Oil and gas contractor McDermott’s continuing financial struggles have the potential to impact project-financed assets globally. The market is waiting on news of a turnaround plan or restructuring. By Alison Healey.
Extremely strong corporate renewables demand has led to the signing of contracts that show the continued maturation of several contract structures that have become more widely used in the US market.
Freeport LNG Liquefaction 2 has closed a US$1.26bn refinancing of Train 2 for the Texas LNG export terminal. The loan has a tenor of 7.25 years and is priced at 150bp over Libor.
Energy Capital Partners (ECP) has closed US$468m in financing for Heartland Generation Acquisition, a project vehicle used to acquire an 815MW portfolio of power generating assets in Western Canada.
FirstEnergy has issued a request for proposal (RFP) to purchase solar renewable energy credits (SRECs) and renewable energy credits (RECs) for its Ohio utilities, which include Ohio Edison, The Illuminating Company and Toledo Edison.
Helios Infrastructure Fund, a joint venture of Sol Systems and insurer Nationwide, has completed financing and construction of its first solar portfolio, comprising eight projects in North Carolina totalling 48.4MW.
Quinbrook Infrastructure Partners’ Scout Clean Energy unit has closed construction financing and tax equity commitments on the 180MW Heart of Texas wind farm in McCulloch County, Texas.
NextEra Energy Partners (NEP) has agreed to acquire Meade Pipeline in a deal valued at approximately US$1.37bn.
Chesterfield County, Virginia has approved a US$2bn combined data centre and solar project at a nearly 1,700-acre site designated as the Matoaca mega site.
Three bids have been submitted for Connecticut’s Department of Energy & Environmental Protection (DEEP) and Bureau of Energy Technology Policy procurement of up to 2GW of offshore wind.
Texas-based wind developer Tri Global Energy has agreed to sell the 360MW Canyon wind project to alternative investment firm Silverpeak.
Global Infrastructure Partners (GIP) has made an undisclosed investment in Propeller Airports’ Paine Field passenger terminal in Everett, Washington.
Northern Indiana Public Service Company (NIPSCO) has issued a request for proposals (RFP) for 300MW of wind and wind-paired storage, 2.3GW of solar and solar-paired storage, and an unspecified amount of thermal and other capacity resources to satisfy the utility’s 2023 capacity needs.
Weak power market fundamentals and its lacking a multi-year hedging strategy has seen Kestrel Acquisition’s US$446m Term Loan B due 2025 and US$40m revolving credit facility downgraded to B1 from Ba3 by Moody’s.
Lightsource BP has closed US$140m in financing for a 125MW, seven-project solar portfolio across the US. NatWest was lead arranger on the debt.
Pipeline operator Buckeye Partners is launching a US$1.75bn seven-year Term Loan B to support the company’s acquisition by IFM Investors.
Brookfield Infrastructure has priced a C$500m (US$375m) offering of medium-term notes due 2029 at 3.41%.
Miami-Dade Department of Transportation & Public Works has issued a request for proposals (RFP) seeking a private partner to design, build, finance, operate, and maintain the Beach Corridor rapid transit line that will link Miami Beach to downtown Miami.
Morgan Stanley Infrastructure Partners (MSIP) has closed a US$565m refinancing backed by the 644MW Bayonne energy centre in New Jersey after a renegotiation of contracts.
NGL Energy Partners has closed the sale of TransMontaigne Product Services (TPSL) and associated assets for roughly US$275.5m in proceeds, including equity consideration, inventory, and net working capital.
Invenergy has closed a US$620.4m refinancing of the term loan debt backing the 1,485MW Lackawanna Energy Center in Pennsylvania. The loan has a 4.5-year tenor maturing at the end of March 2024.
Perimeter Solar has signed a power purchase agreement (PPA) with oil and gas developer TC Energy for 74.25MW of power from its proposed 130MW solar farm in Alberta.
Canada’s Conservative Party leader Andrew Scheer, who last week pulled ahead of incumbent Justin Trudeau in the race for prime minister in certain polls, said he will deactivate Canada Infrastructure Bank (CIB) if he wins in the federal election on October 21.
Australian power technology provider Kalina Power’s Canadian subsidiary is seeking C$300m (US$227m) in project finance to back a portfolio of five distributed power assets in Alberta.
The New York State Energy Research & Development Authority (NYSERDA), Empire State Development, and the New York Department of Transportation have issued a request for qualifications (RFQ) seeking a private partner to upgrade the state’s port infrastructure to support offshore wind development.
The State of Virginia has greenlighted a number of new solar projects as Dominion considers adding solar at an airport and has acquired new projects in the state.
Delaware’s Department of Natural Resources and Environmental Control (DNREC) is considering a partnership with Orsted that would enable the offshore wind developer to build an interconnection facility in a state park.
Patriot Rail & Ports has launched a US$285m seven-year Term Loan B and US$40m five-year revolving credit.
Stonepeak Lonestar Holdings has launched a US$800m Term Loan B and US$30m revolving credit to recapitalise the project company, which holds equity interests in natural gas joint ventures with Targa Resources.
Kansas City International Airport officials have applied for Transportation Infrastructure Finance & Innovation Act (TIFIA) funding for the US$1.5bn terminal public-private partnership.
Intersect Power, a utility-scale renewable energy developer formed by former executives of Recurrent Energy, has started talks with banks, institutional investors, and tax equity providers for its 1.7GW late-stage development portfolio of US solar projects.
Oregon City has issued a request for proposals (RFP) seeking a financial adviser on a public-private partnership to build a new Clackamas County courthouse.
E.ON has secured more than US$200m in tax equity financing to repower its Panther Creek I and II wind farms in Texas.
EDP Renewables North America has secured a commitment for US$421m of institutional equity financing from Bank of America in exchange for an interest in a 405MW wind portfolio. The size of the stake has not been disclosed.