Quote of the Week
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—David John Frenkil, m.d. of Centennial Generating Co., on the burgeoning interest of private equity players in investing in non-U.S. portfolios.
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The PPA Pulse is a guide to which sponsors and projects have recently garnered power purchase agreements in the Americas.
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Regions Bank has hired Brian Tate, formerly managing director and head of power and utilities at Wells Fargo, to lead its role in energy lending, including expansion into power.
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Isaac Deutsch, managing director, co-head of specialized finance in the Americas atSumitomo Mitsui Banking Corp. on how the lending capacity will impact deals at Euromoney’s 9th annual U.S. Power and Renewable Finance conference.
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–John Eber, managing director and head of energy investments at JPMorgan Capital Corp., on tax equity investments in solar projects last year.
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—Dan Pillemer, chairman and ceo of Kilowatt Financial in Minneapolis, on lending to homeowners for energy efficiency upgrades.
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--Doug Egan, chairman and ceo of Competitive Power Ventures on the company’s ongoing legal battles over offtake contracts in New Jersey and Maryland.
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—Manfred Ernst, managing director of boutique investment bank Fieldstone Private Capital Group, on how access to information and increased sophistication have led companies to run more sales processes in-house rather than hiring an advisor.
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— Douglas Shultz, director of loan guarantee origination for the U.S. Department Of Energy’s loan programs office, of the revamped section 1703 loan guarantee program.
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—Hal Dittmer, president at Wellhead Electric in Sacramento, Calif., on a California appellate court granting the Utility Reform Network’s petition for a review of the project Wellhead is developing with Radback Energy.
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—Joe Esteves, cfo at LS Power in New York at Platts 15th Annual Financing U.S. Power, on the importance of timing for term loan B issuance.
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– K. Mitchell Posner, co-founder and managing partner of Power Capital Partners, on launching the firm’s maiden power and energy play.
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—Ted Brandt, principal and ceo of Marathon Capital in Chicago on the shop’s plans for growth in Latin America.
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—Daniel Rausch, treasurer of NorthWestern Corp., on the company’s decision to wait to issue about $900 million of debt and equity until its planned acquisition of 633 MW of hydro assets from PPL Corp. gets closer to state regulatory approval.
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— Borja Negro, ceo at Gamesa North America, at the American Wind Energy Association’s Wind Energy Finance and Investment Seminar in New York.
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—Ray Wood, managing director and head of U.S. power & renewables at Bank of America Merrill Lynch, on the level of wind activity in 2014 with or without a renewal of the production tax credit.
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— Michael Polsky, ceo and founder of Invenergy in Chicago, on attractive markets for wind development.
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—Jon Fouts, managing director of the global power and utilities group at Morgan Stanley, on successful bidders in power asset sales.
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—Jonathan Lindenberg, head of project finance in the Americas at Bank of Tokyo Mitsubishi-UFJ in New York.
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—Jonathan Lindenberg, head of project finance in the Americas at Bank of Tokyo Mitsubishi-UFJ, on the B loan market.
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—Bob De Meyere, project manager at Advanced Power NA, on how much of a stake the company wants to retain in the 1 GW Cricket Valley combined cycle project in Dover, N.Y.
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—Stuart Murray, managing director, project & infrastructure finance, at Citigroup on the closing of MidAmerican Energy Holdings’ Antelope Valley solar facility.
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—Maria van der Hoeven, executive director of the International Energy Agency, on challenges of renewable project development at Euromoney Energy Events’ Renewable Energy Finance Forum Wall Street in New York.
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—Michael Kumar, managing director and global head of project, commodity and infrastructure finance at Morgan Stanley on the amount of power project finance deals in the market this year.
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—Mark Noyes, v.p. at ConEd Development in New York¸ on the shop’s strategy for adding generation assets to its fleet.
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—Ralph Cho, co-head of power in North America at Investec in New York on being able to play in several layers of the capital stack.
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—Bill Hilliard, ceo and co-founder of CleanREIT Partners in Washington D.C., on looking to get approval from the U.S. Internal Revenue Service to add renewable generation assets to a real estate investment trust.
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—Michael Eckhart, managing director, global head of environmental finance and sustainability at Citigroup, on renewable project finance and M&A at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean at the Four Seasons Hotel in Miami.
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—Kevin Smith, ceo of SolarReserve in Santa Monica, Calif., on the company’s decision grow its business in Latin America.
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—John Marciano and John Frenkil, partner and associate at Chadbourne & Parke, respectively, on the challenges of securing a power purchase agreement.
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—Alex Urquhart, president and ceo of GE Energy Financial Service in Las Vegas, on the effects of large amounts of capital available for project financing.
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—Mike Lorusso, managing director and group head for CIT Energy in New York on the changing landscape of lenders in project finance.
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—John Marciano, partner at Chadbourne & Parke in Washington, D.C., on a private letter ruling handed down by the U.S. Internal Revenue Service freeing up fresh possibilities for tax equity investments.
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—Hamish Bunn, managing director of project finance at Morgan Stanley in New York, on the emergence of project bonds.
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—Harry Clark, partner at Orrick in Washington, D.C., on how renewable developers should approach government agencies such as the U.S. Department of Defense about power purchase agreements.
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—Kevin Prince, project development manager for federal programs for SunPower, on the U.S. Army’s solicitation for renewable.
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—Raya Prabhu, managing director of natural resources leveraged finance at Goldman Sachs, in reference to Panda Power Funds looking to finance its merchant Temple II gas fired facility in Texas.
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—Robert Moyle, managing director and head of energy and infrastructure at Raymond James Bank in New York, on launching the lender’s power and renewable project finance business.
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—Pedro Barriuso, ceo of Blackstone’s new power and energy shop Fisterra Energy in Madrid, on the company’s development strategy.
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—Matt O’Brien, president of asset management firm Connor Clark & Lunn Infrastructure in Toronto, on seeking to invest in development projects in order to avoid stiff competition and high prices for operating assets.
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—Don Kyle, senior managing director, GE Energy Financial Services, told attendees at Infocast’s 5th annual Projects & Money conference in New Orleans about the direction of pricing in the B loan market.
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—Gerald Hanrahan, senior managing director of the power and infrastructure team at John Hancock Financial Services at a webinar sponsored by Chadbourne & Parke.
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—Andrew Redinger, managing director and group head of utility, power and renewables at KeyBanc Capital Markets in Cleveland, on tapping the debt capital markets for power project finance deals.
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—Joseph DeSapri, securities analyst at Morningstar in Chicago, on whether utilities will be able to recover costs of damages incurred from Hurricane Sandy through the ratebase.
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—Carl Weatherley-White, cfo at K Road Power in New York, on the company’s search for financing backing its 350 MW Moapa solar project in Clark County, Nev.
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—David Albert, managing director of the Carlyle Energy Mezzanine Opportunities Fund, on the flexible role mezzanine debt funds are playing in financing power.
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—Steven Goltz, director of utilities, project and infrastructure finance at Standard & Poor’s in Toronto on Algonquin Power & Utilities Corp. expanding its credit facility to $200 million.
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—Thomas Fanning, president and ceo of Southern Co., on why the company is pursuing nuclear power development as a reliability fuel for the future even as Pinkerton, executive chairman at oil and gas producer Range Resources Corp., promises that gas will remain about $3.50-5.50 per mcf for the remainder of his lifetime.
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—Jean-Pierre Boudrias, the director of the energy group at Credit Suisse at a conference in New York, talking about the prevalence of term loan Bs and mezzanine debt in project financings.
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—Ross Posner, group head of infrastructure and real estate assets at Allstate Investments in Northbrook, Ill., on the company’s hunt for energy and infrastructure investments.
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—Albert Lin, ceo and chairman of EmberClear Corp., on the company looking for financing for its Pennsylvania gas-fired plant.
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—Lachlan Creswell, managing director of Macquarie Capital Mexico, on the appeal of developing power projects in Mexico.
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—Chris Thompson, cfo of Western Wind in Vancouver, B.C., on the company’s push to recoup an alleged shortfall in a cash grant it received from the U.S. Department of Treasury.
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—Matt O’Connor, managing director at GE Energy Financial Services in Stamford, Conn., on leading a refinancing of two Tenaska plants in Illinois.
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—Nicholas Bijur, v.p. and treasurer at Pacific Gas & Electric in San Francisco, on a slew of electric utility bond issuances this month.
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— Bertram Solomon, executive consultant at engineering and consulting firm GDS Associates in Marietta, Ga., who was a witness for the power companies and cooperatives challenging investor-owned utilities’ transmission base return on equity in three individual cases brought before the U.S. Federal Energy Regulatory Commission.
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—Alfred Griffin, director at Citigroup at a roundtable in New York on securitizing solar assets.
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—Richard Bird, executive v.p. and cfo, corporate development at Enbridge in Calgary, on why the oil transport company is working with technology development shops on concentrated photovoltaic and hydrogen energy storage.
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—Scott Silverstein, president and coo of Footprint Power, on the shop’s aim to find and buy coal-fired plants that sit on sites that can be re-developed for gas-fired generation.
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—Pete Keel, senior v.p. of strategy and investor relations at First Wind on the company’s joint venture, Northeast Wind, with Emera. In addition to the 370 MW of operating assets in the JV, Emera will purchase 49% of operating assets the developer drops into Northeast Wind.
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