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Sunday, 16 February 2020

Melbourne PPP projects dig up contract issues

PFI Issue 666 - February 12, 2020

The A$11bn (US$7.5bn) Melbourne Metro and the A$6.7bn (US$4.5bn) West Gate Tunnel PPPs are facing delays and cost blowouts estimated to be around a combined A$2.5bn or more.

Windlab seeks bridge loan

PFI Issue 666 - February 12, 2020

Renewable energy company Windlab and its partner Eurus Holdings are negotiating a bridge loan with the Clean Energy Finance Corp (CEFC) to allow their SPV, Kennedy Energy Park, to pay A$949,740 in milestone payments previously withheld, A$6,592,075 in variation claims and delay costs, plus tax.

Harbour Tunnel project costs rise

PFI Issue 666 - February 12, 2020

Costs of the Harbour Tunnel project and the Beaches Link to Sydney’s northern suburbs have jumped to A$16.8bn (US$11.3bn), some A$4bn above the previous budget.

Govt to fund new energy projects

PFI Issue 666 - February 12, 2020

The Federal government is set invest about A$2bn (US$1.34bn) in grants and soft loans to boost New South Wales gas production. The NSW government will also provide A$1bn in direct funding.

Total calls for end to LNG dispute

PFI Issue 666 - February 12, 2020

French company Total has called on the PNG government and ExxonMobil to return to the negotiating table to resolve their differences on profit sharing of the planned US$13bn LNG expansion.

Neoen completes Hornsdale refinancing

PFI Issue 666 - February 12, 2020

Neoen and John Laing have refinanced the project financings on the operational 309MW Hornsdale wind farm in South Australia with a A$650m (US$439m) loan.

Morrison ups stake in Sydney desal

PFI Issue 666 - February 12, 2020

New Zealand infrastructure investor Morrison & Co is reported to have upped its stake in the Sydney desalination plant by buying part of The Infrastructure Fund’s 15% ownership in the project.

Renewables project pipeline has collapsed, says CEC

PFI Issue 666 - February 12, 2020

The level of new investment commitments in large-scale renewable energy projects has collapsed by more than 50%, according to new analysis by the Clean Energy Council, which reveals a fall from 51 projects worth A$10.7bn (US$6.7bn) in 2018 to 28 projects worth A$4.5bn in 2019.

Engie launches renewables stake sale

PFI Issue 666 - February 12, 2020

Engie Australia has launched the 50% to 80% equity sale in the Australian Renewables Energy Platform it owns alongside Mitsui (20%).

Transurban seeks new Hills M2 loan

PFI Issue 666 - February 12, 2020

Transurban, which operates the Hills M2 motorway in Sydney, has hired MUFG and NAB to arrange a A$409m (US$275m) dual-tranche loan with 10 and 15-year tenors.

Stockland secures renewables loan

PFI Issue 666 - February 12, 2020

Property group Stockland has received a A$75m (US$50.3m) loan from the Clean Energy Finance Corp to build 11MW of solar rooftop capacity that will provide power to its commercial buildings.

Govt announces new power projects

PFI Issue 666 - February 12, 2020

The Australian government has offered a power panacea to its critics, who claim it lacks an energy policy, by announcing A$6m (US$4m) of funding for a pre-feasibility study on a 1.5GW hydro-electric plant and a feasibility study for 1GW coal plant.

Culcairn Solar ready to go

PFI Issue 666 - February 12, 2020

Neoen Australia is expected to begin construction in the next few months on its 402MW Culcairn solar project with 100MW/200MWh of storage capacity.

Adaro and EMR look to refinance

PFI Issue 666 - February 12, 2020

Indonesia’s PT Adaro Energy Tbk and private equity firm EMR Capital Pty Ltd are reported by LPC to have asked lenders to provide proposals to refinance a US$1.69bn loan that was used to buy their 80% stake in the Kestrel coking coal mine in the Bowen Basin in Queensland in 2018.

Shell Australia goes solar

PFI Issue 666 - February 12, 2020

Shell Australia, one of the country’s largest oil and gas producers, will build the 120MW Gangarri solar project in Queensland as part of the company’s plan to pursue new energies.

Adelaide to go 100% renewable

PFI Issue 666 - February 12, 2020

Adelaide City Council will power all of its operations and council-owned facilities with 100% renewable energy via a power purchase deal with Flow Power that will kick off in July.