Structured Products
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Middle-market solar and energy storage company CleanCapital is moving forward with climate tech startup Dock Energy as its official renewables transaction and asset management technology platform.
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Catalyst Power Holdings, a portfolio company of BP Energy Partners, has struck a deal to acquire a New York-based energy retailer, marking its second such deal this year.
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Deal watchers say the sudden bankruptcy filing of Brazos Electric Power Cooperative – which had previously enjoyed single-A credit ratings – could be the first of many in the wake of the recent winter storms in Texas.
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Securitization exists in the public consciousness primarily as a shadowy corner of the capital markets in which out-of-control financial engineering causes global economic meltdowns. Could it be due a reappraisal?
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The Carlyle Group and EIG Global Energy Partners’ deal to take ownership of Panda Power Funds’ Patriot and Liberty combined-cycle gas-fired plants in Pennsylvania ended years of speculation about the fate of the two plants. But the story did not end there, as the buyers launched the acquisition financing into a market roiled by coronavirus.
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Residential solar finance company Mosaic’s foray into the recently reopened asset-backed securitization market was well received by investors, reaping a multiple-times oversubscribed order book, in part thanks to data that shows the pandemic having a limited impact on solar loans.
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Pacific Gas & Electric priced part of its huge bankruptcy exit financing package on June 16, raising $8.925 billion in investment grade debt just days after receiving court approval for the transaction.
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A panel of solar securitization experts gathered in December to discuss the progress of the solar ABS market and what the future holds for this emerging asset class. Sponsored by Credit Suisse.
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While yield-hungry investors of all stripes are viewing distributed, small-scale solar companies ever more favorably, the founders and management of the target companies are finding that there are attractive alternatives to selling stakes in their businesses outright.
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Transmission company Celeo Redes has locked in debt for 30 years—an unusually long tenor for Chilean project finance—to finance a three-project portfolio in the country.
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After several months of negotiations to refinance a bank loan with a private placement, the owners of the Duqueco hydro complex in Chile canceled the bond sale at the last minute and opted for a renegotiation with the banks instead.
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EDP is negotiating the financing of a transmission line project in Brazil that it acquired earlier this year.
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In September, Power Finance & Risk brought together a panel of project finance officials at insurance companies, asset managers and Fitch Ratings to discuss how U.S. private placement debt investors are viewing the latest innovations in power and renewable energy finance.
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After hedge providers got burned earlier this year on deals for new-build gas-fired projects in PJM Interconnection, they are quoting revenue puts at pricing that no longer makes as much sense for CCGT developers, forcing them toward alternatives.
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Rockland Capital has refinanced a portfolio of gas-fired peakers with a fixed-rate project bond.
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Residential PACE provider Renew Financial has promoted Mary Kathryn Lynch, who has worked in finance and capital markets at the company for about three-and-a-half years, to the position of CFO.
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An internal memo at Goldman Sachs regarding a new “firm wide flexible dress code” was widely reported this week, but don’t expect the firm’s investment bankers to turn up in sneakers and sweatpants any time soon.
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Residential solar loan provider Loanpal is coming to market with its first solar securitization, a $272.2 million offering.
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CoBank’s Brian Goldstein, KeyBanc Capital Markets’ Andy Redinger and Morgan Stanley’s Michael Kumar joined PFR editor Richard Metcalf in January to review 2018 in power project finance and look ahead to 2019. Check out what they had to say.
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A former structured finance professional at Deutsche Bank has found a new position.
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Competitive Power Ventures has priced the refinancing of its Woodbridge Energy Center, also known as CPV Shore, in a challenging term loan B market, prompting admiration and potentially encouraging others to launch their own deals in the New Year.
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Canadian Solar has raised long-term debt for its 80 MW Cafayate solar project in Argentina.
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Morgan Stanley Infrastructure Partners has closed the refinancing of its 805 MW Red Oak combined-cycle project in New Jersey.
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The owners of a gas-fired combined-cycle project in Pennsylvania that began operations in November have mandated a bank to lead a refinancing of its debt in the term loan B market.
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LS Power has financed a pair of under-construction U.S. transmission projects with a combination of holding company and operating company debt.
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Cordelio Power has issued a C$858.2 million ($639.6 million) dual-tranche private placement to refinance a 249 MW portfolio of renewables in Ontario that the Canadian Pension Plan Investment Board-owned company bought in June.
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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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Iberdrola has reached financial close on the 220 MW Pier IV wind project in the Mexican state of Puebla, which is contracted under a power purchase agreement with Mexican brewery Grupo Modelo.
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Fotowatio Renewable Ventures is nearing financial close on its 290 MW Potrero solar project in the Mexican state of Jalisco, which will sell its output entirely into wholesale markets.
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The owners of the Woodbridge Energy Center, also known as CPV Shore, have launched a debt refinancing into the shaky term loan B market, where challengin conditions have recently prompted other borrowers to pull or delay deals.
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The term loan B refinancing of the 869 MW Oregon Clean Energy Center in Ohio is understood to have been postponed until next year amid tough conditions in the leveraged finance market.
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Investec has launched a $250 million debt facility into syndication to refinance Primary Energy Recycling Corp., a portfolio of behind-the-fence generation assets located at steel mills in Indiana.
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Power Finance & Risk is now accepting pitches for Deal of the Year as part of its 16th 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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The frequency of devastating wildfires has rocketed in California over the past two years. Camp Fire, fully contained as of Sunday, looks set to wipe out a catastrophe bond. Jasper Cox, reporter at GlobalCapital, explores the sharp questions that arise about how to model and price an emergent risk to companies, buildings and people when this is bundled out to the capital markets.
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The acquisition finance package for Morgan Stanley Infrastructure Partners' acquisition of the Bayonne Energy Center in New Jersey closed on Nov. 21, having attracted some $1.5 billion in commitments.
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A more-than-1.6 GW combined-cycle gas-fired project in Brazil, backed by Prumo Logística, BP and Siemens, is on the verge of sealing debt financing.
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Moody’s Investors Service has downgraded the term loan associated with the Hunterstown gas-fired project in Pennsylvania in response to a plan by its private equity owner to pay itself a dividend with the proceeds of an additional debt raise.
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A trio of solar securitizations is progressing through the pipeline this week, giving investors a chance to get their hands on nearly $1 billion of bonds tied to residential solar assets.
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The rating on a R$1.2 billion ($320 million) bond issued in October to finance a transmission project in Brazil was boosted as a result of guarantees from the project's sponsors.
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Duke Energy Corp. became the latest U.S. utility company to issue green bonds last week when it priced a $1 billion dual-tranche offering.
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Spanish gas and power provider Naturgy (formerly Gas Natural Fenosa) has closed the first non-recourse project bonds to finance solar plants in Brazil.
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TerraForm Power raised about $77 million with the second of two project finance private placements it priced this year to lever up unencumbered assets in the U.S.
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Investment firm Vantage Infrastructure, which was known as Hastings Funds Management until a rebrand earlier this year, recently added to its debt team in New York as it seeks to capitalize on opportunities in the U.S.
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Dominion Energy has closed a green private placement bond to finance a portfolio of 20 operational solar projects totaling 574 MW.
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Christoper Jordan has left his position as director of US private placements at Barclays in New York.
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In September, PFR and Mayer Brown teamed up to bring together a panel of tax equity experts to review the latest developments and innovations in this fascinating area of renewable energy finance, as well as the outlook for the coming years. Check out the full transcript.
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Argentine sponsor Petroquímica Comodoro Rivadavia has signed a $108 million financing from a pair of lenders for a 126 MW wind farm in the south of the country.
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A deal from solar finance company Sunnova that was priced at the end of last week and a first-time residential solar securitization from Hannon Armstrong, announced on Monday, are rekindling the market for solar ABS in the fourth quarter.
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A Fortistar-led consortium is preparing to refinance a portfolio of behind-the-meter generation assets located at steel mills in Indiana.
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Steven Nichols, who handled Southern Company’s groundbreaking entry into the green bond market in 2015 as capital markets manager, has joined BNP Paribas’s sustainable finance team in New York.
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Residential rooftop solar developer Sunnova is in the market this week with its second securitization, a $262.7 million offering backed by a pool of leases and power purchase agreements.
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Nick Pucius, one of the trio of bankers that established National Australia Bank’s New York energy and infrastructure team in 2015, has returned to Melbourne.
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Morgan Stanley Infrastructure Partners was able to reverse-flex the pricing on a loan it is raising to finance its acquisition of the Bayonne Energy Center gas-fired combined-cycle facility in New Jersey.
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(Updated with bookrunners) The co-sponsors behind a coal-fired project that serves several copper mines in Chile under various power purchase agreements are preparing a joint loan and bond market refinancing.
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Banks have received invitations to participate in the refinancing of a New Jersey gas-fired project whose existing debt is in the form of a bond.
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Enel Green Power has reached financial close on its 1.8 GW renewables portfolio in Mexico, selling equity to institutional investors and raising around $605 million of project debt, some two years after obtaining power purchase agreements and with some of the projects already online.
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Blackstone has firmed up pricing on its incremental debt raise for the Frontera combined-cycle gas-fired plant in Mission, Texas, while increasing the size of the deal.
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Sturdier power market fundamentals, coupled with an abundance of capital, have improved the refinancing prospects of merchant gas- and coal-fired projects in PJM Interconnection, according to a report from Moody’s Investors Service.
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Infrastructure credit doyen Thomas Murray resigned from Apollo Global Management in September, PFR has learned.
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Several former Morgan Stanley power and utilities bankers have completed their move to Jefferies.
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Tesla has hired a capital markets professional who previously worked in project finance at a solar developer in California.
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As interest rates creep up, privately placed, fixed-rate debt has a role to play in the financing of gas-fired projects, with at least one such deal for a greenfield, new-build project likely to come to the market in the next year, says Louise Pesce, managing director at MUFG.
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Société Générale has made two lateral hires to its infrastructure project finance team at vice president level and is looking to round out the group with two associates, PFR has learned.
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GridLiance, the transmission company backed by Blackstone, is preparing to sign a $65 million revolving credit facility, its second senior secured debt financing, as it accumulates assets in line with its strategy to partner with cooperative and municipally-owned utilities on grid improvements.
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Having completed its move from GE Energy Financial Services to a new home at Starwood Property Trust, Denise Persau’s project finance team is looking forward to having a broader mandate, potentially investing up and down the capital structure and in non-energy infrastructure.
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East West Bank, as sole lead arranger, has signed a construction-to-term loan for a solar project that is contracted under a Long Island Power Authority feed-in tariff power purchase agreement.
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Six of sPower's relationship lenders earned fees as co-placement agents on the company's recent $498.7 million privately placed bond offering besides the lead placement agent, structuring agent and ratings adviser, Citi.
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A tax equity partnership is due to make its case to the U.S. Tax Court early next year in a dispute over a tax equity deal that the Internal Revenue Service has described as a “legal sham.”
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GE Energy Financial Services’ project debt team has transitioned to Starwood Property Trust with the closing of the latter’s acquisition of the GE Capital unit’s loan book.
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Clearway Energy, the yield company formerly known as NRG Yield, came away from the bond market with more than expected on its first debt capital markets outing since transitioning to a new sponsor and a new name.
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A wave of West Coast utility downgrades in the wake of Californian wildfires, and despite the passage of legislation that would allow the companies to pass some liabilities on to customers, has trickled through to at least one publicly-rated project finance deal.
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The banks underwriting Morgan Stanley Infrastructure Partners’ acquisition of the Bayonne Energy Center in New Jersey—the two initial coordinating leads plus three others—launched the acquisition loan into syndication on Sept. 12.
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The Kentucky Municipal Energy Agency has selected a joint venture between two developers to build an 86 MW solar project in the state, following a highly competitive procurement process.
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Prudential Capital Group has raised its first fund focusing on mezzanine capital investments in the energy sector, giving the firm $343 million to deploy in middle-market businesses in North America, including conventional power and renewables.
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The banks arranging debt financing for Morgan Stanley Infrastructure Partners’ acquisition of the Bayonne Energy Center in New Jersey—the two initial coordinating leads plus three others—are preparing to launch the deal after the Jewish holiday this week.
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Just as one robin (or, depending on your geographic location, swallow) doesn’t make a spring, two project finance CLOs (PF CLOs)—Bayfront Infrastructure and RIN—may not confidently mark the re-emergence of PF CLOs. They are, nevertheless, a positive and potentially significant development, writes Paul Forrester, Chicago-based partner at Mayer Brown.
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Residential solar developer Sunrun will launch a securitization backed by leases and power purchase agreements within the next month, say deal watchers.
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Atlas Renewable Energy has inked an $88.5 million loan for a solar project in Mexico that it acquired from SunPower Corp. earlier this year.
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Two banks are preparing to launch a debt financing in September to support Morgan Stanley Infrastructure Partners’ acquisition of the Bayonne Energy Center in New Jersey.
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Home games of the Philadelphia Flyers and 76ers will be 100% wind powered under a contract signed recently by Comcast Spectacor, the owner of their home arena, the Wells Fargo Center.
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A recent court decision relating to a wind project financing in 2010 has injected a dose of uncertainty into valuations used in renewable project deals, especially those involving investment tax credits.
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TerraForm Power closed a project finance private placement in June as part of the fundraising effort for its acquisition of Spain’s Saeta Yield and has launched a second, similar deal, expected to close later this summer.
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Starwood Property Trust was looking to price a $300 million high yield bond on Wednesday to support the acquisition of GE Capital’s energy project finance business.
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Vivint Solar was able to maximize the proceeds of its latest $327 million residential solar project financing by structurally subordinating Bank of America Merrill Lynch’s tax equity commitment to a tranche of senior secured, privately placed debt. [Updated with quotes, loan pricing and tenor]
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GE Capital has found a buyer for its GE Energy Financial Services project finance debt business, including a team of employees. [Updated with acquisition finance details]
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Nomura, the Japanese bank that hired former Deutsche Bank group head Vinod Mukani to lead a push into Americas infrastructure and power finance last year, has expanded its team with a series of hires in the last two months.
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Jefferies has hired a senior banker from a bulge-bracket firm as it rebuilds its power and utilities investment banking team in New York.
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After a slow first three months of the year, project finance activity picked up in the second quarter, propelling MUFG to the top spot of the North American power project loans and bonds league tables.
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The U.S. Department of Energy has asked lenders to submit applications for federal loan guarantees under an up-to-$2 billion program to support projects sponsored by Native American and Alaska Native communities.
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Acciona has unveiled the full four-bank line-up behind an 18-year project finance loan for a 317.5 MW solar project that it co-owns in Sonora, Mexico.
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Colombian power producer Empresa de Energia del Pacifico is set to become the country's first non-financial corporation to issue green bonds, with a deal that will finance finance a 197.36 MW portfolio representing the country's first large-scale solar projects.
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A subsidiary of German wind turbine maker Enercon has signed a $70 million 15-year commercial bank term loan for its 50 MW Cerro Grande Wind Farm.
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The sustainability-linked loan pricing trend is gathering pace in the U.S., with renewables developer and utility holding company Avangrid becoming the latest corporation to agree to make the margin on its revolving credit facility dependent on environmental metrics.
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EDF Renewable Energy has lined up a tax equity commitment for two contracted wind projects—a 79.9 MW facility in upstate New York and a 100 MW project in Minnesota.
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Macquarie Capital has reached financial close on a 200 MW Texas wind project and announced the expansion of its Green Investment Group platform into North America.
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In the third and final part of this exclusive interview, Nick Knapp, president of CohnReznick Capital, discusses co-advisory mandates, emerging areas of activity in renewables and the state of the project finance market with PFR reporter Fotios Tsarouhis.
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Mosaic and Goldman Sachs priced a co-sponsored solar loan securitization on Monday, a $317.52 million deal dubbed Mosaic Solar Loan Trust 2018-2-GS.
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In this week’s Industry Current, John J. Marciano III, partner, and Ramin Mohammad, associate, at Akin Gump in Washington, D.C., outline the implications of the Internal Revenue Service’s latest guidance in relation to the solar investment tax credit.
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In the second part of this exclusive interview, Nick Knapp, president of CohnReznick Capital, discusses opportunities in restructuring, M&A market dynamics and how the firm competes for advisory mandates with PFR reporter Fotios Tsarouhis.
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A financial investor is preparing to sell an interest in a gas-fired project in Texas that it owns as a result of a levered sale leaseback transaction originally signed 18 years ago.
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Goldman Sachs and residential solar finance firm Mosaic are preparing to jointly issue a new solar loan securitization.
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Atlas Renewable Energy is planning to raise about $108 million through the issuance of senior and subordinated project bonds to refinance a pair of solar projects totaling 75 MW in Uruguay.
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Credit Suisse was sole arranger on a privately placed solar securitization that Vivint issued alongside its public market debut last week.
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Argentina’s Genneia has signed a $141.6 million debt financing with German lenders for its 101.4 MW Pomona wind farm in Argentina.
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The margins paid by Michigan utility company CMS Energy on two revolving credit facilities will, for the first time, be linked to its sustainability goals as a result of amendments signed on June 5.
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The results of the recent PJM Interconnection capacity auction have excited many in the industry but should prompt a thoughtful pause, writes Louise Pesce, managing director at MUFG in Los Angeles, in this week’s Industry Current.
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ING Capital's Tom Cantello is relocating from New York to San Francisco to set up a new office for the Dutch bank.
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Lincoln Clean Energy has recruited a finance and corporate development professional who previously worked at Morgan Stanley and sat on the boards of wind platforms owned by the investment bank.
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GE Energy Financial Services has mandated a pair of financial advisers to sell its project finance loan book as well as equity stakes in generation assets, PFR has learned.
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Swiss private equity firm Capital Dynamics has added to its recently formed infrastructure credit team with a former debt originator at GE Energy Financial Services.
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The Blackstone Group has appointed financial advisers to market a gas-fired project in Texas that was recently refinanced in the term loan B market.
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The Carlyle Group has assigned a lead arranger to refinance a gas-fired project out of the term loan B market into the commercial bank market.
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Brazil’s CPFL Geração de Energia has received board approval to raise R$1.4 billion ($375 million) in the debt market.
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BNP Paribas has syndicated a bank market refinancing of a merchant gas-fired project in PJM Interconnection that is owned by Arclight Capital Partners.
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Spanish developer Grenergy has reached financial close on its 24 MW Kosten wind farm in Argentina, with Germany’s KfW IPEX-Bank arranging a 15-year export credit agency-backed loan.
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Higher-than-expected clearing prices in the latest PJM Interconnection capacity auction mean that several gas-fired projects that have been in the works for months will almost certainly be able to circle financing, deal watchers tell PFR.
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PFR is pleased to announce the winners of its 15th Annual Deals and Firms of the Year Awards, with added emphasis this year on the leading investment banks in power across the Americas.
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Moody’s Investors Service has assigned Marin Clean Energy what the rating agency says is the first credit rating for a community choice aggregator.
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Citi has hired a senior banker from a rival firm to lead its North American commodities-linked financing business, with a focus on energy.
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AES Gener has put the finishing touches to a restructuring agreement with the banks that are funding its troubled 531 MW Alto Maipo hydro project in Chile, and Fitch Ratings has bumped up the outlook on the company's debt as a result.
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EDF Group has teamed up with Chile’s Andes Mining & Energy to buy 750 MW of flexible generation capacity in the Latin American country, with three-quarters of the price tag being financed with bank debt.
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The #PowerTweets feature tracks trends in project finance and M&A in the Americas on Twitter.
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Ares-EIF is in late-stage discussions with a consortium of investors about the sale of a gas-fired project, PFR has learned.
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Vistra Energy Corp. is planning to issue a term loan B and upsize its revolving credit facility to refinance debt it has inherited through its acquisition of Dynegy.
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Brazil has received more than a thousand applications to participate in its next power auction, scheduled for Aug. 31, with wind projects making up the bulk of the submissions.
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Lead arrangers are syndicating two separate project finance bank loans to finance the two existing units of the Canal Generating facility in Massachusetts and a third unit that is under construction.
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Ormat Technologies has signed a $124.7 million project finance deal for a 35 MW geothermal project in Honduras.
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Innergex Renewable Energy has signed a 12-year power purchase agreement with an energy company for a portion of the output of a 350 MW wind project in Texas.
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A greenfield 150 MW waste-to-energy plant near Mexico City is set to receive around $200 million-equivalent in long-term financing from the Inter-American Investment Corporation and IDB Invest.
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Residential solar developer Sunrun has amended loans for its Hera and Neptune portfolio financing vehicles, more than doubling the size of the former, in a busy period of project finance activity for the company.
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DTE Electric Co. has become the newest member in the slowly growing club of investment grade U.S. electric utility companies that have issued bonds explicitly marketed or certified as “green”.
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PFR has learned the identities of the financial advisers that have been lined up by the owners of a struggling combined-cycle gas-fired project in upstate New York and its creditors.
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The owners of a combined-cycle gas-fired project in New York state have appointed a financial adviser ahead of a potential restructuring or sale.
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Iberdrola has financed a trio of Mexican wind projects with a $400 million green loan from Banco Bilbao Vizcaya Argentaria, marking the arrival of the product championed by the Spanish bank in a new country.
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The lenders that provided a $39.4 million ‘B’ loan to China’s Jinko Solar for its 80 MW San Juan solar project in Argentina included a Chinese bank and a unique international institution.
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KeyBanc Capital Markets’ Cleveland-based project finance team has had its most successful first quarter since 2015, rising to the top of the North American power P.F. league table as lenders vied for deals.
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A joint venture between Golar Power and Ebrasil has reached financial close on its 1,551 MW Porto de Sergipe I LNG-to-power project, securing $1.47 billion of non-recourse project debt.
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China’s Jinko Solar has signed a $60.15 million funding package for an 80 MW solar project in Argentina, in a deal IDB Invest has described as the longest loan with commercial bank participation for a project linked to the country’s RenovAr program.
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Capital Power Corp. is nearing selection of a tax equity investor for its 99 MW New Frontier wind project in McHenry County, N.D.
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Société Générale has built a huge order book for a roughly $6 billion term loan transaction backing Cheniere Energy’s Corpus Christi gas liquefaction project in Texas.
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Banks are pitching for lead roles on a $2 billion debt financing for Invenergy’s 2 GW Wind Catcher wind project in Oklahoma, as the developer looks to get tight pricing on the two-year deal.
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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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Winston & Strawn has added a project finance and mergers and acquisitions attorney as a partner in its New York office.
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Ares-EIF has hired a pair of banks to market a term loan B to refinance a combined-cycle cogeneration project in Texas.
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Solar finance company Mosaic is preparing to issue its first asset-backed securitization of 2018.
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Georgia Renewable Power has selected a turbine supplier and an operations and maintenance contractor for a trio of biomass projects it financed with credit fund debt at the end of last year.
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Solar finance company Mosaic is preparing to issue its first securitization of 2018.
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Rockland Capital has signed a $170 million term loan with a club of banks to finance its acquisition of six peakers from AES Corp. subsidiary Dayton Power and Light.
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Mizuho has added a director to its Americas project finance team in New York.
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Sumitomo Mitsui Banking Corp. was sole structurer and bookrunner on a $142 million debt financing for a rural electrification program in Peru that recently closed.
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NextEra Energy Resources has financed a solar project in Arkansas under the state's industrial revenue bond program, through a tax efficient sale-leaseback transaction.
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Ares-EIF is refinancing about $450 million of debt associated with its 700 MW St. Joseph Energy Center gas-fired project in Indiana in the term loan B market, a move which could free up billions of dollars on commercial bank balance sheets if it is widely replicated.
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AES Corp. is looking to reprice its $520 million senior secured term loan B to bring it into line with conditions in the market, as NRG Energy did earlier this month.
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Starwood Energy Group Global placed part of the debt financing for its acquisition of a contracted coal-fired portfolio that closed earlier this year with affiliated real estate investment trust Starwood Property Trust.
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Morgan Stanley is in the market with a term loan B offering to finance Platinum Equity’s acquisition of the 810 MW Hunterstown gas-fired project in Pennsylvania from GenOn Energy.
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NRG Energy has repriced its senior secured term loan B, cutting the margin on the loan by 50 basis points and reducing the Libor floor to 0%.
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Five commercial banks have inked a R$477 million ($144 million) letter of credit to backstop a project finance loan for a solar project in Brazil.
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Mizuho has provided an $80 million loan package to refinance a contracted gas-fired project in California.
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A private equity firm is refinancing about $400 million of debt associated with a gas-fired project in PJM Interconnection in the term loan B market, a move which could free up billions of dollars on commercial bank balance sheets if it is widely replicated.
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The recent reform of the U.S. tax regime has ushered in several provisions that, taken together, could make sale-leaseback financing transactions attractive, whether to refinance solar projects or fund the acquisitions of gas-fired facilities. John Eliason and David Weisblat attorneys at Foley & Lardner, address the possibilities in this week’s Industry Current.
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Penn Energy Renewables has refinanced five operational solar projects in Ontario with debt provided by Prudential Capital Group.
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Pattern Development has obtained a construction loan, letter of credit facility and tax equity commitment for its Stillwater Wind project in Montana, which was previously known as Vivaldi Springtime.
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Cheniere Energy has held a lender meeting with a view to increasing the size of a loan for its Corpus Christi gas liquefaction project in Texas to $6 billion.
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There are a few days remaining to cast your votes for the best project sponsors, banks, law firms, institutional and tax equity investors and deals in PFR's 15th Annual Deals and Firms of the Year Awards.
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Lightsource BP has requested debt and tax equity financing proposals for its first U.S. solar project, after announcing a strategic partnership with BP in December.
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A mezzanine capital investor in two Panda Power Funds combined-cycle gas-fired projects in PJM Interconnection has hired a financial adviser to sell its preferred notes.
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Canadian miner Kinross Gold Corp is planning to raise around $200 million of debt to part-finance its acquisition of two hydro plants in Brazil with a combined capacity of 155 MW.
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Bonds increased as a proportion of North American project finance deals in 2017 versus loans, as MUFG remained top in both categories, according to data from Dealogic.
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The joint-venture partners behind a solar project under construction in Mexico's Sonora state are adding almost 50 MW of merchant capacity to their original plans.
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NTE Energy has signed the first of what it expects to be several power purchase agreements for its Reidsville Energy Center gas-fired project in North Carolina, having reached out to banks for project finance proposals late last year.
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Invenergy employed a novel structure for a roughly $64.75 million privately placed project bond it issued to finance its 50 MW La Jacinta solar project in Uruguay.
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The next wave of LNG projects in the U.S. will face more daunting financing challenges because of how the global natural gas market has evolved, say analysts at S&P Global Ratings.
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MidAmerican Energy priced a second green bond to finance the construction of its huge Wind XI project on Jan. 29.
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A structured finance and tax equity professional who has worked in finance for more than three decades has left PNC Bank to take a sabbatical, PFR has learned.
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A tax equity investment sealed by Coronal Energy for a solar portfolio in December was the first project finance deal to be supported by a solar revenue put provided by risk management and data firm kWh Analytics.
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Sponsors developing solar projects in Chile are increasingly taking advantage of a program that supports small-scale projects in the country with price stabilization and other benefits.
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Industrial and Commercial Bank of China’s former head of energy structured finance in the Americas has surfaced at a newly-established broker-dealer.
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C2 Energy Capital acquired a 52 MW portfolio of contracted, development-stage solar projects in South Carolina at the end of the year and is in the process of putting financing in place.
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The Chilean subsidiary of French developer Cap Vert Energie has signed a $36.5 million deal with Banco Security to finance 33 MW of solar plants it developed under the country's increasingly popular small-scale generation regime.
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Starwood Energy Group Global has completed its acquisition of stakes in a contracted coal-fired portfolio from an Ares-EIF fund, which the buyer is financing with long-term debt from a club of lenders.
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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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A Texas-based hedge fund is seeking to arrange mezzanine capital for Panda Power Funds, mainly to refinance existing capital associated with its fleet of gas-fired combined-cycle projects in PJM Interconnection, deal watchers tell PFR.
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Developers, bankers and other market participants are talking increasingly seriously about the prospect of solar projects in Texas obtaining debt financing on the basis of power hedges, even with a potentially detrimental trade case decision looming in Washington.
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A banker who joined ING’s utilities, power and renewables team in New York as a director last summer has already left for a different role at an advisory firm in Spain.
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Empresas Públicas de Medellín has signed a $1 billion AB term loan package for its 2.4 GW Ituango hydro project in northern Colombia, in a rare example of international commercial banks joining a big-ticket deal in the country’s power sector.
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Dutch asset manager, DIF, secured C$184 million to refinance brownfield solar assets Canada last December. Natixis approached DIF with a deal consisting of short and long-term debt.
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Energy Capital Partners repriced $1.258 billion of term debt associated with its Wheelabrator Technologies waste-to-energy portfolio in December, adding a $125 million term loan C to the package and amending the change-of-control provisions in the process.
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EDP Renewables North America has closed tax equity funds for a portfolio of solar projects in South Carolina and a bundle of wind assets spread across four states.
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Greenbacker Renewable Energy is in talks with a lender and a tax equity investor to finance a solar project it acquired from Solar Frontier Americas Holding late last month.
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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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Apollo Global Management has signed a $50 million mezzanine deal for a 299 MW portfolio of under-construction wind projects in Chile.
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Spanish solar developer X-Elio (formerly Gestamp Solar) has reacquired the Midway I solar project it sold to Solar Frontier Americas Development, the U.S. subsidiary of Japan-based Solar Frontier K.K., two years ago.
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Total Eren, the French developer known until recently as Eren Renewable Energy, has reached financial close on a $167 million loan package for its 97.2 MW Vientos Los Hércules wind farm in Argentina, amid a revival of project finance in the country.
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The final version of the Republicans’ signature tax reform bill puts to rest many of the fears expressed by the renewable industry, but leaves unclear how the broader tax equity market will adapt to the new rules, writes Eli Katz, partner at Latham & Watkins in New York.
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Pan American Energy has agreed a $21.8 million export credit agency-guaranteed loan to finance the 24.15 MW Parque Eólico del Sur wind project in Argentina.
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Investec has hired Ren Plastina, who worked in project finance at CIT Bank and BNP Paribas for many years, to spearhead its cleantech and distributed generation business.
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Two banks have arranged a construction loan for Invenergy’s 132 MW Bishop Hill III wind project in Henry County, Ill.
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Starwood Energy Group Global has increased the size of a term loan B offering and tightened the pricing as it refinances a portfolio of gas-fired assets known collectively as Compass Power Generation.
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Tesla priced the latest securitization from its SolarCity subsidiary on Friday, pushing total solar asset-backed securitization volume beyond $1.5 billion in 2017 as secondary market activity gradually builds.
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FS Investments plans to shift the strategy of its $4.2 billion energy investment fund, placing greater emphasis on self-originated deals and the power and renewables sector, through a partnership with EIG Global Energy Partners.
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Conor, Clark & Lunn Infrastructure has refinanced a pair of solar projects totaling 100 MW in Ontario with two unrated private placements.
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Calpine Corp. has tapped a series of corporate senior secured bonds maturing in 2026 for an additional $560 million as part of a $1.55 billion refinancing of debt associated with an almost 4.4 GW portfolio of gas-fired projects.
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Vistra Energy, the Texas utility that is buying Dynegy, is the latest power sector borrower to launch a repricing of its term loans, with an almost $2.8 billion deal.
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Investors are eager for a slice of Tesla’s latest solar asset-backed securitization from its SolarCity subsidiary, say industry sources, but solar ABS volume could remain limited in 2018 unless the challenge of securitizing commercial and industrial-scale solar assets can be cracked.
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Calpine Corp. is tapping a series of corporate senior secured bonds maturing in 2026 for an additional $550 million as part of a $1.55 billion refinancing of debt associated with an almost 4.4 GW portfolio of gas-fired projects.
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Starwood Energy Group Global has launched a term loan B package to refinance its Marcus Hook combined-cycle gas-fired project in Pennsylvania and two peakers in Massachusetts it bought from Dynegy earlier this year.
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A sponsor has placed a private placement entirely with Allianz Global Investors to refinance a vintage wind project in Washington state.
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Calpine Corp. was set to reprice three senior secured term loan Bs totaling $2.6 billion on Friday.
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Competition among rating agencies to provide credit ratings for back-levered renewable project finance deals is heating up, with Fitch Ratings and Moody's Investors Service both said to have assigned their first ratings to such deals.
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Independent power producer Central Puerto has agreed $105 million of loans for a 99 MW wind farm and transmission line in the province of Buenos Aires, in the latest round of international investment to pour into Argentina’s power sector.
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Boralex has sealed a $53.3 million debt package to finance a 15 MW wind project in British Columbia.
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Zuma Energía opted for development-bank only loans for its recent Mexican solar project financings to save time and money, says the company’s ceo, Adrián Katzew, who adds that innovative structures are required for commercial banks to participate in the market.
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Solar and wind power producer sPower has priced a $421 million private placement secured on roughly half of its operational fleet, say deal watchers.
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Zuma Energía sealed $291 million of loans with Mexican development banks for two solar projects totaling 283 MW in September, about one-and-a-half months after the sponsor inked the first project finance deal to emerge from Mexico’s post-reform power auctions.
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Pattern Development’s debt financing for its Henvey Inlet wind project in Ontario comprises a fixed-income bond tranche alongside a commercial bank loan, say deal watchers.
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KeyBanc Capital Markets has signed a construction loan and letter of credit facility for Recurrent Energy’s 20 MW Gaskell West 1 solar project in California.
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Talen Energy Supply launched a $400 million refinancing on Tuesday in a wobbly high yield bond market that has recently seen three energy sector issuances pulled, including one from NRG Energy.
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The Inter-American Development Bank is evaluating a possible 1 billion peso ($52 million) warehousing loan to finance a portfolio of small-scale solar projects in Mexico with a view to supporting a subsequent securitization in the local capital markets, a model the development bank has used for previous projects.
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While there was disappointment in some markets as Senate Republicans proposed delaying a planned corporate tax cut from 2018 to 2019, the wind industry lobby was delighted with their move to keep the existing production tax credit unchanged.
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Intesa Sanpaolo has hired a former director in project finance at WestLB as a senior structured finance banker in New York.
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As developers round up loans to finance Mexican renewables projects in the wake of two aggressively-bid power auctions, the government continues to tinker with market design amid sweeping reforms that could see power purchase prices drop even lower.
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National Australia Bank has hired a banker who recently left a European institution in New York, bringing the Australian bank’s U.S. project finance headcount to six.
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BayernLB has hired a senior director in structured finance who worked at a rival bank in New York until recently.
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Exelon Corp.’s competitive generation subsidiary in Texas, ExGen Texas Power, has filed for Chapter 11 bankruptcy protection as it enters into a restructuring procedure.
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Tesla priced an asset-backed securitization offering backed by solar lease and power purchase agreements originated by its SolarCity subsidiary on Nov. 3, selling the bonds at the tight end of price guidance.
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East West Bank has hired a banker from MUFG to replace a first vice president who left in April.
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Starwood Energy Group Global has inked construction and term loans and a tax equity deal for a wind project with a non-utility power purchase agreement.
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Two fossil fuel-fired generators repriced loans and TerraForm Power set out to refinance its debt this week amid borrower-friendly conditions in the leveraged finance market.
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BBVA is shuffling several senior bankers within its global project finance team after its global head of energy project finance departed to take up a role at ING Capital in New York.
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A developer is aiming to close debt financing for a 1 GW quasi-merchant gas-fired project in Michigan in the first quarter of next year.
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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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Greenwind has signed $104 million in debt for its 100 MW Corti Wind Farm in Argentina, which the lenders say has the longest tenor of any project finance deal to emerge from the country’s RenovAr program and is the first to involve international banks.
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MUFG's Matt Odette, director in project finance, and Frederick Echeverria, executive director on the private placement desk, discuss the trend toward financing projects in the bond market in the second part of this exclusive interview.
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Two developers recently signed loans totaling more than $350 million to finance U.S. residential solar portfolios.
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Panda Power Funds has brought another bank on as a coordinating lead arranger for the debt financing for its Mattawoman gas-fired project in Maryland.
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Deutsche Bank is looking to make a big push in lending, says its head of originations for U.S. infrastructure and energy.
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Brazilian regional development lender Banco do Nordest has agreed to finance 482 MW of renewable projects in the country, at a time when asset managers are once again bullish on real-denominated assets.
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Moody’s Investors Service has upgraded senior secured bonds issued by two Berkshire Hathaway solar projects in California, after Fitch Ratings did the same this summer.
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Hot on the heels of a tightly-priced asset-backed securitization from Mosaic, Tesla-owned SolarCity is readying its second ABS issuance this year.
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A battery storage developer has obtained a construction-to-term loan from a Brookfield Asset Management subsidiary for a project in Ontario.
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Matt Odette, director in project finance, and Frederick Echeverria, executive director on the private placement desk, discussed the trend toward financing projects in the bond market with Richard Metcalf, editor of PFR, in this exclusive interview.
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Sponsors are increasingly sourcing project debt in the capital markets rather than from banks, according to data from Dealogic, which is good news for financial institutions with private placement desks.
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Private equity-owned solar developer X-Elio has requested proposals for debt financing for $128.6 million of projects in Mexico with maturities ranging from 16 to 20 years.
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True Green Capital Management aims to acquire and finance a portfolio of commercial and industrial-scale solar projects with about $700 million of tax equity and debt, having closed its third discretionary fund earlier this year.
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S&P Global Ratings has raised its rating of TerraForm Power’s bonds by three notches following the replacement of SunEdison by Brookfield Asset Management as the yield company’s sponsor.
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D.E. Shaw and Torch Clean Energy have sealed construction and tax equity financing for an Arizona solar project.
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The International Finance Corporation is considering providing a $200 million-equivalent loan to the 1.5 GW Porto de Sergipe LNG-to-power project in Brazil, as the expected funding deadline for Latin America’s largest thermal facility draws closer.
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Bids from investors are due on Oct. 16 for a $305 million private placement refinancing of a Brookfield Renewable Energy Partners hydro portfolio located mostly in New York state.
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Atlantic Power Corp. repriced its term loan B for the second time this year, following an upgrade from Moody’s Investors Service.
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The renewables subsidiary of Enel has sold a majority stake in 1.7 GW of operational and under-construction wind and solar projects in Mexico and plans to raise about $900 million of project finance to bring the entire portfolio online.
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Policymakers in Europe are considering tinkering with regulatory capital rules to allow banks to hold less capital against “green” assets, such as renewable project finance loans.
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An infrastructure, power and utilities banker who worked at Scotiabank for 10 years has left the firm to take up a role in acquisition finance at a rival institution in New York.
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LS Power wrapped a mini-perm on Friday to finance part of its acquisition of a bundle of merchant generation assets, called Aspen Generating, from FirstEnergy.
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Norway’s Statoil, whose forays into renewables have previously been limited to offshore wind, has made its first move into solar by agreeing to enter into a joint venture with compatriot Scatec Solar to build and run solar projects in Brazil.
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Dividend Solar priced its first solar ABS transaction at the end of last week, as market chatter around the asset class increases on the back of rumors of more issuance during last month’s ABS East industry conference.
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The U.S. International Trade Commission sent shockwaves through the solar industry when it found injury to the domestic crystalline silicon solar cell industry, based on a petition bought by bankrupt manufacturers Suniva and SolarWorld, on Sept. 22.
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Project sponsors have submitted more than 200 proposals in response to requests for proposals being run by a New York utility company and state agency.
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Bolivia’s senate has approved €66 million ($78 million) of financing from French development lender Agence Française de Développement to part fund 45 MW of wind farms in the country.
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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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A senior structured finance banker has departed the New York office of Industrial and Commercial Bank of China.
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Sponsors have registered more than 2,700 projects totaling 77 GW to participate in Brazil's latest power auction, with a large bias toward renewables.
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The U.S. Federal Energy Regulatory Commission has granted a waiver to the developer of a lateral natural gas pipeline that will serve a Competitive Power Ventures gas-fired project, overriding the New York State Department for Environmental Conservation (DEC).
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Cheniere Energy Partners LP Holdings priced a $1.5 billion high yield bond on Sept. 12 to partially refinance term loans the company signed in February 2016.
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Details around the second round of financing for the Cerro Dominador solar project in Chile’s Atacama Desert are beginning to firm up, with the borrower seeking to raise between $700 million and $800 million from banks, says a person close to the talks.
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The project financing for the Norte III combined-cycle gas-fired project in Ciudad Juárez, Mexico, includes a five-year mini-perm, PFR has learned.
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A group of sponsors is aiming to close a $736 million debt financing for a contracted LNG-to-power project in Panama by the end of the month.
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Silicon Ranch Corp. is preparing to finance a series of four solar projects in Georgia totaling 200 MW after securing power purchase agreements in the summer.
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Panda Power Funds is revising the structure of a financing for a greenfield gas-fired project in Maryland that has attracted interest from South Korean investors.
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Spain’s Abengoa has completed the sale of its 907 MW Norte III combined-cycle gas-fired project in Mexico to Macquarie Capital and Techint Engineering & Construction in a deal that analysts say will have a $33 million net positive effect on the seller’s balance sheet.
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Competitive Power Ventures plans to bring its 720 MW Valley Energy Center gas-fired project online using its back-up fuel, oil, after the New York Department of Environmental Conservation denied a water certificate to a pipeline project that is intended to supply the facility with natural gas.
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A South Korean financial institution is looking to provide acquisition financing for coal-fired generation in the U.S., a banker in Seoul tells PFR.
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Part of the $1.4 billion Cerro Dominador solar project in Chile’s Atacama Desert came online this week, providing its first 62 MW to the national grid, as the project's owner prepares to close a second round of financing.
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Solar project sponsors working in Texas are looking to replicate the hedged financing structure that has already been successfully applied to wind projects, deal watchers tell PFR.
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A solar analytics firm called kWh Analytics is marketing a production hedge product that it claims will allow sponsors to raise more debt on contracted solar projects in the U.S.
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Argentina has kick-started its latest tender for renewable project contracts with a tax incentive for renewables companies
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A private equity portfolio company offered term loan B investors a discount to tempt them into a repricing transaction that was priced at the wide end of initial guidance last week.
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Tyr Energy is seeking to wrap project financing for a 1 GW gas-fired project in Pennsylvania, having brought Asian investors on board on both the debt and equity side.
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Sojitz Corp. has continued its Latin American renewables push by snapping up a stake in a 290 MW solar project in Mexico, which Sojitz says is the first such move by a Japanese company.
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Siemens Financial Services has hired a director in equity, debt and structured finance, who was most recently involved in project finance at GE Energy Financial Services.
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A joint venture closed a $410 million debt financing for a three-project wind portfolio in Chile with a club of banks on Aug. 8.
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MUFG and Santander were the only commercial banks to participate in three project finance loans that recently closed for wind and solar projects in Mexico, among a host of development banks.
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A joint venture is set to close a roughly $450 million debt financing for a three-project wind portfolio in Chile with a club of banks this week.
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A Santiago-based project finance banker has left Santander to take up a position at the Inter-American Investment Corp.
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Atlantic Power Corp. could seek to reprice its term loan B “as early as October” if interest rates remain low, the company’s ceo said during its second-quarter earnings call on Aug. 4.
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Invenergy has refinanced its operational 70 MW Campo Palomas wind project in Uruguay with a $135.8 million private placement.
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Spain’s Grenergy Renovables has entered the Argentine wind market with an agreement to acquire the 24 MW Kosten wind farm in Patagonia, which is in the process of being financed.
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A regional bank has hired a renewable finance specialist from a rival as it looks to begin providing project finance, primarily to solar developers.
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LS Power Development has signed a loan package with eight banks to finance its acquisition of two gas-fired peakers in PJM Interconnection from Dynegy.
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MUFG retained its number one spot in the North American power project finance mandated lead arranger league table for the first half of 2017, as gas-fired deals attracted institutional capital, while wind financing hit a lull.
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Morgan Stanley has repaid debt associated with a gas-fired project it recently acquired in PJM Interconnection as it seeks to make the asset produce a dependable yield.
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Moody’s Investors Service has assigned a rating to a $6.3 billion debtor-in-possession facility for Energy Future Holdings, amid a tussle over who will own its main asset—Oncor Electric Delivery Co.—should it emerge from bankruptcy.
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In June, officials from KeyBanc Capital Markets, Prudential Capital Group, Voya Investment Management and BlackRock discussed the latest trends U.S. renewable project finance with PFR.
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An international consortium of sponsors has lined up a $73.31 million debt financing, partly insured by one of Japan's two export credit agencies, for a merchant solar project in Chile.
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Alterra Power has secured additional debt under an existing loan from AMP Capital Investors to help finance a hedged wind project in Texas.
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An independent power producer has assembled a club of banks to arrange acquisition financing for a pair of gas-fired peakers it is buying in PJM Interconnection.
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Moody’s Investors Service has downgraded approximately $1.05 billion of debt associated with a 945 MW partially-contracted coal-fired project in Texas from B2 to B3.
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Fisterra Energy closed financing totaling $620 million for its 875 MW Tierra Mojada gas-fired project plant in Mexico on Friday, with a club of banks providing a term loan and letters of credit.
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AES Corp. priced a $1.5 billion private placement, to partially finance its AES Southland portfolio of gas-fired and battery storage assets in California, last week.
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Spruce Finance, which finances residential solar and energy efficiency projects in the U.S., sold a $250 million loan portfolio to an undisclosed North American bank on June 21.
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Électricité de France received the lion’s share of R$1.037 billion ($311 million) of wind project financing recently announced by Brazil’s National Bank of Economic and Social Development (BNDES), as the company continues its push into Brazilian renewables.
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The Carlyle Group has sealed acquisition financing for a trio of gas-fired peakers in Illinois that the firm is buying from Rockland Capital.
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Brookfield Renewables wrapped a private placement last week to refinance a merchant hydro portfolio in New England.
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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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Moody’s Investors Service has raised the credit rating of a gas-fired peaker in Illinois by one notch in the wake of the recent PJM Interconnection capacity auction.
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JP Morgan has hired a former Natixis project finance banker as a v.p. in its infrastructure finance and advisory team in New York.
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Term sheets for tax equity deals have evolved this year to mitigate the risk of corporate tax cuts, unblocking the deal pipeline, especially in solar. And the changes are here to stay for the foreseeable future, say deal watchers.
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Argentina’s Genneia has signed two electricity supply contracts for its 220 MW Madryn wind farm in the country’s south, which is due to begin commercial operations in 2019.
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Vivint Solar has obtained $100 million in tax equity commitments for a 70 MW portfolio of residential solar projects.
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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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Enel Green Power North America has secured a tax equity investment from two banks for a 300 MW wind project in Missouri, the sponsor’s first such facility in the state.
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Alterra Power Corp. has signed a hedge agreement for a 200 MW Texas wind project and plans to close on the financing in the next few weeks.
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Three banks are leading on a roughly $2.2 billion debt package for a portfolio of gas-fired and battery storage projects that AES Corp. is developing in California.
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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 results of the latest PJM Interconnection capacity auction, announced on May 23, could lead to more conservative lending terms for new-build gas-fired facilities in some regions.
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LS Power increased the size of the bank loan for a more-than-3 GW quasi-merchant gas-fired portfolio known as Gridiron Generating in response to strong demand, PFR has learned.
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Moody’s Investors Service has lowered the credit rating of Lonestar Generation, a Blackstone portfolio company that owns a group of merchant gas-fired projects in Texas, but says that sales into Mexico are beginning to buoy the company’s finances.
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NRG Energy placed a $407 million private placement with a group of investors led by a large U.S. insurer as part of the financing for its Carlsbad Energy Center in California, PFR has learned.
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Renewable project sponsors and tax equity investors are beginning to come to terms despite uncertainty over tax reform, allowing financings to trickle through.
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LS Power has closed a hybrid bank and institutional debt financing for a more-than-3 GW portfolio of merchant and gas-fired projects and sold the assets to a new group of institutional investors.
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The Carlyle Group has assigned lead arrangers for a debt financing backing its acquisition of a portfolio of gas-fired peakers from Rockland Capital.
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Cheniere Energy has priced a $1.5 billion high yield bond to refinance debt associated with its Corpus Christi LNG facility in San Patricio County, Texas.
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Morgan Stanley is marketing a portfolio of wind assets in Montana and Alberta, a person familiar with the process has confirmed.
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Ares-EIF has hired two investment banks to run a sale process for an under-construction gas-fired project in PJM Interconnection, deal watchers tell PFR.
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A banker who joined Morgan Stanley two years ago to build up the energy and power finance offering within its commodities group has left the bank to take up a new role at Whitehall & Co.
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Fitch Ratings has revised the criteria it uses to assess renewable projects, which could lead to upgrades for several solar project financings.
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Spain’s Acciona has signed a €100 million 'green loan' with BBVA to part-finance its solar and wind projects in Chile.
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Merchant coal-fired plants in PJM Interconnection are facing elevated refinancing risk as $3 billion of debt approaches its due date, according to a report issued by Moody’s Investors Service.
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As uncertainty around tax reform in the U.S. contributed to a slowdown in renewables financings in the first quarter of the year, the busiest banks were those with an appetite for quasi-merchant gas-fired deals.
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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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The Carlyle Group has hired Morgan Stanley to lead a refinancing of a term loan B secured by a portfolio of gas-fired, oil-fired and hydro projects that the private equity firm acquired last year.
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Houston-based residential solar finance company Sunnova priced a debut asset-backed securitization this week, putting the issuance volume of solar ABS year to date higher than in the entirety of 2016.
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Harbert Management Corp. refinanced a dual-fuel simple-cycle plant in Alabama toward the end of a slow first quarter for contracted projects, PFR has learned.
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Moody’s Investors Service has placed the debt associated with a contracted gas-fired cogeneration plant in California on review for downgrade, citing renewable development and hydrology levels in the region.
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Argentina has set itself an ambitious goal for renewables to make up about half of the country's generation capacity within 10 years, but large funding challenges lie ahead if this is to become a reality.
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Chris Gerlach, who oversaw structured finance at solar thermal sponsor SolarReserve until Friday, has traded one form of energy storage for another by moving to Energy Asset Development, whose subsidiaries develop battery and microgrid technologies.
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Acciona Energía México has assembled a club of three development banks and a commercial lender to finance construction of a solar project with a long-term loan.
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Fitch Ratings has lowered the outlook on bonds issued by an Acciona wind farm in Mexico from positive to stable, citing the project’s exposure to "cost uncertainty" coupled with an increasing debt service profile.
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Panda Power Funds’ Temple I combined-cycle project in Texas looked set to default on its term loan after a three day grace period expired following the project’s failure to make a coupon payment that was due on March 31.
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A merchant bank and a boutique investment bank, each led by an experienced financier, have joined forces to form a new advisory firm focusing on natural resources, energy, power and utility infrastructure.
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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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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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Panda Power Funds is running out of time to refinance its Temple I combined-cycle project, which is in a grace period, having failed to make a coupon payment that was due on March 31.
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The debt financing that closed this week for Competitive Power Ventures' 1,050 MW Fairview gas-fired project in Jackson Township, Pa., combined loans from commercial banks, South Korean institutions and three international investors.
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Owners of gas-fired projects joined a general stampede to the term loan B market for repricings in the first quarter of the year, in a trend that is likely to continue as long as inflows of capital outweigh borrower demand for new debt.
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Atlantic Power Corp. has held a lender meeting with a view to repricing a term loan B it originally issued about a year ago, during a more turbulent time in the market.
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The financing package backing the acquisition of a gas-fired project in Mexico has been launched into syndication, says a banker that has seen the syndication invitation.
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Spanish utility Iberdrola is on the cusp of officially mandating banks to finance the construction of the Topolobampo III gas-fired plant in Sinaloa, Mexico, two bankers tell PFR.
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The debt financing for Competitive Power Ventures' 1,050 MW Fairview gas-fired combined-cycle project in Jackson Township, Pa., included a fixed-rate tranche provided by three international institutional investors, PFR has learned.
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Hannon Armstrong has issued an $84 million green debt private placement to finance solar and energy efficiency projects in an offering arranged by BlackRock.
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Three sponsors have closed a $700 million debt financing for a merchant gas-fired project in Pennsylvania.
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Sunnova Energy Corp. has mandated a bank to arrange a debt financing of upwards of $100 million for a 55 MW portfolio of residential solar instillations.
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Latin America-focused project finance bankers are readying themselves for the outcome of the bidding period for trunk transmission lines in Chile in April, with a huge response expected from sponsors.
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A regional bank seeking to establish itself as a major player in power project finance has bolstered its team with the addition of a former senior Natixis financier.
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ArcLight Capital Partners is amending and extending a term loan B it secured last year to refinance a 5 GW portfolio of gas-fired merchant projects it had acquired from Tenaska Capital Management the year before.
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Blackstone and ArcLight Capital Partners have completed the repricing of a term loan B to finance their joint acquisition of a 5.3 GW portfolio of generation assets from American Electric Power.
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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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Argentina is planning a round of energy auctions this year, the country's energy minister said days after the World Bank approved a $480 million guarantee to promote private investment in the country’s renewable sector.
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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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The Blackstone Group and ArcLight Capital Partners initiated a repricing of a term loan B on Friday, just three months after the deal was originally sealed, as they seek to take advantage of improved market conditions for issuers.
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Bankers are blaming a slow start to the year in U.S. renewables project finance on uncertainty around corporate tax reform, but activity could pick up once developers get their heads around the risks.
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The Carlyle Group has partly refinanced a 1,066 MW portfolio of gas-fired plants in Georgia, having removed two assets from the collateral package, with implications for a series of bonds related to the portfolio.
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ExGen Texas Power, a subsidiary of Exelon Corp. that owns 3,477 MW of gas-fired generation in Texas, has hired a restructuring adviser amid tough conditions in the ERCOT market.
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Canadian Solar has received $20 million of unsecured funding from the China and Portuguese-speaking Countries Co-operation and Development Fund (CPDFund) to fund the construction of renewable projects in Brazil, including its Pirapora I solar project in Minas Gerais.
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LS Power refinanced two peakers in Illinois in early February, PFR has learned. Like other recently signed loans backing gas-fired projects in PJM Interconnection, the deal attracted interest from South Korean investors.
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LS Power has increased the size of a term loan B financing its acquisition of a portfolio of assets from TransCanada and tightened the pricing on the deal, which has attracted a lot of interest from investors.
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A managing director who was at Highstar Capital for 12 years left the firm in January, PFR has learned.
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Pattern Energy has closed a C$263 million ($196 million) debt financing for a 147 MW wind project in Québec.
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TerraForm Power has raised an additional C$114 million ($86 million) of project-level debt secured on its 60 MW utility-scale solar portfolio in Ontario.
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Cheniere Energy priced a $1.35 billion of debt for its Sabine Pass LNG liquefaction project in Louisiana in the public bond market on Feb. 28 after closing an $800 million private placement for the same project the previous week.
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Duke Energy Renewables closed a privately placed debt financing for a roughly 700 MW portfolio of operational wind projects in Texas and Oklahoma in January, PFR has learned.
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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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NextEra Energy needs to find about $20 billion in 2017 to finance its project pipeline and its acquisition of Oncor Electric Delivery Co., and is likely to tap a variety of sources, according to a report from Moody’s Investors Service.
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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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Iberdrola is buying the remaining 50% of two wind project portfolios in Brazil that it does not already own from Neoenergia for about €98 million ($103 million).
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Cheniere Energy has priced the $1.35 billion senior secured note offering it announced yesterday, completing the refinancing of loans obtained in 2015 for its Sabine Pass project in Louisiana.
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Cheniere Energy is hunting for $1.35 billion of debt for its Sabine Pass LNG liquefaction project in Louisiana in the public bond market after closing an $800 million private placement for the same project on Friday.
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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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Chilean utility Transelec surprised project finance bankers this week when it awarded a roughly $93 million transmission project to a consortium that includes Spain’s Abengoa, which is in the midst of a debt restructuring process.
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The controversial 11 GW Belo Monte hydro project in Brazil’s Amazonian state of Pará has received an $826 million-equivalent financing to build the first of two transmission lines to siphon generation to the country’s South East.
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LS Power has mandated Credit Suisse to arrange financing for its acquisition of a 3.9 GW mostly gas-fired portfolio from TransCanada.
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Boralex has closed a $33.4 million debt financing for a 10 MW wind farm in Ontario.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for Americas LNG Project Finance Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for Latin America Project Finance Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America Conventional Power Project Finance Deal of the Year.
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PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America Renewable Project Finance Deal of the Year.
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Following a competitive nomination process and careful deliberation, PFR can now reveal the finalists for its 14th Annual Deal of the Year Awards.
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Pattern Energy Group, the yield company of Pattern Development, is cautiously considering taking a stake in its sponsor’s development-stage projects, according to an analyst report.
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Moody’s Investors Service has cited "uneasy" trade relations between Mexico and the U.S. as a risk for a private equity-backed independent power producer in Texas that sells generation across the border.
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Allianz Global Investors has sealed its second U.S. renewables debt investment—a back-leveraged private placement to refinance a D.E. Shaw Renewable Investments-owned wind project in Oklahoma.
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Ares-EIF closed a debt financing backing a 450 MW gas-fired project in Berks County, Pa., on Friday.
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Morgan Stanley has priced a $150 million exit facility as part of Homer City Generation’s pre-packaged restructuring following the coal-fired plant owner’s Chapter 11 filing in January.
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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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Moody’s Investors Service has downgraded loans associated with a pair of coal-fired facilities in PJM Interconnection amid tough competition from gas-fired projects.
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MidAmerican Energy joined the growing ranks of U.S. utility companies that have issued green bonds with an $850 million dual-tranche offering on Monday.
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The most frequently asked questions regarding nominations for our Deal of the Year Awards.
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SolarCity has announced a $145 million asset backed securitization, bringing deal flow in the year to date to two offerings and putting the first month of the year on par with activity in all of 2016.
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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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Project finance bankers will be watching carefully this year to see how President Trump’s administration will handle issues affecting the power industry, but other topics such as the rise of the non-traditional power purchase agreement and the availability of new pools of capital are also on their radars.
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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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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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Budding solar independent power producer Silicon Ranch Corp. has closed a $55 million equity raise from its existing investor group, led by Partners Group.
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Homer City Generation, a GE Capital subsidiary that owns a 1,884 MW three-unit coal-fired plant in Indiana County, Pa., filed for a pre-packaged restructuring under Chapter 11 on Jan. 11.
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Bank of America Merrill Lynch has arranged a $204 million institutional term loan to refinance a 214 MW residential solar portfolio for Vivint Solar.
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GE Capital's Homer City coal-fired project in Indiana County, Pa., has filed for a pre-packaged restructuring under Chapter 11, as expected.
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Jefferies has strengthened its leveraged finance team with the addition of a pair of bankers who worked together at Lehman Brothers and Barclays for many years.
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Alterra Power Corp. is in the process of negotiating a power hedge for a 200 MW wind project in Texas that it plans to finance this year.
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The three sponsors behind an offshore LNG regasification terminal and a linked gas-fired combined-cycle project in Chile, collectively known as Octopus LNG, have closed an $850 million debt financing for the projects, more than three years after initially hiring financial advisers.
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The roughly $1 billion debt financing for Invenergy’s 1,485 MW Lackawanna Energy Center gas-fired project in Pennsylvania includes fixed- and floating-rate commercial bank loans as well as a privately placed bond, according to deal watchers.
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SolarCity has raised $241 million for a distributed solar portfolio with its third levered cash equity transaction.
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French sponsor Akuo Energy has sealed financing for its 150 MW Rocksprings wind project in Texas, including bridge loans, third-party equity and tax equity.
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TerraForm Global has released its delayed 2015 annual financial report, revealing a net loss of $371 million and project-level defaults as it works with its sponsor SunEdison to find a buyer.
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Allianz Global Investors, the investment management arm of German insurer Allianz, has completed its first project-level debt investment in the U.S. renewables sector—a more than $400 million private placement for a BHE Renewables wind project in Nebraska.
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PFR has learned the identity of the corporation that will purchase 100 MW from Akuo Energy’s recently financed 150 MW Rocksprings wind project in Texas.
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French sponsor Akuo Energy has sealed financing for its 150 MW Rocksprings wind project in Texas, including bridge loans, third-party equity and tax equity.
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A gas-fired combined-cycle project in California that is majority-owned by EIG Global Partners has filed for bankruptcy.
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The pricing on a term loan B to finance The Blackstone Group and ArcLight Capital Partners’ joint acquisition of a 5.3 GW portfolio of coal- and gas-fired assets has flexed up.
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An $823 million debt financing backing Engie and Red Eléctrica de España’s Transmisora Eléctrica del Norte transmission line in Chile closed on Dec. 7 with the participation of an institutional investor.
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Cheniere Energy has priced its fifth project-level bond offering of the year, this time refinancing $1.5 billion of bank debt at its Corpus Christi LNG export terminal in the high yield market.
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An institutional investor has joined the $823 million debt financing backing Engie and Red Eléctrica’s Transmisora Eléctrica del Norte transmission line in Chile that is expected to close imminently.
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A joint venture between The Blackstone Group and ArcLight Capital Partners has launched a term loan B to finance its acquisition of a four-project portfolio of coal and gas-fired facilities.
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NextEra Energy Resources has closed a $270 million debt financing for two adjacent, operational solar projects totaling 235 MW in California, one of which has an offtake agreement with Kaiser Permanente.
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Pricing details have emerged on a term loan B that will finance Blackstone Group and ArcLight Capital Partners’ joint acquisition of a conventional generation portfolio from First Reserve.
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Ormat Nevada and Northleaf Capital Partners have closed a $92.5 million private placement refinancing for a 20 MW geothermal project they co-own in Nevada.
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A joint venture between Blackstone Group and ArcLight Capital Partners plans to launch a term loan B this week to finance its acquisition of a four-project portfolio of coal and gas-fired facilities.
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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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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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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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Mike Garland, ceo of Pattern Development and president and ceo of its yield company, Pattern Energy Group (PEGI), discusses the latest trends in project finance and gives his view on the state of yieldco equities.
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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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A joint venture between Howard Energy Partners and Grupo Clisa has sealed a $353.3 million mini-perm debt financing for a U.S.-Mexican gas pipeline project.
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Mike Garland, ceo of Pattern Development and president and ceo of its yield company, Pattern Energy Group (PEGI), gives his view on trends in the availability and pricing of power purchase agreements, the competitiveness of offshore wind and the latest developments in the tax equity market in the first part of this exclusive interview with Richard Metcalf, editor of PFR.
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A consortium of South Korean investors have taken a $200 million ticket in a senior secured loan backing Starwood Energy Group Global’s acquisition of two merchant gas-fired units totaling 840 MW, as Asian institutions look to increase their exposure to U.S. generation.
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A private equity executive who was head of EQT Partners’ U.S. infrastructure business has landed at the New York office of London-based Actis.
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Mainstream Renewable Power has hired a former investment banker and investor to head its new financing and investment division.
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Enercon Canada has closed a C$825.5 million ($621.4 million) project financing for a 230 MW wind project in Ontario.
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Macquarie Capital has launched a term loan B to finance the acquisition of an approximately 1.5 GW portfolio of contracted gas-fired projects by a three-way joint venture from First Reserve, deal watchers tells PFR.
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Pattern Development is in talks with lenders regarding a possible turbine loan, which would be the developer’s first, after deal watchers predicted that this kind of financing could make a come-back.
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Moody’s Investors Service has downgraded $410 million of senior debt secured on a 2 GW portfolio of gas-fired projects owned by Invenergy, citing “substantial financial underperformance”.
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There was little movement in the North American power project finance league table in the third quarter of the year, which was quieter than the same period in 2015. However, Crédit Agricole rose up the ranks, buoyed by its role in a $283 million wind project deal in July.
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The Carlyle Group’s Essential Power has renegotiated the terms of its senior secured debt, including an extension of its revolving credit facility. However, one of the revolver lenders has dropped out of the deal, according to a report by Moody’s Investors Service.
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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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Akuo Energy has closed financing for its first wind project in the U.S. The deal includes equity from John Laing, a construction loan from BayernLB and tax equity from GE Energy Financial Services.
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NextEra Energy Resources has requested permission for two wind tax equity deals involving four investors.
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A subsidiary of Algonquin Power & Utilities is planning to acquire a solar project in Nevada from Invenergy. U.S. Bank is investing tax equity in the project.
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sPower has closed a tax equity and back leverage financing for a portfolio of nine solar projects totaling 270 MW in Lancaster, Calif.
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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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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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Lincoln Clean Energy has secured bank loans and tax equity commitments for a 253 MW wind project in Scurry County, Texas, that has a power purchase agreement with Amazon.
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BNP Paribas Capstar Partners U.S. has begun to deploy its own capital in renewable tax equity transactions, following a corporate restructuring of its parent company's U.S. operations.
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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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Cheniere Energy raised $1.5 billion in the bond market on Monday to refinance debt at its Sabine Pass LNG liquefaction project in Louisiana, after S&P Global Ratings raised the project’s rating to investment grade.
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The chairmen of the U.S. Senate Committee on Finance and House Committee on Ways and Means have embarked on a fact-finding mission into how incentives for solar projects have been applied.
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Several New York-based structured and project finance bankers have left BBVA as a result of a shake-up of the Spanish bank’s corporate and investment banking division in the U.S.
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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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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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Invenergy has selected arrangers for a debt package backing the 1.5 GW Lackawanna combined-cycle gas fired project in Jessup, Pa.
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Pacific Mercantile Bank has appointed an experienced project finance banker to lead a new renewables financing group that will initially focus on small and medium-sized solar projects in the U.S.
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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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Wind projects dominated the highly competitive Chilean power auction, the results of which were announced on Wednesday. Despite being intermittent resources, many of the wind projects won 24-hour blocks in the auction, prompting deal watchers to question how they will be financed.
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In an unexpected move, Enel Green Power has made inquiries with banks about providing project finance for three solar projects which won contracts in the Mexico power auction earlier this year.
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Citigroup, Morgan Stanley and Jefferies climbed the North American power project finance loan rankings in the second quarter of the year, after the term loan B market re-opened for gas-fired project refinancings.
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SolarCity raised $345 million in tax equity from four investors in June and July, and has increased the size of its aggregation facility with commitments from two additional lenders.
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U.S. Bank is acquiring a minority tax equity stake in a U.S. wind project owned by Enel Green Power North America from MUFG.
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SunEdison is continuing what many deal watchers are describing as a "fire sale" of its assets, in an auction run by adviser Rothschild.
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A sponsor is planning to launch a local project bond for a wind facility in Uruguay once it comes online next year, to take out commercial bank debt that was put in place in February.
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NextEra Energy Partners has acquired two operational wind projects totaling 285 MW, one of which has two corporate offtakers, from its parent company, NextEra Energy Resources.
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Pattern Energy has agreed to acquire the 324 MW Broadview wind project in Curry County, N.M., from Pattern Development, marking the yield company’s first dropdown acquisition since August.
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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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Crédit Agricole has hired a former corporate finance executive at a public utility as managing director in its structured finance advisory group in New York.
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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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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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Macquarie’s corporate and asset finance group has requested permission to offload its tax equity exposure in a number of U.S. wind projects to funds managed by a subsidiary of a Texas-based private equity firm.
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Vivint Solar has obtained a $75 million tax equity commitment from an investor it has not previously worked with, in a market which has become less hectic in response to the tax credit extension at the end of last year.
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Power Finance & Risk announced the winners of its 13th Annual Deals and Firms of the Year Awards at the PFR Awards Dinner at the Metropolitan Club in New York on Wednesday, April 18. Read the full list of winners here.
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Allianz Risk Transfer, with the help of several partners, has created a novel hedge product to protect wind projects against the risks of intermittent wind resources, which deal watchers say could have a major impact on the market.
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The votes are in, and Power Finance & Risk can now reveal the nominees for the Deals and Firms of the Year Awards.
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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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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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