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Renewables project finance enthusiasts flocked to REFF Wall Street 2021 last week for two days of non-stop networking and panel discussions, after being deprived of conferences for over a year-and-a-half due to the Covid-19 pandemic.
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Renewables project finance enthusiasts flocked to a secluded conference center in midtown Manhattan earlier this week for REFF Wall Street 2021, after being deprived of events to attend over the last year-and-a-half. PFR editor Taryana Odayar and reporter Alfie Crooks were on site to catch the goings-on.
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While some debt investors have grown increasingly comfortable financing merchant solar assets over the last few years, many market watchers at REFF Wall Street 2021 remain unconvinced that the attractive yields to be gained by taking on merchant exposure outweigh the associated risks.
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Conference goers at REFF Wall Street 2021 in New York this week applauded the tremendous volume of investments in the renewables space over the last year-and-a-half, despite the disruption wrought by the Covid-19 pandemic, but some warned that there could be "surprises down the road" as a result of the rapid buildout of the asset class.
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Wind sponsors look poised to favor a "more equitable" direct-pay structure following the approval of a portion of the Democrats’ proposed $3.5 trillion spending package by the US House of Representatives' Ways and Means Committee, which could alter the tax equity landscape, say insiders at REFF Wall Street 2021.
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NordLB's Sondra Martinez, CohnReznick Capital's Conor McKenna, Convergent Energy + Power's Frank Genova and Kirkland & Ellis's Brian Greene discuss the latest developments in the energy storage market.
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Colombia has set the dates for the country’s second renewable auction, which it first announced in November.
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IJGlobal’s famed Latin America conference took place virtually on September 15 and 16 this year, after the event originally scheduled for March in Miami had to be canceled due to the Covid-19 pandemic.
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As developers phase out their coal-fired assets in Chile and replace them with renewable projects, sponsors' market shares could change, say attendees at IJLatam 2020, IJGlobal's Latin America energy and infrastructure conference.
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Despite Mexico's regulatory changes in the power market in the past few months, industry insiders claim that the market may have slowed down but is not closed.
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The US International Development Finance Corporation is considering deploying equity in Latin America, as it has done previously in other regions such as Southeast Asia.
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Power purchase contracts with non-utility corporate offtakers are growing in popularity in Latin America but remain an exception to the norm in project finance, said industry insiders at IJLatam 2020, IJGlobal's Latin America energy and infrastructure conference.
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Power Finance & Risk brought together a panel of experts to talk through the changing dynamics of California’s sun-soaked power market and the impact for project financiers. Leaders from Strata Solar, CleanCapital, Capstone Headwaters and Solar Frontier Americas talked through PG&E’s restructuring, pricing of battery storage debt and much more.
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Back to back panels early on Day 1 of the REFF Wall Street 2019 conference at the Intercontinental Barclay in New York highlighted that despite the phase downs in federal renewables tax credits, the tax equity majors still the keys in the capital stack.
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As the first step-down in the investment tax credit for solar looms, developers have begun to sound out banks for loans for panels and inverters that would safe harbor the equipment for the full incentives.
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Despite rumblings about overbuild in PJM Interconnection, developers are pushing ahead with new build gas-fired projects there, and lenders stand ready to finance them. The only thing missing, it seems, is equity.
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A panel of project finance professionals set about imagining the post-tax credit future of renewables financing at the S&P Global Platts Global Power Markets conference in Las Vegas this week, conjuring up a landscape of high yield debt and mezzanine capital supported by merchant wind and solar cashflows.
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Gusts of up to 46 mph in Las Vegas this week did not dampen the spirits of attendees of the S&P Global Platts 34th Annual Global Power Conference, but did put paid to plans for open air cigar parties. PFR editor Richard Metcalf and reporter Taryana Odayar were on hand to chronicle the action, inside and outside the conference hall.
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As representatives of developers, banks, investment firms and service providers descend on Las Vegas for S&P Global Platts’ 34th Annual Global Power Markets Conference, PFR takes a look at what to expect.
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In October, PFR teamed up with Fitch Ratings and Orrick to host a candid discussion on the challenges and opportunities for financing America’s nascent offshore wind industry. Experts covered everything from debt pricing to offtake structures and the full report is in this week’s issue.
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As market participants prepare for the U.S. offshore wind industry to take off, PFR is publishing a special report on the topic, featuring a roundtable discussion sponsored by Orrick, Herrington & Sutcliffe and Fitch Ratings.
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Project finance veterans pushed back against the notion that free-flowing capital was producing riskier deals at the S&P Global Platts Financing US Power Conference on Oct. 23.
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Amid a squeeze on returns on tax equity, developers are reporting a reversal in market dynamics, with investors coming to them looking for deals.
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NRG Energy’s sale of its wind and solar development business has freed the company to procure renewables from third-party developers as it remodels itself as an energy retailer.
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Celebrity spotting, a Danish debut and the usual high quality food and drink marked REFF Wall Street this year, which was attended by PFR editor Richard Metcalf and reporters Fotios Tsarouhis and Shravan Bhat
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Capital Dynamics has sealed its purchase of 8point3 Energy Partners, sparking conversations about the future of the yield company business model during a busy week of summer conferences.
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As the dust settled after a surprisingly strong PJM Interconnection capacity auction result last month, uncertainty around complex market design reforms made for a more sober assessment of the situation at the S&P Global Platts Northeast Power & Gas Markets Conference in New York.
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Calendar clashes, avocado implements and steak—a few notes and observations from the sidelines of the Platts Global Power Markets conference in Las Vegas.
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Pioneering corporate renewables offtaker Microsoft Corp. is focusing its U.S. procurement efforts on wind as the U.S. imposes tariffs on imported solar products, according to the company’s director of renewable energy.
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While margins on U.S. project finance loans continue to be squeezed, lenders are still looking to enter or return to the market, given a lack of alternatives elsewhere, deal watchers told PFR on the sidelines of the Platts Global Power Markets conference in Las Vegas this week.
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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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Development banks say they will continue to play an important role in Latin American project finance, even as the region's larger economies ease their reliance on them as they court private investment.
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PFR caught up with the great and the good of power project finance as they milled around with wine, cocktails and hors d’oeuvres laid on by Latham & Watkins at New York’s American Museum of Natural History on March 1.
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Delegates traveling to Louisiana from frigid northern cities had their hopes of a respite from the cold dashed as temperatures in New Orleans hovered around freezing point for the duration of the conference this year.
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Loan pricing is grinding ever tighter amid tough competition and an unrelenting influx of lenders to the U.S. project finance market, said deal watchers at the Infocast Projects and Money conference in New Orleans this week.
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Power Finance & Risk is accepting pitches for Deal of 2017 as part of its 15th Annual Deals and Firms of the Year Awards, recognizing excellence in power asset M&A and project finance across the Americas.
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M&Ms, Harvey Weinstein and millennials all somehow made it into the reporter’s notebook at this year’s Platts Financing U.S. Power Conference in New York.
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Cheap debt and the ticking clock strapped to federal tax credits could well bolster wind project development over the next year, said financiers at the American Wind Energy Association’s Wind Energy Finance & Investment Conference 2017 on Oct. 25 and 26.
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M&A, refinancing activity and even new-build financings could be on the cards in Texas in the wake of recently announced coal-fired plant retirements, according to speakers at the 19th Annual Platts Financing U.S. Power Conference in New York.
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Some of the power finance world’s fresher faces gathered at CohnReznick Capital’s offices in New York’s Credit Lyonnais Building on Oct. 12 for Juniors in Energy Finance's inaugural “30 Under 30” presentation event.
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Discussions on solar-plus-storage outshone talk on other emerging technologies at the 12th Annual North American Energy and Infrastructure Finance Forums in New York, but lenders are at various stages on the road to financing such projects.
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An influx of foreign capital from South Korea has flooded the generation space as lenders chase yield in the U.S.
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As cash pours into project finance, non-bank lenders are trying hard to differentiate themselves from banks and each other.
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Temperatures may have exceeded 90 degrees in Las Vegas at Solar Power International, but a cloud in the shape of the Suniva trade case loomed over delegates and dominated discussion.
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The competition between lenders and tax equity providers has heated up as new entities look to invest in the solar sector and the number of projects available for financing lesson.
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Goldman Sachs has hired an former senior staffer at SunEdison and TerraForm Power.
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NRG Energy has received first-round bids for its renewable businesses, conventional assets and yield company, PFR has learned.
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A new class of tax equity investor is ready to enter the market, said speakers at the 14th annual REFF Wall Street conference in New York.
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An abundance of capital has run up against a lack of major wind and solar projects to finance, forcing banks and investors to broaden their horizons, said panelists at the 14th annual REFF Wall Street conference in New York.
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There were many lessons to be learned at the 14th annual REFF Wall Street conference, such as: Not everyone's mother works for a hedge fund.
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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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Power Finance & Risk announced the winners of its 14th Annual Deals and Firms of the Year Awards at a drinks reception at the Bryant Park Hotel in New York on May 24.
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The impact of nuclear subsidies on gas-fired generation and the difficulty of approving natural gas pipelines in New York state were hot topics at Platts Northeast Power & Gas Markets Conference, which was held at the New York Marriott Downtown on May 22 and 23.
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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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The 32nd annual Platts Global Power Markets Conference from April 24 to April 26 at the Wynn Las Vegas. PFR managing editor Olivia Feld and reporter Fotios Tsarouhis were in attendance.
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Apex Clean Energy has mandated a financial adviser to find a strategic investor for the renewable sponsor.
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A partner who worked at Panda Power Funds and its predecessors for over 17 years has left the private equity firm, soon after one of its power plants filed for bankruptcy.
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A Japanese bank is establishing a mergers and acquisitions advisory team with a focus on generation assets in its New York office, sources tell PFR on the sidelines of Platts Global Power Markets 2017.
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Opinions on the impact—or lack of impact—of shifts in government policy on coal-fired and renewable generation converged during the opening panel discussion of Platts Global Power Markets 2017.
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A New York-based head of energy finance has left a European bank.
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The online poll for PFR’s Deals and Firms of the Year Awards has closed, after market participants voted for the banks, sponsors, investors and deals they thought were most impressive in 2016. The survey received roughly double the number of votes cast last year.
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A lack of sunshine failed to dampen the mood at the Infocast Solar Power Finance & Investment Summit, which attracted approximately 1,000 attendees to the Rancho Bernardo Inn in San Diego, where the prospect of tax reform was mentioned on nearly every panel.
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Despite their companies taking a beating in the stock market, representatives of some of the leading publicly traded residential solar companies attending the Infocast Solar Power Finance & Investment Summit were keen to stress that they still have access to the capital markets.
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New entrants to the market and a lack of power purchase agreement is creating a more competitive environment for project finance lenders and is prompting more commercial banks to look to finance distributed generation portfolios.
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A big winner in the first Mexican power auction is expected by some to eschew project finance in favor of balance sheet funding, but PFR readers know differently.
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As banks gear up for the first financings for renewable projects that were awarded contracts in Mexico’s inaugural post-reform power auctions, attendees at the Euromoney Seminars 11th Annual Latin America Energy and Infrastructure Finance Forum in Miami discussed a range of structures that could be deployed in the region.
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There is plenty of room for growth in commercial solar securitization, SFIG Vegas attendees heard on Tuesday, and lenders need capital markets access to fund it. But the lack of scale in the market is a key hurdle, creating a ‘catch 22’ situation.
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The most frequently asked questions regarding nominations for our Deal of the Year Awards.
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Alberta was high on the agenda at the Euromoney Seminars 8th Annual Canadian Power Finance Conference in Toronto last week, as market participants contemplated a shake-up of the province’s power market as part of its plan to phase out coal by 2030.
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A key fixture in the power finance calendar, Infocast's annual Projects & Money conference at Harrah's New Orleans drew the great and the good of the industry. Managing editor Olivia Feld attended.
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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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The deadline for nominations for Power Finance & Risk's Deal of the Year 2016 awards is coming up quickly. Make sure your deal of the year doesn't miss out on the short list by sending in a nomination by Jan. 31.
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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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Power Finance & Risk is now accepting submissions for its Deal of the Year 2016 Awards, recognizing excellence in power asset M&A and project finance across the Americas.
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A show and tell story, a slip of the tongue and an odd metaphor for battery storage leaped out from the pages of the PFR reporter’s notebook following recent conferences in Mexico City and Los Angeles.
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Three different kinds of lenders outlined their debt offerings for distributed solar in a panel discussion at the Infocast Distributed Solar Summit in Los Angeles on Nov. 17.
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Assuming President-elect Trump does not prematurely revoke the investment tax credit (ITC), residential, commercial and industrial scale solar installations in the U.S. could reach 7.2 GW a year—resulting in 50 GW of installed capacity—by 2022, according to a Navigant analyst.
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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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Asset divestitures were the talk of the Platts 18th Annual Financing U.S. Power Conference both on and off panel discussions. The conference took place on Oct. 25 and Oct. 26 at the Crowne Plaza Times Square in New York.
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Four arrangers have launched a close-to-$1 billion dual-tranche debt financing for the 1.5 GW Invenergy Lackwanna combined-cycle gas-fired project in Jessup, Pa.
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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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Despite an slowdown immediately following the production tax credit extension, this year has so far been a busy one for wind project financing at a number of the leading banks in the space.
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Panelists discussed the increasing ownership of wind projects directly by utility companies at the AWEA Wind Energy Finance and Investment Conference at the Westin New York at Times Square on Oct. 5.
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Tax equity investors are paying close attention to a growing risk for wind projects with non-traditional offtake agreements. At issue is the difference between the price of power at the point of injection and the price where the offtake contract is settled.
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Euromoney Seminars’ 11th Annual North American Energy and Infrastructure Finance Forum took place at the Westin New York at Times Square from Sept. 22 to 23. PFR managing editor Olivia Feld and reporter Fotios Tsarouhis attended the conference.
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Euromoney Seminars’ North American Energy and Infrastructure Finance Forum adjourned on Thursday, but not before attendees discussed a myriad of issues ranging from competition between project finance lenders, the impact of the upcoming U.S. election and the implications of a potential hike in interest rates.
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The solar financing market is evolving as residential solar providers shift to ownership, rather than leasing solar assets, said panelists at ABS East at the Fontainebleau Miami Beach on Sept 19.
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Conference participants at the first day of Euromoney Seminars’ 11th Annual North American Energy and Infrastructure Finance Forum gathered at the Westin New York at Times Square on Sept. 21 to discuss new constraints and opportunities in project lending.
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Despite a tumultuous year, turnout was undamped at Solar Power International in Las Vegas. Over 17,000 solar industry professionals gathered at the Las Vegas Convention Center from Sept. 12 to Sept. 15 for the largest solar trade show in North America.
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Solar Power International kicked off on Monday at the Las Vegas Convention Center. Managing editor Olivia Feld attended the conference.
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A former vice president in structured finance at SolarCity, who was most recently working on international expansion, has left the company to found a solar financing company.
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In this week’s Industry Current, Bernays ‘Buz’ Barclay, managing partner at Rimon P.C. and senior adviser to Marathon Capital, calls on the power industry to engage with blockchain technology.
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Financiers at commercial and multilateral banks discussed how debt financings might be structured for projects that have obtained aggressively priced power purchase agreements in auctions under Mexico’s new market rules at the Infocast Mexico Power Finance & Investment Summit in New York on June 30.
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Some of the renewables projects that won offtake contracts in a Mexico power auction in March face a lengthy development period and may even end up not being built at all, said panelists at the Infocast Mexico Power Finance & Investment Summit in New York on June 29.
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PwC recently carried out a survey of U.S.-headquartered companies regarding their approach to procuring energy, and George Favaloro, an m.d. at the accountancy, tax and advisory firm, was on hand at the REFF Wall Street conference in New York to share the results.
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A selection of snippets gleaned on the sidelines of the 13th annual REFF Wall Street conference in New York. A regional U.S. bank seeks to break into renewables financing, and a developer gives his frank take on the Mexico power auction results.
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A group of lenders assembled onstage at the culmination of REFF Wall Street this year to talk about financing trends for renewables projects, including how to deal with the merchant aspects of projects with non-utility offtake contracts.
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Market participants discussed the role of public equity markets and yield companies in financing renewables projects on the second and final day of the REFF Wall Street conference in New York.
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Non-utility offtakers signed contracts for about 3.4 GW of renewables last year, but long tenors are still putting some off and regulated markets still present challenges, said panelists at the REFF Wall Street conference in New York on June 21.
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Renewables tax credits may have been extended at the end of last year, but tax equity investors are having to adapt to an evolving market, including ever lower-cost wind generation. Some of the major players discussed the changes at on the first day of the REFF Wall Street conference, which took place at the Grand Hyatt New York on June 21 and 22.
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The rise of smaller-scale generation, including distributed solar and commercial and industrial-scale renewables, its disruptive effect on the market and its ability to attract financing were recurring topics on the first day of REFF Wall Street at the Grand Hyatt New York.
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Solar financiers converged on the New York Marriott Downtown Thursday for the Information Management Network's 4th Annual Sunshine Backed Bonds Conference.
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Panelists discussed the reemergence of the term loan B market and inflows of foreign capital at the Platts Global Power Markets conference in Las Vegas on April 20.
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Executives representing independent power producers attacked subsidies for renewable generation at the Platts Global Power Markets conference in Las Vegas on April 19.
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Power Finance & Risk’s Deals & Firms of the Year Awards poll has been extended until April 16, giving you an additional week to tell us which banks, sponsors and law firms best navigated the markets in 2015.
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Investors and bankers discussed the possibility that money divested from fossil fuels by institutional investors could find its way into green investments at the Bloomberg New Energy Finance Summit in New York on April 5.
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Former NRG Energy ceo David Crane offered his view on the outlook for independent power producers and a lot more in an entertaining interview at the Bloomberg New Energy Finance Summit 2016 on April 5 in New York.
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A panel of senior industry executives discussed the potential impact large transmission projects could have on U.S. renewables as they looked forward to a further decline in the cost of solar at the Bloomberg New Energy Finance summit in New York on April 4.
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Financiers discussed innovative opportunities to invest in solar projects on the sidelines at the Infocast Solar Power Finance & Investment Summit in San Bernardo, Calif.
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Panelists debated the year ahead for the solar industry after the three year extension of the 30% investment tax credit and the turbulence in the equity markets at the Infocast Solar Power Finance & Investment Summit in The Rancho Bernardo Inn in San Diego, Calif., on March 23.
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Attendees at Euromoney Seminars’ 10th Annual Latin American Energy and Infrastructure Finance Forum looked into the potential for accessing large regional markets through their smaller neighbors on Tuesday at the Ritz-Carlton South Beach in Miami.
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Bankers at the Euromoney Seminars 10th Annual Latin American Energy and Infrastructure Finance Forum in Miami are thinking about how projects that win contracts in the first ever Mexican power auction will be financed.
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Sponsors that have won contracts for projects into Brazilian generation auctions are struggling to find financing, according to panelists at Euromoney Seminars’ 10th Anniversary Latin American Energy Finance Forum in Miami.
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A panel of bankers discussed the changing dynamic between local and international banks in Latin America, and how it could affect the availability and cost of capital at the Euromoney Seminars 10th Anniversary Latin American Energy and Infrastructure Finance Forum in Miami.
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Power Finance & Risk’s Deals & Firms of the Year Awards are back, recognizing excellence in power finance and asset M&A across the Americas.
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The term loan B market has effectively shut down, according to panelists at Infocast’s 8th Annual Projects & Money conference in New Orleans on Jan. 21.
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In his role as chairman of 'Projects & Money Interactive', Buz Barclay presided over the inaugural live poll of conference goers at the annual event, asking attendees to make predictions on various key issues facing the market.
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Panda Power Funds' Hummel project could have had a much racier name, if Robert Simmons had got his way.
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A lack of availability of power hedges was hot topic at the Infocast 8th Annual Projects & Money conference in New Orleans on Jan. 20.
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