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Saturday, 20 April 2019

Battery in California

Battery storage finds a model

PFI Issue 646 - April 10, 2019

US power storage projects are increasingly bankable. Regulatory changes, increased familiarity with technology and lender appetite are the keys. By Alison Healey.

SNC-Lavalin reaches close on Trillium

PFI Issue 646 - April 10, 2019

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.

Dakota Access pipeline refinanced with bonds

PFI Issue 646 - April 10, 2019

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.

KKR NEP US$1.09bn JV deal in syndication

PFI Issue 646 - April 10, 2019

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 agrees to Driftwood LNG investment

PFI Issue 646 - April 10, 2019

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.

EPA launches new round of WIFIA availability

PFI Issue 646 - April 10, 2019

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 closes EDC loan on decomp facility

PFI Issue 646 - April 10, 2019

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.

Risk/reward balance in P3s addressed at forum

PFI Issue 646 - April 10, 2019

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 sees NJ/NY Gateway funding problem

PFI Issue 646 - April 10, 2019

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.

Recurrent Energy lands US$50m LC

PFI Issue 646 - April 10, 2019

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.

Moody's details possible PG&E PPA savings

PFI Issue 646 - April 10, 2019

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 buys lease portfolio

PFI Issue 646 - April 10, 2019

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 and Shell on Lake Charles LNG

PFI Issue 646 - April 10, 2019

Energy Transfer has signed a project framework agreement (PFA) with Shell to accelerate development of an LNG export facility in Lake Charles, Louisiana.

NextDecade signs Shell LNG linked to Brent

PFI Issue 646 - April 10, 2019

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 selects EDF project

PFI Issue 646 - April 10, 2019

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.

CDPQ to acquire stake in communications infra

PFI Issue 646 - April 10, 2019

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.

Details emerge on Mass offshore round 2

PFI Issue 646 - April 10, 2019

Massachusetts utilities Eversource, National Grid, and Until are seeking state approval to launch a second round of offshore wind bidding in the state.

CPPIB backs Aqua America acquisition of Peoples

PFI Issue 646 - April 10, 2019

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.

TVA issues 200MW renewables RFP

PFI Issue 646 - April 10, 2019

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 closes acquisition and financing

PFI Issue 646 - April 10, 2019

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 files reserve pricing reforms

PFI Issue 646 - April 10, 2019

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.

PG&E DIP financing approved

PFI Issue 646 - April 10, 2019

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.

BC introduces LNG tax credit legislation

PFI Issue 646 - April 10, 2019

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.

Tlicho road P3 reaches financial close

PFI Issue 646 - April 10, 2019

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 acquiring 407 stake

PFI Issue 646 - April 10, 2019

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.

Sponsors look to double Kitimat LNG size

PFI Issue 646 - April 10, 2019

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 II TLB launched

PFI Issue 646 - April 10, 2019

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.

Three shortlisted on PA wetlands P3

PFI Issue 646 - April 10, 2019

The Pennsylvania Department of Transportation (PennDOT) has shortlisted three teams on its wetlands mitigation public-private partnership.

Dominion permanently shuts 10 plants

PFI Issue 646 - April 10, 2019

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 acquires two MIC wind projects

PFI Issue 646 - April 10, 2019

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.

Delaware explores P3 courts

PFI Issue 646 - April 10, 2019

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.

LA issues RFQ on civic centre P3

PFI Issue 646 - April 10, 2019

The City of Los Angeles has issued a request for qualifications (RFQ) on its civic centre public-private partnership.

University of Iowa delays energy RFQ

PFI Issue 646 - April 10, 2019

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 launches Utopia TLB add-on

PFI Issue 646 - April 10, 2019

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 invests in Regional Rail

PFI Issue 646 - April 10, 2019

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.

More details emerge on Niles IPP deal

PFI Issue 646 - April 10, 2019

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.

Governor to sign 100% RPS Bill

PFI Issue 646 - April 10, 2019

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.

Hull Street lands NY gas-fired duo

PFI Issue 646 - April 10, 2019

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.