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Saturday, 20 October 2018

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Bonds and loan eyed for Cochrane refi

PFI Issue 635, October 17, 2018

Special purpose vehicle Empresa Electrica Cochrane II is planning to issue up to US$725m in notes that will be used to pre-pay a project loan and pay termination costs of a hedging agreement on the 550MW Cochrane coal-fired generation project in Chile’s northern region.

Abengoa restructures A3T

PFI Issue 635, October 17, 2018

Spain’s Abengoa is planning to open the sale of its 220MW A3T cogeneration facility in Tabasco to the market should Atlantica Yield refuse its right of first offer (ROFO). Abengoa is lining up a convertible bond issue backed by the project to increase its liquidity.

Mong Duong sponsors mull refi

PFI Issue 635, October 17, 2018

AES-VCM Mong Duong Power, the project company set up by AES Corp, Posco Power Corp and China Investment Corp, is understood to be looking at refinancing the 18-year US$1.4bn debt facility raised in 2011.

Segas LNG project debt restructured

PFI Issue 635, October 17, 2018

The project debt on the Segas LNG scheme has been restructured. The tenor on the 2007 15-year deal has been lengthened by four years and there is some partial sponsor support now on the debt.

LNG terminal

LNG – Heading for consolidation

PFI Issue 635, October 17, 2018

In this article we assess the drivers, lessons learnt from precedent deals, and possible future trends that could shape the next wave of LNG industry change. By Anthony Patten, partner and head of oil & gas, Anthony Lepere, counsel, and Tom Field, energy industry business development manager, Shearman & Sterling.

BCP Raptor II TLB launched

PFI Issue 635, October 17, 2018

Caprock Midstream has launched a US$690m Term Loan B backing its buyout by Blackstone Energy Partners’ EagleClaw Midstream.

Japan gas firms sign up for LNG Canada

PFI Issue 635, October 17, 2018

Mitsubishi subsidiary Diamond Gas has signed two heads of agreement (HoAs) for its offtake on the LNG Canada project.

Rio Bravo LNG receives favourable draft EIS

PFI Issue 635, October 17, 2018

The Federal Energy Regulatory Commission (FERC) has issued a favourable draft environmental impact statement (EIS) on the six-train Rio Grande LNG project and pipeline in Brownsville, Texas.

Con Ed prepping gas projects

PFI Issue 635, October 17, 2018

New York’s Consolidated Edison is proposing a series of projects aimed at increasing natural gas supply in the state.

Apollo to buy US$1bn GE energy portfolio

PFI Issue 635, October 17, 2018

Apollo Global Management affiliates have agreed to acquire a US$1bn portfolio of equity investments in energy assets from GE Capital’s Energy Financial Services unit.

Macquarie to buy Wheelabrator

PFI Issue 635, October 17, 2018

Energy Capital Partners has agreed to sell waste-to-energy project developer Wheelabrator Technologies to Macquarie Infrastructure Partners (MIP).

Reed Smith appoints energy partner

PFI Issue 635, October 17, 2018

Reed Smith has appointed Omar Al-Ali as a partner in the firm’s energy and natural resources team in its London office.

Modec wins Eni FPSO

PFI Issue 635, October 17, 2018

Japanese company Modec has won the floating production and storage (FPSO) supply, charter and operate contract on Eni’s Offshore Area 1 field 10km off the coast. Lead arrangers on the deal have yet to be appointed but this should be done soon. The Japanese banks are expected to be involved. King & Spalding is advising Modec and lenders counsel should be appointed soon.

MRP Generation downgraded on weak performance

PFI Issue 635, October 17, 2018

Moody’s has downgraded MRP Generation’s US$270m term loan and US$20m revolving credit to B2 from B1.

Frontera Generation closes TLB add-on

PFI Issue 635, October 17, 2018

Frontera Generation Holdings has closed a US$75m Term Loan B add-on, upsized from US$65m.

Tellurian closes upstream Term Loan B

PFI Issue 635, October 17, 2018

A unit of LNG developer Tellurian has closed on a US$60m Term Loan B backing development of oil and gas properties.

IEnova and Trafigura enter JV

PFI Issue 635, October 17, 2018

Sempra Energy’s Mexican unit IEnova has entered into a joint venture agreement with Trafigura to develop a marine storage terminal for refined products in Manzanillo.

APLNG refinances debt

PFI Issue 635, October 17, 2018

The financing arm of the APLNG coal seam gas project in Queensland has refinanced US$1.4bn of its bank debt through a private placement in the US 4a2 market. The tenor is 12 years and the coupon 4.82%.

Pluto LNG expansion on track

PFI Issue 635, October 17, 2018

Western Australian oil and Gas company Woodside is moving forward with expansion of its Pluto LNG project by choosing Bechtel to do the FEED contract for the second train.

Aramco to set up oil refinery in Gwadar

PFI Issue 635, October 17, 2018

Saudi Aramco has agreed to invest in a new multi-billion dollar oil refinery in Gwadar. The Pakistani cabinet has given the scheme its approval.

Govt to seek Masela update

PFI Issue 635, October 17, 2018

The Indonesian government is requesting an update from Inpex Corp of Japan on the development of the Masela block.

Nineteen deals signed for US$13.5bn projects

PFI Issue 635, October 17, 2018

Fourteen Indonesian state-owned enterprises (SOEs) signed 19 cooperation agreements last week involving infrastructure projects worth US$13.5bn.

Lenders face challenges under 51:49 structure

PFI Issue 635, October 17, 2018

Lenders to power projects that are 51% owned by a unit of state-owned PLN face new challenges with the financing structure.

Stressed IPPs given a life-line

PFI Issue 635, October 17, 2018

The debt-stressed coal-fired power stations owned by Tata Power, Adani Power and Essar Power may have been given a life-line. An expert committee last week recommended increased consumer power prices and an increase of their PPAs by 10 years.

Total in talks to buy LNG projects

PFI Issue 635, October 17, 2018

French energy giant Total SA is reported to be in talks to buy up to half of Adani Group’s stake in LNG projects in Gujarat and Odisha, an under-construction LPG import facility and in its city gas projects.

Phoenix and CNOOC submit LNG proposal

PFI Issue 635, October 17, 2018

Phoenix Petroleum and Chinese state-owned oil producer CNOOC Gas & Power have submitted an unsolicited proposal to develop the country’s first integrated liquefied natural gas project, according to reports.

Limay teams up on first FSRU-to-power

PFI Issue 635, October 17, 2018

Limay LNG Power Corp (LLPC) is partnering with China Energy Equipment Co (CEEC) and Glencore to develop the country’s first floating storage regasification unit (FSRU) and a 1,100MW LNG-fired power plant.

Phu My plants to be expanded

PFI Issue 635, October 17, 2018

The Vietnamese government will allow expansion in capacities of power plants in Phu My district, which has a total combined capacity of 3,900MW.

Nama starts power sell-off

PFI Issue 635, October 17, 2018

State electricity holding company Nama Holding has started the sales process for the country’s transmission company and four distribution companies.

World Bank pulls out of ContourGlobal coal IPP

PFI Issue 635, October 17, 2018

The World Bank has withdrawn from the financing of ContourGlobal’s €1.3bn 500MW Kosova e Re coal-fired independent power plant, raising doubts over the project’s future.

ECP finances merchant Saltend

PFI Issue 635, October 17, 2018

The financing backing Energy Capital Partners’ 1,200MW Saltend merchant combined-cycle gas turbine (CCGT) power project has been signed via adviser Investec, NatWest and Qatar National Bank.

Riverside WtE loan signing due

PFI Issue 635, October 17, 2018

BNP Paribas is set to sign the syndication shortly on its £550m loan backing the £1.5bn acquisition of the Cory Riverside waste-to-energy WtE) plant by Dalmore.

Galp Energia plans petrochem project

PFI Issue 635, October 17, 2018

Galpek, part of Galp Energia, is planning a petrochemical project in the Port of Sines. ING is advising and discussions have already begun with possible funding banks.

Drax funds power buy with debt

PFI Issue 635, October 17, 2018

Drax has fully funded its £702m purchase of Scottish Power’s 2.6GW of non-wind power assets via a £725m 12-month bridge loan that has a seven-month extension option. The cost of the debt is below the current cost of debt, 4.5%.

Banks into North Sea Midstream

PFI Issue 635, October 17, 2018

Twelve banks have ended up in the £767m seven-year loan backing Wren House’s £1.3bn acquisition of North Sea Midstream Partners.

Firmus Energy refi done

PFI Issue 635, October 17, 2018

Icon Infrastructure has refinanced the loan on its Firmus Energy gas distribution and energy supply business in Northern Ireland that it bought in 2014.

Calls to scrap costly coal IPPs

PFI Issue 635, October 17, 2018

The estimated cost to consumers of South Africa’s last two coal plants has raised more concerns about the viability of the projects.

Consortium plans EBRD-funded CHP plant

PFI Issue 635, October 17, 2018

A Bosnian and Finnish consortium is planning a €53m combined heat and power (CHP) plant in the city of Zenica.

Exxon out with new satellite loan

PFI Issue 635, October 17, 2018

ExxonMobil is working on a US$700m satellite drilling financing and has already approached banks. The deal has not yet been launched and is due to close in Q1 next year.

Bank kick-off for Rovuma LNG

PFI Issue 635, October 17, 2018

Commercial banks have been invited to a kick-off meeting in London in early November on the ExxonMobil-led Rovuma LNG scheme using Area 1 gas.

ACWA team gets PB on Al Dur 2

PFI Issue 635, October 17, 2018

The ACWA Power/Mitsui/Al Moayyed Contracting Group team has been issued with the preferred bidder (PB) letter on the Al Dur 2 independent power and water project (IWPP), as expected. The other bidder was the Sumitomo/Kepco/Posco Energy team.

Al Ezzel IPP refinanced

PFI Issue 635, October 17, 2018

The project debt on the 950MW Engie/GIC Al Ezzel power project from 2004 has been refinanced in the local market via a US$243m deal. The old loan was in a cash sweep from 2016 onwards.

Bahrain to get US$10bn

PFI Issue 635, October 17, 2018

Bahrain is to get a US$10bn injection from Saudi Arabia, Kuwait and UAE to help meet its financing requirements.

Offshore Wind

Offshore rushes for tax equity

PFI Issue 635, October 17, 2018

The US tax equity market capacity is in focus on the country’s first offshore wind financings. The availability of the investment tax credit brings urgency and partnering potential. By Alison Healey.

Australian renewables

Risks grow on Oz renewables

PFI Issue 635, October 17, 2018

Risks are starting to emerge in the Australian renewables market. Falling spot prices and grid capacity are two of them. By John Arbouw.

Greenko completes Orange deal

PFI Issue 635, October 17, 2018

Hydrabad-based Greenko is reported to have bought Orange Renewables from Singapore’s AT Capital Group for around US$850m.

Offshore Asia

North Asia gets hooked on offshore wind

PFI Issue 635, October 17, 2018

Offshore wind energy is new in Asia and Taiwan has started the first flurry of offshore wind projects. Soon, Japan and South Korea will follow but the pace of development in each jurisdiction is different. By Minerva Lau.

Quercus sets up RF Capital JV

PFI Issue 635, October 17, 2018

UK-based asset manager Quercus has agreed to co-invest with Australia’s RF Capital in European renewables under a 50-50 joint venture.

Yunlin offshore wind loan oversubscribed

PFI Issue 635, October 17, 2018

The 18-year NT$64.7bn (US$2.1bn) limited recourse debt facility being raised by Wpd and its financial adviser SMBC is oversubscribed.

EIB fills BNDES gap

PFI Issue 635, October 17, 2018

The European Investment Bank (EIB) has approved an up to €80m (US$93m) loan to Brazil’s regional development bank Banco de Desenvolvimento da Região Sul (BRDE) to on-lend to clean energy projects.

Carbon capture project funded

PFI Issue 635, October 17, 2018

Wolf Carbon Solutions has closed on a C$357m (US$273.9m) financing to back the Alberta carbon trunk line (ACTL) project.

Enel connects 1GW of solar

PFI Issue 635, October 17, 2018

Enel Green Power Mexico has connected more than 1GW of solar capacity to the Mexican grid as it continues its feverish activity in the country.

Eletrobras completes sales

PFI Issue 635, October 17, 2018

Brazilian utility Eletrobras has raised around R$1.3bn (US$325m) from the sale of wind and transmission assets.

Azure reaches FC on solar project

PFI Issue 635, October 17, 2018

Azure Power has reached financial close on the US$88m financing for its 200MW solar power plant at Bhadla in Rajasthan ahead of schedule.

RUMS calls for solar bids

PFI Issue 635, October 17, 2018

Rewa Ultra Mega Solar (RUMS), the JV set up by Madhya Pradesh Urja Vikas Nigam Ltd (MPUVNL) in conjunction with the Solar Energy Corp of India (SECI), is reported to be calling for bids to build 550MW of solar at the Agar solar park, 450MW at the Shajapur solar park and 500MW at the Neechum solar park.

Coal India signs renewables deal

PFI Issue 635, October 17, 2018

Coal India Ltd (CIL) and Neyveli Lignite Corporation India Ltd (NLCIL) are reported to have signed an MoU to develop 3,000MW of solar as well as 2,000MW of coal-fired power stations.

SECI extends 10GW solar auction

PFI Issue 635, October 17, 2018

Solar Energy Corporation of India (SECI) is reported to have once again extended the bid submission deadline for setting up of 10GW of solar projects along with 3GW of solar manufacturing capacity.

Macquarie joins Asia Renewable Energy Hub

PFI Issue 635, October 17, 2018

Macquarie has become a partner alongside InterContinental Energy, Vestas and CWP Energy Asia in the estimated A$22bn (US$15.5bn) Western Australian project to build more than 11GW of solar and wind and a possible underground sea cable to Indonesia.

KREDL to auction 100MW of solar

PFI Issue 635, October 17, 2018

Karnataka Renewable Energy Development Ltd (KREDL) is reported to be issuing a tender for 100MW of grid connected solar projects in five districts across the state.

UPNEDA auction sees prices firm

PFI Issue 635, October 17, 2018

The recently concluded 500MW solar auction by the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) saw prices above the Rs3 (US$0.040) per kWh mark, according to reports.

KKR considers X-Elio sale

PFI Issue 635, October 17, 2018

KKR is looking to sell a stake in its Spanish based renewables company X-Elio, according to Spanish daily Cinco Dias.

F2i closes RTR acquisition

PFI Issue 635, October 17, 2018

F2i has closed the acquisition of Terra Firma’s solar PV company RTR, adding 334MW of operational solar plants to its portfolio.

Westermeerwind to refinance

PFI Issue 635, October 17, 2018

The farmers cooperative that owns the 144MW Westermeerwind near-shore wind farm in the Netherlands is looking to refinance the project’s debt shortly, according to people close to the deal.

Northwester 2 financed

PFI Issue 635, October 17, 2018

Parkwind and Sumitomo have reached financial close on the €642m 219MW Northwester 2 offshore wind farm.

OFTOs go longer in round six

PFI Issue 635, October 17, 2018

Ofgem has lengthened the concession period on the offshore transmission owner (OFTO) schemes to 25 years from 20 years on the round six tenders.

Greencoat to buy Tom nan Clach

PFI Issue 635, October 17, 2018

Greencoat UK Wind is buying Belltown Power’s 75% stake in the 39.1MW Tom nan Clach wind farm for £126m when the scheme is completed in July 2019.

Scottish onshore wind project boom

PFI Issue 635, October 17, 2018

Applications to the Scottish government for new onshore wind farms are booming as developers position themselves for a non-subsidy environment.

Mega offshore extensions approved

PFI Issue 635, October 17, 2018

The Crown Estate has approved extensions to eight major UK wind farms, giving a total of 3.4GW of new capacity that will presumably be bidding into forthcoming contract for difference (CfD) rounds.

GIG offshore fund sale on hold

PFI Issue 635, October 17, 2018

Macquarie’s Green Investment Group (GIG), formerly the Green Investment Bank (GIB), is believed to have put on hold the sale of its £200m stake in its UK £1bn offshore wind fund.

Govt to launch more renewables tenders

PFI Issue 635, October 17, 2018

The German coalition government has agreed to launch renewable energy tenders in 2019 and 2020, expanding the renewable energy pipeline beyond the current auction framework.

Four line up for Glennmont PV

PFI Issue 635, October 17, 2018

Four groups are left in the bidding process for Glennmont Partners’ 85MW Italian solar PV portfolio and are due to file binding offers by October 19.

Delayed solar IPPs get extension

PFI Issue 635, October 17, 2018

The sponsors of the 14 Nigerian solar PV IPPs have until January 2019 to reach a final investment decision, it is understood.

Second YEKA solar tender launched

PFI Issue 635, October 17, 2018

The Turkish Ministry of Energy has launched a three-project, 1,000MW solar tender in the official gazette.

Property firm strikes solar partnership

PFI Issue 635, October 17, 2018

Craft Properties is conducting a series of feasibility studies with a US-based investor to develop 900MW of solar capacity in Zimbabwe.

Government to provide hydro guarantee

PFI Issue 635, October 17, 2018

Cameroon’s President Paul Biya has authorised the signing of a CFA Fr723bn (US$1.27bn) guarantee for the 420MW Nachtigal hydro project.

Ibri 2 solar bid date put back

PFI Issue 635, October 17, 2018

The bid date for the 500MW Ibri 2 solar scheme has been put back by three weeks to November 12 from October 22.

Wind farms financed

PFI Issue 635, October 17, 2018

Two 50MW wind farms have recently been financed via the IFC and other co-lenders. The schemes are in the Tafila Governorate, 180km south-west of Amman.

New solar for OPWP

PFI Issue 635, October 17, 2018

Oman Power & Water Procurement Company (OPWP) is planning a second solar scheme. Bids on the first, the 500MW Ibri 2 project, are due by November 12. The second scheme will have a capacity of 500MW–1GW and will be known as Solar 2022 IPP. OPWP has asked for technical advisory bids on the scheme and is expected to launch a tender soon for financial and legal advisers. The submission date for the technical bids is November 14.

Cambon wind financed

PFI Issue 635, October 17, 2018

Valeco and Mirova have financed the 30MW Cambon wind farm with French lenders CEPAC, Auxifip and Credit Agricole Languedoc.

UKPR appoints on batteries

PFI Issue 635, October 17, 2018

UK Power Reserve has appointed Siemens/AES joint venture Fluence Energy to supply 60MW of battery capacity for the second phase of its 120MW energy storage portfolio in England.

Encavis to fund mega subsidy-free PV

PFI Issue 635, October 17, 2018

German renewables company Encavis is looking to raise debt financing for a 300MW unsubsidised solar PV project near Talayuela, Extremadura, which is set to match France’s Cestas PV as the largest solar park in Europe.

Government extends PV tender deadline

PFI Issue 635, October 17, 2018

Tunisia’s government has again extended a bidding window for a second 70MW solar tender round, pushing back the deadline by two months to December 18.

Developer seeks contractors for solar plant

PFI Issue 635, October 17, 2018

Nigerian solar project company Middle Band Solar One (MBSO) is seeking expressions of interest to mandate EPC and O&M contractors for a 100MW solar plant in Kogi State.

Engie in low on NADEC solar

PFI Issue 635, October 17, 2018

Engie has submitted a bid of US$0.0242 per kWh on the 30MW National Agricultural Development Company (NADEC) captive solar project, well below the next three bidders – Total, Phelan Energy and Jomaih – which bid between US$0.032/kWh and US$0.0349/kWh.

Solar advisory bid winner due

PFI Issue 635, October 17, 2018

The winner of the DEWA advisory competition is due to be selected soon. Two bids have been shortlisted - from favourite EY with Dh5.5m (US$1.5m) and Synergy Consulting with Dh5.9m.

Four projects successful in wind tender

PFI Issue 635, October 17, 2018

Four projects were selected in Kazakhstan’s 250MW wind tender, with the lowest tariff falling below US$0.05/kWh.

Proparco finances biomass project

PFI Issue 635, October 17, 2018

Proparco, a subsidiary of the French Development Agency (AFD), is providing a €130m loan to an EDF-led biomass project in Cote d’Ivoire.

Neoen IPO gets commitments

PFI Issue 635, October 17, 2018

French renewables IPP Neoen covered books on its initial public offering soon after launching the deal as it looks to raise at least €450m, IFR reported.

EIB eyes Amundi green debt fund investment

PFI Issue 635, October 17, 2018

The European Investment Bank (EIB) is looking to invest €100m of equity in a €1bn green debt fund run by France’s Amundi Asset Management.

Everwood launches subsidy-free PV fund

PFI Issue 635, October 17, 2018

Spanish asset manager Everwood Capital has launched a €300m equity fund targeted at solar PV plants to be built without subsidies.

BIG gets £150m

PFI Issue 635, October 17, 2018

Bioenergy Infrastructure Group (BIG) has secured a further £150m in equity investment from its investors - Infracapital, Helios Energy Investments and Aurium Capital Markets. The UK biomass development company has raised £600m since it was set up in 2015.

Orsted buys Deepwater Wind

PFI Issue 635, October 17, 2018

Orsted has bought US offshore wind developer Deepwater Wind from DE Shaw for US$510m. Deepwater has the only operating US offshore wind scheme, 30MW Block Island, plus a 3.3GW development portfolio including 810MW of schemes with long-term revenue contracts in place or under negotiation.

Indonesia approaches renewable Finns

PFI Issue 635, October 17, 2018

The Indonesian government plans to approach Finland to help it develop renewable energy.

Renewables to drive LatAm growth

PFI Issue 635, October 17, 2018

A new report from ratings agency Fitch says that non-hydropower renewables will drive massive growth for project finance in Latin America in the coming years.

Apex Clean Energy proposes Lighthouse wind

PFI Issue 635, October 17, 2018

Apex Clean Energy has released some details on a plan to build the 201MW Lighthouse wind farm, a project planned for a 12-mile stretch of Lake Ontario.

Chicago issues RFP on solar P3

PFI Issue 635, October 17, 2018

The City of Chicago and Chicago Infrastructure Trust have issued a request for proposals (RFP) on a solar development public-private partnership.

Hawaiian Electric selects solar projects

PFI Issue 635, October 17, 2018

Hawaiian Electric has selected seven solar-plus-storage project developers to enter negotiations for long-term power purchase agreements following a competitive solicitation.

Alberta issues solar RFP

PFI Issue 635, October 17, 2018

Alberta has issued a request for proposals (RFP) for solar projects with the capacity to produce about 55% of its total annual electrical consumption.

CC&L to acquire hydro pair

PFI Issue 635, October 17, 2018

Connor Clark & Lunn Infrastructure (CC&L Infrastructure) has agreed to acquire a majority interest in Bremner Trio Hydro, which owns two construction-stage, run-of-river hydropower facilities in British Columbia.

Offshore wind scheme proposed

PFI Issue 635, October 17, 2018

BE Solar has proposed a 60MW offshore wind farm as an alternative to the Belco utility’s integrated resource plan.

Maoneng reaches FC on Sunraysia solar

PFI Issue 635, October 17, 2018

Chinese group Maoneng has reached financial close on the A$370m (U$260m), 255MW Sunraysia solar farm at Balranald in New South Wales.

Victoria approves Congupna solar

PFI Issue 635, October 17, 2018

The Victorian government has approved the A$48m (US$34m) 68MW Congupna solar project near Shepparton in Victoria that will be developed by Spanish group X-Elio. The group set up an office in Melbourne last year.

Katherine Solar secures PPA

PFI Issue 635, October 17, 2018

The A$40m (US$28m) 25MW Katherine Solar project in the Northern Territory being developed by Epuron and Island Green Power has secured a 12-year power purchase agreement (PPA) with government-owned Jacana Energy. This agreement between Katherine Solar and Jacana will increase renewable energy use in the Territory by between 3% and 4%.

Risen energy buys Merredin Solar

PFI Issue 635, October 17, 2018

Chinese panel maker Risen Energy is reported to have bought the 100MW Merredin solar farm in Western Australia from Stellata Energy for an undisclosed sum.

Flow Power signs new PPA deal

PFI Issue 635, October 17, 2018

Budding renewable energy retailer Flow Power, which is 51% owned by Canada’s OP Trust, has signed a power purchase agreement (PPA) with CWP Renewables and Partners Group to take 50MW from their 270MW Sapphire wind farm in New South Wales.

Bookaar solar project knocked back

PFI Issue 635, October 17, 2018

The sponsor of the A$150m (US$106m) 200MW Bookaar solar project near Camperdown in Victoria has been refused planning approval by the local council.

Origin Energy signs PPA with councils

PFI Issue 635, October 17, 2018

Origin Energy, which signed a 15-year power purchase agreement (PPA) with the sponsors of the 56MW Moree solar farm in New South Wales in 2016, has signed a 12-year PPA with 19 local councils to onsell part of its PPA capacity.

CEFC funds waste recycling

PFI Issue 635, October 17, 2018

The Clean Energy Finance Corp (CEFC) has provided a A$30m (US$21.4m) debt facility to Visy Industries to increase its waste recycling and processing capabilities in Melbourne.

Neoen scales back energy hub

PFI Issue 635, October 17, 2018

Neoen Australia has agreed to scale back its proposed A$500m (US$354m) Crystal Brook Energy Park in South Australia following opposition from local groups.

SNAP submits plan for hydro plant

PFI Issue 635, October 17, 2018

SN Aboitiz Power (SNAP) has submitted plans to develop hydropower plants totalling 140MW in Ifugao province in northern Luzon.

Govt allows rooftop solar

PFI Issue 635, October 17, 2018

Indonesia’s Ministry of Energy & Mineral Resources is allowing industries to use rooftop solar panels in a move intended to increase renewable energy contributions to the national energy mix.

Tanah Laut wind may be rebid

PFI Issue 635, October 17, 2018

State utility PLN is believed to be considering rebidding the development of the 70MW Tanah Laut wind farm.

Biomass power plant planned

PFI Issue 635, October 17, 2018

Nusantara Infrastruktur, via its energy arm Energi Infranusantara (EI), is planning to develop a biomass power plant in North Kalimantan.

Debt bankrolls rolling stock dealmaking

PFI Issue 635, October 17, 2018

Debt financings have been signed or agreed to back a number of railcar takeovers revolving around German rolling stock group VTG.

Three shortlisted on bridge PPP

PFI Issue 635, October 17, 2018

Kenya’s Urban Roads Authority (KURA) has shortlisted three bidders for the US$200m 2nd Nyali Bridge PPP in Mombasa.

COMSA and investors look outside Spain

PFI Issue 635, October 17, 2018

Spanish construction group COMSA has set up a partnership called Mircom with France’s Mirova and Dutch pension fund PGGM to co-invest in infrastructure projects and is looking for opportunities abroad to offset a tough domestic market and assuage creditors.

New mega road PPP out

PFI Issue 635, October 17, 2018

Ecuador’s Ministry of Transport & Public Works (MTOP) has launched the tender for the US$1.14bn Guayaquil Southern Viaduct project as a PPP.

PennDOT calls for P3 proposals

PFI Issue 635, October 17, 2018

Pennsylvania Department of Transportation (PennDOT) has opened its window for receiving unsolicited proposals on public-private partnerships (P3s) for transport and other infrastructure projects.

Italy's Salini Impregilo signs on for Texas rail

PFI Issue 635, October 17, 2018

Italy’s Salini Impregilo has signed a limited notice to proceed (LNTP) with Texas Central Partners (TCP), the developer of a 240-mile, high-speed rail line between Houston and North Texas.

KentuckyWired nearly US$100m over budget

PFI Issue 635, October 17, 2018

The KentuckyWired broadband public-private partnership project is expected to come in US$96.7m over the original estimated construction price, according to a report from state auditor Mike Harmon.

Eagle P3 partner issued termination notice

PFI Issue 635, October 17, 2018

Denver, Colorado’s Regional Transportation District (RTD) has issued a termination notice to Denver Transit Partners (DTP), the private partner on the Eagle light rail P3. RTD said DTP has 30 days to remedy contract breaches or 20 days to propose a remedial plan to cure the breaches it claims have led to continued delays.

Officials meet on Casacadia transport

PFI Issue 635, October 17, 2018

Transport officials from Oregon, Washington and British Columbia met in early October to discuss preliminary ideas for an ultra-high-speed rail line connecting the three regions.

Airport P3 cancelled

PFI Issue 635, October 17, 2018

Paraguay’s Public Works Ministry (MOPC) is said to have cancelled procurement on the Silvio Pettirossi International Airport modernisation public-private partnership. The project had an estimated cost of US$149m.

Sacyr lands highway mandate

PFI Issue 635, October 17, 2018

Sacyr Engineering and Infrastructure and Terrak SAC have won the concession to upgrade and improve the 71km highway that connects Huancabamba and Canchaque in the region of Piura. The works will require S423.2m (US$127.4).

Institutional investors into toll road

PFI Issue 635, October 17, 2018

Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers’ Pension Plan (Ontario Teachers’) have entered into an agreement with Impulsora del Desarrollo y el Empleo en América Latina (IDEAL) to invest in the 309km Pacifico Sur toll road that links Guadalajara to Tepic.

Govt may invite private sector into airports

PFI Issue 635, October 17, 2018

The private sector may be invited to become involved in the proposed expansion of airports in the country to ease the financing burden on the government.

Toll road deals inked

PFI Issue 635, October 17, 2018

Three toll road projects, facilitated by the Center for Private Investment at the National Development Planning Agency (Bappenas), were signed last week on the sidelines of 2018 International Monetary Fund and World Bank Annual Meetings in Bali.

Nineteen deals signed for US$13.5bn projects

PFI Issue 635, October 17, 2018

Fourteen Indonesian state-owned enterprises (SOEs) signed 19 cooperation agreements last week involving infrastructure projects worth US$13.5bn.

IRB reaches FC on toll road

PFI Issue 635, October 17, 2018

IRB PS Highway, the SPV of IRB Infrastructure Developers, has achieved financial close on the Rs22.03bn (US$344m) financing of the upgrade to four lanes of a 56.8km section of National Highway 45A (new NH 32), which runs between Poondiankuppam and Sattanathapuram in Tamil Nadu.

GMR wins Nagpur Airport PPP

PFI Issue 635, October 17, 2018

GMR Airports, a subsidiary of GMR Infrastructure, was the successful bidder to develop, operate and manage the Dr Babasaheb Ambedkar International Airport, Nagpur on a public private partnership (PPP) basis.

Registration opens for Inland Rail PPP

PFI Issue 635, October 17, 2018

The Australian Rail Track Corporation (ARTC) has opened a registration of interest (ROI) process for the Inland Rail PPP project.

Sydney Airport gets US PP

PFI Issue 635, October 17, 2018

Sydney Airport has completed a A$400m (US$282m) bond issue in the US private placement market to repay all its drawn bank debt.

Peninsula Link refi sees 10-year debt

PFI Issue 635, October 17, 2018

Plenary Group, which took over the asset management but not the ownership of the Peninsula Link toll road in southern Melbourne in 2016 from owner Southern Way, has completed a A$646m (US$457m) refinancing of the availability PPP project.

Chelsea proposes Davao monorail

PFI Issue 635, October 17, 2018

Chelsea Logistics Holdings has submitted an unsolicited proposal for a monorail system in Davao.

Cavite to clarify airport proposal by year-end

PFI Issue 635, October 17, 2018

The Philippine Department of Transportation (DOTr) has given the Cavite provincial government until the year-end to clarify its position on its Sangley Point proposal.

Bidders take shape for HSR

PFI Issue 635, October 17, 2018

At least two bidding groups are understood to be taking shape for the estimated Bt200bn (US$6.2bn) high-speed rail project under Thailand’s Eastern Economic Corridor policy.

Aboitiz proposes on southern airports

PFI Issue 635, October 17, 2018

The Philippine Department of Transportation (DOTr) has received unsolicited proposals from the Aboitiz Group for some of the airports in the south.

Fukuoka Airport consortium secures loan

PFI Issue 635, October 17, 2018

Fukuoka International Airport Co, the project company set up by Fukuoka Airport Holdings, Changi Airports International, Mitsubishi, Nishi-Nippon Railroad and Kyushu Electric Power, has secured its bank financing to back the privatisation of the airport.

Heathrow gets Kangaroo bond

PFI Issue 635, October 17, 2018

Heathrow Funding, the funding vehicle for Heathrow Airport, has sold A$175m (US$124m) of 10-year Kangaroo bonds at 140bp via CBA and NAB. DBS was a co-manager. The coupon is 4.15%, and the deal is Heathrow’s first Australian bond issue.

Crossrail lease bids in

PFI Issue 635, October 17, 2018

Bids for the £1bn sale and leaseback deal for Crossrail trains went in earlier this month. A formal bid list has yet to emerge but it is believed Equitix/NatWest Leasing/SMBC Leasing, HICL/MUFG, Rock Rail and DIF/Credit Agricole put in bids.

Sofia Airport tender deadline delayed

PFI Issue 635, October 17, 2018

The bid deadline for the Sofia Airport tender has been extended to November 23.

Airport tender to be launched before year-end

PFI Issue 635, October 17, 2018

A concession to operate two Montenegro airports should be tendered before the year-end, a source told PFI.

JNET bidders days due

PFI Issue 635, October 17, 2018

The government is to hold a two-day bidders and funders event on its multi-billion dollar Jerusalem light rail transit (JNET) project later this month.

Plovdiv Airport concession scrapped

PFI Issue 635, October 17, 2018

The Bulgarian government has cancelled the concession for Plovdiv Airport after highest bidder HNA of China withdrew its offer.

Salini considers Astaldi bid

PFI Issue 635, October 17, 2018

Salini Impregilo is considering making a bid for all or part of rival construction group Astaldi, which sought creditor protection at the end of September.

Govt to re-launch mega road PPP

PFI Issue 635, October 17, 2018

The Romanian government is set to launch a PPP tender this week for a motorway between Ploiesti and Brasov, a revamped version of the troubled Comarnic to Brasov project.

Gatwick shareholding shake up

PFI Issue 635, October 17, 2018

Global Infrastructure Partners (GIP) is believed to be looking to sell its 41.9% stake in Gatwick Airport to investors that could include existing investors in the airport.

Carbon capture project funded

PFI Issue 635, October 17, 2018

Wolf Carbon Solutions has closed on a C$357m (US$273.9m) financing to back the Alberta carbon trunk line (ACTL) project.

BCP Raptor II TLB launched

PFI Issue 635, October 17, 2018

Caprock Midstream has launched a US$690m Term Loan B backing its buyout by Blackstone Energy Partners’ EagleClaw Midstream.

Con Ed prepping gas projects

PFI Issue 635, October 17, 2018

New York’s Consolidated Edison is proposing a series of projects aimed at increasing natural gas supply in the state.

Modec wins Eni FPSO

PFI Issue 635, October 17, 2018

Japanese company Modec has won the floating production and storage (FPSO) supply, charter and operate contract on Eni’s Offshore Area 1 field 10km off the coast. Lead arrangers on the deal have yet to be appointed but this should be done soon. The Japanese banks are expected to be involved. King & Spalding is advising Modec and lenders counsel should be appointed soon.

Tellurian closes upstream Term Loan B

PFI Issue 635, October 17, 2018

A unit of LNG developer Tellurian has closed on a US$60m Term Loan B backing development of oil and gas properties.

IEnova and Trafigura enter JV

PFI Issue 635, October 17, 2018

Sempra Energy’s Mexican unit IEnova has entered into a joint venture agreement with Trafigura to develop a marine storage terminal for refined products in Manzanillo.

Aramco to set up oil refinery in Gwadar

PFI Issue 635, October 17, 2018

Saudi Aramco has agreed to invest in a new multi-billion dollar oil refinery in Gwadar. The Pakistani cabinet has given the scheme its approval.

Nineteen deals signed for US$13.5bn projects

PFI Issue 635, October 17, 2018

Fourteen Indonesian state-owned enterprises (SOEs) signed 19 cooperation agreements last week involving infrastructure projects worth US$13.5bn.

Banks into North Sea Midstream

PFI Issue 635, October 17, 2018

Twelve banks have ended up in the £767m seven-year loan backing Wren House’s £1.3bn acquisition of North Sea Midstream Partners.

Firmus Energy refi done

PFI Issue 635, October 17, 2018

Icon Infrastructure has refinanced the loan on its Firmus Energy gas distribution and energy supply business in Northern Ireland that it bought in 2014.

Exxon out with new satellite loan

PFI Issue 635, October 17, 2018

ExxonMobil is working on a US$700m satellite drilling financing and has already approached banks. The deal has not yet been launched and is due to close in Q1 next year.

Galp Energia plans petrochem project

PFI Issue 635, October 17, 2018

Galpek, part of Galp Energia, is planning a petrochemical project in the Port of Sines. ING is advising and discussions have already begun with possible funding banks.

Segas LNG project debt restructured

PFI Issue 635, October 17, 2018

The project debt on the Segas LNG scheme has been restructured. The tenor on the 2007 15-year deal has been lengthened by four years and there is some partial sponsor support now on the debt.

LNG terminal

LNG – Heading for consolidation

PFI Issue 635, October 17, 2018

In this article we assess the drivers, lessons learnt from precedent deals, and possible future trends that could shape the next wave of LNG industry change. By Anthony Patten, partner and head of oil & gas, Anthony Lepere, counsel, and Tom Field, energy industry business development manager, Shearman & Sterling.

Bank kick-off for Rovuma LNG

PFI Issue 635, October 17, 2018

Commercial banks have been invited to a kick-off meeting in London in early November on the ExxonMobil-led Rovuma LNG scheme using Area 1 gas.

APLNG refinances debt

PFI Issue 635, October 17, 2018

The financing arm of the APLNG coal seam gas project in Queensland has refinanced US$1.4bn of its bank debt through a private placement in the US 4a2 market. The tenor is 12 years and the coupon 4.82%.

Pluto LNG expansion on track

PFI Issue 635, October 17, 2018

Western Australian oil and Gas company Woodside is moving forward with expansion of its Pluto LNG project by choosing Bechtel to do the FEED contract for the second train.

Japan gas firms sign up for LNG Canada

PFI Issue 635, October 17, 2018

Mitsubishi subsidiary Diamond Gas has signed two heads of agreement (HoAs) for its offtake on the LNG Canada project.

Rio Bravo LNG receives favourable draft EIS

PFI Issue 635, October 17, 2018

The Federal Energy Regulatory Commission (FERC) has issued a favourable draft environmental impact statement (EIS) on the six-train Rio Grande LNG project and pipeline in Brownsville, Texas.

Govt to seek Masela update

PFI Issue 635, October 17, 2018

The Indonesian government is requesting an update from Inpex Corp of Japan on the development of the Masela block.

LNG tender due in late October

PFI Issue 635, October 17, 2018

Colombian officials are planning to launch a tender for a Pacific coast LNG project in late October.

Total in talks to buy LNG projects

PFI Issue 635, October 17, 2018

French energy giant Total SA is reported to be in talks to buy up to half of Adani Group’s stake in LNG projects in Gujarat and Odisha, an under-construction LPG import facility and in its city gas projects.

Phoenix and CNOOC submit LNG proposal

PFI Issue 635, October 17, 2018

Phoenix Petroleum and Chinese state-owned oil producer CNOOC Gas & Power have submitted an unsolicited proposal to develop the country’s first integrated liquefied natural gas project, according to reports.

Limay teams up on first FSRU-to-power

PFI Issue 635, October 17, 2018

Limay LNG Power Corp (LLPC) is partnering with China Energy Equipment Co (CEEC) and Glencore to develop the country’s first floating storage regasification unit (FSRU) and a 1,100MW LNG-fired power plant.

BP awards LNG FEED in FID prep

PFI Issue 635, October 17, 2018

BP has awarded the front-end engineering design (FEED) contract to KBR for the first phase of the Tortue LNG terminal project between Senegal and Mauritania.