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Sunday, 30 April 2017

USA

Running covenant hits midstream assets

PFI Issue 599 - April 20, 2017

A court ruling, recently affirmed on appeal, has hit midstream assets. New language will be needed to ensure new deals are financed this year. By Alison Healey.

Former CPV execs develop PJM project

PFI Issue 599 - April 20, 2017

American Power Ventures (APV), a project development company founded by former Competitive Power Ventures (CPV) executives, is acquiring a portion of FirstEnergy’s Hatfield’s Ferry power station in an effort to build a 1,000MW gas-fired plant.

NextDecade hires advisers on Rio Grande

19 April 2017

NextDecade is reported to have mandated SG as financial adviser for the debt on its Rio Grande LNG export project in Brownsville, Texas, and Macquarie is said to be leading the equity-raising.

​Hydro sponsor plans bond refi

PFI Issue 599 - April 20, 2017

H2O Power Limited Partnership, the sponsor of a portfolio of eight hydroelectric power generation facilities in Ontario, is planning to refinance loan debt on the projects with a C$400m (US$298m) bond offering.

Yuhuang Chemical finances Louisiana methanol

PFI Issue 599 - April 20, 2017

Yuhuang Chemical has closed a US$800m project financing to back a US$1.5bn methanol project in St James Parish, Louisiana. The financing was led by Bank of China, Export-Import Bank of China, and Evergrowing Bank. The project is on track to be completed and to start distributing methanol by truck, rail, barge and ocean vessels during 2019.

Solar projects see 'steadier' output than wind

PFI Issue 599 - April 20, 2017

Essential Power refi prepped

PFI Issue 599 - April 20, 2017

Lead arrangers Morgan Stanley, Credit Suisse, and Goldman Sachs have launched Nautilus Power, a US$650m refinancing for the Essential Power portfolio of projects in PJM and ISO New England.

PacifiCorp unit plans mega renewables

PFI Issue 599 - April 20, 2017

PacifiCorp’s Rocky Mountain Power unit has unveiled a 20-year plan to invest US$3.5bn in renewables. The company will add solar and wind projects and will construct a new section of the Gateway West transmission line to facilitate the wind expansion.

John Hancock acquires ExGen Renewables stake

PFI Issue 599 - April 20, 2017

John Hancock has agreed to acquire a 49% stake in ExGen Renewables Partners, the owner and operator of nearly 1,300MW of operating wind and solar electric generating facilities, for US$400m.

Dynagas set to launch refinancing

PFI Issue 599 - April 20, 2017

Dynagas LNG Partners, the owner of six LNG carriers, has launched a US$480m six-year term loan to refinance its existing credit facilities.

IPPs to focus on PF amid struggles

PFI Issue 599 - April 20, 2017

Independent power producers have “pivoted to reducing debt, controlling costs, and focusing on contracted and/or non-recourse financed generation” as they attempt to adapt to factors driving long-term market fundamentals, S&P says. In a new report entitled “Independent Power Producers: The Long And Short Of It” the rating agency said it expects IPPs to fund large power assets through financings that are non-recourse to the parent, with distributions upstreamed to the IPP.This form of financing allows the IPP to partake in contracted generation, and also have the flexibility to either monetise the project or drop the asset into a yieldco, the report says. ”For instance, we expect NRG to fund its Carlsbad and Mandalay new build plants as project financings,” it says.In addition, while  companies are seeking to extend power contracts, there is a “distinct focus” on contract erosion risk, S&P ...

​Panda Temple Power files for Chapter 11

PFI Issue 599 - April 20, 2017

Panda Temple Power and Panda Temple Power Intermediate Holdings II have filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. Wilmington Trust is listed as the largest creditor, with a US$406.3m claim and US$346m in collateral, leaving a US$60.3m unsecured claim.

​Alberta launches first phase of renewables

PFI Issue 599 - April 20, 2017

The Alberta Electric System Operator (AESO) has launched a request for expressions of interest (REOI) for an initial 400MW of renewables capacity. Proposers will receive a request for qualifications (RFQ) if they register interest ahead of an April 21 deadline.

​Acciona wins Lions Gate water treatment

PFI Issue 599 - April 20, 2017

The ADAPT consortium, including Acciona Infrastructure, Dialog Design, Amec Foster Wheeler and Tetra Tech, has won the C$525m contract for the Lions Gate secondary waste-water treatment plant, a public-private partnership on the North Shore of Vancouver. The team beat consortia led by EllisDon and PCL Constructors that were also competing for the project.

Japanese group takes Birdsboro stake

PFI Issue 599 - April 20, 2017

Japan-based trading company Sojitz Corporation has acquired a 33.33% equity stake in Ares-EIF’s 488MW combined-cycle Birdsboro gas-fired project in Pennsylvania. Sojitz acquired its stake from a fund managed by Ares EIF Management, which will retain a 66.67% stake.

Border-crossing transmission line planned

PFI Issue 599 - April 20, 2017

Hunt Power and Tucson Electric Power’s sister company Unisource Energy are in the preliminary planning stage of building a new 150MW interconnection that would connect UniSource Energy Services’ electricity grid in southern Arizona with electric facilities in north-western Mexico.

​Massachusetts launches renewables procurement

PFI Issue 599 - April 20, 2017

Massachusetts investor-owned electric distribution companies and the Massachusetts Department of Energy Resources (DOER) have issued a joint request for proposals (RFP) for renewable energy generation and renewable energy credits (RECs) in the annual amount of 9.4GWh.

​Nova to finance olefins with bridge

PFI Issue 599 - April 20, 2017

Nova Chemicals has agreed to acquire Williams’ 88.46% ownership interest in the Geismar, Louisiana olefins plant, approximately 525 acres of undeveloped land adjacent to the plant, and Williams’ interest in the ethylene trading hub in Mount Belvieu, Texas for US$2.1bn.

​Cali county seeks broadband partner

PFI Issue 599 - April 20, 2017

Riverside County has issued a request for participants on the RIVCOconnect broadband initiative, a US$2bn to US$4bn project to build a gigabit fibre network. The project does not rely on taxpayer dollars and the county and its cities are not seeking to own or operate the network, but rather the project is designed to facilitate the private sector’s deployment of a fibre network.

​Westchester NY issues airport RFP

PFI Issue 599 - April 20, 2017

Westchester County, New York has issued a request for proposals seeking a private partner for a long-term lease of the airport. The private partner will operate, manage, maintain and improve the airport. The project has been accepted under the Federal Aviation Administration’s (FAA’s) airport privatisation pilot programme.

​Atlanta seeks airport FBO P3

PFI Issue 599 - April 20, 2017

The City of Atlanta, on behalf of the Department of Aviation, has issued a request for proposals (RFP) for the design, construction, financing, operation and maintenance of a fixed base operation (FBO) at the Hartsfield-Jackson Atlanta International Airport.

​Paribas sells Dakota Access loan

PFI Issue 599 - April 20, 2017

BNP Paribas is the latest bank to sell its share of the Dakota Access pipeline loan, joining ING and DNB. The bank sold US$120m of the US$2.5bn loan to an unidentified buyer.

​Lake Charles LNG start date pushed back

PFI Issue 599 - April 20, 2017

The April report to the US Department of Energy (DOE) on the Lake Charles LNG project lists a projected start date of 2022, pushed back from 2021. Energy Transfer Partners and BG/Shell went out to the market preliminarily last year to assess appetite for a financing to back the of 16.2m tpa per year export facility in Louisiana.

​Arizona Flagstaff to explore courts P3

PFI Issue 599 - April 20, 2017

Coconino County and the City of Flagstaff in Arizona have issued a request for information (RFI) on a public-private partnership to develop a city and county downtown courthouse, administrative spaces, and a parking garage.

​Crockett Cogen declines on renewables boost

PFI Issue 599 - April 20, 2017

The project debt of California’s Crockett Cogeneration is under review for downgrade following a severe decline in market heat rates over the past nine months. Moody’s said the decline stems from factors including the degree of renewable additions in the state and materially greater hydrology levels across the region.

​Talen upsizes TLB and closes bond

PFI Issue 599 - April 20, 2017

Talen Energy Supply increased the size of its Term Loan B offering by US$100m to US$500m ahead of closing. Pricing settled at 400bp over Libor, the low end of the guided range of 400bp to 425bp over Libor.

​Kentucky hires PFM for P3 advisory

PFI Issue 599 - April 20, 2017

Kentucky has appointed PFM Financial Advisors as its adviser on public-private partnerships. The state will pay the firm US$300,000 over the next year for advice on the Ohio River bridges project and any proposals they receive under the state’s new public-private partnership law.

​Teams shortlisted on waste-water

PFI Issue 599 - April 20, 2017

Three teams have been shortlisted in the competition to design, build, partially finance, operate and maintain the residuals treatment facility in Victoria, BC.

​Three shortlisted on Kipling terminal

PFI Issue 599 - April 20, 2017

Infrastructure Ontario (IO) and Metrolinx have issued a request for proposals (RFP) to three pre-qualified teams to design, build and finance the Kipling bus terminal project.

All US & Canada