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Sunday, 30 April 2017

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Ajarin Pattanapanchai, deputy secretary general of the Thailand Board of Investment, speaks during an interview in New York, 2014

Gulf Energy perks up Thai market

PFI Issue 599 - April 20, 2017

Thailand’s Board of Investment has approved incentives for the massive Gulf IPP. Gulf is now in full preparation mode, perking up the quiet power sector, almost four years since the 2013 win. By Minerva Lau. 

Misfah/Manah IPP letters out

PFI Issue 599 - April 20, 2017

Oman Power & Water Procurement Company (OPWP) has issued letters to the pre-qualified bidders on the new 750MW to 850MW Misfah independent power project (IPP) scheme. Driver Trett, financial adviser Glen House Capital and Eversheds are advising OPWP on the deal.

ACWA bonds to be relaunched

PFI Issue 599 - April 20, 2017

ACWA Power is to relaunch its US$1bn sukuk bond issue next week. The deal came out late last year but was pulled due to market conditions (PFI issue 591). Jefferies, Citigroup, CCB Singapore, Mizuho and Standard Chartered are leading the deal.

Norte III hopes to stay the course

PFI Issue 599 - April 20, 2017

 

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.

Terna lines up transmission debt

PFI Issue 599 - April 20, 2017

Terna is looking to line up a roughly US$100m debt and equity financing backing the Melo–Tacuarembo transmission line in the north-east of the country. The company, through affiliate Difebal, is looking to land about US$85m in debt for 85% leverage.

Govt stalls on Morupule

PFI Issue 599 - April 20, 2017

Financing of the 300MW Morupule Units 5 & 6 upgrade has stalled due to a dispute over the government guarantee for the project, Reuters has reported, citing a cabinet minister.

IPP FAs shortlisted

PFI Issue 599 - April 20, 2017

Mubadala and Siemens have short-listed advisers for their 2,200MW gas-fired IPP in the northern emirates.The spponsors are seeking long-term debt commitments from the adviser, so the competition favours banks such as MUFG.

Enel increases energy firm stakes

PFI Issue 599 - April 20, 2017

Italian utility Enel has increased the stakes it owns in two Romanian energy companies with a €400m investment, two years after scrapping a proposed sale of the businesses.

Mytrah Energy plans refi

PFI Issue 599 - April 20, 2017

Mytrah Energy is planning to raise Rs18bn (US$280m) to refinance its existing debt. The company is said to be giving opportunities for its investors, namely, AION Capital, IDFC Alternatives and Merrill Lynch, to exit from the company before it goes for public listing.

Cirebon Energy finally signs loan

PFI Issue 599 - April 20, 2017

Developers of Cirebon Energy Prasarana (CEP), namely Marubeni Corp (35%), Indika Energy (25%), Samtan Co (20%), Korea Midland Power Co (10%) and Jera (10%), signed on April 18 the debt facility for the 1,000MW expansion of Cirebon power plant.

ThalNova appoints EPC for Thar plant

PFI Issue 599 - April 20, 2017

ThalNova Power Thar (TNPTL) has awarded the engineering, procurement and construction (EPC) contract to China Machinery & Engineering Corporation for the construction of a 330MW lignite coal-based power project in Thar, Sindh. The agreement was recently signed in Beijing.

Engie seeks Al Dur extension

PFI Issue 599 - April 20, 2017

The Engie/GIC consortium is looking for a two-year extension to its US$1.65bn hard mini-perm loan on the Al Dur 1 independent water and power project (IWPP). Refinancing the scheme now in the long-term commercial bank market would be problematic, showing up one of the issues with financing via mini-perms. The refinancing has been delayed by a commercial dispute.

JBIC minded on Al Dur 2

PFI Issue 599 - April 20, 2017

JBIC is said to looking to back potential developers on the Al Dur 2 independent water and power project (IWPP), which is due out to tender shortly. While the agency will not approve any potential involvement at this stage, its potential participation could encourage Japanese IPP sponsors to bid for the asset.

IC Power buys IPP

PFI Issue 599 - April 20, 2017

IC Power Israel has bought an option to buy a 95% stake in the Zomet Energy 396MW open-cycle development project at Plugot Junction near Kiryat Gat from Rapac Communication & Infrastructure and Denham Capital. IC is paying Rapac US$2.9m for its 47.5% stake and is expected to pay Denham the same.

OPWP looks at coal

PFI Issue 599 - April 20, 2017

Oman Power & Water Procurement (OPWP) has issued a request for proposals (RFP) for financial and commercial advisers on a potential coal-fired independent power project (IPP).

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.

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.

YPF seeks power partner

PFI Issue 599 - April 20, 2017

Argentine state-run energy group YPF is looking to bring a partner into its electricity generation unit. The company is looking to inject up to US$1bn into power subsidiary YPF Energia Electrica. The plan involves tapping a financial adviser, before bringing in the partner.

Cemig to speed up negotiations and sales

PFI Issue 599 - April 20, 2017

Cia Energética de Minas Gerais (Cemig) will speed up efforts to renegotiate loans and divest electricity generation, transmission and distribution assets, as the country’s No 3 power utility faces R$8.7bn (US$2.8bn) worth of debt maturities by the end of next year.

CFE presents five-year plan

PFI Issue 599 - April 20, 2017

Mexican state utility Comision Federal de Electricidad (CFE) has presented a five-year business plan as it continues its push to add capacity and modernise the grid. The plan is valid through to 2021 and envisages total investment of Ps256bn (US$13.6bn). That figure will include expanding capacity by more than 8GW, investing in transmission and distribution.

​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.

​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.

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 ...

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.

SA gas power attracts many bidders

PFI Issue 599 - April 20, 2017

The expressions of interest stage of the South Australian government’s attempt to build a A$360m (US$272m) fast-start gas-fired power station has attracted 31 bids from countries including Australia, China, Malaysia, Singapore, France, Finland and the United Kingdom.

NTPC raises US$1.6bn for Maitree IPP

PFI Issue 599 - April 20, 2017

Bangladesh India Friendship Power Company (BIFPCL), a 50:50 joint venture between India’s state-owned NTPC and the Bangladesh Power Development Board, has closed a US$1.6bn loan to develop the 2x660MW coal-fired Maitree power plant.

Riau IPP PPA signed

PFI Issue 599 - April 20, 2017

Indonesia’s Medco Power and Thailand’s Ratchaburi Electricity have signed the 20-year power purchase agreement (PPA) with Perusahaan Listrik Negara (PLN) for the natural gas-fired combined cycle power plant in the Riau province on Sumatra Island.

​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.

NuGen trims staff

PFI Issue 599 - April 20, 2017

NuGen, the project company developing the Moorside nuclear power project, is making redundancies at its Manchester office. The future of the scheme has been uncertain since Toshiba discovered major problems at its newly acquired Westinghouse nuclear division.

BNDES to share guarantees

PFI Issue 599 - April 20, 2017

Brazil’s state-run development bank BNDES will assume a role in guaranteeing infrastructure loans by allowing other lenders access to collateral from borrowers, its chief executive said. The move is part of the bank’s attempts to boost private sector participation in such funding. 

CNPS takes Eranove stake

PFI Issue 599 - April 20, 2017

The National Social Insurance Fund (CNPS) of Côte d’Ivoire has become a shareholder in pan-African concession company Eranove, majority-owned by Emerging Capital Partners.

Wind

Auction sets stage for merchant renewables

PFI Issue 599 - April 20, 2017

Spain is launching a long-awaited technology-neutral renewable power auction. The tender could usher in an era of challenging merchant renewables financing. By Stefano Berra

Solar refi loan out

PFI Issue 599 - April 20, 2017

RBS and Santander have launched the £347m 10-year mini-perm bank deal to back the purchase of TerraForm Power’s 365MW solar portfolio by EFG Hermes and Tenaga.

Institutional investors look for PF

PFI Issue 599 - April 20, 2017

Japanese institutional investors have long wanted to branch out and invest in infrastructure but have been restrained by regulation and lack of expertise. Recent deals suggest that this sleeping giant is ready to become more active in the global infrastructure project finance market.

Plenium and Bankinter set up renewables fund

PFI Issue 599 - April 20, 2017

Spanish lender Bankinter and investor Plenium Partners have launched a renewable energy fund called Helia Renovables.

Aela looks to bring in multilateral

PFI Issue 599 - April 20, 2017

Aela Energia, through subsidiary Aela Generacion, has approached the Inter-American Investment Corporation (IIC) about lining up a US$175m financing backing the Sauco and Aurora wind projects.

The Calatagan solar farm

Financing solar in the Philippines

PFI Issue 599 - April 20, 2017

In a race among solar developers in the Philippines to achieve project completion and compliance with the rules set by the Department of Energy (DOE), renewable power projects have rushed construction and development to become eligible for the coveted feed-in-tariff (FiT) system. By Jose Eduardo A Quimpo II and Camille Jasmine Aquino of BDO Capital & Investment Corporation.

New low for solar

PFI Issue 599 - April 20, 2017

Solairedirect, part of Engie, has bid a new low tariff in the Indian solar market, Rs3.15 per kWh (US$0.049/kWh), for the 250MW Kadapa scheme in Andhra Pradesh.

Outside one of the plants

Hedcor Sibulan – Tapping new avenues

PFI Issue 599 - April 20, 2017

Hedcor Sibulan is the first project to be financed by a note facility in the Philippines, introducing infrastructure financing to non-bank institutional investors. By Arsenio Kenneth M Ona, first vice president at the Investment Banking Group of First Metro Investment Corporation (FMIC).

​SG’s Krolick to Macquarie

PFI Issue 599 - April 20, 2017

Alexander Krolick, former director, energy project finance for the Americas at Societe Generale, has moved on to Macquarie. While at SG Krolick advised on the financing of Cheniere’s Corpus Christi LNG liquefaction facility and Deepwater Wind’s Block Island wind farm.

​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.

​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.

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.

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.

Solar projects see 'steadier' output than wind

PFI Issue 599 - April 20, 2017

Sakata Port secures solar funding

PFI Issue 599 - April 20, 2017

A 28.5MW solar project in Sakata-shi, Yamagata Prefecture sponsored by Sakata Port Mega Solar, the SPV owned by Japan Renewable Energy Corporation (JREC) and Sakata Port Recycle Industry Center, has received project finance funding from four banks.

De Stexhe to Manor

PFI Issue 599 - April 20, 2017

Frederic de Stexhe has joined Manor Group, having left his role at Greencoat Capital earlier this year where he was a partner.

Govt takes over Lake Turkana T-line payments

PFI Issue 599 - April 20, 2017

The Kenyan government has taken over payments to subcontractors and suppliers on the delayed Lake Turkana wind farm transmission line, being built by Spanish firm Isolux.

Two solar PCOAs signed

PFI Issue 599 - April 20, 2017

The Nigerian Bulk Electricity Trading Plc (NBET) has signed two put and call option agreements (PCOAs) supporting developers under the power purchase agreements (PPAs) for 14 solar power plants signed last year, according to local reports.

Gipuzkoa WtE contract signed

PFI Issue 599 - April 20, 2017

Gipuzkoa’s waste authority GHK has signed a PPP contract for a €240m waste-to-energy plant with a consortium of Urbaser and Meridiam, after a legal challenge by losing bidder FCC was struck down in court.

Zero-subsidy bids win offshore wind tender

PFI Issue 599 - April 20, 2017

Germany’s Federal Network Agency has selected four North Sea projects totalling 1.49GW as the winners of the inaugural offshore wind tender, with the bulk of the capacity going to projects that will be unsubsidised.

PLN releases latest plan

PFI Issue 599 - April 20, 2017

PLN has issued its latest power procurement business plan for 2017–2026, which was recently approved by the Ministry of Energy & Mineral Resources (MEMR).

Scatec signs first Round 2 PPAs

PFI Issue 599 - April 20, 2017

Scatec Solar has signed power purchase agreements (PPA) on its six solar schemes totalling 300MW in Round 2 of the government’s renewable project programme. The schemes were in Round 1 but were transferred, along with most of the other schemes in Round 1, to Round 2.

PLN plans renewable tender in May

PFI Issue 599 - April 20, 2017

State-owned electricity firm PLN is planning to hold a tender for renewable energy power plants in May to meet the government’s goal of having renewable sources supply 23% of the national energy mix.

Sidrap wind achieves financial close

PFI Issue 599 - April 20, 2017

UPC Renewables and partner AC Energy Holdings of the Ayalag Group in the Philippines have recently achieved financial closing on the development and financing of the US$150m Sidrap wind farm project in Indonesia.

SPCC secures solar financing

PFI Issue 599 - April 20, 2017

Solar Philippines Calatagan Corporation (SPCC) has raised a 12-year Ps3.4bn (US$96m) loan facility for the development of a solar farm in Calatagan, Batangas.

Four banks sign geothermal debt

PFI Issue 599 - April 20, 2017

Zorlu Enerji’s Dogal subsidiary has signed a US$190m project financing for the 65.5MW second unit of its Kızıldere III geothermal power plant in Denizli Province, south-western Turkey.

YEKA wind bid date set

PFI Issue 599 - April 20, 2017

A date has been set for the government’s second Renewable Energy Resource Area (YEKA) tender, this time for 1,000MW of wind capacity.

Ancala buys Biogen

PFI Issue 599 - April 20, 2017

Infra investor Ancala has bought organic waste processing project developer Biogen from Kier and Bedfordia. Biogen operates seven anaerobic digestion (AD) facilities across the UK with an overall capacity to process up to 250,000 tonnes of food a year.

​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.

AGL looks for wind farm finance

PFI Issue 599 - April 20, 2017

AGL is in discussions with Westpac, NAB, SMBC, MUFC and BNP Paribas to fund the 460MW, A$500m (US$380m) Coopers Gap wind farm in Queensland.

Victoria to start reverse renewables auction

PFI Issue 599 - April 20, 2017

The Victorian government is expected to launch reverse auction bidding for up to 100MW this month. The bidding will be modelled on the successful ACT reverse auction process and includes a 20-year power purchase agreement (PPA).

Battery storage auction gets 90 bids

PFI Issue 599 - April 20, 2017

The battery storage auction by the South Australian government has attracted 90 different parties in the expressions of interest phase to supply 100MW of battery storage of wind and solar energy.

DIF and Enel buy 275MW of solar

PFI Issue 599 - April 20, 2017

Dutch infrastructure fund DIF Infrastructure IV and Italian renewable energy company Enel Green Power have bought Reach Solar’s 275 MW Bungala Solar project for around US$315m. The utility-scale solar power project is located near Port Augusta, South Australia and covers approximately 700 hectares of land. The project has a 13-year power purchase agreement (PPA) with Origin Energy.

Nexif Energy's wind farm secures PPA

PFI Issue 599 - April 20, 2017

Singaporean company, Nexif Energy has secured a deal with ERM Power to buy the large-scale generation certificates from the A$450m (US$337m), 212MW Lincoln Gap wind farm project in South Australia.

Stockyard Hill wind gets three bids

PFI Issue 599 - April 20, 2017

The sale of Origin Energy’s 450MW Stockyard Hill wind project in Victoria has attracted three bids that market talk suggests came from Goldwind, Pacific Hydro and possibly Macquarie’s MIRA.

Engie takes over Compagnie du Vent

PFI Issue 599 - April 20, 2017

Engie has signed an agreement to take over the shares it did not already own in French wind and solar power developer La Compagnie du Vent.

Meru wind farm stalls

PFI Issue 599 - April 20, 2017

Development of the 400MW Meru County wind farm has been suspended due to land acquisition issues. Meru’s Governor Peter Munya has objected to the demarcation of land for the 18,700-acre site, which occupies sections of Ngaremara and Gambela located close to the Isiolo International Airport.

Conquest raises first renewable funds

PFI Issue 599 - April 20, 2017

Advisory firm Conquest has made its first foray into the fund management business, raising €115m for a long-term renewable power fund in its first closing.

Deutsche Bucht banks due

PFI Issue 599 - April 20, 2017

Northland Power is due to select a group of banks that will finance its 252MW Deutsche Bucht offshore wind farm, after it asked lenders to submit committed offers before Easter.

Chorus buys Picardy wind

PFI Issue 599 - April 20, 2017

German renewables investor Chorus Clean Energy has bought the 11.5MW Clementine wind farm in the Picardy region in northern France from German developer Saxovent.

Neoen finances wind farms

PFI Issue 599 - April 20, 2017

French renewables developer Neoen has signed an agreement with KfW IPEX and Caisse d’Epargne CEPAC to finance a 170MW renewable portfolio that Neoen is building across France.

EIB eyes Acofi debt fund

PFI Issue 599 - April 20, 2017

The European Investment Bank (EIB) is considering providing €50m of capital to Acofi Gestion’s Predirec EnR 2030 renewables debt fund.

Kambarata 2 hydro loan signed

PFI Issue 599 - April 20, 2017

Debt has been signed for the 120MW Kambarata 2 hydropower plant, according to Thomas Reuters Eikon.

EIB to invest in renewable fund-of-funds

PFI Issue 599 - April 20, 2017

The European Investment Bank (EIB) is looking to invest US$50m (€47m) in GEEREF NeXt, a new renewables equity fund-of-funds promoted by the European Union .

More renewables due

PFI Issue 599 - April 20, 2017

The Saudi renewables programme is to offer more tenders and quickly, said Energy Minister Khalid Al Falih at the Saudi Arabia Renewable Energy Investment Forum this week. The first 700MW has already gone out to tender (see above) and a new 400MW wind project in Domat al-Jandal in al-Jouf Province will go out by the fourth quarter of this year, which will be followed by a further 620MW of solar power.

Rewa solar signs PPA

PFI Issue 599 - April 20, 2017

Rewa Ultra Mega Solar Ltd (RUMSL) has signed a power purchase agreement (PPA) with Delhi Metro Railways Corporation (DMRC) & Madhya Pradesh Power Management Company (MPPMC).

CSP bid date extended

PFI Issue 599 - April 20, 2017

DEWA has extended the bid date for its 200MW concentrated solar power (CSP) project, as had been expected, but only from May 20 to June 5. Most, if not all, of the bidders had requested an extension.

Infinergy in buy-out

PFI Issue 599 - April 20, 2017

The management of UK renewables developer Infinergy has bought itself out from its parent company. In 2014, the Dutch Koop Group sold its European renewables arm KDE Energy but kept Infinergy after a bid from BayWa lapsed.

FRV cheapest on next solar

PFI Issue 599 - April 20, 2017

Bids have been submitted for the Water Authority of Jordan’s (WDA’s) 50MW solar independent power project (IPP). FRV submitted the lowest bid at JD0.033/kWh (US$0.0465/kWh), well below the current cheapest bid in the country, of JD0.042/kWh. First Solar/Kawar bid JD0.0406/kWh and Neon/Catalyst bid JD0.0414/kWh. The First Solar team put in an additional tender with storage with a bid in the JD0.07–JD0.077 range.

Renewable tenders gets going

PFI Issue 599 - April 20, 2017

Twenty-seven companies have been pre-qualified for Round 1 for the Ministry of Energy, Industry, Mineral & Resources (MEINR) renewables programme – the 400MW Midyan wind farm and the 300MW Sakaka solar PV scheme.

Sumitomo into Race Bank

PFI Issue 599 - April 20, 2017

Sumitomo has taken a stake in the 573MW Race Bank offshore wind farm scheme, buying part of Macquarie’s 50% stake. Last year it bought a 12.5% stake in the 336MW Galloper offshore wind scheme from Macquarie. The two have an offshore wind partnership.

Gaelectric seeks storage equity

PFI Issue 599 - April 20, 2017

Irish renewables developer Gaelectric is seeking equity co-investors on its €400m energy storage project near Larne in Northern Ireland. The renewables developer has received a €90m European Union grant towards construction costs on the scheme.

Actis expands further in Brazil

PFI Issue 599 - April 20, 2017

British private equity group Actis will launch another Brazilian renewable energy subsidiary named Echoenergia. The company will be the third local vehicle for the British group, after the wind-focused Atlantic Energias Renováveis and solar-focused Atlas Renewable Energy.

Solarcentury boosts LatAm team

PFI Issue 599 - April 20, 2017

Solarcentury has hired four people from private equity shop ECOSolar and purchased a project pipeline as it looks to expand its operations in the region. The new team joins alongside the purchase of a 400MW utility-scale renewable energy pipeline from ECOSolar, which includes projects that are shovel-ready to partially developed.

Enel seeks EIB for renewables

PFI Issue 599 - April 20, 2017

Enel Green Power has approached the European Investment Bank (EIB) looking for US$150m in financing backing the development of its project pipeline in Peru.

Eletrobras considers fire sale

PFI Issue 599 - April 20, 2017

Latin America’s largest utility Eletrobras is considering the sale of its minority stake in 110 of the 178 special purpose vehicles in which it holds a share.

Five hydro rights to be sold

PFI Issue 599 - April 20, 2017

The Brazilian government will auction off rights to operate five existing hydroelectric dams by September 30 this year, according to a notice published in the official gazette. The projects have a potential combined capacity 2.93GW. Four of the plants are operated by Companhia Energetica de Minas Gerais (Cemig), which is still fighting in courts to retain the operating licences for the plants.

Extension for renewable PPA signings

PFI Issue 599 - April 20, 2017

Project developers that won power purchase agreements (PPAs) during the Genren programme that have since stalled will have until May 15 to sign the contracts. The deadline has been changed three times since November and the Energy Ministry did not explain the pushing back of the deadline in a note.

Local group lines up financing

PFI Issue 599 - April 20, 2017

A company in the province of Cordoba called Ergios is looking to line up financing as it bids a 23MW wind project into the RevovAr 2 auction coming soon. The company has been studying a site for the project known as Los Jagueles for a number of years and believes it can be expanded to 40MW.

La Florida signs biomass contract

PFI Issue 599 - April 20, 2017

Electricity company Electrica La Florida has penned a power purchase agreement (PPA) with wholesale market administrator Cammesa for a 45MW biomass project in Tucuman.

Elecnor lands PV approval

PFI Issue 599 - April 20, 2017

Elecnor affiliate Celeo Energia has won environmental approval for the 93MW Alwa solar photovoltaic project in the province of Arica. The scheme will require some US$200m to develop.

Solar/storage financing vehicle launched

PFI Issue 599 - April 20, 2017

Generate Capital, a San Francisco-based company started by SunEdison founder Jigar Shah, has launched a US$250m financing facility for solar/storage and other energy storage projects. The vehicle will finance 20-year solar/storage power purchase agreements that guarantee building owners energy savings.

IDFC Alternatives keen on First Solar assets

PFI Issue 599 - April 20, 2017

IDFC Alternatives is interested to acquire First Solar’s 200MW renewable energy assets in India. The assets are estimated to have a value of about US$200m.

SECI announces wind winners

PFI Issue 599 - April 20, 2017

Solar Energy Corp of India has selected five bidders to develop 1,049.9MW of wind power projects offered during the recent capacity auction of 1,000MW.

SECI postpones solar bidding, again

PFI Issue 599 - April 20, 2017

Solar Energy Corp of India (SECI) has postponed again the submission date of bids for the 1,000MW rooftop solar PV scheme for government buildings to April 28, from April 17. The tenders will be opened on May 1.

EBRD considers funding Kovacica wind

PFI Issue 599 - April 20, 2017

The EBRD is looking to provide €50m of senior debt to finance the 104.5MW Kovacica wind farm in Serbia, a project that is set to cost €185m.

Macquarie buys solar assets

PFI Issue 599 - April 20, 2017

Macquarie Asia Infrastructure is reportedly acquiring about 330MW of operational solar assets from Hindustan Powerprojects for an enterprise value of US$600m, giving the Australian fund an entry into India’s fast-growing renewable energy sector.

Renewable capacity sets new records

PFI Issue 599 - April 20, 2017

India added record wind power capacity of 5,400MW in 2016/17, much more than the target of 4,000MW it had set itself for the year, according to official data.

Rabbalshede gets 200MW permit

PFI Issue 599 - April 20, 2017

Swedish renewable power developer Rabbalshede Kraft has received final environmental permits for the 200MW Åndberg wind farm.

Adani raises funds for Parampujya solar

PFI Issue 599 - April 20, 2017

Adani Enterprises has raised a Rs4.19bn (US$65m) loan facility to finance the development of the Parampujya 50MW solar power plant in the state of Telangana.

State Power dam bid knocked back

PFI Issue 599 - April 20, 2017

Chinese company State Power Investment Corp (SPIC) has seen its potential purchase of stakes in the 3,568MW Santo Antonio dam knocked back after a rejection of the value and terms of its proposal. SPIC made a binding offer last month to pay R$8bn (US$2.6bn) and take on the R$15bn in debt at the facility.

EIB to finance F2i/EDF wind farms

PFI Issue 599 - April 20, 2017

The EIB is considering financing eight onshore wind farms to be developed by E2i Energie Speciali, the joint venture of investor F2i, French utility EDF and its Italian subsidiary Edison.

Province brings in Neoen

PFI Issue 599 - April 20, 2017

The provincial Tucuman government has signed a letter of intent (LoI) with French power company Neoen to develop a 200MW solar project on indigenous land in Amaicha del Valle. The project requires some US$250m to develop, according to a statement from the province.

Enel solar financing due

PFI Issue 599 - April 20, 2017

The World Bank’s IFC has been mandated as lead arranger on Enel’s 34MW Ngonye 1 solar plant, awarded in the country’s first Scaling Solar round.

Kandadji dam back on

PFI Issue 599 - April 20, 2017

Meetings were reported to have been held this month between the government, technical and financial partners to move the long-delayed Kandadji hydropower and irrigation project forward.

Batoka financing plan revealed

PFI Issue 599 - April 20, 2017

Over US$1bn in project finance debt will be sought for the construction of the two 1,200MW power stations in the US$4bn Batoka Gorge hydropower project, according to a document released at an investor conference for the project in Livingstone, Zimbabwe at the end of March. 

Cabinet reshuffle delays REIPPP further

PFI Issue 599 - April 20, 2017

A new deadline will be set for the signing of the 37 outstanding renewable energy power purchase agreements once new Energy Minister Mmamoloko Kubayi has met with Minister of Public Enterprises Lynne Brown, the SA Renewable Energy Council (SAREC) has announced.

EDF and Mitsubishi close three wind refis

PFI Issue 599 - April 20, 2017

EDF Energies Nouvelles and Japan’s Mitsubishi Corp have closed a refinancing of more than €250m of three onshore wind farms in France.

Europe’s largest battery planned

PFI Issue 599 - April 20, 2017

Dutch power company Eneco and Japan’s Mitsubishi have partnered to develop a 48MW battery storage system in northern Germany.

Czech group taps bonds for solar financing

PFI Issue 599 - April 20, 2017

Czech solar developer Solek Group will issue roughly US$20m in bonds on Czech markets backing its solar project pipeline in Chile.

TWB2 sponsors commit equity

PFI Issue 599 - April 20, 2017

Trianel and its partners EWE, EWZ and Fontavis have reached a final investment decision for the 200MW Trianel Windpark Borkum II (TWB2), committing some €240m of equity.

'Lunatic Express' faces termination

PFI Issue 599 - April 20, 2017

A last-minute attempt to rescue the troubled Rift Valley Railways (RVR) Concession looks set to fail as US-based private equity firm Emerging Capital Partners has said it is not in discussions about an investment in the project. 

Erdogan looks to infra

PFI Issue 599 - April 20, 2017

 

Bogota metro of ‘national strategic interest’

PFI Issue 599 - April 20, 2017

Colombian President Juan Manuel Santos has declared the development of the Bogota Metro a work of “national strategic interest”. The government has said the works will require at least US$7.5bn.

GR Infraprojects sells road assets

PFI Issue 599 - April 20, 2017

GR Infraprojects has sold majority stakes in two of its build, operate and transfer (BOT) road assets to IDFC Alternatives’ India Infrastructure Fund II for an undisclosed amount.

New north-east expressway planned

PFI Issue 599 - April 20, 2017

The first express highway project in the north-east region will be developed along the Brahmaputra river in Assam at an estimated investment of Rs400bn (US$6.22bn), according to union road minister Nitin Gadkari.

Govt to appoint toll road operator

PFI Issue 599 - April 20, 2017

The Indonesian government is preparing to appoint state construction firm Hutama Karya as the operator of a toll road to Tanjung Priok, North Jakarta.

Port of Newcastle refi waits on charges

PFI Issue 599 - April 20, 2017

The owners of the Port of Newcastle, Hastings Funds Management and China Merchants, are waiting for a decision from the Federal Court on the prices it can charge coal companies using the coal export port. The decision is critical to Port of Newcastle company NCIG Holdings, refinancing a A$480m (US$363m) tranche of its A$800m term loan that is due this year.

Adani closes in on rail funding

PFI Issue 599 - April 20, 2017

 

Sydney Airport completes refinancing

PFI Issue 599 - April 20, 2017

Sydney Airport has refinanced its A$1.4bn (US$1.05bn) bank facilities with more than 10 banks and extended tenors and reduced margins. The debt facility was split into a A$470m (three-year) tranche with a margin of around 100bp over BBSY, a A$480m (four-year) tranche with a margin of around 115bp and a A$450m (five-year) tranche with a margin of around 130bp.

Govt to set up infra financing unit

PFI Issue 599 - April 20, 2017

The Australian government is planning to set up an infrastructure financing unit following its investment in the Moorebank freight hub in Sydney.

Melbourne Metro Tunnel bids go in

PFI Issue 599 - April 20, 2017

The request for proposals (RFP) bids for the A$6bn (US$4.6bn) Metro Tunnel in Melbourne, Victoria have been submitted.

Zhejiang Expressway secures new debt

PFI Issue 599 - April 20, 2017

Toll-road operator Zhejiang Expressway has raised US$389m from an offering of euro convertible bonds. The five-year put three CBs were marketed at a yield-to-put of 0% and maturity and a conversion premium of 27.5%–32.5%.

Fukuoka Airport to be privatised

PFI Issue 599 - April 20, 2017

The government of Japan is to privatise Fukuoka International Airport, Japan’s fourth biggest airport measured by passenger traffic after Tokyo Narita, Tokyo Haneda and Kansai. The government will offer potential bidders a 30-year concession period to run the airport, which handles around 21m passengers a year.

Korea Expressway issues notes

PFI Issue 599 - April 20, 2017

Moody’s Investors Service has assigned an Aa2 rating to the proposed senior unsecured US dollar notes of around US$200m to be issued by Korea Expressway Corporation. The notes will be issued under KEC’s existing US$3.5bn global medium-term note (MTN) programme, which is rated (P)Aa2. The company plans to use the proceeds for general corporate purposes, including refinancing and capital expenditure. The fixed interest rate is 1.65% annually.

Carey Island port developments to go ahead

PFI Issue 599 - April 20, 2017

MMC Port Holding, Sime Darby Property and Adani Ports and Special Economic Zone Ltd (APSEZ), have signed a memorandum of understanding for a feasibility study on developing an integrated maritime city on Carey Island, Selangor.

New structure for North-South rail

PFI Issue 599 - April 20, 2017

Changes have been made to the structure of the North-South Railway Project (NSRP). From being a totally PPP project, it will now be funded largely by soft loans from China and Japan.

Advisers due for metro

PFI Issue 599 - April 20, 2017

The Abu Dhabi Department of Municipal Affairs and Department of Transport are expected to seek advisers shortly to work on a PPP structure for the Abu Dhabi metro project.

Budapest Airport refi details out

PFI Issue 599 - April 20, 2017

The refinancing of the Budapest Airport debt will involve a new €800m five-year bank piece and a €400m private placement tranche. The bank debt pricing will start at 130bp.

Luton Airport refi out

PFI Issue 599 - April 20, 2017

Barclays and RBS have launched a refinancing of the debt on Luton Airport. The new term loan totals £270m with a five-year tenor and an option to extend by two years. There is a £100m revolver. Pricing is 125bp to 200bp. Fees are 50bp.

IFM into M6

PFI Issue 599 - April 20, 2017

IFM has bought two-thirds of the project debt on the M6 toll road from commercial banks. The move follows Macquarie buying the other third from hedge fund Centerbridge Partners and Mizuho. The two now own the asset. Macquarie Atlas Roads owns the equity but this has no value.

Moody’s expects slower traffic growth

PFI Issue 599 - April 20, 2017

Moody’s expects a slowdown in traffic growth on European toll roads and airports in 2017, following strong growth last year.

Deutsche Asset team buys Venice Airport

PFI Issue 599 - April 20, 2017

A consortium of Deutsche Asset Management, InfraVia and Enrico Marchi has agreed to buy SAVE, the operator of Venice airport.

Three pre-qualify for first road PPP

PFI Issue 599 - April 20, 2017

Three teams have been short-listed to bid for the design, financing, construction, operation, maintenance and transfer of the Nairobi–Nakuru–Mau Summit Highway (A8), the country’s first road PPP.

CRR 4 signing for June

PFI Issue 599 - April 20, 2017

The deadline for signing the concession agreement for the Central Ring Road section 4 PPP has been extended to June 30, after being delayed since November.

BAM closes N33 refinancing

PFI Issue 599 - April 20, 2017

BAM PPP PGGM has closed the refinancing of the N33 motorway PPP in the Netherlands with some amendments to the commercial debt.

Motorway PPPs completed

PFI Issue 599 - April 20, 2017

A consortium of Vinci, Hochtief and Aktor has completed works and inaugurated the Maliakos–Kleidi road and the Corinth–Patras motorway, two of the largest road PPPs in Greece.

Tank & Rast refi starts

PFI Issue 599 - April 20, 2017

Motorway services company Autobahn Tank & Rast has started to approach lenders to refinance its €2.2bn of debt.

Road PPP tender launched

PFI Issue 599 - April 20, 2017

Norwegian road authority Vegvesen has officially launched the tender for the Rv3/Rv25 Ommangsvollen–Grundset/Basthjørnet road, the country’s first motorway PPP in a decade.

Indigo Park sale starts

PFI Issue 599 - April 20, 2017

Ardian and Credit Agricole Assurances’ Predica have started the sale process for their car parking operator Indigo, formerly called Vinci Park.

Regional airports sale closed

PFI Issue 599 - April 20, 2017

Fraport Greece has completed the acquisition of 14 Greek regional airports under a 40-year concession, concluding a privatisation process started four years ago.

Grain terminal nears FC

PFI Issue 599 - April 20, 2017

Financial close is expected next week on a new US$150m grain terminal at the Black Sea port of Yuzhny.

A7 financed

PFI Issue 599 - April 20, 2017

A consortium of Vinci and Meridiam has reached financial close for the A7 motorway PPP in Lower Saxony, raising €441m of debt from familiar and unfamiliar lenders in the German market.

Airport PPPs awarded

PFI Issue 599 - April 20, 2017

A consortium of Asyad Holding/CCC/Munich Airport has won the contract to develop and operate the new Taif International Airport. The Al Rajhi/TAV consortium has won the contract to develop the Al Qassim and Hail airports. Both are being procured by the General Authority of Civil Aviation (GACA) under a PPP procurement.

BNDES to share guarantees

PFI Issue 599 - April 20, 2017

Brazil’s state-run development bank BNDES will assume a role in guaranteeing infrastructure loans by allowing other lenders access to collateral from borrowers, its chief executive said. The move is part of the bank’s attempts to boost private sector participation in such funding. 

AUSA lands roadworks loan package

PFI Issue 599 - April 20, 2017

State-owned concessionaire Autopistas Urbanas (AUSA) has agreed a US$252.5m financing package from a syndicate of banks backing road works in the metropolitan area of Buenos Aires.

​PR Governor seeks US project funding

PFI Issue 599 - April 20, 2017

Puerto Rico Governor Ricardo Rossello Nevares has sent a list of 517 projects to the White House in an attempt to have them included in the infrastructure investment programme that US President Donald J Trump will promote. Some of the larger projects include dredging the Martín Pena Channel, improving the telecommunications transmission networks, and developing the highway between Hatillo and Aguadilla.

​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.

​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.

​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.

​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.

ASUR takes airport stakes

PFI Issue 599 - April 20, 2017

Mexican company Grupo Aeroportuario del Sureste (ASUR) has taken a majority stake in airport concessionaires Airplan and Aeropuertos de Oriente in a deal worth roughly US$262m.

Tender out for highway PPP

PFI Issue 599 - April 20, 2017

The Ministry of Public Works (MOP) has re-launched the tender for the Rutas del Loa highway project. The country’s official gazette published the call for both local and international companies to take part in the tender, which has been re-launched after a past iteration was cancelled.

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.

Origin Energy looks to sell O&G spin-off

PFI Issue 599 - April 20, 2017

Origin Energy’s Lattice Energy, the company that will contain its oil and gas assets, has hired Macquarie Capital and UBS to either publicly list or sell the company. Lattice, which replaces the temporary “newco” moniker that Origin has been using to refer to its conventional oil and gas arm, will be based in Melbourne, with a second office in Brisbane.

ONGC commits to new investment

PFI Issue 599 - April 20, 2017

State-run Oil and Natural Gas Corporation (ONGC) plans to invest up to Rs650bn (US$10bn) in its three allotted blocks in the Krishna-Godavari basin. The company has divided the deep-water block, KG-DWN-98/2, into Clusters I, II and III. 

RFP for Pengerang terminal due soon

PFI Issue 599 - April 20, 2017

The request for proposals (RFP) for the financing of the estimated US$2.18bn Pengerang integrated deep-water terminal of Dialog Group, Vopak and Petroliam Nasional (Petronas) is expected to be issued by the end of April.

Keppel Infra to build gasification facility

PFI Issue 599 - April 20, 2017

Keppel Infrastructure Holdings has been selected by the Singapore Economic Development Board (EDB) to develop, own and operate a state-of-the-art gasification facility on Jurong Island.

REN wins EDP Gas

PFI Issue 599 - April 20, 2017

Portuguese grid operator REN has agreed to pay €532.2m to buy EDP Gás Distribuição, the second-largest gas distributor in Portugal, from utility EDP.

Chrysaor RBL syndicated

PFI Issue 599 - April 20, 2017

Chrysaor has syndicated its US$1.5bn reserve-based lending deal to back its US$3bn acquisition of North Sea assets from Royal Dutch Shell. The deal, which includes a US$500m accordion feature, was arranged by Bank of Montreal, BNP Paribas, Citigroup, DNB and ING (PFI issue 594). Twelve other banks joined the deal.

Province launches O&G bidding

PFI Issue 599 - April 20, 2017

The Province of Neuquen through its company Gas y Petróleo (GyP) has launched an oil and gas bid round.

​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.

Schlumberger commits to Vaca Muerta shale

PFI Issue 599 - April 20, 2017

Argentine President Mauricio Macri has announced that oil services provider Schlumberger will invest US$390m in the Vaca Muerta shale deposit. Vaca Muerta, in the province of Neuquen, has an estimated 16bn barrels of oil and 308tn cubic feet of natural gas.

Institutional investors look for PF

PFI Issue 599 - April 20, 2017

Japanese institutional investors have long wanted to branch out and invest in infrastructure but have been restrained by regulation and lack of expertise. Recent deals suggest that this sleeping giant is ready to become more active in the global infrastructure project finance market.

Second LNG train planned for Darwin

PFI Issue 599 - April 20, 2017

The Northern Territory Government will contribute A$250,000 towards a A$750,000 (US$400,000) feasibility study into the potential expansion of ConocoPhillips’ Darwin Liquefied Natural Gas (DLNG). The study will examine the viability of developing a second LNG train at the Darwin LNG plant at Wickham Point.

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.

​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.

Santos to repay debt

PFI Issue 599 - April 20, 2017

Oil and gas producer Santos will repay US$250m of its US$1.2bn export credit agency (ECA) supported uncovered syndicated facility, scheduled to mature in 2019.

IFC to support first LNG terminal

PFI Issue 599 - April 20, 2017

The International Finance Corp (IFC) will provide both A and B loans to the financing of Bangladesh’s first LNG terminal that will be developed by Excelerate, a leading LNG infrastructure company based in Texas, USA.

Borealis takes GNL Quintero stake

PFI Issue 599 - April 20, 2017

Borealis Infrastructure and OMERS have penned an agreement to acquire a 34.6% stake in GNL Quintero from Spanish energy company Enagas. This is the pension plan for Ontario’s municipal employees OMERS’ maiden direct infrastructure investment in South America.

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.