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Sunday, 25 June 2017

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Interconnector bank shake-up

PFI Issue 603 - June 14, 2017

The bank group that will finance the €600m 500MW Terna-led power interconnector between Piedmont, Italy, and Savoy, France has been shaken up after the sponsors asked for new offers from lenders last month.

PJM withdrawals accelerate

PFI Issue 603 - June 14, 2017

PJM Interconnection withdrawals of new proposed projects have increased in volume following the late May disclosure of auction results for the 2020/21 period. Prices cleared at US$76.53 per megawatt-day for most of the region, down from US$100 per megawatt-day last year and US$164.77 in 2015. On the gas-fired side, an American Municipal Power project with a 652MW capacity in Southern Meigs County, Ohio, and an East Kentucky Power Cooperative project worth 614MW in Clark County, Kentucky, have both been taken off the list.

Hussein Thermal Power Station in the city of Zarqa

What lies beneath Jordanian power

PFI Issue 603 - June 14, 2017

The Hashemite Kingdom of Jordan has been at the forefront of encouraging and developing a robust IPP programme, which has attracted and continues to attract significant private sector investment. To-date there have been four IPPs tendered and more than 14 renewable energy projects that have been project-financed. By Ali Ayub and Aditya Thakur, directors, along with Neeraj Nishad and Mohamed Hamdouch, managers, in ACWA Power’s acquisition and project finance department.

Cemig flags asset sales

PFI Issue 603 - June 14, 2017

State-run utility Companhia Energética de Minas Gerais (Cemig) is trying to sell assets worth R$6.5bn (US$2bn), the company said in a securities filing recently.

LS Power lands bank/bond loan

PFI Issue 603 - June 14, 2017

LS Power subsidiary Gridiron Funding has landed a US$1.175bn financing backing the acquisition and refinancing of five natural gas-fired power plants across the US with a combined generating capacity of 3.51GW. The deal will also be used for general corporate purposes.

Downgrades for infra companies

PFI Issue 603 - June 14, 2017

Moody’s has affirmed the ratings but changed the outlook for 15 infrastructure companies operating in Brazil to negative from stable.

NRG closes on Carlsbad

PFI Issue 603 - June 14, 2017

NRG Energy has closed a hybrid bank and private placement deal backing the 600MW Carlsbad gas-fired power project in southern California. The deal was for roughly US$700m.

CELG D privatisation complete

PFI Issue 603 - June 14, 2017

Development bank BNDES has announced the completion of the privatisation of electricity distributor Celg Distribuição (CELG D). Enel Brasil won an auction process late last year to take control of the company.

Prumo eyes Novo Tempo thermal

PFI Issue 603 - June 14, 2017

Brazilian logistics operator Prumo Logística has held preliminary non-binding talks to buy the rights to build and operate the 1.2GW Novo Tempo thermal plant from Bolognesi Energia. In a securities filing, Prumo said it has not signed a definitive contract or binding document.

GenOn creditor negotiation deadline extended

PFI Issue 603 - June 14, 2017

NRG Energy and its creditors have extended the deadline on negotiations over its GenOn Energy portfolio of assets. The deadline was extended to June 12 after being pushed back three times, from May 31 to June 9.

Energy policy set for a shake-up

PFI Issue 603 - June 14, 2017

Australia’s energy policy is set for a shake-up following a report to the federal government from Chief Scientist Dr Alan Finkel, who is advocating a clean energy target and for coal stations to give at least three years notice before closing.

Loy Yang B sale decision expected soon

PFI Issue 603 - June 14, 2017

Financial adviser Rothschild is expected to name the bidders on the Loy Yang B coal-fired power station in Victoria going through to the second round by the end of this week.

AGL to build power plant

PFI Issue 603 - June 14, 2017

AGL Energy will build a new 210MW gas-fired power plant in energy-starved South Australia that will see AGL replace its ageing Torren Island gas-fired generator with a new unit.

SA Power Networks secures new debt

PFI Issue 603 - June 14, 2017

ETSA Utilities Finance, the funding vehicle for SA Power Networks, has executed a A$250m (US$188m) four-year syndicated debt facility that will be used to repay Australian medium-term note debt maturing on September 7 2017.

PLN to issue transmission bonds

PFI Issue 603 - June 14, 2017

State-owned electricity company Perusahaan Listrik Negara (PLN) intends to issue Rp2trn (US$150m) of bonds to finance its power transmission projects.

Sites for new power plants identified

PFI Issue 603 - June 14, 2017

The Philippine Department of Energy has identified 14 sites throughout the country for the development of new power plants. There are seven sites in Luzon, four in the Visayas and three in Mindanao.

South Korea offers US$1bn soft loans

PFI Issue 603 - June 14, 2017

The South Korean government, through the Export-Import Bank of Korea (Kexim), is offering US$1bn of concessional loans to finance infrastructure projects in the Philippines. The loans will be available for six years.

Berkprai SPP secures loan

PFI Issue 603 - June 14, 2017

Berkprai Cogeneration, a unit of Ratchaburi Electricity Generating, has raised a Bt4bn (US$117.6m) loan to finance the development of a 100MW Berkprai cogeneration SPP project.

IPPs may get full guarantee

PFI Issue 603 - June 14, 2017

Independent power producers (IPP) are expected to conclude discussions soon on the terms and conditions of power purchase agreements and other project documents.

RTE bond refi rated

PFI Issue 603 - June 14, 2017

S&P has given a BBB+ rating to the €2.8bn bond refinancing of France’s national power grid operator Réseau de Transport d’Electricité’s debt.

Lenders line up for InfraVia smart meters

PFI Issue 603 - June 14, 2017

InfraVia Capital Partners has lined up three lenders to provide debt financing to back its acquisition of Suez’s Ocea Smart Building (OSB), a French smart meters provider.

Castleton buys InterGen CCGT

PFI Issue 603 - June 14, 2017

Commodities trader Castleton Commodities International has bought InterGen’s 426MW MaasStroom combined-cycle power plant in Rotterdam for an undisclosed amount.

EIB completes NordLink connection

PFI Issue 603 - June 14, 2017

The European Investment Bank (EIB) has signed a second debt financing deal for the 1,400MW NordLink power interconnector between Norway and Germany.

Gipuzkoa hybrid WtE financing signed

PFI Issue 603 - June 14, 2017

Meridiam and Urbaser have signed a €191m 30-year debt financing on their 200,000-tonnes-per-year mechanical biological treatment (MBT) and waste-to-energy (WtE) scheme for the Gipuzkoa waste authority, GHK.

Amey Equitix seeks smart debt

PFI Issue 603 - June 14, 2017

The Amey Equitix smart meter joint venture is said to be seeking debt for the first phase of its build-out programme. Amey has already installed 300,000 smart meters across the UK and is now seeking to become an asset owner in the sector.

Engie seeks Al Dur advice

PFI Issue 603 - June 14, 2017

Engie/GIC is looking to appoint an adviser shortly on the refinancing of the US$1.65bn hard mini-perm facility on its Al Dur independent water and power project (IWPP). The consortium has recently extended the loan for two years to the end of next year.

IWPs move along

PFI Issue 603 - June 14, 2017

The ACWA Power/Veolia team is believed to have won the Salalah independent water project. The JGC/Bhawan/Doosan team is favourite to win the Sharqiyah scheme but has still one outstanding issue to resolve.

Energy regulator launched

PFI Issue 603 - June 14, 2017

Botswana has established an energy regulator to manage private firms it hopes will expand an electricity sector currently dominated by the state, according to Reuters quoting a local newspaper report.

Adviser sought for energy bond

PFI Issue 603 - June 14, 2017

The government is seeking a transaction adviser for a US$2.25bn–$2.5bn energy sector bond issue.

Kamal IPP negotiations due

PFI Issue 603 - June 14, 2017

The government has directed state utility Tanzania Electric Supply Company (Tanesco) to finalise negotiations with Kamal Power, a subsidiary of Kamal Group, for a 225MW gas-fired power project at Kamal’s industrial estate in Bagamoyo in the coast region.

CLSG interconnector due online

PFI Issue 603 - June 14, 2017

The 1,300km Côte d’Ivoire, Liberia, Sierra Leone and Guinea (CLSG) power interconnector will become operational shortly, after being inaugurated earlier this month.

World Bank calls for transmission financing

PFI Issue 603 - June 14, 2017

The World Bank has provided recommendations for increased private financing of transmission projects across Africa in a new report on the sector “Linking Up – Public Private Partnerships in power transmission in Africa”.

Misfah wait

PFI Issue 603 - June 14, 2017

The request for proposals (RFP) on the 750MW to 850MW Misfah independent power project (IPP) should now be delayed until September.

Chile

Spot market hurts renewables

PFI Issue 603 - June 14, 2017

Low spot market prices are hitting merchant renewable energy projects in Chile. Loans and refinancings are seeing new terms applied. By Nic Stone.

Malaysia

Green sukuk make debut

PFI Issue 603 - June 14, 2017

Malaysia is launching Green sukuk facilities to finance solar park projects. These are the first Green sukuk in the country and in the region. By Minerva Lau.

Macquarie buys wind in Japan

PFI Issue 603 - June 14, 2017

Australia’s Macquarie Capital has acquired 100% of renewable energy company RES Japan in a move to expand its renewable energy development activities in Japan. The Tokyo-based RES Japan, which was a subsidiary of the UK’s Renewable Energy Systems (RES) Group, has been renamed Acacia Renewables.

Lake Turkana faces 2018 connection

PFI Issue 603 - June 14, 2017

 

Tamakoshi 3 hydro to be PPP

PFI Issue 603 - June 14, 2017

Investment Board Nepal (IBN) plans to develop the 650MW Tamakoshi 3 hydropower plant project using a PPP model with a mix of domestic and international funding. The plant, estimated to cost US$1bn, is in Dolakha and Ramechhap districts.

Ofgem decision hits OFTO assets

PFI Issue 603 - June 14, 2017

A decision by electricity regulator Ofgem to dismiss an appeal by Balfour Beatty Equitix for compensation on two of its offshore transmission owner (OTFO) assets – Gwynt y mor and Thanet – could have important consequences for the sector as a whole. The consortium said the two problems pre-dated it taking over the assets and could not have been foreseen. Ofgem said the faults should have been covered under industry good practice standards and the sums claimed could be recovered from other sources such as latent defect cover and insurance.

Solar deal out

PFI Issue 603 - June 14, 2017

Oman Power & Water Procurement (OPWP) is seeking financial, legal and technical advisers to study plans for a 200MW solar PV scheme. The country has long been looking at procuring solar projects but OPWP recently said in its seven-year update that it expects to launch a tender for the project in Q4 this year and have the scheme operational in 2020.

ACWA cheapest on CSP

PFI Issue 603 - June 14, 2017

The bids have been opened on the 200MW DEWA concentrated solar power (CSP) project. ACWA Power/Shanghai Electric has made the lowest bid at US$0.0945 per kWh, followed by Engie with US$0.1142/kWh, Masdar with US$0.10588/kWh, and Al Fanar/Suncan with US$0.1735/kWh.

Ministry publishes private PPA resolution

PFI Issue 603 - June 14, 2017

The Ministry of Energy & Mines in Argentina has published a draft resolution of rules that will allow for power purchase agreements (PPAs) to be signed between renewable energy companies and private offtakers.

Antofagasta divests solar stake

PFI Issue 603 - June 14, 2017

Chilean mining company Antofagasta Minerals has sold its minority stake in the 69.5MW Javiera solar project in the country’s north. Atlas Renewable Energy, a newly formed investment vehicle of UK private equity fund Actis, purchased the 40% stake. It now owns 100% of the project.

TerraForm/SunEdison settlement approved

PFI Issue 603 - June 14, 2017

The US Bankruptcy Court for the Southern District of New York has approved settlements between former SunEdison yieldcos TerraForm Power and TerraForm Global, enabling the companies to work towards closing their merger with Brookfield Asset Management.

Former EPA head to Pegasus Capital

PFI Issue 603 - June 14, 2017

Pegasus Capital Advisors has hired Gina McCarthy, who most recently served as the head of the US Environmental Protection Agency (EPA) under former President Barack Obama, as an operating adviser. McCarthy played a key role in finalising the Clean Power Plan when she was with the EPA.

Keystone launches solar fund

PFI Issue 603 - June 14, 2017

Keystone Power Holdings has established its first investment fund, KPH Solar Farms Fund I, a vehicle that will provide 100% of the initial debt, equity, tax equity and construction financing for solar projects with capacities ranging from approximately 250kW to 10MW. The fund has secured financial institutions to provide repeatable financing and has an initial target volume of US$35m.

Minnesota Power moving on CCGT

PFI Issue 603 - June 14, 2017

Minnesota Power is working with Dairyland Power Cooperative to develop a 525MW–550MW combined-cycle natural gas facility to back up renewable resources.

Nevada reinstates net metering

PFI Issue 603 - June 14, 2017

The Nevada state legislature has passed AB 405, a bill to reinstate net energy metering for residential solar projects. The bill will immediately allow rooftop solar customers to be reimbursed for excess generation from a solar system at 95% of the retail electricity rate.

S&P examines Trump Paris decision impact

PFI Issue 603 - June 14, 2017

S&P believes coal generators’ performance will benefit little following President Trump’s decision to withdraw the United States from 2015 UN Paris Agreement on climate change.

Ormat inks geo portfolio PPA

PFI Issue 603 - June 14, 2017

Ormat Technologies has received final regulatory approval to enter into a 26-year power purchase agreement (PPA) for a portfolio of geothermal projects with the Southern California Public Power Authority (SCPPA). Under the terms of the agreement, SCPPA will purchase 150MW of power generated by a portfolio of the company’s new and existing geothermal power plants and will resell the entire output to the Los Angeles Department of Water and Power (LADWP).

Tassie wind developers hope for connection

PFI Issue 603 - June 14, 2017

Wind developers UPC Renewables and Goldwind Australia have announced plans to develop wind farms in Tasmania but both projects will rely on a decision to build a US$750m second power cable connection to the Victorian mainland.

Genex onto Stage 2 solar project

PFI Issue 603 - June 14, 2017

Genex Power, which is building solar and pumped hydro projects at the former Kidston mine site in Queensland, has mandated Grant Samuel as financial adviser for Stage 2 of its solar project. Societe Generale was financial adviser for Stage 1.

Advisers pitch for Snowy Hydro sale

PFI Issue 603 - June 14, 2017

Investment banks and legal firms submitted proposals to the federal government last week in the hope of snaring a mandate to advise on the sale of the Snowy Hydro scheme, one of the largest hydro plants in the world.

Mugga Lane solar park is funded

PFI Issue 603 - June 14, 2017

Maoneng Australia has reached financial close on the A$35m (US$26m) project finance for its 13MW Mugga Lane Solar Park at Tuggeranong in the Australian Capital Territory.

AGL talks with wind farm lenders

PFI Issue 603 - June 14, 2017

AGL Energy is in talks with its lenders on a A$500m (US$373m) loan for its 460MW Coopers Gap Wind Farm in Queensland. AGL will then offer the project to its own Powering Australian Renewables Fund (PARF).

Victoria considers giant offshore wind

PFI Issue 603 - June 14, 2017

Offshore Energy, a private company whose managing director Andy Evans helped develop Acciona’s Waubra wind farm, has put forward a proposal to build a 2,000MW offshore wind farm off the coast of Gippsland in Victoria.

Access winners announced

PFI Issue 603 - June 14, 2017

Access Power and EREN Renewable Energy have announced the three winners of the 2017 US$7m access co-development facility (ACF), a funding platform for renewable energy projects in Africa.

Solar Era develops 25MW portfolio

PFI Issue 603 - June 14, 2017

Independent power producer Solar Era Holdings, owned by UK firm Africa Growth Energy Solutions (AGES), is developing a 25MW solar PV-linked portfolio in Sierra Leone.

Pluto backs first geothermal

PFI Issue 603 - June 14, 2017

The EBRD has mobilised a €5m loan from the Clean Technology Fund for the early stage development of the Prosin-Dikili geothermal power plant near the coastal town of Dikili in Izmir province. 

Scaling Solar 2 bidders pre-qualified

PFI Issue 603 - June 14, 2017

Twelve bidders have pre-qualified for the second round of the World Bank’s Scaling Solar programme in Zambia.

Makay hydro seeks EPC

PFI Issue 603 - June 14, 2017

Platinum Power has launched the pre-qualification process for contractors to construct its 350MW Makay hydropower plant. The power purchase agreement (PPA) for the project was signed in April with state utility Eneo, according to reports in the local press.

Offshore wind co-op plan approved

PFI Issue 603 - June 14, 2017

Hiiu municipality in Estonia has approved a cooperation agreement between Nelja Energia and Hiiumaa Offshore Tuulepark for their up to 1.1GW offshore wind farm off the coast of the Baltic country.

Subsidy free solar due

PFI Issue 603 - June 14, 2017

NextEnergy Solar Fund (NESF) has bought a portfolio of four solar PV development projects with a view to building without the need for a subsidy. NESF said construction will only start, however, when the financial returns are sufficiently attractive.

SECI seeks bids for second 1GW wind

PFI Issue 603 - June 14, 2017

The Solar Energy Corporation of India (SECI) has started inviting interested parties to bid for its second tranche of 1,000MW of wind power projects that will be connected to the interstate transmission system (ISTS). Bids are due to be submitted by July 14 and qualified bidders will be informed of the date of the reverse auction.

Details on renewables auction due soon

PFI Issue 603 - June 14, 2017

The government of Brazil has confirmed plans to hold a renewable energy tender this year to contract projects that will have to be built by 2020, 2021, and 2022, according to press reports.

ADB and PNB sign first solar rooftop loan

PFI Issue 603 - June 14, 2017

The Asian Development Bank (ADB) and Punjab National Bank (PNB) have signed a US$100m loan to finance solar rooftop projects. PNB will use the funds to make further loans to developers and end-users to install rooftop solar systems.

Four PPAs signed

PFI Issue 603 - June 14, 2017

State utility Kenya Power has signed four power purchase agreements with independent power producers to increase the country’s electricity output, according to reports in the Kenyan press. 

PLN mulls floating solar plant

PFI Issue 603 - June 14, 2017

Indonesian state power company PLN is planning to develop a floating photovoltaic solar power plant in Cirata Reservoir, West Java. The company is said to have commenced a feasibility study together with Masdar, the renewable energy developer from Abu Dhabi.

China Gezhouba to build mega hydro

PFI Issue 603 - June 14, 2017

Nepal’s Ministry of Energy has awarded China Gezhouba Group Corporation (CGGC) the contract to build its largest planned hydropower plant to-date.

Israel and ECOWAS sign MoU

PFI Issue 603 - June 14, 2017

Israel and the Economic Community of West African States (ECOWAS) have signed a memorandum of understanding (MoU) that will see Energiya Global, one of Israel’s leading solar developers, invest US$1bn over the next four years to enhance green energy power projects across the 15 member states of ECOWAS.

Genneia pens renewables contracts

PFI Issue 603 - June 14, 2017

Argentine company Genneia has penned two 20-year power purchase agreements (PPAs) totalling 220MW with national power system operator Cammesa.

Eosol readies solar projects

PFI Issue 603 - June 14, 2017

Spanish company Eosol and the state government of Durango have announced plans to install three utility-scale solar projects totalling 283.6MW. The projects are expected to require US$250m to develop.

Financiers pull out of dam project

PFI Issue 603 - June 14, 2017

The international lenders that committed to financing the Agua Zarca dam on the Gualcarque River have withdrawn their financing after a series of murders and other crimes near the project.

Puerto Libertad finds another lender

PFI Issue 603 - June 14, 2017

Developers Acciona and Tuto Energy are talking to the North American Development Bank (NADB) to secure part of the debt financing it needs backing the 270MW Puerto Libertad solar project in Sonora. They are reportedly looking to secure US$280m in debt overall backing the facility, which would mean leverage of around 50%. The duo recently upsized the project to 270MW from 180MW after signing another power purchase agreement with a private client. The two companies signed a power purchase agreement (PPA) – the first of a private nature signed under the new Law on the Electric Power Sector in Mexico – to sell 90MW of the output to a Tuto Energy affiliate, a major industrial group. The first 180MW phase of the project was allocated to the CFE following ...

NY invests US$1.5bn in renewables

PFI Issue 603 - June 14, 2017

New York Governor Andrew Cuomo has unveiled the Clean Climate Careers initiative following the US decision to withdraw from the Paris Accord. In the first phase of the programme the state will make an investment of up to US$1.5bn in major renewable energy projects, including wind and solar, and expand energy efficiency and solar installations at public buildings.

Allianz invests in Moapa solar

PFI Issue 603 - June 14, 2017

The AllianzGI infrastructure debt platform has made an investment on behalf of its clients in the Moapa Southern Paiute solar project in Clark County, Nevada. The project has a capacity of 250MW. Capital Dynamics’ Clean Energy and Infrastructure (CEI) acquired Moapa on March 29. The transaction was executed as a back-leverage loan in order to tailor the financing to the structure Capital Dynamics already had in place.

Sun Brilliance to develop merchant solar

PFI Issue 603 - June 14, 2017

Perth-based developer Sun Brilliance has received approval to build the A$160m (US$118m), 100MW Cunderin solar farm, which will be the biggest solar farm in West Australia by size and the biggest to-date in Australia by output.

Yingli hires debt advisers

PFI Issue 603 - June 14, 2017

China’s Yingli Green Energy has engaged Ernst & Young as its financial adviser and Simpson Thacher & Bartlett LLP and Commerce & Finance Law Offices as its legal advisers to resolve the debt repayment issues faced by the company’s principal subsidiaries.

F2i buys Veronagest wind

PFI Issue 603 - June 14, 2017

Investor F2i has bought the 282MW wind power portfolio of developer Veronagest for an undisclosed sum.

ERG to refinance three wind farms

PFI Issue 603 - June 14, 2017

ERG Renew is working on the refinancing of three operational wind farms totalling some 150MW with six banks.

Cubico seeks Silver Ridge refinancing

PFI Issue 603 - June 14, 2017

Cubico Sustainable Investments is looking to refinance the 105.6MW Silver Ridge solar power portfolio it bought in Italy from Riverstone and SunEdison earlier this year.

Sonnedix buys Aloe PVs

PFI Issue 603 - June 14, 2017

JP Morgan-owned Sonnedix has bought the 67MW operational solar power portfolio in France of local developer Aloe Energy from owners Ardian, Aloem and Debiopharm. Sonnedix took over Aloe’s pipeline of projects under development and the firm’s team.

Enel buys Campania wind

PFI Issue 603 - June 14, 2017

Enel Green Power has closed the €21m acquisition of two wind farms totalling 54.5MW in Campania from Amec Foster Wheeler.

Veja Mate construction completed

PFI Issue 603 - June 14, 2017

The sponsors of the €1.9bn 402MW Veja Mate offshore wind farm in the German North Sea have completed construction four months ahead of schedule.

Munich Re buys Eolus wind farm

PFI Issue 603 - June 14, 2017

Germany’s Munich Re has bought the 79MW Jenasen wind farm in Sweden for €106m from developer local Eolus Vind.

Energiekontor funds twin wind farms

PFI Issue 603 - June 14, 2017

German renewables developer Energiekontor has financed two wind farms with almost 20MW of capacity with debt provided by ING.

Falck refinances Sardinia wind farm

PFI Issue 603 - June 14, 2017

Falck Renewables has refinanced a non-recourse project financing for its 138MW Geopower wind farm in Sardinia.

BayWa expands abroad

PFI Issue 603 - June 14, 2017

German renewables company BayWa has broadened its international business by establishing four new units in Poland, France, the Netherlands and Thailand to expand in the solar power market.

Ideol raises more equity

PFI Issue 603 - June 14, 2017

Floating offshore wind project developer Ideol has raised €8m in financing. The latest financing round includes Amundi Private Equity Funds and some of Ideol’s existing shareholders – Tertium, PACA Investissement and Conseil Plus Gestion. New shareholders include two industrial players – Norway’s Siem Offshore Contractors and Japan’s Hitachi Zosen.

CEZ gets a foothold

PFI Issue 603 - June 14, 2017

Czech energy group CEZ has entered the French renewable market by buying a portfolio of nine wind farm development projects in six locations from ABO Wind totalling 100MW. CEZ expects to fund the schemes via third-party debt. The schemes will be developed over the next five years backed by 15-year feed-in tariff (FiT) contracts. 

New onshore tender started

PFI Issue 603 - June 14, 2017

Germany has launched a new 1GW onshore wind tender, having awarded 807MW in the first tender last month (PFI issue 602). The bidding cap on the new tender is €70 compared with an average tariffs of €57.10/MWh in the last tender. Bids are due by August 1.

Falck JVs on 150MW

PFI Issue 603 - June 14, 2017

Falck Renewables has entered a joint venture with local firm Kemperman & Partners to develop an initial portfolio of 150MW of onshore wind and solar projects that are at an early stage of development. The JV marks the entry of Falck into the Dutch market. Falck expects to fund the schemes with third-party debt.

CfD timetable out

PFI Issue 603 - June 14, 2017

The dates for notification of the winning bids on the contract for difference (CfD) auction have been released. Regulator Ofgem has opened the window for appeals from non-qualifying applicants under the tender process started in April.

Canadian Solar to sell

PFI Issue 603 - June 14, 2017

Canadian Solar is putting its 150MW operational solar portfolio up for sale and expects to complete the deal by year-end.

FC for first solar

PFI Issue 603 - June 14, 2017

Financial close has been confirmed for the country’s first large-scale solar plant, the 40MW Mocuba project in the north of the country.

USTDA backs first wind farm

PFI Issue 603 - June 14, 2017

The US Trade & Development Agency is to provide a grant to fund a feasibility study on the US$275m, 130MW Zambian wind farm being developed by Access Power and EREN Renewable Energy. The project would be the country’s first wind farm.

Energon Soleq raises solar loan

PFI Issue 603 - June 14, 2017

Energon Soleq India Power Resources Pte Ltd (ESIPRPL) has developed two solar power projects with a total capacity of 100MW. The projects are located at Minpoor and Sadashivpet in Sangareddy district, Telangana. 

Equis and Haryana sign MoU

PFI Issue 603 - June 14, 2017

Equis Energy and the government of Haryana have signed a memorandum of understanding to develop solar projects. The move is aimed to support India’s ambitious renewable energy target of 57% of installed capacity by 2027.

Solairedirect raises funds

PFI Issue 603 - June 14, 2017

Solairedirect Energy India has raised a Rs6,708m (US$104m) loan for the financing of a 2x70MW solar PV project in Bhadla Solar park. It is being implemented via an SPV called Solaire Surya Urja Pvt Ltd.

Renew Power secures solar loan

PFI Issue 603 - June 14, 2017

Renew Power Ventures, via SPV Renew Agni Power, has raised a Rs8,715.3m (US$135m) loan facility to finance the development of a 180MW solar power project in the state of Karnataka.

Alsons eyes expansion

PFI Issue 603 - June 14, 2017

Alcantara-owned Alsons Consolidated Resources (ACR) is eyeing an expansion of operations in Indonesia, just south of the Philippines’ Mindanao Island where it is based. 

SPC Power eyes hydro

PFI Issue 603 - June 14, 2017

Publicly listed SPC Power Corporation is looking at potential investments in renewable energy (RE) projects, starting with a hydro venture.

GE Renewable and MRP sign wind agreement

PFI Issue 603 - June 14, 2017

GE Renewable Energy, global wind and solar company Mainstream Renewable Power (MRP) and local Vietnamese partner Phu Cuong have signed a US$2bn joint development agreement to develop, build and operate the 800MW Phu Cuong wind farm in Soc Trang province.

Wind bids in

PFI Issue 603 - June 14, 2017

A total of just over 2,490MW of applications for wind power projects were submitted in Russia’s renewable energy tender, which sought 1,900МW of wind capacity for the years from 2018 to 2022.

DEWA solar FC due

PFI Issue 603 - June 14, 2017

The DEWA solar financing documents were signed in Dewa’s office last week. Financial close is now due. Sponsors Masdar and EDF are raising US$700m in seven-year soft mini-perm debt towards the US$900m project.

Engie into Ada wind farm

PFI Issue 603 - June 14, 2017

Engie and eleQtra have signed a joint development agreement for the construction of the 50MW Ada wind farm in the Greater Accra region.Engie will take a 40% stake in the project, which is expected to require an investment of approximately US$120m and start operations early in 2019. Initial studies have already been completed and demonstrate the project’s viability, according to a press release from Engie. 

Saudi Arabia's King Salman bin Abdulaziz Al Saud and Bahrain's King Hamad bin Isa Al Khalifa

Causeway and effect

PFI Issue 603 - June 14, 2017

Transport PPPs in the Gulf have failed to make any headway. One project could break the deadlock, given that it is already operational. By Rod Morrison.

IFA attempts to take over I-69

PFI Issue 603 - June 14, 2017

 

 A plane on the runway at the Alexandros Papadiamantis airport on the Greek island of Skiathos on June 14, 2013. At 5341 foot, the runway is amongst the shortest in Europe David Fowler | Dreamstime.com Skiathos Airport, Greece

Handing over the regional airport keys

PFI Issue 603 - June 14, 2017

The fourteen regional airports project represents the largest privatisation accomplished in Greece to this day, bringing to the Hellenic Republic the highest concession fee revenue ever to be received in its history both on an upfront and ongoing basis. By Ellie Kakoullou and Nikos Nezeritis, structured finance division, Alpha Bank.

Fukuoka Airport privatisation kicks off

PFI Issue 603 - June 14, 2017

Japan’s Ministry of Land, Infrastructure, Transport & Tourism (MLIT) has started the bidding process to privatise the operating rights to the terminal at Fukuoka Airport.

Ten prequalify for Agua Negra tunnel

PFI Issue 603 - June 14, 2017

Ten consortia featuring 29 companies have prequalified for the tender to construct the Agua Negra tunnel connecting Argentina and Chile. The works are slated to require US$1.5bn.

FDN offers 4G peso credit line

PFI Issue 603 - June 14, 2017

National development lender Financiera de Desarrollo Nacional (FDN) has extended a Ps1.5trn (US$518.1m) credit line to international banks to ensure closure of 4G debt packages.

BC political upheaval creates project uncertainty

PFI Issue 603 - June 14, 2017

Projects in British Columbia in multiple sectors are facing uncertainty in the wake of the New Democratic Party (NDP) and Green parties announcing a four-year alliance aimed at forming a minority government.

Details emerge on Great Hall P3 structure

PFI Issue 603 - June 14, 2017

Denver International Airport (DIA) is revealing some of the details of how its public-private partnership with a team led by Ferrovial will be structured for the Great Hall renovation. The concession will have a term of 34 years and DIA will make annual payments of US$30m to the private team. Ferrovial will give DIA an 80% share of terminal concession revenue.

Reliance Rail looks to refinance

PFI Issue 603 - June 14, 2017

The New South Wales government has invited investment banks to make pitches to handle the US$1.6bn refinancing of Reliance Rail. A decision on the mandate is expected next week. Lazard had handled the previous financing for the government but the government is understood to want someone new.

Govt considers Brisbane Metro bus PPP

PFI Issue 603 - June 14, 2017

The Queensland government is undertaking a value for money analysis to determine whether an availability PPP for the Brisbane Metro bus network is the best option to deliver the US$698m project.

San Pedro port concession signed

PFI Issue 603 - June 14, 2017

Switzerland’s Mediterranean Shipping Company (MSC) has signed a 35-year concession agreement for the expansion of the San Pedro container terminal, in Côte d’Ivoire’s second-largest port.

Airport debt signed

PFI Issue 603 - June 14, 2017

Debt has been signed for the Madagascar Airport concession, which was taken over by Ravinala Airports in December.

Scandlines refi due

PFI Issue 603 - June 14, 2017

The refinancing of the loan on the Scandlines ferry business should close soon. The deal was originally set at 60% for banks and 40% institutions, but this has been reversed on demand from the institutions.

New airport loan to sign

PFI Issue 603 - June 14, 2017

Uganda is close to securing a €325m loan from UK Export Finance, the UK government’s export credit agency, and Standard Chartered for a new international airport to service its oil industry, Reuters has reported. 

CRR 4 concession signed

PFI Issue 603 - June 14, 2017

Project sponsor South-Eastern Railway has signed a concession agreement with state highways agency Avtodor on the financing, construction and operation of Moscow’s central ring road (CRR) section four, the last section of the highway.

Appa announces port ambitions

PFI Issue 603 - June 14, 2017

Port administrator Administração dos Portos de Paranaguá e Antonina (Appa) has published a decree aiming to create a strategic plan for upgrades called Planejamento Estratégico da Infraestrutura Marítima do Paraná (PEIM).

Downgrades for infra companies

PFI Issue 603 - June 14, 2017

Moody’s has affirmed the ratings but changed the outlook for 15 infrastructure companies operating in Brazil to negative from stable.

Sacyr 4G contract nixed

PFI Issue 603 - June 14, 2017

Agencia Nacional de Infraestructura (ANI) has announced the cancellation of Sacyr’s contract for the Puerta de Hierro–Palmar de Varela and Carreto–Cruz del Viso roadway public-private partnership.

Diego Airport concession awarded

PFI Issue 603 - June 14, 2017

The Ministry of Public Works (MOP) has awarded Consorcio Aeropuertos Asociados, formed by A Port Chile and Zurich Airport Latin America, the mandate to operate and expand the Diego Aracena International Airport in Iquique.

Lawmakers come for Odebrecht

PFI Issue 603 - June 14, 2017

Five people were arrested and several companies raided as lawmakers in Ecuador came after embattled Brazilian company Odebrecht. The scandals involving Odebrecht have now spread to 12 countries in the region. The arrests occurred after Ecuador’s chief prosecutor Carlos Baca met with the attorney general in Brazil.

Keen interest in Rutas del Loa PPP

PFI Issue 603 - June 14, 2017

A group of 17 companies and consortia have expressed interest in the relaunched concession for the Rutas del Loa highway project.

Met Airport PPP tender to begin in 2018

PFI Issue 603 - June 14, 2017

The Costa Rican Ministry of Public Works & Transportation (MOPT) has announced that work will begin in 2018 on the greenfield Metropolitan International Airport with the launch of a tender process.

Leader partners RDIF on Russian transport

PFI Issue 603 - June 14, 2017

Russian asset manager Leader and sovereign wealth fund Russian Direct Investment Fund (RDIF) have established United Transport Concession Holding to invest in the construction and operation of transport PPPs across the Russian Federation.

Deutsche Bank and CDB into OBOR

PFI Issue 603 - June 14, 2017

Deutsche Bank and China Development Bank are teaming up to finance infrastructure projects potentially worth US$3bn over the next five years as part of China’s One Belt, One Road initiative.

Five bids for AVO II highway

PFI Issue 603 - June 14, 2017

The Ministry of Public Works (MOP) has seen five technical bids for the construction of the second sector of the Americo Vespucio Oriente highway or AVO II project in the capital Santiago.

Single offer for tunnel works

PFI Issue 603 - June 14, 2017

A sole bid from Consorcio La Línea was submitted to the tender to complete the La Linea tunnel project. The consortium features Conconcreto and CSS Constructores.

Three shortlisted on Hurontario LRT

PFI Issue 603 - June 14, 2017

Infrastructure Ontario and Metrolinx have shortlisted three teams to design, build, finance, operate and maintain the Hurontario light rail transit (LRT) project.

Work suspended on Purple Line

PFI Issue 603 - June 14, 2017

Maryland Transportation Secretary Pete Rahn has ordered Purple Line Transit Partners, a consortium of Meridiam, Fluor, and Star America, to stop executing new construction contracts on the US$5.6bn Purple Line light rail project.

Bidding opens on Kansas City Airport

PFI Issue 603 - June 14, 2017

The mayor of Kansas City, Missouri, has opened up bidding on the Kansas City airport terminal project after receiving a second proposal. Aecom submitted a letter to the mayor asking to be included in talks after engineering firm Burns & McDonnell submitted a US$1bn privately financed plan.

High Speed Rail looks to reprice loan

PFI Issue 603 - June 14, 2017

The Taiwan High Speed Rail project (THSRC) is speeding into profitability and the company is now talking to its lenders to reprice and prepay the loan that kept the railroad from going under a few years ago.

HSR briefing in July

PFI Issue 603 - June 14, 2017

MyHSR Corporation of Malaysia and Land Transport Authority of Singapore (LTA) will jointly conduct an industry briefing on July 5 in preparation for a tender for the assets company (assetsco) for the Kuala Lumpur to Singapore High Speed Rail (HSR) project.

South Korea offers US$1bn soft loans

PFI Issue 603 - June 14, 2017

The South Korean government, through the Export-Import Bank of Korea (Kexim), is offering US$1bn of concessional loans to finance infrastructure projects in the Philippines. The loans will be available for six years.

NEDA approves four infra projects

PFI Issue 603 - June 14, 2017

The National Economic & Development Authority (NEDA) has approved four infrastructure projects that have an estimated combined value of Ps541.6bn (US$10.9bn).

Cordova Bridge loan readied

PFI Issue 603 - June 14, 2017

Metro Pacific Tollways Development Corp (MPTDC) is preparing to sign the financing for the 8.25km Ps27.9bn (US$563m) Cebu–Cordova toll bridge, the Cebu–Cordova Link Expressway. It is one of the biggest infrastructure projects outside the Manila region.

Cebu Airport expansion mulled

PFI Issue 603 - June 14, 2017

The operator of the Mactan–Cebu International Airport (MCIA) is planning an expansion of the airport. It has submitted a Ps208bn (US$4.2bn) unsolicited proposal for the construction of a second runway and expansion of the airport.

Campogalliano–Sassuolo to start next year

PFI Issue 603 - June 14, 2017

The Italian government has set a timeline for the construction of the Campogalliano–Sassuolo motorway, more than two years after signing the project’s concession.

Ardian buys into Gavio road

PFI Issue 603 - June 14, 2017

French investor Ardian has agreed to buy a 49% stake in the Gavio Group’s Autovia Padana toll road for about €80m, launching a partnership between the motorway operator and the private equity firm.

Athens Airport concession extension approved

PFI Issue 603 - June 14, 2017

Athens International Airport (AIA) has received initial approval from privatisation fund HRADF to extend its concession to operate the Greek capital’s main airport by 20 years, until 2046.

APRR issues bonds

PFI Issue 603 - June 14, 2017

French toll road operator Autoroutes Paris-Rhin-Rhone (APRR), owned by Macquarie and Eiffage, has issued €500m of bonds in its second deal this year.

Assured wraps more Eurotunnel

PFI Issue 603 - June 14, 2017

Assured Guaranty has provided a €90m financial guarantee to Eurotunnel to provide liquidity to back debt service payments on the recent €2bn floating-rate note refinancing (PFI issue 602). The guarantee facility runs to 2050. 

New adviser on M25 refi

PFI Issue 603 - June 14, 2017

HSBC has been appointed to advise the shareholders on refinancing the £1.15bn project loan on the M25 private finance initiative (PFI) scheme. RBC and Credit Agricole were previously advising.

Govt debt for Kastelli Airport

PFI Issue 603 - June 14, 2017

The new Kastelli Airport project on Crete, awarded this week to a GMR Infrastructure/Terna team, will be financed mainly from a grant from the government and the Airport Modernisation & Development Tax. No external debt will be raised. The scheme will cost €530m and the concession will run for 35 years including five years for construction.

BC political upheaval creates project uncertainty

PFI Issue 603 - June 14, 2017

Projects in British Columbia in multiple sectors are facing uncertainty in the wake of the New Democratic Party (NDP) and Green parties announcing a four-year alliance aimed at forming a minority government.

Gas pipeline planned for Assam

PFI Issue 603 - June 14, 2017

India’s downstream regulator, the Petroleum & Natural Gas Regulatory Board (PNGRB), has started consultation talks on a proposed 750km natural gas pipeline that would link the north-east region to the national grid to meet increasing fuel needs.

Pertamina and PGN to build gas pipelines

PFI Issue 603 - June 14, 2017

State oil and gas giant Pertamina and state gas company PGN have signed heads of agreement to build pipelines connecting Duri and Dumai in Riau province.

Inpex seeks consultants for Masela project

PFI Issue 603 - June 14, 2017

Inpex Masela, the operator of the Masela block, has started the planning phase of the Abadi gas field in the block.

New bidder for Lattice Energy

PFI Issue 603 - June 14, 2017

The potential sale of Origin Energy’s oil and gas assets, Lattice Energy, has attracted US-based Questus Energy, which is being advised by Morgan Stanley.

APA to buy gas plant

PFI Issue 603 - June 14, 2017

APA Group has entered into agreements with Cooper Energy to purchase, upgrade and operate the Orbost Gas Processing Plant, to process natural gas from the Sole gas field.

Amey Equitix seeks smart debt

PFI Issue 603 - June 14, 2017

The Amey Equitix smart meter joint venture is said to be seeking debt for the first phase of its build-out programme. Amey has already installed 300,000 smart meters across the UK and is now seeking to become an asset owner in the sector.

Nord Streams finalises partner loan

PFI Issue 603 - June 14, 2017

The partners in the Nord Stream 2 gas pipeline scheme have signed an agreement to provide a €6.65bn loan to the project in case of insufficient project financing. The cost of the loan is 5.75% to 6.75%, depending on the volume of financing taken up.

TurkStream PF due

PFI Issue 603 - June 14, 2017

Gazprom’s TurkStream project is expected to utilise project finance, it has emerged. The scheme was highlighted at the recent St Petersburg International Economic Forum.

Neptune RCF due into general

PFI Issue 603 - June 14, 2017

The US$2bn seven-year revolving credit facility backing Neptune Energy’s purchase of Engie’s North Sea assets is due into general syndication next week. The deal was led by BNP Paribas, Citigroup, HSBC, Natixis and Societe Generale and seven more banks have joined on a take-and-hold basis.

GyM appoints risk and compliance officer

PFI Issue 603 - June 14, 2017

Graña y Montero has appointed Fernando Dyer as its new chief risk and compliance officer. His main role will be to ensure that the company has adequate risk management procedures, with a particular focus on ethics, conduct and anti-corruption policies, under the supervision and reporting of the board’s risk, compliance and sustainability committee.

LNG Ltd considers US listing

PFI Issue 603 - June 14, 2017

Australia’s Liquefied Natural Gas Ltd (LNG Ltd) is evaluating a potential US listing, either on the New York Stock Exchange or Nasdaq, as it moves forward in the development of its Magnolia LNG project in Louisiana and the Bear Head LNG project in Canada.

​Cheniere Midship gets EIG commitment

PFI Issue 603 - June 14, 2017

Cheniere Energy has received a US$500m funding commitment from EIG Global Energy Partners to develop its proposed Midship gas pipeline project.

Woodside signs LNG supply contract

PFI Issue 603 - June 14, 2017

 

Fortuna FLNG offtakers shortlisted

PFI Issue 603 - June 14, 2017

The country’s oil minister has announced the shortlist for the offtake on the US$2bn Fortuna floating LNG project being developed by Equatorial Guinea, Ophir Energy and Golar LNG and Schlumberger’s OneLNG.