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Monday, 16 December 2019

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Desalination

Extending Gulf IWPPs

PFI Issue 662 - December 4, 2019

Gulf utilities are now looking at their existing power and water projects. Replacing old capacity and adding expansions are being used as well as procuring new projects. By Rod Morrison.

AFC continues fundraising run

PFI Issue 662 - December 4, 2019

Africa Finance Corporation (AFC) has closed a US$200.6m-equivalent Swiss franc-denominated bond issue to end a successful year in which it has increased its balance sheet from US$4.5bn to US$6bn.

Albanesi companies launch bond deals

PFI Issue 662 - December 4, 2019

A duo of Albanesi-linked power companies have raised roughly US$56m via a joint bond deal to refinance debt.

Landowners stop PNG LNG expansion

PFI Issue 662 - December 4, 2019

Land owner associations have taken out a temporary injunction order on the US$14bn expansion of the PNG LNG project and the construction of the Papua LNG project.

Cameron LNG US$2bn bond planned

PFI Issue 662 - December 4, 2019

The sponsors of the Cameron LNG export project in Louisiana are planning a US$2bn bond offering that will repay borrowings from the project’s uncovered credit facility and fund termination payments for related interest rate swaps.

ICBC in fight for Philly refinery insurance

PFI Issue 662 - December 4, 2019

ICBC is locked in a battle to recover US$1.25bn in insurance proceeds on Philadelphia Energy Solutions’ (PES’s) refinery.

First PF deal in Iraq

PFI Issue 662 - December 4, 2019

The US$400m financing backing the expansion of the Basrah Gas Company (BGC) scheme is due to be signed shortly.

EMG pipeline gets restart funds

PFI Issue 662 - December 4, 2019

US development institution DFC has committed to provide Noble Energy with US$430m of political risk insurance to allow it to renovate the 90km EMG gas pipeline from Israel to Egypt.

Yinson refis John Agyekum Kufuor FPSO

PFI Issue 662 - December 4, 2019

Bursa Malaysia-listed Yinson Holdings has raised a US$800m 12.5-year loan to refinance a floating production storage and offloading (FPSO) vessel off Ghana.

Indictative proposals for Calon

PFI Issue 662 - December 4, 2019

InterGen and Riverstone are rumoured to be the two bidders left in the race for Calon Energy, the independent power project (IPP) combined-cycle gas turbine (CCGT) plant owner.

CATS sold

PFI Issue 662 - December 4, 2019

BlackRock and Singapore’s GIC have bought the Central Area Transmission System (CATS) pipeline and the subsidiary that manages it, Kellas Midstream, from Antin Infrastructure.

Facility D expansion loan signed

PFI Issue 662 - December 4, 2019

The US$389m project finance loan backing the expansion of the Facility D independent water and power project (IWPP) has been signed.

Govt revives FSRU plans

PFI Issue 662 - December 4, 2019

Senegal’s government has revived plans to build a floating storage and regasification unit (FSRU) to power its gas-fired power plants.

BDC to finance Lesedi CBM

PFI Issue 662 - December 4, 2019

Australian developer Tlou Energy is tapping the Botswana Development Corporation (BDC) to finance its 10MW Lesedi coal-bed methane (CBM) scheme.

US grant for Abuja IPP

PFI Issue 662 - December 4, 2019

The US Trade & Development Agency (USTDA) has awarded a US$1.16m grant to the Nigerian government to help complete the front-end engineering and design (FEED) study for the 1.35GW Abuja IPP.

GuarantCo liquidity for gas IPP

PFI Issue 662 - December 4, 2019

Private infrastructure development group GuarantCo has provided a CFA Fr14.2bn (US$23.8m) liquidity extension guarantee (LEG) to facilitate financing of an Eranove-owned natural gas-fired power plant in Togo.

Gimi financing details revealed

PFI Issue 662 - December 4, 2019

The financing structure of the US$1.3bn Golar and Keppel Capital-owned Gimi floating LNG (FLNG) project has emerged following financial close in October.

Protos WtE to sign

PFI Issue 662 - December 4, 2019

AIB, ABN AMRO, Natixis, NatWest and Sadabell are due to sign the Covanta/Biffa waste-to-energy (WtE) Protos project shortly. The 350,000-tonnes-per-year scheme is at Ince in Cheshire.

Africa50 equity for IPP

PFI Issue 662 - December 4, 2019

Africa50 has completed an equity investment in Genser Energy as part of the US IPP’s debt and equity raisings to finance a series of projects in Ghana.

DIF and partners acquire LNG ships

PFI Issue 662 - December 4, 2019

DIF Capital Partners, ship-owner Geogas Maritime and Access Capital Partners have acquired a 50% stake in a French company that will own and operate a fleet of five yet-to-be-built LNG carriers.

PSALM to review Malaya bidding after failure

PFI Issue 662 - December 4, 2019

The Philippines’ Power Sector Assets & Liabilities Management Corp (PSALM) will review the bidding requirements for the 650MW Malaya thermal power plant (MTPP) after the failure of the second bidding last month.

TransGrid refinances debt

PFI Issue 662 - December 4, 2019

Sydney-based poles and wires company TransGrid has raised a A$355m (US$241m) five-year loan from ANZ, BNP Paribas, Mizuho Bank, RBC Capital Markets and Societe Generale. RBC is acting as adviser.

Govt rejects PXP proposal for Malampaya hub

PFI Issue 662 - December 4, 2019

The Philippine government has rejected the unsolicited proposal of listed exploration company PXP Energy Corp to take over the Malampaya gas exploration service contract and develop an integrated gas hub in the area.

Udenna appoints MLAs on Malampaya debt

PFI Issue 662 - December 4, 2019

Udenna Corp, through subsidiary UC Malampaya Philippines, has appointed mandated lead arrangers ANZ and ING to seek about US$400m of debt to finance its acquisition of the 45% stake held by Chevron in the Malampaya deep-water gas-to-power project offshore Palawan.

Gulf PD loan detailed

PFI Issue 662 - December 4, 2019

Gulf PD, the project company set up by Independent Power Development, the joint venture between Gulf Energy Development (GED,70%) and Mitsui & Co (30%), has raised a US$1.366bn loan.

Hyflux and Utico agree long-awaited rescue deal

PFI Issue 662 - December 4, 2019

Singapore-based water treatment company Hyflux and Utico of the United Arab Emirates have finally reached agreement on the restructuring of Hyflux’s debt and organisation.

KMC lands refi

PFI Issue 662 - December 4, 2019

KMC Thermo has landed a US$65.5m loan refinancing the debt backing the 230MW Brandywine cogeneration project in Maryland.

Deloitte on Bharat Petroleum sale

PFI Issue 662 - December 4, 2019

The Department of Investment & Public Asset Management has appointed Deloitte Touche Tohmatsu to advise on the sale of the government’s 53.29% stake in state-controlled oil and gas company Bharat Petroleum, which operates refineries in Kochi and Mumbai.

Canacol to launch LNG JV

PFI Issue 662 - December 4, 2019

Canada-based Canacol Energy in negotiating with Galileo Technologies to form a joint venture to operate in the liquefied natural gas sector in Colombia.

New Dominion gas unit financing with bonds

PFI Issue 662 - December 4, 2019

Dominion Energy Gas Holdings has priced a US$1.5bn bond offering to fund the newly formed unit that will hold Dominion Energy’s Cove Point LNG export terminal in Maryland along with a portfolio of gas pipelines.

Meeting set for UI utility P3

PFI Issue 662 - December 4, 2019

University of Iowa (UI)’s Board of Regents has called a special meeting for December 10 to consider a proposed public-private partnership for the operation of its utility system.

Commonwealth LNG signs supply deal with Gunvor

PFI Issue 662 - December 4, 2019

Commonwealth LNG has entered an LNG marketing and gas supply agreement with commodities trading group Gunvor.

Avenir and Golar team up

PFI Issue 662 - December 4, 2019

Avenir LNG has signed an agreement with Golar Power allowing it to enter the Brazilian market via a small-scale LNG delivery scheme.

Carlyle launches RISEC refi

PFI Issue 662 - December 4, 2019

Carlyle Group has launched a refinancing for the 594MW Rhode Island State Energy Center (RISEC) combined-cycle project in Johnston.

Stonepeak eyes portfolio deal

PFI Issue 662 - December 4, 2019

Stonepeak Infrastructure Partners is looking to land a US$550m credit facility backing a 1.6GW portfolio of gas-fired projects in New England.

Cuomo reaches deal with National Grid

PFI Issue 662 - December 4, 2019

New York governor Andrew Cuomo has reached an agreement with National Grid to immediately lift the moratorium on gas service in Long Island, Queens and Brooklyn.

DFC signs pipeline LOI

PFI Issue 662 - December 4, 2019

The newly created US Development Finance Corporation (DFC) has signed a letter of intent (LOI) to finance a natural gas pipeline in southern Mexico. The Rassini pipeline, as it is known, which will require US$632m.

South Korean investors mandate on Utopia

PFI Issue 662 - December 4, 2019

A South Korean-based consortium of infrastructure investors has mandated CIBC, ING, and Societe Generale to provide financing backing its acquisition of a 50% stake in the Utopia pipeline from Riverstone.

Controversial transmission progresses

PFI Issue 662 - December 4, 2019

A controversial transmission line linking the northern Roraima state to the national grid is making progress as engineers from sponsor Transnorte Energia have met with indigenous leaders to work on approvals for the scheme.

UPME issues transmission call

PFI Issue 662 - December 4, 2019

Mining and energy planning unit UPME has opened up bidding for an operator for the La Loma to Sogamoso 500kV transmission line in the Caribe and Oriente regions.

Pennon reviews WtE

PFI Issue 662 - December 4, 2019

Pennon, the company that owns both Viridor and South West Water, is carrying out a strategic review that could see the businesses split.

Malakoff gets corporate loan

PFI Issue 662 - December 4, 2019

Malaysian power producer Malakoff International has finally signed its A$140m (US$97m) three-year term loan, LPC reports, after a five-month long syndication.

New CEO for Eskom

PFI Issue 662 - December 4, 2019

Eskom has appointed Andre de Ruyter as CEO, effective January 15. He will replace Jabu Mabuza, who has been acting CEO since Phakamani Hadebe stepped down in July.

Total buys stake in Adani Gas

PFI Issue 662 - December 4, 2019

The Indian government’s Competition Commission has approved Total’s acquisition of a 37.4% shareholding in Adani Gas. The Indian company has a market value of US$2bn.

Changes at the top at Pertamina

PFI Issue 662 - December 4, 2019

New appointments have been made at the top management level of Pertamina, Indonesia’s state-owned oil and gas corporation.

Rudiantara appointed PLN chief

PFI Issue 662 - December 4, 2019

Former communications and information minister Rudiantara has been appointed president director of state-owned electricity firm PLN, said cabinet secretary Pramono Agung.

India Solar

Discom debts create ongoing problems

PFI Issue 662 - December 4, 2019

The renewables sector in India is starting to attract big inflows of international capital. The federal government, however, is trying a new fix for an old problem. By John Arbouw.

Mexico wind

Battle looms over renewables

PFI Issue 662 - December 4, 2019

Sponsors of renewable energy projects have launched a series of law suits against Mexico’s government. They say new rules could decimate private investment in solar and wind. By Nic Stone.

CPPA

Italian CPPAs – Where we stand

PFI Issue 662 - December 4, 2019

The use of corporate power purchase agreements is growing in Italy thanks to an increasingly favourable regulatory framework. By Eugenio Tranchino, head of Watson Farley & Williams, Italy.

Govt approves RDL for renewables

PFI Issue 662 - December 4, 2019

The Spanish government has approved a royal decree-law (RDL 17/2019) for renewables remuneration for the next regulatory period.

Cubico buys 20MW solar

PFI Issue 662 - December 4, 2019

Cubico Sustainable Investments has bought the 20MW Luzentia solar farm in Murcia in Spain, according to Spanish business newspaper Expansion. The London-based renewables investor is said to have paid close to €140m.

UmweltBank funds subsidy-free solar PV

PFI Issue 662 - December 4, 2019

UmweltBank has funded BayWa re’s first subsidy-free 8.8MW solar photovoltaic (PV) farm near Stralsund in north-east Germany. At the same time the German lender has introduced a model electricity supply contract for solar PV projects based on power purchase agreements (PPAs).

X-Elio signs 50MW PPA

PFI Issue 662 - December 4, 2019

Spanish solar developer X-Elio has signed a 14-year power purchase agreement (PPA) with energy group Nexus Energia to sell electricity from a new PV plant in Spain with 50MW of capacity.

Al Dhafra solar bids in

PFI Issue 662 - December 4, 2019

Bids have been submitted for the 1.5GW Al Dhafra solar PV scheme. For the first time procurer EWEC has not revealed the tariffs with the bids, and instead will first carry out technical and commercial evaluations.

France's Nexans partners with Orsted/Eversource

PFI Issue 662 - December 4, 2019

French cabling company Nexans has signed a framework agreement with Eversource and Orsted for North American offshore wind development.

1414 to buy CSP project

PFI Issue 662 - December 4, 2019

ASX-listed 1414 Degrees is buying SolarReserve Australia II Pty Ltd, which owns the Aurora Solar Energy Project near Port Augusta in South Australia and two solar sites in New South Wales. The deal is worth A$2m.

SECI extends solar auction deadline

PFI Issue 662 - December 4, 2019

Solar Energy Corporation of India Ltd (SECI) has extended the bid submission deadline for its 7.5GW of grid-connected solar power projects in Leh and Kargil districts from November 29 to January 31.

Snowtown 2 bids go in

PFI Issue 662 - December 4, 2019

Bids were submitted last week for the sale by Tilt Renewables of its 270MW Snowtown 2 wind farm in South Australia.

Tata Power to sell stake to global investors

PFI Issue 662 - December 4, 2019

Tata Power is considering setting up an infrastructure investment trust and selling a stake in its domestic renewable energy portfolio to global investors.

Tilt wins wind farm approval

PFI Issue 662 - December 4, 2019

Tilt Renewables has received development approval for its 300MW Palmer wind farm in South Australia following a three-year court battle with local landowners.

AC Energy launches first ever perpetual green bond

PFI Issue 662 - December 4, 2019

AC Energy, the energy arm of Philippine conglomerate Ayala Corp, has successfully launched the first-ever perpetual fixed-for-life, non-deferrable green notes to finance renewable energy development. It issued an aggregate principal amount of US$400m with a fixed coupon of 5.65% for life with no step-up and no reset, priced at par, the company stated.

B Grimm acquires stake in 30MW solar

PFI Issue 662 - December 4, 2019

Thai firm B Grimm Power, through its subsidiary B Grimm Solar Power 1 Co, has acquired Ray Power Co, a special purpose vehicle that has been granted the right to develop a ground-mounted 30MW solar farm project in Serie Saophoan, Banteay Meanchey.

Govt to auction WtE projects

PFI Issue 662 - December 4, 2019

The Indonesian government plans to auction at least three waste-to-energy (WtE) projects this year under the public-private partnership (PPP) scheme. They are in Semarang, Makassar and Tangerang on Java island.

PetroGreen gets nod for San Vicente wind

PFI Issue 662 - December 4, 2019

PetroGreen Energy Corp (PGEC), the renewable energy holding unit of PetroEnergy Resources, part of Yuchengco Group, has secured approval from the Philippines’ Department of Energy to develop and operate a wind farm project in San Vicente, Palawan, approximately 130km north of Puerto Princesa.

Renova JV secures PF for biomass

PFI Issue 662 - December 4, 2019

A consortium comprising Renova (38%), Chubu Electric Power Co (34%), Mitsubishi Electric Credit Corp (18%) and Suzuyo Shoji Co (10%) has raised a ¥40bn (US$369m) debt facility to finance the development of a ¥50bn 75MW biomass power plant in Shizuoka.

DVC auctions 50MW of solar

PFI Issue 662 - December 4, 2019

The Damodar Valley Corporation (DVC) is asking for bids to develop 50MW of grid-connected solar projects. The projects are to be developed in the design-build-operate-transfer (DBOT) mode at Panchet in the state of Jharkhand.

FRV seeks approval for solar

PFI Issue 662 - December 4, 2019

FRV is seeking approval to build a 100MW solar farm with a 50MW/100MWh battery in South Australia’s Clare Valley.

Genex and J-Power sign new deal

PFI Issue 662 - December 4, 2019

Genex Power has struck a new agreement with Japanese utility J-Power to buy equity in the Kidston pumped storage hydro project. The deal is subject to a new offtake agreement with EnergyAustralia being sealed.

KKR looks to buy solar projects

PFI Issue 662 - December 4, 2019

KKR is in advanced talks to buy the solar portfolio of Shapoorji Pallonji Group in a deal worth US$230m–$250m. KKR is also in talks to buy Hyderabad-based Mytrah Energy for around US$750m. The combined deals will give KKR a 2GW portfolio.

NSW calls for electricity supply bids

PFI Issue 662 - December 4, 2019

The New South Wales government is calling for bids to provide fast-response dispatchable energy to power government-owned hospitals, schools and government buildings.

NSW govt to establish energy zone

PFI Issue 662 - December 4, 2019

The New South Wales government will establish a renewable energy zone to attract 3,000MW of investment in the state’s central west.

SECI extends wind auction deadline

PFI Issue 662 - December 4, 2019

Solar Energy Corporation of India (SECI) extended the bid deadline to December 5 for its 1.2GW wind tender. The projects will be delivered on a build-own-operate (BOO) basis.

Sun Cable begins fundraising

PFI Issue 662 - December 4, 2019

Singapore-based Sun Cable, which is proposing to build a huge solar farm in the Northern Territory of Australia and send the power via a 3,000km undersea cable to Singapore, has raised an estimated A$20m to A$40m (US$27m) in initial capital.

CIP targets offshore December loan signing

PFI Issue 662 - December 4, 2019

Copenhagen Infrastructure Partners (CIP) is understood to be targeting signing of its offshore wind farm loan before year-end.

Vietnam's PM goes for solar auction

PFI Issue 662 - December 4, 2019

Vietnam’s Prime Minister Nguyen Xuan Phuc has finally decided on a competitive auction, rather than feed-in tariffs (FiTs), for new solar energy projects.

Wpd starts market sounding

PFI Issue 662 - December 4, 2019

German developer wpd and financial adviser SMBC have started market sounding for financing of wpd’s 350MW Guanyin offshore wind farm, the third and last of the three sites awarded to it in 2018.

EDF Renewables into KarmSolar

PFI Issue 662 - December 4, 2019

EDF Renewables is to take a strategic equity stake in local solar developer KarmSolar via a capital injection.

ACWA PB on DEWA solar

PFI Issue 662 - December 4, 2019

ACWA Power has been made the preferred bidder on DEWA’s 900MW solar PV scheme.

Violin plays in syndication market

PFI Issue 662 - December 4, 2019

Iliad and InfraVia have launched syndication of their €2bn seven-year financing backing the roll-out of their fibre-to-the-home (FTTH) partnership outside very densely populated areas representing around 26m lines.

Boralex gets big refi gain

PFI Issue 662 - December 4, 2019

Canadian renewables developer Boralex has completed the refinancing of its 1GW onshore wind portfolio via a €1.1bn loan.

Nebras into Amin solar

PFI Issue 662 - December 4, 2019

Qatari energy investor Nebras Power has bought a 9.9% stake in the 105MW solar PV Amin Renewable Energy Company project. Marubeni, Oman Gas Company and Bahwan Renewable Energy are the other owners.

Solar deals due

PFI Issue 662 - December 4, 2019

A request for proposals (RFP) is due out on the Manah Solar 1 and Manah Solar II schemes being procured by Oman Power & Water Procurement Company (OPWP) next month. The request for qualification was out in the summer.

NnG gets to FC

PFI Issue 662 - December 4, 2019

EDF’s £2bn Neart na Gaoithe (NnG) offshore wind farm debt and equity financing has reached financial close.

FMO takes Chigirin stake

PFI Issue 662 - December 4, 2019

Dutch development bank FMO is set to take a 40% equity stake in Scatec Solar’s 55MW Chigirin solar farm in Ukraine.

GE selected on Enlight wind farm

PFI Issue 662 - December 4, 2019

Enlight has selected GE to supply the turbines for the 105MW Bajgora wind farm in Kosovo.

Hybrid power JV formed

PFI Issue 662 - December 4, 2019

West African agriculture group Dekel has formed a joint venture with Green Enesys Holdings (GEG) to develop a hybrid power project in Ivory Coast of up to 36MW.

Bridge financing for solar portfolio

PFI Issue 662 - December 4, 2019

SUNfarming Group has secured two bridge financing facilities from several debt funds to expand a solar portfolio in Poland to approximately 60MW.

Axpo plans 2MW alpine solar

PFI Issue 662 - December 4, 2019

Swiss utility Axpo plans to build a 2MW solar plant, which it says will be the first large-scale alpine solar farm at the Muttsee dam in the canton of Glarus.

ReneSola to sell solar projects

PFI Issue 662 - December 4, 2019

ReneSola has agreed to sell 13MW of project development rights in Poland to a SUNfarming Group subsidiary.

Vattenfall to build floating solar

PFI Issue 662 - December 4, 2019

Sweden’s Vattenfall is set to build its first 1.2MW floating solar farm at Gendringen in the Netherlands, teaming up on the project with sand and gravel company Netterden.

Equity financing for PV plants

PFI Issue 662 - December 4, 2019

Turkish developer Umitli has funded the construction of three solar PV plants in Ukraine on-balance sheet as it prepares for a debt refinancing.

AMEA signs solar PPA

PFI Issue 662 - December 4, 2019

Dubai’s AMEA Power has signed a power purchase agreement (PPA) for a 50MW solar farm in Togo.

Audax sells Hinojal wind

PFI Issue 662 - December 4, 2019

Audax Renovables has sold its 36MW Hinojal wind farm in Cadiz as part of its asset turnover strategy and said the sale corresponds with its objective of reducing debt.

CEE acquires Woelsickendorf wind

PFI Issue 662 - December 4, 2019

Asset manager CEE Group has acquired the 16.8MW Woelsickendorf wind farm in Brandenburg from WKN, a subsidiary of the PNE Group, for an undisclosed sum, increasing its total wind portfolio to 435MW.

Edisun funds 134MW solar

PFI Issue 662 - December 4, 2019

Swiss renewables company Edisun Power has completed a SFr51.9m (US$52m) capital increase to fund 134MW of solar PV projects in Portugal. Bank Vontobel was lead manager.

Eni wins solar tender

PFI Issue 662 - December 4, 2019

Italian oil and gas giant Eni has been awarded a 50MW solar farm at a record low tariff in Kazakhstan’s renewable energy tender.

HanseWerk and Innio partner on hydrogen plant

PFI Issue 662 - December 4, 2019

Hamburg-based heating provider HanseWerk and gas engine supplier Innio have signed a joint letter of intent to operate a 1MW hydrogen-fuelled combined heat and power (CHP) plant in the centre of Hamburg.

Greencoat buys in Donegal

PFI Issue 662 - December 4, 2019

Irish renewable infrastructure company Greencoat Renewables has bought the 14MW Beam Hill wind farm in County Donegal for €10.5m, increasing its Irish wind portfolio to 461MW.

Orsted and PGE close to signing

PFI Issue 662 - December 4, 2019

Danish developer Orsted is aiming to finalise by the end of the year the acquisition of 50% stakes in two offshore wind farms from Polish energy firm PGE.

Galp secures 200MW PPA

PFI Issue 662 - December 4, 2019

Portugal’s Galp has signed a 12-year power purchase agreement (PPA) with Spanish independent energy producer Grenergy Renovables covering 200MW of solar power projects in Spain.

NextEnergy gets Anglian offtake

PFI Issue 662 - December 4, 2019

NextEnergy and Anglian Water Services have signed an agreement through which NextEnergy Capital will design, build, operate, and own over 35MW of solar assets and sell the power directly to Anglian Water through private wire for a 25-year period.

Aquila completes 163MW Kraktorpet buy

PFI Issue 662 - December 4, 2019

German investor Aquila Capital has completed the purchase of the 163MW Kraktorpet wind farm in Sweden from Nordic power developer Eolus for €173.5m.

Eqtec plans biomass plant

PFI Issue 662 - December 4, 2019

Eqtec Iberia, a subsidiary of UK-based energy company Eqtec, has announced an agreement with Biomasse 31, a special purpose vehicle owned by the Barthe family, to develop a 1.18MW biomass gasification plant in Gratens.

ESB and Equinor to partner on offshore wind

PFI Issue 662 - December 4, 2019

Irish state utility ESB and Norwegian energy firm Equinor will partner on developing offshore wind projects in Ireland.

Wpd closes Aldermyrberget financing

PFI Issue 662 - December 4, 2019

German renewables developer wpd has closed financing for its first wind farm in Sweden, the 72MW Aldermyrberget project in Skelleftea.

Holaluz bags €30m capital increase

PFI Issue 662 - December 4, 2019

Spanish energy provider Holaluz has closed a €30m capital increase with institutional investors and its shares are already trading on Spain’s alternative equity market MAB from Friday November 29.

Taaleri SolarWind I bags new wind

PFI Issue 662 - December 4, 2019

The Taaleri SolarWind I fund has reached financial close on the 14.4MW Malajord wind farm in southern Sweden, its second wind project in the country. Details of the financing were not disclosed.

First capacity auction approved

PFI Issue 662 - December 4, 2019

The Irish government has approved the country’s first capacity auction under its new support scheme for renewable energy.

Greenberg adds one in energy

PFI Issue 662 - December 4, 2019

Greenberg Traurig has expanded its corporate practice in Los Angeles with the addition of energy attorney April Kim as of counsel.

Hanwha Q Cells hires PF director

PFI Issue 662 - December 4, 2019

Solar equipment manufacturer Hanwha Q Cells has hired Brandon Wantland as project finance director in San Francisco.

DIF closes BluEarth acquisition

PFI Issue 662 - December 4, 2019

DIF Capital Partners has closed its acquisition of BluEarth Renewables from Ontario Teachers’ Pension Plan (OTPP).

Privatisation and volatility key themes for LatAm

PFI Issue 662 - December 4, 2019

The privatisation of state-controlled utilities and capital expenditures focused on deploying new capacity auctioned in the last two years will be key themes in Latin American power markets in 2020, according to ratings agency Standard & Poor’s.

Enel aims for debt cost reductions

PFI Issue 662 - December 4, 2019

Enel, which is spending €28.7bn up to the end of 2022 on clean energy and grids, expects its debt-raising costs to be reduced to an average 2.7% from 4.2%.

Macquarie goes green in Oz

PFI Issue 662 - December 4, 2019

Macquarie Group will invest in new renewable energy projects to enable its Sydney and Melbourne offices to source all its power needs from renewables by 2025.

EPM and Invenergy team up

PFI Issue 662 - December 4, 2019

Public utility company Empresas Públicas de Medellín (EPM) and US-based IPP Invenergy have formed a strategic alliance to finance, develop, build, operate, and maintain solar and wind schemes across Colombia, according to a statement.

BayWa picks new investor

PFI Issue 662 - December 4, 2019

BayWa has chosen a new investor to acquire approximately 49% of its renewable energy unit.

Nordic DFIs sign loan programme

PFI Issue 662 - December 4, 2019

Nordic Investment Bank (NIB) and Nordic Environment Finance Corporation (NEFCO) have signed a €25m 15-year loan programme to finance energy efficiency and renewables projects in Ukraine and Eastern Europe.

Akuo nets €45m green bond

PFI Issue 662 - December 4, 2019

French independent power producer Akuo Energy has issued €45m of six-year green bonds to refinance debt and accelerate the financing of green energy projects.

Orsted plans 5GW power hub

PFI Issue 662 - December 4, 2019

Orsted is planning to develop the island of Bornholm as a European power hub connecting offshore wind farms in Poland, Sweden and possibly Germany to deliver up to 5GW.

Oz hydrogen strategy receives funding

PFI Issue 662 - December 4, 2019

The Clean Energy Finance Corporation (CEFC) and the Australian Renewable Energy Agency (ARENA) are committing a combined A$370m (US$251m) to launch the federal government’s National Hydrogen Strategy.

Ecopetrol plans bullish 2020

PFI Issue 662 - December 4, 2019

Colombia’s largest petroleum company Ecopetrol is looking to invest an expected US$4.5bn to US$5.5bn in 2020, 25% to 53% more than the estimated 2019 figure.

Amazon to build more renewables

PFI Issue 662 - December 4, 2019

Amazon is to build three new renewable schemes, one in Spain and two in the US.

Orsted offshore gets new structure

PFI Issue 662 - December 4, 2019

Orsted is splitting its offshore wind activities into four divisions – UK, Continental Europe, North America and Asia-Pacific.

ForVEI II eyes 50MW

PFI Issue 662 - December 4, 2019

ForVEI II, a joint venture between UK fund manager Foresight Group and investor VEI Green, has acquired an operational 41MW solar portfolio in Italy and Slovakia from Origis Energy for an undisclosed sum.

Greencoat Renewables launches share issue

PFI Issue 662 - December 4, 2019

Irish renewable investor Greencoat Renewables has launched a share issue of about €100m on the London Stock Exchange to fund M&A opportunities.

Pacifico Energy raises ¥29bn for its second solar fund

PFI Issue 662 - December 4, 2019

Japanese solar project developer Pacifico Energy has raised ¥29bn (US$274m) for its second solar investment fund (Fund II) from local institutional investors.

FuelCell draws on loan

PFI Issue 662 - December 4, 2019

FuelCell Energy has completed an initial US$80m drawdown of a US$200m credit facility from private equity firm Orion Energy Partners.

Basin Electric signs PPA, issues RFP

PFI Issue 662 - December 4, 2019

Basin Electric Power Cooperative has signed a power purchase agreement (PPA) for an Enel wind farm and plans to issue a request for proposals (RFP) for wind and solar.

TVA enters PPA with NextEra solar

PFI Issue 662 - December 4, 2019

Tennessee Valley Authority (TVA) has entered a 20-year power purchase agreement (PPA) with NextEra Energy’s Elora Solar for up to 150MW of power.

AEP unit issues PJM renewables RFP

PFI Issue 662 - December 4, 2019

AEP Energy Partners (AEPEP), a subsidiary of American Electric Power, is seeking offtake proposals for new solar and new or repowered wind facilities in PJM Interconnection.

Vineyard Wind funds port development

PFI Issue 662 - December 4, 2019

Vineyard Wind, a joint venture of Avangrid and Copenhagen Infrastructure Partners, has agreed to provide a US$50,000 grant to the New Bedford Port Authority in Massachusetts to develop publicly owned port facilities for the shore-based operations of the offshore wind industry.

Black Hills unit prepping renewables RFP

PFI Issue 662 - December 4, 2019

Black Hills Energy, the Colorado Electric utility subsidiary of Black Hills Corp, is seeking approval from state regulators to issue a renewables request for proposals (RFP).

Duke's Florida unit closes first green bond

PFI Issue 662 - December 4, 2019

Duke Energy Florida has closed on its first green bond issue, a US$700m offering due 2029 priced at 2.5%.

White River buys solar projects

PFI Issue 662 - December 4, 2019

Canadian Solar has entered into an agreement to sell two solar projects totalling 155MW to White River Renewables. Close on the deal is subject to customary closing conditions.

Copel contracts renewables

PFI Issue 662 - December 4, 2019

Companhia Paranaense de Energia (Copel) has contracted 121.6MW of wind and solar energy via 15-year power purchase agreements beginning in 2023.

Mainstream taps Sacyr

PFI Issue 662 - December 4, 2019

Mainstream Renewable Power has tapped Spain’s Sacyr to provide the balance of plant (BOP) solution for 241MW of onshore wind farms in the Irish company’s 1.3GW Andes Renovables wind and solar power generation platform in Chile.

Pre-qualifications done in renewables tender

PFI Issue 662 - December 4, 2019

The Ministry of Energy & Non-Renewable Natural Resources says that nine companies and consortia have pre-qualified for its maiden renewables auction process.

Power auction planned

PFI Issue 662 - December 4, 2019

Chile’s national energy commission, the CNE, has released bidding terms for a new energy auction to be held in 2020.

Moody's sees 21GW of US offshore wind by 2035

PFI Issue 662 - December 4, 2019

Moody’s expects the US offshore wind market to expand to about 21GW by 2035 from the current 30MW, the ratings agency said in a new report.

New Jersey doubles offshore wind target

PFI Issue 662 - December 4, 2019

New Jersey governor Phil Murphy has signed an executive order backing a goal of 7.5GW of offshore wind by 2035, more than doubling the state’s target of 3.5GW by 2030.

Facebook buys more Apex solar

PFI Issue 662 - December 4, 2019

Facebook has entered a power purchase agreement (PPA) for 61.6MW of Apex Clean Energy’s Altavista solar project in Campbell County, Virginia.

Innergex sells output of Ohio solar

PFI Issue 662 - December 4, 2019

Innergex Renewable Energy has entered a long-term power purchase agreement (PPA) with an undisclosed investment-grade corporation for the entire output of its 200MW Hillcrest solar photovoltaic project in Brown County, Ohio.

Chile to Peru interconnection planned

PFI Issue 662 - December 4, 2019

A transmission line linking Chile’s renewables-heavy north to Peru is in the works, following successful preliminary studies. The line is expected to see 80% activity, according to the study.

Net metering leads to DG boom

PFI Issue 662 - December 4, 2019

Brazil’s growth in distributed generation from renewable resources, especially solar, has increased since it implemented net metering policies in 2012, according to a new report from the US Energy Information Administration (EIA).

Govt announces mega infra plan

PFI Issue 662 - December 4, 2019

The Mexican government has revealed the first phase of a massive infrastructure plan for the next five years that will be underwritten by the private sector.

IEnova lands maiden solar financing

PFI Issue 662 - December 4, 2019

Sempra Energy affiliate Infraestructura Energética Nova (IEnova) has signed US$300m in loans backing the design, construction, and operation of the 125MW Don Diego solar project in Sonora and a pipeline of 376MW of solar projects across Mexico.

LAP eyes bridge loan

PFI Issue 662 - December 4, 2019

Lima Airport Partners (LAP) is aiming to close a bridge financing by year-end to continue construction on the potentially US$2bn upgrade of the Jorge Chavez International Airport in Lima as the close of a long-term financing is pushed to 2020.

Canadians push for P3 appeal

PFI Issue 662 - December 4, 2019

Infrastructure officials are preparing a series of initiatives to make Canadian P3s more appealing and fuel competition. The moves come up against a dismal recent track record on project delivery.

Australia rail

Flexibility key to regional rail PPP

PFI Issue 662 - December 4, 2019

The XPT train fleet has long been an iconic part of regional rail travel through NSW, operating services as far north as Brisbane in Queensland and as far south as Melbourne in Victoria. However, after several decades of service, the ageing XPT train fleet along with the Endeavour and Xplorer fleets are being replaced. By Kieren Boesenberg, who led the financial advisory team on the project, director, advisory, Australian Structured Finance Office, MUFG Bank.

CDPQ buys into Sydney Metro

PFI Issue 662 - December 4, 2019

Canadian institutional investor Caisse de dépôt et placement du Québec (CDPQ) has paid AS167m (US$112m) for a 24.9% stake in the Sydney Metro project from Palisade Investment Partners – one of the sponsors in the Northwest Rapid Transit (NRT) consortium.

Chinese take over 4G highway

PFI Issue 662 - December 4, 2019

China Construction América (CCA) will take over the Aliadas para el Progreso concessionaire that is delivering the 456km Santana to Neiva 4G highway public-private partnership.

AFC continues fundraising run

PFI Issue 662 - December 4, 2019

Africa Finance Corporation (AFC) has closed a US$200.6m-equivalent Swiss franc-denominated bond issue to end a successful year in which it has increased its balance sheet from US$4.5bn to US$6bn.

Silvertown Tunnel financing signed

PFI Issue 662 - December 4, 2019

Financial close has been achieved on the £1bn, 1.4km-plus Silvertown Tunnel scheme in east London by the Riverlinx consortium. The financing is the first major infrastructure deal to be signed without the backing of the European Investment Bank (EIB) and hence it had to be structured to get long-term, competitively priced debt without that support.

PwC team wins SRO PPPs

PFI Issue 662 - December 4, 2019

The PwC/Allen & Overy/HDR team has won the Saudi Rail Organisation’s competition to advise on two proposed rail PPP deals – a link from King Abdullah Port to Yanbu and a dry port near Riyadh.

Refi planned for Liverpool Airport

PFI Issue 662 - December 4, 2019

NatWest is seeking to arrange a loan on the Liverpool John Lennon Airport project. In September, Ancala bought a 45% stake in the project from Peel, which still holds 45%. The city council has the rest.

Hermes buys Spanish toll concessions

PFI Issue 662 - December 4, 2019

Hermes Infrastructure has bought a 74% stake in Spanish developer Iridium’s equity holdings in six operating toll concessions in Spain for more than €950m.

Seven bids for airport concessions

PFI Issue 662 - December 4, 2019

Montenegro’s Ministry of Transport has received seven bids in the request-for-qualification (RFQ) stage for the concession of Tivat and Podgorica airports.

Banks lining up for SGR

PFI Issue 662 - December 4, 2019

The Tanzanian government is set to sign a US$1.46bn loan facility with a club of domestic and international lenders before year-end for its standard gauge railway (SGR) project.

SMTPC funds Schloesing project

PFI Issue 662 - December 4, 2019

Toll road and tunnel operator La Societe Marseillaise du Tunnel Prado Carenage (SMTPC) has signed a €65.5m loan to finance the construction and operation of the Boulevard Schloesing access ramp to the Prado tunnel in Marseille.

Atlas Arteria ups APRR and ADELAC stakes

PFI Issue 662 - December 4, 2019

Atlas Arteria has acquired further 6.14% stakes in APRR, the French toll road company network, and ADELAC, the toll road operator owned by APRR Group (49.9%), Eiffage (25%) and Macquarie Autoroutes de France 2 (25.1%).

A9 gets to FC

PFI Issue 662 - December 4, 2019

Financing has closed on the €850m A9 Badhoevedorp–Holendrecht motorway expansion PPP.

AMP Capital sees shift in duty-free

PFI Issue 662 - December 4, 2019

Airport investment has enjoyed a prized position among infrastructure assets but shifting dynamics in consumer behaviour could change the appeal of airports for investors, according to a recent report from global investment manager AMP Capital.

Maryland county refuses Beltway study

PFI Issue 662 - December 4, 2019

Planning officials in Montgomery and Prince George’s counties in Maryland have refused to sign off on a study that would narrow alternative routes on governor Larry Hogan’s plan to use public-private partnerships to widen the Capital Beltway and Interstate 270, according to The Washington Post.

PA and NJ seeking bridge P3 adviser

PFI Issue 662 - December 4, 2019

Pennsylvania Turnpike Commission (PTC) and New Jersey Turnpike Authority (NJTA) have issued a request for information (RFI) seeking an adviser on a public-private partnership to upgrade the jointly owned Delaware River Bridge.

Honolulu prepares to name transit winner

PFI Issue 662 - December 4, 2019

Honolulu Authority for Rapid Transportation (HART) has shortlisted three undisclosed bidders on its US$1.4bn rail line and expects to receive final bids by the end of January.

Authorities present Magdalena PPP

PFI Issue 662 - December 4, 2019

Agencia Nacional de Infraestructura (ANI) and Corporación Autónoma Regional del Río Grande de la Magdalena (Cormagdalena) have held their first presentation of the revised structure on the public-private partnership to improve navigability on the Magdalena River.

Bond refi prepped for Texas managed lanes

PFI Issue 662 - December 4, 2019

NTE Mobility Partners is planning to issue US$1.2bn in senior lien revenue refunding bonds to pay down private activity bonds (PABs) and a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan used to pay for construction of Segment 3A of the North Tarrant Express (NTE) managed lanes project in Texas.

Govt announces mega infra plan

PFI Issue 662 - December 4, 2019

The Mexican government has revealed the first phase of a massive infrastructure plan for the next five years that will be underwritten by the private sector.

Govts sign US$10bn Inland Rail agreement

PFI Issue 662 - December 4, 2019

The Federal and Queensland governments have signed a bilateral agreement to deliver Queensland’s part of the US$10bn Inland Rail project.

Harbour Tunnel and Beaches Link delayed

PFI Issue 662 - December 4, 2019

The New South Wales government has confirmed that the construction of the Western Harbour Tunnel and the Beaches Link to Sydney’s northern suburbs will be delayed by a year and the project cost estimates are now more than A$14bn (US9.4bn).

Zurich Airport wins Jewar Airport development

PFI Issue 662 - December 4, 2019

Zurich Airport International AG has won the bidding to develop and operate the US$2bn Jewar airport for 40 years.

Bulacan airport PF in H2 2020

PFI Issue 662 - December 4, 2019

San Miguel Corp and financial advisers SMBC and Standard Chartered are expected to start the financing process for Bulacan International Airport in the second half of 2020.

Greenergy submits Manila tramway proposal

PFI Issue 662 - December 4, 2019

Greenergy Holdings, owned by businessman Antonio Tiu, has submitted an unsolicited proposal to the local government of Manila City to build a tramway.

MRT-7 starts depot construction

PFI Issue 662 - December 4, 2019

Construction has started on the depot for the much-delayed Metro Rail Transit Line 7 (MRT-7) following clearance of a major right-of-way obstacle along Quirino Highway in Quezon City.

JICA approached to support auto train system

PFI Issue 662 - December 4, 2019

The Cambodian government has approached Japan International Cooperation Agency (JICA) to support its plan to develop Phnom Penh’s automated guideway transport system, known as AGT.

New details on Suburban Rail Loop project

PFI Issue 662 - December 4, 2019

The Victorian government has released new details on the proposed A$50bn (US$34bn) Suburban Rail Loop project in Melbourne.

Palisade refinances Port of Portland

PFI Issue 662 - December 4, 2019

Palisade Investment Partners, which owns 49.5% of the Port of Portland, has refinanced the port’s debt with a seven-year, A$78m (US$533m) loan provided by ANZ and NAB.

Interest shown in Sangley Point airport

PFI Issue 662 - December 4, 2019

A number of companies are indicating interest in developing a commercial airport at Sangley Point, a former US navy base.

NAIA Consortium proposal gets NEDA Board nod

PFI Issue 662 - December 4, 2019

The proposal by the NAIA Consortium to rehabilitate Ninoy Aquino International Airport (NAIA) received approval last week from the powerful board of National Economic & Development Authority (NEDA), an independent cabinet-level agency of the Philippine government that approves major projects in the country.

ICBC in fight for Philly refinery insurance

PFI Issue 662 - December 4, 2019

ICBC is locked in a battle to recover US$1.25bn in insurance proceeds on Philadelphia Energy Solutions’ (PES’s) refinery.

First PF deal in Iraq

PFI Issue 662 - December 4, 2019

The US$400m financing backing the expansion of the Basrah Gas Company (BGC) scheme is due to be signed shortly.

EMG pipeline gets restart funds

PFI Issue 662 - December 4, 2019

US development institution DFC has committed to provide Noble Energy with US$430m of political risk insurance to allow it to renovate the 90km EMG gas pipeline from Israel to Egypt.

Yinson refis John Agyekum Kufuor FPSO

PFI Issue 662 - December 4, 2019

Bursa Malaysia-listed Yinson Holdings has raised a US$800m 12.5-year loan to refinance a floating production storage and offloading (FPSO) vessel off Ghana.

CATS sold

PFI Issue 662 - December 4, 2019

BlackRock and Singapore’s GIC have bought the Central Area Transmission System (CATS) pipeline and the subsidiary that manages it, Kellas Midstream, from Antin Infrastructure.

BDC to finance Lesedi CBM

PFI Issue 662 - December 4, 2019

Australian developer Tlou Energy is tapping the Botswana Development Corporation (BDC) to finance its 10MW Lesedi coal-bed methane (CBM) scheme.

Cuomo reaches deal with National Grid

PFI Issue 662 - December 4, 2019

New York governor Andrew Cuomo has reached an agreement with National Grid to immediately lift the moratorium on gas service in Long Island, Queens and Brooklyn.

DFC signs pipeline LOI

PFI Issue 662 - December 4, 2019

The newly created US Development Finance Corporation (DFC) has signed a letter of intent (LOI) to finance a natural gas pipeline in southern Mexico. The Rassini pipeline, as it is known, which will require US$632m.

South Korean investors mandate on Utopia

PFI Issue 662 - December 4, 2019

A South Korean-based consortium of infrastructure investors has mandated CIBC, ING, and Societe Generale to provide financing backing its acquisition of a 50% stake in the Utopia pipeline from Riverstone.

Deloitte on Bharat Petroleum sale

PFI Issue 662 - December 4, 2019

The Department of Investment & Public Asset Management has appointed Deloitte Touche Tohmatsu to advise on the sale of the government’s 53.29% stake in state-controlled oil and gas company Bharat Petroleum, which operates refineries in Kochi and Mumbai.

Govt rejects PXP proposal for Malampaya hub

PFI Issue 662 - December 4, 2019

The Philippine government has rejected the unsolicited proposal of listed exploration company PXP Energy Corp to take over the Malampaya gas exploration service contract and develop an integrated gas hub in the area.

Udenna appoints MLAs on Malampaya debt

PFI Issue 662 - December 4, 2019

Udenna Corp, through subsidiary UC Malampaya Philippines, has appointed mandated lead arrangers ANZ and ING to seek about US$400m of debt to finance its acquisition of the 45% stake held by Chevron in the Malampaya deep-water gas-to-power project offshore Palawan.

Total buys stake in Adani Gas

PFI Issue 662 - December 4, 2019

The Indian government’s Competition Commission has approved Total’s acquisition of a 37.4% shareholding in Adani Gas. The Indian company has a market value of US$2bn.

Ecopetrol plans bullish 2020

PFI Issue 662 - December 4, 2019

Colombia’s largest petroleum company Ecopetrol is looking to invest an expected US$4.5bn to US$5.5bn in 2020, 25% to 53% more than the estimated 2019 figure.

Changes at the top at Pertamina

PFI Issue 662 - December 4, 2019

New appointments have been made at the top management level of Pertamina, Indonesia’s state-owned oil and gas corporation.

Canacol to launch LNG JV

PFI Issue 662 - December 4, 2019

Canada-based Canacol Energy in negotiating with Galileo Technologies to form a joint venture to operate in the liquefied natural gas sector in Colombia.

Landowners stop PNG LNG expansion

PFI Issue 662 - December 4, 2019

Land owner associations have taken out a temporary injunction order on the US$14bn expansion of the PNG LNG project and the construction of the Papua LNG project.

Cameron LNG US$2bn bond planned

PFI Issue 662 - December 4, 2019

The sponsors of the Cameron LNG export project in Louisiana are planning a US$2bn bond offering that will repay borrowings from the project’s uncovered credit facility and fund termination payments for related interest rate swaps.

DIF and partners acquire LNG ships

PFI Issue 662 - December 4, 2019

DIF Capital Partners, ship-owner Geogas Maritime and Access Capital Partners have acquired a 50% stake in a French company that will own and operate a fleet of five yet-to-be-built LNG carriers.

Govt revives FSRU plans

PFI Issue 662 - December 4, 2019

Senegal’s government has revived plans to build a floating storage and regasification unit (FSRU) to power its gas-fired power plants.

Gimi financing details revealed

PFI Issue 662 - December 4, 2019

The financing structure of the US$1.3bn Golar and Keppel Capital-owned Gimi floating LNG (FLNG) project has emerged following financial close in October.

New Dominion gas unit financing with bonds

PFI Issue 662 - December 4, 2019

Dominion Energy Gas Holdings has priced a US$1.5bn bond offering to fund the newly formed unit that will hold Dominion Energy’s Cove Point LNG export terminal in Maryland along with a portfolio of gas pipelines.

Commonwealth LNG signs supply deal with Gunvor

PFI Issue 662 - December 4, 2019

Commonwealth LNG has entered an LNG marketing and gas supply agreement with commodities trading group Gunvor.

Avenir and Golar team up

PFI Issue 662 - December 4, 2019

Avenir LNG has signed an agreement with Golar Power allowing it to enter the Brazilian market via a small-scale LNG delivery scheme.