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Saturday, 18 January 2020

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Lalitpur IPP into Indian offshore bond boom

PFI Issue 664 - January 15, 2020

Indian power companies issued about US$22bn of offshore bonds last year and there are no signs of this slowing down this year.

Ramones Norte lands private placement

PFI Issue 664 - January 15, 2020

TAG Norte Holding, the parent company that holds the 450km Los Ramones Norte natural gas pipeline, has closed a US$332m, 20-year private placement through Allianz Global Investors amending terms on its debt.

Apache and Total make major oil discovery

PFI Issue 664 - January 15, 2020

Apache Corporation and Total have made a “significant oil discovery” at the Maka Central-1 well drilled offshore Suriname on Block 58.

Cosan eyes gas pipeline

PFI Issue 664 - January 15, 2020

Brazilian sugar and ethanol group Cosan is seeking environmental permits to build another phase of the Route 4 offshore natural gas export pipeline. The company has applied for the permits via environmental regulator IBAMA.

Adani Gas secures expansion loan

PFI Issue 664 - January 15, 2020

Gas distributor Adani Gas Ltd has secured a perpetual loan of US$350m from Adani Rail Infra, Adani Infra India, and Adani Properties at an interest rate of 9%.

NTPC mandates banks for loan

PFI Issue 664 - January 15, 2020

Government-owned power utility NTPC has mandated three banks for a dual-tranche loan of up to US$750m-equivalent, according to LPC.

NTPC wins Jhabua power plant auction

PFI Issue 664 - January 15, 2020

NTPC has submitted the winning bid to take control of Avantha Group’s 600MW Jhabua power plant in Madhya Pradesh.

Sponsors reach FC on East Rockingham WtE plant

PFI Issue 664 - January 15, 2020

The A$510.8m (US$353m) 29MW East Rockingham Resource Recovery Facility near Perth, Western Australia, has reached financial close with UK-based John Laing joining as an A$51.5m equity investor alongside Spanish group Acciona.

Bid date extended for power privatisation

PFI Issue 664 - January 15, 2020

Interested parties now have up to January 17 to submit proposals for the privatisation of the 1.23GW Haveli Bahnadur Shah and 1.233GW Balloki power schemes, an extension from an end-December deadline.

O&G exploration open to foreign companies

PFI Issue 664 - January 15, 2020

The Chinese government will for the first time allow foreign companies to join in the exploration and production of oil and gas in the country, a sector that has been limited so far to state-owned companies such as China National Petroleum Company (CNPC), China Petrochemical Corp (Sinopec) or their listed vehicles.

PNOC open to LNG partners

PFI Issue 664 - January 15, 2020

State-run Philippine National Oil Co (PNOC) is open to having partners investing in liquefied natural gas (LNG) projects in the country.

RAPID loan fully drawn

PFI Issue 664 - January 15, 2020

Petronas and Saudi Aramco have fully drawn down on the 18-year US$9.5bn loan facility for their Refinery & Petrochemical Integrated Development (RAPID) project, the Marigold project.

Banks to get bad loans windfall

PFI Issue 664 - January 15, 2020

State Bank of India, IDBI Bank, Bank of India, Canara Bank, Bank of Baroda and others are in line for US$7.6bn windfall as a result of progress in bankruptcy proceedings against Essar Steel India, Prayagraj Power Generation, Ruchi Soya Industries and RattanIndia Power.

Norton Rose strengthens project team

PFI Issue 664 - January 15, 2020

Norton Rose Fulbright has hired projects lawyer Nick Kramer to join its Dubai office as a partner.

Kanazawa makes sustainable move in Mizuho

PFI Issue 664 - January 15, 2020

Hiroaki Kanazawa has been appointed general manager of the sustainable development office of Mizuho Bank in Tokyo.

Jera expands Singapore team

PFI Issue 664 - January 15, 2020

Vinash Gopalakrishnan has joined Jera Asia, the Singapore-based unit of the Japanese power developer.

New Fortress lines up US$800m TLB

PFI Issue 664 - January 15, 2020

New Fortress Energy has lined up a fully committed US$800m Term Loan B provided by funds and affiliates of Apollo Global Management.

Aramco agrees interim deal on Port Arthur LNG

PFI Issue 664 - January 15, 2020

Saudi Aramco has entered into an interim project participation agreement (IPPA) for Sempra Energy’s Port Arthur LNG export project in Jefferson County, Texas.

Trump proposes project permitting changes

PFI Issue 664 - January 15, 2020

President Donald Trump has proposed narrowing the scope of 1978 National Environmental Policy Act (NEPA) regulations in an attempt to accelerate the permitting process for pipelines, mines, highways and other projects throughout the country.

Bidding opens for IPP

PFI Issue 664 - January 15, 2020

The Mexican government has opened up the bidding for the 42.26MW Baja California Sur VI 351 internal combustion power plant in Baja California Sur.

RISEC refi closes

PFI Issue 664 - January 15, 2020

Carlyle Group has closed the refinancing of the debt backing the 594MW Rhode Island State Energy Center (RISEC) combined-cycle project in Johnston.

Navitas into Sea Lion

PFI Issue 664 - January 15, 2020

Navitas Petroleum is taking a 30% stake in the Sea Lion oil and gas project, with operator Premier Oil keeping 40% and Rockhopper 30%.

Pembina notes offering to refi pipeline debt

PFI Issue 664 - January 15, 2020

Pembina Pipeline has closed an offering of US$1bn of senior unsecured medium-term notes that will pay down debt under its unsecured C$2.5bn (US$1.9bn) revolving credit facility.

TermoCandelaria to reopen bond

PFI Issue 664 - January 15, 2020

Colombian generator TermoCandelaria Power is looking reopen for up to US$200m its senior unsecured notes from a US$410m deal closed in January 2019.

Stonepeak eyes January close

PFI Issue 664 - January 15, 2020

Commitments were due for Stonepeak Infrastructure Partners’ roughly US$530m in credit facilities as PFI went to press on January 14.

Marlim Azul IPP financed

PFI Issue 664 - January 15, 2020

Patria Investments, Shell and Mitsubishi Hitachi Power Systems Americas (MHPS) have closed a roughly R$2bn (US$491m), 24-year financing backing the 565MW Marlim Azul Energia gas-fired power plant in Macaé.

Java 9&10 loan in documentation

PFI Issue 664 - January 15, 2020

A group of around 10 banks has been finalised to fund the first 1GW phase of the 2GW ultra-supercritical coal-fired Suralaya power plant, the Java 9&10 project.

Nam Dinh 1 IPP set for PPA

PFI Issue 664 - January 15, 2020

Sponsors of the 1.2GW Nam Dinh 1 power plant are said to be working to secure a power purchase agreement (PPA) with Vietnam Electricity (EVN) following the signing of a loan agreement for a US$1.89bn 20-year debt facility.

PNOC to increase stake in Malampaya

PFI Issue 664 - January 15, 2020

PNOC-Exploration, a unit of Philippine National Oil Co, is planning to exercise its right to acquire a 10% stake in the Malampaya gas field project following news that Chevron is selling its 45% stake to Udenna Corp.

Facility E bid date put back

PFI Issue 664 - January 15, 2020

The bid date on the Facility E independent water and power project (IWPP) has been put back by a month to March 12. Kahramaa is procuring the 2.3GW/100m gallons a day US$3bn-plus project via EY, DLA and Poyry.

Mega IPP tender due

PFI Issue 664 - January 15, 2020

Details have been released on the tender for the Syrdarya gas-fired independent power project (IPP). The scheme will have a capacity of 1.2GW–1.4GW plus a potential peaking unit of 200MW–300MW.

Premier to extend debt

PFI Issue 664 - January 15, 2020

Premier Oil is looking to extend the maturity of its credit facilities by 2.5 years to November 2023 as it works to acquire North Sea assets from BP and increase its stake in the Tolmount gas project.

IPO for Calvin Capital

PFI Issue 664 - January 15, 2020

Calisen Group, the Calvin Capital smart meter group bought by KKR in late 2016, is to have a £1bn to £1.3bn IPO to raise £300m for KKR.

FID on NLNG

PFI Issue 664 - January 15, 2020

The Nigeria LNG consortium has taken a final investment decision (FID) for the financing of train seven on the NLNG project.

Fortum sells Joensuu district heating to Savon

PFI Issue 664 - January 15, 2020

Finnish energy company Fortum has completed the sale of its district heating business in Joensuu, Finland to Savon Voima Oy for €530m.

Enerjisa secures TLREF-linked loan

PFI Issue 664 - January 15, 2020

Enerjisa Enerji, one of Turkey’s largest utilities, has secured a US$100m-equivalent EBRD loan in the bank’s first transaction to be linked to the new Turkish lira overnight reference rate (TLREF) benchmark.

Sorgenia accepts F2i/Asterion offer

PFI Issue 664 - January 15, 2020

Italian power company Sorgenia has accepted and signed on a takeover offer from Italian fund F2i and Spain’s Asterion.

Terna sells Italy-Montenegro interconnector capacity

PFI Issue 664 - January 15, 2020

A consortium of energy-intensive industrial companies have signed on a €240m deal to acquire 200MW of the capacity of Italian grid operator Terna group’s electricity interconnector between Italy and Montenegro. Terna will continue to operate the line on the buyers’ behalf.

Northleaf completes storage acquisition

PFI Issue 664 - January 15, 2020

Northleaf Capital Partners has bought a 90% stake in the Douglas Terminals liquid storage project in the Port of Ghent in Belgium.

Stearns to Ka-Care

PFI Issue 664 - January 15, 2020

David Stearns has joined Ka-Care as a senior adviser as it looks to launch the advisory tender for its new nuclear power schemes in Saudi Arabia.

Amur GPP signed

PFI Issue 664 - January 15, 2020

The €11.4bn project financing backing Gazprom’s Amur gas processing plant (GPP) has been signed and is due to close in the next few weeks.

David Sassoli

Old-fashioned credit risk

PFI Issue 664 - January 15, 2020

Incentivising capital flows to green projects is a hot topic right now in Europe, with the first stage of the European Union’s taxonomy regulations passed before the year-end. What next? Project economics or capital charge incentives?

T-Solar in mega refi

PFI Issue 664 - January 15, 2020

T-Solar and its partners have refinanced the project debt on their 127MW 23-asset portfolio in Spain with a €567.8m bond and bank package. The deal includes a €34m 19-year bond issue, a €234.1m 19-year bond offering and a €299.7m 10-year bank loan. Pricing is 225bp. Deutsche Bank and Santander led the deal.

Renewables auction results out

PFI Issue 664 - January 15, 2020

Onshore wind took home the lion’s share of capacity in Poland’s large-scale renewables auction, while solar dominated in the smaller-scale basket.

Country buys hydro scheme amid restructure

PFI Issue 664 - January 15, 2020

The Republic of Suriname has closed the purchase of the 180MW Afobaka hydroelectric dam from Alcoa subsidiary Suriname Aluminum Company (Suralco).

Pattern moves forward on repowering plans

PFI Issue 664 - January 15, 2020

Pattern Energy has closed financing and started repowering its Gulf Wind facility in Kenedy County, Texas.

PTC extension signed

PFI Issue 664 - January 15, 2020

President Donald Trump late last year signed the Taxpayer Certainty & Disaster Tax Relief Act of 2019, which extends the wind production tax credit (PTC) for an additional year.

Bright Canyon acquires Tenaska wind stakes

PFI Issue 664 - January 15, 2020

Pinnacle West Capital subsidiary Bright Canyon Energy has acquired ownership interests in two Tenaska-developed wind projects.

TransAlta raises wind tax equity

PFI Issue 664 - January 15, 2020

TransAlta Renewables has raised US$126m of tax equity to part-fund the 90MW Big Level wind farm in Pennsylvania and the 29MW Antrim wind farm in New Hampshire.

Con Ed acquires NJ military solar

PFI Issue 664 - January 15, 2020

Con Edison Development has acquired the 14.4MW Lakehurst solar project in New Jersey from an affiliate of Starwood Energy and Energy Management Inc (EMI).

Metrus Energy lands US$25m financing

PFI Issue 664 - January 15, 2020

Energy and water efficiency developer Metrus Energy has secured US$25m in debt from Key Equipment Finance and expects an additional US$50m in financing from the lender for 2020 projects.

Excelsior acquires Prairie Breeze interest

PFI Issue 664 - January 15, 2020

Renewable energy investor Excelsior Energy Capital has acquired 90.1% of Invenergy’s interest in the Prairie Breeze II and III wind projects in Antelope and Boone counties, Nebraska.

Solar Frontier closes loan and tax equity

PFI Issue 664 - January 15, 2020

Solar Frontier Americas (SFA), the US-based renewables business of Japanese petroleum company Idemitsu Kosan, has closed a tax equity commitment and debt financing for its 210MW Mustang Two solar project in Kings County, California.

BNPP closes Brookfield SLL

PFI Issue 664 - January 15, 2020

BNP Paribas has closed an incentive-linked corporate revolving credit facility (RCF) with Brookfield Renewable Partners that is structured as a sustainability-linked loan (SLL).

ACS lands maiden commercial private placement

PFI Issue 664 - January 15, 2020

ACS Group affiliate Zero-E Sustainable Solutions has closed a US$88m, fully amortising 22-year bond deal backing the 49.2MW Parque Eolico Kiyu wind scheme in San Jose.

Casa dos Ventos nears wind finance

PFI Issue 664 - January 15, 2020

Casa dos Ventos is nearing a deal with development bank BNDES to finance the roughly 500MW Rio do Vento wind complex in Rio Grande do Norte state. Costs are R$2.4bn (US$589m).

Omega closes wind purchase

PFI Issue 664 - January 15, 2020

Local renewables company Omega Geracao has closed the acquisition of the combined 97.2MW Delta Energia 7 and Delta Energia 8 wind farms in Maranhao from affiliate Omega Desenvolvimento.

Electricaribe sale planned for February

PFI Issue 664 - January 15, 2020

Colombian president Ivan Duque says the sale of state-owned power company Electricaribe is expected in February.

AMLO comments on energy reform

PFI Issue 664 - January 15, 2020

Mexican President Andres Manuel Lopez Obrador has said that his administration would review subsidies for renewable energy companies and would not reopen private oil and gas auctions this year.

Zona Energia to hold auction

PFI Issue 664 - January 15, 2020

Chilean energy group Zona Energia is looking to hold a private renewable energy tender in the second half of 2020, pairing large commercial and industrial customers with renewable power projects.

Bolsonaro rules out solar tax

PFI Issue 664 - January 15, 2020

Brazilian President Jair Bolsonaro has ruled out any new taxes on solar energy in a statement, after power sector regulator Aneel said it was eyeing a cut to incentives for solar developments.

Cement group inks renewables deal

PFI Issue 664 - January 15, 2020

Grupo Cementos de Chihuahua has signed a long-term renewables power purchase (PPA) agreement with Mexico-based company IEnova to fuel its Mexico operations, including the Juarez cement plant, its ready mix and aggregates operations, and corporate offices.

APDCL calls for bids to develop solar project

PFI Issue 664 - January 15, 2020

The Assam Power Distribution Company Ltd (APDCL) is calling for bids to develop 30MW of grid-connected solar PV power projects.

Esperance turns to renewables for power

PFI Issue 664 - January 15, 2020

West Australian-owned power utility Horizon Power has awarded a 20-year power purchase agreement to Contract Power Australia for the supply of power from a proposed hybrid solar, battery storage, wind, and gas-fired generation to the city of Esperance.

Greenko looks at hydro stake

PFI Issue 664 - January 15, 2020

Greenko is looking to buy up to a 40% stake in the Teesta Urja (TUL) Stage III hydro project in Sikkim from Singapore-based Asian Genco and other partners in the project, according to local reports.

Indian Railways goes big on renewables

PFI Issue 664 - January 15, 2020

Indian Railways will hold an auction to source about 1,000MW of solar power and 200MW of wind power by 2021–22 across its zonal railways and production units.

John Laing to sell renewable assets

PFI Issue 664 - January 15, 2020

UK-based John Laing is reported to have hired Macquarie Capital to sell its renewable assets in Australia.

MRPL to build 250MW solar project

PFI Issue 664 - January 15, 2020

Mahindra Renewables Private Ltd (MRPL), a wholly owned subsidiary of Mahindra Group, will invest about US$171m to build a 250MW solar project in Rajasthan backed by the International Finance Corporation (IFC), which is providing a US$36m A loan.

NTPC to develop solar park

PFI Issue 664 - January 15, 2020

The Rajasthan government is signing an agreement with NTPC to develop a 925MW solar park in Jaisalmer at an expected cost of US$556m.

SECI calls for 1,200MW solar bids

PFI Issue 664 - January 15, 2020

The Solar Electricity Corporation of India (SECI) is calling for bids to set up 1,200MW of interstate transmission system (ISTS) connected solar projects.

Bushfires have limited impact on grid

PFI Issue 664 - January 15, 2020

The horrific bushfires across Australia over the past few months have had a limited impact on the country’s electricity networks, according to an analysis published last week by Moody’s.

Five win on LSS3 solar

PFI Issue 664 - January 15, 2020

Malaysia’s Energy Commission (EC) has selected five consortia to develop solar power projects under its third and latest large-scale solar power plant (LSS3) programme.

MGen secures approval for 50MW solar

PFI Issue 664 - January 15, 2020

A consortium led by MGen Renewable Energy (MGreen), a renewable energy subsidiary of Meralco PowerGen Corp (MGen), has secured the construction permit this month to develop a 50MW solar park in Bulacan province, according to Meralco PowerGen president Rogelio Singson.

SN Aboitiz plans ground-mounted solar

PFI Issue 664 - January 15, 2020

SN Aboitiz Power is likely to build ground-mounted solar power plants to add to its portfolio of energy sources.

Adani Green bonds well-received

PFI Issue 664 - January 15, 2020

Renewable energy firm Adani Green’s US$362.5m green bond issue attracted interest worldwide, with US accounts picking up 24%, Asia taking 60% and 16% going to EMEA.

CEFC partners with Infradebt

PFI Issue 664 - January 15, 2020

Clean Energy Finance Corporation has committed A$50m (US$34m) in debt finance to Infradebt to pursue small-scale renewable projects.

CleanSight to build wind farm

PFI Issue 664 - January 15, 2020

International renewable energy company CleanSight and its JV partner Siemens Financial Services are planning to build a 1,200MW wind farm in south-east Queensland.

ReNew Power to issue green bond

PFI Issue 664 - January 15, 2020

Indian renewable energy producer ReNew Power will issue another US dollar 144A/Reg S green bond offering and it has mandated Barclays, HSBC and JP Morgan as joint lead managers and bookrunners to set up meetings in Hong Kong, Singapore, London, New York, Boston and Los Angeles starting this week.

Northland seeks FA

PFI Issue 664 - January 15, 2020

Canada’s Northland Power is understood to be seeking a financial adviser to help put together the financing for 1.044GW of offshore wind projects that are due to commence operation in 2024 and 2025.

Egco joins Yunlin OWP

PFI Issue 664 - January 15, 2020

Electricity Generating (Egco) has acquired a 25% stake in Yunlin Holding, the parent company of Yunneng Wind Power that is developing a 640MW offshore wind project (OWP) in the Taiwan Strait about 8km off the coast of Yunlin county.

Sharp forms solar JV

PFI Issue 664 - January 15, 2020

Sharp Energy Solutions, a subsidiary of Japan’s Sharp Corp, and local partner NSN Construction & Engineering have set up a joint venture called Sharp NSN Energy Solutions (SNES) to develop new technologies involving renewable energy, particularly solar energy.

Signing begins for CIP offshore loan

PFI Issue 664 - January 15, 2020

Signing of the loan documents began last week for the financing of Copenhagen Infrastructure Partners’ (CIP’s) 600MW offshore wind projects.

Ministry reduces FiT for 2020

PFI Issue 664 - January 15, 2020

Taiwan’s Ministry of Economic Affairs (MOE) has reduced the 2020 feed-in tariff (FiT) for power purchase agreements (PPAs) signed this year for renewable energy schemes.

Marubeni favoured on Al Kharsaah

PFI Issue 664 - January 15, 2020

Marubeni is said to have won the Al Kharsaah 900MW solar tender, although no announcements have been made.

FEWA looks at solar

PFI Issue 664 - January 15, 2020

The Federal Electricity & Water Authority (FEWA) is looking at procuring a 500MW solar PV scheme in Umm al Quwain. Developers are being asked to submit expressions of interest by January 23.

EWEC starts Al Dhafra talks

PFI Issue 664 - January 15, 2020

EWEC started meetings last week with three shortlisted bidders on its 1.5GW Al Dhafra solar PV scheme, with EDF/Jinko Solar/PowerChina Huadong said to have been ranked first.

Taza wind finally signed

PFI Issue 664 - January 15, 2020

The project financing backing the Taza wind farm has finally been signed, nearly eight years after the original bids were submitted. The scheme is now for 87MW, not the 150MW originally bid.

Jafura cogen bid delayed

PFI Issue 664 - January 15, 2020

Aramco has put back the bid date again for the Jafura cogeneration project, to March 15 from January 31.

Manah 1 and 2 bidders revealed

PFI Issue 664 - January 15, 2020

Oman Power and Water Procurement Company (OPWP) has shortlisted bidders for the next two solar independent power projects (IPPs), Manah 1 and 2, which will have a capacity of 500MW–600MW each.

Greencoat looks at Templeborough refi

PFI Issue 664 - January 15, 2020

Greencoat Capital has approached project lenders about providing leverage to the 40MW Templeborough biomass plant it bought from Copenhagen Infrastructure Partners (CIP) on behalf of South Korean pension fund clients.

Greencoat gets more merchant wind

PFI Issue 664 - January 15, 2020

Greencoat UK Wind has bought more merchant Scottish farms – Windy Rig, 43.2MW, and Twentyshilling, 37.8MW – for £104m.

Solar tender planned

PFI Issue 664 - January 15, 2020

The Montenegrin Minister of Economy has shared plans for a tender this year for a 50MW solar farm near Podgorica.

FC on Garissa solar

PFI Issue 664 - January 15, 2020

Financial close has been reached on the Kenyan Rural Electrification Authority’s 55MW Garissa solar farm at the same time as the project commissioning.

ACWA signs Scaling Solar PPAs

PFI Issue 664 - January 15, 2020

ACWA Power has finalised the power purchase agreements for its two 125MW solar farms with state-owned Ethiopian Electric Power (EEP). The 20-year agreements will see power sold for US$0.02526/kWh.

European Energy signs solar JV

PFI Issue 664 - January 15, 2020

Danish renewable energy developer European Energy is re-entering the UK market through a joint venture agreement with London-based Armstrong Capital Management.

FC on 46MW solar scheme

PFI Issue 664 - January 15, 2020

Dubai’s Phanes Group has reached financial close on its 46MW Nkhotakota solar farm in Malawi, having raised debt from OPIC, now called DFC.

AMEA and TBEA secure solar PPA

PFI Issue 664 - January 15, 2020

AMEA Power and consortium partner TBEA Xinjiang New Energy have secured a 20-year power purchase agreement for the 100MW solar farm they were awarded at the end of last year.

Quadran targeting wind FC

PFI Issue 664 - January 15, 2020

Quadran International is targeting financial close by the end of February for the project financing of four wind portfolios in Poland.

Tozzi Green closes wind refinancing

PFI Issue 664 - January 15, 2020

Renewables investor Tozzi Green has completed a €67.4m deal to refinance a 52.5MW portfolio of wind assets in Italy.

Saeta Yield signs second Manchasol CSP refinancing

PFI Issue 664 - January 15, 2020

Saeta Yield has signed on a €246m refinancing of the 50MW Manchasol 2 concentrated solar power (CSP) plant near Ciudad Real. The deal is the second refinancing for the project.

Engie team acquires EDP’s 1.7GW hydro portfolio

PFI Issue 664 - January 15, 2020

Engie, insurance company Crédit Agricole Assurances (CAA) and investment manager Mirova have won a bid to acquire a 1.7GW hydroelectric portfolio in Portugal for €2.21bn from utility Energias de Portugal (EDP).

Azerbaijan awards renewables contracts

PFI Issue 664 - January 15, 2020

The Azeri government has awarded two large renewable energy projects to the UAE’s Masdar and Saudi Arabia’s ACWA Power following a tender.

Obton plans renewables JV

PFI Issue 664 - January 15, 2020

Danish renewables investor Obton is planning to invest €300m in the Irish solar sector in partnership with local firm Shannon Energy.

Timeline clarity on first renewables tender

PFI Issue 664 - January 15, 2020

The pre-qualification deadline for Ireland’s first renewable energy auction under its new support scheme will come at the end of March.

Endesa acquires 1GW of development PV from Prodiel

PFI Issue 664 - January 15, 2020

Endesa, through its renewables subsidiary Enel Green Power, has closed a deal to acquire more than 1GW of in-development photovoltaic (PV) capacity in Spain from Prodiel for €36m.

TCP wins Beatrice OFTO

PFI Issue 664 - January 15, 2020

Transmission Capital Partners (TCP) has won the 588MW Beatrice offshore transmission owner project, beating Aegir Energy Transmission, Core Transmission Partners, Diamond Transmission Partners and Equitix TEPCO. I

Scots identify offshore wind sites

PFI Issue 664 - January 15, 2020

The Scottish government has identified 17 offshore wind sites from an initial list of 24 produced last year to enable the development of 10GW of new capacity.

REPDO round three RFQ out

PFI Issue 664 - January 15, 2020

The Renewable Energy Project Development Office (REPDO) has released the request for qualifications (RFQ) on its round three solar schemes – the 120MW Wadi Ad Dawasir, 80MW Layla, 700MW Ar Rass, and 300MW Saad.

Claritas secures solar bridge PF

PFI Issue 664 - January 15, 2020

Claritas Poland Energy has secured a €12.5m bridge financing facility for a portfolio of small PV projects combining for 24MW.

Scaling Solar tender launched

PFI Issue 664 - January 15, 2020

Togo’s Agency for Rural Electrification & Renewable Energy (AT2ER) has issued the request for pre-qualifications (RFP) for the country’s first Scaling Solar tender.

UKEF backs Solarcentury debt financing

PFI Issue 664 - January 15, 2020

UK Export Finance (UKEF) has guaranteed a €54.8m banking facility for developer Solarcentury in relation to its 300MW Talayuela and 200MW Cabrera projects in Spain.

Hanwha Q-Cells acquires Hive solar

PFI Issue 664 - January 15, 2020

German-South Korean solar manufacturer Hanwha Q-Cells has reportedly acquired 200MW of solar projects under development by UK firm Hive Energy in Spain.

BARD banks out

PFI Issue 664 - January 15, 2020

Five banks have joined UniCredit and Goldman Sachs in the €828m debt financing to back the acquisition of the 400MW BARD Offshore 1 wind farm by Macquarie Infrastructure & Real Assets (MIRA).

Co-op wind closed

PFI Issue 664 - January 15, 2020

A group of Dutch cooperatives have reached financial close on the 175.5MW De Drentse Monden en Oostermoer wind park in the Netherlands with €200m of commercial bank debt.

BNDES reveals future plans

PFI Issue 664 - January 15, 2020

State-run development bank BNDES said it is looking to invest heavily in renewable energy, natural gas distribution, railways, and roadways, among other areas, as the group revealed plans moving forward at an event in Brazil recently.

Softbank looks for renewable partners

PFI Issue 664 - January 15, 2020

Softbank is looking for equity partners for its India renewable energy join venture company SBG Cleantech.

New commitments for solar build fund

PFI Issue 664 - January 15, 2020

NextEnergy Capital Group has reached the second close on its NextPower III (NPIII) solar fund, which invests in construction projects in international markets. Commitments now total US$280m.

ACS agrees sale of 3GW solar portfolio

PFI Issue 664 - January 15, 2020

Spanish construction and engineering group ACS has reached an initial agreement on the sale of a 3GW solar portfolio in Spain.

Denham Capital into Ceiba Energy

PFI Issue 664 - January 15, 2020

Private equity group Denham Capital has committed US$250m to invest in Latin American power project developer Ceiba Energy.

Masdar creates Greek renewables JV

PFI Issue 664 - January 15, 2020

Greece’s state-owned PPC Renewables has teamed up with the UAE’s Masdar and Finland’s Taaleri to develop at least 300MW of wind and solar projects in Greece.

Fortum agrees mega wind stake sale

PFI Issue 664 - January 15, 2020

Finnish energy company Fortum has signed an agreement to sell an 80% stake in a 345MW portfolio of wind projects to funds advised by Credit Suisse Energy Infrastructure Partners (CSEIP).

Suzlon Energy reveals debt levels

PFI Issue 664 - January 15, 2020

Suzlon Energy revealed debts of US$1.8bn in a recent stock exchange filing. The company has filed the disclosure of defaults on payment of interest, repayment of principal amount on loans from banks and financial institutions in the filing.

Encavis plans to double capacity

PFI Issue 664 - January 15, 2020

German renewables developer Encavis is planning to double its generation capacity by 2025, the company said in a statement.

DFIs invest in Metier fund

PFI Issue 664 - January 15, 2020

The Netherlands’ FMO and African Development Bank (AfDB) have invested in a clean energy fund managed by private equity firm and fund manager Metier.

Dominion selects Siemens offshore

PFI Issue 664 - January 15, 2020

Dominion Energy has selected Siemens Gamesa Renewable Energy as the preferred turbine supplier for its Virginia offshore wind project following a competitive solicitation process.

Allete secures tax equity investment

PFI Issue 664 - January 15, 2020

New York-based real estate investor JPM Capital has entered a tax equity transaction on the Glen Ullin wind project in North Dakota.

Dominion ordered to pay higher solar rates

PFI Issue 664 - January 15, 2020

South Carolina Public Service Commission (PSC) has voted to increase the rate Dominion Energy must pay to independent solar providers in its service territory.

Ormat's Puna amends PPA

PFI Issue 664 - January 15, 2020

Ormat Technologies’ Puna Geothermal Venture (PGV) unit has amended its power purchase agreement (PPA) with Hawaiian Electric for geothermal power sold from its project on Big Island.

CIP buys 800MW Illinois wind

PFI Issue 664 - January 15, 2020

Renewables investor Copenhagen Infrastructure Partners (CIP) has acquired the 800MW Woodford onshore wind project in Illinois from Tri Global Energy for an undisclosed sum.

DIF closes wind purchase

PFI Issue 664 - January 15, 2020

Fund manager DIF Capital Partners, through its most recent fund DIF Infrastructure V, has closed the acquisition of a 100% interest in the 50MW Cerro Grande wind farm from Germany’s Enercon and eab New Energy.

Engie considers hydro purchase

PFI Issue 664 - January 15, 2020

Engie is looking to buy a 51% stake in the 1.7GW Foz do Areia hydro project from state power company Companhia Paranaense de Energia (Copel), according to an interview in Valor Economico.

Chile approvals in for solar

PFI Issue 664 - January 15, 2020

Chile’s Coquimbo region has approved French company CVE’s 9MW Casablanca solar project. The scheme is being developed by SPV CVE Proyecto Diez and will require around US$12m.

Colbun mega wind farm progresses

PFI Issue 664 - January 15, 2020

Local power company Colbun is expected to submit its 607MW Horizonte wind farm for environmental approval this month.

Hydro hits COD with PPA revisions

PFI Issue 664 - January 15, 2020

Canada’s Polaris Infrastructure has brought online its Generación Andina portfolio of hydro projects, after financial issues had held up their development.

Rio taps GE wind

PFI Issue 664 - January 15, 2020

Rio Energy has selected GE Renewable Energy to supply 30 Cypress onshore wind turbines to add 150MW to the former’s Serra da Babilonia wind farm in Bahia.

Acciona brings renewables online

PFI Issue 664 - January 15, 2020

Spain’s Acciona has brought online the 183MW San Gabriel wind farm and the 62MW Almeyda solar scheme.

Solar and storage planned

PFI Issue 664 - January 15, 2020

Haiti will become the latest island nation in the Caribbean to develop a solar and storage portfolio, after the government tapped the Inter-American Development Bank (IDB) to devise a tender process for two large schemes.

Atlas brings solar scheme online

PFI Issue 664 - January 15, 2020

Atlas Renewable Energy has brought online the 117MW Sertão Solar Barreiras complex in Bahia.

FERC to expand PJM's MOPR

PFI Issue 664 - January 15, 2020

The Federal Energy Regulatory Commission (FERC) has directed PJM Interconnection to expand its minimum offer price rule (MOPR) to address state-subsidised power projects, with certain exemptions. The decision is considered negative for renewables development.

Le Plateau wind closes refi

PFI Issue 664 - January 15, 2020

Boralex and Caisse de depot et placement du Quebec have closed on more than C$200m (US$152.5m) in credit facilities to refinance debt on the 139MW Le Plateau I wind farm in Quebec.

Goldman finances distributed solar

PFI Issue 664 - January 15, 2020

Goldman Sachs Renewable Power has priced a US$500m private offering of notes backing a portfolio of 379 distributed solar assets.

canada rail

Canadian transport projects struggle

PFI Issue 664 - January 15, 2020

Mega transport projects in the Canadian provinces have plenty of finance chasing them. Recent disappointments have reduced construction industry confidence, however. By Alison Healey.

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Atlantia under fire

PFI Issue 664 - January 15, 2020

The fate of road concession Atlantia is to be decided soon. The government has upped the pressure and its ratings have been downgraded. By Jordan Bintcliffe.

Changi consortium wins Komodo Airport PPP

PFI Issue 664 - January 15, 2020

The Indonesian government has awarded a consortium led by Singapore’s Changi Airport International (CAI) a 25-year concession to develop and operate Komodo Airport in Labuan Bajo, East Nusa Tenggara.

Hokkaido Airport loan signed

PFI Issue 664 - January 15, 2020

Hokkaido Airport, a 17-member consortium led by Hokkaido Airport Terminal (HKK), has signed a ¥365.1bn (US$3.34bn) 30-year loan facility to finance the acquisition of seven airports in Hokkaido under the country’s privatisation programme.

St Louis Airport P3 halted

PFI Issue 664 - January 15, 2020

The procurement process seeking a private partner for St Louis Lambert International Airport in Missouri was halted late last year. St Louis mayor Lyda Krewson blocked the release of a request for proposals (RFP) on the airport P3 despite 18 submissions of interest from the market.

Deal reached on Maryland roads P3

PFI Issue 664 - January 15, 2020

Maryland governor Larry Hogan has reached a deal with state comptroller Peter Franchot that will enable the Capital Beltway and Interstate 270 roads P3 to move forward.

Gilcrease to move forward on TIFIA Oklahoma

PFI Issue 664 - January 15, 2020

The Transportation Commission has voted to authorise secretary of transportation Tim Gatz to negotiate a financing agreement with the US Department of Transportation (USDOT) and the Oklahoma Turnpike Authority (OTA) for the Gilcrease Expressway project.

Ontario cancels P3 Credit River bridge demolition

PFI Issue 664 - January 15, 2020

The Province of Ontario has cancelled plans to demolish the Credit River bridge in Mississauga due to local opposition and will return to an earlier proposal to renovate the bridge.

Highway PPP slated for Q1 launch

PFI Issue 664 - January 15, 2020

A public-private partnership for the 78km Cuencame Durango to Zacatecas States Boundary Highway in the state of Durango is expected to be launched in Q1.

Nidco lands airport loan

PFI Issue 664 - January 15, 2020

The National Infrastructure Development Company (Nidco) has landed a TT$300m (US$44.4m) loan backing work on Tobago’s ANR Robinson Airport.

Bus PPP awarded

PFI Issue 664 - January 15, 2020

The Communauté d’Agglomération du Centre Littoral de Guyane (CACL) has signed a public-private partnership contract with Ibys to deliver the Bus à Haut Niveau de Service (BHNS) transport project in Cayenne.

FDN backs highway

PFI Issue 664 - January 15, 2020

Sacyr has landed approval for a Ps245bn (US$73.5m) loan backing the Cúcuta–Pamplona highway 4G public-private partnership via development bank Financiera de Desarrollo Nacional (FDN).

FDN backs channelling programme

PFI Issue 664 - January 15, 2020

Development bank Financiera de Desarrollo Nacional (FDN) has approved a Ps100bn (US$30.7m) loan backing a series of waterway channelling works in Barranquilla.

Cuomo to revisit high-speed rail

PFI Issue 664 - January 15, 2020

New York governor Andrew Cuomo is assembling external advisers to revisit the state’s previous plans for high-speed rail.

P3 possible for Baton Rouge Airport

PFI Issue 664 - January 15, 2020

Baton Rouge Metro Airport executives are considering a public-private partnership or alternative structure for funding needed to provide financial incentives to airlines for new services.

Acciona team wins Pattullo Bridge P3

PFI Issue 664 - January 15, 2020

The government of British Columbia has named Fraser Crossing Partners as the preferred bidder on a public-private partnership for the C$1.4bn (US$1.07bn) Pattullo Bridge replacement.

Lucio Tan/CCCC JV is sole Sangley bidder

PFI Issue 664 - January 15, 2020

A joint venture between China Communications Construction Co (CCCC) and local partner MacroAsia Corp, part of the Lucio Tan Group, is expected to be named the partner with the Cavite provincial government to develop an international airport at Sangley Point.

Adani Ports buys Krishnapatnam Port

PFI Issue 664 - January 15, 2020

Adani Ports & Special Economic Zone Ltd has paid US$1.8bn to acquire a 75% stake in Krishnapatnam Port (KPCL) in Andhra Pradesh from the CVR Group.

Brookfield to run dual Dalrymple sale process

PFI Issue 664 - January 15, 2020

Brookfield, which owns the A$2bn (US$1.3bn) plus Dalrymple coal, terminal, will run a dual process for the sale of the terminal.

BGSR consortium wins M6 and M81 PPP

PFI Issue 664 - January 15, 2020

The BGSR consortium has won the bid to operate and maintain two expressways – the M6 and M81 motorways – outbidding two other consortia with the lowest amount of compensation. BGSR comprises BTS Group, Gulf Energy Development, Sino-Thai Engineering and Construction, and Ratch Group.

Government updates Tren Maya rail PPP costs

PFI Issue 664 - January 15, 2020

The Mexican government, through the Ministry of Finance, has released a draft cost analysis for the massive Tren Maya public-private partnership project.

PwC to advise on airports sales

PFI Issue 664 - January 15, 2020

The Airports Authority of India is reported to have appointed PwC to handle the next round of Indian airport privatisations, including airports at Amritsar, Varanasi, Bhubaneswar, Indore, Raipur and Trichy.

Bulacan Airport ground-breaking this week

PFI Issue 664 - January 15, 2020

Ground-breaking on Bulacan International Airport is scheduled to be held this week, the Philippine Department of Transportation (DOTr) said.

Malta-Gozo tunnel PQQ issued

PFI Issue 664 - January 15, 2020

Infrastructure Malta has begun the procurement process for the Malta-Gozo tunnel PPP, issuing a pre-qualification questionnaire (PQQ). The winning bidder will design, build, finance, operate and maintain the 14km tunnel, which will link the Xemxija area of Malta to Nadur in Gozo.

IFC backs port extension

PFI Issue 664 - January 15, 2020

The IFC is providing a US$12m project loan to the sponsors of Turkey’s Asyaport container terminal to finance an expansion. Total costs are estimated at around US$24m.

SNC-Lavalin unit pleads guilty to fraud

PFI Issue 664 - January 15, 2020

A unit of SNC-Lavalin Group has pleaded guilty to federal charges related to activities in Libya between 2001 and 2011.

BNDES reveals future plans

PFI Issue 664 - January 15, 2020

State-run development bank BNDES said it is looking to invest heavily in renewable energy, natural gas distribution, railways, and roadways, among other areas, as the group revealed plans moving forward at an event in Brazil recently.

3i to acquire DIF portfolio

PFI Issue 664 - January 15, 2020

3i Group’s European Operational Projects Fund (EOPF) has agreed to acquire a portfolio of eight infrastructure projects in France from DIF Infrastructure III, and has also completed a separate investment in a Spanish motorway.

New port BOTs in the works

PFI Issue 664 - January 15, 2020

Mawani, the Saudi Ports Authority, has signed two 30-year concession projects with DP World and Red Sea Gateway Terminal (RSGT) to develop expanded port facilities at the Jeddah Islamic Port. It is currently finalising a concession extension on its Damman port.

Ramones Norte lands private placement

PFI Issue 664 - January 15, 2020

TAG Norte Holding, the parent company that holds the 450km Los Ramones Norte natural gas pipeline, has closed a US$332m, 20-year private placement through Allianz Global Investors amending terms on its debt.

AMLO comments on energy reform

PFI Issue 664 - January 15, 2020

Mexican President Andres Manuel Lopez Obrador has said that his administration would review subsidies for renewable energy companies and would not reopen private oil and gas auctions this year.

Apache and Total make major oil discovery

PFI Issue 664 - January 15, 2020

Apache Corporation and Total have made a “significant oil discovery” at the Maka Central-1 well drilled offshore Suriname on Block 58.

Cosan eyes gas pipeline

PFI Issue 664 - January 15, 2020

Brazilian sugar and ethanol group Cosan is seeking environmental permits to build another phase of the Route 4 offshore natural gas export pipeline. The company has applied for the permits via environmental regulator IBAMA.

Adani Gas secures expansion loan

PFI Issue 664 - January 15, 2020

Gas distributor Adani Gas Ltd has secured a perpetual loan of US$350m from Adani Rail Infra, Adani Infra India, and Adani Properties at an interest rate of 9%.

O&G exploration open to foreign companies

PFI Issue 664 - January 15, 2020

The Chinese government will for the first time allow foreign companies to join in the exploration and production of oil and gas in the country, a sector that has been limited so far to state-owned companies such as China National Petroleum Company (CNPC), China Petrochemical Corp (Sinopec) or their listed vehicles.

PNOC open to LNG partners

PFI Issue 664 - January 15, 2020

State-run Philippine National Oil Co (PNOC) is open to having partners investing in liquefied natural gas (LNG) projects in the country.

RAPID loan fully drawn

PFI Issue 664 - January 15, 2020

Petronas and Saudi Aramco have fully drawn down on the 18-year US$9.5bn loan facility for their Refinery & Petrochemical Integrated Development (RAPID) project, the Marigold project.

Premier to extend debt

PFI Issue 664 - January 15, 2020

Premier Oil is looking to extend the maturity of its credit facilities by 2.5 years to November 2023 as it works to acquire North Sea assets from BP and increase its stake in the Tolmount gas project.

IPO for Calvin Capital

PFI Issue 664 - January 15, 2020

Calisen Group, the Calvin Capital smart meter group bought by KKR in late 2016, is to have a £1bn to £1.3bn IPO to raise £300m for KKR.

Northleaf completes storage acquisition

PFI Issue 664 - January 15, 2020

Northleaf Capital Partners has bought a 90% stake in the Douglas Terminals liquid storage project in the Port of Ghent in Belgium.

Amur GPP signed

PFI Issue 664 - January 15, 2020

The €11.4bn project financing backing Gazprom’s Amur gas processing plant (GPP) has been signed and is due to close in the next few weeks.

Trump proposes project permitting changes

PFI Issue 664 - January 15, 2020

President Donald Trump has proposed narrowing the scope of 1978 National Environmental Policy Act (NEPA) regulations in an attempt to accelerate the permitting process for pipelines, mines, highways and other projects throughout the country.

Navitas into Sea Lion

PFI Issue 664 - January 15, 2020

Navitas Petroleum is taking a 30% stake in the Sea Lion oil and gas project, with operator Premier Oil keeping 40% and Rockhopper 30%.

Pembina notes offering to refi pipeline debt

PFI Issue 664 - January 15, 2020

Pembina Pipeline has closed an offering of US$1bn of senior unsecured medium-term notes that will pay down debt under its unsecured C$2.5bn (US$1.9bn) revolving credit facility.

Aramco agrees interim deal on Port Arthur LNG

PFI Issue 664 - January 15, 2020

Saudi Aramco has entered into an interim project participation agreement (IPPA) for Sempra Energy’s Port Arthur LNG export project in Jefferson County, Texas.

FID on NLNG

PFI Issue 664 - January 15, 2020

The Nigeria LNG consortium has taken a final investment decision (FID) for the financing of train seven on the NLNG project.

New Fortress lines up US$800m TLB

PFI Issue 664 - January 15, 2020

New Fortress Energy has lined up a fully committed US$800m Term Loan B provided by funds and affiliates of Apollo Global Management.

PNOC to increase stake in Malampaya

PFI Issue 664 - January 15, 2020

PNOC-Exploration, a unit of Philippine National Oil Co, is planning to exercise its right to acquire a 10% stake in the Malampaya gas field project following news that Chevron is selling its 45% stake to Udenna Corp.