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Sunday, 17 February 2019

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LNG tank

APLNG refinancing oversubscribed

PFI Issue 642 - February 13, 2019

The first major LNG financing this year is being wrapped up. The results show there is plenty of liquidity in the market. By John Arbouw.

Saudi Aramco and ADNOC

Gulf majors go global

PFI Issue 642 - February 13, 2019

The global oil and gas industry has some new kids on the block, the old Gulf majors. The Gulf companies are on the hunt around the world to join the next wave of LNG developments.

Floating LNG tanker

Moheshkhali floating LNG – A first for Bangladesh

PFI Issue 642 - February 13, 2019

A cutting-edge LNG floating storage and regasification unit, located 5km offshore Moheshkhali Island in south-eastern Bangladesh, has been developed and operated by Excelerate Energy and project-financed by a consortium of lenders led by the IFC. By Nicholas Wong, partner, Henry Yip, counsel, Per Lindberg, senior associate and Malcolm Ong, associate, Clifford Chance, Singapore office.

PetroBangla seeks EoIs for onshore LNG terminal

PFI Issue 642 - February 13, 2019

State-run Bangladesh Oil, Gas & Mineral Corporation (PetroBangla) plans to have its first onshore LNG receiving terminal located at Matarbari, Cox’s Bazar. It is currently in the process of appointing a contractor for the feasibility study for the project.

Egypt oil and gas

Egypt on the verge of gas hub status

PFI Issue 642 - February 13, 2019

Despite some significant setbacks at the beginning of the last decade, Egypt’s long-held ambition to be a major gas trading and export hub may now be nearing realisation. By Richard Keenan, partner, and Graham Vinter, chair of Covington’s Global Project Finance Practice Group.

Carroll County TLB pricing cut

PFI Issue 642 - February 13, 2019

Advanced Power, through subsidiary Carroll County Energy, cut pricing on its US$460m, seven-year Term Loan B ahead of commitments due by Thursday February 14.

Shell looks to develop Crux gas field

PFI Issue 642 - February 13, 2019

Shell Australia and its partner Seven Group Holdings are expected to make a final investment decision (FID) on the US$2bn development of the Crux gas project off the north-west coast of Australia by next year, with the FEED process already under way.

AGIG to begin operating Tanami pipeline

PFI Issue 642 - February 13, 2019

CKI-owned Australian Gas Infrastructure Group, formerly Duet, has received approval to begin operating its A$170m (US$120m) Tanami Gas pipeline in the Northern Territory.

ExxonMobil awards FEED contract for Blue Whale

PFI Issue 642 - February 13, 2019

ExxonMobil, with joint venture partners PetroVietnam and PetroVietnam Exploration Production Corporation, has awarded the contract for front-end engineering and design (FEED) to Italy’s Saipem to develop the Blue Whale gas-to-power project, the Ca Voi Xanh (CVX) scheme.

Indonesia Power seeks Jambi 1 IPP partner

PFI Issue 642 - February 13, 2019

Indonesia Power (IP), a subsidiary of PLN, is seeking an equity partner to develop, finance, build and operate the Jambi-1 mine-mouth independent power project (IPP) in Sumatra.

Loan signing set for Summit LNG terminal

PFI Issue 642 - February 13, 2019

Summit Corporation and Mitsubishi Corp are targeting to sign their bank loan financing for the development of the Summit LNG (SLNG) terminal within the next two months, possibly before the end of March.

Phoenix board approves LNG JV with CNOOC

PFI Issue 642 - February 13, 2019

The board of Phoenix Petroleum has officially given its approval for the setting up of a joint venture with China National Offshore Oil Corp (CNOOC) to operate LNG-related trade and services under its proposed integrated LNG hub project, which includes a proposed LNG receiving terminal and the operation of a gas-fired power plant.

PFC acquisition of REC approved

PFI Issue 642 - February 13, 2019

The central government, through the Competition Commission of India, is reported to have approved Power Finance Corporation’s (PFC) acquisition of a 52% stake in Rural Electrification Corporation (REC).

State Gas hires financial advisor

PFI Issue 642 - February 13, 2019

Highbury Partnerships has been given the mandate by Queensland-based State Gas to advise on potential takeover over bids for itself.

Govt to auction PPAs

PFI Issue 642 - February 13, 2019

The Indian government is reported to have launched the reverse e-auction of power purchase agreements (PPAs) for 10,000MW of stressed coal-fired power stations with a 2,500MW tender last week and 5,000MW of power purchase contracts to be offered shortly. The PPAs will have guaranteed coal supplies attached.

Maybank gives Hyflux another extension

PFI Issue 642 - February 13, 2019

Maybank has given water treatment specialist Hyflux another month to execute a binding agreement with a successful bidder or investor in the Tuaspring integrated water and power plant (IWPP) project. Hyflux now has until February 28 to do so, its fourth extension.

Petronas issues RFP on Limbayong FPSO

PFI Issue 642 - February 13, 2019

Petronas has issued a request for proposals (RFP) for a floating production, storage and offloading (FPSO) vessel that will be installed at its Limbayong oil and gas field development.

Covanta team unchallenged on QC waste PPP

PFI Issue 642 - February 13, 2019

The Quezon City (QC) local government failed to get any submissions for the Quezon City integrated solid waste management facility project by February 4, the submission date.

Van Phong loan signing soon

PFI Issue 642 - February 13, 2019

Sumitomo Corp and financial adviser SMBC are preparing to hold soon, within this quarter, the loan signing for the 1,320MW Van Phong 1 ultra super-critical coal-fired power plant.

Loan RFP out for JTB

PFI Issue 642 - February 13, 2019

Pertamina EP Cepu (PEPC) and financial adviser MUFG have finally rolled out the invitations for the financing of the Jambaran-Tiung Biru (JTB) gas field unitisation project, possibly Indonesia’s largest onshore gas development project to-date.

Banten Energi concludes refi with a bond

PFI Issue 642 - February 13, 2019

Lestari Banten Energi (LBE), the independent power plant developed by Malaysia’s Genting Power and partner SDIC, has successfully raised US$775m via a 20-year project bond issue, bringing some twinkle into the debt market.

IPC plans 1GW IPP

PFI Issue 642 - February 13, 2019

London-based Independent Power Corporation (IPC), headed by Peter Earl, is developing a 1GW gas-fired independent power project at Yashma. The scheme will be bilaterally negotiated with state utility AzerEnerji.

Shell to sell to TNOG

PFI Issue 642 - February 13, 2019

Banks are working on financing the acquisition of US$2.5bn of Shell assets by companies run by Nigerian tycoon Tony Elumelu, first reported last summer.

Focus back on small nukes

PFI Issue 642 - February 13, 2019

Rolls-Royce is seeking more than £200m from the government to develop the technology on its small nuclear project via UK Research & Innovation (UKRI).

Government to fund Krk LNG

PFI Issue 642 - February 13, 2019

The Croatian government is stepping in to finance the Krk LNG terminal with €100m, energy minister Tomislav Coric said.

Intesa bridges Amur GPP

PFI Issue 642 - February 13, 2019

Intesa has provided a €3bn bridge loan guaranteed by Gazprom to the project company building the €19bn Amur gas processing plant (GPP), Gazprom Pererabotka Blagoveschensk, according to Interfax.

UBS buys and funds LPG distributor

PFI Issue 642 - February 13, 2019

UBS Asset Management has bought Gascan, Portugal’s second-largest liquefied petroleum gas (LPG) distributor from Spanish private equity firm Arta Capital, part of the March group.

Kirkland oil & gas partner to Latham

PFI Issue 642 - February 13, 2019

Jonathan Castelan has joined Latham & Watkins’s Houston office as a partner in the corporate department and a member of the mergers and acquisitions practice.

W&C hires Houston oil & gas partner

PFI Issue 642 - February 13, 2019

White & Case has hired Byron Romain as a partner in the firm’s global project development and finance practice. He will work closely with its global oil and gas industry group.

Energy regulatory partner to Kirkland

PFI Issue 642 - February 13, 2019

Brooksany Barrowes has joined Kirkland & Ellis as a corporate practice partner in energy and infrastructure.

Sev.en buys InterGen stake

PFI Issue 642 - February 13, 2019

Czech group Sev.en Energy, formerly Czech Coal, has bought a 50% stake in power generation company InterGen from OTPP. China Huaneng/Guangdong Yudean owns the other 50%.

Meralco gets new chief

PFI Issue 642 - February 13, 2019

Philippine power retailer Manila Electric (Meralco) has appointed Ray Espinosa as its president and chief executive from May 28 this year.

Oil India taps bond market

PFI Issue 642 - February 13, 2019

Oil India has successfully raised US$550m from the Asian Reg S market. The 10-year bonds have a fixed interest rate of 5.12% and are rated Baa2 by Moody’s and BBB by Fitch. The issue was oversubscribed more than 4.5x.

Revere Power TLC downsized

PFI Issue 642 - February 13, 2019

Carlyle Power Partners’ Revere Power unit has downsized the Term Loan C portion of its US$586m package backing the acquisition of three New England gas-fired projects.

Cash sweep on St Joseph's reduced

PFI Issue 642 - February 13, 2019

Sponsors of the 709MW St Joseph’s Energy Center gas-fired project in Indiana have introduced an amendment to its roughly US$450m financing that will reduce the cash sweep feature to 50% from 75%.

U of Iowa considers utility P3

PFI Issue 642 - February 13, 2019

Administrators at the University of Iowa have revealed they are in early stages of exploring a public-private partnership (P3) for operations of the university’s utility system.

TPL Colombia closes bond

PFI Issue 642 - February 13, 2019

TPL Colombia has closed a US$410m bond deal backing its financing and expansion needs. The notes due in 2029 were priced at 7.875%. The deal was upsized from US$300m on strong investor demand.

TLB launched to fund EPIC pipeline

PFI Issue 642 - February 13, 2019

EPIC Crude Services has launched a financing package to fund construction of the 730-mile EPIC oil pipeline in New Mexico and Texas.

Port Arthur LNG receives FEIS

PFI Issue 642 - February 13, 2019

Sempra Energy has received a favourable final environmental impact statement (FEIS) from the Federal Energy Regulatory Commission (FERC) on the Port Arthur LNG export project in Jefferson County, Texas and its connecting pipelines.

First Infrastructure Capital to acquire midstream

PFI Issue 642 - February 13, 2019

First Infrastructure Capital Advisors has agreed to acquire WhiteWater Midstream from Denham Capital Management and Ridgemont Equity Partners.

Exxon and Qatar Petroleum reach FID on Golden Pass

PFI Issue 642 - February 13, 2019

ExxonMobil and Qatar Petroleum have made a positive final investment decision (FID) on the US$10bn Golden Pass LNG export project in Sabine Pass, Texas.

Cali university shortlists four on energy P3

PFI Issue 642 - February 13, 2019

California State University in Fresno has shortlisted four consortia on its energy public-private partnership.

NTE mandates for Reidsville IPP

PFI Issue 642 - February 13, 2019

NTE Energy has tapped Credit Agricole and SMBC to lead a debt financing of the company’s 475MW Reidsville Energy Center in North Carolina.

Refi prepped for Oregon Clean Energy IPP

PFI Issue 642 - February 13, 2019

Sponsors of the 961MW Oregon Clean Energy (OCE) gas-fired project in Oregon, Ohio have launched a US$550m credit facility that will refinance debt and pay a distribution to the owners.

Abu Dhabi solar

EWEC offers 4GW

PFI Issue 642 - February 13, 2019

ADWEA successor Emirates Water & Electricity Company is in tender mode once again. The utility is seeking solar PV, CCGT and RO capacity. By Rod Morrison.

WPD selects banks

PFI Issue 642 - February 13, 2019

German wind developer WPD has selected 18 lenders to finance its 708MW Yunlin offshore wind farm project.

Offshore wind complicates New England auctions

PFI Issue 642 - February 13, 2019

The New England capacity auction brought a series of regulatory issues to light and represented a new first in renewable energy.

Skyline buy backed by Capitol One tax equity

PFI Issue 642 - February 13, 2019

Skyline Renewables has acquired a 117MW US wind portfolio from NJR Clean Energy Ventures (CEV), the clean energy subsidiary of New Jersey Resources (NJR).

AGL to build pumped hydro plant

PFI Issue 642 - February 13, 2019

AGL says it is looking to build a 250MW pumped hydro plant at Bells Mountain in New South Wales and will spend A$25m to upgrade the coal-fired Loy Yang power station in Victoria. AGL made the comments when releasing the company’s half-year results.

Eni buys NT solar project

PFI Issue 642 - February 13, 2019

Eni Australia, the local subsidiary of the Italian oil and gas company, has made its first acquisition in the Australian renewables market in buying the 33MW Katherine solar project in the Northern Territory from Epuron and UK-based Island Green Power.

Energy Projects Solar to build 500MW project

PFI Issue 642 - February 13, 2019

Energy Projects Solar (EPS), an Australian renewable energy developer, is reported to have put in an application to the South Australian government to build a A$1.2bn(US$860m), 500MW solar project and a 250/1,000MW battery storage facility at Robertstown north-east of Adelaide.

Adani Renewables looks for solar project approval

PFI Issue 642 - February 13, 2019

Adani Australia Renewables is reported to have asked the South Australian government for approval to build a 160MW solar project at Whyalla.

Bids firm up for Collgar wind farm

PFI Issue 642 - February 13, 2019

Second-round bids have been put in to buy UBS Asset Management’s 60% ownership of the 206MW Collgar wind farm in West Australia. REST Super owns the other 40%.

InfraCo Asia signs deal on hydro portfolio

PFI Issue 642 - February 13, 2019

InfraCo Asia Development has signed a joint investment and development agreement (JIDA) with Markhor Energy to develop a portfolio of four hydropower projects in the province of Khyber Pakhtunkhwa (KPK) in Pakistan.

Wind auction attracts foreign bidders

PFI Issue 642 - February 13, 2019

The central government’s 1,200MW wind auction is reported to have attracted bids from a number of international developers and was oversubscribed.

Discoms face power cut-off

PFI Issue 642 - February 13, 2019

Central government-owned National Thermal Power Corp (NTPC) is reported to be threatening to stop the supply of power to distribution companies (discoms) in Andhra Pradesh, Telangana, and Karnataka unless they start paying the US$814.99m they owe.

GUVNL solar auction oversubscribed

PFI Issue 642 - February 13, 2019

Gujarat Urja Vikas Nigam Ltd’s 500MW Phase IV solar auction is reported to have been oversubscribed by 545MW. GUVNL did not set a tariff cap.

SECI to auction 4.5GW of solar

PFI Issue 642 - February 13, 2019

Solar Energy Corporation of India Ltd (SECI) is trying once again to attract bidders for solar capacity linked to manufacturing after failing to attract sufficient bids for a tender last May.

Govt proposes new offshore wind policy

PFI Issue 642 - February 13, 2019

The Indian government is proposing to lease offshore wind projects for development within the Exclusive Economic zone through international bidding.

EDF and Sitac Re to build 300MW wind project

PFI Issue 642 - February 13, 2019

EDF Renewables and Sitac Re are reported to have signed a deal with the Solar Energy Corporation (SECI) for a 25-year power purchase agreement (PPA) to develop a 300MW wind project.

Terregra Renewables to develop new solar farm

PFI Issue 642 - February 13, 2019

Indonesia’s Terregra Renewables, which has ambitions to develop about 35MW of solar, is reported to be ready to ask the government for approval for the 5MW Moyhall solar project in South Australia.

Palisade to make Hallett 1 refinancing decision

PFI Issue 642 - February 13, 2019

Palisade Investment Partners is considering various options including a possible bond issue to refinance the A$236m (US$170m) project finance debt of the 94.5MW Hallett 1 wind farm in South Australia.

PLN to add 736.6MW of renewables in new plan

PFI Issue 642 - February 13, 2019

State-run utility company Perusahaan Listrik Negara (PLN) will be adding 736.6MW of new renewable-based power plants this year, based on the latest power supply business plan (RUPTL in the Indonesian acronym).

Govt maintains 2025 nuclear-free target

PFI Issue 642 - February 13, 2019

The Taiwanese government will maintain its target of being nuclear-free by 2025, despite last year’s referendum vote against abolishing nuclear energy.

Recurrent Energy exec to Radian

PFI Issue 642 - February 13, 2019

Solar and wind asset management firm Radian has appointed former Recurrent Energy executive Andrew Griffiths to the post of managing director of asset management services.

Pillsbury hires renewables partner from Tesla

PFI Issue 642 - February 13, 2019

Pillsbury has hired former Tesla associate general counsel Jorge Medina as a partner in its tax practice and on its energy industry team in Los Angeles.

Terranova back to EMEA

PFI Issue 642 - February 13, 2019

Stefano Terranova, who was head of Engie’s acquisitions, investment and financial advisory arm (AIFA) in south Asia and the Middle East & Africa until late 2015, has returned to Europe as general manager of distributed hybrid energy storage systems (HyESS) company Engie EPS.

Zencap Green debt fund to first close

PFI Issue 642 - February 13, 2019

Zencap Asset Management has reached first close on its third energy infrastructure debt fund and received green certification.

Leyline Renewable Energy closes fund

PFI Issue 642 - February 13, 2019

Renewable energy finance company Leyline Renewable Energy has raised US$12.5m for its first fund. Windstar Fund I will provide development-stage capital for renewable energy infrastructure projects in the US.

New Energy Capital raises US$500m fund

PFI Issue 642 - February 13, 2019

Clean energy private equity firm New Energy Capital Partners has reached final close on New Energy Capital Infrastructure Credit Fund II.

BayWa enters Italian PPA market

PFI Issue 642 - February 13, 2019

German renewable energy company BayWa has set up a unit in Italy to take part in the country’s nascent renewables power purchase agreement (PPA) market.

Plan 8 lands wind approval

PFI Issue 642 - February 13, 2019

Plan 8 Energia Infinita has landed environmental approval from the O’Higgins Region for the 138MW Litueche wind facility.

Powertis announces 1GW of PV projects

PFI Issue 642 - February 13, 2019

Madrid-based solar developer Powertis is looking to add 1GW of solar photovoltaic projects in Brazil, with construction expected to kick off in the first quarter of 2020.

Mega wind scheme into construction

PFI Issue 642 - February 13, 2019

Italy’s Enel, through local subsidiary Enel Green Power Brasil Participações, has kicked off construction of the 716MW Lagoa dos Ventos wind farm in the north-eastern state of Piauí.

Acciona lands VAT facility

PFI Issue 642 - February 13, 2019

Acciona Energía Chile has landed a US$27m VAT facility through Banco Santander backing the 183MW San Gabriel wind farm in Araucanía.

NIPSCO contracts backs wind farms

PFI Issue 642 - February 13, 2019

Northern Indiana Public Service Company (NIPSCO) has finalised long-term contract agreements with Apex Clean Energy, EDP and NextEra to develop three wind farms totalling 802MW.

Lightsource BP selected for Penn State solar

PFI Issue 642 - February 13, 2019

Lightsource BP has been selected to construct a 70MW solar project for Pennsylvania State University.

Argo invests in Onyx Renewables C&I

PFI Issue 642 - February 13, 2019

Argo Infrastructure Partners has invested in a 114MW portfolio of commercial and industrial (C&I) solar assets with long-term power purchase agreements (PPAs).

BlackRock reaches deal to sell solar

PFI Issue 642 - February 13, 2019

BlackRock Real Assets has agreed to sell a portfolio of four operating solar projects in Ontario to Washington-based insurance and financial services provider Ullico.

Sonnedix buys more solar assets

PFI Issue 642 - February 13, 2019

IPP Sonnedix has acquired two solar portfolios with a total capacity of 32MW across Chile.

Canadian Solar lands BNB financing

PFI Issue 642 - February 13, 2019

Canadian Solar has closed a R$295m (US$80.9m) financing through Banco do Nordeste backing its 114MW Salgueiro solar project in Pernambuco.

Mainstream taps Senvion again

PFI Issue 642 - February 13, 2019

Mainstream Renewable Power has signed its third conditional contract with German wind turbine manufacturer Senvion to supply turbines for its 84MW Alena wind farm, the Irish company said in a statement.

NY contracts on wind

PFI Issue 642 - February 13, 2019

The New York State Energy Research & Development Authority (NYSERDA) and New York Power Authority (NYPA) have awarded long-term contracts for wind.

Eversouce buys Orsted stakes

PFI Issue 642 - February 13, 2019

New England utility Eversource has acquired a 50% stake in four Orsted offshore wind projects for US$225m. The largest scheme is the 704MW Revolution Wind project, which will deliver power to Rhode Island (400MW) and Connecticut (304MW).

Natixis named Maryland offshore adviser

PFI Issue 642 - February 13, 2019

Natixis has been mandated as exclusive financial adviser on Toto Holdings subsidiary US Wind’s 268MW Maryland offshore wind project.

KBRA sees PG&E PPA rejection as “likely”

PFI Issue 642 - February 13, 2019

Kroll Bond Rating Agency (KBRA) believes PG&E is likely to request the rejection of many of its power purchase agreements (PPAs) in bankruptcy proceedings.

Colbun finds headwinds

PFI Issue 642 - February 13, 2019

Two communities in Los Rios have rejected on environmental grounds plans by Colbun to develop a 170MW hydro project.

Ministry preps northern renewables auction

PFI Issue 642 - February 13, 2019

Brazil’s Ministry of Mines & Energy (MME) is looking to launch a power generation auction for the state of Roraima that will offer 15-year contracts for renewable and conventional energy power projects.

Grenergy completes sale

PFI Issue 642 - February 13, 2019

Spain’s Grenergy has completed the transfer of 11 solar projects in Chile to InterEnergy for US$66.5m. The projects total 51MW in the regions of Coquimbo, Metropolitana, O’Higgins, and Valparaíso and have been fully developed and built by Grenergy.

Renewable auction attracts 27

PFI Issue 642 - February 13, 2019

A group of 27 companies have expressed interest in participating in the country’s maiden renewable energy auction scheduled for February 26, according to a statement from the Ministry of Mines & Energy.

Government cancels renewables auction

PFI Issue 642 - February 13, 2019

Mexico’s National Center for Energy Control (CENACE) has cancelled the fourth long-term renewable energy auction at the request of the Department of Energy (SENER).

Engie outlines investment plans

PFI Issue 642 - February 13, 2019

Engie Energía Chile has outlined a US$1bn investment plan to build 1GW of renewable energy projects across the country through to 2023.

Atlas closes solar deal with guarantees

PFI Issue 642 - February 13, 2019

Atlas Renewable Energy was able to close a R$130m (US$35.5m) loan with a 20-year tenor backing the 67.1MW São Pedro solar plant in Bom Jesus da Lapa.

Regulator approves mega renewables deal

PFI Issue 642 - February 13, 2019

Economic regulator CADE has approved Omega Geração’s purchase of the 303MW Assurua wind project as well as the company’s right of first offer for 2GW of wind and solar projects in Bahia.

PREPA seeks to restart Montalva talks

PFI Issue 642 - February 13, 2019

Greenbriar Capital said the Puerto Rico Electric Power Authority (PREPA) has asked to reopen negotiations on the 100MW Montalva solar and battery project.

MOEA grants more establishment permits

PFI Issue 642 - February 13, 2019

Taiwan’s Ministry of Economic Affairs has granted “establishment permits” to most of the awarded offshore wind developers, an indication that signing of their respective power purchase agreements (PPAs) will be held soon.

Solar financing wrapped up

PFI Issue 642 - February 13, 2019

The EBRD has finalised the financing of a 50MW solar farm in Chulakkurgan, southern Kazakhstan.

IPP plans mine-adjacent solar hybrid

PFI Issue 642 - February 13, 2019

Canadian developer Windiga Energy is planning a 20MW diesel-solar hybrid power plant on the site of a Canadian-owned uranium mine in Niger.

Solar PPA signed

PFI Issue 642 - February 13, 2019

Marubeni has signed the power purchase agreement (PPA) on the 105MW Amin solar PV scheme that was tendered by Petroleum Development Oman (PDO).

Ibri 2 solar decision due

PFI Issue 642 - February 13, 2019

Oman Power & Water Procurement Company (OPWP) is expected to make a decision soon on the preferred bidder for the 500MW Ibri 2 solar scheme.

Noor Midelt decision due

PFI Issue 642 - February 13, 2019

State client Masen is due to select its preferred bidder in a couple of months on the US$2.2bn Noor Midelt 400MW hybrid solar PV and concentrated solar power (CSP) project.

Al Kharsaa solar RFP out

PFI Issue 642 - February 13, 2019

State utility Kahramaa has released the request for proposals (RFP) to developers on its Al Kharsaa solar scheme. The scheme will total up to 900MW with a 350MW first phase.

Greencoat buys and ups RCF

PFI Issue 642 - February 13, 2019

Greencoat UK Wind and a pension fund are buying a 49% stake in the SSE wind farms – the 225MW Stronelairg scheme at Fort Augustus near Loch Ness and the 94MW Dunmaglass scheme near Inverness – for £635m, or £4m/MW.

Octopus banks shortlisted

PFI Issue 642 - February 13, 2019

Banks have been shortlisted on the Octopus 230MW wind farm portfolio refinancing, which is being undertaken by Fern Trading, an Octopus-managed company, with Santander advising.

Donegal wind financed

PFI Issue 642 - February 13, 2019

German developer ABO Wind has financed the 10.8MW Clogheravaddy onshore wind farm in County Donegal.

Eneco bidders line up

PFI Issue 642 - February 13, 2019

Financial and energy groups are lining up to bid for Dutch utility Eneco, which is being put up for sale by the group of Dutch municipalities that own it.

Fintel plans mega wind farm

PFI Issue 642 - February 13, 2019

Fintel Energija is planning Serbia’s largest wind farm to-date, a 572MW onshore project in the Vojvodina region.

Cubico funds Glennmont PV acquisition

PFI Issue 642 - February 13, 2019

Cubico Sustainable Investments has raised €85m of debt financing from Dekabank to finance 29.4MW of solar PV plants in Portugal.

Allianz PV offtaker revealed

PFI Issue 642 - February 13, 2019

Spain’s Audax Renovables has emerged as the offtaker of Allianz Capital Partners’ first subsidy-free solar PV plant in Iberia.

ReneSola funds Hungary and Poland PV

PFI Issue 642 - February 13, 2019

Renewables developer ReneSola has signed a €13.4m bridge loan with the Eiffel Energy Transition Fund for solar PV projects in Hungary and Poland.

Brannliden wind financed

PFI Issue 642 - February 13, 2019

Marguerite has closed the financing of its second onshore wind farm in Sweden with NordLB.

Commerz buys BayWa wind farms

PFI Issue 642 - February 13, 2019

Renewables developer BayWa has sold two wind farms totalling 16.2MW to Commerz Real.

Solar auctions planned

PFI Issue 642 - February 13, 2019

The Portuguese government is looking to launch new solar power tenders, energy and environment minister Joao Pedro Matos Fernandes said as he presented the country’s 2030 energy plan.

Volkswagen funds wind farm

PFI Issue 642 - February 13, 2019

Volkswagen has financed a wind farm to supply electricity to the automaker’s manufacturing plants in Germany.

Infram gets solar construction funds

PFI Issue 642 - February 13, 2019

Infram Energy, a joint venture of Infracapital and Amarenco, has reached financial close with SaarLB on the first tranche of a €155m debt package to fund greenfield and brownfield solar projects.

Siemens to take over Veja Mate

PFI Issue 642 - February 13, 2019

Siemens is set to take sole control of the 402MW Veja Mate offshore wind farm from co-sponsor Highland Group Holdings, the European Commission said in a note approving the deal.

European Energy buys solar project

PFI Issue 642 - February 13, 2019

Danish renewables developer European Energy has bought a project for a 41MW solar thermal plant in Sicily to convert it into a PV scheme.

Mega DEWA CSP signed

PFI Issue 642 - February 13, 2019

The US$4.3bn 950MW solar concentrated solar power (CSP) and solar PV independent power project (IPP) has been financed by the ACWA Power/Shanghai Electric team. The deal is one of the world’s largest individual renewable financings. DEWA is the offtaker.

EOS IM to sell renewables portfolio

PFI Issue 642 - February 13, 2019

EOS Investment Management is looking to sell its 65MW solar and wind power portfolio owned through the Efesto 1 fund.

New renewables tender targets announced

PFI Issue 642 - February 13, 2019

The French government has vowed to double the country’s installed renewable capacity by 2028 in its 10-year climate plan, setting out renewable power tenders for the next six years.

Rentel refi progresses

PFI Issue 642 - February 13, 2019

The Otary consortium is negotiating with lenders to the €1.1bn 309MW Rentel wind farm to amend the financing package signed in 2016.

Solaria signs PV financing

PFI Issue 642 - February 13, 2019

Spanish renewables firm Solaria has signed a €125m long-term project financing with Natixis for its 250MW auction-backed solar PV projects.

Munich utility finances 450MW wind farms

PFI Issue 642 - February 13, 2019

Germany’s Stadtwerke Munchen and Norwegian utility TronderEnergi have financed a 450MW NKr3bn (€310m) cluster of four onshore wind farms in north-west Norway.

Renvico up for sale

PFI Issue 642 - February 13, 2019

Macquarie is looking to sell wind power company Renvico, which it bought in 2014 from bankrupt power producer Sorgenia.

WPD into Montenegro

PFI Issue 642 - February 13, 2019

German wind farm developer WPD is interested in investing in renewable energy projects in Montenegro, the government said.

Bolsonaro

Betting on Bolsonaro

PFI Issue 642 - February 13, 2019

President Jair Bolsonaro’s impact on the project finance market in Brazil is starting to emerge. The list of projects to open up to the private sector is growing. By Nic Stone.

Pre-procurement launched on Hudson Tunnel

PFI Issue 642 - February 13, 2019

Gateway Program Development Corporation (GDC) has launched a pre-procurement process with the opening of a virtual data room that will provide potential bidders with technical information about the US$13bn Hudson Tunnel rail project.

Bombardier to be fined on Eglinton delivery

PFI Issue 642 - February 13, 2019

Metrolinx chief executive Phil Verster said the agency plans to impose financial penalties on Bombardier after the company delivered only three of six promised vehicles for Toronto’s Eglinton light rail transit (LRT) by the February 1 deadline.

Kansas City Airport terminal costs cut

PFI Issue 642 - February 13, 2019

Airlines that use Kansas City International Airport (KCIA) have reached an agreement on how they will split costs on a new terminal project, allowing the project to proceed to financing after months of little progress.

Lawmakers seek county veto power on mega roads

PFI Issue 642 - February 13, 2019

Hearings have been held on a proposed bill that would give Maryland counties veto power over the US$9bn plan to widen the Capital Beltway, Interstate 270 and the Baltimore-Washington Parkway.

FNE approves concessionaire purchase

PFI Issue 642 - February 13, 2019

Chile’s Fiscalía Nacional Económica (FNE) has approved the purchase of concessionaire Terminal Puerto de Arica (TPA) by Neltume and Inversiones & Construcciones Belfi.

Transurban agrees to US$1bn Virginia investment

PFI Issue 642 - February 13, 2019

Transurban has signed an agreement with Virginia to invest more than US$1bn in transport infrastructure along the Capital Beltway and Interstate 95.

Calgary prepping RFQ for C$4.7bn Green Line

PFI Issue 642 - February 13, 2019

The City of Calgary expects to use a design-build-finance procurement model for the C4.7bn (US$3.5bn) Green Line light rail transit (LRT) project, which recently secured a funding agreement.

Highway PPP provisionally awarded

PFI Issue 642 - February 13, 2019

The Ministry of Transport & Public Works (MTOP) has provisionally awarded the mandate for the Circuit 5 highway public-private partnership to the Aldesa Contrucciones, Coalvi Renovables and Ramón C Alvarez consortium.

Kentucky banks launch infra fund

PFI Issue 642 - February 13, 2019

A group of five Kentucky banks has launched an investment fund to support public-private partnership projects throughout the state.

Denver Eagle termination risk lessened

PFI Issue 642 - February 13, 2019

Denver Transit Partners (DTP), the private partner on the Denver Eagle FasTracks light rail project, is benefiting from a number of credit-supportive factors that lessen the risk that Colorado’s Regional Transportation District (RTD) will terminate the project agreement, according to Moody’s.

Task force recommends Calcasieu River bridge P3

PFI Issue 642 - February 13, 2019

A task force studying the replacement of the Calcasieu River bridge in Louisiana has proposed a plan that includes a public-private partnership (P3) for a tolled six-lane bridge

Port KC seeks P3 financial adviser

PFI Issue 642 - February 13, 2019

The Port Authority of Kansas City, Missouri (Port KC) has issued a request for proposals (RFP) seeking a financial and commercial adviser on a public-private partnership to redevelop a portion of Port KC property as an inland intermodal/multimodal port.

MOPC highlights investments

PFI Issue 642 - February 13, 2019

Paraguay’s Ministry of Public Works & Communications (MOPC) has outlined US$3.5bn of infrastructure projects to be developed in the coming five years, including US$1.5bn of public-private partnerships and turnkey contracts through to 2021.

Aldesa lands highway concession

PFI Issue 642 - February 13, 2019

Spain’s Grupo Aldesa has won the 20-year concession for a 184km roadway in the departments of Rocha, Florida, and Lavalleja to the north and east of the capital Montevideo. The value of the mandate is US$369.4m, according to a company statement.

Clark Airport O&M finalised

PFI Issue 642 - February 13, 2019

The Philippines’ Bases Conversion & Development Authority and the North Luzon Airport Consortium have signed a 25-year concession agreement for the operations and maintenance contract for the Clark International Airport.

MRT Phase 2 faces delays

PFI Issue 642 - February 13, 2019

The Japan-financed Jakarta MRT project is facing delays to its second phase due to the inability of the government to resolve land acquisition issues.

MKIF embroiled in toll road disputes

PFI Issue 642 - February 13, 2019

Macquarie Korea Infrastructure Fund (MKIF) is continuing to work through court processes to claim back guaranteed toll revenues from a local council that claims MKIF is not entitled to them.

Cordova expressway loan signed

PFI Issue 642 - February 13, 2019

Cebu Cordova Link Expressway Corp (CCLEC), a subsidiary of Metro Pacific Investments Corp (MPIC), has raised a 15-year Ps19bn (US$365m) loan facility to finance the construction of the Cebu-Cordova road project, a toll bridge that connects Mactan island and mainland Cebu.

GIP to sell road business

PFI Issue 642 - February 13, 2019

Global Infrastructure Partners, which bought the IDFC Alternatives infrastructure business last April, is reported to have hired Citi to sell one of the IDFC entities handling a number of toll roads.

Cube Highways wins HAM road project

PFI Issue 642 - February 13, 2019

Cube Highways is reported to have won the bid to construct and operate a 160km toll road project in Tamil Nadu using the hybrid annuity model (HAM).

Govt relaunches tender for two motorways

PFI Issue 642 - February 13, 2019

Thailand’s Department of Highways (DOH), part of the Ministry of Transport, has launched an invitation for bidders to operate and maintain (O&M) two motorways under a public-private partnership (PPP) scheme.

Three PPP projects approved for prep funding

PFI Issue 642 - February 13, 2019

The Philippines’ PPP Centre has approved preparatory funding for three PPP projects – the Cultural Center of the Philippines (CCP) asset development project, the Davao Sasa Port modernisation project, and the development, operation and maintenance of the General Santos Port project.

Cavite govt documents needed for Sangley Airport

PFI Issue 642 - February 13, 2019

The provincial government of Cavite is still to complete the required documents for its US$12bn proposal to develop Sangley Point International Airport (SPIA) in the province.

Govt excludes China and others from airport tender

PFI Issue 642 - February 13, 2019

Israel’s government has reportedly decided only to permit companies from Nato member states to bid in a preliminary tender for a new international airport.

UAE group targets port privatisation

PFI Issue 642 - February 13, 2019

Representatives of the UAE’s Abu Dhabi Ports (ADP) have inquired about the possible privatisation of the Port of Bar in Montenegro.

Report sheds doubt on PPP ambitions

PFI Issue 642 - February 13, 2019

Albania is looking at rolling out US$1.65bn of PPPs in 2019, accounting for 15% of GDP and raising fiscal risks, an IMF report has said.

US PP for Brussels Airport

PFI Issue 642 - February 13, 2019

Brussels Airport is planning a €500m US private placement to refinance a €654m bond issue due in January 2020 and has approached banks to arrange the deal.

Core Wales rolling stock financed

PFI Issue 642 - February 13, 2019

The £400m core valley lines rolling stock financing on the Wales & Borders rail franchise has been signed. Legal & General is the main institutional investor with a £200m commitment.

Crossrail trains delay

PFI Issue 642 - February 13, 2019

Transport for London’s (TfL) preferred bidder announcement for the Crossrail trains sale has been delayed until at least the end of March.

M20 confirmed as PPP

PFI Issue 642 - February 13, 2019

Irish prime minister Leo Varadkar has confirmed in a parliament debate that the M20 Limerick-Cork motorway will be carried out as a PPP.

Two left for A465 MIM

PFI Issue 642 - February 13, 2019

Two teams are left in the competition for the £500m-plus A465 road project being procured by the Welsh Government under its mutual investment model (MIM) PPP format – FCC/Meridiam/Credit Agricole and Hochtief/Iridium/MUFG. The Colas/Societe Generale team has dropped out.

Senate halts ADP sale

PFI Issue 642 - February 13, 2019

The French senate has rejected the government’s plan to sell a majority stake in Paris airport operator ADP.

New tender expected for Nantes Airport

PFI Issue 642 - February 13, 2019

French prime minister Edouard Philippe said the government will launch a tender to choose a new operator for Nantes Atlantique Airport.

Railpool closes refinancing

PFI Issue 642 - February 13, 2019

German locomotive leasing company Railpool has closed a €800m refinancing of its debt with banks and institutional investors.

Egypt oil and gas

Egypt on the verge of gas hub status

PFI Issue 642 - February 13, 2019

Despite some significant setbacks at the beginning of the last decade, Egypt’s long-held ambition to be a major gas trading and export hub may now be nearing realisation. By Richard Keenan, partner, and Graham Vinter, chair of Covington’s Global Project Finance Practice Group.

Kirkland oil & gas partner to Latham

PFI Issue 642 - February 13, 2019

Jonathan Castelan has joined Latham & Watkins’s Houston office as a partner in the corporate department and a member of the mergers and acquisitions practice.

W&C hires Houston oil & gas partner

PFI Issue 642 - February 13, 2019

White & Case has hired Byron Romain as a partner in the firm’s global project development and finance practice. He will work closely with its global oil and gas industry group.

Oil India taps bond market

PFI Issue 642 - February 13, 2019

Oil India has successfully raised US$550m from the Asian Reg S market. The 10-year bonds have a fixed interest rate of 5.12% and are rated Baa2 by Moody’s and BBB by Fitch. The issue was oversubscribed more than 4.5x.

TLB launched to fund EPIC pipeline

PFI Issue 642 - February 13, 2019

EPIC Crude Services has launched a financing package to fund construction of the 730-mile EPIC oil pipeline in New Mexico and Texas.

First Infrastructure Capital to acquire midstream

PFI Issue 642 - February 13, 2019

First Infrastructure Capital Advisors has agreed to acquire WhiteWater Midstream from Denham Capital Management and Ridgemont Equity Partners.

AGIG to begin operating Tanami pipeline

PFI Issue 642 - February 13, 2019

CKI-owned Australian Gas Infrastructure Group, formerly Duet, has received approval to begin operating its A$170m (US$120m) Tanami Gas pipeline in the Northern Territory.

ExxonMobil awards FEED contract for Blue Whale

PFI Issue 642 - February 13, 2019

ExxonMobil, with joint venture partners PetroVietnam and PetroVietnam Exploration Production Corporation, has awarded the contract for front-end engineering and design (FEED) to Italy’s Saipem to develop the Blue Whale gas-to-power project, the Ca Voi Xanh (CVX) scheme.

State Gas hires financial advisor

PFI Issue 642 - February 13, 2019

Highbury Partnerships has been given the mandate by Queensland-based State Gas to advise on potential takeover over bids for itself.

Petronas issues RFP on Limbayong FPSO

PFI Issue 642 - February 13, 2019

Petronas has issued a request for proposals (RFP) for a floating production, storage and offloading (FPSO) vessel that will be installed at its Limbayong oil and gas field development.

Loan RFP out for JTB

PFI Issue 642 - February 13, 2019

Pertamina EP Cepu (PEPC) and financial adviser MUFG have finally rolled out the invitations for the financing of the Jambaran-Tiung Biru (JTB) gas field unitisation project, possibly Indonesia’s largest onshore gas development project to-date.

Shell to sell to TNOG

PFI Issue 642 - February 13, 2019

Banks are working on financing the acquisition of US$2.5bn of Shell assets by companies run by Nigerian tycoon Tony Elumelu, first reported last summer.

Intesa bridges Amur GPP

PFI Issue 642 - February 13, 2019

Intesa has provided a €3bn bridge loan guaranteed by Gazprom to the project company building the €19bn Amur gas processing plant (GPP), Gazprom Pererabotka Blagoveschensk, according to Interfax.

UBS buys and funds LPG distributor

PFI Issue 642 - February 13, 2019

UBS Asset Management has bought Gascan, Portugal’s second-largest liquefied petroleum gas (LPG) distributor from Spanish private equity firm Arta Capital, part of the March group.

LNG tank

APLNG refinancing oversubscribed

PFI Issue 642 - February 13, 2019

The first major LNG financing this year is being wrapped up. The results show there is plenty of liquidity in the market. By John Arbouw.

Saudi Aramco and ADNOC

Gulf majors go global

PFI Issue 642 - February 13, 2019

The global oil and gas industry has some new kids on the block, the old Gulf majors. The Gulf companies are on the hunt around the world to join the next wave of LNG developments.

Floating LNG tanker

Moheshkhali floating LNG – A first for Bangladesh

PFI Issue 642 - February 13, 2019

A cutting-edge LNG floating storage and regasification unit, located 5km offshore Moheshkhali Island in south-eastern Bangladesh, has been developed and operated by Excelerate Energy and project-financed by a consortium of lenders led by the IFC. By Nicholas Wong, partner, Henry Yip, counsel, Per Lindberg, senior associate and Malcolm Ong, associate, Clifford Chance, Singapore office.

PetroBangla seeks EoIs for onshore LNG terminal

PFI Issue 642 - February 13, 2019

State-run Bangladesh Oil, Gas & Mineral Corporation (PetroBangla) plans to have its first onshore LNG receiving terminal located at Matarbari, Cox’s Bazar. It is currently in the process of appointing a contractor for the feasibility study for the project.

Port Arthur LNG receives FEIS

PFI Issue 642 - February 13, 2019

Sempra Energy has received a favourable final environmental impact statement (FEIS) from the Federal Energy Regulatory Commission (FERC) on the Port Arthur LNG export project in Jefferson County, Texas and its connecting pipelines.

Exxon and Qatar Petroleum reach FID on Golden Pass

PFI Issue 642 - February 13, 2019

ExxonMobil and Qatar Petroleum have made a positive final investment decision (FID) on the US$10bn Golden Pass LNG export project in Sabine Pass, Texas.

Phoenix board approves LNG JV with CNOOC

PFI Issue 642 - February 13, 2019

The board of Phoenix Petroleum has officially given its approval for the setting up of a joint venture with China National Offshore Oil Corp (CNOOC) to operate LNG-related trade and services under its proposed integrated LNG hub project, which includes a proposed LNG receiving terminal and the operation of a gas-fired power plant.

Shell looks to develop Crux gas field

PFI Issue 642 - February 13, 2019

Shell Australia and its partner Seven Group Holdings are expected to make a final investment decision (FID) on the US$2bn development of the Crux gas project off the north-west coast of Australia by next year, with the FEED process already under way.

Loan signing set for Summit LNG terminal

PFI Issue 642 - February 13, 2019

Summit Corporation and Mitsubishi Corp are targeting to sign their bank loan financing for the development of the Summit LNG (SLNG) terminal within the next two months, possibly before the end of March.

Government to fund Krk LNG

PFI Issue 642 - February 13, 2019

The Croatian government is stepping in to finance the Krk LNG terminal with €100m, energy minister Tomislav Coric said.