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Monday, 27 March 2017

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Infraco M&A sweeps across Europe

PFI Issue 597 - March 22, 2017

A wave of infrastructure-style M&A deals is approaching throughout the eurozone. Investors and banks are attracted by growth opportunities, shorter tenors and higher returns. By Stefano Berra.

Java

Two SPVs for Java 1

PFI Issue 597 - March 22, 2017

Jawa Satu Power will be setting up two separate borrowing entities. Lenders will be the same for both. By Minerva Lau.

Oz

The Australian energy dilemma

PFI Issue 597 - March 22, 2017

The big oil and gas majors are spending more than US$200bn to make Australia the world’s largest gas exporter yet the country is facing a domestic gas shortage and power blackouts in some states, and consumers have seen power and gas bills rise to unsustainable highs. By John Arbouw.

Winston Strawn PF team exits

PFI Issue 597 - March 22, 2017

A team of five attorneys from Winston Strawn have joined the energy, infrastructure and project finance team at Sheppard Mullin Richter & Hampton. Katherine Gillespie, Laurette Petersen, and Andrew Ratts joined as partners in the Chicago office, along with special counsel Katarzyna Levecke. Christine Hoefliger joined the firm’s San Francisco office. Gillespie will co-lead the team with partner Tony Toranto.

Power projects seek international bank PF

PFI Issue 597 - March 22, 2017

US-based conglomerate General Electric and Argentine state-run energy group YPF are looking to finance a pair of gas-fired power projects via a syndicate of international lenders. The duo are developing a 260MW project in Tocumen and a 110MW project in Loma Campana. The projects have a combined development price tag of roughly US$280m.

Celse LNG into structuring

PFI Issue 597 - March 22, 2017

The debt package backing Centrais Electricas de Sergipe’s (Celse’s) Porto de Sergipe LNG-to-power project near Aracaju is progressing, with multilateral lenders taking part in the financing.

Restructuring advisers hired on ExGen

PFI Issue 597 - March 22, 2017

Exelon and its lenders have each hired restructuring advisers to look at options for the ExGen Texas Power merchant unit and its US$650m in debt. The sponsor has hired PJT Partners.

​Helix TLB upsizes

PFI Issue 597 - March 22, 2017

LS Power’s Helix Generation Term Loan B was upsized to US$1.67bn from US$1.54bn and pricing was lowered ahead of closing. The spread settled at 375bp over Libor with a 1% floor and a discount of 99.5, lower than price talk at 425bp over Libor with a 1% floor and a discount of 99.

Eastern Power seeks repricing

PFI Issue 597 - March 22, 2017

Eastern Power was holding a lender call as PFI went to press, seeking a repricing and extension of the tenor on its US$1.65bn term loan. Morgan Stanley is leading the deal.

NBK wins AZN IPO

PFI Issue 597 - March 22, 2017

NBK Capital has won the IPO share sale mandate on the Az Zour North (AZN) independent water and power project (IWPP) scheme, the first PPP in the country that has now started operating. The project company name is Shamal Az-Zour Al-Qula.

Ellevio issues new bonds

PFI Issue 597 - March 22, 2017

Borealis-owned Swedish power grid Ellevio has issued more than SKr10bn (€1bn) of Swedish krona-denominated bonds after its maiden SKr1bn (€109m) publicly placed bond deal last December.

Advisers circle RTE refi

PFI Issue 597 - March 22, 2017

The owners of the Réseau de Transport d’Electricité (RTE) power grid in France have chosen financial advisers, understood to be Barclays and BNP Paribas, to refinance the grid’s debt in the bond market.

Delimara LNG-to-power seeks more lenders

PFI Issue 597 - March 22, 2017

The Electrogas consortium that is building the 215MW Delimara LNG-to-power project in Malta is in the market to expand the banking group that will refinance the project’s €450m debt.

Lamu coal hearing due

PFI Issue 597 - March 22, 2017

A last-ditch attempt to block the US$2bn, 1,000MW Lamu coal-fired power plant will be presented by the Save Lamu environmental group at the National Environment Tribunal on March 22 and 23.

Russia pushes on first nuclear

PFI Issue 597 - March 22, 2017

Russia’s Rosatom has offered to develop Kenya’s first nuclear power plant on a build-operate-transfer basis or through a PPP.

Govt stands by BridgePower

PFI Issue 597 - March 22, 2017

The 400MW power plant being developed by EarlyPower Ltd has been included in a list of 1,227MW worth of power projects to be installed by Ghana’s new government, as the government reviews all projects approved by the previous administration (see PFI 596).

APCO gets old fashioned PF

PFI Issue 597 - March 22, 2017

Attarat Power Company (APCO) has reached financial close on its US$2.1bn, 554MW oil shale-fired independent power project via an international Chinese project financing. APCO shareholders are Malaysia’s YTL Power International, China’s Guangdong Yudean Group and Estonia’s Eesti Energia.

SSE getting metered

PFI Issue 597 - March 22, 2017

SSE is putting in place a £400m debt financing with three to four banks to back its smart meter installation programme.

Renewable news

PFI Issue 597 - March 22, 2017

Greencoat Solar 1 LP has bought a 73.5MW portfolio from private investors led by David Fyffe and Paolo Revelli. The portfolio includes the 52MW Scottow Moor Solar scheme RAF Coltishall, the former air force base near Norwich. PwC advised on the sale.

IPP financing signed

PFI Issue 597 - March 22, 2017

The financing agreement and direct agreement has been signed for a 92MW heavy-fuel oil power plant, seven years after the concession agreement was signed. The sponsor is local company Albatros Energy, said to be working with African Infrastructure Investment Managers (AIIM) and BWSC.

Three IPP winners named

PFI Issue 597 - March 22, 2017

International bidders have been selected for three 120MW thermal power plant concessions on the site of the existing Maria Gleta power plant in the southern town of Abomey.

Sumitomo signs power deal

PFI Issue 597 - March 22, 2017

Japan’s Sumitomo has signed a deal with state power company Electricidade de Mozambique (EDM) to develop a 110MW gas-fired combined-cycle power plant at Temane, in the gas-rich Inhambane province. 

Zambia into mega coal plant

PFI Issue 597 - March 22, 2017

Zambia will work with Mozambique to co-develop a 1,200MW coal-fired power plant in Tete province in northern Mozambique.

Chow Tai Fook Enterprises lined up for Alinta

PFI Issue 597 - March 22, 2017

The private equity owners of West Australian utility Alinta Energy finally have a deal after Hong Kong’s Chow Tai Fook Enterprises offered to pay US$4bn to acquire the asset.

Solar bids extended again

PFI Issue 597 - March 22, 2017

Solar Energy Corp of India (SECI) has again extended the bid submission deadlines for its two solar scheme tenders.

Old plants to be super-critical

PFI Issue 597 - March 22, 2017

The Power Ministry plans to phase out all power plants that are over 25 years old, and convert them into super-critical plants “to augment generation capacity and reduce pollution”, said Power Minister Piyush Goyal.

Medco prepares Riau IPP funding

PFI Issue 597 - March 22, 2017

Medco Power and Ratchaburi Electricity of Thailand are planning to raise between US$210m and US$260m of debt financing for the 250MW Riau gas-fired power plant project that was recently awarded to them.

Chevron asset buy due

PFI Issue 597 - March 22, 2017

The consortium consisting of Star Energy Group Holdings and Star Energy Geothermal of Indonesia (68.31%), AC Energy of the Ayala Corp Group of the Philippines (19.8%) and Electricity Generating of Thailand (Egco, 11.89%), are targeting to complete the acquisition of Chevron assets by the end of this month.

Privatisation off the agenda in WA

PFI Issue 597 - March 22, 2017

The sale of Western Power, the Port of Fremantle and possibly the Utah Point bulk-handling facility are off the agenda for the foreseeable future following the decisive win by the Labor Party in the Western Australian election earlier this month.

Dhariwal Infra IPP refinances

PFI Issue 597 - March 22, 2017

Dhariwal Infra Ltd (DIL), a SPV set up by Calcutta Electric Supply Corporation (CESC) for the development of a 2x300MW (600MW) coal-fired power plant in Chandrapur, Maharashtra, has concluded a Rs22.17bn (US$338m) refinancing facility.

Myingyan IPP signing into Q2

PFI Issue 597 - March 22, 2017

The signing of the 15-year US$250m loan facility to develop Sembcorp Industries’ 225MW Myingyan IPP project is now targeted to be held in the second quarter, instead of this month, as the relevant parties are still working on documentation issues.

First Gen mulls Santa Rita refi

PFI Issue 597 - March 22, 2017

First Gen Corp is considering the refinancing of the US$668.7m mult-tranche facility raised for the development of the 1,000MW gas-fired Santa Rita power plant. 

MGen issues RFP for Atimonan IPP

PFI Issue 597 - March 22, 2017

Meralco PowerGen Corp (MGen) has issued requests for proposals (RFPs) from banks to finance the proposed 1,200MW Atimonan supercritical coal-fired power plant.

DoE okays Semirara plant

PFI Issue 597 - March 22, 2017

The Philippine Department of Energy (DoE) has given approval to Semirara Mining & Power Corp (SMPC) to develop a coal-fired power plant on Semirara Island.

Alsons seeks funds for Sarangani expansion

PFI Issue 597 - March 22, 2017

Alsons Power Group, through its subsidiary Sarangani Energy Corporation, is building the second 105MW coal-fired power plant in Maasin, Sarangani in Mindanao.

Banks to respond to NS2

PFI Issue 597 - March 22, 2017

Sponsors of the Nghi Son 2 independent power project (IPP) are now asking banks to respond shortly with pricing for the proposed US$2bn loan facility for the construction of the 1,200MW coal-fired power plant.

Axium closes IPP equity purchase

PFI Issue 597 - March 22, 2017

Axium Infrastructure has closed the acquisition of an equity interest in the natural gas-fired Kings Mountain Energy Center in North Carolina and the Middletown Energy Center in Ohio. The projects are currently under construction. Axium will own 25% in Kings Mountain and 19.6% in Middletown, alongside equity partner Capital Dynamics.

OSU nearing decision on energy P3

PFI Issue 597 - March 22, 2017

Ohio State University (OSU) is preparing to select a winning bidder on the 50-year multi-billion dollar energy P3 by the end of the semester in May. OSU president Michael Drake said the university’s CFO Geoff Chatas, formerly the head of infrastructure at QIC Infrastructure, will recuse himself from the decision process and will not be informed of the final candidates based on his involvement in the 2012 CampusParc transaction.

Lightstone seeks repricing

PFI Issue 597 - March 22, 2017

Lightstone Generation is looking to reprice its US$1.575bn Term Loan B and US$150m Term Loan C closed in December. The loans were priced at 550bp over Libor with a 1% floor. Price talk on the repricing is in the 450bp to 475bp over Libor range with a 1% floor.

Moody’s upgrades infra outlook

PFI Issue 597 - March 22, 2017

Moody’s Latin America has changed the rating outlook on various infrastructure companies operating in Argentina to positive from stable.

Temer launches concession plan

PFI Issue 597 - March 22, 2017

Brazil’s President Michel Temer had launched another infrastructure concession programme that he says should raise R$45bn (US$14.43bn) in investment. The programme relates to roads, ports, railways and transmission lines.

Ende Andina eyes bond deal

PFI Issue 597 - March 22, 2017

Ende Andina is looking to land a roughly US$1bn debt package backing the expansion of three existing thermal power plants across Bolivia. Depending on the final structuring, the deal could be for as much as US$1.2bn.

Government to liquidate Electricaribe

PFI Issue 597 - March 22, 2017

Colombia’s government regulator said that it had ordered the liquidation of Electricaribe, an affiliate of Spain’s Gas Natural, but the company had asked Colombia to find a way to allow it to keep trading there.

Michelle Bachelet

CSP challenges in Chile

PFI Issue 597 - March 22, 2017

High prices and huge demand meant companies came to Chile. Now they are looking to get their financing for concentrated solar power projects to the finish line. By Nic Stone.

Karot hydro financed

PFI Issue 597 - March 22, 2017

The Karot Power Company has raised a US$1.39bn loan to fund the development the US$1.7bn 720MW Karot hydropower plant, the second largest so far in Pakistan after the 870MW Suki Kinari hydropower. 

Winner for 1GW solar

PFI Issue 597 - March 22, 2017

Turkey’s Kalyon Enerji and South Korea’s Hanwha QCells have won the first renewable energy auction under Turkey’s Renewable Energy Resource Area (YEKA) process for a 1GW solar complex.

Dewa solar banks in

PFI Issue 597 - March 22, 2017

Bank commitments on the Dewa solar financing have been received and the deal should now move to financial close next month. Construction work has already started.

Lenders look to NSW solar

PFI Issue 597 - March 22, 2017

The big four Australian banks as well as international lenders are gearing up to lend a total of more than US$1.5bn to solar projects that are expected to receive approval in the next few months from the New South Wales government. The 12 new solar projects that are expected to receive approval were announced late last week and have a combined power output of 1,000MW.

Aboitiz and SN Power in Asian hydro expansion

PFI Issue 597 - March 22, 2017

Aboitiz Power and Norway’s SN Power are planning to invest in potential hydropower projects in Myanmar and Indonesia.

The Hub Power project

Full steam ahead in Pakistan

PFI Issue 597 - March 22, 2017

Financing for energy and infrastructure projects in Pakistan has increased significantly over the last few years, with the government, sponsors and financiers all working well in tandem. By Sheharyar Chughtai, vice-president, Asia-Pacific Project Finance, Korea Development Bank, Singapore. 

Brooks to Lightsource

PFI Issue 597 - March 22, 2017

James Brooks, former co-head of EMEA natural resources and UK private equity investments at Goldman Sachs, has joined UK renewables developer Lightsource Renewable Energy as its chief strategy officer.

Lining up for CfD2

PFI Issue 597 - March 22, 2017

Offshore wind farm bidders are lining up for the second contract for difference (CfD) auction, which begins on April 3. The closing date is April 21 and the results will be announced sometime between June 22 and September 11.

Statkraft sale to start

PFI Issue 597 - March 22, 2017

Statkraft will formally being the sales process for its stakes in the Sheringham Shoal and Dudgeon offshore wind farms in June, with the sale due to be completed by year-end. KPMG is advising.

Investor near on pumped storage

PFI Issue 597 - March 22, 2017

Snowdonia Pumped Hydro (SPH) is looking to bring an investor into its £160m, 100MW pumped storage scheme shortly. It is being advised by SDCL and Stephenson Harwood and the scheme has just obtained government approval.

CIP launches third energy fund

PFI Issue 597 - March 22, 2017

Copenhagen Infrastructure Partners (CIP) has launched fundraising for its third energy fund, Copenhagen Infrastructure III.

PMV and Rebel launch joint infra fund

PFI Issue 597 - March 22, 2017

Flemish investment company PMV and Dutch adviser and investor Rebel Group have launched a new €150m infrastructure equity fund called Epico.

First onshore wind tender launched

PFI Issue 597 - March 22, 2017

Germany’s Federal Network Agency has opened the first tender for onshore wind farms, inviting bids by May 2 for 800MW of power capacity.

ERG buys DIF wind

PFI Issue 597 - March 22, 2017

Italian power company ERG has agreed to buy six onshore wind farms in the Saxony-Anhalt and Rheinland regions in Germany from Dutch investor DIF.

Aquila Capital buys wind

PFI Issue 597 - March 22, 2017

German investor Aquila Capital is expanding its portfolio in the Nordics with the acquisition of its first Finnish wind farm.

First PV tender awarded

PFI Issue 597 - March 22, 2017

The French government has awarded 534.8MW of solar PV capacity to 79 projects developed by 26 companies. The auction is the first in a 3GW programme that will run for three years.

EBRD commits €300m to renewables

PFI Issue 597 - March 22, 2017

The European Bank for Reconstruction & Development (EBRD) has committed to invest up to €300m to finance renewable energy investments in Greece over the next three years.

IFC scales up in North Africa

PFI Issue 597 - March 22, 2017

The IFC is said to be working on advising the Algerian government on its solar programme. The Ministry of Energy recently said it would launch a tender for 4,200MW of solar PV next month, although this figure seems a little ambitious, at least initially.

Solaria issues solar bonds

PFI Issue 597 - March 22, 2017

Spanish-listed renewable power company Solaria has issued €45.1m of project bonds to refinance one of its solar PV plants, in the second such deal in as many years.

Canadian Solar lands credit line

PFI Issue 597 - March 22, 2017

Canadian Solar announced that it has received US$20m in unsecured funding from the China and Portuguese-speaking Countries Cooperation & Development Fund (CPDFund) to support the development of eligible projects in Brazil, including the 191MWp Pirapora I project in the state of Minas Gerais.

Developers line up multilateral PV financing

PFI Issue 597 - March 22, 2017

Special purpose vehicle Cubico Alten Aguascalientes is looking to secure a financing backing the design, construction, commissioning and operation of the two Solem solar photovoltaic plants with a combined capacity of 290MW.

Cerberus refinances wind farms

PFI Issue 597 - March 22, 2017

Cerberus Capital-owned Spanish renewables company Renovalia has closed a €130m debt refinancing of four onshore wind farms totalling 105.8MW.

Deutsche Bucht seeks debt with new foundations

PFI Issue 597 - March 22, 2017

Northland Power has launched the debt financing of the 252MW Deutsche Bucht offshore wind farm after buying the scheme from Highland Group.

Astaldi agrees hydro sale

PFI Issue 597 - March 22, 2017

Astaldi has signed an agreement to sell its interest in the concession company behind the 110MW Chacayes hydro project to Pacific Hydro Chile. PHC is already the owner of the remaining majority 72.7% and is the Chilean subsidiary of Chinese group SPIC Overseas.

Econergy funds solar portfolio

PFI Issue 597 - March 22, 2017

Econergy, an Israeli renewable power investor, has issued €12m of mezzanine bonds and raised debt financing from banks to finance a solar PV portfolio in Italy.

EDF and Arkolia buy Idex wind

PFI Issue 597 - March 22, 2017

EDF Energies Nouvelles and Arkolia Energies have agreed to jointly buy two onshore wind farms from Idex and develop the projects.

Fitch commends renewables regulatory review

PFI Issue 597 - March 22, 2017

Fitch said the Spanish renewable regulatory regime is showing signs of stability after the government completed the first three-year review and increased remuneration to renewable projects.

Global Tech eyes refi

PFI Issue 597 - March 22, 2017

The sponsors of the 400MW Global Tech I offshore wind farm in the German North Sea are said to be considering refinancing the project and have started discussions with potential advisers.

SunPower preps asset sale

PFI Issue 597 - March 22, 2017

SunPower Corp has put its stake in the 100MW El Pelicano solar project in La Serena up for sale. The project is under construction and the sale is expected to go through this year.

HG refinances renewables

PFI Issue 597 - March 22, 2017

UK private equity firm HG Capital has closed the refinancing of almost €100m of loans backing some of its renewable power assets in Spain.

Valorem funds Charente wind

PFI Issue 597 - March 22, 2017

French developer Valorem has raised debt financing for its 11.5MW Aunis onshore wind farm in the Charente-Maritime region.

Invenergy closes solar purchase

PFI Issue 597 - March 22, 2017

Chicago-based Invenergy has closed the purchase of the 64MW La Jacinta solar farm in Uruguay from Fotowatio Renewable Ventures (FRV). The project has been operating since October 2015.

Dam to take PPP route

PFI Issue 597 - March 22, 2017

A representative of national water commission Conagua says that the country will develop a dam on the Milpillas River in Zacatecas state as a public-private partnership. The intention is to kick construction off by November this year, with project documentation expected to be released soon before a bidding process.

OTPP signs transmission investment deal

PFI Issue 597 - March 22, 2017

Ontario Teachers’ Pension Plan (OTPP) will create a partnership to invest in Anbaric, a Massachusetts-based renewable energy developer. The partnership will create a new development company called Anbaric Development Partners that will work on transmission projects in North America.

Top renewables buyers emerge

PFI Issue 597 - March 22, 2017

New market structures and participants including corporate power purchase agreements (CPPAs) and community choice aggregators (CCAs) have emerged as near-term drivers for renewable energy and state renewable portfolio standards are no longer the mainstay of renewable energy demand, according to a report from Moody’s.

Wirsol to open in Oz

PFI Issue 597 - March 22, 2017

 

Scatec meets for solar

PFI Issue 597 - March 22, 2017

Norway’s Scatec Solar has met with the government to discuss plans for two solar power plants with a total capacity of 60MW.

Solar power reaches 10GW

PFI Issue 597 - March 22, 2017

India’s solar power generation capacity has crossed the 10GW mark, a more than three-times jump in less than three years, as the government pushes for renewable energy sources to meet demand.

Leap Green Energy buys Inox wind farms

PFI Issue 597 - March 22, 2017

Chennai-based Leap Green Energy has bought 260MW of wind farms owned by Inox Renewables for what is thought to be around Rs10bn (US$150m).

Octopus refi close

PFI Issue 597 - March 22, 2017

The £430m refinancing of the Octopus solar portfolio is due to sign shortly via financial adviser RBS, Banca IMI, Barclays, BNP Paribas, La Caixa and Santander.

Lenders mandated for Abiba solar

PFI Issue 597 - March 22, 2017

Two lenders, OPIC and EAIF, have been mandated to finance the 50MW, US$100m Abiba solar PV being developed by Access Infra Africa and Quaint Global Energy Solutions in Kaduna state.

Gaelectric signs offshore MoU

PFI Issue 597 - March 22, 2017

Irish renewables developer Gaelectric and French firm Ideol have partnered to investigate possible offshore wind sites along the Irish coast.

Jinko nears close on club deal

PFI Issue 597 - March 22, 2017

Chinese developer JinkoSolar is nearing close on a roughly US$250m portfolio financing backing a series of solar projects in Mexico. The Chinese group has mandated Natixis and MUFG to lead the transaction, with SMBC, Intesa Sanpaolo and Societe Generale joining as lenders. The deal is being structured as a seven-year mini-perm.

Financing in place for Amazon renewables

PFI Issue 597 - March 22, 2017

Development bank BNDES has stepped in to help finance renewable energy projects in the Amazonas region of Brazil that had stalled due to a lack of funds. BNDES will offer special financing conditions to projects selected via an auction that will take place on May 11.

Chesf to take up financial slack

PFI Issue 597 - March 22, 2017

Companhia Hidro Elétrica do São Francisco (Chesf) will invest R$3.3bn (US$1.06bn) in projects and partnerships before 2018. The company has already released R$2bn to help push 49 renewable and transmission projects across the finish line.

South Australia jump starts battery storage

PFI Issue 597 - March 22, 2017

The South Australian government will spend A$550m (US$415.5m) on a new package designed to shore up its electricity system, which includes a A$360m government-owned gas-fired power plant and Australia’s largest battery storage facility.

Eurus refinances Hallett 5

PFI Issue 597 - March 22, 2017

Japanese renewables developer Eurus Energy has refinanced a A$150m (US$113.7m) loan with ANZ, Bank of Tokyo-Mitsubishi UFJ, National Australia Bank and Westpac for its Hallett 5 wind-farm project in South Australia.

Ratch looks for Collector wind finance

PFI Issue 597 - March 22, 2017

Ratch Australia is said to be in talks with its banking group – NAB, ANZ, BTMU and SG – to fund the A$400m (US$307m) Collector wind farm in New South Wales. Ratch is currently finalising a power purchase agreement (PPA) for the Collector project, which is needed before financing can be completed.

US backs two solar PVs

PFI Issue 597 - March 22, 2017

Power Africa grant funding has been secured for the feasibility study of two 17MW solar PV plants being developed by Société de Production d’Energie Solaire de Kodéni and South African developer BioTherm Energy.

Soubre hydro to start early

PFI Issue 597 - March 22, 2017

Production will begin next month at the 275MW Soubre hydropower project in the south-west of the country, a year earlier than expected. The contractor is China’s state-owned engineering firm Sinohydro.

Offshore wind advisers sought

PFI Issue 597 - March 22, 2017

The Mauritius Research Council has invited expressions of interest from advisers for the development of offshore wind off its coast. Work will include collecting site data and preparing tender documents.

Eskom looks to GSFA

PFI Issue 597 - March 22, 2017

State utility Eskom is seeking support through the Government Support Framework Agreement (GSFA) for payments to renewable energy independent power projects (IPPs) given the legal uncertainty around recouping costs through the Regulatory Clearing Account (RCA) mechanism.

Miner signs PPA

PFI Issue 597 - March 22, 2017

Developer EREN Renewable Energy and its partner African Energy Management Platform (AEMP) have signed a 15-year power purchase agreement (PPA) to supply IAMGOLD Corp’s Essakane off-grid gold mine, 330km from Burkina Faso’s capital Ouagadougou.

Next auction planned for summer

PFI Issue 597 - March 22, 2017

The Argentine government is looking to launch another renewable energy auction in either July or August this year, according to media reports. Lawmakers launched the largely successful RenovAr programme last year, with international and local companies securing contracts for roughly 2.4GW of generation across the RenovAr 1 and RenovAr 1.5 auction processes.

Sukki Kinari hydro secures funds

PFI Issue 597 - March 22, 2017

A consortium comprising SK Hydro of South Korea, Aljomaih Holding Co of Saudi Arabia, Eden of Malaysia and China Gezhouba Group has raised US$1.45bn of debt to finance the development of the 870MW Suki Kinari hydropower project, estimated to cost US$1.956bn. 

Greencoat wins Brookfield wind

PFI Issue 597 - March 22, 2017

Greencoat Capital’s new Irish investment firm Greencoat Renewables has been confirmed as the purchaser of the Knockacummer and Killhills wind farms from Brookfield Renewable Ireland, comprising 137MW of operating capacity.

NTR closes wind loans

PFI Issue 597 - March 22, 2017

Developer NTR has closed two debt facilities worth €50m for the construction of the 17MW Coollegrean wind farm in County Kerry and the 9MW Teevurcher wind farm in County Meath.

Solar Philippines seeks financing

PFI Issue 597 - March 22, 2017

Energy developer Solar Philippines is seeking about Ps3.8bn (US$76m) of debt to finance its proposed solar power plant that will have a capacity of about 150MW, up from the 80MW–100MW initially planned. 

AREI selects 19 renewables schemes

PFI Issue 597 - March 22, 2017

Nineteen renewable energy projects worth €4.8bn have been selected for financing under the African Initiative for Renewable Energy (AREI).

GreenWish plans three solars

PFI Issue 597 - March 22, 2017

GreenWish Partners, the Denham Capital-backed independent power producer, is planning three solar projects in the country and will invest a total of US$280m in their development, the company’s chief executive officer Charlotte Aubin-Kalaidjian said this week. 

Pattern closes Mont Sainte-Marguerite Wind

PFI Issue 597 - March 22, 2017

Pattern Energy Group has closed a C$263m construction-to-term financing for its 147MW Mont Sainte-Marguerite Wind project south of Québec City. Financing was provided by Manufacturers Life Insurance Company, Caisse de dépôt et placement du Québec and Bayerische Landesbank. The loan will fully amortise over the term of the project’s 25-year power purchase agreement (PPA) with Hydro-Québec.

Offshore wind plans drawing interest

PFI Issue 597 - March 22, 2017

Offshore wind leasing programmes have drawn interest from both domestic and international players as various states saw progress on some of the schemes in recent weeks.

Sembcorp raises stake in renewables co

PFI Issue 597 - March 22, 2017

Sembcorp Utilities, a subsidiary of Sembcorp Industries, has raised its stake in its renewables unit in India – Sembcorp Green Infra – from 68.7% to 70.38%, by subscribing to an entire rights issue by the Indian unit.

Russian firm signs first solar deal

PFI Issue 597 - March 22, 2017

Russian joint venture Miyota Power India and Chennai-based Al Ameen Green Energy have signed an agreement for financing and an EPC (engineering, procurement, and construction) contract to develop a 100MW solar photovoltaic (PV) power plant in Virudhunagar, Tamil Nadu.

Canadian Solar secures PPA

PFI Issue 597 - March 22, 2017

Canadian Solar has secured a power purchase agreement (PPA) for a total of 80MWac of solar power projects with the Solar Energy Corporation of India (SECI).

Zhaoheng Hydro looks for new debt

PFI Issue 597 - March 22, 2017

Zhaoheng Hydropower Holdings is seeking a US$110m three-year term facility, after an absence of nearly three years from the offshore syndicated loan market.

JAG issues solar project Green bond

PFI Issue 597 - March 22, 2017

The issue of Green project bonds in Japan continues to receive support, with JAG Energy, which is affiliated with Japan Asia Group, raising about ¥5.4bn (US$47.9m) for a mega large-scale solar project. The country’s lenders such as MUFG and SMBC have also issued Green project bonds.

Amazon to launch renewables tender

PFI Issue 597 - March 22, 2017

Amazon is planing to launch a tender this year for renewable energy supply to its data centres in the UK and Ireland, according to reports in the Irish press. 

First solar financing approved

PFI Issue 597 - March 22, 2017

The African Development Bank (AfDB) has approved a US$25m senior concessional loan for the country’s first utility-scale solar plant.

Neart back on

PFI Issue 597 - March 22, 2017

The 450MW, £2bn Neart na Gaoithe (NnG) offshore wind farm scheme being developed by Mainstream Renewable Power is back on, with the developer winning the arbitration case over the cancellation of its contract for difference (CfD) by the CfD regulator Low Carbon Contracts Company (LCC).

Car park

Infraco M&A sweeps across Europe

PFI Issue 597 - March 22, 2017

A wave of infrastructure-style M&A deals is approaching throughout the eurozone. Investors and banks are attracted by growth opportunities, shorter tenors and higher returns. By Stefano Berra.

Advisers await road shortlist

PFI Issue 597 - March 22, 2017

International law firms and advisers are waiting on a bidder shortlist for Kenya’s first road PPP before deciding who to support. 

Transport PPP plan due

PFI Issue 597 - March 22, 2017

Expressions of interest have been invited from consultants to develop a transport PPP framework for the country.

Nacala equity due

PFI Issue 597 - March 22, 2017

Mitsui’s equity investment in the Moatize coal mine and Nacala Logistics Corridor is expected to be completed by the end of the month, according to a statement by project sponsor Vale last week.

ACP seeks alternative Corozal Port solution

PFI Issue 597 - March 22, 2017

The Panama Canal Authority (ACP) is looking to find a solution to the upgrades at the container terminal near Corozal at the Pacific entrance of the Panama Canal after no groups submitted bids.

Eight compete for tunnel

PFI Issue 597 - March 22, 2017

A group of eight companies are pitching to win the contract to complete works on the Tunel de la Linea. The National Roads Institute (Invías) cancelled the original contract with Union Temporal Segundo Centenario (UTSC) on the back of delays.

ANI approves Vinus financing

PFI Issue 597 - March 22, 2017

The Agencia Nacional de Infraestructura (ANI) has approved the financial structure of Via del Nus’ (Vinus’) debt package backing its highway public-private partnership. The private initiative works have an overall price tag of Ps1.1trn (US$366m). ANI approved a credit line of up to Ps680bn to be provided by Bancolombia and Financiera de Desarrollo Nacional (FDN).

Patria wins highway mandates

PFI Issue 597 - March 22, 2017

Brazilian investment fund Patria Infraestrutura III has won the rights to operate several highways in western Sao Paulo state, beating toll road operator EcoRodovias Infraestrutura e Logisitica.

OHL approaches IIC for toll road

PFI Issue 597 - March 22, 2017

Spanish company OHL via project company Autopista Rio Magdalena 2 has approached the Inter-American Investment Corporation (IIC) about providing a US$100m dollar tranche for the financing backing the Rio Magdalena 2 toll road concession.

CCR takes Odebrecht stakes

PFI Issue 597 - March 22, 2017

Private infrastructure conglomerate CCR has finalised the purchase of a pair of stakes from embattled construction group Odebrecht. CCR took a further 15% stake in the ViaQuatro concession from Odebrecht Transport Participações (OTP) and a 33.33% stake in the ViaRio concession from Odebrecht Rodovias.

Acciona plans highway sector exit

PFI Issue 597 - March 22, 2017

Spanish company Acciona will put on the block this year its last highway asset in Chile. The company will look to sell its stake in the Ruta 160 highway project, which began operating fully last year after Acciona won the mandate to develop and operate the project over a period of 38 years.

Dietrich announces highway build-out

PFI Issue 597 - March 22, 2017

Argentina’s transport minister Guillermo Dietrich has committed to doubling the country’s highway network. The minister said the government would spearhead a potential US$33bn investment programme through to 2019, which would look to rectify the “catastrophic” state of the nation’s highways.

GAP plans bond sale

PFI Issue 597 - March 22, 2017

Grupo Aeroportuario del Pacífico (GAP) is looking to place up to Ps1.5bn (US$77m) in bonds on local markets to finance its master plan. The deal is slated for April 7.

Confederation Line bidding set to launch

PFI Issue 597 - March 22, 2017

Ottawa City Council has approved the launch of bidding for Stage 2 of the Confederation Line project to expand the light-rail transit (LRT) system. The project has an estimated cost of C$3.6bn (US$2.68bn). A US$2.5bn design-build-finance competition will be held to supplement provincial funding of just over C$1bn that was approved in June.

RFQ issued for Port of Wilmington P3

PFI Issue 597 - March 22, 2017

The Diamond State Port Corporation (DSPC), an entity of the State of Delaware, has issued a request for qualifications (RFQ) seeking a public/private partnership to improve, develop, finance and/or operate the Port of Wilmington and the Edgemoor brownfield facility. A long-term concession structure is under consideration.

IDOT issues RFI on South Suburban airport

PFI Issue 597 - March 22, 2017

The Illinois Department of Transportation (IDOT) has issued a request for information to explore industry interest in a pre-development agreement on a P3 to redevelop the South Suburban airport. IDOT is looking for a private partner interested in developing, financing, and operating the airport. Responses are due by April 7 and a respondents’ forum with one-on-one meetings will be held on April 19.

Moody’s upgrades infra outlook

PFI Issue 597 - March 22, 2017

Moody’s Latin America has changed the rating outlook on various infrastructure companies operating in Argentina to positive from stable.

Temer launches concession plan

PFI Issue 597 - March 22, 2017

Brazil’s President Michel Temer had launched another infrastructure concession programme that he says should raise R$45bn (US$14.43bn) in investment. The programme relates to roads, ports, railways and transmission lines.

More PPPs due in 2017

PFI Issue 597 - March 22, 2017

The Mexican Government will launch a number of infrastructure projects this year as public-private partnerships (PPPs), according to reports in the local media.

Airport auction raises US$1.2bn

PFI Issue 597 - March 22, 2017

Brazil has auctioned off control of four airports in the country, raising US$1.2bn. The auction was the first of its kind since 2013 and is part of President Michel Temer’s strategy of fostering growth through increased private sector involvement.

Bank/bond deal funds Highway 427

PFI Issue 597 - March 22, 2017

ACS has closed a C$78.5m bond deal to back the concession for the construction and operation of the extension of the Ontario Highway 427 for C$362m (US$269m).

Bombardier and Metrolinx set for court battle

PFI Issue 597 - March 22, 2017

Bombardier Transportation was to face Toronto’s regional transportation agency Metrolinx in court this week in a bid to retain its C$770m contract to provide the vehicles for the Eglinton Crosstown light rail transit. On Tuesday, March 21 Bombardier was to have attempted to have the agency’s notice of contract default invalidated and convince the court it can deliver the vehicles despite persistent delays.

Fiscal plan reveals P3 ambitions

PFI Issue 597 - March 22, 2017

The government of Puerto Rico plans to launch US$5bn of P3 projects in 2017–2019, according to its newly released fiscal plan. The projects have been identified and are in the preparation phase, the government said.

Aecon closes airport financing

PFI Issue 597 - March 22, 2017

Aecon has reached commercial and financial close on the LF Wade International Airport redevelopment project in Bermuda.

Northleaf completes Northwest Parkway buy

PFI Issue 597 - March 22, 2017

A consortium of Northleaf Capital Partners, DIF Infrastructure and HICL Infrastructure has reached financial close on its acquisition of the Northwest Parkway, a toll road in Denver, Colorado. Each investor bought a 33.3% stake in the project, which HICL previously said was expected to cost US$166m. The road started operations in 2003.

​Fluor proposes Cali light rail P3

PFI Issue 597 - March 22, 2017

The Los Angeles County Metropolitan Transportation Authority (Metro) has received an unsolicited proposal from Fluor to accelerate conversion of the Orange Line from bus rapid transit to light rail through a public-private partnership.

Centre eyes major stake in Tajpur sea port

PFI Issue 597 - March 22, 2017

The West Bengal state government is planning to develop the Rs58bn (US$885.5m) Tajpur deep sea port. The central government, through the Kolkata Port Trust (KoPT), part of the shipping ministry, is looking to hold a 74% stake in the SPV for the project.

Cabinet gives nod to new UP road widening

PFI Issue 597 - March 22, 2017

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WICET port charges deal looks close

PFI Issue 597 - March 22, 2017

The deal between the lenders and the miners that own the Wiggins Island Coal Export Terminal (WICET) on reducing the port charges is close to settlement.

Adani applies for fund financing

PFI Issue 597 - March 22, 2017

India’s Adani Enterprises has applied for financing from the Northern Australian Infrastructure Facility (NAIF) to develop its mine, rail and port project in the Galilee Basin in Queensland.

NAIF to make first investment

PFI Issue 597 - March 22, 2017

The A$5bn (US$3.8bn) Northern Australian Infrastructure Fund (NAIF) that the Federal government set up last year is set to make its first investment within the next two months.

Privatisation off the agenda in WA

PFI Issue 597 - March 22, 2017

The sale of Western Power, the Port of Fremantle and possibly the Utah Point bulk-handling facility are off the agenda for the foreseeable future following the decisive win by the Labor Party in the Western Australian election earlier this month.

NSW govt announces tunnel toll road

PFI Issue 597 - March 22, 2017

 

Auckland Airport issues AMTNs

PFI Issue 597 - March 22, 2017

 

MPTDC to raise Cordova bridge loan

PFI Issue 597 - March 22, 2017

Metro Pacific Tollways Development Corp (MPTDC), a subsidiary of Metro Pacific Investments Corp (MPIC), is developing the Cebu-Cordova toll road under the public-private partnership (PPP) scheme. It plans to raise funds this year.

Filinvest and JG Summit target Clark

PFI Issue 597 - March 22, 2017

The consortium comprising the Filinvest Group and JG Summit Holdings are aiming to convert Clark International Airport into a world-class facility by 2020 if their unsolicited proposal is accepted by the government.

Interest in regional airport PPPs

PFI Issue 597 - March 22, 2017

At least nine consortia have indicated interest in bidding for the Philippine regional airports that are being offered as PPP projects.

Moto refinances

PFI Issue 597 - March 22, 2017

Motorway services group Moto has refinanced its debt with a new much larger five-year £560m bank deal and a £150m 5.5-year high-yield bond issue.

Three teams for Silvertown Tunnel

PFI Issue 597 - March 22, 2017

Three bidding teams have been shortlisted for the £1bn Silvertown Tunnel PPP project by Transport for London (TfL) – Cintra/Macquarie Capital/Aberdeen Asset Management/Kier/Ferrovial, Hochtief/Iridium/John Laing Investment/HSBC, and Skanska/Strabag/Meridiam/Societe Generale.

Fraport commits airports equity

PFI Issue 597 - March 22, 2017

Fraport Greece has carried out a €620m share capital increase, the proceeds of which will go towards the acquisition of 14 Greek regional airports, getting a step closer to the deal’s completion.

EU and Tirana seek PPP consultant

PFI Issue 597 - March 22, 2017

The European Commission is looking for a consultant to assist Albania’s government in preparing transport PPP projects.

Twenty-seven line up for Belgrade Airport

PFI Issue 597 - March 22, 2017

The Serbian government has received 27 requests for prequalification for the privatisation of Belgrade airport.

Globalvia buys more Autoestrada

PFI Issue 597 - March 22, 2017

Globalvia has bought SDC Investimentos’ 46% stake in the Autoestrada Transmontana toll road in Portugal, its second acquisition in the sector in as many months.

Lenders line up for InfraVia LBC Tank

PFI Issue 597 - March 22, 2017

A group of lenders is lining up to finance the acquisition of LBC Tank’s French and Iberian port terminals and oil and chemical storage facilities by InfraVia.

Fukushima gas plant funded

PFI Issue 597 - March 22, 2017

The 1,200MW Fukushima natural gas project (FGP) in Fukushima Prefecture has received a debt package of US$1.24bn from six lenders and is expected to begin construction by June.

Mac funds into Quad debt

PFI Issue 597 - March 22, 2017

Debt funds run for Macquarie are said to be taking £600m of the £1.8bn midco debt being put in place to back the Macquarie-led Quad Gas Group’s £13.8bn acquisition of 61% of National Grid’s gas distribution assets. 

Oz

The Australian energy dilemma

PFI Issue 597 - March 22, 2017

The big oil and gas majors are spending more than US$200bn to make Australia the world’s largest gas exporter yet the country is facing a domestic gas shortage and power blackouts in some states, and consumers have seen power and gas bills rise to unsustainable highs. By John Arbouw.

Cheniere eyes financing for Midship pipe

PFI Issue 597 - March 22, 2017

Cheniere Energy is considering project finance and potential debt and equity offerings by subsidiaries to finance Midship, a 200 mile 36-inch interstate natural gas pipeline designed for a capacity of up to 1,400,000 dekatherms per day. The project has a rough estimated cost of about US$1bn.

Trans Mountain pipeline costs rise

PFI Issue 597 - March 22, 2017

Kinder Morgan has increased the estimated cost of the Trans Mountain pipeline project to US$7.4bn from US$6.8bn based on increased compliance costs associated with the National Energy Board’s 157 conditions, including thicker pipe walls, additional drilled water crossings and the Burnaby Mountain tunnel.

San Francisco pulls US$1.2bn from DAPL banks

PFI Issue 597 - March 22, 2017

The San Francisco Board of Supervisors has voted unanimously in favour of efforts to divest from banks financing the Dakota Access Pipeline (DAPL) .

Moody’s upgrades infra outlook

PFI Issue 597 - March 22, 2017

Moody’s Latin America has changed the rating outlook on various infrastructure companies operating in Argentina to positive from stable.

Macquarie makes gas play

PFI Issue 597 - March 22, 2017

Macquarie Group is set to increase its takeover offer for oil and gas company Central Petroleum to more than A$75m (US$56.4m) as it moves to take advantage of the Australian gas shortage.

DUET takeover decision pushed back

PFI Issue 597 - March 22, 2017

 

APA issues bonds

PFI Issue 597 - March 22, 2017

APT Pipelines, the borrowing entity of Australian gas pipeline operator APA Group, has issued a 4.25% US$850m 5% long 10-year (July 15 2027) 144A/Reg S bond offering through joint bookrunners JP Morgan and Morgan Stanley.

APA/Marubeni team up for Origin pipelines

PFI Issue 597 - March 22, 2017

 

Q2 roll-out for Pengerang loan

PFI Issue 597 - March 22, 2017

Financial adviser SMBC is planning a Q2 roll-out of the financing for the estimated US$2.18bn Pengerang integrated deep-water terminal of Dialog Group, Vopak and Petroliam Nasional (Petronas).

Gas network PPP launched

PFI Issue 597 - March 22, 2017

Macedonia’s government has launched a tender for the construction and operation of a €150m gas network under a PPP framework.

E.ON sells Nord Stream 1

PFI Issue 597 - March 22, 2017

E.ON has sold its 15.5% stake in the Nord Stream 1 gas pipeline project to its pension fund as part of its capital raising exercise. 

Gazprom considers new South Stream

PFI Issue 597 - March 22, 2017

Gazprom is studying a project, Poseidon, to take gas from Turkey to Greece and onto Italy with Edison and Depa. The scheme would take gas from the Turk Stream pipeline from Russia to Turkey onto Europe.

Energean signs offshore O&G concessions

PFI Issue 597 - March 22, 2017

Greece’s Energean Oil & Gas has signed an exploration and production concession contract with Montenegro for two offshore blocks.

Transitgas network refinanced

PFI Issue 597 - March 22, 2017

The owners of the Transitgas pipelines in Switzerland have refinanced the SFr478m (€446m) debt backing the transmission and distribution network.

HRADF to launch new DESFA tender

PFI Issue 597 - March 22, 2017

Greek privatisation fund HRADF is set to launch a new tender for the privatisation of gas system operator DESFA after a previous attempt to sell the asset to Socar collapsed.

Delimara LNG-to-power seeks more lenders

PFI Issue 597 - March 22, 2017

The Electrogas consortium that is building the 215MW Delimara LNG-to-power project in Malta is in the market to expand the banking group that will refinance the project’s €450m debt.

Lenders line up for InfraVia LBC Tank

PFI Issue 597 - March 22, 2017

A group of lenders is lining up to finance the acquisition of LBC Tank’s French and Iberian port terminals and oil and chemical storage facilities by InfraVia.

FC for Vitol

PFI Issue 597 - March 22, 2017

Financial close was achieved on March 9 for Vitol’s share of the US$7bn Offshore Cape Three Points (OCTP) integrated oil and gas project, which was signed in December (see PFI 592).

SSE getting metered

PFI Issue 597 - March 22, 2017

SSE is putting in place a £400m debt financing with three to four banks to back its smart meter installation programme.

Ineos seeks North Sea assets

PFI Issue 597 - March 22, 2017

Ineos is talking to BP about buying its 100-mile (160km) Forties oil pipeline, which transports 450,000 barrels a day from the North Sea, 40% of the UK’s oil output. Usage has declined over the years, however. The pipeline includes a 130km onshore pipeline to Ineos’ Grangemouth refinery bought from BP in 2005.

FA winner due for EACOP

PFI Issue 597 - March 22, 2017

Banks have been shortlisted for the financial advisory role for the US$4bn East African Crude Oil Pipeline (EACOP) project being developed by Total, Tullow Oil and CNOOC. Ten banks bid originally and around three are left, including Japanese, Chinese and international banks. A decision is due shortly.

Sumitomo signs power deal

PFI Issue 597 - March 22, 2017

Japan’s Sumitomo has signed a deal with state power company Electricidade de Mozambique (EDM) to develop a 110MW gas-fired combined-cycle power plant at Temane, in the gas-rich Inhambane province. 

Tullow RBL to come down

PFI Issue 597 - March 22, 2017

Tullow Oil is set to reduce its reserve-based lending (RBL) deal to US$2.5bn–$3bn following its fully underwritten £607m rights issue last Friday. The company is to refinance its current RBL, which under its latest redetermination with the banks stands at US$3.3bn. The current loan starts to amortise next month.

Pertamina names new chief

PFI Issue 597 - March 22, 2017

The new head of Indonesian state-owned oil and gas giant Pertamina is Elia Massa Manik, previously head of a state plantations company and a Pertamina subsidiary.

BHP signs new Pemex contract

PFI Issue 597 - March 22, 2017

BHP Billiton has signed an agreement with Pemex to complete work on the Trion discovery in the Gulf of Mexico.

Canadian Natural Resources names banks

PFI Issue 597 - March 22, 2017

Canadian Natural Resources will acquire 70% of the Athabasca oil sands project from Royal Dutch Shell and Marathon Oil for more than C$12.7bn (US$9.43bn). The transaction will be financed with the issuance of C$4bn of Canadian Natural common equity to Shell and a new C$9bn acquisition facility.

Java

Two SPVs for Java 1

PFI Issue 597 - March 22, 2017

Jawa Satu Power will be setting up two separate borrowing entities. Lenders will be the same for both. By Minerva Lau.

Tellurian selects SG as Driftwood adviser

PFI Issue 597 - March 22, 2017

It has only been a little after a year since former Cheniere Energy CEO Charif Souki’s launch of his own LNG project development company in February 2016. But Tellurian has raised US$60m in development funding from friends, family, and management, US$25m from GE, and US$207m from Total to build mid-scale LNG export projects along the Gulf of Mexico coast.

Celse LNG into structuring

PFI Issue 597 - March 22, 2017

The debt package backing Centrais Electricas de Sergipe’s (Celse’s) Porto de Sergipe LNG-to-power project near Aracaju is progressing, with multilateral lenders taking part in the financing.

Consultations continue for Octopus LNG

PFI Issue 597 - March 22, 2017

Chile’s environmental assessment service SEA has begun the process of interaction with indigenous communities regarding the stalled Octopus LNG-to-power project in Chile.

Exxon into LNG

PFI Issue 597 - March 22, 2017

ExxonMobil has bought a 25% stake in Eni’s Area 4 offshore gas field for US$2.8bn. Eni will continue to lead development of the floating 3.3m tpa Coral LNG scheme and all upstream operations for Area 4, while Exxon will develop a new onshore LNG scheme.

Engie Chile buys GNL Gas Stream

PFI Issue 597 - March 22, 2017

Engie Chile has announced the purchase of 100% of GNL Gas Stream. The company began operating in 2013 and is active in central Chile through nine regasification satellite plants and others under construction.

PNOC receives big LNG response

PFI Issue 597 - March 22, 2017

Twenty-six groups have submitted proposals to state-owned Philippine National Oil Co (PNOC) to build an LNG complex that PNOC plans to develop.