to expand into solar distributed generation, as the cost continues to decline and deals gain traction in the market, said panelists at Infocast’s 7th Annual Projects & Money in New Orleans.
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Financiers, investors and developers are considering a bevy of changes in the power industry at a time when capital continues to flow into the sector. Yield companies, emissions regulations, natural gas supply, distributed generation and adjustments in capacity markets are among the catalysts that are shifting the power project finance and M&A landscape.
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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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Investec have closed a $195 million refinancing backing a portfolio of SunRun solar installations. Proceeds from SunRun’s first syndicated financing will be used to grow its residential solar business.
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Investec have closed a $195 million refinancing backing a portfolio of SunRun solar installations. Proceeds from SunRun’s first syndicated financing will be used to grow its residential solar business.
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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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Duke Energy Renewables has acquired the 20 MW Halifax solar project in Roanoke Rapids, N.C., from Geenex and ET Solar Energy Corp.
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Fortistar has wrapped a $215 million deal backing its $241.4 million purchase of Primary Energy, an independent power producer that owns recycled energy assets in Indiana. Investec led the deal while Varagon Capital Partners was a joint lead arranger.
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Blackstone affiliate Onyx Renewable Partners has bulked up its finance team as it looks to deploy capital to develop, finance and operate utility-scale renewables projects in North America.
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Patriot Renewables has sold an equity interest in its 34.2 MW Saddleback Ridge wind project in Carthage, Maine, to an affiliate of family office Hartz Capital. Alyra Renewable Energy Finance advised Patriot on the sale, which wrapped last month.
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First Reserve is buying four cogeneration assets totaling 195 MW from ArcLight Capital Partners’ Juniper portfolio. McManus & Miles The parties filed for approval from the U.S. Federal Energy Regulatory Commission on Friday.
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Investec is set to close a $200 million refinancing backing a portfolio of SunRun residential solar installations by year-end. The seven-year mini perm is oversubscribed, a deal watcher notes, and will likely price at 275 basis points over LIBOR.
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Mitsubishi UFJ Financial Group is leading the power project finance league tables in North America in 2014, lending $1.9 billion year-to-date while Credit Agricole has topped the chart for the third quarter of this year, doling out $543 million, according to PFR affiliate Dealogic.
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Michael Hamilton, a former managing member of Boston-based Blue Wave Capital Partners, has joined AMP Capital as its investment director. Hamilton started with AMP Capital’s infrastructure equity team in New York on Dec. 8.
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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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Several project financings and M&A transactions are popping on to the markets ahead of the regular year-end hush. ArcLight Capital Partners and the group of owners behind Astoria Energy joined the term loan B parade this week.
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Price talk on ArcLight Capital Partners $365 million term loan Chief Power package is coming in at LIBOR plus 450 to 475 basis points.
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Berkshire Hathaway Energy affiliate MidAmerican Energy Holdings Co. is making its premiere tax equity investment in the 298 MW Kingfisher wind project in Oklahoma.
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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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Allete Clean Energy is buying a 108 MW wind project in Iowa from NRG Energy.
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The House of Representatives is set to vote on a package of tax extensions that includes a one-year renewal of the production tax credit this afternoon.
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ArcLight Capital Partners has launched a $365 million term loan package backing its purchase of stakes in two coal-fired assets in Pennsylvania from Exelon Corp.
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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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Deals and projects are lighting up several spots in Latin America this month, with U.S., Asian and Canadian entities making plays in the region.
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Tucson Electric Power is finalizing its purchase a 550 MW unit of the 2.2 GW Gila River combined cycle gas-fired facility in Gila Bend, Ariz., from Entegra Power.
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AMP Capital raised $1.1 billion for its global Infrastructure Debt Fund II, surpassing its $1 billion target. PFR Senior Reporter Olivia Feld spoke to Andrew Jones, global head of infrastructure debt at AMP Capital headquarters in Sydney, about M&A driving lending activities and how the shop sources its deals.
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Nearly three dozen lenders are considering making commitments to Cheniere Energy’s $11.5 billion financing for the Corpus Christi liquefied natural gas export project in Texas, say deal watchers.
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Terra-Gen Power’s $300 million term loan B could wrap before its Dec. 3 commitment deadline on strong investor demand.
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SunEdison and TerraForm Power have agreed to buy First Wind for $2.4 billion, including a $510 million earn-out.
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Energy Investors Funds has sold half of its 869 MW Oregon combined cycle project in Oregon, Ohio, to infrastructure investor I Squared Capital.
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LS Power is considering bringing a portfolio of assets in PJM and New England to market.
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AMP Capital raised $1.1 billion for its global Infrastructure Debt Fund II, surpassing its $1 billion target. PFR Senior Reporter Olivia Feld spoke to Andrew Jones, global head of infrastructure debt at AMP Capital headquarters in Sydney, about investor response to fundraising and what the shop looks for in investments.
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Terra-Gen Power is pitching a $325 million financing package to pay down project level debt and purchase tax equity interests in a portfolio of wind farms.
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DTE Energy has agreed to buy a simple cycle gas-fired plant in Carson City, Mich., from LS Power.
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NRG Yield has agreed to purchase 785 MW of wind and gas-fired assets from parent NRG Energy for $480 million.
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Blackstone Group is out with a deal to upsize a $515 million term B loan by $160 million to acquire two assets from Optim Energy.
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Partnering with regional developers and focusing on financing, O&M and EPC activities are imperative to Conergy’s strategy for North America in the near-term. “We really feel that our global experience and bankability and readily available development capital provides the support that these partners need to successfully bring these projects forward,” Jared Donald, president of Conergy tells PFR Editor Sara Rosner in the second part of this exclusive interview.
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Offtakers in the North America are locking in contracts for an array of fuel types, from wind and solar, to landfill gas and coal.
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Third quarter earnings calls abounded this week.
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A unit of Ares Management has agreed to acquire Energy Investors Funds for an undisclosed sum.
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Several owners of the Neptune transmission line are selling down portions of their stakes in the asset to an affiliate of Ullico, a labor union-owned insurance and investment firm.
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