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Saturday, 18 January 2020

canada rail

Canadian transport projects struggle

PFI Issue 664 - January 15, 2020

Mega transport projects in the Canadian provinces have plenty of finance chasing them. Recent disappointments have reduced construction industry confidence, however. By Alison Healey.

Seabras files for Chapter 11

PFI Issue 664 - January 15, 2020

Seaborn Networks affiliates Seabras 1 Bermuda and operating company Seabras 1 USA have filed for Chapter 11 bankruptcy protection in the US. Bracewell and Appleby are advising on the restructuring.

St Louis Airport P3 halted

PFI Issue 664 - January 15, 2020

The procurement process seeking a private partner for St Louis Lambert International Airport in Missouri was halted late last year. St Louis mayor Lyda Krewson blocked the release of a request for proposals (RFP) on the airport P3 despite 18 submissions of interest from the market.

Stonepeak eyes January close

PFI Issue 664 - January 15, 2020

Commitments were due for Stonepeak Infrastructure Partners’ roughly US$530m in credit facilities as PFI went to press on January 14.

Dominion ordered to pay higher solar rates

PFI Issue 664 - January 15, 2020

South Carolina Public Service Commission (PSC) has voted to increase the rate Dominion Energy must pay to independent solar providers in its service territory.

Allete secures tax equity investment

PFI Issue 664 - January 15, 2020

New York-based real estate investor JPM Capital has entered a tax equity transaction on the Glen Ullin wind project in North Dakota.

Trump proposes project permitting changes

PFI Issue 664 - January 15, 2020

President Donald Trump has proposed narrowing the scope of 1978 National Environmental Policy Act (NEPA) regulations in an attempt to accelerate the permitting process for pipelines, mines, highways and other projects throughout the country.

Dominion selects Siemens offshore

PFI Issue 664 - January 15, 2020

Dominion Energy has selected Siemens Gamesa Renewable Energy as the preferred turbine supplier for its Virginia offshore wind project following a competitive solicitation process.

Aramco agrees interim deal on Port Arthur LNG

PFI Issue 664 - January 15, 2020

Saudi Aramco has entered into an interim project participation agreement (IPPA) for Sempra Energy’s Port Arthur LNG export project in Jefferson County, Texas.

BNPP closes Brookfield SLL

PFI Issue 664 - January 15, 2020

BNP Paribas has closed an incentive-linked corporate revolving credit facility (RCF) with Brookfield Renewable Partners that is structured as a sustainability-linked loan (SLL).

Acciona team wins Pattullo Bridge P3

PFI Issue 664 - January 15, 2020

The government of British Columbia has named Fraser Crossing Partners as the preferred bidder on a public-private partnership for the C$1.4bn (US$1.07bn) Pattullo Bridge replacement.

Pembina notes offering to refi pipeline debt

PFI Issue 664 - January 15, 2020

Pembina Pipeline has closed an offering of US$1bn of senior unsecured medium-term notes that will pay down debt under its unsecured C$2.5bn (US$1.9bn) revolving credit facility.

P3 possible for Baton Rouge Airport

PFI Issue 664 - January 15, 2020

Baton Rouge Metro Airport executives are considering a public-private partnership or alternative structure for funding needed to provide financial incentives to airlines for new services.

Solar Frontier closes loan and tax equity

PFI Issue 664 - January 15, 2020

Solar Frontier Americas (SFA), the US-based renewables business of Japanese petroleum company Idemitsu Kosan, has closed a tax equity commitment and debt financing for its 210MW Mustang Two solar project in Kings County, California.

Miami-Dade approves Plenary courts contract

PFI Issue 664 - January 15, 2020

Miami-Dade commissioners have approved a contract with Plenary Justice Miami for a county courthouse built under a public-private partnership.

Excelsior acquires Prairie Breeze interest

PFI Issue 664 - January 15, 2020

Renewable energy investor Excelsior Energy Capital has acquired 90.1% of Invenergy’s interest in the Prairie Breeze II and III wind projects in Antelope and Boone counties, Nebraska.

Metrus Energy lands US$25m financing

PFI Issue 664 - January 15, 2020

Energy and water efficiency developer Metrus Energy has secured US$25m in debt from Key Equipment Finance and expects an additional US$50m in financing from the lender for 2020 projects.

Con Ed acquires NJ military solar

PFI Issue 664 - January 15, 2020

Con Edison Development has acquired the 14.4MW Lakehurst solar project in New Jersey from an affiliate of Starwood Energy and Energy Management Inc (EMI).

FC on Texas ammonia project

PFI Issue 664 - January 15, 2020

Gulf Coast Ammonia (GCA), formerly a joint venture of Macquarie Capital and Germany’s Mabanaft, has closed a US$574.3m nine-year project loan to back an anhydrous ammonia plant in Texas.

TransAlta raises wind tax equity

PFI Issue 664 - January 15, 2020

TransAlta Renewables has raised US$126m of tax equity to part-fund the 90MW Big Level wind farm in Pennsylvania and the 29MW Antrim wind farm in New Hampshire.

Bright Canyon acquires Tenaska wind stakes

PFI Issue 664 - January 15, 2020

Pinnacle West Capital subsidiary Bright Canyon Energy has acquired ownership interests in two Tenaska-developed wind projects.

PTC extension signed

PFI Issue 664 - January 15, 2020

President Donald Trump late last year signed the Taxpayer Certainty & Disaster Tax Relief Act of 2019, which extends the wind production tax credit (PTC) for an additional year.

Cuomo to revisit high-speed rail

PFI Issue 664 - January 15, 2020

New York governor Andrew Cuomo is assembling external advisers to revisit the state’s previous plans for high-speed rail.

Pattern moves forward on repowering plans

PFI Issue 664 - January 15, 2020

Pattern Energy has closed financing and started repowering its Gulf Wind facility in Kenedy County, Texas.

Goldman finances distributed solar

PFI Issue 664 - January 15, 2020

Goldman Sachs Renewable Power has priced a US$500m private offering of notes backing a portfolio of 379 distributed solar assets.

Le Plateau wind closes refi

PFI Issue 664 - January 15, 2020

Boralex and Caisse de depot et placement du Quebec have closed on more than C$200m (US$152.5m) in credit facilities to refinance debt on the 139MW Le Plateau I wind farm in Quebec.

FERC to expand PJM's MOPR

PFI Issue 664 - January 15, 2020

The Federal Energy Regulatory Commission (FERC) has directed PJM Interconnection to expand its minimum offer price rule (MOPR) to address state-subsidised power projects, with certain exemptions. The decision is considered negative for renewables development.

RISEC refi closes

PFI Issue 664 - January 15, 2020

Carlyle Group has closed the refinancing of the debt backing the 594MW Rhode Island State Energy Center (RISEC) combined-cycle project in Johnston.

Alberta petchem progresses

PFI Issue 664 - January 15, 2020

Pembina Pipeline and Petrochemical Industries Company of Kuwait have executed a lump-sum engineering, procurement and construction (EPC) contract to construct a propane dehydrogenation (PDH) facility in Alberta.

Construction defects hurt hospital P3

PFI Issue 664 - January 15, 2020

Construction defects have emerged on the North Battleford hospital P3 in Saskatchewan, leading to a downgrade on the Access Prairies Partnership (APP) project bonds to Baa1 from A3.

Ontario cancels P3 Credit River bridge demolition

PFI Issue 664 - January 15, 2020

The Province of Ontario has cancelled plans to demolish the Credit River bridge in Mississauga due to local opposition and will return to an earlier proposal to renovate the bridge.

Quebec approves possible hospital P3

PFI Issue 664 - January 15, 2020

Quebec’s Minister of Health has approved the expansion of the Hotel-Dieu d’Arthabaska hospital and the province is considering procuring the project as a public-private partnership.

Gilcrease to move forward on TIFIA Oklahoma

PFI Issue 664 - January 15, 2020

The Transportation Commission has voted to authorise secretary of transportation Tim Gatz to negotiate a financing agreement with the US Department of Transportation (USDOT) and the Oklahoma Turnpike Authority (OTA) for the Gilcrease Expressway project.

CIP buys 800MW Illinois wind

PFI Issue 664 - January 15, 2020

Renewables investor Copenhagen Infrastructure Partners (CIP) has acquired the 800MW Woodford onshore wind project in Illinois from Tri Global Energy for an undisclosed sum.

Deal reached on Maryland roads P3

PFI Issue 664 - January 15, 2020

Maryland governor Larry Hogan has reached a deal with state comptroller Peter Franchot that will enable the Capital Beltway and Interstate 270 roads P3 to move forward.

Ormat's Puna amends PPA

PFI Issue 664 - January 15, 2020

Ormat Technologies’ Puna Geothermal Venture (PGV) unit has amended its power purchase agreement (PPA) with Hawaiian Electric for geothermal power sold from its project on Big Island.