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Thursday, 20 June 2019

KKR NEP closed and funded

PFI Issue 651 - June 19, 2019

Citigroup, MUFG and Mizuho have closed syndication and funded the seven-year US$1.09bn financing backing KKR and NextEra Energy Partners (NEP) joint venture for US$1.02bn and working capital of approximately US$12m.

Stornoway looks to restructure Renard mine

PFI Issue 651 - June 19, 2019

Stornoway Diamond has launched a formal sale and investment solicitation process (SISP) for the Renard diamond mine in Quebec as the project struggles with lower-than-expected revenue and higher costs.

Connecticut preps offshore tender

PFI Issue 651 - June 19, 2019

Connecticut’s Department of Energy & Environmental Protection (DEEP) is preparing to issue a draft request for proposals (RFP) on July 1 for up to 2GW of offshore wind.

GE tests private placement market for IPP

PFI Issue 651 - June 19, 2019

GE Energy Financial Services, through project company Shady Hills Energy Center (SHEC), is testing the private placement market to line up financing for its 573MW Shady Hills natural gas-fired combined-cycle generating facility near Tampa.

Iron Mountain signs customers on green power pass

PFI Issue 651 - June 19, 2019

Iron Mountain has signed the first commercial and industrial (C&I) customers for its green power pass, a programme that will ensure power consumed at its data centres is 100% renewable.

Austin Energy closes biomass purchase

PFI Issue 651 - June 19, 2019

Austin Energy has closed the US$460m purchase of the 115MW Nacogdoches biomass facility in Texas from Southern Power.

Natural gas and renewables' market share rises

PFI Issue 651 - June 19, 2019

Natural gas is continuing its rapid ascendancy in the US as the number one source of power plant fuel for electric generation with renewables also climbing, according to new figures from the Energy Information Administration’s Short Term Energy Outlook (STEO).

CC&L closes hydro acquisition and finance

PFI Issue 651 - June 19, 2019

Connor Clark & Lunn Infrastructure has acquired a majority interest in the Bremner Trio hydro assets in British Columbia.

Innovate Energy wins ESM P3

PFI Issue 651 - June 19, 2019

The Government of Canada and Energy Services Acquisition Program (ESAP) have awarded the energy service modernisation (ESM) project to Innovate Energy.

CleanCapital closes refi of Tahoe assets

PFI Issue 651 - June 19, 2019

CleanCapital has closed on a refinancing of its largest solar commercial and industrial (C&I) portfolio, Tahoe.

PPAs continue flowing for renewables

PFI Issue 651 - June 19, 2019

The market for renewables power purchase agreements remained active in recent weeks, with new deals for Allete Clean Power, Longroad Energy, and Scout Clean Energy.

Chicago mayor cool on big projects

PFI Issue 651 - June 19, 2019

Chicago’s new mayor has yet to back any major infrastructure projects since taking over last month and has voiced opposition to two large projects, the One Central transit hub and the O’Hare Express train.

GenOn's Heritage Power launching TLB

PFI Issue 651 - June 19, 2019

GenOn Holdings’ Heritage Power was preparing to launch a Term Loan B financing with a bank meeting as PFI went to press.

University of Maine launches student P3

PFI Issue 651 - June 19, 2019

The University of Maine has issued a request for qualifications (RFQ) seeking a private partner for the financing and operation of new student housing and a new 40,000–50,000 sq ft student centre on its Portland campus.

Texas Microgrid closes US$50m financing

PFI Issue 651 - June 19, 2019

Texas Microgrid, a joint venture of Basalt Infrastructure Partners and microgrid operator ERock, has closed financing to support a 232MW portfolio of gas-fired microgrids in the Electric Reliability Council of Texas (ERCOT).

Virgin Trains preps US$950m follow-on bonds

PFI Issue 651 - June 19, 2019

Virgin Trains USA has priced US$950m in private activity bonds (PABs) through the Florida Development Finance Corporation (FDFC) at 1.9%. The bonds will mature in 2049.

Fortress-backed group to develop PA LNG projects

PFI Issue 651 - June 19, 2019

The Delaware River Basin Commission has voted to approve Delaware River Partners’ plan to build a US$96m marine terminal facilities and logistics centre in southern New Jersey near Philadelphia.

Court rules against FERC on PG&E PPAs

PFI Issue 651 - June 19, 2019

Bankruptcy judge Dennis Montali has ruled against PG&E’s power purchase agreement (PPA) counterparties in a judgment, reaffirming the bankruptcy court’s lead role on the contract issue and rejecting the Federal Energy Regulatory Commission (FERC)’s assertion of concurrent jurisdiction.

Vivint Solar closes US$360m forward flow deal

PFI Issue 651 - June 19, 2019

Vivint Solar has closed a US$360m multi-party forward flow funding arrangement that includes project-level debt, a leveraged tax equity partnership and a cash equity investment.

Kansas City Airport bonds priced

PFI Issue 651 - June 19, 2019

The Industrial Development Authority of the City of Kansas City has priced Kansas City International Airport’s (KCIA’s) US$875m special obligation bonds.

Michigan city receives three bids on bridge P3

PFI Issue 651 - June 19, 2019

Bay City, Michigan has received three bids on a possible public-private partnership to refurbish the Liberty and Independence bridges.

Poland’s PGNiG to buy more Venture Global LNG

PFI Issue 651 - June 19, 2019

Poland’s PGNiG has agreed to increase the amount of LNG it buys from Venture Global by 1.5m tonnes per year. PGNiG will now buy 3.5m tonnes of LNG per year from the project developer, with first deliveries expected in 2023.

SH 288 faces delays, floats new opening plan

PFI Issue 651 - June 19, 2019

Blueridge Transportation Group, the private partner on the SH 288 managed lanes project in Texas, has proposed to open the road in two phases rather than all at once after facing extended construction delays.

PennDOT proposes possible bridge P3

PFI Issue 651 - June 19, 2019

Pennsylvania Department of Transportation (PennDOT) has identified a potential public-private partnership to replace 15 bridges.

Cheniere-backed Blackstone TLB upsized

PFI Issue 651 - June 19, 2019

Blackstone CQP Holdco has upsized its five-year Term Loan B to US$2.6bn from US$2.5bn ahead of close.

Starbucks enters solar/wind aggregated PPA

PFI Issue 651 - June 19, 2019

Starbucks has entered into a renewable energy power purchase agreement (PPA) aggregation deal with LevelTen Energy for 146MW of power from three projects.

Beowulf to convert coal IPPs to data centres

PFI Issue 651 - June 19, 2019

Beowulf Energy has proposed a plan to convert two coal plant sites in New York to data centres for US$$650m.

Maryland county issues schools RFQ

PFI Issue 651 - June 19, 2019

Prince George’s County Public Schools (PGCPS) in Maryland has issued a request for qualifications (RFQ) for a package of five or six schools to be constructed under a public-private partnership and maintained for 30 years.

Atlantica lands guarantee from ING

PFI Issue 651 - June 19, 2019

Atlantica Yield has signed its maiden ESG-linked financial guarantee line with ING with a limit of US$39m.

AIP and Fengate acquire travel centres

PFI Issue 651 - June 19, 2019

Arjun Infrastructure Partners (AIP) and Fengate Asset Management have acquired ONroute Services Centres from KD Infrastructure and HMSHost Corporation.

Three shortlisted on Valley Line LRT

PFI Issue 651 - June 19, 2019

The City of Edmonton, Alberta has shortlisted three teams on the Valley Line West light rail transit (LRT) project.

Three to compete on Nova Scotia health P3

PFI Issue 651 - June 19, 2019

Nova Scotia has shortlisted three consortia to bid on construction of a community outpatient centre in the Bayers Lake business park.

Maryland roads mega P3 wins approval

PFI Issue 651 - June 19, 2019

Maryland’s Board of Public Works voted 2-1 in favour of governor Larry Hogan’s plan to use public-private partnerships for the state’s plan to widen the Capital Beltway, Interstate 270 and the Baltimore-Washington Parkway.

Sponsors reach FID on Whistler pipeline

PFI Issue 651 - June 19, 2019

MPLX, WhiteWater Midstream backed by First Infrastructure Capital, and a joint venture between Stonepeak Infrastructure Partners and West Texas Gas have reached a favourable final investment decision (FID) on the Whistler pipeline.

Dulles Greenway bonds downgraded

PFI Issue 651 - June 19, 2019

Fitch Ratings has downgraded Toll Road Investors Partnership II’s (TRIP II) US$1bn bonds issue backing the Dulles Greenway project in Virginia to BB from BB+.