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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