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Wednesday, 21 August 2019

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US gas-fired power station

A few key months for power PF

PFI Issue 654 - July 31, 2019

A big ruling by FERC concerning PJM could influence the power project finance market in the coming months. A busy time is expected as borrowing becomes even more attractive. By Nic Stone.

Mong Duong refis with Vietnam’s first PF bond

PFI Issue 654 - July 31, 2019

Sponsors of the Mong Duong 2 coal-fired power plant have successfully concluded a 9.8-year US dollar bond facility that will take out its existing loans.

EDP eyes project bond issuance

PFI Issue 654 - July 31, 2019

EDP Transmissão is looking to issue R$800m (US$212.8m) in bonds maturing in July 2039 backing the 375km, 500kv Estreito-Cachoeira Paulista transmission line.

Nexi provides cover on Ahlone equity

PFI Issue 654 - July 31, 2019

Nippon Export & Investment Insurance (Nexi) will be providing overseas investment insurance for the equity participation by Chugoku Electric Power and Shikoku Electric Power into the operation of the Ahlone natural gas-fired power plant.

PNOC forms another Chinese partnership

PFI Issue 654 - July 31, 2019

State-run Philippine National Oil Co (PNOC) has partnered with another company from China to invest in various oil and gas infrastructure projects in the country.

NPS under pressure on 540MW coal IPP

PFI Issue 654 - July 31, 2019

National Power Supply (NPS), a subsidiary of Advance Agro, is being pushed to proceed with a 540MW coal-fired power plant in Chachoengsao province.

Sembcorp seeks mixed debt facility for new IPP

PFI Issue 654 - July 31, 2019

Sembcorp Industries will seek financing from a mixed group of commercial banks and export credit agencies (ECAs) to fund a 750MW gas-fired power plant at Dung Quat economic zone in Quang Ngai province.

Institutions join Allego syndication

PFI Issue 654 - July 31, 2019

Two institutional investors have joined the Allego electric charging project’s financing in syndication.

Derby City could retender WtE

PFI Issue 654 - July 31, 2019

Derby City Council and Derbyshire County Council has announced a potential retendering of the much delayed waste to energy (WtE) gasification project currently held by Renewi and Interserve under the Resource Recovery Solutions (RRS) joint venture.

OPWP seeks PPA extension bids

PFI Issue 654 - July 31, 2019

Oman Power & Water Procurement Company (OPWP) is starting the process to offer 700MW of capacity to power projects coming to the end of their power and water purchase agreements (PWPAs). It is looking at offering two-year, five-year or eight-year PPAs.

Jafura cogen RFP out

PFI Issue 654 - July 31, 2019

Aramco has issued a request for proposals (RFP) for the Jafura cogeneration project. Bids are due by December 1. The scheme is a smaller version of the Tanajib scheme that is currently in the market with bids due by September 9, but without the desalination.

F3 bid date put back

PFI Issue 654 - July 31, 2019

The bid date for EWEC’s 2.4GW Fujairah 3 (F3) combined-cycle gas turbine project has been put back by two weeks to the end of September.

New Rovuma EPC bids due

PFI Issue 654 - July 31, 2019

The ExxonMobil-led team has asked for revised EPC bids on its Rovuma LNG project to reduce construction cost. The decision on the winning EPC was due in April.

Phoenix funds Scottish wind

PFI Issue 654 - July 31, 2019

Phoenix Life has provided £43m of long-term debt to fund the operating 27MW Whiteside Hill wind farm in Dumfries and Galloway owned by investors in funds managed by Capital Dynamics under its Clean Energy Infrastructure investment strategy.

Banks in on Covanta WtEs

PFI Issue 654 - July 31, 2019

AIB, ABN AMRO, Natixis, RBS and Sadabell are working on the two Covanta/Biffa waste-to-energy (WtE) projects. Financing work has started on the first, Protos, the 350,000-tonnes-per-year scheme at Ince in Cheshire. Pricing in the sector now nearing the 200bp mark.

Calon Energy bids in

PFI Issue 654 - July 31, 2019

Bids were due earlier this month for Calon Energy, the vehicle set up by Macquarie to own various combined-cycle gas turbines (CCGTs) assets – Sutton Bridge, Baglan Bay, Severn Power and the site for the proposed Willington Power CCGT. Cantor Fitzgerald is said to be advising.

Govt to provide grant to small nuke

PFI Issue 654 - July 31, 2019

The Department for Business, Energy and Industrial Strategy (BEIS) is looking to fund a proposed Rolls-Royce small nuclear project idea with an £18m grant, subject to final confirmation in the autumn. The company had been seeking £200m.

RAB for large nukes

PFI Issue 654 - July 31, 2019

The Department for Business, Energy & Industrial Strategy (BEIS) has, as expected, put forward plans to explore the use the regulated asset base (RAB) funding model for large nuclear power stations, such as EDF’s £15bn 3.2GW Sizewell C project.

West Deptford launches Term Loan B

PFI Issue 654 - July 31, 2019

West Deptford Energy, the owner of a 744MW gas-fired combined-cycle power plant in the PJM region, has launched a US$445m Term Loan B.

KIT in talks with Basslink lenders

PFI Issue 654 - July 31, 2019

Singapore’s Keppel Infrastructure Trust (KIT), which owns the Basslink interconnector between Tasmania and Victoria, is reported to be in talks with its lending group to increase the tenor of its A$700m loan due later this year in exchange for a higher margin.

QIC wins Pacific Energy tender

PFI Issue 654 - July 31, 2019

QIC has won the auction to take over West Australian energy company Pacific Energy in a deal worth about A$487m.

Wind farm and power transmission lines in Australia

Connecting to a renewables future

PFI Issue 654 - July 31, 2019

The need for new transmission in Australia is paramount. The energy market regulator is pushing new schemes. By John Arbouw.

Scatec leads low solar bids

PFI Issue 654 - July 31, 2019

Scatec Solar has submitted the most competitive bids for the 500MW Tunisian solar auction. Five schemes are being tendered and Scatec is expected to pick up 300MW, with Engie winning 150MW and AMEA Power/TBEA 50MW.

Blackstone Infrastructure Partners raises US$14bn

PFI Issue 654 - July 31, 2019

Blackstone has reached final close on its inaugural fundraising phase for Blackstone Infrastructure Partners (BIP) with total commitments of US$14bn.

Breytenbach steps down from SA IPP office

PFI Issue 654 - July 31, 2019

Karen Breytenbach, the head of South Africa’s IPP office, has been asked to step down from her position by the Department of Energy (DoE) and Development Bank of Southern Africa (DBSA).

CCUS seeks RAB investors

PFI Issue 654 - July 31, 2019

Carbon capture usage and storage (CCUS) advisory group CAG is to start a dialogue with pensions funds, institutional investors, infra funds and project banks over the next six months following publication last week of its investment framework report for the sector.

Herbert Smith hires Italian energy team

PFI Issue 654 - July 31, 2019

Herbert Smith Freehills has hired a six-strong energy team in Italy from Paul Hastings led by Lorenzo Parola, the firm’s EU energy and infrastructure chairman.

Ergon closes Green bond refi

PFI Issue 654 - July 31, 2019

Local solar energy and infrastructure company Ergon Peru has closed the private placement of Green bonds to refinance a project finance loan from 2018 and help pay for the installation of solar schemes in rural areas.

Equinor and Orsted win New York offshore wind

PFI Issue 654 - July 31, 2019

New York state has selected two projects totalling nearly 1.7GW as the winners of its offshore wind procurement.

Date set for renewables auction

PFI Issue 654 - July 31, 2019

Colombia’s Ministry of Mines & Energy has set the date for its renewable energy auction for October 22 this year.

Ituango dam finished

PFI Issue 654 - July 31, 2019

The 225m dam at Empresas Publicas de Medellin’s 2.4GW Ituango hydro project was completed in July in a boost for the project that has been hit by numerous issues in construction. The base of the structure is about 1km.

YPF lands bond deal

PFI Issue 654 - July 31, 2019

Power group YPF Luz has landed a US$400m, seven-year bond issue priced with a 10% coupon to yield 10.25%. The issue price was 98.772.

Developers stockpile panels for credits’ end

PFI Issue 654 - July 31, 2019

Some of the largest solar power developers are stockpiling panels to lock in the 30% investment tax credit for renewable energy that is set to be phased out beginning at the end of the year, according to a report from Reuters.

AEP seeks approval for 1.4GW wind acquisition

PFI Issue 654 - July 31, 2019

American Electric Power (AEP) is seeking regulatory approval to acquire three wind projects totalling more than 1.4GW in Oklahoma.

Greencoat UK hit by low wind

PFI Issue 654 - July 31, 2019

Secondary market wind fund Greencoat UK Wind has been hit by low wind in the first half of this year, 9% below budget, and lower than expected power prices.

Aventron signs Statkraft PPA

PFI Issue 654 - July 31, 2019

Swiss renewable energy firm Aventron has signed a power purchase agreement (PPA) with Statkraft for its recently financed 50MW Bargas solar PV plant.

Axpo signs first solar PPA

PFI Issue 654 - July 31, 2019

Swiss energy trader Axpo has signed its first power purchase agreement (PPA) with a solar power plant in Germany.

BlackRock signs Axpo PPA

PFI Issue 654 - July 31, 2019

BlackRock Real Assets has bought the 24MW Salvaterra de Magos solar project from Exus Management Partners and signed a power purchase agreement (PPA) with Axpo.

Cubico refinances Solis PV

PFI Issue 654 - July 31, 2019

Cubico Sustainable Investments has refinanced a 27.4MW portfolio of 14 solar PV plants in Italy.

EIB eyes Goya II wind financing

PFI Issue 654 - July 31, 2019

The EIB is looking to provide up to €58m of debt to the 113.3MW Goya II onshore wind farm projects of Forestalia.

Eneco signs Fryslan wind PPA

PFI Issue 654 - July 31, 2019

Eneco has signed a 15-year power purchase agreement (PPA) to buy power from the 382.7MW Fryslan near-shore wind park.

Enlight discusses Gecama equity investment

PFI Issue 654 - July 31, 2019

Israeli renewables firm Enlight is negotiating an equity investment in its 300MW Gecama wind farm in Spain.

Bonds for first grid-parity wind farm

PFI Issue 654 - July 31, 2019

Renexia, a renewables company of the Toto construction group, has issued €12.5m of project bonds to finance a 36MW unsubsidised wind farm in Campania.

Falck buys Big Fish solar project

PFI Issue 654 - July 31, 2019

Italian firm Falck Renewables has bought a 70% stake in the 195MW Big Fish solar PV project in Sicily from Canadian Solar. The plant is set to become Italy’s largest solar project.

Infram closes solar financing

PFI Issue 654 - July 31, 2019

Infram Energy, a joint venture of Infracapital and Amarenco, has reached financial close on the final tranche of a €158m debt financing programme for 70MW of solar power plants.

Luxcara signs second Alpiq PPA

PFI Issue 654 - July 31, 2019

German renewables investor Luxcara has signed a second long-term power purchase agreement (PPA) with Swiss energy company Alpiq in Spain.

PF for geothermal expansion

PFI Issue 654 - July 31, 2019

Three major development finance institutions (DFIs) and three Turkish banks have provided a US$350m project finance package to expand Turkey’s largest geothermal power plant by 97.6MW.

PF for mini-grid project

PFI Issue 654 - July 31, 2019

CrossBoundary Energy Access (CBEA) has signed a loan agreement with the Renewable Energy Performance Platform (REPP) to finance more mini-grids across Africa.

MIGA guarantee for REIPPP project

PFI Issue 654 - July 31, 2019

Atlantica Yield has secured a US$98.6m country risk insurance guarantee from the World Bank’s MIGA for its 100MW KaXu Solar One project in South Africa.

Solaria completes PV financing

PFI Issue 654 - July 31, 2019

Solaria has completed the financing of its 250MW auction-backed solar PV plants in Spain with Natixis.

Solarpack closes solar financing

PFI Issue 654 - July 31, 2019

Spanish renewables developer Solarpack has closed a €59m debt financing for 112MW of solar PV plants near Seville.

Study finds 3.35GW offshore potential

PFI Issue 654 - July 31, 2019

A government-backed study by Klaipeda University has determined Lithuania’s offshore wind potential in the Baltic Sea to be 3.35GW.

Terna refinances Agios Georgios wind

PFI Issue 654 - July 31, 2019

Greek renewable firm Terna Energy has refinanced its 73.2MW Agios Georgios wind farm with €117m of non-recourse debt.

Sonnedix closes PV refi

PFI Issue 654 - July 31, 2019

Independent solar power producer Sonnedix has refinanced 41 Italian solar PV plants totalling 61.8MW.

Govt plans 220MW by 2023

PFI Issue 654 - July 31, 2019

Namibia’s power utility NamPower is planning to add an extra 220MW of capacity by 2023, including 150MW of renewable power.

Parliament paves way for wind auction

PFI Issue 654 - July 31, 2019

The Polish parliament has approved a revision to the Renewable Energy Sources Act, enabling an eagerly awaited 2.5GW onshore wind auction to be launched this winter.

FC on first phase of 500MW wind farm

PFI Issue 654 - July 31, 2019

Luxembourg-based LongWing Energy and co-investor VLC Renewables have reached financial close on the first 98MW phase of the Zaporizhia wind farm.

Hydro tender to be repeated

PFI Issue 654 - July 31, 2019

The request-for-proposal (RfP) stage of a tender for a 160MW hydropower PPP is to be redone following a complaint by one of the bidders, according to local press.

Kaskasi market sounding starts

PFI Issue 654 - July 31, 2019

Innogy is sounding out banks to finance its 325MW Kaskasi offshore wind farm, people following the deal said.

Offshore wind farms win approval

PFI Issue 654 - July 31, 2019

France’s Council of State has rejected appeals against EDF’s offshore wind farms as the European Commission approved tariffs for the projects.

Renewables auction due in September

PFI Issue 654 - July 31, 2019

Italy will launch solar and wind power auctions on September 30, the first renewable tenders since 2016.

Solar tender launched

PFI Issue 654 - July 31, 2019

Benin’s government is seeking requests for qualification (RfQs) from bidders to develop four new solar projects on a PPP basis.

Tenergie completes mega refi

PFI Issue 654 - July 31, 2019

French renewable firm Tenergie has completed the €810m refinancing of 255MW of its operating renewables plants, one of France’s largest renewable debt financing to-date.

Drax loan signed in

PFI Issue 654 - July 31, 2019

Drax has signed its £375m loan to part fund its acquisition of Scottish Power’s 2.6GW non-wind farm power portfolio late last year.

Huge interest in PV auction

PFI Issue 654 - July 31, 2019

Portugal has received about 10GW of offers from 64 developers for its inaugural 1.4GW solar PV auction, with prices reported to dip to record low levels.

FC nears on Azito IPP expansion

PFI Issue 654 - July 31, 2019

Financial close on the Phase IV expansion of Globeleq’s Azito thermal power plant is targeted for September.

CleanCapital buys solar and closes warehouse

PFI Issue 654 - July 31, 2019

CleanCapital has acquired a 75.2MW solar portfolio of 15 operating solar projects in New Jersey, the fourth transaction in a series of acquisitions made through CleanCapital’s US$250m investment vehicle with CarVal Investors.

TerraForm plans project debt

PFI Issue 654 - July 31, 2019

TerraForm Power has agreed to acquire a 320W portfolio of distributed generation assets from AltaGas for US$720m.

Oregon tribes plan hydro bonds

PFI Issue 654 - July 31, 2019

The Confederated Tribes of Warm Springs Reservation of Oregon is planning a US$42m bond offering to back its 367MW Pelton-Round Butte hydroelectric project on the Deschutes River.

CIT debt backs Texas solar

PFI Issue 654 - July 31, 2019

CIT has closed a US$204.5m debt financing to support construction of Holstein Solar, a 200MW project in Nolan County, Texas.

WEFC signs PPA for NexEra renewables

PFI Issue 654 - July 31, 2019

Western Farmers Electric Cooperative (WEFC) has entered into a power purchase agreement with NextEra Energy Resources that includes 250MW of wind power, 250MW of solar, and 200MW of battery storage.

Duke to build Frontier II wind backed by VPPA

PFI Issue 654 - July 31, 2019

Duke Energy Renewables will move forward on construction of the largest wind project in its fleet, the 350MW Frontier Windpower II project in Kay County, Oklahoma.

Judge sets timeline for PG&E action

PFI Issue 654 - July 31, 2019

The judge in PG&E’s bankruptcy case has given California Governor Gavin Newsom’s administration and state regulators a two-week period to decide how they will evaluate competing proposals to take over the company.

Ohio passes bill to help nukes and cut renewables

PFI Issue 654 - July 31, 2019

Ohio lawmakers have approved controversial legislation that will provide subsidies for nuclear and coal projects and roll back renewables mandates.

ReNew seeks more bonds

PFI Issue 654 - July 31, 2019

Indian renewable energy group ReNew Power has mandated Barclays, Goldman Sachs, HSBC and JP Morgan as bookrunners to arrange investor meetings and calls in Hong Kong, Singapore, London and New York from July 31.

CIP invites wind loan underwriters

PFI Issue 654 - July 31, 2019

Copenhagen Infrastructure Partners (CIP) and financial advisers CTBC and MUFG have launched an invitation to underwrite the NT$93bn (US$3bn) 18-year loan facility to finance the development of the 600MW offshore wind projects it won last year.

Gulf Energy signs offshore wind PPA

PFI Issue 654 - July 31, 2019

Gulf Energy Development (GED) of Thailand has signed a 20-year power purchase agreement with Vietnam Electricity (EVN) for the first 30MW phase of the proposed Binh Dai offshore wind farm in Ben Tre province in southern Vietnam, 100km south of Ho Chi Minh City.

Siemens Gamesa selected for Thanh Hai 1 nearshore

PFI Issue 654 - July 31, 2019

Tan Hoan Cau JSC, a leading independent power provider in Vietnam, has selected Siemens Gamesa Renewable Energy (SGRE) to supply seven SG 4.5-145 wind turbines for its No 5 Thanh Hai 1 wind farm.

SECI auction undersubscribed

PFI Issue 654 - July 31, 2019

A 2000MW solar auction sponsored by the Solar Energy Corporation of India (SECI) is reported to have been undersubscribed by 932MW.

REPDO RFP out

PFI Issue 654 - July 31, 2019

The Renewable Energy Development Office (REPDO) has launched the request for proposals (RFP) for its large Category B solar PV projects. Bid submissions are due by November 18.

InfraMed to sell JWPC stake

PFI Issue 654 - July 31, 2019

Cantor Fitzgerald is believed to be advising InfraMed on the sale of its 50% stake in the 117MW Jordan Wind Project Company (JWPC) scheme at Tafila, the first large renewables project in the country.

DEWA solar pushed back

PFI Issue 654 - July 31, 2019

Dubai utility DEWA has pushed the bid date back to October 9 from August 15 on its 900MW solar PV scheme.

Solar loan deal in low

PFI Issue 654 - July 31, 2019

Pricing on the loan to back the Kuwait National Petroleum Company (KNPC) US$1.65bn 1.5GW Al Dibdibah/Dabdaba solar PV scheme is said to be well below 100bp.

Plambeck plans floating wind

PFI Issue 654 - July 31, 2019

Plambeck Holding, the German company that founded European wind developer PNE Wind in 1995, is planning a 500MW floating offshore wind scheme.

Redstone CSP still due

PFI Issue 654 - July 31, 2019

The financing of the 100MW Redstone concentrated solar project (CSP) being developed by ACWA Power could still occur this week, despite the fact that Karen Breytenbach, head of South Africa’s IPP office, was asked to step down last week by the Department of Energy (DoE) and Development Bank of Southern Africa (DBSA).

DFI financing for Salima solar

PFI Issue 654 - July 31, 2019

JCM Power is in advanced discussions with a group of development finance institutions (DFIs) to secure project debt for the 60MW Salima solar farm.

Engie team closes 60MW Scaling Solar financing

PFI Issue 654 - July 31, 2019

Engie and Meridiam have reached financial close on two solar PV plants in Senegal totalling 60MW, part of the Scaling Solar programme.

Renewables MoUs signed

PFI Issue 654 - July 31, 2019

A series of memoranda were signed between French renewables companies and the Serbian government on president Emmanuel Macron’s visit to Serbia last week.

SIG plans 600MW solar expansion

PFI Issue 654 - July 31, 2019

Warsaw-based Sun Investment Group (SIG) has said it is developing a 600MW portfolio of solar projects in Poland.

Bereket to sell renewables assets

PFI Issue 654 - July 31, 2019

Turkish energy firm Bereket Enerji is set to publicly list 1.1GW of hydro and wind projects on the stock market as part of a debt restructuring, according to local media.

ACS eyes 1GW PV financing

PFI Issue 654 - July 31, 2019

ACS is in talks with CaixaBank, Natixis and Santander to raise about €500m of debt financing for nearly 1GW of solar PV plants.

7GW offshore bid rules revealed

PFI Issue 654 - July 31, 2019

The Crown Estate has finalised the bid rules for its 7GW round four tender that will be launched later this year. Projects that win a licence will then have to bid in the contract for difference (CfD) auction.

Engie signs Nadec corporate PPA

PFI Issue 654 - July 31, 2019

Engie has signed a 25-year power purchase agreement (PPA) on the 30MW National Agricultural Development Company (Nadec) captive solar project. The French company bid US$0.0242 per kWh on the scheme in October.

Taaleri to fund Oltava wind farm

PFI Issue 654 - July 31, 2019

Finnish investor Taaleri is looking to raise debt financing from Hamburg Commercial Bank, formerly HSH Nordbank, for its 91MW Oltava wind farm in north-west Finland.

New 70MW solar tender launched

PFI Issue 654 - July 31, 2019

Tunisia’s Ministry of Energy has announced the launch of a tender for 70MW of solar capacity.

Geothermal drilling complete

PFI Issue 654 - July 31, 2019

Zambia’s Kalahari GeoEnergy has completed drilling eight temperature gradient holes and has now begun drilling slim wells at the Bwengwa River Geothermal Resource Area.

Iberdrola finances 500MW PV park

PFI Issue 654 - July 31, 2019

Iberdrola has raised €285m of debt to finance the Nunez de Balboa solar PV park in Extremadura.

Govt plans 60MW solar

PFI Issue 654 - July 31, 2019

Mozambique’s government, in cooperation with the IFC, is seeking a project consultant to help develop a series of small solar parks at three to five sites across the country.

Actis lands EDP wind project

PFI Issue 654 - July 31, 2019

Private equity group Actis Capital will buy the 137MW Babilônia wind farm from Portugal’s EDP Renováveis (EDPR) for R$650m (US$171.5m).

Genneia lands wind deal

PFI Issue 654 - July 31, 2019

Local independent power producer Genneia has landed a potentially US$70m syndicated loan backing the 151MW Parque Eolico Puerto Madryn II (PEM II) wind farm in Chubut.

Country preps renewables auction

PFI Issue 654 - July 31, 2019

Ecuador is looking to join the renewable energy auction fray and will launch its solicitation at the end of July, according to reports.

Anglo to go renewables only by 2021

PFI Issue 654 - July 31, 2019

Major mining company Anglo American has signed a deal with Italy’s Enel that will see it source all its power in Chile from renewables by 2021.

Brennand taps Siemens

PFI Issue 654 - July 31, 2019

Brennand Investimentos has tapped German giant Siemens Gamesa to provide turbines for the combined 94MW Arizona and Honorato wind farms in Bahia.

Canadian Solar reveals auction success

PFI Issue 654 - July 31, 2019

Canadian Solar secured a power purchase agreement (PPA) for a 51MW solar scheme in Minas Gerais in the recently held A-4 auction, it said in a statement.

NSW approves Orange Grove solar project

PFI Issue 654 - July 31, 2019

The 110MW Orange Grove solar farm located outside of Gunnedah in NSW has been issued planning approval by the New South Wales Independent Planning Commission.

NT supports huge solar project

PFI Issue 654 - July 31, 2019

The Northern Territory government has given major project status to a proposed A$20bn, 10GW solar and 20GWh–30GWh battery project to be developed by Sun Cable near Tennant Creek.

Orix buys IL&FS wind energy assets

PFI Issue 654 - July 31, 2019

The National Company Law Appellate Tribunal (NCLAT) has approved the sale of IL&FS’s 51% stake in seven wind energy projects to Japanese company Orix in a deal worth about US$696m.

REIL asks for solar bids

PFI Issue 654 - July 31, 2019

The Rajasthan Electronics & Instruments Ltd (REIL) is reported to be asking for bids from developers to build solar power projects of capacities ranging from 250kW to 3.5MW at various locations and sub-stations of Maharashtra State Electricity Distribution Company Ltd (MSEDCL).

Ten shortlisted in Queensland renewables auction

PFI Issue 654 - July 31, 2019

The Queensland government has shortlisted 10 projects for its 400MW auction conducted under the Powering Queensland Plan.

Terregra Renewables secures solar funding

PFI Issue 654 - July 31, 2019

Indonesian renewables developer Terregra Renewables is reported to have secured a A$7m loan from infrastructure debt provider, Infradebt for its 5MW Mobilong and 5MW Moyall solar farms in South Australia.

UREDA to auction 52MW of solar

PFI Issue 654 - July 31, 2019

The Uttarakhand Renewable Energy Development Agency (UREDA) is reported to be asking for bids to develop 52MW of solar projects.

Greenko prices Green bond

PFI Issue 654 - July 31, 2019

Renewables company Greenko has priced five and seven-year tranches of a US$950m Green bond issue, according to IFR.

EDC qualifies 19 for 60MW solar scheme

PFI Issue 654 - July 31, 2019

State utility Electricite Du Cambodge (EDC) and transaction adviser Asian Development Bank have opened technical bids and qualified 19 of the 26 bidders for Cambodia’s first auction for a solar energy project.

FRV reaches FC on Goonumbla solar

PFI Issue 654 - July 31, 2019

Spanish renewables developer FRV has reached financial close on the 67.8MW Goonumbla solar facility in New South Wales, with the estimated A$223m of project finance provided by DZ Bank and ING, and the latter providing the lion’s share.

AP tariff battle with developers heats up

PFI Issue 654 - July 31, 2019

The battle between renewable energy companies and Andhra Pradesh is getting intense as the state is reported to have cancelled 21 wind power purchase agreements with clients of Suzlon Energy and Axis Energy.

Bungama solar project given green light

PFI Issue 654 - July 31, 2019

EPS Energy is reported to have received approval from the South Australian government to develop the 280MW Bungama solar project. The project is located outside of Port Pirie and will include 140MW/560MWh of battery storage.

Cypark plans solar sukuk

PFI Issue 654 - July 31, 2019

Cypark Resources, via its subsidiary Cypark Ref, is planning a maiden sustainable and responsible investment (SRI) Islamic bond offering after setting up a M$550m (US$135.7m) programme to fund construction of solar power projects.

Lendlease/Capella win defence solar tender

PFI Issue 654 - July 31, 2019

Lendlease and Capella Capital have won the tender to build and maintain two solar projects totalling 14MW to power two army bases in the Northern Territory.

Quantum Solar achieves COD

PFI Issue 654 - July 31, 2019

The Quantum Solar Park (Semenanjung) project company achieved its commercial operation date (COD) on May 31 2019, almost 1-1/2 years after the original completion target date of end-2017.

Uni secures Solar River PPA

PFI Issue 654 - July 31, 2019

The University of Adelaide has secured a 15-year power purchase agreement (PPA) from West Australian company Alinta Energy for 75% of the output from its 200MW solar river project at Roberstown, South Australia.

DFIs into renewAfrica covenant

PFI Issue 654 - July 31, 2019

The EIB and FMO have signed up to the renewAfrica initiative, designed to promote the deployment of renewable energy projects across Africa.

ACS picks Zero-E banks

PFI Issue 654 - July 31, 2019

Spanish construction group ACS Group has chosen nine banks to lead the carve-out and IPO of its renewable energy business Zero-E.

Dartmouth shortlists four on green energy P3

PFI Issue 654 - July 31, 2019

Dartmouth College in New Hampshire has shortlisted four teams on its green energy public-private partnership.

Georgia Power to procure 2.2GW of solar

PFI Issue 654 - July 31, 2019

Georgia Public Service Commission (GPSC) will require Georgia Power to procure 2.2GW of solar over the next five years, more than doubling the utility’s previous plans for 1GW in solar development.

Orsted partners on Maryland offshore staging

PFI Issue 654 - July 31, 2019

Orsted has partnered with the owners of the Tradepoint Atlantic industrial site to build a staging centre for offshore wind development in Maryland.

US Solar Fund plans debt to acquire first asset

PFI Issue 654 - July 31, 2019

Newly-established UK-based investment company US Solar Fund has agreed to acquire the 128MW Milford solar project in Utah from Longroad Energy Partners.

Enel gets revolver after massive PPA deal

PFI Issue 654 - July 31, 2019

Enel Chile has signed a US$150m, five-year revolving credit facility for general corporate purposes. BBVA, Scotiabank, and Mizuho were the lenders.

Genneia project comes online

PFI Issue 654 - July 31, 2019

Local independent power producer Genneia has brought online its 100MW Pomona I wind farm in Rio Negro.

Solar DG incentives launched

PFI Issue 654 - July 31, 2019

The Argentine government has launched tax credits incentives for the implementation of distributed generation solar projects of up to 2MW to be known as Certificados de Crédito Fiscal (CCFs).

Arroyo closes PMGD deal

PFI Issue 654 - July 31, 2019

Arroyo Energy Investment Partners has closed a US$64.6m debt financing backing the development, construction, and operation of a 70MW portfolio of greenfield and brownfield Pequenos Medios de Generacion Distribuida (PMGD) solar assets in Chile.

OPIC eyes energy project lending

PFI Issue 654 - July 31, 2019

The US Overseas Private Investment Corporation (OPIC) is moving to mobilise up to US$800m in financing backing energy projects in the south of Mexico as part of an agreement signed last December.

BNDES extends wind loan maturity

PFI Issue 654 - July 31, 2019

State-run development bank BNDES has extended the maturity of a R$988m (US$263m) project finance loan for Renova Energia by 30 days to August 15 2019.

Private placement prepped for hydro

PFI Issue 654 - July 31, 2019

Canada’s Innergex Renewable Energy and partner Energia Llaima are looking to land a private placement long-term financing backing a portfolio of hydro projects across Chile, according to sources.

Genneia signs wind financing and partnership

PFI Issue 654 - July 31, 2019

Local independent power producer Genneia has signed a US$131m long-term financing backing the combined 141MW Chubut Norte III & IV wind farms.

Encavis fund reaches third close

PFI Issue 654 - July 31, 2019

German renewable investor Encavis has reached a third closing on its second European renewable energy fund.

Axpo completes Urbasolar acquisition

PFI Issue 654 - July 31, 2019

Swiss energy trader Axpo has completed the acquisition of French renewables developer Urbasolar.

Church investors into Aquila hydro fund

PFI Issue 654 - July 31, 2019

German investor Aquila Capital has raised €40m from two German church investors for its European hydropower fund.

Athena closes renewables sale

PFI Issue 654 - July 31, 2019

Denmark’s Athena Investments has closed the sale of its 156.6MW of Italian and Spanish solar and wind plants to Ardian Infrastructure and Glennmont Partners for €90.9m.

Chile and Peru pen renewables tie-up

PFI Issue 654 - July 31, 2019

Chile’s renewable energy association Acera and its Peruvian counterpart Sociedad Peruana de Energias Renovables (SPR) have inked an agreement to promote non-conventional renewable energy (NCRE) sources.

Partnership eyed with solar group

PFI Issue 654 - July 31, 2019

Miami-based Global PoleTrusion Group Corp (GPGC) is in negotiations to buy a 50% stake in Panamanian solar energy group Daconan Solar.

CPFL CFO departs

PFI Issue 654 - July 31, 2019

Brazilian company CPFL Renováveis has seen Alessandro Gregori depart to pursue other career opportunities.

BP teams up with Bunge on bioenergy

PFI Issue 654 - July 31, 2019

BP will form a 50/50 joint venture with agribusiness group Bunge known as BP Bunge Bioenergia to explore opportunities in Brazil.

GE partners with BlackRock on distributed solar

PFI Issue 654 - July 31, 2019

GE Solar and BlackRock have partnered to create Distributed Solar Development, which will be 80% owned by a fund managed by BlackRock Real Assets and 20% owned by GE Renewable Energy.

PR P3 proponent Rossello resigns

PFI Issue 654 - July 31, 2019

Puerto Rico Governor Ricardo Rossello has announced that he will resign on August 2 amid protests.

Suzlon defaults on bond payment

PFI Issue 654 - July 31, 2019

Indian wind turbine supplier and renewables developer Suzlon Energy has defaulted on the principal payment of a US$172m bond that was due on July 16.

SUSI energy-efficiency fund raises €150m

PFI Issue 654 - July 31, 2019

Swiss investor SUSI Partners has raised almost €150m for its second energy efficiency fund at second closing.

German rail

Rolling stock financing booms

PFI Issue 654 - July 31, 2019

The debt market for European rolling stock is booming. Train leasing companies are tapping growing institutional investor interest. By Stefano Berra

Lima Metro bond upsized and priced low

PFI Issue 654 - July 31, 2019

Special purpose vehicle Lima Metro Line 2 Finance II (LML2F2L) has upsized its Series 2019-1 notes issue due 2036 to US$563.175m from US$539.3m and priced them at par to yield 4.35%.

Four bids for Rampura expressway

PFI Issue 654 - July 31, 2019

The Bangladesh government, through the Roads & Highways Department (RHD) and the Public Private Partnership Authority (PPPA), has received four bids for the development of the 13.5km four-lane Rampura-Amulia–Demra (RAD) Expressway that connects to central Dhaka.

Allego charging point

Financing leading charge point operator

PFI Issue 654 - July 31, 2019

The electric vehicle revolution will not happen without charging infrastructures. Given the capital-intensive nature of these assets, innovative financing solutions will be critical. The Allego deal is a first-of-a-kind transaction that paves the way for future deals in a new asset class. By Julien Touati, partner at Meridiam, and Laurent Chabot, co-head of the Paris-based Infrastructure team of Societe Generale Corporate & Investment Banking.

Lima eyes Vinci contract cancellation

PFI Issue 654 - July 31, 2019

The government of the Peruvian capital Lima is looking to cancel a concession contract for the management of the LAMSAC public-private partnership toll road in the city with Vinci Highways after rejecting a proposal to lower toll rates.

Bidders drop out of Edmonton Valley LRT

PFI Issue 654 - July 31, 2019

Two of the three shortlisted consortia bidding on Edmonton’s Valley Line West light rail transit (LRT) project have withdrawn from the procurement.

DP World, Maspion ink Gresik port agreement

PFI Issue 654 - July 31, 2019

DP World of Abu Dhabi and Maspion Group of Indonesia have signed agreements to build a container port and an industrial logistics park in Gresik, East Java.

FC on Sihanoukville Expressway

PFI Issue 654 - July 31, 2019

China Road & Bridge Corporation (CRBC) has reached financial close on a US$1.8bn loan facility for the development of the Sihanoukville Expressway, according to legal adviser Hunton Andrews Kurth.

SNC-Lavalin exits LSTK projects

PFI Issue 654 - July 31, 2019

SNC-Lavalin is exiting lump-sum turnkey (LSTK) contracting and will reorganise its resources and infrastructure construction segments into a separate business line.

AIIM fund reaches final close

PFI Issue 654 - July 31, 2019

African Infrastructure Investment Managers (AIIM) has reached a US$320m final close on its flagship pan-African AIIF3 fund.

Purple Line team granted delay but no comp

PFI Issue 654 - July 31, 2019

Maryland Transit Administration has granted Purple Line Transit Partners (PLTP) a 160-day extension to complete construction on the Purple Line light rail transit system but the state will not compensate the private consortium for delays and cost overruns.

Great Hall Partners enter mediation on airport P3

PFI Issue 654 - July 31, 2019

Great Hall Partners, led by Ferrovial Airports, has entered mediation with Denver city and airport executives to negotiate cost overrun, change order and time delay issues on the Jeppesen terminal at Denver International Airport (DIA).

Port Authority launches JFK, EV infra P3s

PFI Issue 654 - July 31, 2019

Port Authority of New York & New Jersey (PANYNJ) has issued requests for information (RFIs) for the design of an airport hub and electric vehicle charging infrastructure.

95 Express Lanes bonds priced

PFI Issue 654 - July 31, 2019

JP Morgan and Goldman Sachs have priced US$262m in private activity bonds (PABs) to back Virginia’s 95 Express Lanes.

Gateway funding corp legislation made law

PFI Issue 654 - July 31, 2019

Governors Andrew Cuomo of New York and Phil Murphy of New Jersey have signed legislation that creates the Gateway Development Commission, a bi-state agency that will control funding for transport projects comprising the Gateway programme.

Financing agreed for highway PPP

PFI Issue 654 - July 31, 2019

The Consorcio del Sur group formed by Spain’s Eurofinsa and Paraguay’s Ingeniería de Topografía y Caminos has agreed a US$120.5m financing package with Bank of America backing the Avenida Costanera Sur roadway public-private partnership.

Sinkhole closes Plenary-operated 36 toll road

PFI Issue 654 - July 31, 2019

Colorado Department of Transportation (CDOT) has closed part of the Plenary Roads Denver US 36 toll road between Denver and Boulder after a large crack in the roadway turned into a growing sinkhole over the weekend.

Bonds prepped for Texas toll road extension

PFI Issue 654 - July 31, 2019

NTE Mobility Partners Segment 3 (NTEMP-3) is preparing to issue US$690.2m of senior lien private activity bonds (PABs) to finance the segment 3C extension of the North Tarrant Expressway in Texas.

Aecom team wins Oklahoma expressway P3

PFI Issue 654 - July 31, 2019

Oklahoma Turnpike Authority (OTA) has selected a team of Aecom and Duit Construction as its partner on the Gilcrease Expressway public-private partnership.

Revised offer from NAIA Consortium

PFI Issue 654 - July 31, 2019

The Philippine Department of Transportation (DOTr) has received a second revised proposal from NAIA Consortium to renovate Ninoy Aquino International Airport (NAIA).

Road authority to offer seven toll projects

PFI Issue 654 - July 31, 2019

Indonesia Toll Road Authority (BPJT) plans to launch tenders for at least seven transport projects with worth a combined Rp151.15trn (US$10.83bn).

Lenders sounding on harbour tunnel project

PFI Issue 654 - July 31, 2019

The New South Wales government is reported to be sounding out banks, funds and other lenders on their willingness to provide project finance for the proposed A$15bn (US$10.5bn) Western Harbour Tunnel and Northern Beaches link in Sydney.

ESIA consultant appointed for Kyaukpyu port

PFI Issue 654 - July 31, 2019

Chinese company Citic has appointed Canadian company Hatch to perform the environmental and social impact assessment (ESIA) of the Kyaukpyu deep sea port project which it is developing.

MPIC proposes expressway with tunnel

PFI Issue 654 - July 31, 2019

Metro Pacific Investments Corp (MPIC), through its subsidiaries, has submitted an unsolicited proposal for an expressway with an underground section to help decongest traffic in the Manila Bay area. It now expects to receive original proponent status (OPS).

JV deal signed for Makati subway

PFI Issue 654 - July 31, 2019

A joint venture agreement (JVA) has been was signed for the development of the Makati City Subway public-private partnership (PPP) project between the Makati city government and Philippine Infradev Holdings (PIH), formerly known as IRC Properties, a real estate company.

Consortium keen on Long Thanh airport

PFI Issue 654 - July 31, 2019

A consortium led by Airports Corporation of Vietnam (ACV) is keen to be one of the sponsors or investors on the proposed Long Thanh International Airport in Dong Nai province.

Govt invites pitches for HSR legal role

PFI Issue 654 - July 31, 2019

The government is inviting legal firms to make pitches for the advisory role on the proposed US$7bn Bangkok–Rayong High-Speed Railway PPP.

Third airport proposed in Bangkok

PFI Issue 654 - July 31, 2019

Thailand’s Airport Department is proposing a third airport in Bangkok to relieve congestion at Suvarnabhumi and Don Mueang airports.

Three bidders for U-Tapao

PFI Issue 654 - July 31, 2019

Three bidding groups have been shortlisted for the US$6.27bn U-Tapao International Airport expansion and Eastern City Airport Development project in Rayong.

Three shortlisted for intercity motorways PPP

PFI Issue 654 - July 31, 2019

Thailand’s department of highways, which is part of the Ministry of Transport, has shortlisted three bidding groups for a 30-year concession to operate and maintain (O&M) two intercity motorways under a public-private partnership (PPP) scheme.

Welcome Break pricing down

PFI Issue 654 - July 31, 2019

Pricing on Welcome Break’s refinancing is expected to dip below 200bp initially.

PB picked on Sofia Airport

PFI Issue 654 - July 31, 2019

A Munich Airport and Meridiam consortium has been selected to run and operate Sofia Airport under a 35-year concession.

Expressway PPP planned

PFI Issue 654 - July 31, 2019

The Uganda National Roads Authority (UNRA) has said it is looking to launch an upcoming highway project as a PPP.

Baden-Wuerttemberg trains funded

PFI Issue 654 - July 31, 2019

A Baden-Wuerttemberg train leasing company has raised €79m of debt from KfW IPEX to fund rolling stock for the Zollernalbbahn rail network.

Two motorway PPPs approved

PFI Issue 654 - July 31, 2019

Albania’s parliament has approved two PPP contracts with local companies for upcoming motorway projects.

A9 winner selected

PFI Issue 654 - July 31, 2019

The VEENIX consortium of Macquarie Capital, Siemens, Count & Cooper and FCC, with Macquarie as financial adviser, has won a tender for the €750m A9 Badhoevedorp–Holendrecht motorway expansion PPP in the Netherlands.

Augsburg 1 rail financing closed

PFI Issue 654 - July 31, 2019

Go-Ahead Group has closed the financing of the €400m Augsburg 1 rail concession with leasing company Deutsche Anlagen Leasing (DAL).

Elbe Spree 4 funded

PFI Issue 654 - July 31, 2019

ODEG has reached financial close on Lot 4 of the Elbe Spree rail concession near Berlin, funder MEAG said.

Institutions join Allego syndication

PFI Issue 654 - July 31, 2019

Two institutional investors have joined the Allego electric charging project’s financing in syndication.

CDG Express financed

PFI Issue 654 - July 31, 2019

Keolis and RATP Dev have closed a debt financing for the €257m CDG Express passenger train project to connect central Paris with Charles de Gaulle Airport.

Pedemontana tunnel released

PFI Issue 654 - July 31, 2019

An Italian court has released the Malo tunnel on the Pedemontana Veneta motorway that was seized earlier in July.

Ploiesti motorway PPP to be scrapped

PFI Issue 654 - July 31, 2019

Romania’s government has opted to scrap the Ploiesti–Brasov motorway PPP in favour of funding it on the state balance sheet.

Brebemi to price bond refi

PFI Issue 654 - July 31, 2019

The Intesa Sanpaolo-led sponsors of the Brebemi toll road in northern Italy are looking to price a €1.8bn bond refinancing, said people close to the deal.

S&P casts doubt on Pemex plan

PFI Issue 654 - July 31, 2019

Standard & Poor’s says Pemex’s new business plan “increases its exposure to business and performance risks, prioritises short-term objectives, and raises doubts over long-term sustainability”.

Refinery files for bankruptcy protection

PFI Issue 654 - July 31, 2019

Philadelphia Energy Solutions, the owner of a 335,000-barrel-per-day refinery in Philadelphia, Pennsylvania, has filed for bankruptcy protection for the second time in two years.

OPIC eyes energy project lending

PFI Issue 654 - July 31, 2019

The US Overseas Private Investment Corporation (OPIC) is moving to mobilise up to US$800m in financing backing energy projects in the south of Mexico as part of an agreement signed last December.

Northern Courier Pipeline preps bonds

PFI Issue 654 - July 31, 2019

Northern Courier Pipeline (NCPLP) is planning a C$1bn (US$762m) 23-year bond offering to recapitalise its project and fund a one-time payment to its indirect owner, TransCanada Pipelines (TCPL).

Financing readied for Bowden project

PFI Issue 654 - July 31, 2019

Gen III Oil Corp has received a non-binding, non-exclusive, indicative term sheet from a private debt group for up to 83% of the total project financing backing the C$90m (US$68.8m) Bowden refinery project in Bowden, Alberta, 100km north of Calgary, it said in a statement.

Banks picked for FPSO project bond

PFI Issue 654 - July 31, 2019

Cernambi Sul MV24, which owns FPSO Cidade de Mangaratiba - MV24, a floating production storage and offloading (FPSO) vessel deployed in Brazil’s Lula-Iracema oilfield, has hired banks for a potentially US$1.1bn project bond issue.

MISC to refinance Bergading FSO loan

PFI Issue 654 - July 31, 2019

MISC is understood to be refinancing a loan for the construction of its floating, storage and offloading (FSO) vessel Mekar Bergading, in the North Malay Basin Field in north-east Peninsular Malaysia.

CATS loan filled out

PFI Issue 654 - July 31, 2019

Ten banks have joined the six lead banks on the £630m five-year loan refinancing on Antin Infrastructure Partners’ Central Area Transmission System (CATS) gas pipeline asset – BMO, CIC, Banca IMI, Barclays, Credit Agricole, CBA, NatWest, BNP Paribas, AIB and BBVA.

EP Infra prices single-tranche bond issue

PFI Issue 654 - July 31, 2019

Czech gas pipeline group EP Infrastructure has priced a €600m seven-year bond issue at 185bp over mid-swaps.

S&P lowers gas grids outlook over tariff cuts

PFI Issue 654 - July 31, 2019

S&P has revised the outlook on three Spanish gas transmission and distribution companies to negative from stable due to regulatory cuts to their tariffs.

Supreme court confirms lower utility returns

PFI Issue 654 - July 31, 2019

Germany’s Federal Supreme Court has ruled in favour of the Federal Network Agency’s decision to reduce returns for gas and electricity utilities.

Ithaca Energy bond downsized

PFI Issue 654 - July 31, 2019

The US$700m five-year bond issue backing Ithaca Energy’s US$2bn purchase of Chevron’s North Sea assets has been downsized to US$500m and priced at 9.375% with a coupon of 753bp.

Ital Gas Storage amends debt package

PFI Issue 654 - July 31, 2019

Morgan Stanley Infrastructure and Whysol Investments have completed an amendment of the debt package backing their Ital Gas Storage project.

New Rovuma EPC bids due

PFI Issue 654 - July 31, 2019

The ExxonMobil-led team has asked for revised EPC bids on its Rovuma LNG project to reduce construction cost. The decision on the winning EPC was due in April.

FERC to launch LNG division in Houston

PFI Issue 654 - July 31, 2019

The Federal Energy Regulatory Commission (FERC) is creating a new division in its Office of Energy Projects to accommodate the growing number of LNG export applications.

IFC funds LNG feasibility study

PFI Issue 654 - July 31, 2019

The IFC has made a US$2m cost-sharing commitment towards the development of an LNG terminal in South Africa’s Port of Richards Bay.

Itochu signs infra cooperation MoU

PFI Issue 654 - July 31, 2019

Itochu has signed a memorandum of understanding (MoU) with Romanian gas transmission company Transgaz to cooperate on infrastructure projects in Europe.

Venture Global arranger tier oversubscribed

PFI Issue 654 - July 31, 2019

The US$5.8bn construction financing of Venture Global’s Calcasieu Pass LNG scheme in Louisiana has received more than US$10bn in binding commitments from initial coordinating lead arrangers.

Blackstone marketing Cheniere stake

PFI Issue 654 - July 31, 2019

Blackstone is considering selling its stake in Cheniere Energy Partners, according to Bloomberg. The firm is marketing its stake in Cheniere Energy to certain infrastructure, pension, and sovereign wealth funds, the report said.

PNOC forms another Chinese partnership

PFI Issue 654 - July 31, 2019

State-run Philippine National Oil Co (PNOC) has partnered with another company from China to invest in various oil and gas infrastructure projects in the country.