Regulatory Agency / Government
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The US Federal Trade Commission (FTC) is seeking more information before advancing ConocoPhillips’ $22.5 billion all-stock buy of Marathon Oil.
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Tri-State Generation and Transmission Association has received a key state-level regulatory approval from the Colorado Public Utilities Commission (CPUC) on the $75 million sale of its transmission facilities, contracts, and assets to United Power, PFR has learned.
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Electricity and power generation company Vistra has received approval from the Federal Energy Regulatory Commission (FERC) to acquire Energy Harbor. It is the final approval needed in a $6.3 billion merger that will rebrand Vistra as renewables mega firm Vistra Vision.
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Crowell & Moring has hired Ruta Kalvaitis Skučas as partner in the law firm's environment, energy, and natural resources practice group.
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The Bureau of Land Management (BLM) has announced its plan for solar projects across the western US through an updated roadmap as part of its solar development plan for the region.
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The Utah Associated Municipal Power Systems (UAMPS) and NuScale Power Corporations (NuScale) have terminated their Carbon Free Power Project (CFPP) located at the Idaho National Laboratory.
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The Alberta government has paused approval of renewable generation projects as the Alberta Utilities Commission (AUC) reviews recent policy issues and competing public interest factors.
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Minnesota Power and Great River Energy's joint transmission project, Northland Reliability Project, has reached another step in the state regulatory process.
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The Chilean subsidiary of AES Corp has found a new buyer for its 50% stake in the 764 MW Guacolda coal-fired power plant in Atacama.
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The US Bureau of Ocean Energy Management has kicked off its environmental review of Ørsted and Eversource’s Revolution Wind project off the coast of New England.
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Spanish law firm Cuatrecasas has snagged energy lawyer Fabio Ardila from competitor Gómez-Pinzón to work from the Bogota office in Colombia.
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DPP Holdings, the Chilean subsidiary of Canada’s Distributed Power Partners, has begun the permitting process for a 12.5 MW (DC) solar unit in the country’s Antofagasta region under the PMGD (Pequeños Medios de Generación Distribuida) distributed generation scheme.
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Sempra Energy has reached financial close on the sale of its Chilean assets to State Grid International Development, after announcing the agreement in October of last year.
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German renewable energy start-up Energy Kitchen is adding a 95.2 MW wind project with a battery storage system to its Chilean wind pipeline while it works on three other smaller-scale projects in the country.
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A group of banks led by IDB Invest are about to launch a liquidity credit line to help Chilean power companies impacted by the freeze in power prices implemented at the end of 2019.
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The government of Brazil is sticking to its guns, trying to push through the privatization of Eletrobras in this calendar year.
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Developers in Mexico presented bids on June 15 to participate in a tender for geothermal exploration and drilling projects in the country, which has been in the works since 2018.
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Ecuador's state-owned utility Ecuador Electric Corp has launched a procurement process for a 14.8 MW (DC) solar project with a battery storage unit on the Galapagos islands.
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BNDESPar, the private investment arm of Brazilian development bank BNDES, has hired a financial adviser to assist with the sale of its stake in AES Tietê Energia.
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French energy company Engie has closed a R$2.51 billion ($485 million) loan with Brazilian development bank BNDES to finance the construction of its Novo Estado transmission line project.
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Canada's Polaris Infrastructure is looking to enter the Panamanian power market with the acquisition of a 10 MW hydro plant from Navitas Holdings.
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Zona Energía's private auction in Chile will benefit from a reform that bans Chile's power distribution companies from selling power to large consumers known as clientes libres or free clients.
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Chilean company Saggitar is moving forward with the development of a small-scale solar project that will qualify under the country's PMGD (Pequeños Medios de Generación Distribuida) distribution generation scheme.
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Mexico's Business Coordinating Council has hit back at transmission fee hikes by state-owned utility Comisión Federal de Electricidad (CFE), describing the policy as “illegal and inadmissible” and "indefensible."
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Argentinian developer Central Puerto has begun selling generation from a wind project in Tucumán province to Swedish auto company Scania under a long-term power purchase agreement.
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An infrastructure and energy lawyer is among six attorneys recently promoted to partner by Brazilian law firm Mattos Filho.
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Market participants in Mexico say new transmission costs imposed on power projects approved before the 2014 Energy Reform – known as proyectos legados – will have a trickle-down effect in the sector harming the asset's developers, equity investors, lenders and off-takers.
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Chile’s economic development agency Corfo is launching a $39 million credit line for renewable energy and energy efficiency projects in the country.
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Sempra Energy aiming to close the previously announced sale of its Chilean assets to State Grid International Development on June 24.
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Solar developer Solek is plotting a sixth small-scale solar project in Chile, adding 7 MW (DC) of capacity to its 49.27 MW (DC) portfolio.
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The Brazilian subsidiary of Chinese company CGN Energy plans to invest R$1 billion ($201.52 million) in the construction of a seven-phase wind project in the country.
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Mexico’s state-owned Comisión Federal de Electricidad (CFE) is planning a procurement process for a transmission project in the state of Baja California, adding to the country’s transmission pipeline.
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Petrobras has issued a teaser for the sale of its stakes in five gas, oil, diesel-fired and small hydro plants in Brazil.
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The Inter-American Development Bank is arranging a $280 million debt package for Ecuador to diversify and improve the country’s energy matrix and boost renewable energy sources.
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Canada's Polaris Infrastructure has closed a $27 million debt package from Brookfield Asset Management's Infrastructure Debt Fund for a portfolio of hydro projects in Peru.
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Spain’s Elawan Energy has inked an agreement with Brazil’s Secretariat of Economic Development (SDE) to develop a 16 MW wind farm in the Brazilian state of Bahia.
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Battery storage company Leclanché has secured construction financing for a 36.5 MW solar-plus-storage unit on the Caribbean island of St Kitts.
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Colombian power producer Isagén is plotting the development of its first wind farm in the country, which would be Colombia's largest to date.
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Spain’s OPDEnergy has agreed to sell a majority stake in two solar parks in Mexico to Riverstone Holdings and is also planning to launch a joint venture with the asset management firm.
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Spain's Solarpack is planning to sell a 9 MW solar project that is under construction in the Chilean region of Maule.
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Greenpeace and the Mexican Center for Environmental Law (CEMDA) have secured a temporary suspension of policies introduced by Mexican grid operator Cenace and the Secretariat of Energy (SENER) that threaten to delay the interconnection of renewable energy projects in the country.
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Spain's Acciona is developing a 43.2 MW wind farm in the Chilean region of La Araucanía – its seventh project in the country.
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Enel has brought forward the schedule for shuttering its two coal-fired units in Chile from 2024 to 2022.
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Colombian power distributor Electrificadora de Huila (Electrohuila) is preparing to begin construction on a 24.23-mile (39 km) transmission line in the southern state of Huila.
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EDF has received the green light to acquire up to 600 MW of wind projects in Brazil from developer PEC Energy, a subsidiary of Grupo Engeform.
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Mexico’s state-owned Comisión Federal de Electricidad (CFE) has launched a tender for a 25 MW geothermal project.
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Developers in Argentina have faced an inhospitable project finance market since 2018, but the country's leading wind developer Genneia has managed to finance no fewer than nine wind projects in the past two years, using creative structures including the company's first ECA-backed corporate loan.
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Argentinian independent power producer Stoneway Capital Corp has secured a forebearance agreement from its creditors, who had been discussing foreclosure in mid-March.
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Canadian renewable energy developer Saturn Power has obtained an operating permit for a 6 MW solar project in Bermuda.
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Spanish conglomerate Activos en Renta Grupo Corporativo and Chilean developer Energías Renovables Saintec are in the process of permitting a 54.45 MW solar project in the country’s Atacama region.
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Panama's state-owned transmission company Empresa de Transmisión Eléctrica (Etesa) must reevaluate its proposed Fourth Line project (Cuarta Línea) on the Atlantic coast, after the country's Public Services Authority (ASEP) rejected its latest proposal.
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Uriel Renovables, the renewable branch of Spanish holding company Uriel Inversiones, is developing a small-scale solar project in the Chilean region of Ñuble
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Colombia's Mines and Energy Planning Unit (UPME) has pushed back the procurement process for a transmission line in the country's Caribbean region by a month – it is the fourth delay since the coronavirus pandemic hit the country.
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Spain's Grenergy Renovables is planning to sell a five-project portfolio of solar projects totaling 52 MW in Chile.
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A Chilean developer is looking for an investor to acquire a majority stake in a 150 MW distributed generation portfolio in the country.
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A group of renewable energy developers in Mexico have won a legal reprieve against grid operator Cenace' suspension of interconnections for wind and solar projects.
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Eosol Energy, the renewable arm of Spain’s engineering company Grupo Eosol, is developing a 227.46 MW (DC) solar project in Chile.
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Atlas Renewable Energy is negotiating an up to $90 million financing with IDB Invest to fund the expansion of its Juazeiro solar project in Brazil.
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Colombia’s Mines and Energy Planning Unit (UPME) is plotting a tender for the development of battery storage units and several substations on the country’s Caribbean coast.
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Chile’s Verano Capital is working on a 90 MW solar park in Antofagasta, which is expected to require an investment of $90 million.
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Development finance institution IDB Invest is preparing a debt package for Naturgy Energy's distribution companies in Panama, which are facing liquidity problems as a result of the government's response to Covid-19.
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Petrobras has started the non-binding phase of the sale of its minority stake in natural gas pipeline network Nova Transportadora do Sudeste.
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Mexico's Secretariat of Energy (SENER) has officially announced a measure to limit the development of renewable projects in the country, prompting a backlash from industry groups.
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Cuba is moving forward with the expansion of a state-owned small-scale solar park that will double the project's capacity.
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Independent power producer Sonnedix has added to its renewable energy development pipeline in Chile with a 150 MW (DC) solar project.
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Engie plans to invest some R$3 billion ($515 million) to build the 1,800 km Novo Estado transmission line in Brazil.
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IDB Invest is preparing a credit line for AES Corp's distribution subsidiaries in El Salvador, which face liquidity challenges as a result of government measures to mitigate the effect of the Covid-19 pandemic on consumers.
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While Mexico's power sector grapples with the country's power pandemic policy, the Secretariat of Energy (SENER) plans a new measure that could further harm renewables.
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Paraguay's Administración Nacional de Electricidad (ANDE) has received bids for the development of a substation project that already has financing in place from the European Investment Bank.
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Brazil’s antitrust regulator Cade has approved EDP Grid’s acquisition of distributed solar projects in the country.
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Chile's Sphera Energy is developing a 150 MW PMGD (Pequeños Medios de Generación Distribuida) distributed solar portfolio in the country.
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Colombia's Mines and Energy Planning Unit (UPME) has delayed the procurement process for a transmission line in the country's Caribbean region for the third time since COVID-19 hit the country.
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Enel Green Power is moving forward with the transmission work for its first wind project in Colombia.
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Mexico's competition authority, Cofece, has denounced grid operator Cenace's suspension of the interconnection of renewable energy projects as an unclear, unfair policy that is harmful to future investments.
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Global Power Generation, a subsidiary of Spain's Naturgy Energy Group, is working on a 101 MW solar project in Chile, its third renewable energy asset in the country.
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In January 2020, Colombia's Termocandelaria Power Limited built on its success in the international bond market with a $186 million tap to finance the conversion of a 20-year old peaker into what it says will be the country’s most efficient gas-fired generation project.
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French independent power producer Neoen has halted operations at a recently completed solar project in Mexico following the suspension of the interconnection of renewable assets in the country, ostensibly because of Covid-19.
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Enel Green Power Panama has signed an agreement to sell international renewable energy certificates from a solar project in Panama to German firm First Climate.
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A Mexican industry association has threatened Mexico's National Center for Energy (Cenace) with legal actions after the regulatory body introduced measures that could further harm renewable energy projects in the country.
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Spanish developer OPDEnergy has announced its first solar park in the US, which will have a 15-year power purchase agreement with the Tennessee Valley Authority.
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French developer Cap Vert Energie is laying the groundwork for a small-scale solar project to add to its PMGD (Pequeños medios de generación distribuida) pipeline in Chile.
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Solar developer Solek is plotting a portfolio of small-scale solar projects, having filed environmental paperwork for five assets totaling 49.27 MW in the past month.
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Blackstone company Fisterra Energy is pursuing the refinancing of a combined-cycle gas-fired plant in Mexico, which was meant to start operating in December of last year.
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Guatemala’s power distributor Energuate has awarded five-year power purchase agreements to four companies as a result of a tender process that began earlier this year.
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Chilean company Saggitar is plotting the development of a small-scale solar duo, expected to qualify under the country's PMGD (Pequeños Medios de Generación Distribuida) distributed generation scheme.
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Atlas Renewable Energy, the Latin American renewable energy portfolio company of private equity firm Actis, is working with a commercial bank and two DFIs to structure the financing of a 444 MW (DC) solar project in Mexico.
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Independent power producer Sonnedix is moving forward with the development of a battery storage system attached to a small-scale solar asset in Chile.
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IDB Invest is preparing to lend $1.1 billion to the Chilean power sector, which has been struggling to make ends meet after the implementation of new regulatory measures in the past six months.
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Colombia’s Interconexión Eléctrica has requested regulatory approval for a transmission and substation project it won in a tender last year.
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Jinko Solar has sold a 155 MW (DC) operational solar project pair in Mexico to White River Renewables, a joint venture between U.S. private equity firm Riverstone Holdings and Switzerland’s White Summit Capital.
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Enel Green Power has signed a five-year power purchase agreement to supply 42 GWh of energy per year to a Guatemalan distribution company.
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Spanish conglomerate Activos en Renta Grupo Corporativo and Chilean developer Energías Renovables Saintec are plotting a 167 MW solar project in the country.
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Spain's Grupo Ibereólica has begun the permitting process for a 180 MW wind project in Chile.
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Peruvian state agency Proinversión has launched a procurement process for the development of two substation and transmission projects in the country.
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AES Gener has expanded its wind project development pipeline in Chile by adding a second phase to a previously approved, pre-construction project in the country.
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The World Bank’s International Finance Corporation (IFC) is arranging a debt package to finance solar projects in Panama.
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A consortium led by infrastructure fund manager AVAIO Capital has appointed MUFG as financial adviser for an LNG export project on the west coast of Mexico.
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Total’s renewable energy subsidiary Total Eren is plotting the second phase of a three-stage solar park in Chile, after acquiring a stake in the first phase of the project.
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AES Gener is preparing to launch a $500 million capital raise to fund its 1.6 GW solar and wind pipeline in Chile and Colombia, having obtained approval from its existing shareholders.
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EDP Renováveis has secured a 15-year power purchase agreement for a solar project in Mexico with a local energy services company.
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Colombia’s Mines and Energy Planning Unit (UPME) has delayed the procurement process for a transmission line in the country’s Caribbean region for the second time in a month.
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An Argentinian power industry association has warned that the sector could face bankruptcies as the government implements the pesification of power contracts and denies inflation adjustments to struggling generators.
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Sempra Energy is nearing the close of the sale of its Peruvian assets to a Chinese buyer having received all required government authorizations.
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Developers are unsure what to expect from Mexico's soon-to-be-announced private sector investment plan for energy projects, after President Andrés Manuel López Obrador made comments both against and in favor of renewable energy in recent weeks.
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Ecuador’s Ministry of Energy and Non-renewable Natural Resources has postponed the tenders for two renewable projects in the country for the second time because of the Covid-19 pandemic.
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Spain’s Solarpack is moving forward with the development of a 187 MW solar project in Chile.
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Unpaid power bills in Argentina are causing delays in payments from distribution companies to state-owned wholesale power administrator Cammesa, with knock on effects for generators.
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Spain’s OPDEnergy is moving forward with the development of a 90 MW solar project in Chile, after receiving approval from environmental authorities.
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Despite recent progress toward a tender process for a politically contentious LNG regasification project on the Colombian Pacific coast, expectations among developers and project finance bankers are muted, given the challenges the project faces.
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A group of renewable energy companies have written to the Chilean government to warn it that recent policy changes in response to protests and the Covid-19 pandemic threaten to stifle international investment in the sector.
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Mexico's state-owned Federal Electricity Commission (CFE) is structuring three tenders for transmission projects in the country.
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Spain’s X-Elio is moving forward with the development of a 90 MW solar park with a battery storage unit in Chile.
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Chile’s Energías Renovables Saintec is moving forward with the development of a 217.8 MW solar park in Chile after getting approval from the country's environmental authority.
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EnfraGen, a subsidiary of U.S.-based Glenfarne Group, is aiming to close the financing of a roughly 200 MW solar portfolio in Chile by the end of summer.
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A sponsor has been looking to finance two solar projects in Chile for several months, albeit unsuccessfully so far.
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Colombia's Renewable Energy Association (SER) has requested an extension in the construction timelines of solar and wind parks awarded contracts during Colombia's renewable auction last fall.
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Vienna-headquartered AustrianSolar is moving forward with the development of a 141 MW solar project in Chile.
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Colombia’s Mines and Energy Planning Unit (UPME) has pushed back by three weeks the procurement process for a transmission line in the country’s Caribbean region.
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Panama's state-owned transmission company Etesa has awarded short-term power purchase agreements with distribution companies to 18 generation companies.
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The sponsor of a combined-cycle gas-fired plant in Mexico has begun talks with bankers to refinance the asset after it starts operations.
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The non-bank financial institution Corporación Interamericana para el Financiamiento de Infraestructura (CIFI) has provided a debt package for a solar portfolio developed under Chile’s PMGD (Pequeños Medios de Generación Distribuida) distributed generation scheme.
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Mexico's Federal Electricity Commission (CFE) has quietly pushed back the procurement processes for combined-cycle gas-fired plants and a transmission line until the end of spring as a result of the Covid-19 pandemic.
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The procurement process for an 860 MW CCGT project in Mexico has been pushed back by several weeks as the country's economy reels and state-owned utility Comisión Federal de Electricidad, which is running the process, suffers a credit rating downgrade.
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Ecuador's state-owned Ecuador Electric Corporation (CELEC) has delayed the tender for a 14.8 MW (DC) solar project with a battery storage unit on the Galapagos islands.
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The Chilean subsidiary of French developer Cap Vert Energie has begun the permitting process for two solar projects that are expected to qualify under the country's PMGD (Pequeños Medios de Generación Distribuida) distributed generation scheme.
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British asset manager NextEnergy Capital has announced the acquisition of a 36.1 MW (DC) solar project in Mexico.
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Colombia’s Celsia is moving forward with the development of an almost 200 MW gas-fired project in the country.
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Ecuador’s Ministry of Energy and Non-renewable Natural Resources has postponed the procurement process for two renewable projects in the country because of the Covid-19 pandemic.
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Delays in the construction of a transmission line in Colombia because of the Covid-19 crisis could put several development-stage wind farms in the La Guajira department under financial duress.
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AES Gener is plotting the development of a 140 MW wind asset in Chile, the third for which the company has filed paperwork this month.
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The South Korean owners of a gas-fired plant in Chile began looking to refinance it through a private placement a few months ago, but market conditions may act as a deterrent, say bankers.
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Colombia’s Mines and Energy Planning Unit (UPME) has appointed an interim director after the previous incumbent, who oversaw the introduction of renewable energy auctions in the country, announced his resignation.
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Lima-based generation company Atria Energía is plotting a 66 MW solar park in Chile.
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The Japan Bank for International Cooperation (JBIC) has granted a $200 million loan to development finance institution Cooperación Andina de Fomento (CAF) to finance renewable projects in four Latin American countries.
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Zona Energía, owned by construction and real estate conglomerate Grupo Ebco, is preparing to move forward with its private-sector power auction in Chile despite disruption caused by the Covid-19 crisis.
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Colombia’s Empresas Públicas de Medellín (EPM) and the consortium Consorcio Energía de la Costa, led by Colombian businessman Alberto Ríos, have won the reprivatization auction for power distributor Electricaribe, which will be split into two companies as a result.
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Project finance bankers in New York are eyeing PMGD (Pequeños Medios de Generación Distribuida) solar portfolios in Chile, which have become attractive investments—at least until the law changes.
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Atlas Renewable Energy, the Latin American renewables portfolio company of private equity firm Actis, is plotting the development of an 854 MW solar park in Chile.
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The results of a private power auction being run by Bravos Energía in Mexico were expected to be revealed this month but have been delayed until May.
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AES Gener is plotting the development of a 280 MW wind farm in Chile, as part of its strategy to increase investment in renewables in the country.
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CFEnergía, the fuel marketing arm of Mexico’s state-owned utility Federal Electricity Commission (CFE), has approved investment plans for two combined-cycle gas-fired projects in the country.
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Taiwan's General Energy Solutions (GES), through its local subsidiary Electronic JRC, obtained permission to increase the capacity of its solar park in the Dominican Republic.
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Colombia’s Celsia, owned by Grupo Argos, has announced it will not bid for Colombian power distributor Electricaribe in the auction on March 20.
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The tender for a 65 MW solar project in Uruguay has been postponed for the seventh time in six months.
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Developers in Mexico have been left waiting for the government to release its private investment plan for energy projects following a delay by the administration.
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Chile’s National Electric Coordinator (NEC) has asked power companies in the country to submit plans to confront possible disruptions caused by the Covid-19 pandemic, as Chile sees the number of patients rise.
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Prospective buyers are presenting their final offers today for Colombian power distributor Electricaribe in an auction scheduled for March 20.
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Colombia’s Celsia has won the contract to develop a substation and transmission project in the country, out-bidding two other Colombian powerhouses.
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Colombia’s Interconexión Eléctrica (ISA) has inked an agreement to acquire a Peruvian transmission company from I Squared Capital.
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Chilean developer Invener, owned by the real estate and construction group EBCO, is plotting the development of a 258 MW wind project in Chile.
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Colombia’s Interconexión Eléctrica (ISA) has won the contract to build a transmission line in the country, after out-bidding four other companies.
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Argentinian independent power producer Stoneway Capital Corp. is embarking on what could be a lengthy restructuring process after bondholders declined to extend the maturity of debt due to be repaid this month.
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Engie Energía Chile has inked a power purchase agreement with Chilean fishing company Corpesca to supply its operations in the country from renewable sources.
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Ecuador’s state-owned electric corporation CELEC has announced a tender for a 14.8 MW (DC) solar project with a battery storage unit on the Galapagos islands.
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The Private Financing Advisory Network (PFAN) has launched a request for proposals for clean energy projects in the Caribbean and Central America.
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Mexico’s state-owned Federal Electricity Commission (CFE) has launched a tender to find a gas supplier for gas-fired projects in the state of Baja California Sur, Mexico.
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Trina Solar has reached financial close on a solar park in Colombia with loans from local entities.
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Colombia's National Authority of Environmental Licenses (ANLA) has refuted a claim by Empresas Públicas de Medellín (EPM) that the company had received approval to move forward with the construction of its 2.4 GW Ituango hydro project.
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Spain’s Naturgy Energy Group has announced it will invest €750 million ($843.2 million) in Panama’s electric distribution grid over the next ten years.
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Uruguay's state-owned utility company Administración Nacional de Usinas y Transmisiones Eléctricas (UTE) has postponed the tender for a 65 MW solar project in the country for the sixth time.
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Korea Electric Power Co. (Kepco) and fund manager Sprott Korea have mandated a commercial bank for the financings of two solar projects they jointly own in Mexico.
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Dominican utility company Empresa Generadora de Electricidad Haina (EGE Haina) has inked a power purchase agreement with mining company Falconbridge Dominicana (Falcondo) for a solar project in the province of San Cristobal.
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Corporación Andina de Fomento (CAF) has agreed to provide a $300 million loan for infrastructure projects in Argentina—including power generation and transmission assets.
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Engie Energía Chile is finally moving forward with its first wind farm in Chile, which was stalled for months because of an arbitration claim.
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AES Gener has announced a $1.8 billion investment in solar and wind projects in Chile and Colombia with a total capacity of 1.6 GW.
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Chile’s Grupo Transelec will develop the transmission line to connect a Mainstream Renewable Power 156 MW wind project to the grid, which is part of the second phase of the 1.3 GW Andes Renovables portfolio.
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Conelsur, a Peruvian transmission company owned by Chile’s Grupo Transelec, has acquired mining company Grupo Minero Buenaventura’s Peruvian transmission subsidiary Consorcio Energético de Huancavelica (Conenhua).
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Uruguay’s state-owned utility company Administración Nacional de Usinas y Transmisiones Eléctricas (UTE) has postponed the tender for a 65 MW solar project in the country for the fifth time.
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Seven companies have presented bids for a transmission project in a procurement process arranged by Panama's state-owned transmission company Empresa de Transmisión Eléctrica (Etesa).
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Arroyo Energy has mandated two commercial banks to structure the refinancing of a gas-fired project in Mexico.
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Panama's state-owned transmission company Empresa de Transmisión Eléctrica (Etesa) is restructuring the tender for the country's Fourth Line (Cuarta Línea) on the Atlantic coast after the procurement process was suspended in May 2019.
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New details have emerged on the financing and construction of two Chilean projects owned by Spanish developer OPDEnergy.
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Austrian solar developer Clean Capital Energy (CCE) is developing an 86 MW project in Chile, the second of the four projects the company is eying in the country.
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Colombian public utility regulator SuperServicios has postponed the auction to sell struggling power distributor Electricaribe.
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Dominican utility company Empresa Generadora de Electricidad Haina (EGE Haina) is developing a 120 MW (DC) solar park in the Dominican Republic and has signed an engineering, procurement, and construction contract.
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Enel Green Power Chile is plotting the development of a 317 MW solar park in Chile, the fourth large solar project for which the company has filed paperwork in the past few months.
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IEnova, a subsidiary of Sempra Energy, has announced it will make its final investment decision on the addition of liquefaction facilities to the Energía Costa Azul (ECA) LNG terminal in Mexico by March of this year.
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Investors from across the natural gas value chain are eyeing a soon-to-be-tendered regasification plant in the Colombian Pacific coast, which has been in the works since 2017.
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Chile’s National Electric Coordinator (NEC) has launched tenders for eleven new transmission projects in the country after awarding eight other projects to five companies ten days ago.
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Enel Green Power Chile is plotting the development of a 181 MW solar park in Chile, in line with its strategy to increase renewable power sources in the country by 2022.
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Five companies have won contracts to develop eight new transmission projects in Chile, which bankers and institutional investors in New York are following carefully for financing opportunities.
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Ecuador’s state-owned energy company, Petroamazonas, has launched tenders for oil and gas-fired projects totaling 232 MW to power its oil fields in the Amazon region.
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Colombia's Ecopetrol has decided that it will own its second solar project in the country instead of buying the generation under a power purchase agreement as it did with its first.
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Thirty-nine generation companies have presented bids for a public auction run by Panama's state-owned transmission company Etesa, which will award the winners short-term power purchase agreements with distribution companies.
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Engie Group is developing a pair of solar projects totaling 553 MW in the Mexican state of Tlaxcala.
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A year after private equity firm I Squared Capital completed the acquisition of a large renewable energy portfolio in Latin America, the fund has consolidated its assets by refreshing the debt at both the holdco and project level.
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Spain’s Continua Energías Positivas has received approval from Peru’s Ministry of Energy and Mines a solar duo totaling 160 MW in the country.
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Bravos Energía's private power auction has attracted bids from 28 companies, on the supply and demand side, and is moving forward despite comments made by Mexico's National Center for Energy Control (Cenace).
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Chile’s National Energy Commission (CNE) has announced a delay to the country's 2020 power auction in response to the latest energy demand projections, which are lower than previously forecasted.
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As the Mexican government upends incentives, self-supply contracts and the market for clean energy certificates, project finance and investment bankers in New York and developers in Mexico City are attempting to gauge the impact and decipher the administration's motives.
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Spain's Naturgy Energy Group has devalued its stake in power distributor Electricaribe and initiated suits against insurers, as it waits for a resolution of its arbitration claim against the Colombian government.
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Celeo Redes, through its subsidiary Casablanca Transmisora de Energía (CASTE), is moving forward with the permitting process for two transmission projects in Chile—one of which already has financing in place.
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Brookfield Asset Management is moving forward with the acquisition of a 278 MW development-stage solar portfolio in Brazil from a subsidiary of engineering company Steelcons.
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The delayed auction to sell Colombia's power distributor Electricaribe is likely to attract mainly local players when it takes place next month, say deal watchers.
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Delegates at the Euromoney Seminars 12th Annual Latin American Energy & Infrastructure Finance Forum in Miami Beach are keeping at least one eye on Latin America’s colorful political landscape, as a year of national elections and unfolding corruption probes promises to have a bearing on project financings and M&A deals.
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The owner of a five-and-a-half-year-old wind project in Idaho and its tax equity investor are selling the facility to its offtaker under the terms of its pre-paid power purchase agreement.
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The first person to walk to both the North and South poles is returning to the Antarctic, this time with his progeny—and some solar panels—in tow.
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The U.S. International Trade Commission’s four sitting members have released three separate recommendations for temporarily restricting foreign imports of solar panels into the U.S.
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Pattern Development has mandated a group of banks to raise debt for the 300 MW Henvey Inlet wind project in Canada and plans to seal the financing by the end of the year.
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AEP Ohio has issued a request for proposals for up to 400 MW of solar generation in the state.
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An energy infrastructure asset management firm has bought a 37 MW distributed generation portfolio from a solar development company.
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SunEdison is selling a wind project duo to Longroad Energy, which was founded and is run by former executives of the company that originally developed the projects, First Wind.
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A newly created subsidiary of Hawaiian Electric Industries has agreed to purchase an oil-fired project on Hawaii’s Big Island from ArcLight Capital Partners, a deal hatched after an earlier attempt at a direct acquisition by HEI subsidiary Hawaii Electric Light Co. was vetoed by state regulators.
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The fact that the Suniva 201 trade case is now moving to the remedy phase has the potential to slow or stop solar projects in the works, write John Marciano, Shana Hofstetter and Greg Lavigne of Akin Gump Strauss Hauer & Feld.
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Pacific Gas & Electric has hired an investment bank to run an auction for the sale of the 25.8 MW DeSabla-Centerville hydro project in northern California.
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A municipal utility in Florida is acquiring a 100 MW biomass project from a group of investors including private equity firms Starwood Energy Group Global and Tavistock Group.
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An LS Power owned fund has knocked $100 million off the purchase price for a 1,615 MW portfolio of generation assets it is acquiring from two FirstEnergy subsidiaries.
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Greenwood Energy has closed a $52.8 million debt and tax equity financing for a 26 MW portfolio of utility-scale solar assets.
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Xcel Energy plans to issue a request for proposals for up to 2.4 GW of generation from gas-fired, wind and solar projects, as part of its proposed energy plans for Colorado.
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Clean Line Energy Partners' proposed Grain Belt Express transmission line has faced a setback after Missouri state regulators vetoed the project.
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Two new commissioners on the U.S. Federal Energy Regulatory Commission have been confirmed by the U.S. Senate, breaking a six-month deadlock due to a lack of quorum.
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The U.S. Senate has confirmed Neil Chatterjee and Robert F. Powelson to serve on the Federal Energy Regulatory Commission.
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Invenergy is preparing to raise construction financing for the 2 GW Wind Catcher wind project in Oklahoma.
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The Illinois Power Agency has issued a request for proposals for renewable energy certificates from new wind and solar generation.
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Italian transmission company Terna has signed $81 million in project finance loans to build a 500 kV project in Uruguay, in a deal that BBVA is claiming to be the first ever green loan in a project finance format.
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Chile will accept proposals for a 2,200 GWh auction on October 11, with 20-year power purchase agreements up for grabs across seven supply blocks.
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The Mexican subsidiary of Spain’s Acciona has signed two contracts to sell clean energy certificates to a subsidiary of Mexico’s Comisión Federal de Electricidad that supplies electricity to large users.
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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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GE Energy Financial Services and a subsidiary of YPF have closed financing for two gas-fired projects in Argentina, which GE says is the first power plant project financing in the country in almost 20 years.
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A utility company and two consortiums representing local governments are raising project financing for a wind facility under construction in Canada.
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The Lake Charles LNG project under development in Louisiana has been granted authorization to export additional gas.
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The Brazilian Development Bank has tinkered with the way it accredits solar systems and modules at a national level, in a move that bank and commercial bankers say should prompt more funding flow to smaller renewables companies.
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Regulators in Massachusetts have shortened the timeline for a proposed request for proposals for up to 800 MW of offshore wind generation.
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A utility company has issued a wind generation request for proposals, after it pre-qualified a potential 200 MW wind generation project for the production tax credit.
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Mandates and potential structural issues arising from the two recent power auctions in Mexico were discussed at a half-day conference hosted by Morrison & Foerster in its New York office on June 14.
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Two banks are marketing a refinancing of Energy Future Holdings’ multi-billion dollar debtor-in-possession and term loan financing as an existing DIP facility approaches its due date.
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The Texas Public Utilities Commission has rejected NextEra Energy’s request for a rehearing regarding its rejected bid to acquire Oncor Electric Delivery from Energy Future Holdings.
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An audit into loans approved by the Overseas Private Investment Corporation to Chilean solar projects that have since struggled is unlikely to hurt the country’s access to funding for other generation deals, say project finance bankers.
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Continued low gas prices and depressed demand lower megawatt-per-day payments and change the game for all parties involved, writes Louise Pesce, m.d., project finance, at MUFG, in this week’s Industry Current.
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Government entities in Texas are able to purchase generation wholesale for the first time under a newly approved state energy contract, which could lead to a surge of renewable power purchase agreements in the state.
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The Kansas Corporation Commission has declined to reconsider its order denying approval for Great Plains Energy’s $12.2 billion acquisition of Westar Energy, leaving the Midwestern utilities to mull whether they should revise the terms of the deal or abandon it entirely.
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Enel has mandated financial advisers to run tandem sales processes for all of its generation assets in in Mexico and Panama, which total over 2.3 GW.
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A slow-down in renewables financing in the first half of this year has not stopped 1.3 GW of power purchase agreements from being signed across the U.S. in the last two months, adding to the project finance pipeline.
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The Hawaii Public Utilities Commission has blocked Hawaii Electric Light Co.’s planned acquisition of an combined-cycle oil-fired plant in Honokaa, rejecting the utility’s claim that its purchase of the project would be beneficial to its customers.
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AES Corp. is seeking to finance two contracted brownfield gas-fired projects and a battery storage facility in Southern California with a combined construction cost of $2.3 billion.
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The U.S. President has selected two prospective Republican commissioners to sit on the Federal Energy Regulatory Commission, the White House announced on Monday.
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A sponsor has assigned a lead arranger for a gas-fired project in PJM Interconnection, where project financing activity is paused in the run up to the upcoming capacity auction, attendees at the Platts Global Power Markets conference in Las Vegas told PFR.
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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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Two banks are arranging a dual-tranche debt financing for NRG Energy's 632 MW Carlsbad Energy Center gas-fired project in California, deal watchers tell PFR.
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Panda Power Funds’ Temple I gas-fired project in Texas filed for Chapter 11 bankruptcy protection on Monday.
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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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Bankers are already competing for prospective mandates from companies looking to bid for contracts available this year under Alberta's 5 GW renewables program. The first round, which will award 400 MW of contracts, opened for expressions of interest on Friday.
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Paige Wisdom, the former chief enterprise risk officer at Freddie Mac, has joined residential Property Assessed Clean Energy (PACE) lender Renovate America as cfo.
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Five Massachusetts electric distribution companies have issued a request for proposals for renewable projects in the state, with a view to signing 15- to 20-year contracts for over 1 GW of generation and associated renewable energy certificates.
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Two banks are arranging a non-recourse $200 million loan for the residential solar sponsor Sunrun.
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When PFR asked financiers and sponsors backing gas-fired projects in PJM Interconnection how President Donald Trump’s executive order to dismantle his predecessor’s Clean Power Plan might affect development in the region, conversation quickly turned to other topics.
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A 200 MW power purchase agreement signed recently by the developer of a wind project in western Kansas is the first such contract intended to be serviced via Clean Line Energy Partners’s proposed Grain Belt Express transmission line.
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JP Morgan has distributed a teaser for Eversource’s 1.2 GW New Hampshire generation portfolio as it prepares to run a two-stage auction for the assets.
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Activist shareholders are likely putting pressure on NRG Energy to sell its yield company, NRG Yield, according to a report published by Moody’s Investors Service.
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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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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter.
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GDF Energy Marketing NA agreed to pay $81.8 million to settle a market manipulation case relating to four gas-fired peakers in PJM Interconnection two months before its parent company, Engie, closed the sale of a portfolio of assets including the same four projects to Dynegy.
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The U.S. Federal Energy Regulatory Commission has issued an order delegating additional authority to its staff to allow orders to be issued while it remains one commissioner short of quorum, but some approvals could still be delayed, say deal watchers.
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Despite a full slate of proposed gas-fired facilities, deal flow for large-scale greenfield project finance in the U.S. could slow this year, deal watchers tell PFR.
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The Supreme Court of Chile has revoked the environmental permit for the Penco Lirquén offshore regasification terminal, one of two commercially-linked projects, collectively known as Octopus LNG, that obtained debt financing at the end of last year.
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Dayton Power & Light, a utility owned by AES Corp., has committed to sell three coal projects, shutter two others and buy or develop at least 300 MW of wind and solar generation in a settlement with several Ohio entities in relation to its rate case before the Public Utilities Commission of Ohio.
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The U.S. Federal Energy Regulatory Commission will be unable to issue orders from Friday until at least one commissioner is nominated by the president and confirmed by the Senate.
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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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State renewable portfolio standards are a key driver of renewables development in the U.S., but now a group of lawmakers in Wyoming has introduced a bill that would have the opposite effect.
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A trio of wind turbine supply loans with differing terms, arranged by five financial institutions, closed in the late stages of last year, deal watchers tell PFR.
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A debt and equity package totaling a combined $1.584 billion backing the Advanced Power 1.1 GW Cricket Valley Energy Center combined-cycle gas-fired project in Dover, N.Y., closed earlier today.
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The Peruvian government has announced that it has cancelled its contract with the consortium led by Brazilian construction firm Odebrecht for the under-construction Peruvian Southern Gas Pipeline.
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Uncertainty around the tax reform agenda of President Trump and the Republican-controlled U.S. Congress is causing stagnation in renewable project deal flow, say attendees at the Infocast Projects & Money conference in New Orleans.
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California-based solar finance company Mosaic is preparing to hit the ABS primary market with an offering backed by loans on residential rooftop solar systems, the first such transaction since early 2016.
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A debt and equity financing totaling roughly $1.5 billion backing the Advanced Power Cricket Valley project in New York is expected to close as soon as Tuesday, sources tell PFR.
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A number of turbine loans are in the market and slated to close before Dec. 31, project financiers tell PFR. Multiple wind project sponsors are trying to capitalize on the full production tax credit by ordering large volumes of wind turbines before the incentive steps down at year end.
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AEP Ohio has issued two requests for proposals for renewable generation in Ohio—one for wind and one for solar.
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Three companies have each bid more than $25.5 million for an offshore lease for a wind project off the coast of New York in an auction that was still in progress at press time.
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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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This week’s Industry Current, written by Jim Heidell, Ethan Paterno and Mark Repsher, consultants at PA Consulting Group, focuses on Mexico's emergent capacity markets, unraveling the complexities and the opportunities they represent.
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NRG Energy is selling its sole offshore lease to Deepwater Wind, the developer behind the first offshore wind project in the U.S.
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Panda Power Funds has mandated three commercial banks to arrange debt financing for the 990 MW Mattawoman combined-cycle gas-fired project in Prince George’s County, Md.
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Kerri Fox, who was head of project finance, North America, at BBVA until September, is one of three independent directors recently appointed to the board of TerraForm Power.
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Fermaca closed a debt financing involving 10 banks for a 235-mile Mexican gas pipeline on Nov. 22.
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Grupo Ibereólica and EDF Energies Nouvelles have closed a term loan for a contracted wind project in the Atacama region of Chile.
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Speakers and attendees at the 20th Annual Platts Mexican Energy Conference on Nov. 14 expressed surprise at the speed and success of reforms to the energy market, but warned that some of the renewables projects that won contracts in the country’s first two power auctions may not materialize.
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Ormat Technologies is looking to acquire geothermal and storage projects in the U.S. and further afield.
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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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The future of the U.S. Environmental Protection Agency, the Clean Power Plan and tax credits for renewable generation are all up in the air following Donald Trump's presidential win in the early hours of Wednesday morning.
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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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The U.S. Bureau of Ocean Energy Management has unveiled the list of companies that have qualified to bid in an auction for a commercial offshore wind lease off the coast of New York.
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Scientists have accidentally discovered a chemical catalyst that could open the door to industrial-scale energy storage.
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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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The wind industry is a close-knit group and the AWEA Wind Energy Finance & Investment Conference is generally a friendly affair, so there were plenty of lighter moments amid the serious discussions and dealmaking at the Westin New York at Times Square.
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The average price of power purchase agreements awarded in Mexico’s second power auction was 30% lower than in the first auction, with one PPA coming in at just $26.99/MWh. The low prices will translate into lower leverage on projects, say deal watchers.
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An assortment of requests for proposals have been issued in recent weeks for renewable generation, associated credits and advice across three states in the U.S. and a Canadian province.
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Mercuria is in the process of selling the 500 MW Danskammer gas and oil-fired peaker project in lower Hudson Valley in a two stage auction.
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A joint venture between EDF Energies Nouvelles and Andes Mining & Energy has secured a 15-year loan to finance the construction of a 100 MW solar project near Chile’s capital, Santiago.
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Abengoa is in talks with several interested parties about the potential sale of its stake in the 924 MW Norte III gas-fired combined-cycle project in Ciudad Juárez, Mexico.
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In the second part of this exclusive interview, PFR’s managing editor, Olivia Feld, speaks with Josh Goldstein, senior v.p., finance and capital markets, at Recurrent Energy, about tax equity, market dynamics in Texas and Recurrent’s strategy regarding distributed generation and power hedges.
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Investor-owned and municipal utilities and county authorities are among the companies that have contracted additional solar generation in the past couple of months, spurred not only by the desire to be green, but also by the low prices on offer.
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American Electric Power has agreed to sell four Midwestern generation facilities, representing roughly two-thirds of its competitive fleet in Ohio, to two private equity firms.
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The #PowerTweets feature tracks trends in power project finance and M&A in the Americas on Twitter. For more news and coverage, follow @PowerFinRisk on Twitter, as well as editor @MetcalfReports, managing editor @OliviaFeld and reporter @FotiosEuromoney.
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NextEra Energy Partners has agreed to acquire a 24% interest in the 550 MW Desert Sunlight solar project in California in a transaction to be financed in the equity market.
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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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The developer of a 700 MW combined-cycle gas-fired project under construction in Indiana is set to seek approvals and tax abatements for a second phase which would double the size of the facility.
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A Boulder, Colo.,-based hydro sponsor has acquired two projects in New York state.
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MidAmerican Energy Co. has won approval from the Iowa Utilities Board to build the $3.6 billion 2 GW Wind XI project across several sites in the Midwestern state.
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Entergy Corp. has said that it will permanently close the James A. FitzPatrick nuclear project, if the proposed acquisition by Exelon Generation is not approved by regulators.
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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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SolarCity is internally restructuring and cutting operational costs, after it revised its growth expectations downward in its second quarter earnings call last week.
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Sponsors with gas-fired projects in New York are facing the new reality that nuclear projects in the state could stay online for longer than previously thought.
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Macquarie Infrastructure Partners III has hired a financial adviser and is contemplating bids to sell down its 73% interest in the Lordstown project.
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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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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 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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What better place for a project finance banker, attorney or contractor to treat a client to some haute cuisine than a restaurant located in a former power plant?
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Southeast PowerGen, which is majority-owned by funds of The Carlyle Group, is seeking to unwind lease agreements it has with local authorities for two gas-fired projects in Georgia and instead directly own the facilities.
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The government of Jamaica has unveiled plans to add 150 MW to the country's grid, saying it will issue two requests for proposals later this year.
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Hydro Ottawa is acquiring the 27 MW Centrale Hull 2 hydro project on the Gatineau, Québec, side of Chaudière Falls.
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A Santiago-based sponsor is in talks with a boutique investment bank to raise equity for a pumped-storage hydro project and a nearby solar project in the Tarapacá region of Chile.
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Hawaiian Electric Co. is preparing to launch a request for proposals for an undisclosed amount of renewable generation.
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In the first part of this Industry Current, Orrick attorneys discuss the evolution of the U.S. Department of Defense’s power procurement process and the implications for sponsors seeking DoD power purchase agreements.
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Lazard has won an advisory mandate for a gas-fired project under development in PJM Interconnection.
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Jamaica’s Office of Utilities Regulation has selected a preferred bidder in its request for proposals to construct a solar project.
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A sponsor has filed for permission to build a $20 billion LNG export project and accompanying pipeline at the Port of Brownsville, Texas. The sponsor is in the process of hiring financial advisers.
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In this week’s Industry Current, David Burton of Mayer Brown and Richard Page of Akin Gump Strauss Hauer & Feld discuss the latest tax incentives for solar generation in Idaho, which could encourage additional solar developments in the state.
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European and North American project sponsors, often also manufacturers of wind turbines and solar panels, have scooped up power purchase agreements in Latin America in the last month or so.
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Boralex and two co-owners of a pair of wind farms in Québec have refinanced the assets with a C$617.5 million debt package. The two projects are located about 40 miles north of Québec City and total 727 MW.
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Wayzata Investment Partners has agreed to sell the 189 MW West Valley gas-fired facility in Utah to a municipally-owned joint action agency.
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An indirect subsidiary of Berkshire Hathaway Energy is increasing its investment in a gas-fired project in Clark County, Nev.
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Covanta Energy is seeking authorization from the U.S. Federal Energy Regulatory Commission to extend its lease of a waste-to-energy facility in Union County, N.J. into the second half of the twenty-first century.
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The Commonwealth of Dominica is seeking private investment for the approximately 8 MW state-sponsored geothermal project it is developing.
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Tenaska has closed a $780 million debt financing backing the 925 MW Westmoreland combined-cycle gas-fired project in South Huntingdon Township, Pa.
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Banks are vying to arrange debt financing for NRG Energy’s 632 MW Carlsbad Energy Center gas-fired simple-cycle project in Carlsbad, Calif., a deal watcher tells PFR.
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The State of Vermont is exploring a partial or complete purchase of the 560 MW hydro portfolio being sold by TransCanada Corp., to partially finance its $13 billion acquisition of the Columbia Pipeline Group.
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TransCanada Corp. has been awarded a contract to build, own and operate the Tula-Villa de Reyes 261-mile natural-gas pipeline in Mexico.
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The Mexican government agency responsible for overseeing the country's first ever power auction surprised market participants by amending the results, hours after they were first announced.
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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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The trend toward commercial bank financing of solar projects in Chile on a merchant basis may have stalled, as some projects financed in recent years without power purchase agreements enter restructuring.
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The city of Palo Alto, Calif., has recommended a 25-year power purchase agreement for approval at what is being reported as a record low price of 3.7 cents/kWh.
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BNP Paribas, Citigroup and MUFG have launched a $700 million debt financing for Tenaska's 925 MW Westmoreland gas-fired project in South Huntingdon Township, Pa.
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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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Seminole Electric Cooperative is seeking to contract or acquire up to 1 GW of firm capacity in Florida through a request for proposals.
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SunEdison has said that it will contest Hawaiian Electric’s decision to terminate power purchase agreements with three of its solar projects under development in Hawaii.
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A power and utilities veteran who spent 20 years at Morgan Stanley has joined Guggenheim Securities as a senior adviser.
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Non-utility offtakers signed hundreds of megawatts of renewable power purchase agreements in January and early February, including for wind generation, continuing a trend which financiers increasingly have to take into account.
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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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Fortis Inc. plans to issue $2 billion in the U.S. public bond market to finance its $11.3 billion purchase of transmission company ITC Holdings. Fortis will also sell up to 19.9% of the acquired company to unnamed infrastructure-focused minority investors, the company announced on Feb. 9.
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Brookfield Infrastructure has agreed to sell a 348-mile transmission line in Ontario to Hydro One, a utility company which owns 96% of the province's transmission system.
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The project finance pipeline is brimming with deals for large-scale greenfield gas-fired projects due to be launched in the first half of 2016, deal watchers tell PFR.
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Clean Line Energy is talking to banks about raising between $2 billion to $2.5 billion for construction of its Plains & Eastern Clean Line transmission project from the Oklahoma Panhandle to Memphis, Tenn.
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Abengoa Yield has revealed its new name, Atlantica Yield, and hired a new cfo as it distances itself from its sponsor and part owner, Abengoa.
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Alabama Power and Black Hills Corp. were among eight corporate issuers to launch deals in the U.S. bond market on Friday, Jan. 8, when investment grade issuance resumed after a three-day lull.
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Invenergy has closed a construction loan and tax equity financing for its 120 MW Gunsight wind project in Howard County, Texas.
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Competitive Power Ventures has assigned joint lead arrangers to launch a debt financing imminently for the 785 MW Towantic Energy Center gas-fired project in Oxford, Conn.
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Corporations in a range of industries continue to supplant utilities as offtakers for renewable projects in the U.S., as they seek to bolster their green credentials.
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Standard & Poor’s has lowered the credit ratings of both of SunEdison’s yield companies following the closing of TerraForm Power’s acquisition of a wind portfolio from Invenergy.
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Solar stocks have rebounded on reports that a deal reached by U.S. congressional leaders on a spending bill includes a five-year extension of tax credits for solar and wind projects. The measures have been welcomed by the renewables industry and could lead to an uptick in dealflow.
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The Inter-American Development Bank has approved $87.7 million of 18.5-year loans to finance a 100 MW solar project in El Salvador.
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Draft legislation which would extend the production tax credit for wind projects by two years would lead to an increase in wind project development if it is passed, say deal watchers.
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Appalachian Power Co. is planning to issue a request for proposals for 150 MW of wind generation in February 2016.
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Mexico Power Group has sealed debt and equity financing for the 130 MW La Bufa wind farm in Zacatecas, Mexico. The sponsor closed both deals on Dec. 2.
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Spanish company Abengoa has sought bankruptcy protection and is in talks with its creditors about restructuring its debts. Abengoa Yield, the sponsor’s yield company, which has assets in North and South America, is not immune to the problems faced by its parent company.
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The U.S. Federal Energy Regulatory Commission has approved a divestiture plan proposed by Talen Energy, which was challenged by Macquarie Infrastructure Corp.
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Energy Transfer Partners has raised $1.16 billion in two simultaneous deals backing a pair of natural gas pipelines that will connect the Waha hub in Texas to the Mexican border.
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A subsidiary of EDF Renewable Energy is seeking to sell tax equity in the company's 150 MW Slate Creek wind project in Sumner County, Kan. to MUFG Union Bank and one or more additional investors.
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Samsung Renewable Energy is looking for debt and equity financing for two 50 MW solar projects in Ontario, Canada.
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A subsidiary of NRG Energy is selling its a 352 MW gas-fired facility in Neoga, Ill., to affiliates of Rockland Capital.
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NextEra Energy is seeking approval for a tax equity investment in its 150 MW Carousel wind project in Kit Carson County, Colo., according to a U.S. Federal Energy Regulatory Commission filing dated Nov. 3.
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Hunt Consolidated has moved closer to financing its $800 million transmission project in New Mexico and southern Arizona after receiving two key regulatory approvals.
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Non-utility corporate offtakers have continued to snap up power purchase agreements for the output of renewables projects in the last months, and it’s not all for data centers, although there were a couple of those.
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sPower is seeking authorization from the U.S. Federal Energy Regulatory Commission for tax equity investments for a wind project in Utah and a solar project in Arizona.
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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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An influx of deals in PJM, ongoing market dislocation and the upcoming 2016 presidential election were all up for discussion at the Platts 17th Annual Financing U.S. Power conference at the New York Marriot Marquis in Times Square.
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Norwegian independent solar power producer Scatec and the Norwegian state-owned investment fund for developing countries, Norfund, have acquired a 53 MW solar project in Honduras.
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Citizens Energy Corp. has partnered with solar community start up ClearGrid Energy to develop community solar projects in Massachusetts. Under the agreement, Citizen Energy will finance the construction of projects originated by ClearGrid.
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Over 4 GW of coal-fired generation in Texas will be retired under the Clean Power Plan, roughly one-quarter of the states’ coal capacity, according to a report published by the Electric Reliability Council of Texas on Friday.
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The causes and consequences of the recent yield company turmoil, the impact of the Clean Power Plan and hopes to resurrect the production tax credit were all topics of conversation at the American Wind Energy Association Wind Energy Finance and Investment Seminar in at the Roosevelt Hotel in New York.
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Energy Transfer Partners is raising approximately $1 billion in debt financing to construct two natural gas pipeline projects that will connect the Waha hub in Texas to the Mexico border.
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Talen Energy Corp. is running a sale process for over 1 GW of projects within the PJM Interconnection region.
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Talen Energy Corp. has launched a $400 million term loan B which will go toward financing its acquisition of MACH Gen. Talen executives held bank meetings in New York on Tuesday.
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Talen Energy Corp. has agreed to sell two hydro projects to a subsidiary of Brookfield Renewable Energy Partners, and a gas-fired plant to TransCanada, for a combined $1.51 billion.
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Houston-based developer Skylar Resources has bought the option rights to develop a 180 MW solar project in Clark County, Nevada, from Korea Western Power Americas (Kowapo).
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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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The project finance market, which slowed down in August, has been hastily awoken after Labor Day.
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On Sept. 17 at the PJM Market Summit on the outskirts of Philadelphia, a diverse panel discussed the risks and opportunities presented by the latest market developments in terms of project finance and investment in new generation.
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On Sept. 16, PJM market participants and industry observers from further afield gathered for the PJM Market Summit to discuss the introduction of new capacity performance rules and the evolution of demand response products.
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Panda Power Funds launches debt financing for its 1 GW Hummel CCGT project in Pennsylvania.
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The range of non-utility large-scale renewables offtakers continues to diversify, with the U.S. Department of Navy recently joining the fray by signing a 25-year power purchase agreement for a 210 MW solar project in Arizona.
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Enel Green Power, SunEdison Renova, Conergy and Solatio were among the firms to secure the rights to 20-year power purchase agreements in a recent solar auction in Brazil.
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Tenaska and IFM Investors are among the players that can go ahead with the sale of large portfolios of merchant assets in the North East now that PJM Interconnection has announced the results of its capacity market auction.
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Several large portfolio sales involving assets in the North East are set to go ahead following the results of the PJM Interconnection capacity market auction. Elsewhere, renewables assets are changing hands and EDF RE has boosted its development pipeline by acquiring OwnEnergy.
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As a Brazilian law passed to increase solar development comes into effect, three former wind power developers are targeting growth in the commercial and industrial space.
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NextEra subsidiary DG North Carolina Solar Holding is seeking to acquire five North Carolina solar projects from Conergy Projects.
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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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East Kentucky Power Cooperative plans to finance its acquisition of the 594 MW Bluegrass gas-fired facility from LS Power with a long-term loan from the Rural Utilities Service.
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A consortium led by Hunt Consolidated is set to acquire Energy Future Holdings' regulated transmission and distribution company Oncor as part of EFH’s plan to emerge from bankruptcy.
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Invenergy is developing a $700 million gas-fired project in Rhode Island. The Clear River Energy Center combined-cycle gas-fired project Burrillville, R.I., is slated to produce more than 900 MW.
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Shares in U.S. residential solar company SunRun have dropped in value by 20% in the first day of trading after its initial public offering, in a tricky market for energy stocks.
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In the second instalment of this feature, Benjamin Israel, a partner at Kaplan, Kirsch & Rockwell, explores the political and market implications of the U.S. Court of Appeals' decision in the case of the Energy & Environment Legal Institute v. Joshua Epel et al.
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Obama has set the first ever federal limits on U.S. power plant carbon emissions in a move that is expected to lead to a deluge of renewables projects.
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Two large banks have launched a $414 million debt financing backing NTE Energy's 525 MW Middletown combined-cycle gas-fired project in Ohio.
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Benjamin L. Israel, a Kaplan, Kirsch & Rockwell partner discusses renewable energy mandates in the context of the EELI v. Epel case--in his capacity as a representative of the Interwest Energy Alliance, an intervening party in the case.
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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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SunEdison’s emerging market yield company launched its initial public offering and kicked off a roadshow for an $800 million green bond on Monday, both expected to be priced on July 30.
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MUFG unit Bankers Commercial Corp. has joined JPMorgan in a $117 million tax equity investment in EDP Renewables North America’s 99 MW Rising Tree South wind farm in Kern County, Calif.
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SunEdison is the latest to join the bandwagon of private players investing in Brazil in spite of concerns over a nationwide economic lull and the declining contribution of the country's development bank to project financing.
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SunEdison and its yieldco TerraForm Power have scooped a 930 MW wind portfolio for $2 billion from Chicago-based Invenergy, warding off competition from other potential buyers.
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This Industry Current is written by John Thomas, executive vice president and cfo at Tennessee Valley Authority in Knoxville, Tenn. Thomas discusses the scope for distributed generation in the context of electric utilities.
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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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The New York-based independent power producer is in the market for $200 million in debt financing for its 350 MW Long Island Energy Center facility in Brookhaven, N.Y., after calling off a stake sale.
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Oak Creek Renewable Energy is in talks with investors to secure equity investments in the third phase of its roughly 400 MW Tres Mesas wind farm in Tamaulipas, Mexico.
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This Industry Current is written by Keith Martin, a Washington, D.C.-based partner at Chadbourne & Parke. Martin’s narrative analyzes the IRS’ guidelines for partnership flip transactions in the context of benefits to solar developers and tax equity players.
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The U.S. offshoot of Spain's Iberdrola is planning to launch a partial IPO once it completes its merger with Orange, Conn.-based United Illuminating Holding Co.
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Sempra Energy is gearing up to launch an IPO of Sempra Partners LP, a master limited partnership, as it focuses on ramping up its LNG projects.
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Allianz is planning to make its maiden tax equity investment in the U.S. wind market, and is talking to sponsors about prospective deals.
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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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8point3 Energy Partners has raised $420 million in its IPO of 20 million class-A shares priced at $21 a share.
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First Solar and SunPower’s combined yieldco 8point3 Energy Partners plans to float 20 million Class A shares priced between $19 and $21 in IPO on Thursday.
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Competitive Power Ventures nets close to $1 billion in debt and equity financing for its 720 MW Valley Energy Center combined-cycle gas-fired project in Orange County, N.Y.
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San Diego Gas & Electric has become the first utility to receive the Federal Aviation Administration’s permission to use drones.
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PJM is proceeding with its annual capacity auction this summer following the FERC’s approval of its capacity performance proposals late on Tuesday, June 9.
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Organización Soriana, which was able to secure a grandfather permit before Mexico's new energy reforms kicked in, has raised $260 million to construct a pair of wind farms totalling 99 MW in Tamaulipas.
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Barclays's stake purchase in a Rio de Janeiro-based startup could put a lid on investor concerns over what alternatives would emerge to offset a potential shortage of project-level funds from BNDES.
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SunEdison's TerraForm Power is acquiring a portfolio of small-scale distributed generation solar projects from an affiliate of Integrys Energy Group for roughly $55 million.
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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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BHE Renewables is scouting the purchase of a partnership interest in a 251.6 MW natural gas-fired cogen facility in New York from GE Capital.
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A $900 million debt, which Moxie Energy is hoping to raise, is the latest among several financings that industry observers say areunlikely to close until the delayed PJM capacity auction for delivery year 2018-2019 takes place.
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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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AES Corp. will evaluate its options for up to 3 GW of unregulated generation in Ohio once more clarity emerges on PJM’s capacity performance proposal.
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Moxie Energy is in talks with potential lenders to back its 900 MW Freedom gas-fired project in Luzerne County, Pa., pegged at $900 million.
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Stockholm-based Skanska's U.S. affiliate has started operations in Pittsburgh with local maven Geoffrey Murken leading its energy and infra operations, as the company ponders over a bid for NTE Energy's 525 MW Middletown facility in Ohio.
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New York-based Caithness Energy is scouting buyers for a minority stake in the 350 MW Long Island CCGT facility in Brookhaven, N.Y.
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A SCANA subsidiary is prepping for an RFP aimed at contracting at least 50% of 84 MW in planned solar capacity from utility-scale facilities in South Carolina.
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This week's Industry Current is written by Benjamin L. Israel, a Washington, D.C.-based partner at Kaplan, Kirsch & Rockwell. This feature provides context for what the Tesla Powerwall means for retail consumers and wholesale generation, transmission and distribution.
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NTE Energy is in the bank market to raise debt for two combined cycle gas-fired projects, each pegged at upwards of $400 million.
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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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EDP Renewables North America and JPMorgan may stalk additional tax equity investors for the 99 MW Rising Tree III wind project in Kern County, Calif.
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Berkshire Hathaway subsidiary BHE Renewables is acquiring a portfolio of wind and community solar projects from Geronimo Energy.
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David Burton, partner, and Richard Page, associate, at Akin Gump Strauss Hauer & Feld in New York, survey the renewables landscape in North Carolina, which has put a decrease in renewable energy tax credits on ice and could freeze the proportion of renewables that state-controlled utilities are required to buy.
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Two Duke Energy subsidiaries are set to contract or acquire 53 MW of solar projects in South Carolina this year.
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Keith Martin, partner at Chadbourne & Parke expounds the framework laid out by the IRS for companies aiming to operate as master limited partnerships.
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Invenergy is shopping for debt to finance its 1.3 GW Lackawanna gas-fired project, in Pennsylvania, pegged at a cost of $900 million.
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SunEdison has tapped four banks as bookrunners for an IPO of its emerging markets yield company.
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Cheniere Energy is planning to add two additional trains at one of its LNG export projects, and plans to finance these trains in 2017.
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Xcel Energy is eyeing an acquisition of the 200 MW Courtenay wind farm near Jamestown, N.D., from Geronimo Energy.
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This week’s Industry Current is written by Chadbourne & Parke attorneys David Jiménez Romaro and Javier Félix Muñoz from Mexico City, and Raquel Bierzwinsky from New York. The authors examine the evolving regulatory framework for geothermal exploration and production in Mexico.
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Alliant Energy Corporate Services is inviting bids to contract up to 200 MW of wind projects across Iowa.
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First Solar and SunPower's joint yield company 8point3 Energy Partners is planning to close its IPO around June 8. 2015, with Goldman Sachs and Citigroup as book runners and advisors.
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Western Energy Partners is looking to raise debt for its 750 MW Clean Path project near Waterflow, N.M. after it secures a long-term offtake contract.
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sPower has sealed tax equity investment from JPMorgan for a roughly 80 MW portfolio comprising 10 solar facilities.
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Niska Gas Storage, an affiliate of Riverstone and Carlyle, is conducting a strategic evaluation that involves a potential sale of the company.
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Freeport LNG has clinched a $4.56 billion deal in senior debt and mezzanine financing backing its third LNG train near Freeport, Texas.
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A peregrine falcon dubbed Houdini may be the answer to the perennial bird-versus-wind turbine controversy.
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This week’s Industry Current is written by Jake Seligman, associate at Chadbourne & Parke in Washington, D.C. Seligman evaluates the opportunities for municipalities to tap into tax-exempt lease purchases for financing the purchase of U.S. distributed solar projects.
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More shops are circling yieldco IPOs even as investor appetite for yieldco paper grows against the backdrop of an industry that is moving toward consolidation.
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Hydro-Québec has issued a request for proposals for 500 MW of capacity generation in Québec.
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Sempra US Gas & Power has acquired the 78 MW Black Oak Getty wind farm in Minnesota from Geronimo Wind Energy.
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Scores of project financiers, investors and sponsors descended on The Wynn Las Vegas for one of the largest events in the power industry calendar: the Platts’ 30th Annual Global Power Market Conference.
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California-based Lightbeam Electric has floated an S-1 with the SEC, aiming to raise $100 million in its initial public offering as a yield company.
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Global giants Wal-Mart, Procter & Gamble and General Motors have racked up offtake contracts totaling 140 MW of wind and biomass generation across the Americas.
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Project financiers at Platts’ 30th Annual Global Power Markets are competing for business as lenders continue to surge into power and energy deals in the Americas.
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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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MUFG Union Bank subsidiary Bankers Commercial Corp. is selling its stakes in a pair of wind farms totaling 98 MW in Kern County, Calif., to investors.
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Transactions backing solar storage could become mainstream in the coming years, according to panelists at Platts' 30th Annual Global Power Markets conference in Las Vegas on April 13.
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LNG export facilities in the U.S. and gas pipeline projects in Mexico will help balance a growing surplus of natural gas in North America, Bentek Energy presenters noted at Platts' 30th Annual Global Power Markets conference in Las Vegas on April 13.
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Fortis is selling its interests in a portfolio of hydro projects in New York to an affiliate of the City of Ottawa.
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An affiliate of Seoul, Korea-based natural gas distributor Samchully Group, is eyeing the U.S. market, following its purchase of a stake in the 570 MW Luna Energy CCGT facility in Deming, N.M.
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This week’s Industry Current is written by David Burton, partner, and Richard Page, associate at Akin Gump Strauss Hauer & Feld in New York. Burton and Page examine the effects of the New York State budget on solar tax incentives.
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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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Pattern Energy Group is acquiring a trio of wind projects from Wind Capital Group and Pattern Development for a combined purchase price of $372 million.
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Rockland Capital’s fund, Rockland Power Partners II is looking to complete its purchase of Valley Road, an LS Power Development subsidiary, which owns two gas-fired facilities totaling 503 MW.
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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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Northwestern Mutual is selling stakes in a 400 MW wind portfolio to an affiliate jointly owned by JPMorgan Capital Corp. and a Hannon Armstrong subsidiary.
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Apex Clean Energy has closed a $397 million construction loan for its 299 MW Kay wind project in Kay County, Okla.
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This week’s Industry Current is written by Mona Dajani, partner, and Michael Reed, associate of the North America energy, banking & finance group at Baker & McKenzie. The feature provides insights into Mississippi's Court ruling mandating Mississippi Power Co. to refund $281 million to ratepayers.
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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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InterChile is expected to close an $800 million financing backing its transmission line project in Chile in the next few months.
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Duke Energy Progress is buying back 700 MW nuclear and coal-fired stakes from the North Carolina Eastern Municipal Power Agency in exchange for a wholesale contract from the agency.
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A GE Energy Financial Services unit has agreed to purchase a stake in a portfolio of renewable and thermal projects totaling 579 MW from an affiliate of Enel Green Power North America.
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Eversource Energy is looking to sell roughly 1 GW of hydro and thermal plants in New Hampshire through an auction.
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Morgan Stanley is launching a $275 million term loan package for Longview Power at a bank meeting in New York tomorrow.
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Renewable Energy Trust Capital has sealed $213 million in financings backing four solar projects in California and Ontario.
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Apex Clean Energy is looking for financing for 450 MW of wind projects in Oklahoma.
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Duke Energy Florida is looking to buy Calpine Corp.’s 599 MW Osprey combined cycle plant in Auburndale, Fla., for $166 million.
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Utilities and operators of U.S. coal-fired generation are planning to shutter hundreds of assets against the backdrop of stringent emissions regulations and heavy plant maintenance costs.
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We Energies has scrapped the sale of its 431 MW coal-fired facility in Michigan to Upper Peninsula Power Co.
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Abengoa and EIG Global Energy Partners are looking to finance their 924 MW Norte III combined cycle project in northern Mexico.
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Dynegy is open to buying Ohio coal-fired generation from AEP Ohio, if the American Electric Power Co. subsidiary opts to sell the assets.
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8minutenergy Renewables and D.E. Shaw Renewable Investments seek to raise over $1 billion in financing for a portfolio of utility-scale solar projects in California.
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Solar, particularly distributed generation, continues to hold the market’s attention as investors look to get into the game ahead of the investment tax credit plunge in 2017.
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Ontario’s Independent Electricity System Operator has issued a request for proposals for 565 MW of renewable generation.
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First Solar and SunPower have filed with the U.S. Securities and Exchange Commission for a proposed an initial public offering backing their new yield company 8point3 Energy Partners.
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Northland Power is in talks with lenders to arrange more than $1 billion in senior secured loans for two wind farms on either side of the Atlantic.
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Quantum Utility Generation has closed a $95 million construction and term loan facility for the 40 MW Passadumkeag wind project in Maine.
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Principal Solar is talking to lenders and equity investors about lining up roughly $154 million in financing backing its 72.9 MW utility-scale solar project in Fayetteville, N.C.
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Khosla Ventures has bought 100% of the equity in a 50 MW geothermal project owned by a subsidiary of EIG.
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Larry Kellerman, former ceo of Quantum Utility Generation is poised to grow his new venture, Twenty-First Century Utilities as he looks to wed utilities to the latest technology. In this exclusive, Senior Reporter Olivia Feld spoke to him about his company's plans for acquisitions and his take on the future of the utility model.
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This week’s Industry Current is written by Jake Seligman, associate at Chadbourne & Parke in Washington, D.C. Seligman evaluates investor attraction to community solar projects and offers insights into key opportunities, risks and challenges.
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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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Deepwater Wind Block Island, a subsidiary of Deepwater Wind, has closed the first financing for an offshore wind project in the U.S.
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Dynegy is canceling a process to sell its 2.7 GW California portfolio after concluding a strategic evaluation with advisors Bank of America Merrill Lynch and Barclays.
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Affiliates of 8minutenergy Renewables and D. E. Shaw Renewable Investments are in the market for $130 million in debt for the 133 MW Springbok solar project in Kern County, Calif.
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This week’s Industry Current is written by David Burton, partner, and Richard Page, associate, at Akin Gump Strauss Hauer & Feld in New York.
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As executive v.p. of North America utility and global wind for SunEd, Paul Gaynor is looking to leverage the new wind business over SunEd’s existing global reach. Senior Reporter Olivia Feld sat down with Gaynor to discuss his new role and strategy for wind projects at SunEd.
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First Solar and SunPower are in advanced talks to launch a joint yield company.
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Southern Company’s subsidiary Southern Power has acquired two of Tradewind Energy’s solar photovoltaic projects totaling 99 MW in Georgia.
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EDP Renewables North America is seeking tax equity investment for its 99 MW Rising Tree III project in Kern County, Calif.
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Pattern Development has signed a joint venture with CEMEX Energia, a new division of CEMEX, to develop 1 GW of renewables projects in Mexico over the next five years.
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Duke Energy Carolinas is soliciting bids to acquire, or contract with, up to 50 MW of solar projects near West Raleigh, N.C.
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Advanced Power AG is planning to launch a financing backing the 1 GW Cricket Valley project in the Dover, N.Y., this summer.
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Technology companies are providing a bright spot in the perennial hunt for power purchase agreements this month.
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In the second installment of this PFR Exclusive, Andrew Platt, head of project finance Americas at BNP Paribas sits with Senior Reporter Olivia Feld to discuss the bank's take on deal flow in Latin America, and trends in M&A and LNG export facility financing.
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This week’s Industry Current is written by David Burton, partner at Akin Gump Strauss Hauer & Feld in New York. Burton, who focuses on tax matters with an emphasis on project finance and energy transactions, examines the now delayed Sol-Wind IPO and compares it to traditional yield companies and master limited partnerships.
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Freeport LNG is in talks with a bank to finance the third train at its facility in Quintana Island, Texas.
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Prospective yield company Sol-Wind Renewable Power has indefinitely pushed back its initial public offering.
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Rabobank pulled out of a financing backing the 298 MW Kingfisher wind project in Oklahoma just before the transaction closed.
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The Tennessee Valley Authority has agreed to acquire Quantum Utility Generation’s 760 MW CCGT Choctaw plant near Ackerman, Miss., for $340 million.
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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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Dynegy is nearing the sale of its 2.7 GW portfolio of fuel-oil and natural gas-fired assets in California.
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SunEdison has secured $155.2 million in long-term financing for its 71.2 MW Crucero merchant solar project in Chile, and has sold a minor stake in the asset to Panamanian solar shop ECOSolar.
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Wendy Carlson, former managing director of Marathon Capital, has joined Prudential Capital Group as the managing director of its power unit.
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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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Canadian Solar is considering launching a yield company after it completes its $265 million acquisition of Recurrent Energy from Sharp Corp.
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DTE Energy has issued a request for proposals to acquire up to 350 MW of gas-fired projects in Michigan’s Lower Peninsula.
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Mona Dajani, partner at Baker & McKenzie, explains how a recent U.S. Federal Energy Regulatory Commission policy statement could, if adopted, have a significant impact on valuations of large regulated utility mergers and swaps of generation asset portfolios.
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Renewable developers RES America and Blackstone Group-backed OffshoreMW have won leases in the largest U.S. offshore wind auction to date.
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American Electric Power Co. is considering strategic options for up to 10,393 MW of merchant generation in Ohio and Indiana, including a sale or retaining assets if the company garners regulatory approval for long-term contracts.
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Enel Green Power North America has scooped tax equity investment for its 150 MW Osage wind project in Oklahoma.
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Project finance and M&A activities continue to swirl in and around PJM.
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The U.S. House of Representatives has passed a bill to expedite the approval process for liquefied natural gas export permits to countries with non-free trade agreements with the U.S.
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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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Project finance players are increasingly questioning the viability of the $1.95 billion deal backing Cape Wind after National Grid and NStar terminated their offtake contracts with the 468 MW wind project late Tuesday.
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Southern Power is considering buying the 314 MW Kay Wind project in Oklahoma from Apex Clean Energy Holdings.
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The U.S. Senate passed a one-year extension of the production tax credit late on Tuesday. The extension was part of a tax extenders package, which passed 76-16. The tax extenders bill will now move to the President to sign into law.
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Cheniere Energy has mandated 18 joint lead arrangers for its $11.5 billion financing to develop and construct its liquefied natural gas export project Corpus Christi. Société Générale is advising Cheniere on the deal and had been auditioning potential JLAs.
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Tax equity investors keep picking up stakes in wind projects, as the window for production tax credit eligibility continues to close.
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Energy Transfer Partners is preparing to launch a financing backing its $11 billion Lake Charles LNG project in Calcasieu Parish, La. The Royal Bank of Scotland is advising ETP on the deal, which is set to debut next month.
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NextEra Energy Partners has scooped more tax equity investment for 300 MW of wind projects from Bank of America Merrill Lynch subsidiary BAL Investment & Advisory and Bank of New York Mellon.
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Verso Paper is selling 303 MW of generation in Maine to an affiliate of Montreal-based metal recycler American Iron & Metal Company.
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The $1.95 billion financing backing Cape Wind’s 468 MW wind project off the coast of Cape Cod, Mass., will reportedly close in the first quarter of next year.
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The House of Representatives has voted overwhelmingly in favor of a package of tax extensions that includes a one-year renewal of the production tax credit.
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Utilities are contemplating real estate investment trusts for transmission assets, as a ruling from the U.S. Internal Revenue Service earlier this year further opens REITs to non-traditional sectors and potential candidates digest the structure.
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Several project financings and M&A transactions are popping on to the markets ahead of the regular year-end hush. ArcLight Capital Partners and the group of owners behind Astoria Energy joined the term loan B parade this week.
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Berkshire Hathaway Energy affiliate MidAmerican Energy Holdings Co. is making its premiere tax equity investment in the 298 MW Kingfisher wind project in Oklahoma.
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Energy Investors Funds is planning an initial public offering of a vehicle that will include landfill gas generating assets, according to documents the shop filed with the U.S. Federal Energy Regulatory Commission.
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Freeport LNG has wrapped roughly $11 billion in debt and equity backing the first two trains at its facility on Quintana Island in Texas. The debt is three times oversubscribed and the deal went through multiple reverse-flexes, according to an observer.
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Deals and projects are lighting up several spots in Latin America this month, with U.S., Asian and Canadian entities making plays in the region.
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Sempra Energy affiliate IENova has won a tender under Comisión Federal de Electricidade to construct and operate a $300 million natural gas pipeline in Mexico.
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First Reserve and Apex Clean Energy are targeting a debt financing backing the roughly $600 million, 298 MW Kingfisher wind project in Oklahoma.
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Wind developers, financiers and attorneys are focusing on Washington D.C. as Congress negotiates an extension of the production tax credit, an incentive that impacts billions of dollars of development projects and deals.
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Tucson Electric Power is finalizing its purchase a 550 MW unit of the 2.2 GW Gila River combined cycle gas-fired facility in Gila Bend, Ariz., from Entegra Power.
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MUFG Union Bank has agreed to make a tax equity investment in a pair of wind projects in Kern County, Calif., owned by EDP Renewables North America.
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Third quarter earnings calls abounded this week.
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Several owners of the Neptune transmission line are selling down portions of their stakes in the asset to an affiliate of Ullico, a labor union-owned insurance and investment firm.
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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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Sales of solar assets boomed in the first half of 2014 and represent the resource with the most growth in number of asset trades over the same period last year.
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The second installment of this Industry Current on tidal range power is written by Ted Verrill, president and ceo of Halcyon Tidal Power in Southport, Conn.
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The U.S. Army Corps of Engineers has issued a request for proposals for a 25 MW combined heat and power project at Redstone Arsenal in Huntsville, Ala.
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Whitehall & Co. has launched a $3 billion program that will provide debt to energy and infrastructure assets.
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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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The step down in the investment tax credits in 2016 have solar developers and financiers at the drawing board to create financing structures that will work for a pipeline of projects, according to speakers at Solar Media's Next Generation Solar PV Finance conference in New York.
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The yield company dance card could double its size in 2015 as a variety of shops consider making a run at the public markets.
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This week’s Industry Current is the transcript of a discussion between a group of seasoned investment bankers that focused on new financing trends, including the term loan B market, green bonds, state green banks, yield companies, financing for merchant plants and other topics.
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The Tennessee Valley Authority issued $1 billion in 10-year global power bonds this week and will be looking to issue up to $1 billion in its coming fiscal year.
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About 7.8 GW of solar projects have applied for permitting before the Comisión Reguladora de Energia in Mexico, representing just more than half of the 15 GW of applications before the Mexican regulator.
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Enel Green Power North America is finalizing a $400 million tax equity investment in 350 MW of wind assets from JPMorgan Capital Corp., MetLife Capital Credit and Bank of New York Mellon
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The City of Gillette, Wyo., has bought a gas-fired plant from Black Hills Corp., for roughly $22 million.
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This Industry Current is written by David Burton, partner at Akin Gump Strauss Hauer & Feld in New York
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The U.S. Export-Import Bank has sealed $65 million across two loans backing Cobra Energia’s 32 MW Marcona and 90 MW Tres Hermanas wind projects in Nazca, Peru.
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The second installment of this Industry Current is written by Anne Hampson, project manager, and Jessica Rackley, senior associate at ICF International in Washington D.C. For the first installment, click here.
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Dynegy is set to acquire 12.5 GW of coal- and gas-fired generation from Duke Energy and Energy Capital Partners.
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Innergex Renewable Energy has formed a joint venture with the In-SHUCK-ch Nation to develop a C$720 million ($661 million) portfolio of six hydro projects totaling roughly150 MW in British Columbia.
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South Texas Electric Cooperative is out with a pair of requests for proposals as it looks to sign power purchase agreements or buy up to 650 MW of generation.
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The U.S. Internal Revenue Service and Department of Treasury have issued clarifications on what it means to “begin construction” on a wind project in order to qualify for the production tax credit.
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The U.S. Army Corps of Engineers has issued a request for proposals for an onsite solar project at the Redstone Arsenal in Huntsville, Ala.
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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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John Hancock Life Insurance has taken a $70 million equity stake in a portfolio of distributed generation solar facilities owned by joint venture Soltage-Greenwood.
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Ontario Power Authority has launched a process to predetermine which developers can bid into an upcoming call for 565 MW of renewable projects.
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The City of Palo Alto Utilities in Palo Alto, Calif., has issued a request for proposals as it looks to establish a community solar program that allows utility customers to invest directly in solar generation.
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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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The summer is looking bright for Cape Wind Associates.
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Owls and power lines are a bad combination.
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Cape Wind Associates has received a $150 million conditional loan guarantee from the U.S. Department of Energy for the $2.5 billion offshore wind project off the coast of Cape Cod, Mass.
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SunShare, a community solar developer out of Colorado Springs, Colo., is looking for an equity partner in a portfolio of distributed solar projects around Denver.
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Renato Plastina has joined newly established asset manager Varagon Capital Partners as head of energy.
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The Board of Water & Light in Lansing, Mich., has issued a request for proposals for 5 MW of solar.
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Christopher Kelley, counsel from the office of the tax legislative at the U.S. Department of Treasury, will leave his post for a job at the U.S. Internal Revenue Service.
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Hudson Clean Energy Partners is looking to sell renewables developer Element Power.
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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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Aon Risk Services, a risk management and brokerage firm, is offering an insurance policy to safe guard tax equity investors from uncertainty about whether a wind project will qualify for the production tax credit.
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A compilation of the sights and sounds at Green Power Conferences’ Mexican International Renewable Energy Congress in Mexico City.
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Renewable project development in Mexico is slowing down as players await the outcome of follow-up legislation in June, according to bankers, attorneys and developers at Green Power Conferences’ Mexican International Renewable Energy Congress in Mexico City.
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Commercial and residential solar sponsors from the U.S. and Canada are circling Mexico for growth and expansion.
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SunEdison has filed with the U.S. Securities and Exchange Commission to take a 524 MW portfolio of solar assets public in a yieldco called TerraForm Power.
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The roughly $600 million deal backing Competitive Power Ventures’ quasi-merchant St. Charles gas-fired project in Maryland is on track to close at LIBOR plus 350 basis points.
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A growing number of developers are suing the U.S. government for allegedly not paying out the full amount of cash grants eligible to qualifying renewable projects under the section 1603 program of the American Recovery and Reinvestment Act.
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Renewables developers and scores of their attorneys are keeping a close watch on several sets of proceedings at the U.S. Court of Federal Claims in Washington D.C.
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AES Corp. and Duke Energy are awaiting the outcome of the 2017-2018 capacity auction in PJM before taking bids in their respective auctions of unregulated generation in Ohio.
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Corporación América, an infrastructure-focused conglomerate out of Argentina, has closed a $176 million debt package financing the Carape I and II wind projects in Maldonado, Uruguay.
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NextEra Energy Resources has been speaking to lenders stateside about financing its 60 MW Bluewater wind project near the coast of Lake Huron, Ontario.
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Attorneys and wind developers have met with representatives of the U.S. Department of Treasury and the Internal Revenue Service to petition for further clarification on the safe harbors under the production tax credit as the wind industry faces looming operational deadlines and wary tax equity investors and lenders.
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Judging by the amount of solar financing activity there has been of late in Ontario, the whole Canadian province is liable to turn into one giant solar panel if the pace continues.
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Kevin Walsh, director and group head of power and renewables at GE EFS, talks with Editor Sara Rosner about the growth of distributed generation and why photovoltaic solar is still best for achieving economies of scale.
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Shortlisted bidders in Alberta’s request for proposals to develop and own the roughly 310-mile Fort McMurray transmission project in the province are in the market to hire financial advisors.
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The New York Green Bank, a New York-state sponsored investment fund, is looking to add a team of securitization experts, Alfred Griffin, president of N.Y. Green Bank told attendees at the Sunshine Backed Bond conference in New York.
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This week’s Industry Current on pricing, environmental impacts and new opportunities for generation and storage development is written by Laura Norin, senior project manager, Julia Getchell, associate, and Heather Mehta, principal, with power and energy consultancy MRW & Associates in Oakland, Calif.
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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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Wells Fargo has temporarily benched its tax equity investments in wind due to an accounting issue—a wrinkle that has the wind market looking at capacity in the latter half of the year as projects hit the street looking for financing.
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Belgian shipping and engineering company Exmar NV is looking to lock in $170 million in debt to back the world’s first floating liquefied natural gas export facility in waters off of Tolu, Colombia, in the Gulf of Morrosquillo.
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This Industry Current looks at how near-term surpluses of renewable energy, a sharper focus on costs and heightened concerns over environmental impacts are the new realities in the California market for utility scale renewable power.
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The U.S. Department of Energy is seeking applications for up to $4 billion of innovative renewables and energy efficiency projects in the latest iteration of the loan guarantee program.
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The pool of cash dog-eared for the distributed solar market is deepening as the sector matures.
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MISO’s second capacity auction yielded capacity price increases in each zone but fell short of some estimates.
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The Georgia Public Service Commission has issued a request for proposals via Southern Power Company for 495 MW of utility scale solar photovoltaic generation in the state to go online in 2015 and 2016. Accion Group will be the independent evaluator of the RFP.
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A round-up of renewable tax law developments from David Burton, partner, and David Snyder, associate, at Akin Gump Strauss Hauer & Feld in New York.
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ConEd Development, a competitive power unit of Consolidated Edison, and Sempra U.S. Gas & Power have partnered on their respective solar assets in California and Nevada.
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Geronimo Energy is in the process of securing a landmark power purchase agreement with Xcel Energy for a bespoke $250 million, 100 MW utility scale solar project that is an aggregation of distributed generation installations around Minnesota.
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Abengoa has mandated BNP Paribas and HSBC to lead a $412 million 144A senior secured note offering that will refinance subsidiary Abengoa Transmisión Sur’s Chilca Nueva-Marcona Nueva-Ocoña-Montalvo 2 transmission project in Peru.
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Enel Green Power has inked a EUR153 million ($210.88 million) agreement with Banco Santander to help grow the sponsor’s wind operations in Mexico.
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Developers and financiers are keeping an eye on Washington as the expiration of the solar investment tax credits begins to impact financings for projects with longer construction periods.
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Scott Foster has joined boutique investment bank Bostonia Partners from Hannon Armstrong Sustainable Infrastructure, the real estate investment trust that launched last year.
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Sempra U.S. Gas & Power is expected to wrap next month a roughly $250 million debt package backing the 156 MW Energía Sierra Juárez wind project in La Rumorosa, Baja California, Mexico.
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The much-discussed reforms to the Mexican energy sector will provide opportunities for foreign investment in renewables projects, according to panelists at Euromoney’s 8th Annual Latin American Energy and Infrastructure Finance Forum at the Biltmore Hotel in Miami on March 11.
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ArcLight Capital Partners has re-launched the sale of its nine cogeneration facilities under its Redwood portfolio in California after extending the power purchase agreements on several.
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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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The PPA Pulse is a guide to which sponsors and projects have recently garnered power purchase agreements in the Americas.
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Optim Energy, the independent power producer backed by Bill Gates’ Cascade Investments, is looking to sell its three generation facilities totaling 1,455 MW in a court-run bankruptcy sale process.
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Someera Khokhar, the Americas regional section head for White & Case’s energy, infrastructure, project finance and asset finance group and José Ignacio Segura Alonso, White & Case local partner look at how a 2012 law will attract investors to the country.
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Cape Wind is poised to land a $600 million loan from the Danish export credit agency EKF backing the 468 MW project off the coast of Cape Cod.
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Duke Energy has issued a request for proposals for 300 MW of solar generation in its Duke Energy Carolinas and Duke Energy Progress territories.
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Canadian Solar is looking to sell almost three million shares and up to $130 million in 144A convertible senior notes due 2019.
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Competitive Power Ventures is talking with lenders about securing up to $600 million backing the 725 MW gas-fired St. Charles project in Charles County, Md.
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The owners of MACH Gen have agreed to a pre-packaged Chapter 11 bankruptcy filing with second lien creditors.
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A swathe of lenders are taking ticket sizes of up to $600 million in the $4 billion financing backing one of the trains in the Freeport liquefied natural gas export project, say observers.
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Alinda Capital Partners, Exelon Corp., Macquarie Infrastructure and WGL Holdings, the holding company of Washington Gas, are said to be in the final round for Philadelphia Gas Works.
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Sponsors and lenders are zeroing in on the burgeoning liquefied natural gas space in British Columbia, according to participants at the 5th Annual Canadian Power Finance Conference in Toronto on Jan. 29.
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In this week's round-up: Exelon launches first B loan of 2014 whiel FGE Power mandates Goldman Sachs to advise on financing for a merchant combined cycle project in Texas.
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Longview Power, LLC is set for a bankruptcy court hearing in February for final approval on a plan that converts debt held by affiliates of three heavyweight creditors to equity.
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The Alberta Electric System Operator has shortlisted five for the final round of a request for proposals to develop and own the roughly 310-mile Fort McMurray West 500 kV transmission project in Alberta.
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Wind developer Globeleq has netted a debt package backing the $69 million, 24 MW expansion to the existing 101 MW Cerro de Hula wind facility in San Buenaventura, Honduras.
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The U.S. Internal Revenue Service and Department of Treasury have issued guidelines on tax equity investments in financing the rehabilitation of historic buildings that is expected to impact some types of renewables tax equity deals
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Globeleq has closed a $105.1 million financing backing the 50 MW Orosi wind project in Liberia, Costa Rica.
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AES Gener and Antofagasta Minerals have closed the $1.217 billion debt package backing the 531 MW Alto Maipo hydro project in Chile.
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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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ArcLight Capital Partners-subsidiary NET Midstream has closed a $665 million financing backing the U.S. situated section of the Los Ramones natural-gas pipeline.
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Australian outfit Liquefied Natural Gas Limited is set to appoint BNP Paribas and Macquarie Capital as financial advisors for $1.54 billion in debt backing the Magnolia LNG facility in Lake Charles, La.
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Rockland Capital has terminated its agreement to buy five gas-fired assets totaling 433 MW from Maxim Power Corp.
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Pattern Energy, Capital Power and Samsung Renewable Energy have approached banks about securing a C$800 million ($750.89 million) mini-perm deal backing the K2 wind project in the township of Ashfield-Colborne-Wawanosh, Ontario.
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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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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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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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SunEdison has closed a $126 million non-recourse debt financing backing the 50 MW San Andres solar facility in the Atacama Desert, Chile.
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ArcLight Capital Partners affiliate NET Midstream is looking to launch a syndication of roughly $500 million in debt backing its NET Mexico gas pipeline in Texas.
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The Long Island Power Authority has issued a request for proposals for just under 2,000 MW of renewable and peak generation capacity.
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Bank of America subsidiary BAL Investment & Advisory is aiming to take tax equity stakes in two NextEra Energy Resources wind farms.
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ArcLight Capital Partners affiliate NET Midstream is looking to launch a syndication of roughly $500 million in debt backing its NET Mexico gas pipeline in Texas.
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Recurrent Energy has approached banks about securing more than $350 million backing a portfolio utility scale solar projects in California.
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Pemex has split the Los Ramones II pipeline project and awarded mandates to Sempra and GDF Suez joint ventures.
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Canadian Solar has landed a C$104 million ($100 million) non-recourse construction financing backing three solar photovoltaic facilities in Ontario totaling 30 MW.
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The Inter-American Development Bank will provide up to $132.6 million in debt backing Uruguayan developers’ Vengano S.A. and Fingano S.A.’s Carapé I and Carapé II wind projects in the Maldonado region, Uruguay.
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Boston-based developer First Wind has approached banks about securing a debt package for the 200 MW Route 66 wind facility east of Amarillo, Texas.
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Enel Wind Brazil is slated to secure up to $420 million from the International Finance Corporation backing 342 MW of wind farms in Brazil.
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The International Finance Corp. has closed a $1.2 billion infrastructure investment fund, up from a proposed total of $1 billion.
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Renewable developer First Wind has closed a construction and term loan and a tax equity tranche backing a 17 MW of solar facilities in Massachusetts.
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French energy giant Total and Swiss independent power producer Etrion Corp. have sealed a roughly $140 million non-recourse debt package backing the merchant 70 MW Salvador solar photovoltaic facility in the Atacama region in Chile.
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Duke Energy Florida will issue a request for proposals for roughly 1,640 MW of capacity on October 8.
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Borealis subsidiary Midland Cogeneration Venture will issue an additional $178 million in senior secured notes to refinance debt.
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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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Wind developers with initial contracts under the U.S. Army’s call for renewables are talking to lenders and tax equity investors.
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SunEdison has closed a $260.5 million debt package backing the 100 MW Amanecer solar project near Copiapo in the Atacama Desert in Chile.
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Queries regarding wind projects’ qualification for the production tax credit and the PTC’s potential extension are stymieing investments in the sector, according to panelists at the American Wind Energy Association’s wind energy finance and investment seminar at the Conrad Hotel in New York on Sept. 9-10.
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The universe of tax equity investors in renewable projects is set to grow, with Coca Cola reportedly eyeing investments, according to panelists at the American Wind Energy Association’s wind energy finance and investment seminar at the Conrad Hotel in New York on Sept. 9-10.
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Developers are increasingly looking to build wind facilities with merchant exposure and hedge arrangements, noted panelists at the American Wind Energy Association’s wind energy finance and investment seminar at the Conrad Hotel in New York on Sept. 9-10.
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The New York State Green Bank will begin lending to renewables projects in the state in January next year.
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Radback Energy is looking to line up a club of banks to secure $990 million in debt, as well as an equity investor, for its 586 MW Oakley gas-fired facility in Contra Costa Country, Calif.
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Abengoa Solar has secured tax equity investments from a trio of banks backing its 250 MW Mojave concentrating solar project in San Bernardino County, Calif.
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Longview Power, LLC, the independent power producer backed by First Reserve, has filed for Chapter 11 protection in the U.S. Bankruptcy Court District of Delaware.
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The City of Philadelphia has kicked off the sale of its municipal Philadelphia Gas Works.
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The Lake Charles liquefied natural gas export project, with a price tag of potentially $11 billion, is being eyed by banks and lenders after receiving approval from the U.S. Department of Energy.
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Edison Mission Energy is marketing coal, gas and wind generation assets as part of its Chapter 11 bankruptcy proceedings.
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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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In this week's round-up: Financings, both commercial debt and institutional loans, are washing through the pipeline.
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Colombian state-owned transmission company ISA has tapped BBVA as advisor for the financing of its approximately $1 billion transmission line project in Chile.
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Duke Energy expects a ruling in its petition to the Ohio Public Utilities Commission regarding how its roughly 7.5 GW Commercial Power fleet recovers maintenance costs in the fourth quarter.
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Calling all sun lovers in Seattle! The abundance of sunshine is not a draw to the Pacific Northwest—Seattle gets precipitation about 152 days a year, not including cloudy but dry days while San Diego gets wet on 43.
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In this week's round-up: PJM capacity auction results have some whistling a muted tune while LNG and wind boom in Latin America.
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In the second installment of this Q&A, Jonathan Lindenberg, head of project finance in the Americas at Bank of Tokyo Mitsubishi-UFJ discusses liquefied natural gas project landscape, prospects for renewables and potential challenges in project finance. Senior Reporter Nicholas Stone sat down with Lindenberg at the bank’s office in New York.
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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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A joint venture between subsidiaries of Chinese turbine manufacturer Xinjiang Goldwind Science & Technology Co. and of Spanish developer Union Eolica Espanola have closed a $71 million financing backing the 55 MW Penonome wind facility in Panama.
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Proparco, the private investment unit of the French Development Agency, has joined the Inter-American Development Bank and the IDB-managed Canadian Climate Fund in providing a $66.4 million debt package to Spanish developer Solarpack’s 26.5 MW of photovoltaic projects in the Atacama Desert in Chile.
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In the post-crisis world, Bank of Tokyo Mitsubishi-UFJ has emerged as arguably the top shop for power financing.
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Radback Energy has reignited a search for around $800 million in financing backing its 586 MW Oakley gas-fired facility in Contra Costa County, Calif.
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Summit Power Group is aiming to close a $1.5 billion debt facility backing its 400 MW Texas Clean Energy Project near Odessa, Texas, in October.
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Brazilian conglomerate Odebrecht has closed a $774 million senior secured financing package backing its 406 MW Chaglla hydro facility in Peru.
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Selray Energias, a joint venture between German solar developer Saferay Holding and Chilean engineering and electrical company Seltec, is set for a $47 million loans backing the first utility scale photovoltaic facility to sell its output to the spot market of Chile’s northern grid.
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Ohio Power Co., a subsidiary of American Electric Power, will redeem the entire outstanding $225 million principal amount of its 6.375% senior notes due in 2033 on Aug. 12.
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European and U.S. investment banks have continued to move up the North America project and energy finance league table ladder in the second quarter as they snag mandates in the booming B loan market.
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A joint venture between Sempra Energy and Mexican oil and gas monopoly Pemex has tapped Bank of Tokyo Mitsubishi to lead a $500 million deal to lever up its Gasoductos de Chihuahua pipelines in the north of Mexico.
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The San Diego County Water Authority and the City of San Diego have issued a request for proposals for firms to evaluate the economic and financial requirements for a potential $1 billion, 500 MW hydro facility at the San Vicente Reservoir, Calif.
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Liberty Interactive Corp., the owner of QVC and TripAdvisor, is taking a stake in Abengoa Solar’s 250 MW Solana solar project near Gila Bend, Ariz.
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The third phase of a natural gas pipeline, between Texas and Mexico, has a raft of developers and financiers circling the request for proposals issued by Pemex.
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Michael Whalen, cfo at solar developer SolarReserve, has taken a position as v.p. of structured finance at the Overseas Private Investment Corp. in Washington.
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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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Renewable project financing options beyond the expiration of the production and investment tax credits was the focus at Euromoney Energy Events Renewable Energy Finance Forum Wall Street at the Waldorf Astoria in New York this week.
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President Obama will issue an executive memo to the U.S. Environmental Protection Agency calling for new regulations on power plants as part of a goal for the U.S. to cut carbon emissions 17% from 2005 levels by 2020.
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Wells Fargo has committed to investing $100 million in tax equity in 2013 and 2014 to distributed generation solar projects developed by SunEdison in 13 states and Puerto Rico..
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BluEarth Renewables is buying four solar projects totaling 38.5 MW in Ontario from Canadian Solar.
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SolarCity has completed the installation of solar panels on 10 Wal-Mart rooftops in Maryland, one step in the retailer’s plan to use 100% renewables power by 2020.
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Capital will be needed to develop natural gas pipelines in Mexico, a move arising out of the country looking to import shale gas from the U.S., said panelists at Euromoney’s Mexican Energy and Infrastructure Finance Forum at the JW Marriott in Mexico City on June 25.
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Mexico is expected to detail energy infrastructure plans and if it does industry watchers are predicting a strong flow of power and energy projects, according to panelists at Euromoney’s Mexican Energy and Infrastructure Finance Forum at the JW Marriott in Mexico City on June 25.
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Edison Mission Energy has filed a petition with the U.S. Bankruptcy Court Northern District of Illinois seeking a unilateral extension of the Midwest Generation sale leaseback agreements.
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Tenaska has shelved plans to build the Taylorville carbon-capture coal-fired project in Taylorville, Ill., given lack of support from Illinois legislators.
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LS Power and Riverstone Holdings encountered investor resistance to their respective B loan packages as the market softened on broader economic jitters.
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American Electric Power subsidiary AEP-PSO has issued a request for proposals for up to 200 MW of wind generation in Oklahoma.
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The Pennsylvania Department of Environmental Protection has cancelled a public hearing about LS Power’s proposed Berks Hollow natural gas-fired plant in Ontelaunee, Pa., due to lack of interest.
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The Austin, Texas, city council is expected to approve two Austin Energy 25-year power purchase agreements this week for wind projects proposed by Duke Energy and E.ON Climate & Renewables.
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NRG Energy has encountered pushback from local business and environmental groups on its $506 million plan to convert the Dunkirk coal-fired plant in Chautauqua County, N.Y., to natural gas.
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The Public Service Co. of Oklahoma has launched a request for proposals for 200 MW of wind power from projects that are in late stage development to qualify for the production tax credit.
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While most bankers may be aware of Energy Investors Funds' Pio Pico plant because of the financing opportunity, they’re probably missing its significance, though indirect, in endocrinological history.
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The U.S. Department of Energy signaled that it would proceed cautiously before approving any more applications to export U.S.-produced liquefied natural gas after granting only the sec¬ond export license in May.
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The Nevada legislature has passed a bill that allows NV Energy to replace about 1 GW of coal-fired generation with 600 MW of utility-owned renewables and gas-fired generation.
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NYISO forecasts the state will not need new generation until 2019 given sluggish demand growth.
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Appalachian Power has asked Virginia officials to approve a $65 million project to convert the Clinch River coal-fired plant in Russell County to gas-fired.
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Nearly 100 active borrowers, asset acquirers and sellers, lenders, attorneys and advisors voted in our new and expanded awards process.
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Financing the massive transition of the U.S. military to renewable energy resources presents a tremendous opportunity, coupled with significant challenges, to developers, lenders, and investors in renewable energy power projects serving the military.
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Lower than expected PJM capacity pricing has tempered the outlook on the region’s merchant prospects as a record amount of power was imported from other regions.
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The Los Angeles Department of Water and Power has issued a request for proposals for 200 MW of utility scale solar to be built at a formerly NextEra-owned site in Kern County in the Mojave Desert, Calif.
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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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A subsidiary of U.S. Bancorp is planning to take both equity and tax equity stakes in an EDF Renewable Energy wind farm in Minnesota that went online in 2009.
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This week’s Industry Current is written by Darin Lowder and Mary Grace Folwell, associates at Ballard Spahr in Washington, D.C.
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Financiers and attorneys are weighing real estate investment trust structures that would open up the asset class, and its large pool of investors, to renewable generation without tripping up the U.S. Internal Revenue Service’s definitions of what types of property qualify for REIT investment.
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Canadian banks are targeting renewable energy projects for bond financings in the country.
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The government of Québec has issued a request for proposals for 800 MW of wind generation.
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The City of Philadelphia is looking to sell its municipally-owned natural gas distribution utility Philadelphia Gas Works.
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The Minnesota House of Representatives has passed a bill requiring utilities to derive 4% of their generation from solar by 2025 although the Senate will vote Friday on a similar bill that mandates 1%.
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An 873 MW gas-fired peaker proposed for northeast Ohio by FirstEnergy Corp. and American Municipal Power has been shelved over concerns about AMP’s ability to secure tax exempt or tax advantaged financing.
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Black Hills Corp. subsidiary Black Hills Wyoming has agreed to sell a 40 MW gas-fired unit of the Gillette facility to the City of Gillette, Wyo., for $22 million.
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GSR Energy is looking for $205 million in debt and equity backing a 36 MW biomass project on the New River in Orange Walk District, Belize.
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The Japan Bank for International Cooperation and the Nippon Export and Investment Insurance agencies are working to provide around $2 billion in debt backing Cameron LNG’ export facility in Hackberry, La.
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Exelon will look to grow its retail footprint in ERCOT over the next five years and be on the lookout for acquisition targets, Chris Crane, ceo, said on the earnings call.
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The Minnesota legislature is considering a bill that would increase the state’s requirements of distributed solar generation to 4% by 2025.
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CAISO expects to see 2 GW of new gas-fired generation come online this year, including NRG Energy’s 720 MW Marsh Landing project and Calpine Corp.’s Russell City and Los Esteros.
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The developers behind the Tres Amigas project in Clovis, N.M., that is designed to link three of the nation’s power grids are planning to ask the city on May 16 to issue a 30-year, $1.6 billion industrial revenue bond issue to finance the project.
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Developers have filed applications with the North Dakota Public Service Commission for five wind projects totaling about 685 MW in North Dakota as a way to try to qualify for the production tax credits by year-end.
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French and Japanese banks are increasing their activity in Latin America, as the renewable energy sector in the region becomes a more stable and attractive proposition, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean in Miami.
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French and Japanese banks are increasing their activity in Latin America, as the renewable energy sector in the region becomes a more stable and attractive proposition, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean in Miami.
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Hybrid bank/bond structures are being floated for renewable energy projects in Latin America, said panelists at Euromoney Seminars’ Renewable Energy Finance Forum Latin America and Caribbean in Miami.
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José María Figueres, former President of Costa Rica and ceo of sustainable development consultant Carbon War Room, told PI in an interview that he is “very bullish” on renewable energy in Latin America.
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NextEra Energy reported a $272 million profit in the first quarter that was about 41% lower than its $461 million earnings year over year.
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New England-ISO is prepared for a summer peak of 26,690 MW under normal conditions and a high of 28,895 MW under a heat wave.
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Interstate Light & Power, the Iowa utility subsidiary of Alliant Energy Corp., is awaiting final approval of a 600 MW gas-fired project that could be online in 2017.
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Bill Johnson, ceo of Tennessee Valley Authority, told the Financial Times that the public power agency is not "broke" and does not need a privatization to stay within its $30 billion cap on indebtedness as mentioned in President Obama's budget.
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Ormat Technologies has signed a 20-year power purchase agreement with Southern California Public Power Authority for its 16 MW Wild Rose geothermal project in Mineral County, Nev., for $99 per MWh.
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A thirst for yield is pushing more institutional investors into private equity funds backing power and energy projects in the U.S.
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European lenders took the bulk of top mandated lead arranger slots in power and energy project finance deals in North America, netting $1.3 billion, or roughly 40%, of the $3.21 billion in deals done in the first quarter of this year.
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Renewable energy projects traditionally attract financing only after securing a long-term contract to sell the electricity to a creditworthy offtaker at a relatively fixed price. The project development is hard enough, but in today’s market, finding a power contract is becoming exceedingly difficult.
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The geothermal energy players are aiming to get more private equity funding and bank lending to back early stage development, according to panelists at the Geothermal Energy Association’s International Geothermal Energy Finance Forum at the Marriot Marquis in New Marquis in New York last week.
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Mexico’s energy regulator has approved permits for three solar projects totaling about 47 MW.
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A legislative committee in Connecticut approved a bill that would end a tax on power plants as lawmakers worry that power producers would pass the extra cost through to ratepayers.
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The provincial government’s decision to relocate Eastern Power Corp.’s Greenfield South Power project from Mississauga, Ontario to Sarnia after construction had already begun is going to cost taxpayers $275 million.
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The Colorado House of Representatives will hear a Senate-approved bill that would require rural cooperatives to get 25% of their power from renewables by 2020, up from the current standard of 10%.
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Kentucky Power has asked state regulators to approve a 20-year power purchase agreement with a 58 MW biomass-fired project in Perry County, Ken., being developed by ecoPower.
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The U.S. Internal Revenue Service has released the criteria clarifying what beginning of construction means for a facility looking to qualify for the production tax credit under its latest extension.
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The North American Development Bank will loan SunEdison $35 million for the construction of a 16 MW solar photovoltaic facility at Davis-Monthan Air Force Base, southeast of Tucson, Ariz.
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Federal subsidies are reshaping deals this year, as the power industry copes with the expiration of the U.S. Department of Treasury’s cash grant program and a decreasing confidence in the long-term viability of the production tax credit, Mike Lorusso, managing director and group head of CIT Energy in New York, told PI in an exclusive interview.
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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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Opportunities abound in the Mexican energy market as investors rediscover one of Latin America’s breakout markets.
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The Inter-American Development Bank has closed a $41.4 million deal backing three solar photovoltaic facilities with a combined 26.5 MW output in the Atacama Desert, Chile.
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The U.S. Internal Revenue Service has paved the way for Native American tribal governments to use renewal energy investment tax credits, which they’d been barred from deploying in the past.
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Bonds backing power projects in Latin America are becoming more attractive as borrowers move to find cheaper sources of capital.
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The U.S. Federal Energy Regulatory Commission has filed a lawsuit against the Idaho Public Utilities Commission over the way it handled power purchase agreements between Idaho Power and three wind farms, including Murphy Flat, Grouse Creek and Grouse Creek II.
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Dominion Virginia Power has received approval from Virginia regulators to buy solar power from residential and commercial solar installations at $0.15 per kWh.
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E.ON Climate & Renewables plans to start construction on the 100 MW second phase of its Wildcat wind project in Howard County, Ind., this year.
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TransAlta Corp. has declared force majeure at a 395 MW generator at its Keephills 1 coal-fired plant in Alberta because of a failure with its generator.
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U.S. Geothermal will receive a $35 million cash grant from the U.S. Department of Treasury for its Neal Hot Springs geothermal plant in southeast Oregon.
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The U.S. Bureau of Land Management has approved the 87 wind turbine, 200 MW Searchlight project in Clark County, Nev.
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American Electric Power has received approval from Ohio regulators to issue $298 million in rate recovery bonds that will be securitized.
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The California Public Utilities Commission has rejected a power purchase agreement between San Diego Gas & Electric and the proposed Pio Pico and Quail Brush gas-fired projects because the power would not be needed until four years into the 20-year contracts.
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A Maine board has overturned a ban on the 14-turbine Passadumkeag wind project that was issued by the state’s environmental agency in November over concerns of spoiling scenic views.
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The Washington Utilities and Transportation Commission will continue its investigation into utility hedges on natural gas at the request of the state attorney general’s office.
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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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Two Wisconsin representatives are drafting a bill that would allow companies such as SunEdison to own rooftop solar installations.
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Suntech Power Holdings Co. has defaulted on $541 million in bonds that were due on last week, which has triggered other defaults on loans from lenders including International Finance Corp.
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Abengoa and BrightSource Energy have entered into a joint venture to develop BrightSource’s 500 MW Palen solar project in Riverside County, Calif., which is scheduled for construction by year-end.
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The U.S. Federal Energy Regulatory Commission lacks the authority to oversee futures contracts, according to a U.S. Appeals court ruling last week over a $30 million fine FERC levied against a former trader for Amaranth Advisors.
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Less than half of a dozen deals worth $1.9 billion closed in the U.S. and Canada during the fourth quarter last year--the lowest deal flow since the first quarter of 2011, when roughly $745 million made it through the market across the same number of projects.
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This week’s Industry Current is written by Kerin Cantwell and Miles Killingsworth, partner and associate, respectively, at Akin Gump Strauss Hauer & Feld’s global project finance practice in Los Angeles and George “Chip” Cannon, Jr., partner at the firm’s energy regulatory practice in Washington D.C.
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Wayzata Investment Partner’s purchase of the Harquahala combined cycle facility in Arizona from Rockland Capital has been nixed by the U.S. Federal Energy Regulatory Commission.
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PJM approved more than $5 billion in transmission projects last year.
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FGE Power, a three-year old Houston-based developer headed by Emerson Farrell, is planning to start construction on a $500 million, 726 MW combined cycle facility near Colorado City, Texas, in August.
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American Capital Energy is working with Brookhaven, N.Y., on a public-private partnership to develop about 50 MW of solar and wind projects scattered across 15 locations in the town.
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The town of Marceline, Mo., would like to exit offtake agreement with the $4 billion, 1.6 GW Peabody State coal-fired plant in Illinois because it is losing money on its investment and buys cheaper power from Ameren.
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Tenaska’s $3 billion Sweetwater carbon capture and storage coal-fired project in Nolan County, Texas, is on hold awaiting federal financing incentives.
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Harry Clark has spent more than two decades working on government contracting.
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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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Energy and infrastructure finance advisory shop Astris Finance is looking for players to participate in a new solar offtake arrangement in northern Mexico.
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Local banks are increasingly active in project finance in Latin America.
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Mining development in northern Chile and southern Peru is creating a need for dedicated infrastructure, including generation capacity.
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OCI Solar has tapped the Korea Finance Corp. and Korea Development Bank for financing backing the first 41 MW phase of its 400 MW Alamos solar project near San Antonio.
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President Obama’s sequestration order will trigger an automatic cut of 8.7% to all U.S. Department of Treasury payments made under the 1603 cash grant program.
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Salt River Project has financed its acquisition of a portion of Sempra U.S. Gas & Power’s Mesquite combined cycle plant with cash.
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A coalition of industries and activist groups in Minnesota is calling for the state to get 40% of power from renewables by 2030 in addition to an additional 10% from solar.
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The Export-Import Bank is lending $28.6 million to Energía Eólica to expand its 102 MW Cerro de Hula Wind farm in Honduras by 24 MW.
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A private letter ruling from the U.S. Internal Revenue Service is being seen as a green light to include sustainable and renewable energy assets in a novel mortgage real estate investment trust.
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NRG Energy is planning to bring about 2 GW of gas-fired and 590 MW of solar assets online this year.
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The Minnesota Public Utilities Commission will hold a hearing today about the 78 MW New Era wind project in Goodhue County, which has been in the permitting process for about four years because of opposition over the project’s danger to bats and birds.
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A bill that would streamline the licensing requirements with the U.S. Federal Energy Regulatory Commission for hydro projects up to 10 MW is headed to a Senate committee after being passed unanimously by the House of Representatives.
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Commonwealth Edison Co. and competitive power suppliers such as Constellation and Integrys are preparing a court challenge to the $1.6 billion, 176 MW Future Gen clean coal-fired plant in Meredosia, Ill., that has received $1 billion in federal subsidies.
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Xcel Energy has issued a request for proposals for up to 200 MW of wind resources via subsidiary Northern States Power Co.
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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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Large solar projects over 150 MW are going out of vogue, according to bankers and executives at Euromoney Seminar’s U.S. Power & Renewable Conference in New York.
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Cape Wind has mandated Bank of Tokyo-Mitsubishi UFJ to lead financing for its $2.6 billion project, Jim Gordon, ceo, told attendees at Euromoney’s 8th Annual U.S. Power & Renewable Finance Conference in New York today.
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The thin supply of power purchase agreements has upped the stakes for a number of requests for proposals, with utilities receiving record numbers of bids.
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This week’s Industry Current is written by Paul Kaufman, partner in corporate and project finance at Chadbourne & Parke in Los Angeles.
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The Regional Greenhouse Gas Initiative, a coalition of states in the Northeast, has set a new cap on greenhouse gas emissions that tighten annually beginning in 2015.
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LS Power has received approval from local authorities to build its $750 million, 900 MW gas-fired project in Lawrence County, Pa.
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Exelon CEO Christopher Crane warned on the company’s earnings call that continued subsidies for wind farms could ultimately require the company to shutter nuclear plants.
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Energy Future Holdings’ owners KKR and TPG have hired Blackstone Group as a preliminary step to restructuring EFH’s more than $40 billion in debt.
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We Energies is planning a $64 million project to upgrade its 6 MW Twin Falls hydro facility near Iron Mountain, Mich., which was built in 1912.
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SolarReserve is talking to lenders for financing backing its $600 million, 150 MW Rice solar thermal project in Blythe, Calif.
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Atlantic Wind & Solar is moving ahead with developing two solar projects totaling 58 MW in Ecuador.
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Ram Power Corp. is cutting 12 of 19 jobs at its Reno, Nev., headquarters as part of a reorganization shifting its focus on geothermal development in Nicaragua.
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Brookfield Renewable Energy Partners has raised it offer to buy Western Wind Energy Corp. to CAD$2.60 ($2.59) per share from CAD$2.50 ($2.49) a week after saying it was walking away from its offer to buy the renewables developer.
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Tenaska has brought in the Brownsville Public Utilities Board of Brownsville, Texas, as a partner on an 800 MW gas-fired combined cycle project in the city.
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The California Public Utilities Commission has approved a Pacific Gas & Electric 25-year power purchase agreement for SolarReserve’s 150 MW Rice solar thermal project, which will include an eight-hour energy storage element.
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There is an effort to ramp up a coal to gas-fired conversion project at the Thunder Bay plant in Ontario.
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Private equity funds and pension trusts that are unable to use the large tax subsidies on U.S. wind farms may have an opportu¬nity shortly to acquire operating projects.
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The risk that generation will be forced to reduce output is throwing a wrench in project finance and M&A deals in Ontario.
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The U.S. Federal Energy Regulatory Commission’s Order 1000 from October will be a game changer will open up the ability of generation facilities to sell power into new markets, potentially increasing their value, attendees heard at a presentation at Infocast’s 5th annual Projects & Money conference in New Orleans.
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The power and energy industry is looking to Washington for guidance more than ever, with policy negotiations and regulatory rumblings buffeting the industry, according to panelists at Infocast’s 5th annual Projects & Money conference in New Orleans.
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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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A report from Texas Coalition for Affordable Power contends that deregulation 10-years ago has discouraged generation from being built and has not produced reliable, cheap power for Texas.
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Canadian Solar will provide solar panels for Algonquin Power & Utilities Corp.’s 10 MW Cornwall solar project in Ontario.
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BluEarth Renewables, a Calgary-based independent renewable power producer, is talking to lenders for financing backing its 60 MW Bow Lake wind farm in Algoma district, Ontario.
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European lenders will likely increase participation in project finance deals due to the Basel Committee on Banking Supervision’s decision to delay and water down Basel III requirements, according to bankers and executives.
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Japanese banks took the lion’s share of lead arranger mandates in power and energy project finance deals in the Americas in 2012. The lenders accounted for four of the top 10 slots, for a combined $10.1 billion in deals, according to DeaLogic, a PI sister operation.
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PI had a busy run up to the end of 2012. Mezzanine fundraising and deployment, solar project financing and volatility in North American M&A marked the highlights of our coverage in December.
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Cameron LNG, an affiliate of Sempra LNG, is lining up lenders to finance its liquefaction natural-gas export facility along the Calcasieu Channel in Hackberry, La.
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An investigative panel in New York commissioned by Governor Andrew Cuomo after Hurricane Sandy has recommended that the Long Island Power Authority, a public authority, be replaced with an investor-owned utility to increase reliability and efficiency.
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Invenergy is proposing adding 33 wind turbines to its 67-turbine Beech Ridge wind farm in Greenbrier County, W.Va.
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Georgia Power is seeking to retire 15 coal- and oil-fired units totaling 2,061 MW as part of its integrated resource plan that will be filed later this month.
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Bill Gallagher, the new chairman of the Montana Public Service Commission, said the commission opposes subsidies for any power project, particularly wind.
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Kevin Howell, coo of Dynegy, has stepped down after joining the company to guide it through its bankruptcy process.
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Cogentrix Energy will exit its stake in the 112 MW Northampton waste coal-fired plant that it owns along with Energy Investors Funds as part of the plant’s Chapter 11 bankruptcy restructuring plan.
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Andrew Redinger is managing director and group head of utility, power and renewable energy at KeyBanc Capital Markets. He sat down with Sara Rosner, PI’s managing editor, to discuss the lender’s strategy and what lies ahead for power project finance and M&A in North America.
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The U.S. Congress included an extension to the production tax credit as part of the package passed by lawmakers looking to avoid the fiscal cliff.
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Northeast Utilities is nearing a proposal for a new route for a 1.2 GW transmission line that would carry power generated from the Northern Pass hydro project in Ontario to New England via New Hampshire.
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Algonquin Power & Utilities Corp. has closed its $148.9 million acquisition of the 109.5 MW Shady Oaks wind farm in northern Illinois from Goldwind International.
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New York Gov. Andrew Cuomo has set aside a portion of a $250 million state development fund for clean energy projects, including wind, hydro, solar, biomass, under his plan to modernize the state’s energy infrastructure.
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The Republican majority whip of the North Carolina House, Mike Hager, a former Duke Energy engineer who is currently the chairman of the public utilities committee, wants to freeze the state’s green energy mandate at its current level, 3%, and halt plans to reach 12.5% by 2021.
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Wisconsin Power & Light Co. has closed its $400 million acquisition of the 600 MW Riverside combined cycle facility from Calpine Corp.
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Increased liquefied natural-gas exports from the U.S. would have a positive economic benefit, according to a new report prepared by NERA Economic Consulting, paving the way for new deals.
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This week’s Industry Current is written by Steve Loeshelle and Mike Fitzpatrick, partners, and Adam O’Brian, an associate, at Hunton & Williams in New York.
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The Public Service Company of New Mexico has issued a request for proposals looking for 375,000 MWhs of renewable generation.
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Clarity on government incentives and international cooperation on financings would help alleviate some of the issues faced by financiers of renewable energy projects, according to the International Energy Agency.
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Coal-fired plant shutdowns and resistance to nuclear-fired generation, against a backdrop of cheap natural gas, is pushing the industry toward a gas-heavy generation mix.
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Entergy Corp. has received final approvals from the Mississippi Public Service Commission and New Orleans City Council it need to join MISO.
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Pacific Power, PacifiCorp’s utility subsidiary in Oregon, has brought the 2 MW Black Cap solar project online—the first of 8.7 MW the utility will need to acquire by 2020.
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The U.S. Federal Energy Regulatory Commission has banned the trading arm of JPMorgan from receiving competitive prices for the power it sells for six months beginning in April as a penalty for allegedly providing false information.
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Edison Mission Energy missed a $97 million interest payment on its unsecured bonds that could lead to a bankruptcy filing next month if it does not make the payment during the grace period that ends Dec. 17.
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The U.S. Department of Justice has given the final approval for two Entergy Corp. utility subsidiaries to buy gas-fired plants from K-Gen Power.
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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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First Wind is considering developing a wind project in Bingham, Maine, that could include up to 60 turbines.
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Siemens has finalized a contract to supply turbines to Pattern Energy’s 265 MW Ocotillo wind project in Southern California.
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Residents of Tuscola County, Mich., protested a wind project proposed by Invenergy in an open house on Monday.
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The Union of Concerned Scientists says utilities could retire more than 300 U.S. coal-fired plants as the cost of installing pollution control equipment would make the assets less competitive with wind and natural gas-fired generation.
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The U.S. Bureau of Land Management has released an environmental impact statement on the enXco’s proposed Desert Harvest solar project.
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Puget Energy is talking with lenders about lining up two new credit facilities.
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Iberdrola will try to reduce debt and sell off non-core assets as it retrenches to deal with a credit downgrade and persistent uncertainty about the Spain’s economy.
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Utilities are expected to continue to cash in on low—in many cases, record low—rates in the bond market.
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Bankers were not allowed into the open company visits at the EEI Financial Conference in Phoenix, Ariz.
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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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Abengoa and Impsa are each working on financing wind projects in Uruguay.
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The Brazilian government’s move to renew offtake contracts several years ahead of schedule and at lower rates is making sponsors and investors wary of developing projects in the country.
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President Barack Obama’s re-election is cheering those who think likely continued support of production tax credits and solar development will translate into more project finance and M&A flow.
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Homer City Funding LLC, a financing vehicle for the Homer City coal-fired plant in Pennsylvania filed for a Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Wilmington, Delaware.
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The California Public Utilities Commission has approved utilities’ renewable energy procurement plans that allow them to solicit bids for contracts.
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Calpine Corp.’s third quarter net income was up year over, increasing from $190 million in 2011 to $437 million, on a record amount of power generated.
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Michigan voters rejected a proposed constitutional amendment to require utilities to derive 25% of their power from renewable energy by 2025.
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California’s first carbon auction will be held Nov. 14, meaning that industrial companies including steel mills, utilities and refineries will be required to buy credits on a market if they emit more greenhouse gases than they are allotted.
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Internal emails from Duke Energy executives released by the North Carolina Utilities Commission indicate tension and concern were rising within Duke over the incoming Progress Energy c-suite, including CEO William Johnson, who was slated to run the merged company, more than a year before the merger closed.
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The Los Angeles Department of Water and Power has increased the size of a request for proposals from 10 MW to 300 MW, after sponsors and developers urged them to open up the process to utility scale projects.
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Natural gas prices are pushing coal plants into early retirement, said attendees at the Platts Financing U.S. Power conference in New York on Oct. 18 and 19.
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The city of Palmdale, Calif., is looking to sell a 570 MW hybrid gas-fired and solar project.
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Santee Cooper is planning to shutter a coal- and oil-fired plant in Moncks Corner, S.C., and the Grainger Generating Station near Conway, S.C.
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The Minnesota Public Utilities Commission will allow utilities five more years before they have to start including the cost of carbon dioxide emission in their long-term planning documents.
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Power companies brought 12.5 GW online between January and September this year, down 2.9 GW from 2011, according to a report from the U.S. Federal Energy Regulatory Commission.
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Kauai Island Utility Cooperative has tapped SolarCity to develop a $40 million, 12 MW solar project on a farm near Koloa, Hawaii.
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Coal has emerged as a hot button issue in the presidential election as presidential candidates Barack Obama and Mitt Romney trade barbs over whose energy plan will bring energy security to the U.S.
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Grid operators NY-ISO and PJM have agreed to cooperate on improving cross-grid power flow and to evaluate how additional natural gas will impact existing infrastructure as well as new developments.
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Sponsors and developers are looking to establish master limited partnerships as a means for financing midstream and natural gas liquefaction assets.
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The Nebraska Public Power District is planning to issue $250 million in tax-exempt bonds on Oct. 15 to finance transmission line upgrades and generation projects.
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The merits and detractors of 144A and private placements made headlines in the past month as project financiers and sponsors look for ways around a constrained bank loan market. That hurdle has not stopped some sponsors, such as BrightSource and Freeport LNG, from sniffing out billion dollar-plus deals, which could include bond components. In M&A, the specter of initial public offering in Canada for a renewables developer continues to shine in the Pattern Energy saga.
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In this week's round-up: The refinancing market heats up as sponsors look to land attractive term loan B loan rates while renewables developers see opportunity in the renewables generation targets set for three branches of the U.S. military.
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Idaho regulators will continue deliberations over a policy that could curtail wind generation in the state (PI, 7/17) despite a federal ruling that found the policy at odds with the Public Utilities Regulatory Policies Act.
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A slowing market in the U.S. has sent developers scurrying into Mexico, Brazil, Chile, Peru and Puerto Rico, among other locations. In the first installment of this Industry Current, investors and developers share experiences in Latin America and discuss the economics, potential and challenges of the market.
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A huge pipeline of projects to export liquefied natural gas from the U.S. is in the works with a combined development price tag of more than $50 billion.
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The Public Service Company of Colorado has closed a $800 million offering of first mortgage bonds to take advantage of low rates.
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Duke Energy has shelved the strategic evaluation of its Midwest generating fleet.
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As the presidential campaign heats up, details of each candidate’s energy policies have emerged to shed light on potential impact on future energy investments and transactions.
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The U.S. Federal Energy Regulatory Commission has made what some observers say could be a landmark ruling: it has ordered NY-ISO to recalculate which plants participate in the capacity auction, or the mitigation exemption test.
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While several wind industry players say production tax credits will be extended for another year, many are looking at other financing options.
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The City of Hercules, Calif., has retained Bodington & Co. to sell its municipal power district as it can not afford to fund growth of Hercules Municipal Utility.
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Kelson Holdings is selling down its holdings in the 620 MW Dogwood combined cycle facility near Pleasant Hill, Mo., to the Kansas City Board of Public Utilities.
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The second quarter saw arrangers wrap $3.55 billion in deals, right in line with the $3.54 billion in deals that closed in the first quarter, according to PI’s Project Finance Deal Book.
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Western Wind Energy is pushing to increase the amount of a cash grant from the U.S Department of Treasury which came in $13,221,994 below the amount it requested.
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In this week's round-up: Tenaska Capital Management and Kruger Energy join in on the refinancing trend while some Asian investors scope for wind opportunities in Canada.
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It’s probable that no matter the outcome of the presidential elections on Nov. 6, about half the country will think there’s something to the world-ending, fringe prophecy focused on the end of the Mayan calendar in December.
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State congressmen from upstate New York are opposed to the planned 330-mile Champlain-Hudson Power Express transmission line from Quebec to New York, saying that the line would increase foreign energy dependency and that it would cost jobs in the state.
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Exelon has shelved plans to develop a nuclear power plant near Victoria, Texas, due to economic and market conditions, including low natural gas prices.
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Mid-Kansas Electric Co., an affiliate of Sunflower Electric Power Corp., will start construction on a $130 million, 110 MW gas-fired project next year in Grant County, Kan.
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Panasonic has joint ventured with Coronal Management in developing and financing commercial scale and distributed generation solar projects in North America.
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The Minnesota Commerce Department would like to see Xcel Energy continue its program to subsidize residential and business rooftop solar installations even though the company is proposing canceling the program after 2013 due to the high cost of solar development.
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Transmission users are looking to clamp down on investor owned utilities’ return on equity in transmission projects, with four complaints filed with the U.S. Federal Energy Regulatory Commission.
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The U.S. Department of the Treasury is facing criticism from sponsors and attorneys who say it is increasingly assigning lower values to projects seeking cash grants than the numbers submitted by sponsors.
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Black Hills Corp. will close two coal-fired plants and one gas-fired plant in Colorado, South Dakota and Wyoming rather than completing upgrades to meet environmental standards.
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The South Mississippi Electric Power Association will buy the Batesville gas-fired plant in Batesville, Miss., for about $286 million after winning a bankruptcy court-run auction.
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Energy has taken center stage in the election rhetoric as President Barack Obama and Republican presidential candidate Mitt Romney travel across the Midwest speaking to voters about the future of the energy sector from a wind farm and a coal mining company, respectively.
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First Wind and battery storage manufacturer Xtreme Power are working to get the 30 MW Kahuku wind farm back in operation after the 15 MW battery warehouse was destroyed earlier this month.
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Allison Macfarlane, the new chairman of the U.S. Nuclear Regulatory Commission as of July 9, is prioritizing how to dispose of spent atomic fuel, including finding a permanent disposal site.
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A committee at the California Energy Commission recommended that the $300 million, 300 MW simple cycle project in San Diego County, Calif., planned by Energy Investors Funds be approved.
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Footprint Power has closed its acquisition of the 745 MW coal-fired plant in Salem, Mass., from Dominion.
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Developers of hydro, biofuel and solar projects are concerned a plan to reduce pricing in wind power purchase agreements proposed by Idaho utilities will broadly impact renewables in the state.
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