Ratings Agency
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Vivint is preparing to issue its debut asset-backed securitization, a $355 million offering that will be the year’s first ABS deal to be backed by power purchase agreements and leases.
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Residential solar lender Dividend Solar has closed its second solar securitization.
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Eolica Mesa La Paz, a joint venture of Ener AB in and AES Corp., is prepping a $303 million bond issuance backing the construction of a wind project in Mexico.
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SolarCity is readying its second solar ABS transaction of 2017, a $340 million deal backed by residential rooftop solar leases and power purchase agreements.
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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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Mosaic sold a solar loan securitization at tight spreads on Wednesday, as investors report that the market for solar and Property Assessed Clean Energy (PACE) is turning into a food fight amid heavy demand and low supply.
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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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Tenaska has closed a refinancing of its 150 MW Imperial Solar Energy Center West project in California through a private placement.
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The LNG export terminals being built in Texas and Louisiana have so far not experienced major damage due to Hurricane Harvey, says Fitch Ratings.
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Berkshire Hathaway Energy’s acquisition of Oncor Electric Delivery Co. is moving forward, despite a counteroffer from Elliott Management Corp.
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NextEra Energy Partners has obtained its first credit ratings as the yield company prepares to raise debt in the capital markets.
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Solar lending platform Mosaic is preparing to launch its second asset-backed securitization just four months after sealing its inaugural ABS offering.
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Cheniere Energy has priced a $1.5 billion high yield bond to refinance debt associated with its Corpus Christi LNG facility in San Patricio County, Texas.
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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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Solar and Property Assessed Clean Energy (PACE) experts at the IMN Green Investing Conference on Thursday noted that both markets will see more participation as issuance accelerates and the sectors become more sophisticated.
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Fitch Ratings has revised the criteria it uses to assess renewable projects, which could lead to upgrades for several solar project financings.
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As NextEra Energy priced a $1.25 billion 10-year corporate bond on April 25 to refinance debt that is due to mature later this year, investors were apparently untroubled by the snag it hit trying to acquire a Texas utility company.
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Spain’s Acciona has signed a €100 million 'green loan' with BBVA to part-finance its solar and wind projects in Chile.
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Merchant coal-fired plants in PJM Interconnection are facing elevated refinancing risk as $3 billion of debt approaches its due date, according to a report issued by Moody’s Investors Service.
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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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Houston-based residential solar finance company Sunnova priced a debut asset-backed securitization this week, putting the issuance volume of solar ABS year to date higher than in the entirety of 2016.
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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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Argentina has set itself an ambitious goal for renewables to make up about half of the country's generation capacity within 10 years, but large funding challenges lie ahead if this is to become a reality.
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Fitch Ratings has lowered the outlook on bonds issued by an Acciona wind farm in Mexico from positive to stable, citing the project’s exposure to "cost uncertainty" coupled with an increasing debt service profile.
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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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At least 10 senior employees who worked in areas including finance, development and procurement at Recurrent Energy have left the solar sponsor in a wave of departures in recent months.
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Panda Power Funds is running out of time to refinance its Temple I combined-cycle project, which is in a grace period, having failed to make a coupon payment that was due on March 31.
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Talen Energy is undertaking a corporate refinancing involving the issuance of a new $400 million secured term loan B, a repricing of its existing $600 million term loan and an offering of up to $500 million of senior unsecured notes.
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Atlantic Power Corp. has held a lender meeting with a view to repricing a term loan B it originally issued about a year ago, during a more turbulent time in the market.
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Hannon Armstrong has issued an $84 million green debt private placement to finance solar and energy efficiency projects in an offering arranged by BlackRock.
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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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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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LS Power has increased the size of a term loan B financing its acquisition of a portfolio of assets from TransCanada and tightened the pricing on the deal, which has attracted a lot of interest from investors.
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NextEra Energy needs to find about $20 billion in 2017 to finance its project pipeline and its acquisition of Oncor Electric Delivery Co., and is likely to tap a variety of sources, according to a report from Moody’s Investors Service.
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Cheniere Energy has priced the $1.35 billion senior secured note offering it announced yesterday, completing the refinancing of loans obtained in 2015 for its Sabine Pass project in Louisiana.
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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 Americas LNG 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 Latin America 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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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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California-based solar finance company Mosaic sold a $138.95 million ABS deal late last week, with sources saying it was heavily oversubscribed.
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Moody’s Investors Service has downgraded loans associated with a pair of coal-fired facilities in PJM Interconnection amid tough competition from gas-fired projects.
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SolarCity has announced a $145 million asset backed securitization, bringing deal flow in the year to date to two offerings and putting the first month of the year on par with activity in all of 2016.
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NRG Energy subsidiary GenOn Energy is facing an increased likelihood of a default or debt restructuring as it approaches several bond maturity dates, according to a report by Moody's Investor Service.
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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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FirstEnergy Corp. is selling its fleet of 14 competitive generation assets, all in PJM Interconnection, as part of a strategic review at the utility.
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Macquarie Capital has launched a term loan B to finance the acquisition of an approximately 1.5 GW portfolio of contracted gas-fired projects by a three-way joint venture from First Reserve, deal watchers tells PFR.
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Moody’s Investors Service has downgraded $410 million of senior debt secured on a 2 GW portfolio of gas-fired projects owned by Invenergy, citing “substantial financial underperformance”.
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The joint sponsors of a 100 MW solar facility in Ontario have refinanced the project’s debt in the bond market to take advantage of increasingly favorable pricing.
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The solar financing market is evolving as residential solar providers shift to ownership, rather than leasing solar assets, said panelists at ABS East at the Fontainebleau Miami Beach on Sept 19.
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Enbridge Inc. will look to sell $2 billion of non-core assets over the next 12 months, following the announcement that it has agreed to merge with Spectra Energy Corp.
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Hydro projects have long lifespans and a number of assets which are changing hands today were financed more than a century ago, when project finance transactions were a little different.
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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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Moody's Investors Service and S&P Global Ratings have downgraded their outlooks for Canadian Solar to negative.
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Several power and utilities companies issued corporate bonds this week as issuance generally wound down, allowing bankers, treasurers and investors to take a well-deserved summer break.
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NRG Energy’s yield company has priced a $350 million bond, the proceeds of which it will use mainly to repay all its borrowings under its revolving credit facility.
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GenOn Energy, a wholly owned subsidiary of NRG Energy, has retained restructuring advisers and is considering its options including filing for protection under Chapter 11 of the U.S. Bankruptcy Code.
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In an unexpected move, Enel Green Power has made inquiries with banks about providing project finance for three solar projects which won contracts in the Mexico power auction earlier this year.
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Consumers Energy Co. issued $450 million bond on Monday after releasing its second quarter earnings report last week. Other utilities are expected to follow suit in the coming days as they seek to meet their funding needs before the market slowdown at the end of August.
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An investment bank is arranging a term loan B to refinance the 1.4 GW portfolio of merchant gas-fired projects that Avenue Capital Partners purchased from Tenaska Capital Management earlier this year.
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Moody’s Investors Service and Fitch Ratings have placed the bonds secured on two Berkshire Hathaway Energy Renewables solar projects in California on review for downgrade following several outages.
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Freeport LNG has priced a $1.25 billion project bond offering to refinance part of the second liquefaction train at its export facility on Quintana Island, Texas. Four bookrunners priced the notes last week, says a deal watcher.
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NRG Energy has increased the size of its second high yield bond offering of the year, which was priced on July 19 to take advantage of a rally in credit markets.
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NRG Energy has returned to the high yield bond market to raise $1 billion with its second offering this year as it continues to manage upcoming maturities.
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Southern Company has taken another step into the natural gas transportation market by acquiring a 50% stake in a Kinder Morgan pipeline system in the southern U.S for $1.47 billion.
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The U.S. corporate bond market appears to be receptive to utility and mid-stream energy names that are lining up deals, after a quiet period triggered by the U.K.’s decision to leave the European Union.
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Freeport LNG is holding an investor roadshow for a project bond to refinance train two of its 13.9 million mtpa LNG liquefaction and export facility in Quintana Island, Texas.
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Westar Energy joined the growing group of U.S. utilities that have issued green bonds on Monday, while Southern Power turned to euros for its second green offering.
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Spruce Financial has mandated Citigroup as the lead on its first securitization deal.
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A partnership that owns one of the largest solar facilities in Canada has refinanced the project’s debt with a C$613 million ($480 million) bond issuance.
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A $1.5 billion high yield bond market refinancing for Cheniere Energy’s Sabine Pass LNG export terminal won orders from investment grade accounts, said a banker at one of the bookrunners. The size of the deal was increased from $1 billion.
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SunPower is in talks with banks to arrange debt financing for its 100 MW (AC) El Pelícano solar project in the Coquimbo and Atacama regions of Chile.
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Emera has mandated bookrunners for a senior secured and a hybrid bond transaction to finance its acquisition of TECO Energy.
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Details of the pricing and the identity of the lender for Panda Power Funds' refinancing of its Sherman project in Texas have emerged, following the closing of the deal on May 20.
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Two generation companies and an LNG facility headed to the high yield bond market this week. With issuance volumes as much as 50% lower than the same time last year, investors appear to have been pleased to see them.
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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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NRG Energy was able to increase the size of a high yield bond offering on May 9 thanks to strong demand. The deal is part of NRG’s debt reduction program.
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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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Michigan Electric Transmission Company, a subsidiary of ITC Holdings Corp., has issued a $200 million secured private placement to refinance an unsecured term loan due in 2018.
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Atlantic Power has allocated its $700 million term loan B refinancing, after making concessions on pricing in a market where other deals have struggled.
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Odebrecht is considering the sale of one of its Latin American hydro projects.
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Panda Power Funds has filed a lawsuit against the Electric Reliability Council of Texas, in which it accuses the grid manager of publishing misleading capacity, demand and reserve reports to spur investment in the state.
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Moody’s Investors Service has upgraded Calpine Corporation’s credit rating, affirmed the ratings of several rivals and downgraded NRG Energy subsidiary GenOn Energy at the end of a review of the U.S. merchant power sector.
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Georgia Power has become the second investment grade U.S. utility — and the second Southern Company subsidiary — to issue a green bond, as its peers assess the instrument’s potential.
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SolarCity has raised $49.6 million in its sixth asset backed security offering. Goldman Sachs and Credit Suisse were co-structuring agents and co-bookrunners on the deal, which was priced to yield 6.25%.
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The public equity markets appear to have reopened for some yieldcos, but remain closed for others such as TerraForm Power, whose sponsor, SunEdison, is at “heightened” risk of bankruptcy, according to a recent Moody’s Investors Service report.
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Shares in SolarCity plunged 29.3% in trading on Wednesday after the rooftop solar company announced it had fallen short of its guidance for growth in the fourth quarter of 2015.
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SolarCity, the largest residential solar developer in the US, has priced a $185 million securitization, the first backed entirely by loans made to homeowners for the financing of solar panel installation.
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Dominion Resources subsidiary Virginia Electric & Power was among the bond issuers that successfully navigated market volatility this week, increasing the size of its 10-year deal to $750 million in response to strong demand on Tuesday.
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Entergy Arkansas became the first U.S. utility to bring a bond to the market in 2016 when it priced a $325 million long 10-year first mortgage bond on Tuesday.
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SolarCity, the largest residential solar developer in the U.S., is marketing a $185 million securitization, the first backed by loans made to homeowners to finance solar panel installations.
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Brookfield Renewable Energy and Emera have refinanced 610 MW of hydro facilities on the Deerfield River in Massachusetts via a private placement.
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A term loan B launched by The Carlyle Group to finance its acquisition of the Rhode Island State Energy Center in Johnston, R. I., has been priced and is due to close soon.
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Georgia Power found strong demand for a three-year senior unsecured bond on Nov. 11, increasing the size of the transaction from $300 million to $500 million.
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Carlos Domenech has left his position as ceo of TerraForm Power and TerraForm Global at the request of the yield companies' boards. His last day was Nov. 20, a company spokesperson tells PFR.
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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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Standard & Poor’s has downgraded SunEdison’s developed market yield company TerraForm Power to B+ and warned that the rating could fall further.
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NextEra Energy-owned utility Florida Power & Light issued a $600 million 10-year first mortgage bond on Nov. 10, pricing the deal arguably inside its curve.
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Star West Generation has issued a $450 million 5-year senior secured term loan B and sealed a $100 million revolving credit facility to allow the sale of a fleet of contracted assets in California to AltaGas.
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Rockland Capital launched a $263 million refinancing for the 125 MW Michigan Power project at a bank meeting with prospective lenders on Nov. 12.
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Calpine has launched a $550 million term loan B to back its acquisition of the 745 MW gas-fired Granite Ridge Energy Center in New Hampshire.
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Oncor Electric Delivery Co. has extended the maturity of its senior secured revolving credit facility by one year and reduced its maximum size.
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Pacific Gas & Electric Co. issued $650 million of senior unsecured bonds on Nov. 2, a busy day for investment grade credit, with issaunce totalling almost $7.9 billion.
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NRG Energy is “exploring financing options” for the 632 MW Carlsbad Energy Center simple-cycle gas-fired project in Carlsbad, Calif.
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Panda Power Funds is slated to close debt financing for the 1 GW Hummel combined-cycle gas-fired project in Snyder County, Pa., on Tuesday. The pricing widened on the term loan B tranche, with deal watchers blaming market conditions.
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Moody’s Investors Service has placed Highstar Capital subsidiary Star West Generation's credit rating under review for downgrade in the wake of the announcement that it would sell a fleet of contracted gas-fired facilities in California to AltaGas.
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Invenergy has closed a $540 million financing package backed by a 2.5 GW portfolio of gas-fired generation assets in the U.S. and Canada in a deal led by Morgan Stanley.
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Trevor D’Ollier Lees, a director at Standard & Poor’s, began one of the first sessions of the day at Solar Capital Markets 2015 by introducing a new analogy to illustrate how the solar securitization market had developed since last year’s summit.
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Developers, lawyers and senior rating agency analysts discussed challenges tax equity structures pose to solar securitizations at Infocast’s Solar Capital Markets summit in New York on Oct. 15.
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Moody’s Investor Service has downgraded NRG Yield’s senior unsecured credit rating from Ba1 to Ba2, following a review that began two weeks ago.
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Southern Co has priced its first junior subordinated debt, a month after the three main rating agencies said its proposed acquisition of AGL Resources would impair its credit metrics.
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Standard & Poor’s has left its rating of a loan for Invenergy unchanged after the borrower modified the structure of the debt package.
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A subsidiary of TransAlta Corp.’s renewables yield company TransAlta Renewables has issued an amortizing project bond backed by three wind facilities in Ontario.
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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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AltaGas has acquired Highstar subsidiary Star West Generation's stake in a 523 MW gas-fired portfolio in California.
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The Tennessee Valley Authority issued a $1 billion 50-year bond under its Power Bonds program on Monday, choosing its moment carefully amid shaky markets.
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Invenergy’s restructured loan backing a 2 GW portfolio of six gas-fired projects in the U.S. and Canada has been upgraded by Moody’s Investors Service.
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Florida utility TECO Energy has found a buyer in the form of Nova Scotia-based Emera, and the $10.4 billion price tag suggests competition for TECO’s regulated assets was strong, says a deal watcher.
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Southern Power has acquired a controlling interest in a 200 MW project in California from developer Recurrent Energy.
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BeEdison, the diligence services affiliate of Distributed Sun, is hoping to create a credit assessment service that will increase solar energy investment in the commercial and industrial sectors.
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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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The announcement of the results of the 2018/19 base residual auction for capacity in PJM on Friday will spur merger and acquisition activity in the region in the coming months.
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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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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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Capital Power is planning to issue roughly C$300 million in a senior notes to refinance an existing bond maturing in December 2015, and term out a portion of its drawn credit lines in a volatile Canadian debt market.
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AES Corp. is set to become the first utility company to tap the growing market for securitizations of solar assets, the company has confirmed.
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SolarCity has opted for a different structure for its fourth securitization, a deal that market participants say is a sign the market is evolving and should lead to more frequent solar asset backed security issuance.
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Abengoa Yield has more than tripled its revolving credit facility, following parent company Abengoa reduced its stake in the entity to less than 50%.
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Standard & Poor’s has given TerraForm Global its first credit rating, ahead of the yield company's inaugural bond issue.
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SunEdison is acquiring Vivint Solar from Blackstone and other investors in a $2.2 billion deal which will involve TerraForm Power buying a 523 MW portfolio of rooftop solar assets.
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Morgan Stanley and ICBC have launched a $607 million term loan B package backing six gas-fired projects in the U.S. and Canada for Invenergy, according to a deal-watcher.
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TransAlta Corp. could drop a pair of recently acquired wind farms into its yield company, TransAlta Renewables, in a transaction which deal watchers say would enable the Canadian sponsor to meet its debt reduction target for the year.
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Market watchers say that the U.S. Supreme Court’s recent ruling on emissions regulations enacted by the Environmental Protection Authority could delay the retirement of coal-fired plants.
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Yield companies are set to circumvent the challenge of new competition if the Master Limited Partnerships Parity Act, recently reintroduced by Delaware and Kansas senators Chris Coons and Jerry Moran, passes muster.
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Georgia Renewable Power is planning an issuance of $225 million in senior secured bonds to finance the development of two biomass facilities in North Carolina and Georgia.
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NRG Yield has priced $539 million of shares and $250 million of five-year convertible bonds to raise capital for funding acquisitions and retiring outstanding debt.
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Williams Cos. is weighing up potential acquisitions and asset sales as part of a strategic evaluation in the wake of an unsolicited $53 billion takeover bid by Energy Transfer Equity.
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PSEG Power's acquisition of Genesis Power and Ares EIF Management's 755 MW Keys Energy Center has led to the collapse of a debt financing deal backing the CCGT project, just when it was on the brink of closure.
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Sempra Energy’s SoCalGas. is the fourth issuer to come to market in less than two weeks, ahead of an anticipated interest rate hike, with $600 million in a pair of first mortgage bonds.
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AES Brasil is mulling a bid for Petróbras’ portfolio of thermal facilities, which could soon be launched for sale, according to two sources familiar with the situation.
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At least three large utilities are coming to market this week against the backdrop of an expected rise in short-term interest rates during the fourth quarter.
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SunPower is embarking on its first residential solar ABS deal slated for a launch in Q1'16 and led by bookrunners thought to be Citigroup or Credit Suisse.
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The Tennessee Valley Authority aims to issue up to $1 billion by issuing power bonds after summer, partly to finance a portion of two CCGT projects totaling 1.7 GW.
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Calpine has signed a $1.6 billion seven-year first lien term loan B to replace facilities maturing in 2018.
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Mississippi Power is evaluating alternatives to offset the impact of South Mississippi Electric Power’s withdrawal from a planned investment in a 582 MW coal-fired facility in Kemper County, Miss.
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A pair of PPL Corp. affiliates is in talks with banks to finalize book runners for an issuance of up to $1.05 billion in senior secured first mortgage bonds.
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A consortium of at least five creditors is looking to acquire minority stakes in Longview Power as it looks to convert the debt held by its lenders to equity interests.
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AES Corp. has secured a fixed coupon of 5.5% to refinance its existing debt through $575 million in senior unsecured notes.
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GE Energy Financial Services and Enel Green Power North America are launching yield company EGPNA Renewable Energy Partners.
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Innergex Renewables has closed a C$491.6 million ($392 million) financing for two hydro projects in British Columbia, its largest project financing to date.
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Panda Power Funds has raised pricing on its refinancing backing its 758 MW Temple 1 project in Texas to 625 basis points over LIBOR.
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Solar Star Funding, a subsidiary of Berkshire Hathaway Energy, has upsized an issuance of senior secured series B notes by $10 million.
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The Yieldco Sweep is an exclusive monthly feature that tracks the performance and activity of key yield companies in the power sector with illustrative graphics and market insight.
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First Solar and SunPower are in advanced talks to launch a joint yield company.
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Madrid-based Abengoa and Washington D.C.-based EIG are finalizing a deal to jointly invest $2.5 billion in a vehicle that will fund Abengoa’s contracted projects as they go into construction.
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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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Goldman Sachs and Credit Suisse have launched a $375 million term loan B to refinance Panda Power Funds’ 758 MW Temple I gas-fired combined cycle project in Temple, Texas.
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Dino Barajas, partner at Akin Gump Strauss Hauer & Feld, explores investor interest in Mexico's renewables sector and highlights related prospects and opportunities.
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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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Calpine Corp. has increased an issuance of senior unsecured notes to $650 million, 30% more than the original $500 million on offer.
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First Reserve has wrapped its acquisition of the 298 MW Kingfisher wind project from Apex Clean Energy.
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TerraForm Power has priced $800 million of senior notes due in 2023 at 5.875%. The issuance is slated to close on Wednesday.
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After a hectic, albeit happy, end to 2014, attendees at Infocast’s 7th Annual Projects & Money conference were optimistic for this year’s deal and development pipeline. Financiers are looking at backing more gas-fired projects as coal and nuclear retirements step-up.
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Institutional investors are increasingly looking to make direct investments in generation and gas-related infrastructure, according to panelists at Infocast’s 7th Annual Projects & Money conference in New Orleans.
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The proliferation of distributed generation, energy efficiency measures and technologies that enable demand conservation, are putting significant pressure on the traditional utility business model.
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ContourGlobal subsidiary Energia Eolica has issued $204 million in 20-year senior notes in a private placement to refinance Peru’s first wind farms.
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President Obama signed the tax extenders bill into law on Friday, retrospectively extending the production tax credit to the end of 2014.
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Appalachian Power Co., a subsidiary of American Electric Power, has filed a $750 million debt shelf with the U.S. Securities and Exchange Commission on Friday.
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Astoria Energy has pitched an $845 million B loan package to repay debt and fund a $221 million distribution to the owners of its 585 MW natural gas-fired plant in Queens, N.Y.
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Panda Power Funds has closed a $571 million financing package for its 778 MW Stonewall combined-cycle project in Loudoun County, Va.
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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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Panda Power Funds has tapped Goldman Sachs to arrange a $546 million term loan B package backing its 750 MW Stonewall combined cycle project in Leesburg, Va. Commitments are due on the seven-year deal Nov. 10.
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The state of Hawaii has finalized a $150 million securitization and will use proceeds to finance development of renewable infrastructure, including distributed generation.
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TerraForm Power and SunEdison are buying a portfolio of 30 MW of solar assets from energy retailer Just Energy Group.
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NRG Energy and LS Power are among a wave of sponsors out looking for repricings on project finance deals inked in 2011 and 2012.
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Autumn is a time for pumpkin-flavored everything, breaking out cozy sweaters and fresh starts for Entegra Power Group and Lincoln Renewable Energy.
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Southwest Generation is refinancing a portfolio of natural gas-fired assets in the southwestern U.S.
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A pair of energy efficiency securitization deals is percolating at Citigroup that could hit the market in the next six months.
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Joint venture partners Greenwood Energy and ILIOSS are talking to banks about financing a $500 million, 250 MW portfolio of distributed generation in Mexico.
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The global wind and solar joint venture between Acciona and KKR could hit the public markets in the first quarter.
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Developers are preparing to submit bids in the next few weeks for roughly $2 billion of gas pipelines in Texas and Mexico in tenders hosted by the Comisión Federal de Electricidad.
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The debt capital markets were flooded with power and utility paper this week, as issuers sent $1.85 billion in notes to bond buyers.
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Vivint is teeing up its initial public offering that is targeted to raise up to $370.8 million.
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Ares Capital Corp. has back-levered Competitive Power Ventures’ stake in the 725 MW St. Charles project in Waldorf, Md.
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Tenaska Capital Management has clinched an upsizing of $100 million to its $1.5 billion term loan B on strong investor demand.
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DPL Inc. is out to issue $200 million of senior unsecured notes in a private placement this week as it looks to reduce debt.
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Solar panel manufacturers and financial investors may be among the next generation of yield companies, according to analysts.
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Exelon Corp. subsidiary ExGen Texas Power has reverse flexed and downsized a $700 million term loan B it pitched for a dividend recapitalization.
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Tenaska Capital Management’s $1.59 billion refinancing has been floated at LIBOR plus 450-475 basis points.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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Solar developers with residential solar pipelines will be looking for tax equity in the next two years at a rate that could squeeze the existing liquidity in the market, according to panelists at IJGlobal’s North America Energy & Infrastructure Financing Forum in New York.
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Innergex is reportedly talking to prospective lenders for financing backing one of its larger hydro projects in Canada.
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Mexico continues to roll forward with its landmark energy reforms this week, as the Senate passed a set of provisions that would essentially create a competitive wholesale power market in the country.
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Abengoa subsidiary Abengoa Transmission Sur has closed a $432 million 144A bond refinancing of the 500 kV transmission project in Peru.
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SolarCity could hit the market next month with a securitization double the size of its first $54.42 million transaction.
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Working with local stakeholders and lenders in a constructive manner are critical factors in financing projects in Latin America, noted panelists at Euromoney’s 8th Annual Latin American Energy & Infrastructure Finance Forum at the Biltmore Hotel in Miami on March 11.
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The proliferation of project bonds is set to continue in Latin America as financiers and sponsors work to optimize deal structures, according to panelists at Euromoney’s 8th Annual Latin American Energy & Infrastructure Finance Forum at the Biltmore Hotel in Miami on March 11.
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SunPower Corp. has launched a financing program with Bank of America Merrill Lynch to support approximately $220 million of solar residential lease projects.
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Atlantic Power Corp. has launched an up to $800 million debt package as it looks to rework its capital structure and avoid a covenant breach.
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Atlantic Power Corp. has launched a refinancing package comprised of a $600 million term loan and $200 million in senior secured revolving credit facilities.
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NextEra Energy Resources has closed a C$315.462 million ($296 million) refinancing of the 147 MW Trillium wind portfolio in Ontario via a 20-year bond issuance.
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Use of the phrase yieldco to describe three recent share flotations by NRG Yield, TransAlta Renewables and Pattern Energy Group masks very different business arrangements.
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A consortium comprising Peru’s Cobra Perú and Argentina’s Enersa called Planta de Reserva Fría de Generación de Eten has launched Latin America’s maiden international greenfield project bond.
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PurEnergy and Southern Company are circling a $296.2 million restructuring of the debt backing the 440 MW lignite coal-fired Red Hills coal-fired facility via two bond issuances.
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AES Gener and Antofagasta Minerals are close to wrapping the financing backing the $2 billion, 531 MW Alto Maipo run-of-river hydro project in Chile, tapping the multilateral, bank and bond markets.
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Southern Company subsidiary Southern Electric Generating has issued $100 million in 144A bonds, with the company keen to tap the attractive rates available for borrowers.
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Sempra Energy has issued $500 million in senior unsecured notes to pay off commercial paper, as Treasury rates settle back down to near record lows following a spike earlier in the year.
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Tenaska Solar Ventures has closed the $319.4 million bond refinancing of the 130 MW Tenaska Imperial Solar Energy Center South facility near El Centro, Calif.
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The U.S. Department of Energy is expanding its 1703 loan guarantee program to back natural gas-fired and oil-fired projects, with $8 billion of guarantees to deploy in the latest phase of the program.
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Cheniere Energy has issued $1 billion of senior secured notes to reduce bank debt backing the first four liquefaction trains at its liquefied natural gas export project in Cameron Parish, La.
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LS Power’s $1.26 billion refinancing of its 900 MW Sandy Creek pulverized coal-fired facility in Texas has been oversubscribed, deal watchers say.
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SolarCity is set to issue the debut solar securitization, with a private placement of $54.425 million of solar asset-backed notes.
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LS Power has launched a $1.025 billion B loan refinancing its stake in the 900 MW Sandy Creek pulverized coal-fired plant in Texas.
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Exelon Corp. subsidiary PECO Energy Co. is taking advantage of the low interest rate environment and a delay in the U.S. Federal Reserve’s plan to taper its bond buying program to issue $500 million in first mortgage bonds.
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Canadian independent power producer Northland Power has tapped the bond market to refinance bank debt on its 260 MW North Battleford gas-fired facility near Saskatoon, Saskatchewan.
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Two separate solar securitization deals are currently with the ratings agencies, vying to be the first in the asset-backed security class.
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MidAmerican Energy Co. has issued $950 million in first-mortgage bonds to take advantage of investor demand for utility paper.
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Cash flows from U.S. merchant power generators are coming under pressure due to lower power and gas prices and expiring hedges, according to a report by Standard & Poor’s.
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Southern Co. increased a five-year bond issuance to $500 million from $400 million upon finding a market flush with cash and little deal flow.
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Panda Power Funds and Moxie Liberty have closed the $585 million debt package backing the 829 MW gas-fired Moxie Liberty project in Bradford County, Pa.
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First Wind has shelved its $325 million B loan to refinance assets in the Northeast, as it was unable to lock in pricing in the range of LIBOR plus 425-450 basis points.
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Instituto Costarricense de Electricidad is talking to lenders to secure financing for the $1.4 billion Reventazón hydro facility in Limon province, Costa Rica.
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GDF Suez has brought in Marubeni as a joint venture partner to develop the $1.125 billion GNL del Plata re-gasification facility in Montevideo, Uruguay and is looking to the finance the facility.
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Chilean transmission company Transelec is looking to sell $300 million in 144A bonds, the first time the company has hit the U.S. bond markets since 2001.
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Duke Energy subsidiary Duke Energy Indiana has locked in $500 million in floating- and fixed-rate notes as interest rates continue to rise and the company faces $400 million of maturing debentures.
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The order book for Southern Power’s 30-year, $300 million issuance of bonds was more than seven times over-subscribed this week.
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MidAmerican Energy Holdings’ subsidiary Solar Star Funding has upsized its 144A bond offering backing the 579 MW Antelope Valley solar facility to $1 billion from $700 million on strong investor appetite.
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Comisión Federal de Electricidad nixed plans for a 10-year fixed-rate note issuance and opted for MXP12 billion ($923 million) of five-year floating rate notes after credit markets were rocked by rising U.S. Treasury rates last week.
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Sponsors and bankers are working to develop renewable project bond structures to appeal to foreign and domestic institutional investors.
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Price talk on MidAmerican Energy Holdings’ subsidiary Solar Star Funding’s $700 million of 144A senior secured notes has come in to 5.375% from 5.5%.
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Duke Energy subsidiary Duke Energy International Geração Paranapanema is on a road show this week in Brazil touting a proposed R$500 million ($233 million) domestic bond issuance to repay short-term debt
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Pacific Gas & Electric Co. tapped the senior unsecured note mart for $750 million last week to take out maturing debt nine months early and secure low rates.
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MidAmerican Energy Holdings subsidiary Solar Star Funding will issue $700 million of 144A senior secured notes to finance construction of its 579 MW Antelope Valley solar photovoltaic project in Kern and Los Angeles Counties, Calif.
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Nearly 100 active borrowers, asset acquirers and sellers, lenders, attorneys and advisors voted in our new and expanded awards process.
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Cheniere Energy has increased the senior secured loan backing its Sabine Pass liquefied natural-gas export facility to $4.4 billion from $2.3 billion and netted $1.5 billion of additional debt from the Export-Import Bank of Korea and the Korea Trade Insurance Corp.
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Xcel Energy subsidiary Northern States Power Co. has issued $400 million, 10-year 2.6% first mortgage bonds, continuing the move by utilities looking to tap low rates.
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Institutional demand for Energy Capital Partners’ $610 million term loan has allowed the private equity shop to upsize the loan and reprice existing debt.
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Loans to power projects in the U.S. are becoming increasingly “covenant-lite” as investors and lenders emphasize yield over risk, according to a report released by Moody’s Investors Service last week.
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The smaller size and relative inexperience of development companies in Latin America will pave the way for larger more experienced multinationals to buy up local companies, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean in Miami on May 1.
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Solar projects in Mexico will need more equity investments to push them forward, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum-Latin America and Caribbean at the Four Seasons Hotel in Miami on Monday.
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Pan-American Hydro Corp., which is led by Jose Ordoñez, former head of the Latin America power group at Citigroup, is seeking $223 million in debt and equity to develop a pipeline of small-scale hydro projects in Guatemala and Mexico.
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Analysts at Moody’s Investors Service are calling out several “major credit risks” it says market players should take into account, with the possibility that when solar deals eventually come down the pike, they may be structured as shorter securities or will garner lower ratings.
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Essential Power has tightened the pricing of a $550.7 million senior secured term loan B to LIBOR plus 325 basis points from LIBOR plus 350 bps.
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Cheniere Energy has issued $1.5 billion in bonds to fund construction and lower bank commitments associated with the $3.6 billion term loan backing the first two trains at the Sabine Pass LNG export facility in Cameron Parish, La.
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The arrival of plentiful and cheap natural gas in the U.S. has changed the game in the power sector and the ramifications were a constant topic throughout Platts Global Power Markets Conference in Las Vegas last week.
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The unseasonably chilly Las Vegas weather put a dampener on golf rounds ahead of the formal start of the conference.
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Topaz Solar Farms is issuing $250 million of 144A bonds to finance its 550 MW Topaz solar facility, bringing total debt on the project to $1.1 billion instead of its planned $1.3 billion
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GE affiliate GE Energy Financial Services has agreed to purchase a 51% stake in Enel Green Power North America’s 250 MW Buffalo Dunes wind farm for roughly $40 million.
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The rate of generation assets finding new owners in the final quarter of 2012 was up versus activity in both the third quarter and the same period in 2011.
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Standard & Poor’s saw doubled the number of project bond ratings in 2012 versus 2011—underscoring the dramatic surge in non-bank funding.
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A financing backing Panda Power Funds’ 750 MW Temple II gas-fired project will be launched at 10 a.m. tomorrow at a bank meeting in New York.
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A consortium led by affiliates of Odebrecht and state-backed utility Eletrobras Furnas is weighing issuing bonds backing a 3,150 MW hydro facility in Rondônia, Brazil, according to a deal watcher on the sidelines of Euromoney Seminar’s Latin America Energy & Infrastructure Finance Forum.
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Bonds backing generation assets will increasingly be used for project financing.
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Panda Power Funds has reportedly approached Standard & Poor’s to get a rating for the term loan B backing the second 750 MW phase of its merchant Temple gas-fired facility in Temple, Texas.
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Brookfield Renewable Energy Partners has completed a C$450 million ($437 million) bond issuance refinancing its 166 MW Comber wind project— the first rated bond issuance backing a wind deal in Canada on the public market.
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Kinder Morgan Energy Partners plans to issue $1 billion of senior unsecured notes to help finance its $21.1 billion acquisition of El Paso Corp. and $3.9 billion purchase of Copano Energy.
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The use of project bonds never reached the level expected in 2012, but there is still optimism this year, panelists said at Euromoney’s 8th Annual U.S. Power & Renewable Finance Conference at the Westin Hotel in New York on Wednesday.
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Cheniere Energy has upsized its 144a offering to $1.5 billion from $1 billion after an investor roadshow in New York, Boston and Chicago.
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A team from Houston-based Cheniere Energy is on the road this week meeting investors in New York, Boston and Chicago, to market $1 billion in 144a notes.
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NextEra Energy Resources is planning on issuing more bonds backing renewables projects in Canada.
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Northland Power is talking to lenders to fund development of 30 MW of solar projects in Ontario this quarter.
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More natural gas-fired, nuclear and biomass generation opportunities could result from increased coal-fired retirements in the U.S., according to panelists at Infocast’s 5th Annual Projects & Money conference executive briefing in New Orleans.
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The Tennessee Valley Authority has scored a coupon of 3.5% on its $1 billion of 30-year senior unsecured bonds, marking its lowest rate on 30-year money since a 2005 issuance when it scored a 4.65% coupon.
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Florida Power & Light has scored a 3.8% coupon, setting a record low for the regulated NextEra Energy utility, by beating the 4.05% in a $600 million, 30-year issuance (PI, 5/16).
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A unit of Ontario Municipal Employees Retirement System is taking a 49% stake in the class A shares in a portfolio of three operating wind farms developed by EDP Renewables North America for $230 million.
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A lack of uniform standards for commercial solar installations is the main obstacle to structuring the market’s first securitization of solar panel revenues, says Paul Detering, ceo of Tioga Energy.
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