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Monday, 10 December 2018

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FTI hires former EY oil and gas lead

PFI Issue 638 - November 28, 2018

FTI Consulting has hired Jim Franks for its energy, power and products practice as a senior managing director.

TerraForm names CFO

PFI Issue 638 - November 28, 2018

TerraForm Power has appointed Brookfield executive Michael Tebbutt as the company’s chief financial officer.

Gulf LNG receives favourable environmental report

PFI Issue 638 - November 28, 2018

Kinder Morgan’s proposed Gulf LNG export terminal in Mississippi has received a favourable draft environmental impact statement (DEIS) from the Federal Energy Regulatory Commission (FERC).

Aneel announces transmission auction

PFI Issue 638 - November 28, 2018

Power sector regulator Aneel has approved a transmission line tender that aims to bring in R$13.17bn (US$3.48bn) in investments.

Modec appoints on Eni FPSO PF

PFI Issue 638 - November 28, 2018

Modec has appointed Norton Rose as lenders’ counsel and SMBC as lead arranger as it starts preparing for the financing for its recently won floating production storage and offloading (FPSO) supply, charter and operate contract on Eni’s Offshore Area 1 field 10km off the coast.

Plaquemines LNG receives favourable EIS

PFI Issue 638 - November 28, 2018

Venture Global’s Plaquemines liquefied natural gas (LNG) export terminal in Louisiana has received a favourable draft environmental statement (EIS) from the Federal Energy Regulatory Commission (FERC).

Hunterstown dividend recap launched, scaled back

PFI Issue 638 - November 28, 2018

Platinum Equity and APS Energy Partners have launched a US$150m add-on to their Term Loan B to fund a dividend payout from their Hunterstown Generation plant but later scaled back the incremental financing to US$50m.

Ontario’s Greenfield project refinanced

PFI Issue 638 - November 28, 2018

A group of banks led by Bank of Montreal has added C$125.7m (US$117.4m) in incremental financing to the loan backing the 1GW Greenfield Energy Center in Ontario.

State Grid lands BNDES financing

PFI Issue 638 - November 28, 2018

China’s State Grid, through subsidiary Xingu Rio Transmissora de Energia (XRTE), has landed a R$5.2bn (US$1.38bn) loan from development bank BNDES backing a transmission line connecting the Xingu converting station to the Rio terminal to deliver power from the Belo Monte hydro project.

Indian group gets PF ball rolling

PFI Issue 638 - November 28, 2018

India’s Sterlite Power has kicked off its project finance activity in Brazil, landing R$140m (US$37.3m) in local-currency bonds backing the Arcoverde transmission line in Pernambuco.

Elecnor preps transmission projects

PFI Issue 638 - November 28, 2018

Elecnor is looking to develop two transmission projects that will require an investment of US$466m, the company announced on Madrid’s stock exchange.

Starwood’s Edgewater upsizes TLB

PFI Issue 638 - November 28, 2018

Starwood Energy Group’s subsidiary Edgewater Generation has increased the size of the seven-year term loan backing its buyout of two gas-fired projects from Dominion to US$925m from US$900m.

Myingyan IPP may be expanded

PFI Issue 638 - November 28, 2018

Sembcorp Industries may increase the capacity of its Myingyan IPP to meet growing demand.

EPGE signs short PPAs

PFI Issue 638 - November 28, 2018

Myanmar national utility Electric Power Generation Enterprise (EPGE) has recently signed two power purchase agreements (PPAs) with the winners of a tender for rental power projects located in the Mandalay region.

Govt to auction PPAs

PFI Issue 638 - November 28, 2018

The Indian government is reported to be ready to launch its second 2,500MW auction to aggregate three -year power purchase agreements (PPAs) to give relief to stressed coal-fired plants.

Bangchak to invest US$2.4bn in expansion

PFI Issue 638 - November 28, 2018

Listed energy company Bangchak Corporation is planning to invest Bt77bn (US$2.3bn) to expand its businesses in the next four years, from 2019 to 2022.

Santos gets green light on Quadrant acquisition

PFI Issue 638 - November 28, 2018

Santos has satisfied the condition precedent required by the Australian Competition and Consumer Commission (ACCC) on its acquisition of Quadrant Energy announced in August.

Horizon Oil reaches FC on RBL refi

PFI Issue 638 - November 28, 2018

Horizon Oil has achieved financial close on the US$95m senior debt facility with ANZ, Westpac and Industrial and Commercial Bank of China.

Taipower postpones 1GW gas-fired IPP tender

PFI Issue 638 - November 28, 2018

Taipower has postponed the tender its two 500MW gas-fired independent power plants.

Egco buys into Paju IPP

PFI Issue 638 - November 28, 2018

Electricity Generating pcl (Egco) of Thailand is acquiring a 49% stake in Paju Energy Service, which operates the 1.8GW Paju power plant in South Korea.

Wenceslao joins bid for Malaya IPP

PFI Issue 638 - November 28, 2018

Construction company and real estate developer DM Wenceslao & Associates is the latest company to join the bidding for the 650MW Malaya thermal power plant.

PNOC postpones LNG partner selection

PFI Issue 638 - November 28, 2018

Philippine National Oil Co (PNOC) has postponed the bidding process to be its partner in the development of an LNG terminal in Batangas.

Ayala unit to divest Mindanao coal-fired plant

PFI Issue 638 - November 28, 2018

AC Energy, the power arm of the Ayala Group, is divesting its stake in its Mindanao coal-fired power plant, GN Power Kauswagan, as the company aims to focus on renewable energy.

Exxon appoints legal adviser

PFI Issue 638 - November 28, 2018

ExxonMobil Corp is understood to have appointed a legal adviser for the financing of its petrochemical complex and liquefied natural gas (LNG) terminal in Guangdong province, China.

Hyflux gets another extension

PFI Issue 638 - November 28, 2018

Singapore’s High Court has extended the deadline for the debt restructuring process of troubled water treatment firm Hyflux by 4.5 months, from December 2018 to April 2019.

A2 and S1 to refi

PFI Issue 638 - November 28, 2018

Marubeni is due to extend the life of its A2 independent water and power project (IWPP) beyond the end of the power and water purchase agreement (PWPA) with ADWEA in 2021. Work is due to start soon on how the extension will work and on financing options.

InterGen to refi

PFI Issue 638 - November 28, 2018

Independent Power asset owner InterGen is expected to refinance its US$542m of project debt early next year in the bank market once its shareholder issue is sort out.

Amur GPP due to launch

PFI Issue 638 - November 28, 2018

Commercial banks are due to be approached in the new year on the €13bn financing for the €19bn Amur gas processing plant (GPP) being developed by Gazprom Pererabotka Blagoveshchensk.

Orsted grid sale starts

PFI Issue 638 - November 28, 2018

Orsted has started the sale of its power grid and residential customer businesses, with bids expected as early as December.

Al Dur 1 IWPP loan refinanced

PFI Issue 638 - November 28, 2018

The US$1.3bn refinancing of the 1,234MW and 48m gallons per day Al Dur 1 independent power and water project was closing as PFI went to press.

Advisory bids due for Jizan IGCC

PFI Issue 638 - November 28, 2018

Citigroup, MUFG, SMBC and Standard Chartered are believed to be bidding for the advisory mandate on the US$10bn Jizan refinery scheme financing.

PG&E downgrade impacts projects

PFI Issue 638 - November 28, 2018

California’s catastrophic Camp Fire wildfire outbreak in Butte County led to downgrades for Pacific Gas & Electric Company (PG&E), and its parent company, PG&E Corporation, for the second time in a year, creating uncertainty for multiple projects, both existing and future.

Sakaka gets to FC

PFI Issue 638 - November 28, 2018

ACWA Power and local power contracting company AlGihaz Holding have finally reached financial close on the 300MW US$320m Sakaka solar PV scheme.

Offshore wind farm

Funding the upcoming Taiwanese wave

PFI Issue 638 - November 28, 2018

Taiwan is blazing a trail in the offshore wind power market in Asia, with several gigawatts worth of projects slated to start construction over the next few years. By Daniel Mallo, managing director and head of natural resources and infrastructure, Asia-Pacific, Societe Generale.

Solar plant in Saudi Arabia

Green deal in the world's oil capital

PFI Issue 638 - November 28, 2018

The inaugural project in the Kingdom of Saudi Arabia’s prestigious renewable energy programme, representing the first step by the Kingdom towards the “Saudi Vision 2030”, achieved a successful financial closing in November 2018. Atanu Das, vice-president, Neeraj Nishad, senior manager, and Abdullah Badruddin, manager, of ACWA Power’s acquisitions and project finance group, discuss and outline key aspects of the transaction.

Pirapora bond tranche closes

PFI Issue 638 - November 28, 2018

EDF Renewables and Canadian Solar, through Pirapora Solar Holding, have closed a R$220m (US$59m) bond deal backing part of its Pirapora solar cluster, completing the project financing of the scheme.

Solek adds to renewables deal

PFI Issue 638 - November 28, 2018

Czech company Solek Group has added to its renewable energy bond deal first signed in 2017 with the Czech National Bank (CNB), which will allow the company to develop up to 250MW of solar projects.

MiniRen auction launched

PFI Issue 638 - November 28, 2018

Argentina has launched the next round of the RenovAr auction process aimed at small and medium-scale projects from 0.5MW to 10MW, to be known as MiniRen.

Engie pens private PPAs

PFI Issue 638 - November 28, 2018

French group Engie has signed a 15-year power purchase agreement with steel producer Gerdau in Mexico and another 16-year deal with Nuevo Pudahuel in Chile for the airport in Santiago.

Wind farm lands approval

PFI Issue 638 - November 28, 2018

Environmental regulator Autoridad Nacional de Licencias Ambientales (Anla) has approved the country’s maiden wind energy licence, it has announced.

Financing needed for hydro projects

PFI Issue 638 - November 28, 2018

Brazilian federal energy planning group Empresa de Pesquisa Energetica (EPE) has announced that the country needs around R$1bn (US$267m) to fund feasibility studies for new medium-sized hydro projects.

YPF and GE sign on Los Teros wind

PFI Issue 638 - November 28, 2018

YPF Luz has signed an agreement with GE Renewable Energy for the construction of the 122MW Los Teros wind project in Azul, Buenos Aires. The project will require an investment of US$144m.

IDB reveals details on Enel deal

PFI Issue 638 - November 28, 2018

IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, has revealed it lent US$86.6m in financing backing three Enel Green Power solar projects in Mexico.

Capacity market shock

PFI Issue 638 - November 28, 2018

The government-run UK power capacity market has been knocked by a ruling from the European Court of Justice (ECJ) saying it is illegal under state aid rules. All capacity market payments awarded in previous auctions will have to stop from now while the government sorts out the issue with the European Commission (EC), which could take months.

Advisers in on Uskmouth biomass PF

PFI Issue 638 - November 28, 2018

Evercore and Ashurst have been appointed to advise SIMEC Atlantis Energy on its £165m to £200m 220MW Uskmouth coal to wood pellet conversion project. Equitix is set to buy a 25% stake in the scheme for £32.9m.

Horus in unsubsidised solar

PFI Issue 638 - November 28, 2018

Family office-backed Horus Capital is developing solar projects without subsidises. Two schemes – the 24MW Fiskerton scheme in Lincolnshire and a 16MW scheme east of London – will be developed on a merchant basis while the 5MW Worsted scheme will have a subsidy.

Octopus wind refi

PFI Issue 638 - November 28, 2018

Banks are due to be appointed shortly on the Octopus wind refinancing. Santander is advising. The refinancing is being undertaken by Fern Trading, an Octopus managed company.

Diamond wins another OFTO

PFI Issue 638 - November 28, 2018

Diamond Transmission Partners, the Mitsubishi/HICL joint venture, has won another offshore transmission owner (OFTO) scheme – this time the £329.1m Galloper project.

CfD starting gun fired

PFI Issue 638 - November 28, 2018

The Business, Energy & Industrial Strategy (BEIS) Department has released the allocation details for the next contract for difference (CFD) bidding round in May 2019.

Hofor buys back Copenhagen wind park

PFI Issue 638 - November 28, 2018

Copenhagen utility Hofor has bought back from Orsted the Middelgrunden near-shore wind farm outside the Danish capital and intends to repower the 40MW scheme.

Ence extends biomass financing

PFI Issue 638 - November 28, 2018

Spanish energy group Ence has increased its green debt financing package by €69m to fund the 46MW Puertollano biomass project. The seven-year financing includes a €43m institutional bullet tranche, said Ence.

Engie signs two solar PPAs

PFI Issue 638 - November 28, 2018

France’s energy giant Engie and its investment partners have signed 25-year power purchase agreements (PPAs) with Senelec, Senegal’s national power company, for two solar PV projects.

Indian-led consortium wins country's first solar

PFI Issue 638 - November 28, 2018

Albania’s Ministry of Infrastructure & Energy has selected an India Power Corporation (IPC)-led consortium in the country’s first ever solar tender.

Renewables pre-qual list out

PFI Issue 638 - November 28, 2018

International developers have been pre-qualified for the government’s 500MW solar PV and 300MW wind farm tenders.

Solar tender launched

PFI Issue 638 - November 28, 2018

Algeria’s Electricity & Gas Regulation Commission (CREG) has issued a tender for 150MW of solar capacity.

Solar wins second joint renewables tender

PFI Issue 638 - November 28, 2018

Solar PV projects won all of the capacity auctioned in Germany’s second joint tender for solar and wind power, replicating a similar result in the first round.

West African renewables to take off by 2030

PFI Issue 638 - November 28, 2018

Renewable generation capacity in West Africa is set to expand by up to 20GW by 2030, according to a report by the International Renewable Energy Agency (IRENA).

First renewable energy auction launched

PFI Issue 638 - November 28, 2018

The Finnish Energy Agency has launched a technology-neutral renewable energy auction as it seeks to source 1.4TWh of clean energy.

Solar farm gets sponsor boost

PFI Issue 638 - November 28, 2018

Phanes Group, the UAE-based solar developer, has selected a planned 30MW solar project as part of its Solar Incubator programme.

NIB funds hydropower

PFI Issue 638 - November 28, 2018

The Nordic Investment Bank (NIB) has signed a NKr145m (€15.1m) 12-year loan backing energy company Eidefoss’s investment in the 80MW Rosten hydropower plant.

Autumn renewables tender oversubscribed

PFI Issue 638 - November 28, 2018

The Dutch government has received requests for €7.7bn of subsidies in its €6bn autumn renewables tender round.

AfDB lends more to river dam

PFI Issue 638 - November 28, 2018

The African Development Bank (AfDB) has approved a €235m loan to complete construction of the Thwake River Dam in southern Kenya, its second investment in the project.

Siemens sells PVs

PFI Issue 638 - November 28, 2018

Siemens Gamesa Renewable Energy has sold three solar PV plants in Spain to local investor Aurea Capital.

Enercoop seeks renewables PPA

PFI Issue 638 - November 28, 2018

French cooperative electricity retailer Enercoop is looking for power purchase agreements (PPAs) with large-scale renewables projects to supply its customers.

Companies bid for hydro PPP

PFI Issue 638 - November 28, 2018

Hidroelektrana Dabar has received 19 expressions of interest in its tender to secure a partner and EPC contractor for a 160MW hydropower plant under a PPP structure.

Alerion funds Sardinia wind

PFI Issue 638 - November 28, 2018

Italian wind power company Alerion has signed a €33m debt financing with Natixis and UniCredit for a wind farm in Sardinia.

Solaria signs Repsol PPA

PFI Issue 638 - November 28, 2018

Spanish renewables company Solaria has signed a seven-year power purchase agreement (PPA) with oil group Repsol to back two solar PV plants in Spain with a combined capacity of 52MW.

Ellomay outlook cut over Talasol risks

PFI Issue 638 - November 28, 2018

Rating agency S&P has cut the outlook of Israeli energy company Ellomay to BBB+ negative from stable over concerns relating to the timely implementation of its 300MW Talasol PV project in Spain.

Enel secures wind financing

PFI Issue 638 - November 28, 2018

Enel’s Russian branch has signed agreements for a Rbs9.5bn (US$145m) loan from the Eurasian Development Bank (EDB) for a 90MW wind farm.

Solarcentury gets 200MW PV approval

PFI Issue 638 - November 28, 2018

Solarcentury has received approval to build four subsidy-free solar PV parks totalling 200MW near Sevilla by the regional government of Andalucia.

Investors win renewables arbitration

PFI Issue 638 - November 28, 2018

Foresight, Greentech Energy and GWM Renewable Energy have won €48m of compensation for tariff cuts to their Spanish renewable energy plants.

Tenergie completes PV refis

PFI Issue 638 - November 28, 2018

French renewables developer Tenergie has completed the refinancing of a solar PV portfolio worth €120m following a similar €248m deal earlier this year.

Dunkirk offshore wind tender starts

PFI Issue 638 - November 28, 2018

The French government has launched the final phase of a tender process for an offshore wind farm of about 500MW off the coast of Dunkirk after months of delays.

Solarpack eyes 100MW PV financing

PFI Issue 638 - November 28, 2018

Spanish renewables developer Solarpack is working on the financing of 100MW of solar PV plants as it prepares to complete an initial public offering.

Three go for hydro refi

PFI Issue 638 - November 28, 2018

SIMEC Atlantis is to refinance the debt on SIMEC Green Highland Renewables, the Scottish hydropower company it is buying from SIMEC to £124.7m, via AIB, Barclays and RBS.

Wind wins it all in renewables auction

PFI Issue 638 - November 28, 2018

Poland’s 1GW auction concluded with onshore wind sweeping the competition, receiving average tariffs of Z196.16/MWh (€45.55).

French firm signs tidal MoU

PFI Issue 638 - November 28, 2018

French tidal energy developer Blue Shark Power System has signed a memorandum of understanding (MoU) with the government of Djibouti to provide 120MW of turbines for a new hydro project.

Sabadell leads renewables boom

PFI Issue 638 - November 28, 2018

Spanish lender Sabadell has jumped into the booming renewable power market, funding three greenfield solar and wind power projects on its own over the past weeks.

InfraCo takes solar stake

PFI Issue 638 - November 28, 2018

InfraCo Africa has signed a shareholders agreement with JCM Power to invest US$2.3m in equity in the 26MW Golomoti Solar project in Malawi.

E.ON and Credit Suisse fund Nysater wind

PFI Issue 638 - November 28, 2018

E.ON and Credit Suisse Energy Infrastructure Partners have signed a €375m debt package with NordLB to finance their 475MW Nysater onshore wind farm near Sundsvall.

Hornsea 1 mega deal gets to close

PFI Issue 638 - November 28, 2018

The monster £3.5bn 1218MW Hornsea 1 offshore wind farm scheme has reached financial close. The financing was priced the day the Brexit deal was formally announced. Pricing was 190bp but the coupon was below 3.5% as Gilts dropped dramatically on that day. GIP is buying 50% of the scheme from Orsted.

Murra Warra partners seek Stage 2 funding

PFI Issue 638 - November 28, 2018

Partners Group, RES and Macquarie are reported to be asking lenders to make pitches for the A$300m (US$218m) project finance for the 203MW Stage 2 of the Murra Warra wind near Horsham in Victoria.

Susi Partners buys Middlemount solar farm

PFI Issue 638 - November 28, 2018

Swiss company Susi Partners AG has bought the 34MW Middlemount solar project in Queensland from the Overland Sun Farming group for A$50m (US$36m).

BRC to help corporates arrange PPAs

PFI Issue 638 - November 28, 2018

The newly formed Business Renewables Centre (BRC) aims to provide an online marketplace platform designed to help larger Australian corporates secure renewable energy power purchase agreements (PPAs).

Epuron looks to fund Walgett solar

PFI Issue 638 - November 28, 2018

Epuron is seeking finance to construct the 15MW first stage of the 32MW Walgett solar project in New South Wales. The project is due to start construction next year having secured a power purchase agreement (PPA) with the University of Technology in Sydney.

FRV looks to finance Winton solar

PFI Issue 638 - November 28, 2018

Spanish renewable energy company FRV is reported to be in discussions with lenders to fund the 85MW Winton solar project in Victoria.

Morrison looks to refi Macarthur wind debt

PFI Issue 638 - November 28, 2018

New Zealand fund manager HRL Morrison is looking to refinance its share of the 420MW Macarthur wind farm in Victoria. Malaysian company, Malakoff Corp Bhd refinanced its 50% share last July through a seven-year, A$502m (US$370m) loan provided by BNP Paribas, Blackrock Capital Invest Corp, ING, Mizuho, OCBC and SG.

Cameby solar project approved

PFI Issue 638 - November 28, 2018

The Western Downs Regional Council in Queensland has approved a 148MW solar project at Cameby without detailing who the sponsors are.

Labor Party sets renewable energy goals

PFI Issue 638 - November 28, 2018

The Australian Labor Party unveiled its A$15bn (US$10.5bn) energy policy last week ahead of the expected national election early next year and put renewable energy as its centrepiece.

UBS and REST Super complete Collgar refi

PFI Issue 638 - November 28, 2018

UBS Asset Management and REST Super, the owners of the 206MW Collgar wind farm in Western Australia, have refinanced the A$409m (US$299m) debt on the project.

Govt to launch third solar bidding

PFI Issue 638 - November 28, 2018

Malaysia’s Energy Commission is preparing to launch a third round of bidding for its large-scale solar programme (LSSP) in early 2019.

Renewable Japan plans Green solar bonds

PFI Issue 638 - November 28, 2018

Renewable Japan plans to issue project bonds in January 2019 to fund the development of its solar power project in Noboribetsu City, Hokkaido.

PLN signs PPA for Merangin hydro

PFI Issue 638 - November 28, 2018

PLN has signed a power purchase agreement (PPA) on the Merangin hydroelectric power plant, a 350MW (4x87.5MW) hydropower plant in Kerinci Regency, Jambu.

PLN finalises list of qualified renewable energy developers

PFI Issue 638 - November 28, 2018

State electricity company PLN has apparently finalised a shortlist of qualified developers that can bid for renewable energy projects. The list has not been made public so far.

MPIC and Dole in biogas project

PFI Issue 638 - November 28, 2018

Infrastructure conglomerate Metro Pacific Investments Corp (MPIC) is partnering with Dole Philippines, the world’s leading fresh fruit producer, to develop a landmark Ps1bn (US$19.2m) biogas project in South Cotabato in Mindanao.

UPNEDA calls for solar bids

PFI Issue 638 - November 28, 2018

The Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA) is reported to have asked for bids to develop a 200MW solar park in the state through a tariff-based competitive bidding process.

Hybrid auction falls short

PFI Issue 638 - November 28, 2018

The Solar Energy Corporation’s hybrid (solar/wind) auction is reported to have fallen short by 150MW.

EIB to increase wind project lending

PFI Issue 638 - November 28, 2018

The European Investment Bank (EIB) will provide an extra US$684m to a renewable energy financing programme operated in conjunction with SBI to facilitate onshore wind projects.

Dundonnell wind farm loan syndicated

PFI Issue 638 - November 28, 2018

The A$400m project finance debt of Tilt Renewables’ Dundonnell wind farm in Victoria that was underwritten by MUFG and NAB has been syndicated to three local banks and Danish export credit agency EKF.

Sunshine Energy proposes 1.5GW solar project

PFI Issue 638 - November 28, 2018

Sunshine Energy has submitted a proposal to the Somerset Regional Council in south-east Queensland to build a 1.5GW solar farm.

CIP starts market sounding

PFI Issue 638 - November 28, 2018

Copenhagen Infrastructure Partners (CIP) has started market soundings for financing its offshore wind projects in Taiwan.

Solar projects face financial eclipse

PFI Issue 638 - November 28, 2018

The demise of diversified engineering and infrastructure company RCR Tomlinson last week has created potential financial problems for at least nine solar projects and the broader fallout is that around A$3bn (US$2.1bn) worth of planned projects now face extra funding costs and greater scrutiny.

Three for CSP

PFI Issue 638 - November 28, 2018

Three banks are set to fund the ACWA Power/Solar Reserve 100MW Redstone concentrated solar power (CSP) project - ICBC, African Development Bank (AfDB) and IDC.

Rothschild wins IPP restructuring

PFI Issue 638 - November 28, 2018

Rothschild has been appointed by the ACWA Power/Samsung team on the restructuring of the debt on the US$1bn, 950MW Kirikkale independent power project (IPP).

Solar winners line up

PFI Issue 638 - November 28, 2018

Jinko Solar and RAI Energy have been made first and second ranking bidders by the Ministry of Energy & Mineral Resources (MEMR) in its most recent solar competition.

Somerset to Highview Power

PFI Issue 638 - November 28, 2018

Mark Somerset has joined London-based liquid air energy storage company Highview Power as director of development. Somerset had been at independent power developer InterGen for nearly 22 years, based latterly in Massachusetts and before that Edinburgh.

Red Rock Power to expand

PFI Issue 638 - November 28, 2018

Red Rock Power, owned by China’s SDIC Power, has hired a new chief executive officer, Guy Madgwick, and bought an operational 50MW wind farm in Scotland, Afton, from Infrared.

SSE sets up renewables arm

PFI Issue 638 - November 28, 2018

UK utility SSE has established a renewable energy asset arm, SSE Renewables under Jim Smith, current managing director, generation. Smith will report to wholesale director Martin Pibworth. The team is expected to be in place by the end of next March.

Denmark's COWI expands in Boston

PFI Issue 638 - November 28, 2018

Denmark-based engineering and environmental consulting firm COWI is increasing its US presence as it works on the Vineyard Wind project in Massachusetts.

Northland and Kepco partner on offshore

PFI Issue 638 - November 28, 2018

Canada’s Northland Power has partnered with Kepco E&C, a subsidiary of South Korea’s state utility Kepco, to jointly participate in wind farm projects internationally.

Mirova signs first close on fourth energy fund

PFI Issue 638 - November 28, 2018

French investor Mirova, part of Natixis Investment Managers, has reached a first close on its fourth renewable energy fund, raising €250m from existing and new investors.

ERG signs ESG loans to boost renewables

PFI Issue 638 - November 28, 2018

Italian energy group ERG has signed €240m of environmental social governance (ESG) loans to fund its investment in renewables.

ADFD launches seventh renewables funding cycle

PFI Issue 638 - November 28, 2018

Abu Dhabi Fund for Development (ADFD), together with IRENA, are seeking renewable energy project submissions to receive a facility of more than US$50m.

Leader Energy to expand renewables portfolio

PFI Issue 638 - November 28, 2018

Leader Energy is planning to triple the amount of renewable energy capacity it currently has in the next two to three years.

AES revises carbon reduction goals

PFI Issue 638 - November 28, 2018

AES plans to reduce its carbon intensity by 70% by 2030, revised from a prior goal of a 50% reduction. Through to 2020, the company expects to add 2GW to 3GW of new capacity in renewables annually. AES’s new strategy follows the recommendations made by the Task Force on Climate-related Financial Disclosures (TCFD).

Aneel approves renewables projects

PFI Issue 638 - November 28, 2018

Power sector regulator Aneel has approved 52 renewable energy projects with a combined capacity of 1,988.34MW from the August A-6 auction.

Renewables auction delayed

PFI Issue 638 - November 28, 2018

Mexico’s fourth long-term power auction has been moved to December 18. The original plan was to hold the competition in mid-November, with the delay said to be to allow companies more visibility on the auction process.

Voltalia pens private PPA

PFI Issue 638 - November 28, 2018

French group Voltalia has signed a 10-year power purchase agreement (PPA) with local food company BRF. The new contract will allow for an increase in the size of Voltalia’s VSM 2 wind farm project to 128MW from 64MW.

Proposals in on Rhode Island renewables

PFI Issue 638 - November 28, 2018

National Grid has received a total of 41 bids in response to its September request for proposals (RFP) for renewable energy in Rhode Island, including offshore wind plans.

Appalachian Power issues solar RFP

PFI Issue 638 - November 28, 2018

Appalachian Power has issued a request for proposals (RFP) for up to 200MW of solar projects in Virginia.

Goldman invests in Engie distributed solar

PFI Issue 638 - November 28, 2018

Goldman Sachs has finalised an investment in Engie North America’s distributed solar platform.

Atlantica Yield pulls notes offering

PFI Issue 638 - November 28, 2018

Atlantica Yield has pulled a proposed offering of US$300m of senior notes “in response to broader market conditions”, according to a regulatory filing.

Vineyard Wind hits permitting snag

PFI Issue 638 - November 28, 2018

Vineyard Wind’s US$2bn, 800MW offshore wind proposal has hit a permitting snag as Rhode Island’s Fishermen’s Advisory Board voted unanimously to deny support to the project.

Cordelio to pre-pay St Clair notes

PFI Issue 638 - November 28, 2018

Cordelio Power, a unit of the Canada Pension Plan Investment Board (CPPIB), is expected to pre-pay St Clair Holdings’4.881% senior secured notes in connection with its acquisition of solar assets from NextEra Energy Canada Partners.

CESP sale approved

PFI Issue 638 - November 28, 2018

Antitrust group CADE has approved the sale of Companhia Energetica de Sao Paulo (CESP) by the government of Sao Paulo state to the Sao Paulo Energia consortium formed by Canadian pension fund CPPIB and Brazil’s Votorantim Energia.

Engie reveals wind ambitions

PFI Issue 638 - November 28, 2018

French company Engie’s Brazilian unit is in negotiations to set up private offtake contracts forward-selling wind power, according to an interview by chief financial officer Carlos Freitas with Reuters.

Vail Resorts signs VPPA with Orsted unit

PFI Issue 638 - November 28, 2018

Colorado’s Vail Resorts has entered into a wind energy virtual power purchase agreement (VPPA) with Orsted subsidiary Lincoln Clean Energy.

TransLink closes green bond

PFI Issue 638 - November 28, 2018

Metro Vancouver’s transportation operator TransLink has closed on a C$400m (US$300.5m) Green bond issue that brought in 41 investors. The bonds were priced at 3.25%.

EDF finances Riviere du Moulin wind

PFI Issue 638 - November 28, 2018

EDF Renewables has financed its operating Rivière du Moulin wind project in Quebec City with a C$320m (US$242.8m) long-term financing.

Traffic on the Capital Beltway

Maryland transport P3 takes shape

PFI Issue 638 - November 28, 2018

Maryland transport projects estimated to cost as much as US$7.6bn are on the radar. The state is preparing to launch phase one of its plan to add toll lanes to over 70 miles of roads. By Alison Healey.

Laem Chabang seaport

Infra galore from Thailand

PFI Issue 638 - November 28, 2018

Thailand is offering a host of infrastructure deals worth US$10bn. A high-speed rail, two seaports and one airport are now up for grabs. By Minerva Lau.

Dutch construction project

IJmuiden troubles spill over into PPP market

PFI Issue 638 - November 28, 2018

VolkerWessels and BAM are pulling out of complex PPPs. The fallout of the IJmuiden sea lock problems is being felt across the Dutch market. By Stefano Berra.

DP World closes port PPP financing

PFI Issue 638 - November 28, 2018

DP World, through subsidiary DP World Posorja, has closed a US$377m project financing backing a greenfield multi-purpose port project at Posorja, 85km from the country’s main business city of Guayaquil.

Bonds prepped for LA’s ConRAC

PFI Issue 638 - November 28, 2018

LA Gateway Partners’ US$456m bond offering to back the consolidated rent-a-car (ConRAC) at the Los Angeles International Airport (LAX) has received an A3 rating from Moody’s. A US$112m construction loan is also part of the financing package.

Michigan conduit prices I-75 bonds

PFI Issue 638 - November 28, 2018

The Michigan Strategic Fund has priced US$610.3m in private activity bonds (PABs) as a conduit issuer for the state’s US$1.4bn I-75 public-private partnership.

Airline dispute delays Kansas City Airport

PFI Issue 638 - November 28, 2018

Airlines that use the Kansas City International Airport (KCIA) are locked in a dispute over how to fund a new US$20m baggage claim system that is part of the public-private partnership to build a new terminal.

Surrey light rail P3 dumped

PFI Issue 638 - November 28, 2018

TransLink’s Mayors’ Council has voted to indefinitely suspend work on the C$1.65bn (US$1.25bn) light rail in Surrey and start working on a SkyTrain project that will extend to Langley, British Columbia.

Causeway advisory competition begins

PFI Issue 638 - November 28, 2018

The King Fahd Causeway Authority (KFCA) has started the competition to appoint advisers on its US$4bn Bahrain Saudi Causeway bridge expansion project.

APRR bond priced

PFI Issue 638 - November 28, 2018

Eiffage and Macquarie’s French toll road operator Autoroutes Paris-Rhin-Rhone (APRR) has priced a €500m 11-year corporate bond issue, returning to the capital markets a year after its previous deal.

Twelve shortlisted for cross-border rail project

PFI Issue 638 - November 28, 2018

Ghana and Burkina Faso have shortlisted 12 companies, from 16 applications, for the interconnected railway project between Accra and Ouagadougou.

Sofia Airport deadline extended again

PFI Issue 638 - November 28, 2018

The Bulgarian government has extended the bid deadline for the Sofia Airport PPP tender to January 29.

French-Chinese consortium wins port PPP

PFI Issue 638 - November 28, 2018

A consortium of Bolloré Africa Logistics and PowerChina International Group was selected as the preferred bidder for the Ibom deep-sea port (IDSP) PPP in Nigeria.

Saint-Malo port concession launched

PFI Issue 638 - November 28, 2018

The Brittany region has launched a tender for a concession to run the Saint-Malo port for 10 years, worth an expected €200m.

Winner for CDG Express rolling stock

PFI Issue 638 - November 28, 2018

The French government has picked a consortium of Keolis and RATP Dev as the preferred bidder to deliver rolling stock for the CDG Express rail project.

Winner for Sofico street light PPP

PFI Issue 638 - November 28, 2018

A team of EDF Citelium, DIF and Luminus has been selected as preferred bidder for the €200m Sofico Plan Lumiere 4.0 PPP project.

Atlantic Aviation price talk

PFI Issue 638 - November 28, 2018

Atlantic Aviation FBO has launched a seven-year US$1.02bn Term Loan B to refinance existing debt.

TransLink closes green bond

PFI Issue 638 - November 28, 2018

Metro Vancouver’s transportation operator TransLink has closed on a C$400m (US$300.5m) Green bond issue that brought in 41 investors. The bonds were priced at 3.25%.

Kiewit-led team wins Tlicho road P3

PFI Issue 638 - November 28, 2018

The Government of the Northwest Territories has selected the North Star Infrastructure consortium as the preferred bidder on the C$150m (US$113.2m) Tlicho all-season road public-private partnership.

Toronto launches new transit office

PFI Issue 638 - November 28, 2018

The City of Toronto is establishing a transit expansion office that will lead the city’s participation in long-term projects.

Philippines and China sign infra deals

PFI Issue 638 - November 28, 2018

The Philippines and China signed 29 agreements on the first day of Chinese President Xi Jinping’s two-day Manila visit last week.

FDN and CAF ink local currency deal

PFI Issue 638 - November 28, 2018

Colombian development bank Financiera de Desarrollo Nacional (FDN) and Latin American development bank CAF have signed a credit line agreement for Ps300bn (US$93.7m) to finance infrastructure in Colombia.

TIFIA changes proposed to up usage

PFI Issue 638 - November 28, 2018

Senators John Cornyn of Texas and Tim Kaine of Virginia have introduced legislation designed to encourage more participation in the Federal Highway Administration (FHWA)’s Transportation Infrastructure Finance & Innovation Act (TIFIA) programme.

Bond funding approved for Gilcrease P3

PFI Issue 638 - November 28, 2018

The Oklahoma Turnpike Authority (OTA) has received approval from the state Supreme Court to issue up to US$125m in bonds for its portion of the US$300m Gilcrease Expressway West. The OTA is seeking a US$100m Transportation Infrastructure Finance & Innovation Act (TIFIA) loan.

EIB recommits to metro financing

PFI Issue 638 - November 28, 2018

The European Investment Bank (EIB) has released a statement reiterating its commitment to finance the first line of the Bogota Metro via a US$480m credit line.

Golfo Centro PPP financed

PFI Issue 638 - November 28, 2018

France’s Egis and Mexico’s Omega have closed a financing backing the Autopista Golfo Centro highway public-private partnership. Banorte was the lender to the over US$114m deal.

Arteris lands Via Paulista financing

PFI Issue 638 - November 28, 2018

Highway concessionaire Arteris has closed a R$3.64bn (US$968m) financing through development bank BNDES backing works at its subsidiary Via Paulista’s Rodovia dos Calçados roadway in São Paulo.

RCO eyes local bond FARAC 1 refi

PFI Issue 638 - November 28, 2018

Red de Carreteras de Occidente (RCO) is looking to land an up to a Ps12.3bn (US$602m) refinancing on the debt backing a network of four toll roads collectively referred to as FARAC I.

Mota-Engil lands development funds

PFI Issue 638 - November 28, 2018

Portugal’s Mota-Engil has placed Ps3bn (US$146.9m) in Certificado de Proyectos de Inversión (CERPI) on Mexican markets backing its development plans in the country.

Twelve PQ applications for toll road PPP

PFI Issue 638 - November 28, 2018

Myanmar’s Ministry of Construction (MOC) and its transaction adviser the IFC have received 12 pre-qualification applications to bid for the US$800m Yangon elevated toll road PPP project.

Japanese consortium wins subway EPC

PFI Issue 638 - November 28, 2018

The Philippines’ Department of Budget & Management (DBM) has awarded a Japanese consortium a Ps11bn (US$211m) mandate to build the Metro Manila Subway, the first subway in the country.

ICTSI proposes to build Iloilo ports

PFI Issue 638 - November 28, 2018

International Container Terminal Services Inc (ICTSI) has submitted an unsolicited proposal to develop two ports in Iloilo province in the Visayas.

Govt approves Long Thanh Airport study

PFI Issue 638 - November 28, 2018

The Vietnamese government has approved a feasibility study for the construction of Thanh International Airport.

KGPL signs port agreement

PFI Issue 638 - November 28, 2018

Kakinada Gateway Port Ltd (KGPL), a subsidiary of Kakinada SEZ Ltd (KSEZ), is reported to have signed a concession agreement with the government of Andhra Pradesh for the US$297.7m development of a greenfield commercial port in Kona Village, East Godavari District, Andhra Pradesh, located in south-east India.

EoIs called for North East Link project

PFI Issue 638 - November 28, 2018

The Victorian North East Link Authority has called for expressions of interest to finance and construct the A$16.5bn (US$11.9bn) North East Link availability PPP project in Melbourne.

FTI hires former EY oil and gas lead

PFI Issue 638 - November 28, 2018

FTI Consulting has hired Jim Franks for its energy, power and products practice as a senior managing director.

Bangchak to invest US$2.4bn in expansion

PFI Issue 638 - November 28, 2018

Listed energy company Bangchak Corporation is planning to invest Bt77bn (US$2.3bn) to expand its businesses in the next four years, from 2019 to 2022.

Santos gets green light on Quadrant acquisition

PFI Issue 638 - November 28, 2018

Santos has satisfied the condition precedent required by the Australian Competition and Consumer Commission (ACCC) on its acquisition of Quadrant Energy announced in August.

Horizon Oil reaches FC on RBL refi

PFI Issue 638 - November 28, 2018

Horizon Oil has achieved financial close on the US$95m senior debt facility with ANZ, Westpac and Industrial and Commercial Bank of China.

Amur GPP due to launch

PFI Issue 638 - November 28, 2018

Commercial banks are due to be approached in the new year on the €13bn financing for the €19bn Amur gas processing plant (GPP) being developed by Gazprom Pererabotka Blagoveshchensk.

Gulf LNG receives favourable environmental report

PFI Issue 638 - November 28, 2018

Kinder Morgan’s proposed Gulf LNG export terminal in Mississippi has received a favourable draft environmental impact statement (DEIS) from the Federal Energy Regulatory Commission (FERC).

Modec appoints on Eni FPSO PF

PFI Issue 638 - November 28, 2018

Modec has appointed Norton Rose as lenders’ counsel and SMBC as lead arranger as it starts preparing for the financing for its recently won floating production storage and offloading (FPSO) supply, charter and operate contract on Eni’s Offshore Area 1 field 10km off the coast.

Plaquemines LNG receives favourable EIS

PFI Issue 638 - November 28, 2018

Venture Global’s Plaquemines liquefied natural gas (LNG) export terminal in Louisiana has received a favourable draft environmental statement (EIS) from the Federal Energy Regulatory Commission (FERC).

PNOC postpones LNG partner selection

PFI Issue 638 - November 28, 2018

Philippine National Oil Co (PNOC) has postponed the bidding process to be its partner in the development of an LNG terminal in Batangas.

Exxon appoints legal adviser

PFI Issue 638 - November 28, 2018

ExxonMobil Corp is understood to have appointed a legal adviser for the financing of its petrochemical complex and liquefied natural gas (LNG) terminal in Guangdong province, China.