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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—Paul Gaynor, ceo of First Wind, on cultivating project finance options without the production tax credit subsidy.
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—Stephen Dryden, principal at RPM Access in West Des Moines, Iowa on choosing Rabobank and BayernLB to finance two of its wind projects in Iowa.
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—Arno Harris, Recurrent Energy ceo in San Francisco, on the development company’s use of different manufacturers’ solar photovoltaic modules, including those produced by parent Sharp Corp., as its parent looks to sharpen its focus in Asia.
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—Michael Skelly, president of Clean Line Energy, on potential investors in its $50 million private placement backing thousands of miles of transmission lines.
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- Gerónimo Gutiérrez, National American Development Bank managing director in San Antonio, on the remit to enhance environmental conditions along the U.S.-Mexico border.
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—Carl Weatherley-White, cfo of K Road Power Holdings in New York, on how the shop selected CIT Energy, Rabobank and Union Bank to arrange financing for the acquisition and construction of a 25 MW solar project in Modesto, Calif., from SunPower.
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—Mike Garland, Pattern Energy ceo in San Francisco, on how the uncertainties in the U.S. wind industry has prompted developers to shifting their focus elsewhere.
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—Art Whittemore, cfo of Gamesa Technology Corp. in New York on the effects of expiring production tax credits on the wind project development in the U.S.
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—Aubrey McClendon, chairman of the board and ceo of Chesapeake Energy Corp., on cultivating more natural gas-fired generation in the U.S.
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—Dana Zentz, NorthLight Power managing director in Seattle, on insurance companies generally offering longer-term, non-recourse project finance debt than banks amid the euro-zone crisis.
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—Jeff Kotkin, v.p. of investor relations at Northeast Utilities, on why the company chose an 18-month tenor on a $300 million bond issuance in the weeks before the finalization of its merger with NStar.
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—A senior financier in New York on Cheniere Energy’s likely reception for a $3.2 billion financing after Blackstone made a $2 billion equity investment.
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—Glen Donovan, director of origination at Sempra Generation, on how some solar projects could languish because of developers’ low pricing bids into request for offers in California.
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—Michael Magnus, ceo of Shear Wind, a wind developer out of Nova Scotia, at Euromoney Seminar’s 3rd Annual Canadian Power Conference in Toronto on lining up early-stage development funds.
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—Alan Levande, senior managing director for Tenaska Capital Management, on the bullish outlook for developing gas-fired projects in the U.S., at Infocast’s Projects & Money 2012 conference in New Orleans.
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- Nicolai Dillow, NordLB managing director of origination in New York, on the rush to wrap deals by the end of the fourth quarter.
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- Paula Zagrecki, Diamond Generating director of finance in Los Angeles, on the developer’s expectation of aggressive terms in a financing backing its 200 MW peaker in Alameda County, Calif.
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—Richard McMahon, v.p. of finance and energy at the Edison Electric Institue in Washington, D.C., on why Congress should maintain current tax rates on dividends and capital gains.
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—Rob Grant, ceo of Pacific Hydro in Melbourne, Australia, on the company’s $450 million, 111 MW Chacayes hydro project in Chile going online in October.
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—Brendan Fitzgerald, president of Viseon Energy in Indialantic, Fla., on his company’s bullish outlook on renewables despite the potential expiration of key federal subsidies.
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—Daniel Revers, managing partner of ArcLight Capital Partners in Boston on the company’s strategy of divesting $4.5 billion of assets in order to attract investor interest in its latest $3.3 billion fund.
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— Partho Sanyal, director in the global energy and power group at Bank of America, on wind developers’ push to line up financing, complete construction and arrange tax equity before the production tax credit scheme expires Dec. 31, 2012.
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—Robert Johnston, the executive v.p. and chief strategy officer of The InterTech Group in North Charleston, S.C., who represents the Zucker family on two utility boards.
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—Rahul Culas, co-head of the Carlyle Group’s energy mezzanine opportunities, lamenting the paucity of coal-fired M&A opportunities at the Platts conference in New York last week.
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—Olivier Delay, head of specialized finance for Natixis in New York, on the increase in project finance volume in the third quarter.
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NextEra Energy Resources mandated Crédit Agricole and Lloyds TSB to lead a refinancing supporting its 507 MW combined-cycle project in Blythe, Calif.
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—Timothy Howell, managing director and commercial leader of power and renewable energy at GE Energy Financial Services in Stamford, Conn., on the hiring of John Jones as a managing director based in Houston.
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—Kevin Smith, SolarReserve ceo in Santa Monica, Calif., on the pressure concentrating solar power projects are facing from rival photovoltaic projects.
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—Andrew Cunanan, Access Capital Advisers head of Americas and partner in New York, on why Access thinks that U.S. pension funds will be more interested in pursuing direct investments.
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- Raffiq Nathoo, senior managing director at The Blackstone Group, encouraging prospective buyers at Stroock & Stroock & Lavan’s 2011 Evolving Energy Directions forum to find sellers that are willing to be engaged in private negotiations instead of a full auction
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