US power storage projects are increasingly bankable. Regulatory changes, increased familiarity with technology and lender appetite are the keys. By Alison Healey.
SNC-Lavalin’s TransitNEXT has reached financial close on the Trillium Line extension project. As the sole proponent in the TransitNEXT team, SNC-Lavalin will design, build, finance and maintain the extension, and will also assume responsibility for the long-term maintenance of the existing Trillium Line.
Midwest Connector Capital Company has closed on roughly US$2.5bn in bonds that will refinance project loans on the Dakota Access pipeline from North Dakota to Texas.
Citigroup, MUFG, and Mizuho have closed a seven-year US$1.09bn financing backing KKR and NextEra Energy Partners’ joint venture that is acquiring more than 1GW of operating renewables assets from NextEra Resources.
Total has agreed to invest in Tellurian’s Driftwood Holdings under a non-bonding heads of agreement (HOA). Total plans to offtake 2.5m tonnes per annum (mtpa) of LNG from the project.
The Environmental Protection Agency (EPA) has submitted a draft notice of funding availability (NOFA) for credit assistance applications under the Water Infrastructure Finance & Innovation Act (WIFIA) programme.
Ecolomondo Environmental has closed a C$32.1m (US$24m) project financing with Export Development Canada (EDC) to back a thermal decomposition facility in Hawkesbury, Ontario.
Finding the right risk/reward balance between the public and private sectors is a factor that has fuelled the success of Canada’s experience with public-private partnerships and one that continues to evolve, according to panelists at CG/LA’s Global Infrastructure Leadership Forum in Montreal, Quebec.
Fitch Solutions said in a new report there is “no clear path forward” for the New York–New Jersey Gateway programme, an estimated US$29bn rail infrastructure modernisation and replacement initiative.
Canadian Solar subsidiary Recurrent Energy has secured a US$50m letter of credit from Natixis to support the development of its utility-scale solar pipeline across the US and Canada.
PG&E could save an estimated US$1.4bn annually by rejecting its above-market power purchase agreements in bankruptcy proceedings, according to Moody’s.
Goldman Sachs Renewable Power has agreed to purchase a portfolio of commercial leases from SunPower for US$86.9m. The deal includes 233MW of projects in nine states.
Energy Transfer has signed a project framework agreement (PFA) with Shell to accelerate development of an LNG export facility in Lake Charles, Louisiana.
NextDecade has signed the country’s first long-term contract for liquefied natural gas (LNG) produced in the US to be indexed to Brent oil prices.
Tucson Electric Power (TEP) has entered a build and transfer agreement valued at US$370m with EDF Renewables for the construction of a 247MW wind project in New Mexico.
Caisse de depot et placement du Quebec (CDPQ) has agreed to acquire a 30% stake in Vertical Bridge, a private owner and operator of communications infrastructure in the US.
Massachusetts utilities Eversource, National Grid, and Until are seeking state approval to launch a second round of offshore wind bidding in the state.
Canada Pension Plan Investment Board (CPPIB) has made a US$750m investment in US-based water and waste-water utility Aqua America that will help Aqua finance the acquisition of Peoples Natural Gas from SteelRiver Infrastructure Partners.
Tennessee Valley Authority (TVA) has issued a request for proposals (RFP) for a developer of 200MW of renewable energy that can be brought online by the end of 2022.
Carlyle Group, through its Revere Power unit, has closed the purchase and acquisition financing of a troika of gas-fired projects in New England from Emera.
PJM Interconnection has filed energy and reserve market reforms with the Federal Energy Regulatory Commission (FERC) that aim to provide fair value for energy reserve pricing.
Judge Dennis Montali has approved PG&E’s US$5.5bn debtor-in-possession financing, allowing the utility to access the funds after weeks of deliberation.
The government of British Columbia has introduced legislation to create a new tax credit for LNG projects. The credit was developed in an attempt to attract more LNG projects to the province.
North Star Infrastructure (NSI) has reached financial close on a C$173m (US$130.5m) bank financing to back the Tlicho all-season road public-private partnership.
OMERS Infrastructure has agreed to acquire a 10.01% stake in the 407 express toll route (407 ETR) from SNC-Lavalin for C$3bn (US$2.24bn) upfront.
Chevron and Woodside Energy have applied to Canada’s National Energy Board (NEB) for a new Kitimat LNG licence that would nearly double the size of the British Columbia project.
Lonestar Generation has launched a US$280m Term Loan B/C financing package that will fund a letter of credit account and add cash to the balance sheet.
The Pennsylvania Department of Transportation (PennDOT) has shortlisted three teams on its wetlands mitigation public-private partnership.
Dominion Energy has made a final decision to close 10 coal and gas-fired generating units it has deemed to be no longer profitable.
DIF Infrastructure Fund V has agreed to acquire 100% of Macquarie Infrastructure Company’s indirect interest in two wind projects in Idaho and New Mexico.
Chief justice of the Delaware Supreme Court Leo Strine is pitching a proposal to build two family courthouses under a public-private partnership based on safety and space concerns, Delaware State News reported.
The City of Los Angeles has issued a request for qualifications (RFQ) on its civic centre public-private partnership.
The University of Iowa has delayed the release of a request for qualification (RFQ) for its utility operations that was expected on April 1.
Riverstone Investment Group has launched a US$25m add-on to a Term Loan B financing backing its 50% stake in the Utopia gas pipeline in Ohio.
3i Group has agreed to invest in Regional Rail, owner and operator of short-line freight railroads and rail-related businesses in Mid-Atlantic US.
The sponsor group of Korea Southern Power Co (KOSPO), Daelim Energy and Indeck Energy are shoring up the financing backing the 1,085MW Niles Energy Center in Michigan.
Puerto Rico Governor Ricardo Rosselló is set to sign Senate Bill 1121, which would make the island the fifth US state to establish a 100% renewable portfolio standard.
Maryland-based Hull Street Energy has bought the combined 110MW Bayswater and Jamaica Bay natural gas-fired projects in New York from a subsidiary of NextEra Energy Resources. The two facilities are flexible and fast-start peakers.