Tuesday, 20 November 2018
Moody’s has placed Ares Management’s Panoche Energy Center on review for downgrade based on its offtaker PG&E’s possible multi-notch downgrade. Moody’s downgraded PG&E to Baa2 and placed the company on review for further downgrade last week based on “material exposure to new potential liabilities” related to California wildfires and uncertainty about how the fire-related liabilities will be recovered. Panoche is an operating 400MW gas-fired project in Fresno, California. The project’s US$236m in debt is rated Baa3.
Political uncertainty made for a quiet year in many parts of the world, though a steady flow of renewables deals, and a slew of refinancings, kept lawyers busy.
The global infrastructure market is moving into new territories - both geographically and sector wise. PFI’s Global Infrastructure Report 2018 takes look at the new kids on the block and in addition, some of the legacies from the old era. The Report carries case studies on deals as diverse as German fibre optic, the Canakkale Bridge and the Los Angeles people mover scheme. In addition it carries in depth pieces on the construction woes which befell Carillion and the Canadian super hospitals.
Developments in the LNG market and the spread of increasingly cheap renewable technology are dominating the global energy market. PFI’s Global Energy Report 2018 examines the driving forces behind these and other trends through case studies of landmark deals and articles on important market shifts. The report looks at new technology such as energy storage and new funding options for renewables.
Refinitiv Project Finance International (PFI) is pleased to launch its survey of law firms in the project and infrastructure finance sector for the seventeenth year running.
The PFI Legal Survey will be published in November. To take part, please complete the survey form contained in this pdf.
News that China is fulfilling its promise as the major player in the LNG buyers’ market can only be good for project sponsors and funders. But the rise in demand is pushing new innovation in market, dividing funders from their traditional roles.
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