sections

Monday, 21 August 2017

Water

WIFIA tap starts to open

PFI Issue 606 - July 26, 2017

Water Infrastructure Finance & Innovation Act funding has been around since 2013. This year 12 schemes could kick start the programme. By Alison Healey

Panda eyes September debt launch

PFI Issue 606 - July 26, 2017

Panda Power Funds is looking to make decisions about lead arrangers and launch the debt package by September backing the Mattawoman natural gas-fired, combined-cycle facility in Prince George’s County, Maryland.

Brookfield closes White Pine Green bond issue

PFI Issue 606 - July 26, 2017

Brookfield Renewable Partners sold its first Green bond issue, a US$475m project financing secured against its 380MW White Pine hydroelectric portfolio in Maine. The non-amortising bonds were priced at 205bp over the 15-year benchmark to yield 4.4% semi-annually.

Green Plains ethanol set for launch

PFI Issue 606 - July 26, 2017

BNP Paribas has set a July 25 bank meeting to launch a US$500m term loan for ethanol producer Green Plains.

SaskPower shortlists eight on wind

PFI Issue 606 - July 26, 2017

SaskPower has selected eight wind projects to move forward to the request for proposal (RFP) stage for a chance to develop up to 200MW of wind power in the Canadian province of Saskatchewan.

Govt lays out new infra funding standards

PFI Issue 606 - July 26, 2017

Minister of Infrastructure & Communities Amarjeet Sohi has sent a letter to the infrastructure heads of provinces and territories informing them that the Ministry will begin using an “outcomes-based approach” to decide which projects receive federal funding.

Three shortlisted on Trillium rail extension

PFI Issue 606 - July 26, 2017

The City of Ottawa in Ontario has shortlisted three teams to design, build, finance and maintain the C$535m Trillium line extension project, part of the city’s C$3bn Stage 2 light rail transit initiative.

Commitments in for Hickory Run

PFI Issue 606 - July 26, 2017

Sponsor Tyr Energy has received commitments to the debt package it is looking to secure backing the 1GW Hickory Run power project in Lawrence County, Pennsylvania.

LS Power closes acquisition financing

PFI Issue 606 - July 26, 2017

LS Power has closed the US$415m acquisition financing to support its purchase of the 1,269MW Spruce Generation portfolio of peaking power projects from Dynegy.

Details emerge on OSU energy financing

PFI Issue 606 - July 26, 2017

RBC, CIBC, MUFG and Santander acted as joint lead arrangers and co-managers of a US$850m private placement that backed the OSU energy management P3.

Maryland county moving on courts P3

PFI Issue 606 - July 26, 2017

Howard County, Maryland has issued a call for expressions of interest on its courthouse P3. The county is aiming to replace its 174-year-old building in Ellicott City with a modern facility estimated to cost US$139m.

Advisors identified in NRG asset sales

PFI Issue 606 - July 26, 2017

NRG has engaged Citi, Goldman Sachs and Morgan Stanley for separate asset sales processes that are well under way as part of its transformation plan. The three-part, three-year plan is designed to strengthen earnings and cost competitiveness, lower risk and volatility, and add shareholder value by selling assets, paying down debt and investing excess cash.

Capital Dynamics pursuing financing for Mount Signal, Phase 3

PFI Issue 606 - July 26, 2017

Capital Dynamics is working to line up construction financing and tax equity this month for the 328MW Mount Signal 3 PV project in Imperial Valley, California.

Kansas Airport bidding teams revealed

PFI Issue 606 - July 26, 2017

Aecom has assembled its team of partners to compete to design, build and finance a new terminal at Kansas City International Airport. The team will include Oaktree Capital Management and Aecom Capital for financing, Aecom Hunt and Turner Construction as contractors, and Fentress Architects, which has a portfolio that includes Denver International Airport, Incheon airport in Seoul, South Korea, and the Los Angeles airport.

EDF acquires First Solar Nevada projects

PFI Issue 606 - July 26, 2017

EDF Renewable Energy has acquired the 179MW Switch Station 1 and Switch Station 2 solar projects from First Solar.

Washington’s Sound Transit names P3 advisers

PFI Issue 606 - July 26, 2017

The state of Washington’s regional transit agency, Sound Transit, has appointed KPMG, Ernst & Young and Hatch to provide on-call advisory services as it develops a pipeline of public-private partnerships.

NJ county partners on landfill solar

PFI Issue 606 - July 26, 2017

A firm founded by former Union Bank of California project financier Henry Park has partnered with Camden County, New Jersey to finance solar installations at its landfills.

Sale-leaseback backs community solar portfolio

PFI Issue 606 - July 26, 2017

Key Equipment Finance has closed a sale-leaseback financing for 16 community solar projects across Massachusetts for Clean Energy Collective (CEC) and Engie.

Tax equity signed for EDPR

PFI Issue 606 - July 26, 2017

Bank of New York Mellon has provided US$370m of tax equity on wind projects developed by Spain’s EDPR - the 100MW Meadow Lake V, the 99MW Redbed Plains, and the 98MW Quilt Block.

Dominion to partner with Dong on Virginia offshore

PFI Issue 606 - July 26, 2017

Dominion Energy has agreed to partner with Dong Energy to revive an offshore Virginia wind project with an estimated cost of US$300m.

NextDecade signs MoU with Port of Cork

PFI Issue 606 - July 26, 2017

NextDecade has signed a memorandum of understanding (MoU) with the Port of Cork Company to advance a joint business development opportunity in Ireland for a new floating storage and regasification unit that would receive LNG from NextDecade’s planned Rio Grande LNG project in South Texas.

Avangrid planning multiple submissions on Mass RFP

PFI Issue 606 - July 26, 2017

Avangrid Renewables plans to bid multiple transmission and/or renewables projects in the clean energy request for proposals (RFP) issued by Massachusetts Electric Distribution Companies and the Department of Energy Resources earlier this month.

Offshore wind threatened

PFI Issue 606 - July 26, 2017

Congressman Andy Harris, representing Maryland’s first congressional district, has attached an amendment to a Department of the Interior appropriations bill that threatens two proposed offshore wind projects in the state. The amendment prohibits the use of federal funds to conduct reviews of site assessments or construction and operation plans for wind turbines less than 24 nautical miles from the state’s shoreline.

Alterra closes Flat Top wind

PFI Issue 606 - July 26, 2017

Alterra Power has closed financing for the Flat Top wind project, a 200MW facility in central Texas. Affiliates of Citigroup, Santander and RBC led the deal, consisting of a US$217m loan plus letters of credit totalling US$71m. The facility is supported by a tax equity investor commitment.

FAA policy change impacts wind

PFI Issue 606 - July 26, 2017

Policy changes under consideration by the Federal Aviation Administration (FAA) on its determinations of no hazard (DNHs) are likely to have “profound and potentially adverse repercussions” on wind development, according to policy analysis from the Husch Blackwell law firm.

Panda reorg plan set for vote

PFI Issue 606 - July 26, 2017

A bankruptcy judge has set a date of August 8 for a confirmation hearing on Panda Temple Power’s plan of reorganisation. Creditors had until July 21 to object and certain classes will be eligible to vote July 28.

Kenia LNG buyer sought

PFI Issue 606 - July 26, 2017

ConocoPhillips is preparing to fully shut down its Kenai liquefied natural gas export plant in Alaska as it continues to search for a buyer for the project.

Purple Line construction back on

PFI Issue 606 - July 26, 2017

A federal appeals court has reinstated the Purple Line’s environmental approval, allowing construction to resume on the light rail transit project in Maryland after many months of delays. The ruling will permit the project to again pursue federal funding.

Bird-led team wins Niagara entertainment P3

PFI Issue 606 - July 26, 2017

The Ontario Lottery & Gaming Corporation (OLG) has selected Niagara Falls Entertainment Partners, led by Bird Construction, as the preferred proponent to design, build, finance, and maintain a new Niagara Falls Entertainment Centre (NFEC).

Port Authority seeks designers for US$10bn JFK

PFI Issue 606 - July 26, 2017

The Port Authority of New York and New Jersey is seeking proposals from private firms for preliminary engineering and design work on a US$10bn renovation of John F Kennedy International Airport.

NextEra buys big wind

PFI Issue 606 - July 26, 2017

NextEra Energy Resources has bought the development rights on the 500MW Wheatridge wind project in Oregon from Swaggart Wind Power.

Pennsylvania pursues transit P3

PFI Issue 606 - July 26, 2017

Pennsylvania’s public-private partnership (P3) board has approved a project to pursue transit-oriented development (TOD) at one or more train stations along Amtrak’s Keystone Corridor between Harrisburg and Philadelphia.

LA People Mover RFP released

PFI Issue 606 - July 26, 2017

The Los Angeles Board of Airport Commissioners (BOAC) has authorised Los Angeles World Airports (LAWA) to issue a request for proposals (RFP) for the Automated People Mover (APM) train at Los Angeles International Airport.

DIF acquires TerraForm unit

PFI Issue 606 - July 26, 2017

Funds managed by DIF have completed the acquisition of TerraForm AP Acquisition Holdings, which holds a US$243m project loan.

Fitch sees continuing challenges for US P3

PFI Issue 606 - July 26, 2017

A new report from Fitch Ratings says it expects public-private partnership (PPP) financing models with a modest pipeline over the medium term for the US.

DOE clean energy loan programme in jeopardy

PFI Issue 606 - July 26, 2017

The Department of Energy’s Loan Programs Office (LPO) is in danger of being eliminated by the Trump administration in its proposed budget.

IFA takeover included in Indiana project plans

PFI Issue 606 - July 26, 2017

Indiana Governor Eric Holcomb has unveiled a list of projects that will be launched under the state’s new US$4.7bn infrastructure funding programme.

Bay State offshore awarded first BOEM approval

PFI Issue 606 - July 26, 2017

The Bureau of Ocean Energy Management (BOEM) has issued its first approval of an offshore wind site assessment plan (SAP) to Bay State Wind, a utility-scale offshore wind project off Massachusetts.

AES bonds downgraded on PREPA woes

PFI Issue 606 - July 26, 2017

Moody’s has downgraded US$194m in project bonds backing the AES Puerto Rico coal-fired plant following the bankruptcy filing of the Puerto Rico Electric Power Authority (PREPA), which has a 25-year power purchase agreement (PPA) with the project that became effective in 2002. Moody’s downgraded the bonds to Caa1 from B3.

Pennsylvania pursues transit P3

PFI Issue 606 - July 26, 2017

Pennsylvania’s public-private partnership (P3) board has approved a project to pursue transit-oriented development (TOD) at one or more train stations along Amtrak’s Keystone Corridor between Harrisburg and Philadelphia.

Two teams shortlisted on Union Station

PFI Issue 606 - July 26, 2017

Infrastructure Ontario (IO) and Metrolinx have shortlisted two teams to design, build and finance the Union Station enhancement project.

Five teams shortlisted on East Corridor

PFI Issue 606 - July 26, 2017

Five teams have been selected to compete to build and finance the Lakeshore East - East Corridor expansion project in Ontario.

Sprott and La Caisse finance mine restart

PFI Issue 606 - July 26, 2017

Sprott Resource Lending and La Caisse de dépôt et placement du Québec have provided secured debt conditional commitments of US$180m for Champion Iron’s Bloom Lake iron ore mining project near Fermont, Québec. The financing would fund a restart of the mine.

RFQ issued for points-of-entry P3

PFI Issue 606 - July 26, 2017

Public Works & Government Services Canada (PWGSC) has issued a request for qualifications (RFQ) on behalf of the Canada Border Services Agency (CBSA) seeking a private partner on a points-of-entry P3.

Dynegy agrees three asset sales

PFI Issue 606 - July 26, 2017

Dynegy has reached agreements to sell three of its generating plants for approximately US$300m.