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Sunday, 25 February 2018

Trump

Tax reform to shake up US P3

PFI Issue 619 - February 21, 2018

Infrastructure developers are racing to find structures to offset the negative impact of tax reform. States and cities have been handed more responsibility in project development. By Alison Healey

MUFG to lead 8point3 acquisition debt

PFI Issue 619 - February 21, 2018

MUFG will lead the financing to back Capital Dynamics’ acquisition of the 8point3 Energy Partners.

Panda equity deal nears

PFI Issue 619 - February 21, 2018

Panda Power Funds has told bankers it is close to reaching an equity deal to back its Mattawoman project.

Pricing drops for gas-fired debt

PFI Issue 619 - February 21, 2018

Rockland Power Partners III is likely to wrap the debt package backing its acquisition of a portfolio of peaking assets from AES and its DPL subsidiary in March with new benchmark pricing for merchant gas-fired debt.

Sabine Pass incident follows 'long-standing safety concerns'

PFI Issue 619 - February 21, 2018

Federal regulators have ordered Cheniere Energy to shut down part of its LNG export terminal in Louisiana after multiple leaks from storage tanks were discovered in late January.

Vistra/Dynegy ordered to divest 1,281MW

PFI Issue 619 - February 21, 2018

Vistra Energy and Dynegy have been ordered by the Texas Public Utilities Commission to divest at least 1,281MW of Texas generation assets as a condition of their merger.

Arguments begin in Panda/ERCOT immunity case

PFI Issue 619 - February 21, 2018

A Texas appeals court has begun hearing the first arguments in an appeal linked to Panda Power Funds’ suit against the Electric Reliability Council of Texas (ERCOT).

Innergex completes Alterra buy

PFI Issue 619 - February 21, 2018

Innergex Renewable Energy has completed the acquisition of Alterra Power for C$1.1bn (US$878.3m) and the assumption of debt.

Enel sells minority stake in Canadian wind

PFI Issue 619 - February 21, 2018

Enel has reached agreement to sell a minority stake in two Canadian wind projects to Alberta Investment Management Corporation (AIMCo) for a price that has not yet been finalised.

Hartland closes waste P3

PFI Issue 619 - February 21, 2018

Hartland Resource Management Group (HRMG) has reached financial close and has been awarded the contract to design, build, finance, operate and maintain the Capital Regional District (CRD) residuals treatment facility. The project is located at the Hartland Landfill, in Victoria, British Columbia, Canada.

Details emerge on Michael Garron financing

PFI Issue 619 - February 21, 2018

Sumitomo Mitsui Banking Corporation, National Bank, and ATB Financial led a two-tranche bank financing to back the Michael Garron hospital redevelopment P3, awarded to a consortium led by EllisDon.

sPower closes bond refi

PFI Issue 619 - February 21, 2018

sPower, owned by AES and Canada’s Alberta Investment Management, has closed a US$421.4m bond issue that will help finance a portfolio of 565MW of wind and solar assets.

OCI Beaumont TLB launched

PFI Issue 619 - February 21, 2018

OCI Beaumont, the sponsor of an operating methanol and ammonia project on the Texas Gulf Coast, has launched a US$455m Term Loan B refinancing. The deal was upsized from an expected US$400m.

FERC grants key authorisation for offshore transmission

PFI Issue 619 - February 21, 2018

The Federal Energy Regulatory Commission (FERC) has authorised Anbaric Development Partners to move ahead with a 2GW to 2.4GW transmission network that would serve offshore wind projects off Massachusetts.

Cheniere lines up China SPAs

PFI Issue 619 - February 21, 2018

Cheniere Energy subsidiaries have entered into two liquefied natural gas sale and purchase agreements (SPAs) with China National Petroleum Corporation (CNPC).

Northern Pass replacement emerges in Massachusetts

PFI Issue 619 - February 21, 2018

Massachusetts regulators have confirmed that Central Maine Power’s New England Clean Energy Connect will take the place of the Northern Pass project as the winner of its clean energy contract if Northern Pass cannot resolve permitting problems in New Hampshire by March 27.

BluEarth acquires interest in wind farms

PFI Issue 619 - February 21, 2018

BluEarth Renewables has acquired a majority interest in two operating wind facilities in Meeker County, Minnesota totalling 39.6MW.

Corporate PPAs signed

PFI Issue 619 - February 21, 2018

A number of corporate power purchase agreements have been signed in recent weeks, with offtakers including chocolate manufacturer Nestle, distiller Brown-Forman, and wireless provider AT&T, which subscribed to a jumbo, multi-project deal.

NRG to sell yieldco ownership to GIP

PFI Issue 619 - February 21, 2018

NRG Energy (NRG) has agreed to sell its ownership in NRG Yield and its renewables platform to Global Infrastructure Partners (GIP) for cash proceeds of just under US$1.38bn.

I-69 troubles yield new law

PFI Issue 619 - February 21, 2018

The failed I-69 public-private partnership, which resulted in the state taking over the project last year, has led to the creation of House Bill 1374, a local state law, that will create a standard for future deals.

Green bonds back P3 projects

PFI Issue 619 - February 21, 2018

Ontario has issued the largest Green bond offering in Canadian history, raising US$1bn for infrastructure projects that will help reduce greenhouse gas emissions and fight climate change. The 2.65% bonds mature in 2025.

Empire Generating CCGT default looms

PFI Issue 619 - February 21, 2018

S&P has joined Moody’s in downgrading the debt on TTK Power’s 635MW Empire Generating combined-cycle project in New York. S&P cut the rating to CCC from B and Moody’s cut its rating last month to B3 from B2.

Details emerge on Corner Brook financing

PFI Issue 619 - February 21, 2018

Manulife led a long-term unrated private placement to back the Corner Brook Care Partnership long-term care project in Newfoundland and Labrador. The debt-to-equity ratio on the C$120m (US$96m) project is 91.75%.

REM train costs rise

PFI Issue 619 - February 21, 2018

The latest cost estimate on Montreal’s REM light-rail system is around C$6.3bn (US$5bn), some C$300m higher than previously expected.

Eglinton LRT getting battery storage backup

PFI Issue 619 - February 21, 2018

Ontario has partnered with Toronto Hydro to build an energy storage system that will provide back-up power to the Eglinton Crosstown light rail transit (LRT) line.

Rhode Island preps clean energy RFP

PFI Issue 619 - February 21, 2018

Rhode Island Governor Gina Raimondo has directed her energy team to work with Rhode Island’s utilities to issue a procurement for up to 400MW of clean energy.

SunPower to monetise leases

PFI Issue 619 - February 21, 2018

SunPower plans to monetise more than 400MW of leases that are held on-balance sheet, representing US$1.4bn of long-term receivables.

Connecticut ports project preps RFQ

PFI Issue 619 - February 21, 2018

The Connecticut Port Authority has selected Mott MacDonald to provide advisory services for the development and operation of its New London State Pier.

Andeavor acquires Kenai LNG

PFI Issue 619 - February 21, 2018

San Antonio-based refining company Andeavor has agreed to acquire the Kenai LNG project in Alaska from ConocoPhillips. The sale price was not disclosed.

Four respond on O'Hare express train

PFI Issue 619 - February 21, 2018

Four teams have submitted responses on Chicago Infrastructure Trust’s request for qualifications (RFQ) for an express train P3 for the O’Hare Airport.

San Francisco out with broadband RFQ

PFI Issue 619 - February 21, 2018

The Department of Technology of the City & County of San Francisco has issued a request for qualifications for the design, construction, financing, operation and maintenance of a citywide high-speed internet network under a 15-year contract.

Denver Eagle P3 may miss longstop date

PFI Issue 619 - February 21, 2018

Denver, Colorado’s Eagle rail transit line has faced extended construction delays on its G line portion, resulting in uncertainty about the project’s ability to reach substantial completion by its revenue service deadline, or long-stop date, of June 2, according to Fitch Ratings.

Taaleri plans wind financing

PFI Issue 619 - February 21, 2018

Finland’s Taaleri Energia is planning a financing package for its first wind project in the US. The company has acquired the 277MW Truscott-Gilliland East wind project in Knox County, Texas from NorthRenew Energy, representing a US$350m investment.

Three shortlisted on Alabama bridge P3

PFI Issue 619 - February 21, 2018

The Alabama Department of Transportation has shortlisted three teams in the bidding for the Mobile River Bridge and Bayway project.

FERC order aims to remove barriers for storage

PFI Issue 619 - February 21, 2018

The Federal Energy Regulatory Commission (FERC) has voted unanimously to remove barriers to the use of energy storage, ordering regional transmission organisations (RTOs) and independent system operators (ISOs) to revise their pricing.

AEP Wind Catcher deal hits roadblock

PFI Issue 619 - February 21, 2018

American Electric Power (AEP) is facing a legal setback after an administrative law judge in Oklahoma said the company failed to prove customers should pay for the US$4.5bn Wind Catcher project.