Special purpose vehicle Cricket Valley Energy Center has closed a US$1.584bn financing backing the construction of the eponymous 1,100MW combined-cycle natural gas project in Dover, New York.
The Long Island Power Authority (LIPA) has signed a 20-year contract with Deepwater Wind for New York’s first offshore wind farm after a unanimous affirmative vote. The project is expected to cost US$740m.
Howard University has entered into a partnership with Corvias for the renovation and maintenance of two of the university’s largest residence halls and the management of two additional halls.
The OHL/Laing O’Rourke construction joint venture on the C$1.2bn CHUM hospital P3 projects lost £186.3m (C$305m) in the year to March 2016 due to project delays. The client and the JV have agreed a project completion date of March this year. However, the hospital recently put out a press release saying the scheme would open by the end of the year.
The Louisiana Department of Transportation & Development has issued a request for information (RFI) on a project to fast-track major improvements on Interstate 10 in the Baton Rouge area. I-10 Capital Corridor Improvements includes the widening of I-10 from the Mississippi River Bridge to the I-10/I-12 split, work on the Pecue Interchange and widening I-10 between La. Hwy. 415 and La. 1.
A shortlist of 50 Trump administration priority infrastructure projects has emerged and includes many projects known to be utilising a P3 structure or private funding that is likely to involve a non-recourse component. The Purple Line light rail and Gordie Howe bridge made the list, as did the DC Union Station expansion and rehabilitation and I-70 and I-25 improvements in Colorado.
Allianz has closed its investment of US$300m in the 89-year Pocahontas Parkway concession backing the eight-mile toll road in Virginia. The financing consisted of two bullet tranches of unlisted bonds with an up to 35-year term that were privately placed with US and European investors through AllianzGI’s infrastructure debt platform.
Legal & General has entered into a US$65.8m solar debt transaction with Ahana Operations, the renewable subsidiary of ATN International, to refinance a portfolio of 59 solar panel installations, representing its first deal in US solar.
The Los Angeles County Metropolitan Transportation Authority (Metro) is moving forward on four projects submitted as unsolicited proposals. Two of the proposals are for the West Santa Ana Branch Transit Corridor and two are for the Sepulveda Pass Transit Corridor.
The City of Pittsburgh has issued a request for proposals (RFP) seeking a financial and legal advisory team to explore the possibility of a public-private partnership for the city’s water and sewer operations.
The Massachusetts Department of Transportation (MassDOT) has issued a request for information (RFI) on the proposed Metropolitan Highway System (MHS) lighting project. The department is considering contracting with an outside partner to design, build, finance, operate and maintain the system.
Infrastructure Ontario (IO) and West Park Healthcare Centre (WPHC) have shortlisted three teams to design, build, finance and maintain the facility’s hospital development project in Toronto.
Ontario Premier Kathleen Wynne has denied the City of Toronto’s request to toll the Gardiner Expressway and Don Valley Parkway, leaving the fate of both projects uncertain.
Infrastructure Ontario (IO) and the Ministry of Community Safety & Correctional Services (MCSCS) have issued a request for qualifications (RFQ) on phase two of the Ontario Provincial Police (OPP) modernisation project.
The City of Hamilton, Ontario has selected Harbour City Solutions, a consortium led by Synagro Technologies and Bird Construction, to design, build, finance, operate and maintain a biosolids management project.
Infrastructure Ontario and the province’s Ministry of Transportation have selected the Link 427 consortium as the preferred proponent to design, finance, build and maintain the expansion of Highway 427 north of Toronto.
Toshiba has signed a sales and marketing contract with Jera, a joint venture between Tokyo Electric Power and Chubu Electric Power, to help find buyers for capacity from the Freeport LNG project, according to Japanese press reports. Toshiba is under contract to buy 2.2m tons of LNG from Freeport starting in September 2019 but has lined up buyers for only about half of the LNG it is contractually obligated to purchase beginning in September 2019. Freeport is under construction on Quintana Island in Brazoria County, Texas.
MUFG and Allianz have committed tax equity to EDF Renewable Energy’s 225MW Great Western wind project in Oklahoma. Under the terms of the deal, units of Allianz and MUFG will acquire Class A non-managing interests in the Great Western wind project for an amount in excess of US$10m. It is Allianz’s fourth tax equity deal in the US.
LNG Ltd’s Magnolia LNG project has signed a heads of agreement (HOA) with Vessel Gasification Solutions, the developer of a floating LNG import and regasification terminal in Andhra Pradesh, India. The non-binding HOA provides for a 20-year free-on-board (FOB) sale and purchase agreement (SPA) of up to 4m metric tonnes per annum (mtpa).The deal is contingent on conditions including financial close for the India project and credit requirements underpinning LNG purchases within agreed time-frames. The Kakinada-based Krishna terminal is expected to be East Coast India’s first LNG import project to become operational. It will allow for the full utilisation of close to 7,000MW of near-idled power plants.
The Smithsonian Institution has issued the request for qualifications (RFQ) for the National Zoological Park’s new central parking facility (CPF) in Washington DC. The institution is seeking a private partner to design, build, finance, operate and maintain the parking facility under a P3 agreement.
Moody’s has downgraded Chief Power Finance’s US$344.8m six-year Term Loan B and US$44m five-year revolving credit to B2 from B1 on the basis of a weaker than expected financial performance for the past two years.
The City of New Orleans has issued a request for qualifications (RFQ) seeking a long-term concession for the New Orleans Public Belt Railroad (NOPB).
The Federal Energy Regulatory Commission (FERC) has issued a policy statement to provide guidance on the ability of electric storage resources to recover costs through both cost-based and market-based rates.
Limetree Bay Terminals, a joint venture between ArcLight and Freepoint Commodities and the operator of an oil storage terminal in the Virgin Islands, is preparing a US$440m seven-year term loan to finance a US$290m distribution to the sponsor and a US$120m liquidity reserve for growth capex projects.
Calpine has launched a US$400m Term Loan B to refinance its 7.8% senior secured notes due in 2023. Price talk is 200bp over Libor with no Libor floor and a discount in the 99–99.5 range.
Plenary Health CAMH has been named the preferred proponent to design, build, finance and maintain the Centre for Addiction & Mental Health (CAMH) Phase 1C redevelopment project in Toronto.
The government of Nova Scotia has issued a tender seeking consultants to help evaluate a P3 model for a modernisation project at Victoria General hospital. A preliminary plan calls for new facilities to replace two ageing buildings by 2022. Responses are due by February 28. The province estimates the consultants will need at least a year to do their work once they are chosen.