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Thursday, 16 August 2018

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Gas-fired power plant

Competition pushes pricing down

PFI Issue 630 - July 25, 2018

The wave of capital in the US power project finance space is pushing pricing down. Borrowers are extracting great terms for M&A and greenfield deals. By Nic Stone.

Baker Botts hires energy duo

PFI Issue 630 - July 25, 2018

Baker Botts has hired Jeffrey Kayes and Adam Griffin as partners in the global projects practice. Kayes will be based in San Francisco and Griffin in New York.

Clifford Capital reveals maiden PF securitisation

PFI Issue 630 - July 25, 2018

State-backed Clifford Capital is raising about US$458m from an issue of notes via Bayfront Infrastructure Capital securitised by a portfolio of project finance loans.

NLNG finance programme takes shape

PFI Issue 630 - July 25, 2018

Nigeria LNG (NLNG) could launch the first phase of its US$7bn-plus debt financing programme this autumn to fund upgrades in gas field development to supply the operational trains one to six, construction of train seven and upstream gas supply for train seven.

Three submitted for Pertamina CEO role

PFI Issue 630 - July 25, 2018

Indonesia’s state-owned enterprises ministry has submitted three names to President Joko Widodo as candidates for the post of president director of state-owned energy company Pertamina, according to The Jakarta Post.

Navajo Nation finds mega coal buyer

PFI Issue 630 - July 25, 2018

Navajo Nation has entered negotiations with Avenue Capital for the sale of the 2.2GW Navajo coal-fired generating station in Arizona.

FERC approves New England plant bailout

PFI Issue 630 - July 25, 2018

The Federal Energy Regulatory Commission (FERC) voted 3-2 to approve ISO New England’s proposal to pay US$406m to Exelon to continue to operate uneconomic gas-fired plants.

Buzz increases around LNG Canada FID

PFI Issue 630 - July 25, 2018

Canadian press reports are pointing to increasing activity in Kitimat as a sign that LNG Canada is close to announcing a positive final investment decision (FID) on its C$40bn (US$30.5bn) LNG export project in British Columbia.

FERC adds tax benefit to final MLP policy

PFI Issue 630 - July 25, 2018

The Federal Energy Regulatory Commission (FERC) has taken final action on its proposal for the treatment of income taxes for master limited partnerships (MLPs) but added a favourable provision that should positively impact the calculation of earnings.

Nautilus Power closes add-on

PFI Issue 630 - July 25, 2018

Nautilus Power has closed a US$85m add-on to its Term Loan B closed last year. The deal maintained pricing at 425bp over Libor with a 1% Libor floor.

Margoloff to join ING

PFI Issue 630 - July 25, 2018

Laurent Margoloff is understood to be joining the project finance team of ING Bank in Singapore, whose Asian utilities and infrastructure finance team is headed by Erwin Maspolim.

Singapore banks opine on coal

PFI Issue 630 - July 25, 2018

Singapore’s three major banks have stopped funding coal-fired power plants that use subcritical technology, according to The Business Times (BT).

ContourGlobal refinances bonds

PFI Issue 630 - July 25, 2018

London-listed independent power project (IPP) developer ContourGlobal has refinanced its bond debt and has managed to tighten terms on part of the deal despite a high-yield market that has seen Double B issuers struggle to push on pricing recently, reports IFR.

Stonepeak closes third infra fund with US$7.2bn

PFI Issue 630 - July 25, 2018

Stonepeak Partners has reached final close on its US$7.2bn Stonepeak Infrastructure Fund III, with commitments from more than 100 institutions in North America, Europe, Asia, the Middle East, Australia and Latin America.

Aquind to appeal

PFI Issue 630 - July 25, 2018

Power interconnector developer Aquind is to appeal against a decision by the Agency for the Cooperation of Energy Regulators (ACER) to deny an exemption for its €1.43bn-plus, 2,000MW power interconnector project between northern France’s nuclear-powered electricity grid and southern England.

FA due for DEWA coal

PFI Issue 630 - July 25, 2018

Deloitte is believed to have won the advisory bid for the 1,200MW Hassyan 3 coal-fired project to be procured by DEWA. A request for proposals to developers is said to be due out by year-end.

EoIs out for IWPPs

PFI Issue 630 - July 25, 2018

Kuwait Authority for Partnerships Projects (KAPP) has asked developers to submit a letter of intent to bid for its long-running 2,700MW and 165m-gallon-per-day Az Zour North 2 & 3 and 1,800MW and 125m-gallon-per-day Khairan independent water and power projects (IWPPs).

GRTgaz owners issue Euro PP

PFI Issue 630 - July 25, 2018

Societe d’Infrastructures Gazieres, the owner of a minority stake in Engie’s natural gas transmission system GRTgaz, has issued €586.4m of notes in a private placement to refinance its existing debt.

Ophir postpones Fortuna LNG capex

PFI Issue 630 - July 25, 2018

Ophir will postpone capital expenditure until 2019 at its US$2bn Fortuna LNG project in Equatorial Guinea, the company said.

Wren House wins NSMP

PFI Issue 630 - July 25, 2018

Kuwait sovereign fund Wren House has won the bid to buy North Sea Midstream Partners (NSMP) from Arclight for £1.3bn, beating bids from JP Morgan, Blackstone and KKR.

BlackRock reaches US$1.5bn first close on fund

PFI Issue 630 - July 25, 2018

BlackRock Real Assets has completed the first close of its Global Energy & Power Infrastructure Fund III (GEPIF III), which will focus on mid-market energy and power infrastructure, primarily in developed countries.

LNG futures contract prepped

PFI Issue 630 - July 25, 2018

CME Group, the parent company of the Chicago Mercantile Exchange, has reached an agreement with Cheniere Energy to develop an LNG futures contract.

Elevation Midstream financed by GSO

PFI Issue 630 - July 25, 2018

Extraction Oil & Gas subsidiary Elevation Midstream has closed non-recourse financing with GSO Capital Partners.

DOE launches US$2bn tribal energy programme

PFI Issue 630 - July 25, 2018

The US Department of Energy (DOE) has launched its first loan guarantee solicitation for tribal energy projects.

Woodside backs out of Port Arthur LNG

PFI Issue 630 - July 25, 2018

Woodside Petroleum has decided to walk away from Sempra Energy’s Port Arthur LNG export project in Jefferson County, Texas, Bloomberg reported.

TransCanada pipeline comes online

PFI Issue 630 - July 25, 2018

TransCanada’s El Encino-Topolobampo natural gas pipeline has entered commercial operation. The US$1.2bn pipeline has the capacity to supply 670 MMcf/d to the north-western states of Chihuahua and Sinaloa.

Antofagasta sells transmission subsidiary

PFI Issue 630 - July 25, 2018

Chilean miner Antofagasta has sold its electricity transmission business Centinela Transmisión for US$117.2m to Red Eléctrica Chile.

IEnova lands terminal mandate

PFI Issue 630 - July 25, 2018

Sempra Energy subsidiary IEnova has won a tender process run by the Administración Portuaria Integral de Topolobampo for the construction and operation of a hydrocarbon marine terminal in Sinaloa. The works will require US$150m.

Stonepeak closes acquisition financing

PFI Issue 630 - July 25, 2018

A subsidiary of Stonepeak Infrastructure Partners has closed a US$285m debt financing backing the purchase of the 1,112MW Canal petroleum and natural gas thermal power project Units 1 and 2.

Pemex seeks FSRU

PFI Issue 630 - July 25, 2018

State-run energy group Pemex has launched a tender for the design, installation and operation of an LNG import terminal in the southern Mexican port of Pajaritos in Veracruz.

Tender terms for transmission PPP out

PFI Issue 630 - July 25, 2018

The Government of Argentina has released the tender terms for the country’s maiden high-voltage transmission line public-private partnership. The works are expected to require around US$500m, according to sources.

Reidsville eyes IPP equity sale

PFI Issue 630 - July 25, 2018

NTE Energy, through its local affiliate, is looking to sell a potentially 100% equity interest in the 500MW Reidsville natural gas-fired combined-cycle facility in Rockingham County, North Carolina.

Alpek nears cogen plant sales

PFI Issue 630 - July 25, 2018

Mexican petrochemical group Alpek is looking to sell a series of cogeneration power plants in Q3, CEO Jose de Jesus Valdez said on a conference call.

Galveston LNG wins DOE approval

PFI Issue 630 - July 25, 2018

The US Department of Energy (DOE) has authorised NextDecade’s Galveston Bay LNG project to export up to 2.15bn cubic feet of gas per day over 20 years from its liquefaction project in Texas City, Texas.

LNG projects facing long FERC delays

PFI Issue 630 - July 25, 2018

The Federal Energy Regulatory Commission (FERC) has notified some developers of LNG export projects that they may face 12 to 18-month delays for approvals, Bloomberg reported.

Jadestone Energy secures M&A funding

PFI Issue 630 - July 25, 2018

Jadestone Energy has secured a US$120m three-year reserve-based lending (RBL) facility from CBA and SG to back its acquisition of the Montsara Oil project owned by PTTEP Australia.

YTL and Bakrie target TJA signing this year

PFI Issue 630 - July 25, 2018

YTL Power (80%) and Bakrie Group (20%) are looking to raise financing this year for their 1,320MW Tanjung Jati A coal-fired power plant after agreeing a 30-year power purchase agreement (PPA).

Sembcorp seeks Kohelia IPP adviser

PFI Issue 630 - July 25, 2018

Sembcorp Industries and partner Coal Power Generation of Bangladesh are seeking a financial adviser for the first phase of their 1,400MW Kohelia coal-fired power plant.

Riau 1 IPP to be suspended

PFI Issue 630 - July 25, 2018

The development of the 600MW Riau 1 coal-fired power plant is expected to be suspended due to investigations into alleged bribery and corruption that involves a shareholder in sponsor BlackGold Natural Resources.

Govt could step in on LNG

PFI Issue 630 - July 25, 2018

The Department of Energy is waiting for formal proposals for the construction of an LNG terminal that is being planned ahead of the expected depletion of gas supply at the Malampaya gas field, according to Leonido Pulido, assistant secretary at the department, who spoke to the media.

A$1m Vales Point power station to get US$222m bid

PFI Issue 630 - July 25, 2018

One of the two partners who own Sunset Power - trading as Delta Electricity - is reported to be evaluating a bid by Denholm Capital worth around A$300m (US$222m).

PNG LNG project partners sign new offtake

PFI Issue 630 - July 25, 2018

The partners in the PNG LNG project have entered into a mid-term LNG sale and purchase agreement (SPA) with PetroChina International (Hong Kong) Corporation for the supply of LNG commencing in July 2018.

Govt cancels four IPPs

PFI Issue 630 - July 25, 2018

The Government has cancelled four new independent power producer (IPP) contracts that were negotiated directly by the previous administration to build up capacity.

PLN auctions transmission project

PFI Issue 630 - July 25, 2018

PLN is understood to be auctioning a transmission project. It is not clear where the transmission lines will be located as PLN has a number of transmission projects in its power development plan that seeks to double its current capacity.

PTTEP eyes gas-fired IPP

PFI Issue 630 - July 25, 2018

SET-listed PTT Exploration & Production (PTTEP) has proposed to the Myanmar government the development of a large gas-fired power plant that will be located south-west of Yangon. The proposal includes an offshore gas pipeline connected to an onshore facility.

Sunseap consortium to raise solar PF

PFI Issue 630 - July 25, 2018

A consortium comprising Singapore-based Sunseap (51%), Infraco Asia and CMX Renewable Energy plans to raise about US$120m in limited recourse financing to fund the development of a 168MW solar power farm in Ninh Thuan province.

Firmus Energy refi due

PFI Issue 630 - July 25, 2018

Icon Infrastructure is said to be working on a refinancing for its Firmus Energy gas distribution and energy supply business in Northern Ireland that it bought in 2014.

West Nile on hold

PFI Issue 630 - July 25, 2018

The US$1bn project financing to back DEA Group’s 17.25% stake in the West Nile Delta gas project is believed to be on hold due to the proposed merger between DEA and Wintershall. UKEF was due to provide the export credit cover on the deal.

Solo Oil talks PF

PFI Issue 630 - July 25, 2018

Solo Oil is in discussions with a major bank over a project financing to back its 25% stake in the Ntorya gas field development.

Exxon approaches ECAs

PFI Issue 630 - July 25, 2018

The ExxonMobil-led team developing the Rovuma LNG project has started to approach export credit agencies (ECAs) on the financing.

Australian wind farm

Renewable financings see tenors shorten

PFI Issue 630 - July 25, 2018

Shorter tenors have come back into fashion in the Australian renewables market. Local lenders are to the fore once again. By John Arbouw.

Norway wind farm

Small tsunami fuels Nordic wind boom

PFI Issue 630 - July 25, 2018

Financial investors are pouring money into Nordic wind farms. The range of revenue streams and risks for Scandinavian renewable projects is broadening. By Stefano Berra.

Wind farm in South Africa

REIPPP Round 4 financings draw to a close

PFI Issue 630 - July 25, 2018

After three years of delays, all 27 projects from Round 4 of South Africa’s REIPPP tender have signed their financing documents. The results show slight to moderate improvements in terms, as well as some structural innovation, compared with the 15 Round 3 projects, which were all financed by early 2015. By Peter Collins.

EDF/Masdar low on DAJ bid

PFI Issue 630 - July 25, 2018

EDF Renewables/Masdar has the lowest bid for the 400MW Dumat Al Jandal (DAJ) wind farm scheme at US$0.02127 per kWh (7.99689 hals). Engie/SSEM bid US$0.02364/kWh (8.87 hals), ACWA Power/Martifer Renewables US$0.0269/kWh (10.1132 hals) and Enel Green Power/Al Babtain Contracting US$0.03381/kWh (12.769 hals).

Hydro PPP signed

PFI Issue 630 - July 25, 2018

The Arequipa regional government has signed a public-private partnership agreement with the country’s largest power distributor Luz del Sur for the development of the combined 426MW Lluta and Lluclla hydro projects.

Total Eren lands maiden financing

PFI Issue 630 - July 25, 2018

Total Eren has closed its maiden financing in Brazil backing the 25MW BJL 11 Solar project in Bom Jesus da Lapa, Bahia, it said in a statement.

US offshore wind

Fair winds for offshore wind in the US

PFI Issue 630 - July 25, 2018

While offshore wind energy infrastructure has blossomed in Europe, it has been slow to take off in the United States. But the tide is shifting, and activity in this sector is ramping up, with a number of states leading the way forward. By Jane Rueger, Kirsti Massie and Marius Griskonis, partners, White & Case LLP.

Moray East takes a little longer

PFI Issue 630 - July 25, 2018

The sponsors of the 950MW Moray East offshore wind farm are putting the finishing touches to their £2bn-plus project financing. Issues concerning banks include maturity, debt sizing and the pre-arranged CPI swaps.

Tages signs third PV portfolio refi

PFI Issue 630 - July 25, 2018

Investor Tages Capital has signed its third and largest solar PV portfolio refinancing to-date, raising €425m from a group of 10 banks.

ACS to sell 500MW solar project

PFI Issue 630 - July 25, 2018

Spanish construction company ACS is looking to sell a 500MW solar PV project under development to Canada’s Northleaf Capital Partners, according to daily El Confidencial.

Forestalia eyes 1.2GW wind PF bridge

PFI Issue 630 - July 25, 2018

Spanish renewables firm Forestalia is working on a bridge loan of more than €800m to fund 1.2GW of wind farm projects it won in Spain’s renewable auction in 2017, following up on its inaugural 300MW financing earlier this year.

Malindi solar financed

PFI Issue 630 - July 25, 2018

CDC, the UK’s development finance body, completed its first direct debt deal in Kenya with the project financing of the 52MW Malindi solar PV plant.

Bujagali dam refinancing complete

PFI Issue 630 - July 25, 2018

A consortium of commercial lenders and development finance institutions have completed a US$400m refinancing of the 250MW Bujagali run-of-river hydropower project.

Alfanar eyes wind PF

PFI Issue 630 - July 25, 2018

Saudi Arabia’s Alfanar is looking to finance the first 200MW batch of wind farms under the 720MW capacity it won in Spain’s renewables auction last year, according to Spanish daily El Confidencial.

F2i ahead for RTR

PFI Issue 630 - July 25, 2018

Terra Firma has identified F2i as preferred bidder for its Italian solar company RTR and the buyer is looking to firm up a debt financing package to sign the deal in early August.

Renewables power ahead

PFI Issue 630 - July 25, 2018

The Indian solar/wind project boom is continuing apace with various states competing with each other to launch new projects.

Doosan selected to build 8MW offshore

PFI Issue 630 - July 25, 2018

Doosan Heavy Industries & Construction has been selected by the Korea Institute of Energy Technology Evaluation and Planning (KETEP) as the main contractor to develop an 8MW offshore wind turbine, the company recently announced.

Xepian-Xe Nam Noy dam IPP collapses

PFI Issue 630 - July 25, 2018

Several people are dead and hundreds are missing after the US$1.02bn hydropower plant being built by Xe Pian–Xe Nam Noy Power Co (PNPC) collapsed on Monday evening, releasing billions of cubic metres of water that swept away homes, the Attapeu provincial administration office said. It has announced relief aid for flood victims.

Dam Nai wind secures local financing

PFI Issue 630 - July 25, 2018

Singapore-headquartered The Blue Circle in association with local partner TSV Investments and Armstrong SEA Clean Energy Fund are setting up a 40MW Dam Nai wind project.

Longer tranche penned for Infinis

PFI Issue 630 - July 25, 2018

RBS is looking for an institutional piece as part of its Infinis refinancing for 3i Infrastructure. The £325m debt, plus a £50m revolver, will be split into a five-year bank piece and a longer seven-year piece.

Macquarie funds Anglian Water solar

PFI Issue 630 - July 25, 2018

Macquarie Principal Finance is funding a 30MW solar PV roll-out programme for Anglian Water that is backed by a corporate power purchase agreement (PPA) from the utility.

Hornsea oversubscribed

PFI Issue 630 - July 25, 2018

Institutions and banks looking at the £2.5bn 1,200MW Hornsea offshore wind farm financing have been scaled back despite the size of the deal.

Noor Midelt bid date put back

PFI Issue 630 - July 25, 2018

Masen has put back the bid date for the commercial bids on the US$2.2bn Noor Midelt 400MW hybrid solar PV and concentrated solar power (CSP) project from July 31 to September 21.

Codling Bank offshore wind stake for sale

PFI Issue 630 - July 25, 2018

Fred Olsen Renewables and Hazel Shore have hired Rothschild to sell an equity stake in their 2GW Codling Bank offshore wind scheme, according to reNews.

Engie to double up at Ras Ghareb

PFI Issue 630 - July 25, 2018

Engie, Toyota Tsusho and Orascom Construction are looking at developing a 500MW wind farm in the Gulf of Suez following the 250MW, US$400m Ras Ghareb scheme they financed late last year.

Redstone CSP slips

PFI Issue 630 - July 25, 2018

The financing of the 100MW Redstone concentrated solar power (CSP) project will slip beyond the deadline of the end of July set for REIPPP 4 projects.

NADEC solar bid date back

PFI Issue 630 - July 25, 2018

The bid date for the 30MW National Agricultural Development Company (NADEC) captive solar project has been put back to September 30 from August 27. The company had planned a range of renewable projects but is now focusing on the solar PV scheme.

PPC to add 600MW of renewables

PFI Issue 630 - July 25, 2018

Greek utility PPC is looking to build 600MW of new renewable generation capacity by 2022 as it seeks to shift from conventional power generation to renewable power and distribution.

Fryslan wind farm approved

PFI Issue 630 - July 25, 2018

The Netherlands’ Council of State has dismissed objections against the 316MW Windpark Fryslan, paving the way for the construction of the project in the IJsselmeer.

ERG refinances Adriatica wind farms

PFI Issue 630 - July 25, 2018

Italian energy group ERG has refinanced two wind farms in Puglia and Molise totalling 102MW.

EWZ buys Eolus wind project

PFI Issue 630 - July 25, 2018

Swedish renewables developer Eolus has sold a 30MW wind farm in Norway to Swiss utility EWZ.

EDF seeks PV crowdfunding

PFI Issue 630 - July 25, 2018

France’s largest utility EDF has launched a crowdfunding campaign seeking €200,000 from local residents for a 5MW solar PV project in the Gard department.

DEWA solar advisory bids opened

PFI Issue 630 - July 25, 2018

DEWA has opened the bids for its latest solar project advisory mandate.

Akuo and TRIG refinance PVs

PFI Issue 630 - July 25, 2018

Akuo Energy and The Renewables Infrastructure Group (TRIG) have refinanced 52MW of solar PV plants across France with almost €160m of debt.

Vattenfall signs pharma PPA for Kriegers wind

PFI Issue 630 - July 25, 2018

Swedish utility Vattenfall has signed a power purchase agreement (PPA) with two pharmaceutical companies for a fifth of the power to be produced by its 600MW Kriegers Flak offshore wind farm in Denmark.

CDPQ into ContourGlobal CSP debt

PFI Issue 630 - July 25, 2018

Canada’s Caisse de depot et placement du Quebec has provided a €100m ticket in the debt financing arranged by Goldman Sachs to support ContourGlobal’s acquisition of 250MW of concentrated solar power (CSP) plants from Acciona.

Solaria raises fresh capital

PFI Issue 630 - July 25, 2018

Spanish renewables developer Solaria has closed a €96.8m capital raising, representing about 15% of its total capital.

Ellomay signs pre-hedge over Talasol PV

PFI Issue 630 - July 25, 2018

Israeli renewables developer Ellomay has signed a hedging agreement with Goldman Sachs to swap floating-rate debt into fixed-rate debt, ahead of the 300MW Talasol solar PV project financing.

Acofi refinances renewables portfolio

PFI Issue 630 - July 25, 2018

French fund manager Acofi Gestion has closed a €127m refinancing of an 80MW portfolio of solar PV and wind power plants across France.

Terna gets wind funding

PFI Issue 630 - July 25, 2018

Terna Energy has signed €48m of loans to fund the construction of two wind farms in northern Greece, following an almost identical deal last year.

Deutsche Bucht pilot turbines closed

PFI Issue 630 - July 25, 2018

Northland Power has reached financial close on the 17MW two-turbine pilot section of the Deutsche Bucht offshore wind farm project.

Enhol signs 20-year wind PPA

PFI Issue 630 - July 25, 2018

Spanish renewables developer Grupo Enhol has signed a 20-year power purchase agreement (PPA) with power and gas supplier Factorenergia for two wind farms totalling 90MW.

NY unveils offshore wind model

PFI Issue 630 - July 25, 2018

State governments hoping to attract offshore wind projects have been rushing to development procurement structures before tax credits run dry. New York’s 800MW wind procurement documents provided the first model with detail.

Victoria renewable winners to be announced

PFI Issue 630 - July 25, 2018

The Victorian government is due to announce the winning bids for its 650MW renewable auction next week.

Renew Estate plans 400MW of solar

PFI Issue 630 - July 25, 2018

Renew Estate and partner Wirsol plan to develop 400MW of solar capacity following approval for a 100MW solar farm on the outskirts of Canberra and a 300MW project in Queensland.

DP Energy receives approval for rehub expansion

PFI Issue 630 - July 25, 2018

Irish renewables company DP Energy has received approval from the South Australian government for Stage 2 of its rehub project at Port Augustus.

BlueScope Steel signs long-term PPA with solar project

PFI Issue 630 - July 25, 2018

BlueScope Steel has signed a seven-year power purchase agreement (PPA) with Esco Pacific to buy 66% of the output from the 175MW Finley plant located on the border of New South Wales and Victoria.

Impact Electrons Siam in financing talks

PFI Issue 630 - July 25, 2018

Thailand’s Impact Electrons Siam is understood to be in talks with banks about the financing of a 600MW wind power project in southern Laos.

Eurus to build more onshore wind

PFI Issue 630 - July 25, 2018

Japanese wind farm developer Eurus Energy is developing more onshore wind energy projects in the country and is in talks with banks about finance.

Power board tenders 200MW solar

PFI Issue 630 - July 25, 2018

Bangladesh Power Development Board (BPDL) is seeking bids for four grid-tied solar power projects for a total capacity of 200MW.

Gujarat set to launch 1000MW solar auction

PFI Issue 630 - July 25, 2018

The Gujarat government is set to launch a 1,000MW solar auction in the Dholera Special Investment Region (DSIR) next month, according to local reports.

Engie appoints Rothschild to sell solar

PFI Issue 630 - July 25, 2018

Engie has hired Rothschild to find a buyer for a stake in its Solairedirect solar business in India, according to reports.

SECI to auction solar/battery projects

PFI Issue 630 - July 25, 2018

The Solar Energy Corporation of India (SECI) is asking for bids to develop two 1.5MW (AC) solar power projects with a battery energy storage system (BESS) at Tangtse and Durbuk in the Leh district of Jammu and Kashmir.

Equis hydro assets attracting bids

PFI Issue 630 - July 25, 2018

The sale of Equis Hydreg’s two hydro projects in Sikkim that produces around 220MW is attracting bids from Greenko and three other utilities in a deal expected to be worth around US$390m, according to local reports.

Greenko to set up ReHub in Andhra Pradesh

PFI Issue 630 - July 25, 2018

Andhra Pradesh has approved plans from Greenko Energies to create a US$2.2bn renewables energy hub (ReHub) in Kurnool district, harnessing 1,000MW of solar energy, 550MW of wind energy and 1,200MW of standalone pumped storage capacities, according to local reports.

GUVNL calls off wind auction

PFI Issue 630 - July 25, 2018

Gujarat Urja Vikas Nigam Ltd (GUVNL) has cancelled the tender for 500MW of wind projects, according to Mercom. The auction had a greenshoe option of an additional 500MW.

MMEX seeks refinery finance

PFI Issue 630 - July 25, 2018

MMEX Resources is pursuing financing on a planned 10,000 barrel-per-day crude distillation unit and full-scale crude oil refinery near Fort Stockton, Texas.

BayWa signs California wind PPA

PFI Issue 630 - July 25, 2018

BayWa has signed a long-term power purchase agreement (PPA) with non-profit electricity provider MCE for its Strauss wind project near Lompoc, California.

Ygrene increases warehouse facility

PFI Issue 630 - July 25, 2018

Residential and commercial energy efficiency provider Ygrene has increased its warehouse credit facility to US$510m and added Natixis to its syndicate of lenders.

North City renewable shortlist imminent

PFI Issue 630 - July 25, 2018

San Diego is close to finalising a shortlist of teams that responded to its request for statements of qualification on a landfill gas collection system and power generation projects.

Quinbrook plans 690MW Nevada solar

PFI Issue 630 - July 25, 2018

Quinbrook Infrastructure Partners is planning the 690MW Gemini solar project in Nevada, to be located on US Bureau of Land Management property approximately 25 miles north-east of Las Vegas.

Duke cancels wind procurement

PFI Issue 630 - July 25, 2018

Duke Energy has cancelled selecting wind projects submitted in response a request for proposals (RFP) for 500MW.

Ontario cancels renewables contracts, wind projects

PFI Issue 630 - July 25, 2018

The new Ontario government has started its work of attempting to make good on campaign promises to cancel renewable energy contracts in pre-construction phase.

Benguigui joins Orsted

PFI Issue 630 - July 25, 2018

David Benguigui, head of SMBC’s renewables team in London, is to join Orsted’s structured finance solutions team in London headed by Kunal Patel.

Vitol closes renewables fund

PFI Issue 630 - July 25, 2018

Oil trader Vitol and Low Carbon have closed a €200m fund focused on European renewable energy generation projects.

Juncker plan passes €315bn target

PFI Issue 630 - July 25, 2018

The European Commission said the Juncker investment plan has reached €335bn, surpassing its €315bn target within three years of its launch.

EU warns over ECT treaty arbitration

PFI Issue 630 - July 25, 2018

The European Commission has warned that arbitration cases launched by investors against EU member states under the Energy Charter Treaty (ECT) could be dismissed by European courts, potentially hitting a number of pending cases by renewables investors in Spain.

PA considers solar strategies

PFI Issue 630 - July 25, 2018

Pennsylvania’s Department of Environmental Protection (DEP) has released a report analysing potential strategies to increase in-state solar to supply 10% of electricity by 2030.

Maine town preps solar RFP

PFI Issue 630 - July 25, 2018

The town council in Cape Elizabeth, Maine has directed the town manager to prepare a request for proposals (RFP) to construct a large-scale solar array.

NJ hears views on offshore procurement

PFI Issue 630 - July 25, 2018

Offshore wind players including Orsted and Siemens urged New Jersey’s Board of Public Utilities to procure its expected 1.1GW of offshore wind all in one solicitation as it sought input in public hearings.

Boralex finances Invenergy deal

PFI Issue 630 - July 25, 2018

Boralex has closed a public offering of subscription receipts to raise C$207m (US$157.5m) in proceeds for the acquisition of Invenergy assets.

Barbados seeks interest in offshore energy

PFI Issue 630 - July 25, 2018

Barbados has issued a request for expressions of interest seeking a consultant on offshore energy. The island is seeking a study that will examine the potential for offshore wind and ocean thermal energy.

Offers come for Renova assets

PFI Issue 630 - July 25, 2018

Renova Energia is assessing bids from a range of companies for the under-development Alto Sertao III wind facility in Bahia, according to a securities filing.

Bold move by wind player

PFI Issue 630 - July 25, 2018

One of Brazil’s largest IPPs, Casa dos Ventos, will hold an auction on August 10 to sell power as part of the country’s private energy market or Ambiente de Contratação Livre (ACL).

RenovAr contracts signed with PF coming

PFI Issue 630 - July 25, 2018

A group of four companies have signed their contracts stemming from the RenovAr Round 2 renewable energy solicitations.

Total Eren taps Senvion for wind

PFI Issue 630 - July 25, 2018

Total Eren has tapped Senvion to deliver the engineering, procurement and construction for the 50.4MW Malaspina wind farm. The project will feature 14 Senvion 3.6M114 turbines.

EnfraGen lands capital injection

PFI Issue 630 - July 25, 2018

Glenfarne Group has secured up to US$700m in capital for its subsidiary EnfraGen to fund new investments in Latin America.

Facebook signs solar deal for Oregon data centres

PFI Issue 630 - July 25, 2018

Facebook has entered a contract with PacifiCorp for 437MW of solar power to offset power use at its Prineville data centres in Oregon.

Faro issues Green bonds for solar

PFI Issue 630 - July 25, 2018

Faro Energy has issued the first certified Green bonds in Brazil backing distributed solar power projects across the country.

Austerity claims dam

PFI Issue 630 - July 25, 2018

The Government of Argentina has postponed plans to build the US$2.2bn, 600MW Chihuido hydro project and dam in Neuquen as austerity measures take hold.

Puerto Libertad solar PV financed

PFI Issue 630 - July 25, 2018

Acciona and Tuto Energy have financed their 404MW Puerto Libertad solar PV scheme via a US$264m 18-year loan from North American Development Bank, Banobras, ICO and Sabadell.

Country’s maiden PPP awarded

PFI Issue 630 - July 25, 2018

Guatemala’s Agencia Nacional de Alianzas para el Desarrollo de la Infraestructura Económica (ANADIE) and Ministerio de Comunicaciones Infraestructura y Vivienda (CIV) have awarded Guatemalan-Mexican group Consorcio Autopistas de Guatemala the country’s maiden public-private partnership.

Clifford Capital reveals maiden PF securitisation

PFI Issue 630 - July 25, 2018

State-backed Clifford Capital is raising about US$458m from an issue of notes via Bayfront Infrastructure Capital securitised by a portfolio of project finance loans.

Gateway issues follow-up Hudson Tunnel RFI

PFI Issue 630 - July 25, 2018

Gateway Program Development Corporation (GDC) has issued a follow-up request for information (RFI) on the Hudson Tunnel project.

Honolulu seeks rail adviser

PFI Issue 630 - July 25, 2018

The Honolulu Authority for Rapid Transportation (HART) has issued a request for proposals (RFP) seeking a financial adviser on Honolulu rail transit, a 20-mile elevated rail project.

RFQ out for Pattullo Bridge

PFI Issue 630 - July 25, 2018

British Columbia has issued a request for qualifications seeking a team to design, build and finance a new Pattullo Bridge over the Fraser River.

Angel Brown to AMP

PFI Issue 630 - July 25, 2018

Malcolm Brown is joining AMP Capital as a senior principal in its global infrastructure equity business from rolling stock company Angel Trains, where he has been CEO for 10 years.

Two compete for railway PPP

PFI Issue 630 - July 25, 2018

Uruguay’s Ministry of Transport & Public Works (MTOP) said there were only two compliant offers for the Ferrocarril Central railway public-private partnership project.

Guayaquil Airport concession updated

PFI Issue 630 - July 25, 2018

Corporación América Airports (CAAP) through its 50% owned subsidiary Terminal Aeroportuaria de Guayaquil (TAGSA) has amended its concession agreement that will see it invest a further US$32m at the airport in Guayaquil.

CCR readies highway bonds

PFI Issue 630 - July 25, 2018

Local infrastructure player CCR is looking to issue bonds totalling R$1.6bn (US$413.9m) backing three of its highway operating subsidiaries. The deals were approved at a board meeting of the company on June 28.

Multi-billion dollar rail link could be back

PFI Issue 630 - July 25, 2018

The high-speed train procurement linking Mexico City to Querétaro will potentially be back in the market as recently elected president Andrés Manuel López Obrador (AMLO) pushes a series of rail projects across Mexico.

Tariffs could impact transport sector, Fitch says

PFI Issue 630 - July 25, 2018

Potential tariffs on a range of goods, including automobiles, are a concern for the US transportation sector and may impair growth for airports, toll roads and ports over time, according to a report from Fitch Ratings.

Keen interest in Ruta del Sol II reboot

PFI Issue 630 - July 25, 2018

The Instituto Nacional de Vías (Invías) has received 136 proposals, including 39 from international companies, to finish the work on the Ruta del Sol II highway project.

CAF into Belgrano rail

PFI Issue 630 - July 25, 2018

Andean development bank CAF has approved a US$150m loan backing works on the Belgrano Sur railway in Buenos Aires.

Dulles Greenway traffic declines

PFI Issue 630 - July 25, 2018

Fitch has reported weakening traffic and revenues on the Atlas Alteria-owned, formerly Macquarie Atlas Roads, Dulles Greenway road asset in Virginia.

Florida prep high-speed rail RFP

PFI Issue 630 - July 25, 2018

Florida’s Department of Transportation (FDOT) and the Central Florida Expressway Authority (CFX) are preparing to issue a request for proposals (RFP) on a privately funded high-speed rail connection from Orlando to Tampa.

Gulftainer to take over Port of Wilmington

PFI Issue 630 - July 25, 2018

United Arab Emirates-based port operator Gulftainer has been cleared by the US government to take over the rights to operate and develop the Port of Wilmington in Delaware for 50 years.

CrossLinx sues Metrolinx over Eglinton

PFI Issue 630 - July 25, 2018

CrossLinx Transit Solutions, the consortium building the Eglinton Crosstown light rail transit (LRT) project, has filed suit against regional transit agency Metrolinx, which procured the project.

Port Waratah to be refinanced

PFI Issue 630 - July 25, 2018

Port Waratah Coal Services, the company that operates a coal-handling facility at the Port of Newcastle in New South Wales, has hired MUFG to handle the refinancing of part of its A$839m (US$622m) debt.

China and SK show interest in North Sumatra LRT

PFI Issue 630 - July 25, 2018

China and South Korea have shown interest to develop a 160km light rail transit (LRT) project in Northern Sumatra. The LRT will connect the provincial capital of Medan to the Lake Toba resort area.

Officials plan Singapore visit for HSR talks

PFI Issue 630 - July 25, 2018

An official representative from Malaysia will be visiting Singapore to discuss the Kuala Lumpur-Singapore high-speed rail (HSR) project by the end of the month, Malaysian economic affairs minister Mohamed Azmin Ali said last week.

Cavite expressway approval due

PFI Issue 630 - July 25, 2018

Metro Pacific Group is expected to be awarded original proponent status (OPS) soon for the unsolicited proposal to develop the Cavite-Tagaytay-Batangas Expressway (CTBEx).

SMC to propose new bridge to Boracay

PFI Issue 630 - July 25, 2018

San Miguel Corporation (SMC) plans to submit an unsolicited proposal to develop a bridge connecting Caticlan to Boracay island, an island popular with tourists for its beaches.

GVK reaches FC on Navi Mumbai Airport

PFI Issue 630 - July 25, 2018

GVK Power & Infrastructure has achieved financial close on the first phase of the US$2.3bn Navi Mumbai airport via Navi Mumbai International Airport Ltd.

Kangaroo Island bridge proposal has industry on the hop

PFI Issue 630 - July 25, 2018

A recently established company, Universal Bridging Consortium, is proposing to build a A$5bn (US$3.6bn) 14km bridge to connect the mainland in South Australia to Kangaroo Island.

NSW Govt accepts Transurban’s WestConnex bid

PFI Issue 630 - July 25, 2018

The New South Wales government accepted Transurban’s bid this week for the sale of 51% of the WestConnex toll road project in Sydney.

Port projects come under review

PFI Issue 630 - July 25, 2018

The new Malaysian government has now moved its cost-cutting focus to the two major port projects that were proposed during the previous administration. One is the giant port in Selangor and the other an offshore development in Melaka.

NAIA Consortium’s proposal gets DoTr nod

PFI Issue 630 - July 25, 2018

The Philippines’ Department of Transport (DoTr) has recommended to the Manila International Airport Authority (MIAA) that the rehabilitation and expansion of the Ninoy Aquino International Airport (NAIA) proposal by the NAIA Consortium be accepted as an unsolicited proposal. This is the first but important step towards recognition of the proposal.

Heathrow Airport says funding OK

PFI Issue 630 - July 25, 2018

Chairman of Heathrow Airport Lord Paul Deighton has said the company can fund the planned new controversial £14bn runway.

Abertis negotiates €3.4bn toll compensation

PFI Issue 630 - July 25, 2018

Road operator Abertis is negotiating with the new Spanish government over €3.4bn of compensation regarding minimum traffic guarantees and other support due to its Acesa and Aumar toll road concessionaires, according to business daily Cinco Dias.

Mersin Port bonds to junk

PFI Issue 630 - July 25, 2018

Fitch has cut the rating of US$450m of bonds issued by the Mersin Port operator below investment grade following the downgrading of Turkey’s sovereign credit rating to BB, despite the port’s good performance.

Rhine port authorities seek private partners

PFI Issue 630 - July 25, 2018

Port authorities in Mulhouse and Colmar are looking for private partners to run their ports on the Rhine under public-private concessions.

Thuringia A-Model PIN out

PFI Issue 630 - July 25, 2018

The State of Thuringia has issued a prior information notice (PIN) ahead of the launch of the A4 motorway PPP.

Ankara–Nigde financing detailed

PFI Issue 630 - July 25, 2018

The 330km Ankara–Nigde motorway build-operate-transfer project financing relied on Danish and Swiss export credit agency (ECA) cover alongside local financing, it has emerged.

Institutional financing for Ulm rolling stock

PFI Issue 630 - July 25, 2018

Deutsche Anlagen Leasing (DAL) has signed debt financing with institutional investors for the Ulm regional rail network’s rolling stock in the first German rail franchise deal funded entirely by insurers.

New government commits to road PPP plan

PFI Issue 630 - July 25, 2018

Spain’s new Minister of Public Works Jose Luis Abalos has told parliament he will continue a €5bn road PPP plan launched by his predecessor Inigo de la Serna and halted when the previous government lost a no-confidence vote.

Radiales tender delayed until 2019

PFI Issue 630 - July 25, 2018

Spain’s new Minister of Public Works Jose Luis Abalos has told parliament the government will be unable to launch a tender this year for the Madrid Radiales and other bankrupt motorways.

EIB to fund Berlin region rolling stock

PFI Issue 630 - July 25, 2018

The EIB has approved up to €400m of financing for the Netz Elbe Spree rolling stock project, a concession to provide regional trains in and around Berlin.

Morgan Stanley eyes VTG takeover

PFI Issue 630 - July 25, 2018

Morgan Stanley Infrastructure has launched a takeover of German rolling stock company VTG at €53 per share, but is facing resistance from VTG, whose CEO Heiko Fischer said he considers the offer’s €1.5bn equity valuation “not appropriate”.

EIB considers Augsburg rolling stock

PFI Issue 630 - July 25, 2018

The EIB is considering providing funding to the winner of the rolling stock tender for the Augsburg region in Bavaria.

M25 bond refinancing priced

PFI Issue 630 - July 25, 2018

The long-awaited bond refinancing of the M25, Connect Plus (M25), has been priced at 115bp over Gilts.

A65 refi due to sign

PFI Issue 630 - July 25, 2018

Eiffage and Sanef are looking to sign the debt refinancing of their A65 Alienor motorway after adopting a more conservative structure that convinced lenders to come on board.

Light rail pre-qualification tender out

PFI Issue 630 - July 25, 2018

Israel’s NTA Metropolitan Mass Transit System (NTA) has launched a pre-qualification round for two new light rail transit (LRT) lines in Tel Aviv, estimated to carry a combined cost of NIS15bn (US$4.12bn).

Airport upgrade gets Chinese concessional debt

PFI Issue 630 - July 25, 2018

Zimbabwe’s President Emmerson Mnangagwa has approved a US$153m upgrade and rehabilitation of the Robert Gabriel Mugabe International Airport.

NLNG finance programme takes shape

PFI Issue 630 - July 25, 2018

Nigeria LNG (NLNG) could launch the first phase of its US$7bn-plus debt financing programme this autumn to fund upgrades in gas field development to supply the operational trains one to six, construction of train seven and upstream gas supply for train seven.

Three submitted for Pertamina CEO role

PFI Issue 630 - July 25, 2018

Indonesia’s state-owned enterprises ministry has submitted three names to President Joko Widodo as candidates for the post of president director of state-owned energy company Pertamina, according to The Jakarta Post.

Elevation Midstream financed by GSO

PFI Issue 630 - July 25, 2018

Extraction Oil & Gas subsidiary Elevation Midstream has closed non-recourse financing with GSO Capital Partners.

TransCanada pipeline comes online

PFI Issue 630 - July 25, 2018

TransCanada’s El Encino-Topolobampo natural gas pipeline has entered commercial operation. The US$1.2bn pipeline has the capacity to supply 670 MMcf/d to the north-western states of Chihuahua and Sinaloa.

IEnova lands terminal mandate

PFI Issue 630 - July 25, 2018

Sempra Energy subsidiary IEnova has won a tender process run by the Administración Portuaria Integral de Topolobampo for the construction and operation of a hydrocarbon marine terminal in Sinaloa. The works will require US$150m.

MMEX seeks refinery finance

PFI Issue 630 - July 25, 2018

MMEX Resources is pursuing financing on a planned 10,000 barrel-per-day crude distillation unit and full-scale crude oil refinery near Fort Stockton, Texas.

FERC adds tax benefit to final MLP policy

PFI Issue 630 - July 25, 2018

The Federal Energy Regulatory Commission (FERC) has taken final action on its proposal for the treatment of income taxes for master limited partnerships (MLPs) but added a favourable provision that should positively impact the calculation of earnings.

Jadestone Energy secures M&A funding

PFI Issue 630 - July 25, 2018

Jadestone Energy has secured a US$120m three-year reserve-based lending (RBL) facility from CBA and SG to back its acquisition of the Montsara Oil project owned by PTTEP Australia.

Firmus Energy refi due

PFI Issue 630 - July 25, 2018

Icon Infrastructure is said to be working on a refinancing for its Firmus Energy gas distribution and energy supply business in Northern Ireland that it bought in 2014.

West Nile on hold

PFI Issue 630 - July 25, 2018

The US$1bn project financing to back DEA Group’s 17.25% stake in the West Nile Delta gas project is believed to be on hold due to the proposed merger between DEA and Wintershall. UKEF was due to provide the export credit cover on the deal.

Solo Oil talks PF

PFI Issue 630 - July 25, 2018

Solo Oil is in discussions with a major bank over a project financing to back its 25% stake in the Ntorya gas field development.

GRTgaz owners issue Euro PP

PFI Issue 630 - July 25, 2018

Societe d’Infrastructures Gazieres, the owner of a minority stake in Engie’s natural gas transmission system GRTgaz, has issued €586.4m of notes in a private placement to refinance its existing debt.

Wren House wins NSMP

PFI Issue 630 - July 25, 2018

Kuwait sovereign fund Wren House has won the bid to buy North Sea Midstream Partners (NSMP) from Arclight for £1.3bn, beating bids from JP Morgan, Blackstone and KKR.

Clifford Capital reveals maiden PF securitisation

PFI Issue 630 - July 25, 2018

State-backed Clifford Capital is raising about US$458m from an issue of notes via Bayfront Infrastructure Capital securitised by a portfolio of project finance loans.

Pemex seeks FSRU

PFI Issue 630 - July 25, 2018

State-run energy group Pemex has launched a tender for the design, installation and operation of an LNG import terminal in the southern Mexican port of Pajaritos in Veracruz.

Govt could step in on LNG

PFI Issue 630 - July 25, 2018

The Department of Energy is waiting for formal proposals for the construction of an LNG terminal that is being planned ahead of the expected depletion of gas supply at the Malampaya gas field, according to Leonido Pulido, assistant secretary at the department, who spoke to the media.

Galveston LNG wins DOE approval

PFI Issue 630 - July 25, 2018

The US Department of Energy (DOE) has authorised NextDecade’s Galveston Bay LNG project to export up to 2.15bn cubic feet of gas per day over 20 years from its liquefaction project in Texas City, Texas.

LNG projects facing long FERC delays

PFI Issue 630 - July 25, 2018

The Federal Energy Regulatory Commission (FERC) has notified some developers of LNG export projects that they may face 12 to 18-month delays for approvals, Bloomberg reported.

FERC approves New England plant bailout

PFI Issue 630 - July 25, 2018

The Federal Energy Regulatory Commission (FERC) voted 3-2 to approve ISO New England’s proposal to pay US$406m to Exelon to continue to operate uneconomic gas-fired plants.

Buzz increases around LNG Canada FID

PFI Issue 630 - July 25, 2018

Canadian press reports are pointing to increasing activity in Kitimat as a sign that LNG Canada is close to announcing a positive final investment decision (FID) on its C$40bn (US$30.5bn) LNG export project in British Columbia.

PNG LNG project partners sign new offtake

PFI Issue 630 - July 25, 2018

The partners in the PNG LNG project have entered into a mid-term LNG sale and purchase agreement (SPA) with PetroChina International (Hong Kong) Corporation for the supply of LNG commencing in July 2018.

Ophir postpones Fortuna LNG capex

PFI Issue 630 - July 25, 2018

Ophir will postpone capital expenditure until 2019 at its US$2bn Fortuna LNG project in Equatorial Guinea, the company said.

Exxon approaches ECAs

PFI Issue 630 - July 25, 2018

The ExxonMobil-led team developing the Rovuma LNG project has started to approach export credit agencies (ECAs) on the financing.

LNG futures contract prepped

PFI Issue 630 - July 25, 2018

CME Group, the parent company of the Chicago Mercantile Exchange, has reached an agreement with Cheniere Energy to develop an LNG futures contract.

Woodside backs out of Port Arthur LNG

PFI Issue 630 - July 25, 2018

Woodside Petroleum has decided to walk away from Sempra Energy’s Port Arthur LNG export project in Jefferson County, Texas, Bloomberg reported.