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Monday, 21 October 2019

US oil

McDermott decline has potential for widespread impact

PFI Issue 658 - October 9, 2019

Oil and gas contractor McDermott’s continuing financial struggles have the potential to impact project-financed assets globally. The market is waiting on news of a turnaround plan or restructuring. By Alison Healey.

Corporate renewables demand yields varied contract structures

PFI Issue 658 - October 9, 2019

Extremely strong corporate renewables demand has led to the signing of contracts that show the continued maturation of several contract structures that have become more widely used in the US market.

Details emerge on Freeport refi

PFI Issue 658 - October 9, 2019

Freeport LNG Liquefaction 2 has closed a US$1.26bn refinancing of Train 2 for the Texas LNG export terminal. The loan has a tenor of 7.25 years and is priced at 150bp over Libor.

ECP's Heartland Generation closes financing

PFI Issue 658 - October 9, 2019

Energy Capital Partners (ECP) has closed US$468m in financing for Heartland Generation Acquisition, a project vehicle used to acquire an 815MW portfolio of power generating assets in Western Canada.

FirstEnergy issues RFP for renewables credits

PFI Issue 658 - October 9, 2019

FirstEnergy has issued a request for proposal (RFP) to purchase solar renewable energy credits (SRECs) and renewable energy credits (RECs) for its Ohio utilities, which include Ohio Edison, The Illuminating Company and Toledo Edison.

Helios finances North Carolina solar

PFI Issue 658 - October 9, 2019

Helios Infrastructure Fund, a joint venture of Sol Systems and insurer Nationwide, has completed financing and construction of its first solar portfolio, comprising eight projects in North Carolina totalling 48.4MW.

Scout closes Texas wind finance

PFI Issue 658 - October 9, 2019

Quinbrook Infrastructure Partners’ Scout Clean Energy unit has closed construction financing and tax equity commitments on the 180MW Heart of Texas wind farm in McCulloch County, Texas.

NextEra preps project debt for Meade pipeline

PFI Issue 658 - October 9, 2019

NextEra Energy Partners (NEP) has agreed to acquire Meade Pipeline in a deal valued at approximately US$1.37bn.

US$2bn solar/data project moves forward

PFI Issue 658 - October 9, 2019

Chesterfield County, Virginia has approved a US$2bn combined data centre and solar project at a nearly 1,700-acre site designated as the Matoaca mega site.

Connecticut offshore bids in

PFI Issue 658 - October 9, 2019

Three bids have been submitted for Connecticut’s Department of Energy & Environmental Protection (DEEP) and Bureau of Energy Technology Policy procurement of up to 2GW of offshore wind.

Tri Global sells Texas wind to Silverpeak

PFI Issue 658 - October 9, 2019

Texas-based wind developer Tri Global Energy has agreed to sell the 360MW Canyon wind project to alternative investment firm Silverpeak.

GIP invests in Washington state airport

PFI Issue 658 - October 9, 2019

Global Infrastructure Partners (GIP) has made an undisclosed investment in Propeller Airports’ Paine Field passenger terminal in Everett, Washington.

NIPSCO seeks renewables capacity

PFI Issue 658 - October 9, 2019

Northern Indiana Public Service Company (NIPSCO) has issued a request for proposals (RFP) for 300MW of wind and wind-paired storage, 2.3GW of solar and solar-paired storage, and an unspecified amount of thermal and other capacity resources to satisfy the utility’s 2023 capacity needs.

Kestrel hit with downgrade

PFI Issue 658 - October 9, 2019

Weak power market fundamentals and its lacking a multi-year hedging strategy has seen Kestrel Acquisition’s US$446m Term Loan B due 2025 and US$40m revolving credit facility downgraded to B1 from Ba3 by Moody’s.

Lightsource closes portfolio finance

PFI Issue 658 - October 9, 2019

Lightsource BP has closed US$140m in financing for a 125MW, seven-project solar portfolio across the US. NatWest was lead arranger on the debt.

Buckeye launches US$1.75bn TLB

PFI Issue 658 - October 9, 2019

Pipeline operator Buckeye Partners is launching a US$1.75bn seven-year Term Loan B to support the company’s acquisition by IFM Investors.

Brookfield prices bond

PFI Issue 658 - October 9, 2019

Brookfield Infrastructure has priced a C$500m (US$375m) offering of medium-term notes due 2029 at 3.41%.

Miami-Dade issues RFP on Beach Corridor

PFI Issue 658 - October 9, 2019

Miami-Dade Department of Transportation & Public Works has issued a request for proposals (RFP) seeking a private partner to design, build, finance, operate, and maintain the Beach Corridor rapid transit line that will link Miami Beach to downtown Miami.

Bayonne refi closes with benchmark low pricing

PFI Issue 658 - October 9, 2019

Morgan Stanley Infrastructure Partners (MSIP) has closed a US$565m refinancing backed by the 644MW Bayonne energy centre in New Jersey after a renegotiation of contracts.

NGL sells TPSL

PFI Issue 658 - October 9, 2019

NGL Energy Partners has closed the sale of TransMontaigne Product Services (TPSL) and associated assets for roughly US$275.5m in proceeds, including equity consideration, inventory, and net working capital.

Invenergy closes Lackawanna refi

PFI Issue 658 - October 9, 2019

Invenergy has closed a US$620.4m refinancing of the term loan debt backing the 1,485MW Lackawanna Energy Center in Pennsylvania. The loan has a 4.5-year tenor maturing at the end of March 2024.

Perimeter signs TC Energy for solar

PFI Issue 658 - October 9, 2019

Perimeter Solar has signed a power purchase agreement (PPA) with oil and gas developer TC Energy for 74.25MW of power from its proposed 130MW solar farm in Alberta.

Trudeau opponent vows to dismantle CIB

PFI Issue 658 - October 9, 2019

Canada’s Conservative Party leader Andrew Scheer, who last week pulled ahead of incumbent Justin Trudeau in the race for prime minister in certain polls, said he will deactivate Canada Infrastructure Bank (CIB) if he wins in the federal election on October 21.

Kalina seeks PF for distributed gen

PFI Issue 658 - October 9, 2019

Australian power technology provider Kalina Power’s Canadian subsidiary is seeking C$300m (US$227m) in project finance to back a portfolio of five distributed power assets in Alberta.

NY launches offshore wind port P3

PFI Issue 658 - October 9, 2019

The New York State Energy Research & Development Authority (NYSERDA), Empire State Development, and the New York Department of Transportation have issued a request for qualifications (RFQ) seeking a private partner to upgrade the state’s port infrastructure to support offshore wind development.

Virginia presses ahead on solar deals

PFI Issue 658 - October 9, 2019

The State of Virginia has greenlighted a number of new solar projects as Dominion considers adding solar at an airport and has acquired new projects in the state.

Orsted eyes Delaware park for interconnection

PFI Issue 658 - October 9, 2019

Delaware’s Department of Natural Resources and Environmental Control (DNREC) is considering a partnership with Orsted that would enable the offshore wind developer to build an interconnection facility in a state park.

Patriot Rail & Ports launches Term Loan B

PFI Issue 658 - October 9, 2019

Patriot Rail & Ports has launched a US$285m seven-year Term Loan B and US$40m five-year revolving credit.

Stonepeak Lonestar TLB launched

PFI Issue 658 - October 9, 2019

Stonepeak Lonestar Holdings has launched a US$800m Term Loan B and US$30m revolving credit to recapitalise the project company, which holds equity interests in natural gas joint ventures with Targa Resources.

TIFIA sought for Kansas City Airport

PFI Issue 658 - October 9, 2019

Kansas City International Airport officials have applied for Transportation Infrastructure Finance & Innovation Act (TIFIA) funding for the US$1.5bn terminal public-private partnership.

Intersect holds finance talks

PFI Issue 658 - October 9, 2019

Intersect Power, a utility-scale renewable energy developer formed by former executives of Recurrent Energy, has started talks with banks, institutional investors, and tax equity providers for its 1.7GW late-stage development portfolio of US solar projects.

Oregon City seeks court P3 adviser

PFI Issue 658 - October 9, 2019

Oregon City has issued a request for proposals (RFP) seeking a financial adviser on a public-private partnership to build a new Clackamas County courthouse.

E.ON lines up repowering tax equity

PFI Issue 658 - October 9, 2019

E.ON has secured more than US$200m in tax equity financing to repower its Panther Creek I and II wind farms in Texas.

EDP gets BofA wind equity commitment

PFI Issue 658 - October 9, 2019

EDP Renewables North America has secured a commitment for US$421m of institutional equity financing from Bank of America in exchange for an interest in a 405MW wind portfolio. The size of the stake has not been disclosed.