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Sunday, 25 February 2018

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White & Case opens in Houston

PFI Issue 619 - February 21, 2018

White & Case has opened an office in Houston in an effort to strengthen its oil and gas group. The group added three new partners and relocated a fourth.

GenRent lands bond deal

PFI Issue 619 - February 21, 2018

Independent power producer GenRent del Peru has issued US$106.5m in bonds backing its 70MW thermal project in Iquitos. The private placement was priced at 5.88% and the debt runs for 19 years.

Oracle receives notice to proceed with coal IPP

PFI Issue 619 - February 21, 2018

Private Power & Infrastructure Board (PPIB) of Pakistan has given Oracle Power of UK the notice to proceed (NTP) and letter of intent (LoI) for the development of a 700MW coal-fired power plant at Thar Block VI in Sindh province.

Ghana's largest IPP to seek debt

PFI Issue 619 - February 21, 2018

A debt financing process is targeted to begin in July for Ghana’s largest planned independent power producer (IPP) project, a 660MW gas-fired scheme at the Aboadze Power Enclave in the Western Region.

Energean lines up Karish debt and equity

PFI Issue 619 - February 21, 2018

Greece’s Energean Oil & Gas is looking to launch a US$500m listing on the London Stock Exchange by March. The company plans to use US$395m of the proceeds to develop the Karish and Tanin offshore gas fields.

Indonesian President Joko Widodo

Cirebon expands Indonesian power push

PFI Issue 619 - February 21, 2018

The achievement of financial close for the 1,000MW coal-fired Cirebon IPP Expansion Project (Cirebon Expansion) was another step by PLN in achieving President Jokowi’s often talked about target of creating an additional 35,000MW of new power generation capacity by 2019. By James Murray, partner, and James Orme, senior associate, Milbank Tweed Hadley & McCloy LLP.

Yellen to head Mizuho Americas PF

PFI Issue 619 - February 21, 2018

Mizuho has hired Jonathan Yellen as managing director and head of power and infrastructure for Americas project finance.

GE takes YPF stake

PFI Issue 619 - February 21, 2018

GE Capital Global Holdings has acquired a 24.99% stake in YPF Energía Eléctrica (YPF EE) from YPF. GE Capital and YPF will now jointly control YPF EE.

Panda equity deal nears

PFI Issue 619 - February 21, 2018

Panda Power Funds has told bankers it is close to reaching an equity deal to back its Mattawoman project.

Pricing drops for gas-fired debt

PFI Issue 619 - February 21, 2018

Rockland Power Partners III is likely to wrap the debt package backing its acquisition of a portfolio of peaking assets from AES and its DPL subsidiary in March with new benchmark pricing for merchant gas-fired debt.

Turk Stream for bond refinancing

PFI Issue 619 - February 21, 2018

The financing of the US$7bn Turk Stream project will be covered by Gazprom’s own budget and then refinanced through special bonds, deputy chairman Andrei Kruglov has been reported as saying at an investor meeting in London.

LNG

LNG starts to make a comeback

PFI Issue 619 - February 21, 2018

The LNG projects market could be in the first phase of a jump in activity and interest. There is still plenty of overhang from the previous boom but sentiment is turning now to sourcing new capacity.

Montenegro interconnector financing to start

PFI Issue 619 - February 21, 2018

Italian grid operator Terna has started initial discussions over the financing of a power interconnector between Italy and Montenegro, following the Italy-France connection financed last year.

ECA talks near for Nord Stream 2

PFI Issue 619 - February 21, 2018

Formal negotiations are expected to begin in the next few months with export-credit agencies (ECAs) for the financing of Nord Stream 2. Banks are expected to be approached in the second half of 2018.

US bond issued for nuclear storage facility

PFI Issue 619 - February 21, 2018

A US$250m fixed-rate bond issue has been placed in the US to finance a nuclear storage facility in the Chernobyl Exclusion Zone.

LNG enthusiasm returns

PFI Issue 619 - February 21, 2018

The prospects for major new LNG projects are improving, with market demand on the increase once again after years of oversupply. Spot prices in the key Japanese market have reached US$11 mmbtu this month and across Asia were up to US$11.70 in January before dropping off as Chinese purchases slowed, according to Reuters.

BakerHostetler names DC energy partner

PFI Issue 619 - February 21, 2018

BakerHostetler has named Glenn Benson as a partner with its national energy industry practice team. Benson will work in the Washington DC office.

Details emerge on power bond

PFI Issue 619 - February 21, 2018

Prime Energia and EnfraGen Spain have completed roadshows and shored up sizing and terms on their potential 144A/Reg S senior secured bonds backing a series of operational and construction-ready power projects across Chile.

Sabine Pass incident follows 'long-standing safety concerns'

PFI Issue 619 - February 21, 2018

Federal regulators have ordered Cheniere Energy to shut down part of its LNG export terminal in Louisiana after multiple leaks from storage tanks were discovered in late January.

Kinross lands power assets

PFI Issue 619 - February 21, 2018

Kinross Gold Corporation has acquired two hydro projects from Gerdau for US$257m.

Total acquires licence stakes

PFI Issue 619 - February 21, 2018

French oil major Total is to acquire interests in exploration licences in the Canje Block and the Kanuku Block offshore Guyana.

Cheniere lines up China SPAs

PFI Issue 619 - February 21, 2018

Cheniere Energy subsidiaries have entered into two liquefied natural gas sale and purchase agreements (SPAs) with China National Petroleum Corporation (CNPC).

Arguments begin in Panda/ERCOT immunity case

PFI Issue 619 - February 21, 2018

A Texas appeals court has begun hearing the first arguments in an appeal linked to Panda Power Funds’ suit against the Electric Reliability Council of Texas (ERCOT).

Tender launched for transmission project

PFI Issue 619 - February 21, 2018

The Comision Federal de Electricidad (CFE) has launched a tender for the US$1.7bn, roughly 1,000km Yautepec-Ixtepec transmission link that will transfer 3,000MW from the Tehuantepec isthmus in Oaxaca to Morelos. The project will be developed as a type of public-private partnership.

US gas projects target emerging markets

PFI Issue 619 - February 21, 2018

The US Trade & Development Agency (USTDA) is considering support for about 40 US-led gas and LNG infrastructure projects in emerging markets across the world.

Vistra/Dynegy ordered to divest 1,281MW

PFI Issue 619 - February 21, 2018

Vistra Energy and Dynegy have been ordered by the Texas Public Utilities Commission to divest at least 1,281MW of Texas generation assets as a condition of their merger.

Andeavor acquires Kenai LNG

PFI Issue 619 - February 21, 2018

San Antonio-based refining company Andeavor has agreed to acquire the Kenai LNG project in Alaska from ConocoPhillips. The sale price was not disclosed.

Avant preps midstream investment

PFI Issue 619 - February 21, 2018

Avant Energy will build a network of terminals to supply refined petroleum products from the Port of Altamira, Tamaulipas to the Bajio region of North-Central Mexico. The network will be known as Suministro de Petroliferos Altamira–Bajio (SUPERA).

Empire Generating CCGT default looms

PFI Issue 619 - February 21, 2018

S&P has joined Moody’s in downgrading the debt on TTK Power’s 635MW Empire Generating combined-cycle project in New York. S&P cut the rating to CCC from B and Moody’s cut its rating last month to B3 from B2.

Tokyo Gas team to build Ehime LNG

PFI Issue 619 - February 21, 2018

A consortium comprising Tokyo Gas Engineering Solutions, Shikoku Electric Power, Sumitomo Chemical, Sumitomo Joint Electric Power and Shikoku Gas will build a LNG terminal at Niihama in the Ehime prefecture of the Shikoku Island of Japan.

Govt to review strategic projects

PFI Issue 619 - February 21, 2018

Indonesian president Joko Widodo has called for a review of the status of strategic infrastructure projects to determine if they can be implemented.

CLP rumoured to be on the acquisition trail

PFI Issue 619 - February 21, 2018

CLP India is reported to be on the lookout to buy a transmission business to complement its renewables and power business.

Regulator approves RInfra’s transmission sale

PFI Issue 619 - February 21, 2018

Reliance Infrastructure’s sale of its Mumbai transmission business to Adani Transmission has been approved by the Competition Commission of India, according to local reports.

Lockyer Valley gas plant receives approval

PFI Issue 619 - February 21, 2018

US-based Quinbrook Infrastructure Partners has received approval from the Federal government to build a 1000MW gas-fired power station in the Lockyer Valley in south-east Queensland, according to local reports.

Woodside looks to expand Pluto LNG

PFI Issue 619 - February 21, 2018

Woodside intends to expand the Pluto LNG plant at Karratha in West Australia to meet what it believes will be a gas shortage from 2020.

ABN and ING into Cooper Energy loan

PFI Issue 619 - February 21, 2018

ABN AMRO and ING Bank participated in the A$250m (US$181m) seven-year loan for oil and gas company Cooper Energy Ltd with substitutions completed in January, according to LPC.

Rio looks for new Oyu Tolgoi power supply

PFI Issue 619 - February 21, 2018

The massive copper and gold mine, Oyu Tolgoi, needs to find a new power supply following the decision by the government to cancel the Tavan Tolgoi power project.

Sumitomo receives Van Phong IPP certificate

PFI Issue 619 - February 21, 2018

Sumitomo Corp has received the investment certificate to develop the 1,320MW Van Phong 1 coal-fired power plant in the central coast province of Khanh Hoa.

PTT and EGAT to develop LNG terminals

PFI Issue 619 - February 21, 2018

Thai national oil and gas company PTT has signed a memorandum of understanding with Electricity Generating Authority of Thailand (EGAT) to develop their energy and gas businesses.

Govt awards four LNG-to-power deals

PFI Issue 619 - February 21, 2018

Myanmar’s Ministry of Electricity & Energy has issued a “notice to proceed” (NTP) for four LNG-to-power projects in a ceremony held in Nay Pyi Taw on January 31.

CCGTs dumped out of cap auction

PFI Issue 619 - February 21, 2018

The latest T-4 capacity 50.5GW market auction, with a final clearing price of £8.40/kW/year, produced some gasps of amazement.

FEWA says coal RFP due

PFI Issue 619 - February 21, 2018

Federal Electricity Water Authority (FEWA) has said tender documents are due to be released by the end of March to prequalified bidders on its 1,800MW clean coal-fired independent power project (IPP).

Aramco offers new cogen

PFI Issue 619 - February 21, 2018

Saudi Aramco has sent out an expression of interest document on its next cogeneration project near Marjan. The scheme will serve the Marjan offshore oil field 85km north-east of Marjan.

Facility D could be expanded

PFI Issue 619 - February 21, 2018

The water element of the Facility D independent water and power project (IWPP) could be expanded as Qatar needs the extra water. State utility Kahramaa is looking at the proposal.

NIC publishes 157 projects

PFI Issue 619 - February 21, 2018

The Iraqi National Investment Commission (NIC) has released details of 157 projects suitable for investment ahead of its governmental investment conference in Kuwait last week.

Government reclaims Veolia-owned utility

PFI Issue 619 - February 21, 2018

Armed men appointed by the government seized control of Veolia-owned water and power utility Société d’Eau et d’Energie du Gabon (SEEG) on Friday.

Morocco interconnector to cost €700m

PFI Issue 619 - February 21, 2018

The proposed interconnector linking Tavira in Portugal’s Algarve to the Moroccan city of Tangier has been estimated at a cost of over €700m, according to the Abderrahim El Hafidi, secretary-general of Morocco’s Minister of Energy, Mines & Sustainable Development.

Export pipeline FID expected next year

PFI Issue 619 - February 21, 2018

Tullow Oil will invest US$1.8bn in upstream development and US$1.1bn on a pipeline across Kenya to export crude, it has announced.

Adviser picked on DRC interconnector

PFI Issue 619 - February 21, 2018

UK engineering consultant WSP has been appointed by Southern African Power Pool to advise on the proposed 330kV interconnector between Zambia and the Democratic Republic of Congo (DRC).

Moz LNG attracts interest

PFI Issue 619 - February 21, 2018

More buyers are lining up to sign firm offtake agreements on Anadarko’s US$20bn Mozambique LNG scheme, according to media reports. If the sales can be progressed, the scheme will be project-financed by a group of seven export credit agencies (ECAs) and commercial banks.

More corporate PPAs expected

PFI Issue 619 - February 21, 2018

The first auctions of renewable energy capacity will begin in Ireland in the second half of 2019, according to a report by EY on the sector.

DESFA binding bids in

PFI Issue 619 - February 21, 2018

Two consortia competing to buy 66% of Greek gas transmission system operator DESFA have submitted their final binding offers.

SUSI funds Philips energy efficiency

PFI Issue 619 - February 21, 2018

Switzerland’s SUSI Partners has signed a €25m financing line with Philips Lighting to back its roll-out of LED lighting points across Europe.

Goldman Sachs tries new Redexis sale

PFI Issue 619 - February 21, 2018

Goldman Sachs is looking to sell its 50.1% stake in Spanish gas distributor Redexis, according to El Economista.

Swiss Life buys Pisto stake

PFI Issue 619 - February 21, 2018

Swiss Life Asset Management has bought a 24.3% stake in French oil and gas storage company Pisto from Macquarie.

Lake Turkana T-line contract taken over

PFI Issue 619 - February 21, 2018

Chinese contractors Nari Group Corp and Power China Guizhou Engineering will complete the delayed transmission line to the 310MW Lake Turkana wind farm by September or face a US$10m per month fine.

Taiwan

Formosa 1 banks picked

PFI Issue 619 - February 21, 2018

Twelve international and local banks have joined the Formosa 1 offshore scheme. The financing could become a template for future Taiwanese offshore wind projects. By Minerva Lau

Engie eyes debt for Mexico portfolio

PFI Issue 619 - February 21, 2018

Engie has approached banks to provide debt financing backing a portfolio of renewable energy projects in Mexico.

Japanese banks support Rantau Dedap geo

PFI Issue 619 - February 21, 2018

The three Japanese mega banks – Mizuho Bank, MUFG and SMBC – and possibly JBIC and the Asian Development Bank (ADB) will be providing a total of US$514m loan for the development of the Rantau Dedap geothermal power plant. The banks are currently in documentation process.

Contour Global eyes Acciona energy assets

PFI Issue 619 - February 21, 2018

Spanish engineering and energy group Acciona is negotiating with Contour Global the sale of some of its energy assets.

MUFG to lead 8point3 acquisition debt

PFI Issue 619 - February 21, 2018

MUFG will lead the financing to back Capital Dynamics’ acquisition of the 8point3 Energy Partners.

Infigen to refinance

PFI Issue 619 - February 21, 2018

Renewables energy company Infigen Energy is in the process of refinancing bank debt of A$525m (US$415) comprising a five-year A$160m amortising facility and a five-year, A$365 bullet term facility with a bond.

Advisers named for solar YEKA

PFI Issue 619 - February 21, 2018

BNP Paribas and law firm Sherman & Sterling are advising Turkey’s Kalyon and South Korea’s Hanwha QCells on Turkey’s largest solar complex, the 1,000MW YEKA scheme.

Fund looks at Hornsea 1

PFI Issue 619 - February 21, 2018

Global Infrastructure Partners (GIP) is believed to be looking to take a 50% stake in the 1,200MW Hornsea 1 offshore wind scheme.

Solar tender winners out

PFI Issue 619 - February 21, 2018

The French government has selected the winners of two new solar power auctions for utility-scale PV and innovative solar power projects.

TRIG profits up

PFI Issue 619 - February 21, 2018

Profits before tax at secondary market renewables fund TRIG rose to £90.2m last year, from £67.9m in 2015, due to increased wind in the UK and the addition of more assets to the portfolio.

Aquila opens in Amsterdam

PFI Issue 619 - February 21, 2018

German investor Aquila Capital has opened its first Dutch office in Amsterdam, hiring Emke Bus as country head from sustainable investment association GRESB.

Plans out for A-6 auction

PFI Issue 619 - February 21, 2018

The Ministry of Mines & Energy has announced plans to hold a new renewable energy A-6 auction between May and August this year. The A-6 auction will award power purchase agreements for projects beginning on January 1 2024.

AGL outlines renewables plan

PFI Issue 619 - February 21, 2018

AGL intends to step up its move into the renewables business and will conduct an auction to acquire about 500MW of renewable energy projects at a cost of around A$900m (US$707m).

SA govt approves hydrogen plant

PFI Issue 619 - February 21, 2018

The South Australia government has approved the construction of an A$117.5m, (US$92m), 15MW hydrogen plant near Port Lincoln.

DIF seeks Warradage wind farm finance

PFI Issue 619 - February 21, 2018

Dutch fund manager, DIF, is rumoured to be in discussions with banks to fund the 180MW Warradage wind farm in West Australia.

ReNu Energy completes Amaroo solar acquisition

PFI Issue 619 - February 21, 2018

ReNu Energy has completed the acquisition of the 600kW Amaroo solar project in Canberra from Vivo Power.

Tilt Renewables submits VREAS bid

PFI Issue 619 - February 21, 2018

Tilt Renewables has submitted a bid into the Victorian Renewables Energy Auction Scheme (VREAS) to secure a 15-year power purchase agreement (PPA) to allow the A$600m (US$472m) construction of its Dundonnell wind farm.

Innogy on the acquisition trail

PFI Issue 619 - February 21, 2018

German renewables company Innogy has paid US$565m for two renewable projects in New South Wales in what it says is the beginning of a plan to become a significant player in the local renewables market.

Risen Energy looks to expand

PFI Issue 619 - February 21, 2018

Chinese company Risen Energy, which received approval to build a 121MW solar project near Toowoomba, Queensland recently, is looking to buy more projects and is doing due diligence on two of them.

Carnegie Clean Energy wins solar auction

PFI Issue 619 - February 21, 2018

Carnegie Clean Energy has won the West Australian government auction to build a 100MW solar farm and 20MW storage facility at the Mungari Strategic Industrial Area near Coolgardie in West Australia.

Equis Energy reaches FC on Tailem Bend

PFI Issue 619 - February 21, 2018

Equis Energy has reached financial close on its 127MW Tailem Bend solar project in South Australia. The seven-year, A$200m (US$159m) loan was provided by MUFG, BNP Paribas and CBA.

NLWA talks to contractors

PFI Issue 619 - February 21, 2018

North London Waste Authority (NLWA) is to hold an open day for potential suppliers of preparatory works on its £650m waste to energy plant on March 6.

Riverside out

PFI Issue 619 - February 21, 2018

The formal sales process for Cory’s Riverside waste-to-energy plant has begun. JP Morgan is advising. Rothschild, which advised on Cory’s debt refinancing last year, is now advising a Dalmore/Amber bidding team. Other bidders are said to include Arcus, Equitix and some Chinese bidders.

High Court rules on biomass EPC

PFI Issue 619 - February 21, 2018

High Court judge Mr Justice Coulson has ordered Bester Generacion to pay Equitix ESI CHP (Wrexham) £4.5m and put a further £1m in court over a discontinued EPC contract for a 5.4MW, £25m biomass project in Wrexham.

Orsted to repair blades

PFI Issue 619 - February 21, 2018

Orsted is to repair 500 Siemens Gamesa turbines blades on the 389MW West of Duddon and 184MW Walney 2 offshore wind farms, according to a report in reNews.

Greencoat picks up another wind farm

PFI Issue 619 - February 21, 2018

Greencoat Renewables has announced its acquisition of Lisdowney, a 9.2MW wind farm in County Kilkenny, for €22.5m.

GE plans waste gas-to-power plant

PFI Issue 619 - February 21, 2018

General Electric’s GE Power and local company Marinus Energy are to develop a pilot 25MW waste gas-to-power plant in Ghana’s Western Region.

FC for Alibunar wind farm

PFI Issue 619 - February 21, 2018

Financial close was achieved last week for the 42MW Alibunar wind farm in north-eastern Serbia, following debt syndication last September (see PFI Issue 609).

Bids in for Scaling Solar

PFI Issue 619 - February 21, 2018

Fourteen bids are said to be have been received for Madagascar’s first Scaling Solar round, a 25MW solar PV project near Antananarivo with battery storage.

Solar financing signed

PFI Issue 619 - February 21, 2018

Financing has been signed for the first stage of a 72MW solar plant on the site of a former chemical plant in the Yavoriv district of Lviv region.

GET-FiT solar RFQ due

PFI Issue 619 - February 21, 2018

A request for qualifications (RFQ) is due to be issued on March 1 for Zambia’s first GET-FiT solar tender, for 100MW of capacity.

KGAL buys Eolus wind farms

PFI Issue 619 - February 21, 2018

German investor KGAL has completed the purchase of two wind farms in southern Sweden totalling 46.8MW from developer Eolus.

CBM to be re-tendered

PFI Issue 619 - February 21, 2018

Two shortlisted bidders are facing a new tender to develop Botswana’s first coal bed methane (CBM) power plants.

Government to expand renewables support

PFI Issue 619 - February 21, 2018

The Macedonian government is looking to expand its support programme for investors in solar and wind power projects. The government has drafted a new energy law that is expected to be approved by parliament by April.

MagneGas eyes biofuels PF

PFI Issue 619 - February 21, 2018

Florida-based MagneGas is looking to raise project financing to back its acquisition of German biofuels company Infinite Fuels and its expansion.

Mega WtE project agreed

PFI Issue 619 - February 21, 2018

Japanese-Swiss company Hitachi Zoseb Inova and Rostec State Corp’s RT-Invest have agreed to develop five waste-to-energy (WtE) plants, four in Moscow and one in Kazan.

Joint solar and wind tender launched

PFI Issue 619 - February 21, 2018

Germany’s Federal Network Agency has launched its first joint tender for onshore wind and solar PV projects, joining the growing ranks of European countries experimenting with technology-neutral auctions.

Enercon finances Brittany wind

PFI Issue 619 - February 21, 2018

Enercon has raised €15m of project finance debt from Credit Industriel et Commercial (CIC) to finance a wind farm in Brittany.

Laidlaw considers Veja Mate sale

PFI Issue 619 - February 21, 2018

Highland Group Holdings, owned by Lord Irvine Laidlaw, is considering selling its stake in the 402MW Veja Mate offshore wind farm in the German North Sea.

First renewables auction projects selected

PFI Issue 619 - February 21, 2018

Spain’s Ministry of Energy has identified 165 projects that will be built on the back of the first full-scale renewable auction from May 2017.

Brookfield launches Saeta offer

PFI Issue 619 - February 21, 2018

Canadian investor Brookfield Asset Management has launched a tender offer of up to US$1.2bn (€995m) for Spanish renewables company Saeta Yield.

Allianz buys DIF wind farm

PFI Issue 619 - February 21, 2018

AllianzGI has bought a 44MW wind farm in Zeeland for an undisclosed sum from two funds managed by DIF.

Tender out for 40MW solar

PFI Issue 619 - February 21, 2018

A consortium comprising InfraCo Africa, Canada’s JCM Power and Matswani Capital have issued a tender for a new 40MW solar PV plant in Salima, Malawi.

Eighteen go for mega solar

PFI Issue 619 - February 21, 2018

Eighteen teams have submitted prequalification documents for the Egyptian Electricity Transmission Company (EETC) 600MW West of Nile solar scheme.

Solar FiT down to ¥18 from April

PFI Issue 619 - February 21, 2018

Japan’s Ministry of Economy, Trade & Industry has decided to lower the feed-in tariff (FiT) for non-residential solar energy to ¥18 per kWh (US$0.1667/kWh) from ¥21/kWh in the current fiscal year.

Enel Green starts work on Ratai geo

PFI Issue 619 - February 21, 2018

Enel Green Power of Italy has commenced work on the 55MW Way Ratai geothermal power project. The company stated that the exploration phase is under way for the project, which is located in the province of Lampung.

Siemens eyes WtE projects

PFI Issue 619 - February 21, 2018

Siemens is keen to invest in waste-to-energy (WtE) plants in Indonesia, according to local newspaper reports.

EDF unit partners with Asia Clean

PFI Issue 619 - February 21, 2018

EDF Energies Nouvelles has formed a joint venture with Asia Clean Capital (ACC) to build and operate rooftop solar projects in China.

Vector Green buys solar farm

PFI Issue 619 - February 21, 2018

Vector Green Energy, the entity set up by IDFC Alternatives, has bought a 40MW solar project in Madhya Pradesh operated by IL&FS Energy, according to reports.

SECI wind auction attracts low bids

PFI Issue 619 - February 21, 2018

The 2,000MW wind auction by Solar Corporation of India (SECI) has attracted renewable companies such as Inox Renewables, ReNew Power, Torrent Power, Adani Green Energy, Enel, Engie and Sembcorp, according to local reports.

Credit Suisse to sell SP solar projects

PFI Issue 619 - February 21, 2018

Credit Suisse is reported by Mint to have received the mandate to sell around 400MW of solar projects owned by the solar subsidiary of the Shapoorji Palloni (SP) group.

Port solar tender launched

PFI Issue 619 - February 21, 2018

The Gujarat government-owned power authority Gujarat Urja Vikas Nigam has launched a tender for 500MW of grid connected solar projects.

NEEV invests in SunSource Energy

PFI Issue 619 - February 21, 2018

The NEEV Fund is reported to have invested in SunSource Energy to give that company more firepower to build solar projects.

Windlab receives approval for wind farm

PFI Issue 619 - February 21, 2018

The Queensland government has given the go-ahead to renewables company Windlab to build a A$200m (US$157m), 100MW wind farm on the Cape York Peninsula in the state’s north.

SA government approves pumped hydro projects

PFI Issue 619 - February 21, 2018

The South Australian government has given grants to four new pumped hydro storage plants to be located in the Upper Spencer Gulf.

Tilt to build solar/battery and hydro

PFI Issue 619 - February 21, 2018

Tilt Renewables intends to build a A$90m (US$70m) 44MW solar farm and a 21MW/26MW battery storage system next to its existing wind farm at Snowtown in South Australia.

Superblock plans 700MW of wind

PFI Issue 619 - February 21, 2018

Thailand’s largest solar energy company Superblock plans to develop 700MW capacity of wind farms in Vietnam. The investment required is estimated at Bt56bn (US$1.77bn), company chairman Jormsup Lochaya told Reuters.

AC Energy to invest in solar

PFI Issue 619 - February 21, 2018

AC Energy Holdings will ramp up its investments in solar energy projects in Vietnam by as much as US$300m, local newspapers report.

Sembcorp teams up on wind

PFI Issue 619 - February 21, 2018

Sembcorp Utilities of Singapore plans to join HBRE Group of Vietnam in a 300MW wind power project that has recently received an investment certificate.

Sunseap and InfraCo to partner on solar

PFI Issue 619 - February 21, 2018

Sunseap International of Singapore and InfraCo Asia Development have teamed up to develop a 168MW utility-scale solar power project in Ninh Thuan province on the south-central coast of Vietnam.

AEP Wind Catcher deal hits roadblock

PFI Issue 619 - February 21, 2018

American Electric Power (AEP) is facing a legal setback after an administrative law judge in Oklahoma said the company failed to prove customers should pay for the US$4.5bn Wind Catcher project.

FERC order aims to remove barriers for storage

PFI Issue 619 - February 21, 2018

The Federal Energy Regulatory Commission (FERC) has voted unanimously to remove barriers to the use of energy storage, ordering regional transmission organisations (RTOs) and independent system operators (ISOs) to revise their pricing.

Taaleri plans wind financing

PFI Issue 619 - February 21, 2018

Finland’s Taaleri Energia is planning a financing package for its first wind project in the US. The company has acquired the 277MW Truscott-Gilliland East wind project in Knox County, Texas from NorthRenew Energy, representing a US$350m investment.

SunPower to monetise leases

PFI Issue 619 - February 21, 2018

SunPower plans to monetise more than 400MW of leases that are held on-balance sheet, representing US$1.4bn of long-term receivables.

Rhode Island preps clean energy RFP

PFI Issue 619 - February 21, 2018

Rhode Island Governor Gina Raimondo has directed her energy team to work with Rhode Island’s utilities to issue a procurement for up to 400MW of clean energy.

Eglinton LRT getting battery storage backup

PFI Issue 619 - February 21, 2018

Ontario has partnered with Toronto Hydro to build an energy storage system that will provide back-up power to the Eglinton Crosstown light rail transit (LRT) line.

Renewable projects get incentives

PFI Issue 619 - February 21, 2018

The Ministry of Mines & Energy has approved three solar projects and one biogas project to enter the incentive regime for infrastructure development known as REIDI.

Hydro project lands financing

PFI Issue 619 - February 21, 2018

Alupar Investimento subsidiary La Virgen has secured a US$80m financing backing the 84MW La Virgen hydro project in the department of Junin. The project cost is US$140m, meaning leverage of a little under 60%.

Eletrobras assumes debt in sales

PFI Issue 619 - February 21, 2018

State-run Eletrobras will take over roughly R$11bn (US$334m) in debt from six distribution subsidiaries it is looking to sell, leaving the companies free of debt.

NRG to sell yieldco ownership to GIP

PFI Issue 619 - February 21, 2018

NRG Energy (NRG) has agreed to sell its ownership in NRG Yield and its renewables platform to Global Infrastructure Partners (GIP) for cash proceeds of just under US$1.38bn.

Corporate PPAs signed

PFI Issue 619 - February 21, 2018

A number of corporate power purchase agreements have been signed in recent weeks, with offtakers including chocolate manufacturer Nestle, distiller Brown-Forman, and wireless provider AT&T, which subscribed to a jumbo, multi-project deal.

BluEarth acquires interest in wind farms

PFI Issue 619 - February 21, 2018

BluEarth Renewables has acquired a majority interest in two operating wind facilities in Meeker County, Minnesota totalling 39.6MW.

Northern Pass replacement emerges in Massachusetts

PFI Issue 619 - February 21, 2018

Massachusetts regulators have confirmed that Central Maine Power’s New England Clean Energy Connect will take the place of the Northern Pass project as the winner of its clean energy contract if Northern Pass cannot resolve permitting problems in New Hampshire by March 27.

FERC grants key authorisation for offshore transmission

PFI Issue 619 - February 21, 2018

The Federal Energy Regulatory Commission (FERC) has authorised Anbaric Development Partners to move ahead with a 2GW to 2.4GW transmission network that would serve offshore wind projects off Massachusetts.

sPower closes bond refi

PFI Issue 619 - February 21, 2018

sPower, owned by AES and Canada’s Alberta Investment Management, has closed a US$421.4m bond issue that will help finance a portfolio of 565MW of wind and solar assets.

Enel sells minority stake in Canadian wind

PFI Issue 619 - February 21, 2018

Enel has reached agreement to sell a minority stake in two Canadian wind projects to Alberta Investment Management Corporation (AIMCo) for a price that has not yet been finalised.

Innergex completes Alterra buy

PFI Issue 619 - February 21, 2018

Innergex Renewable Energy has completed the acquisition of Alterra Power for C$1.1bn (US$878.3m) and the assumption of debt.

Trump

Tax reform to shake up US P3

PFI Issue 619 - February 21, 2018

Infrastructure developers are racing to find structures to offset the negative impact of tax reform. States and cities have been handed more responsibility in project development. By Alison Healey

NR highlights rail PPPs

PFI Issue 619 - February 21, 2018

Rail infrastructure operator Network Rail, in its strategic business plan published last week, has highlighted potential projects involving third-party finance.

The Nacala rail corridor

Nacala opens the path to rail

PFI Issue 619 - February 21, 2018

The Nacala Corridor project financing opens the path for the development of mine-to-port infrastructure projects, essential for many developing countries’ economic growth, writes Vasco Vitorio, director, infrastructure and real estate group, and Thibauld Thuillez, associate director, at HSBC.

Highway PPP sees bridge

PFI Issue 619 - February 21, 2018

The Rutas del Este SA consortium behind the development of National Routes 2 and 7 has secured a US$50m bridge loan with local banks to begin works on the highway public-private partnership.

ProInversion courts investors for rail project

PFI Issue 619 - February 21, 2018

Private investment promotion agency ProInversion has presented a rail project to investors and bankers as it looks to find finance for the US$235m Huancayo-Huancavelica railway public-private partnership.

Details emerge on GACM Fibra E

PFI Issue 619 - February 21, 2018

Grupo Aeroportuario de la Ciudad de México (GACM) will look to size its Fibra E instrument at over US$1bn, with a possible launch coming in March. The yield will potentially be in the 9%–10% range, although it has not yet been determined.

West Midlands PP out

PFI Issue 619 - February 21, 2018

The 32-year US private placement backing Corelink Rail Infrastructure, the new rolling stock company backing the West Midlands rail franchise, has been launched in the US and is now being launched in the UK.

NIC publishes 157 projects

PFI Issue 619 - February 21, 2018

The Iraqi National Investment Commission (NIC) has released details of 157 projects suitable for investment ahead of its governmental investment conference in Kuwait last week.

GIP train operator offer accepted

PFI Issue 619 - February 21, 2018

The shareholders of Italian high-speed train operator Italo have accepted a €1.98bn offer by Global Infrastructure Partners (GIP) for the company.

Gatwick lands close to fair value

PFI Issue 619 - February 21, 2018

Gatwick Funding’s £300m 30-year left little concession on the table when it was launched at 133bp over Gilts, reported IFR on Monday.

Turkish firm into CRR 4 highway

PFI Issue 619 - February 21, 2018

Turkish developer Makyol is to join a consortium with Russian construction giant Avtoban and the sovereign-backed Russian Direct Investment Fund (RDIF) to develop the fourth section of Moscow’s Central Ring Road (CRR 4).

Nine groups vie for Egnatia road

PFI Issue 619 - February 21, 2018

Nine bidders have submitted expressions of interest for the Egnatia Odos brownfield motorway PPP in northern Greece.

Radiales takeover to start

PFI Issue 619 - February 21, 2018

Spanish Minister of Public Works Inigo de la Serna has said in an interview on TV channel RTVE that the public takeover of the Radiales toll roads will begin on February 21.

A65 refinancing launched

PFI Issue 619 - February 21, 2018

Eiffage and Sanef have launched the refinancing of their A65 Alienor toll road in the south-west of France.

Investors pledge underground freight transport funding

PFI Issue 619 - February 21, 2018

A group of Swiss and foreign companies including Credit Suisse, infrastructure investor Meridiam and China’s Dagong Global Investment have pledged SFr100m (€87m) of equity for an underground freight transport system.

D4 PPP timeline detailed

PFI Issue 619 - February 21, 2018

The Czech government plans to launch the tender for the €270m D4 motorway PPP in April and ask for requests to participate in June, aiming to select four bidders in September for a competitive dialogue.

M25 refi wait

PFI Issue 619 - February 21, 2018

The final selection of the leads on the M25 road PPP refinancing, due last week, is still awaited. The £1bn deal is split between a £200m bank piece and an £800m 15-year-plus institutional piece.

Bond deal finances A10/A24

PFI Issue 619 - February 21, 2018

BAM PPP PGGM and Habau have closed the €650m financing on the A10/A24 motorway PPP in Brandenburg with bank and institutional financing.

Govt to launch six road PPPs

PFI Issue 619 - February 21, 2018

The Philippines’ Department of Public Works & Highways (DPWH) is going ahead with road projects to be implemented as PPP projects to ease congestion on major highways in Luzon and Mindanao.

Infracorp expects to win monorail project

PFI Issue 619 - February 21, 2018

Infracorp expects to be awarded the original proponent status for the Ps3.8bn (US$74m) monorail project by the end of March, local newspapers report.

MPIC awaits NEDA approval of unsolicited CTBEx

PFI Issue 619 - February 21, 2018

The Philippines’ National Economic & Development Authority is evaluating the unsolicited project for the Cavite-Tagaytay-Batangas Expressway (CTBEx).

Oxley team wins Yangon central station

PFI Issue 619 - February 21, 2018

Myanmar Railways has selected the consortium comprising Myanmar’s Min Dharma Co, China’s Sino Great Wall Co, and Singapore-based property developer Oxley Holdings as the preferred bidder for the Yangon central railway station area comprehensive development project.

Govt mulls expansion of HSR

PFI Issue 619 - February 21, 2018

The Indonesian government is considering extending the 140km Jakarta-Bandung high-speed rail project to West Java and Central Java, according to coordinating maritime affairs minister Luhut Binsar Pandjaitan, who spoke to local media.

Govt to review strategic projects

PFI Issue 619 - February 21, 2018

Indonesian president Joko Widodo has called for a review of the status of strategic infrastructure projects to determine if they can be implemented.

Zhejiang Expressway to seek financing

PFI Issue 619 - February 21, 2018

Zhejiang Expressway, the special purpose vehicle (SPV) that will build the PPP road project in Deqing County, is looking to secure finance to build the 14.62km toll road, including bridges and tunnels.

CIMIC seeks seat at WestConnex sale table

PFI Issue 619 - February 21, 2018

ACS-owned contractor Cimic is seeking a partner to enter the bidding for the New South Wales government’s sale of 51% of the WestConnex greenfield/brownfield toll road project, according to market participants.

More woes for Wicet

PFI Issue 619 - February 21, 2018

The lenders to the Wiggins Island Coal Loader (Wicet) in Queensland are reported to have knocked back a proposal to extend the loan that is due in September by five years. The company has debts of about A$3.8bn (US$3bn).

IRB reaches FC on toll road

PFI Issue 619 - February 21, 2018

IRB Infrastructure Developers (IRB) has reached financial close of the Rs1,020 crores (US$150m) loan that will be used to finance the construction of the six lanes Kishangarth to Gulabpura toll road.

HSR bidding consortia taking shape

PFI Issue 619 - February 21, 2018

Four consortia have emerged and are taking shape to bid for the US$10bn Kuala Lumpur–Singapore (Kl–SG) high speed rail (HSR) project.

Super consortium makes formal submission

PFI Issue 619 - February 21, 2018

A Philippine consortium, made up of seven large conglomerates, has formally submitted its Ps350bn (US$6.7bn) unsolicited proposal to rehabilitate, expand, operate, and maintain the Ninoy Aquino International Airport (NAIA) for 35 years.

Arup to advise on US$11.6bn infra

PFI Issue 619 - February 21, 2018

The Philippines’ Department of Public Works and Highways (DPWH) has appointed Arup to assist it in preparing the construction process for new inter-island bridges, tunnels, and highways.

Abertis replaces CEO

PFI Issue 619 - February 21, 2018

Abertis’ chief executive Francisco Reynes has left the Spanish motorway operator, which is currently the target of competing takeover bids, to join Gas Natural as chairman replacing Isidro Faine.

Three shortlisted on Alabama bridge P3

PFI Issue 619 - February 21, 2018

The Alabama Department of Transportation has shortlisted three teams in the bidding for the Mobile River Bridge and Bayway project.

Denver Eagle P3 may miss longstop date

PFI Issue 619 - February 21, 2018

Denver, Colorado’s Eagle rail transit line has faced extended construction delays on its G line portion, resulting in uncertainty about the project’s ability to reach substantial completion by its revenue service deadline, or long-stop date, of June 2, according to Fitch Ratings.

Four respond on O'Hare express train

PFI Issue 619 - February 21, 2018

Four teams have submitted responses on Chicago Infrastructure Trust’s request for qualifications (RFQ) for an express train P3 for the O’Hare Airport.

Connecticut ports project preps RFQ

PFI Issue 619 - February 21, 2018

The Connecticut Port Authority has selected Mott MacDonald to provide advisory services for the development and operation of its New London State Pier.

Eglinton LRT getting battery storage backup

PFI Issue 619 - February 21, 2018

Ontario has partnered with Toronto Hydro to build an energy storage system that will provide back-up power to the Eglinton Crosstown light rail transit (LRT) line.

REM train costs rise

PFI Issue 619 - February 21, 2018

The latest cost estimate on Montreal’s REM light-rail system is around C$6.3bn (US$5bn), some C$300m higher than previously expected.

Maiden urban highway PPP planned

PFI Issue 619 - February 21, 2018

The Colombian Institute of Urban Development (IDU) is structuring a public-private partnership to deliver a highway for the capital Bogota.

Viaduct PPP works to relaunch

PFI Issue 619 - February 21, 2018

The Government of Mexico City and the Ministry of Communications & Transportation (SCT) have penned an agreement to reactivate the Viaducto La Raza-Indios Verdes-Santa Clara road project this year.

Financial close for Bogota 4G link

PFI Issue 619 - February 21, 2018

Coviandina, through Consorcio Estructura Plural Villavicencio 3, has closed the Ps1.6trn (US$576m) long-term financing of the Bogota–Villavicencio 4G private initiative.

Green bonds back P3 projects

PFI Issue 619 - February 21, 2018

Ontario has issued the largest Green bond offering in Canadian history, raising US$1bn for infrastructure projects that will help reduce greenhouse gas emissions and fight climate change. The 2.65% bonds mature in 2025.

I-69 troubles yield new law

PFI Issue 619 - February 21, 2018

The failed I-69 public-private partnership, which resulted in the state taking over the project last year, has led to the creation of House Bill 1374, a local state law, that will create a standard for future deals.

EcoRodovias lands highway concessions

PFI Issue 619 - February 21, 2018

EcoRodovias has won the 30-year concession to operate the BR-135, MG-231 and LMG-754 highways in Minas Gerais as it pushes to expand its footprint in Brazil.

White & Case opens in Houston

PFI Issue 619 - February 21, 2018

White & Case has opened an office in Houston in an effort to strengthen its oil and gas group. The group added three new partners and relocated a fourth.

Energean lines up Karish debt and equity

PFI Issue 619 - February 21, 2018

Greece’s Energean Oil & Gas is looking to launch a US$500m listing on the London Stock Exchange by March. The company plans to use US$395m of the proceeds to develop the Karish and Tanin offshore gas fields.

Turk Stream for bond refinancing

PFI Issue 619 - February 21, 2018

The financing of the US$7bn Turk Stream project will be covered by Gazprom’s own budget and then refinanced through special bonds, deputy chairman Andrei Kruglov has been reported as saying at an investor meeting in London.

BakerHostetler names DC energy partner

PFI Issue 619 - February 21, 2018

BakerHostetler has named Glenn Benson as a partner with its national energy industry practice team. Benson will work in the Washington DC office.

ECA talks near for Nord Stream 2

PFI Issue 619 - February 21, 2018

Formal negotiations are expected to begin in the next few months with export-credit agencies (ECAs) for the financing of Nord Stream 2. Banks are expected to be approached in the second half of 2018.

US gas projects target emerging markets

PFI Issue 619 - February 21, 2018

The US Trade & Development Agency (USTDA) is considering support for about 40 US-led gas and LNG infrastructure projects in emerging markets across the world.

Avant preps midstream investment

PFI Issue 619 - February 21, 2018

Avant Energy will build a network of terminals to supply refined petroleum products from the Port of Altamira, Tamaulipas to the Bajio region of North-Central Mexico. The network will be known as Suministro de Petroliferos Altamira–Bajio (SUPERA).

Total acquires licence stakes

PFI Issue 619 - February 21, 2018

French oil major Total is to acquire interests in exploration licences in the Canje Block and the Kanuku Block offshore Guyana.

Govt to review strategic projects

PFI Issue 619 - February 21, 2018

Indonesian president Joko Widodo has called for a review of the status of strategic infrastructure projects to determine if they can be implemented.

ABN and ING into Cooper Energy loan

PFI Issue 619 - February 21, 2018

ABN AMRO and ING Bank participated in the A$250m (US$181m) seven-year loan for oil and gas company Cooper Energy Ltd with substitutions completed in January, according to LPC.

Export pipeline FID expected next year

PFI Issue 619 - February 21, 2018

Tullow Oil will invest US$1.8bn in upstream development and US$1.1bn on a pipeline across Kenya to export crude, it has announced.

DESFA binding bids in

PFI Issue 619 - February 21, 2018

Two consortia competing to buy 66% of Greek gas transmission system operator DESFA have submitted their final binding offers.

Goldman Sachs tries new Redexis sale

PFI Issue 619 - February 21, 2018

Goldman Sachs is looking to sell its 50.1% stake in Spanish gas distributor Redexis, according to El Economista.

Swiss Life buys Pisto stake

PFI Issue 619 - February 21, 2018

Swiss Life Asset Management has bought a 24.3% stake in French oil and gas storage company Pisto from Macquarie.

LNG enthusiasm returns

PFI Issue 619 - February 21, 2018

The prospects for major new LNG projects are improving, with market demand on the increase once again after years of oversupply. Spot prices in the key Japanese market have reached US$11 mmbtu this month and across Asia were up to US$11.70 in January before dropping off as Chinese purchases slowed, according to Reuters.

Andeavor acquires Kenai LNG

PFI Issue 619 - February 21, 2018

San Antonio-based refining company Andeavor has agreed to acquire the Kenai LNG project in Alaska from ConocoPhillips. The sale price was not disclosed.

Moz LNG attracts interest

PFI Issue 619 - February 21, 2018

More buyers are lining up to sign firm offtake agreements on Anadarko’s US$20bn Mozambique LNG scheme, according to media reports. If the sales can be progressed, the scheme will be project-financed by a group of seven export credit agencies (ECAs) and commercial banks.

Tokyo Gas team to build Ehime LNG

PFI Issue 619 - February 21, 2018

A consortium comprising Tokyo Gas Engineering Solutions, Shikoku Electric Power, Sumitomo Chemical, Sumitomo Joint Electric Power and Shikoku Gas will build a LNG terminal at Niihama in the Ehime prefecture of the Shikoku Island of Japan.

Cheniere lines up China SPAs

PFI Issue 619 - February 21, 2018

Cheniere Energy subsidiaries have entered into two liquefied natural gas sale and purchase agreements (SPAs) with China National Petroleum Corporation (CNPC).

Sabine Pass incident follows 'long-standing safety concerns'

PFI Issue 619 - February 21, 2018

Federal regulators have ordered Cheniere Energy to shut down part of its LNG export terminal in Louisiana after multiple leaks from storage tanks were discovered in late January.

Woodside looks to expand Pluto LNG

PFI Issue 619 - February 21, 2018

Woodside intends to expand the Pluto LNG plant at Karratha in West Australia to meet what it believes will be a gas shortage from 2020.

PTT and EGAT to develop LNG terminals

PFI Issue 619 - February 21, 2018

Thai national oil and gas company PTT has signed a memorandum of understanding with Electricity Generating Authority of Thailand (EGAT) to develop their energy and gas businesses.

Govt awards four LNG-to-power deals

PFI Issue 619 - February 21, 2018

Myanmar’s Ministry of Electricity & Energy has issued a “notice to proceed” (NTP) for four LNG-to-power projects in a ceremony held in Nay Pyi Taw on January 31.

LNG

LNG starts to make a comeback

PFI Issue 619 - February 21, 2018

The LNG projects market could be in the first phase of a jump in activity and interest. There is still plenty of overhang from the previous boom but sentiment is turning now to sourcing new capacity.