sections

Tuesday, 24 April 2018

  • You are here:Home
  • Sectors

Dubai WtE deal to banks

PFI Issue 623 - April 18, 2018

Banks have been approached on the project financing for the US$900m Dubai waste-to-energy (WtE) scheme being developed by Hitachi Zosen Inova (HZI) and Besix.

MOL wins FSRU deal for CLP

PFI Issue 623 - April 18, 2018

CLP Power has selected Mitsui OSK Lines (MOL) as supplier of a floating storage and regasification unit (FSRU) for a new 600MW power plant unit that will be added to its existing 2,500MW Black Point Power Station.

SG's new O&G policy due

PFI Issue 623 - April 18, 2018

Societe Generale is to publish an oil and gas sector policy shortly as it comes under fire from non-government organisations (NGOs) such as Bank Track and French Friends of the Earth on its involvement in LNG.

Frontera Generation Term Loan B launched

PFI Issue 623 - April 18, 2018

Frontera Generation Holdings has launched its US$710m Term Loan B refinancing of Lonestar Generation debt. Price talk is at 450bp over Libor with a 1% floor and a discount of 99.

NextDecade names Asian marketing exec

PFI Issue 623 - April 18, 2018

Texas-based LNG developer NextDecade has named James MacTaggart as senior vice-president, LNG marketing, Asia. MacTaggart was previously general manager of Shell’s new gas and LNG markets business in Asia, India, and the Middle East.

Nghi Son 2 IPP loan signs, finally

PFI Issue 623 - April 18, 2018

Marubeni Corp and Korea Electric Power Corp (Kepco) have secured a total financing of about US$1.87bn for the development of the 1,200MW Nghi Son 2 coal-fired power plant.

Power - Tariffs, taxes and offtakers

PFI Issue 623 - April 18, 2018

Tax reform and trade wars are impacting renewable energy project finance. But the market remains flush with cash.

Thompson to chair Tullow

PFI Issue 623 - April 18, 2018

Dorothy Thompson is to become non-executive chairman of Tullow Oil, replacing Aidan Heavey, who ran the company for 30 years and then became non-executive chairman last year.

BCP Renaissance seeks Rover repricing

PFI Issue 623 - April 18, 2018

Blackstone-backed BCP Renaissance Parent has set a lender call for April 17 for a repricing of its US$1.25bn term loan financing the Rover Pipeline.

Monster LNG loan in the market

PFI Issue 623 - April 18, 2018

Cheniere Energy is to refinance the remaining bank debt on its Corpus Christi Trains 1 and 2 project and add in new debt on its Train 3 scheme in a new US$6bn deal.

Coal IPP RFQ out

PFI Issue 623 - April 18, 2018

The request for qualification has been issued to prospective developers on Oman Power & Water Procurement Company’s (OPWP) clean coal-fired power scheme.

Al Dur 1 loan out

PFI Issue 623 - April 18, 2018

The commercial bank tranche on the refinancing of the Al Dur 1 independent water and power project (IWPP) has been sent out to banks.

Bank meeting set for Hunterstown TLB

PFI Issue 623 - April 18, 2018

Lenders were preparing an April 17 bank meeting to launch a US$415m Term Loan B financing as PFI went to press.

St Joseph’s TLB closed

PFI Issue 623 - April 18, 2018

Ares EIF and Toyota Tsusho have reached financial close on a US$447m Term Loan B refinancing on the 675MW St Joseph’s Energy Center (SJEC) project in Indiana.

Texas LNG seeks new financial adviser

PFI Issue 623 - April 18, 2018

Texas LNG is talking to prospective financial advisers to take the place of BNP Paribas, who dropped oil and gas shale financing in October based on environmental principles.

RFQs issued on power and cargo P3s

PFI Issue 623 - April 18, 2018

Bermuda Land Development Company (BLDC) has issued requests for qualifications (RFQs) seeking private partners on a national energy generation facility and an international cargo plant. The cost of each project is expected to exceed US$150m.

TGS plans pipeline

PFI Issue 623 - April 18, 2018

Natural gas company Transportadora de Gas del Sur (TGS) is looking to invest an initial US$250m on gas transportation infrastructure through to 2019 on the Vaca Muerta shale play.

GE lands refi and expansion financing

PFI Issue 623 - April 18, 2018

GE Energy Financial Services (GE EFS) and Ingelec Group have secured a US$150m project financing to refinance and expand the 139MW Los Guindos open-cycle thermoelectric power plant in central Chile to 275MW.

Baker Botts hires Houston O&G partner

PFI Issue 623 - April 18, 2018

Baker Botts has named oil and gas attorney Craig Vogelsang as a partner in the global projects group in its Houston office.

CalPERS names first sustainable investments director

PFI Issue 623 - April 18, 2018

Beth Richtman has been named the first managing investment director of the sustainable investment programme at California Public Employees’ Retirement System (CalPERS).

Former IO CEO convicted in gas plant case

PFI Issue 623 - April 18, 2018

An Ontario judge has sentenced former Infrastructure Ontario CEO and TD Bank executive vice-president David Livingston to four months jail time after convicting him on a plot to delete documents.

Energy and resources exports to boom

PFI Issue 623 - April 18, 2018

Australia’s resources and energy exports in 2017/18 are set to reach a record of about A$230bn (US$176.3bn) in both real and nominal terms, according the latest quarterly report from the government.

Vic Power Networks refinances

PFI Issue 623 - April 18, 2018

Victoria Power Networks, the funding vehicle for CitiPower and Powercor, has raised A$129m (US$99.9m) through private placements.

Sponsors complete Worsley refinancing

PFI Issue 623 - April 18, 2018

GE Financial Services, super funds MTAA and Prime Super, and Fengate Capital Management have completed the refinancing of the A$852m (US$662m) debt of the Worsley Cogeneration plant in West Australia with 14 banks.

The battle of Liddell power station

PFI Issue 623 - April 18, 2018

The battle to keep the 1,800MW Liddell coal-fired power station in the Hunter Valley of New South Wales running beyond its 2022 use by date looks like ending with a whimper rather than a bang.

Fox to Silicon Valley Bank

PFI Issue 623 - April 18, 2018

Silicon Valley Bank has hired three project finance specialists to expand its energy and resource innovation team.

ASA eyes Fibra E

PFI Issue 623 - April 18, 2018

Federal airport operator Aeropuertos y Servicios Auxiliares (ASA) is looking to make a Fibra E issue to tap private investors to pay for modernisation of its infrastructure.

Petrobras RBL expanded

PFI Issue 623 - April 18, 2018

Four banks have joined the Petrobras reserve-based lending (RBL) financing with the bank group rising to nine. The company has signed a US$300m accordion on the deal to add to a US$200m addition last year and the original US$300m financing from 2014 (PFI issue 541).

Ten go for NLNG FA

PFI Issue 623 - April 18, 2018

Ten teams have bid for the financial advisory mandate on the US$7bn Nigeria LNG train seven scheme. The beauty parades were held last week and the decision should be made by the end of the month.

Govt to stop issuing CFPP permits in Java

PFI Issue 623 - April 18, 2018

The Indonesian government will stop issuing new permits for developments of coal-fired power plants (CFPPs) in Java, in a move to mitigate the environmental impact of the plants, said Minister for Energy & Mineral Resources Ignasius Jonan.

FMG starts work on US$3.89bn gas pipeline

PFI Issue 623 - April 18, 2018

West Australia iron ore company Fortescue Metals Group (FMG) and its CEO Andrew Forrest told the media last week that it is studying a proposed 2,400km transcontinental natural gas pipeline to connect to the East coast as part of his iron ore company’s strategy to diversify.

Chinese lenders rescue coal IPPs

PFI Issue 623 - April 18, 2018

IG Power, which is jointly owned by Intergen, China Huaneng group, Guangdong Yudean and Ontario Teachers’ Pension Plan, is negotiating with Chinese lenders to provide about A$100m (US$77m) to finance its half share of the debt on the Callide C power station and to refinance about A$700m (US$544m) of debt of the Millmerran power station.

Five shortlisted for refinery stake

PFI Issue 623 - April 18, 2018

Five bidders have been shortlisted to buy a majority stake in Zambia’s only oil refinery.

Refinery PPP signed

PFI Issue 623 - April 18, 2018

A project framework agreement has been signed with an international consortium for Uganda’s oil refinery PPP, valued at US$3bn to US$4bn.

Qatari JV plans mega petchem

PFI Issue 623 - April 18, 2018

Turkey’s Metcap Energy Investments and Qatar’s Fusion Dynamics have announced a more than US$5bn investment in gas-based projects.

Gas-to-power PPA signed

PFI Issue 623 - April 18, 2018

The Afghanistan government has signed a power purchase and implementation agreement for the 40MW Bayat Power 1 gas-fired power plant.

Largest gas pipeline PPP signed

PFI Issue 623 - April 18, 2018

Contracts have been signed for Nigeria’s US$2.8bn Ajaokuta-Kaduna-Kano (AKK) gas pipeline PPP, the largest gas pipeline in the country’s history.

Krk LNG gets environmental approval

PFI Issue 623 - April 18, 2018

LNG Croatia, the developer of the Krk LNG terminal, has received environmental approval for its planned €363m project, bringing the import scheme one step closer to implementation.

Bids due for Gunvor terminal

PFI Issue 623 - April 18, 2018

Initial bids for a stake in Gunvor’s Stargate Oil Terminal in Rotterdam are due by April 20 as bankers are reviewing bidders’ strategies and starting to consider possible debt financing packages.

Govt adviser sought for mega LNG

PFI Issue 623 - April 18, 2018

A government transaction adviser is being sought by Tanzania Petroleum Development Corp (TPDC) for the country’s delayed LNG export terminal, expected to cost up to US$30bn.

Samsung out of Java 3 list

PFI Issue 623 - April 18, 2018

Samsung C&E is believed to be out of the race for the 49% stake in the 800MW Java 3 gas-fired power plant. The remaining two bidders are Korea Electric Power (Kepco) and Marubeni Corp.

Moz LNG due out to lenders

PFI Issue 623 - April 18, 2018

The Anadarko-led team is due to hold a market sounding with potential lenders next month on its US$20bn Mozambique LNG scheme. The idea will be to ensure bank country limits are reserved for the mega projects.

Osaka Gas to buy Michigan Power

PFI Issue 623 - April 18, 2018

Osaka Gas has agreed to acquire Michigan Power from Rockland Capital’s Wolverine Power Holdings unit for US$93m.

SPDC out again

PFI Issue 623 - April 18, 2018

The Nigeria National Petroleum Corporation (NNPC)/Shell Petroleum Development Co (SPDC) joint venture is out in the loan market again with a US$500m deal.

Goldman Sachs completes Redexis sale

PFI Issue 623 - April 18, 2018

Goldman Sachs’ infrastructure fund has completed the exit from Spanish gas distributor Redexis, selling its remaining 50.1% stake to co-investors USS and ATP and two new Chinese investors – Guoxin Guotong Fund (GT Funds) and CNIC Corporation.

Pisto seeks refinancing

PFI Issue 623 - April 18, 2018

French oil storage business Pisto is looking to refinance its debt, according to a person with knowledge of the deal.

Channelview pricing cut

PFI Issue 623 - April 18, 2018

Pricing on the EIF Channelview Cogeneration Term Loan B was reduced ahead of close, to 425bp over Libor with a 1% Libor floor from initial price talk in the 450bp to 475bp range.

Federal agencies agree to streamline infra permitting

PFI Issue 623 - April 18, 2018

A total of 14 federal agencies have agreed to work together to reduce the time needed for environmental reviews and permitting on major infrastructure projects, a key component of President Donald Trump’s infrastructure plan.

IEnova eyes terminal investment

PFI Issue 623 - April 18, 2018

Sempra Energy’s Mexican affiliate IEnova is looking to invest US$130m to develop the Baja Refinados refined products terminal in the northern border state of Baja California, the company said in a statement.

A-6 auction set for August 31

PFI Issue 623 - April 18, 2018

Brazil’s Mining & Energy Ministry has set August 31 as the date for the country’s next A-6 power auction. The auction will look to contract wind, hydro, biomass, natural gas, and coal projects.

Actis readies bond deal for acquisition

PFI Issue 623 - April 18, 2018

Actis, through newly formed Mexican subsidiary Cometa Energia, has tapped a group of five banks to arrange a bond financing backing its acquisition of InterGen’s Mexican power portfolio.

Riau IPP finalises lenders

PFI Issue 623 - April 18, 2018

Indonesia’s Medco Power (51%) and Thailand’s Ratchaburi Electricity (49%) have mandated four financial institutions to lead the proposed financing for SPV Medco Ratch Power Riau, the operator of a 250MW Riau gas-fired power plant.

Govt to provide PPAs to power plants

PFI Issue 623 - April 18, 2018

The government is expected to begin providing three-year power purchase agreements (PPA) to struggling coal-fired power stations, according to local reports.

Gorgon LNG to be expanded

PFI Issue 623 - April 18, 2018

Chevron Corp will proceed with the estimated US$5bn second stage of the Gorgon LNG project involving drilling for more gas.

Masinloc MLAs roll out top level syndication

PFI Issue 623 - April 18, 2018

Mizuho, Standard Chartered and SMBC have started syndicating a US$1.1bn multi-tranche loan facility to finance the US$1.9bn acquisition of Masinloc power plants by San Miguel Corp (SMC).

Pertamina pushes on with new PSCs

PFI Issue 623 - April 18, 2018

State-owned energy company Pertamina has selected Karunia Utama Perdana and Opicoil Houston as partners to develop the Sanga-Sanga oil block in East Kalimanatan, director general for oil and gas at the energy ministry Djoko Siswanto said during a hearing at the House of Representatives Commission.

S&P highlights wind issues

PFI Issue 623 - April 18, 2018

S&P Global has highlighted issues with wind power projects in India as the country seeks to double its current wind capacity from 32GW now to 60GW by 2022.

FC begins on REIPPP 4

PFI Issue 623 - April 18, 2018

After more than two years waiting for signed power purchase agreements (PPAs), international sponsors have rushed to financial close with the first projects in the 2.3GW fourth round of the country’s renewable energy IPP programme (REIPPP).

© Adinugrohomcv | Dreamstime.com - Indonesian power plant

New developments in Indonesian power

PFI Issue 623 - April 18, 2018

The last few months have seen significant activity from the Minister of Energy & Mineral Resources (MEMR) regarding the Indonesian power sector, including in relation to IPP risk allocation, gas-supply pricing and renewable electricity pricing. By David Dawborn, Dhani MM Pattinggi and Matthew Goerke, Hiswara Bunjamin & Tandjung.

Wind bid tariffs up a little

PFI Issue 623 - April 18, 2018

Tariff bids in the latest 2GW Solar Energy Corporation of India (SECI) wind tender have come in at Rs2.51 per kWh (US$0.039/kWh), up from the low of Rs2.43 in December.

TNB signs eight solar PPAs

PFI Issue 623 - April 18, 2018

Malaysian utility Tenaga Nasional has signed 21-year power purchase agreements (PPAs) with eight developers of solar energy projects with a total combined capacity of 239.99MW.

First offshore allocations next week

PFI Issue 623 - April 18, 2018

The Taiwanese government plans to announce the first 500MW of offshore wind allocations by next week, around April 23 or 24, and further allocations of 3GW with feed-in tariffs are slated to be announced by April 30.

Formosa banks start documentation

PFI Issue 623 - April 18, 2018

The 12 lenders to the 128MW Formosa 1 offshore wind project expansion have completed due diligence and are understood to have commenced documentation, including seeking final internal credit approvals.

DAJ bid opening delayed

PFI Issue 623 - April 18, 2018

The bid opening for the 400MW Dumat Al Jandal wind farm has been delayed. It was due today. However, the Renewable Energy Project Development Office (REPDO) has confirmed four bids for the project were received today from ACWA Power, EDF Energies Nouvelles, Enel Green Power and Engie.

Solar performs

PFI Issue 623 - April 18, 2018

The solar PV sector has performed well, according to a sector report from S&P Global.

Westermost Rough in refi

PFI Issue 623 - April 18, 2018

The JBIC tranche on the debt backing GIG and Marubeni’s stake in the Westermost Rough wind farm has been refinanced by commercial banks.

GFG buys hydro IPP

PFI Issue 623 - April 18, 2018

AIB and ING have increased the size of the debt on Scottish hydro power producer Green Highland Renewables following its acquisition by GFG Alliance from Ancala.

Brockwell plans mega wind

PFI Issue 623 - April 18, 2018

Brockwell Energy is planning a 290MW wind farm at North Kyle in East Ayrshire. The scheme will be based on 69 of 4.2MW turbines.

Monopiles under investigation

PFI Issue 623 - April 18, 2018

A significant number of monopiles on offshore wind projects built before 2012 are said to be under threat of corrosion, according to a report in reNews. O&M providers are said to be offering monitoring and repair packages to ease the problem which has been caused by air and water entering some monopiles.

Solar EoIs out

PFI Issue 623 - April 18, 2018

The Ministry of Energy & Water, via the Lebanese Centre for Energy Conversation (LCEC), has issued an expressions of interest document for three solar PV schemes with battery storage totalling 210MW to 300MW.

Sixteen bid for solar

PFI Issue 623 - April 18, 2018

Sixteen teams have submitted bids for the round three 200MW solar projects, split into four 50MW projects. The tariffs will be opened once Fichtner has completed its technical evaluation.

Kom Ombo solar bids delayed again

PFI Issue 623 - April 18, 2018

Egyptian Electricity Transmission Company (EETC) has pushed back the tender bid date for the 200MW Kom Ombo scheme once again, by two months this time to July 1.

Amin solar bids due in May

PFI Issue 623 - April 18, 2018

Bids for the 100MW Amin solar PV independent power project (IPP) scheme being offered by Petroleum Development Oman (PDO) are due on May 15.

EDPR team wins California floating offshore

PFI Issue 623 - April 18, 2018

Redwood Coast Energy Authority (RCEA) has selected a consortium of companies to enter into a public-private partnership to develop a floating offshore wind project off the northern California coast.

Fisherman offshore revival bill headed to governor

PFI Issue 623 - April 18, 2018

A bill to restart the Fishermen’s Energy offshore wind farm project near Atlantic City passed both houses of the state legislature on Thursday and has been sent to governor Phil Murphy, who is expected to sign it into law.

Platte River solar gets responses

PFI Issue 623 - April 18, 2018

The Platte River Power Authority in Fort Collins, Colorado has received roughly 30 responses to a request for proposals (RFP) seeking a private partner to build a 20MW solar project with 1MW to 5MW of battery power.

Corporates PPAs signed in Texas and Illinois

PFI Issue 623 - April 18, 2018

Industrial manufacturing company Ingersoll Rand has signed a power purchase agreement (PPA) for approximately 100,000 MWh of wind power annually from Engie North America’s Seymour Hills wind project in Baylor County, Texas.

BP and Tesla partner on wind farm battery

PFI Issue 623 - April 18, 2018

BP has partnered with Tesla to build its first battery storage project at the Titan 1 wind farm in South Dakota. The project will be BP’s first battery project at a US wind farm.

Genneia buys solar projects

PFI Issue 623 - April 18, 2018

Local power company Genneia is acquiring 82MW of solar projects across Argentina. It is buying 100% stakes in project companies Ullum 1 Solar SA (25MW), Ullum 2 Solar SA (25MW), and Ullum 3 Solar SA (30MW). Financial details were not released.

Massive credit line for residential solar

PFI Issue 623 - April 18, 2018

Authorities have approved a R$3.2bn (US$955m) credit line backing the acquisition and installation of residential solar projects.

Investment package approved for renewables

PFI Issue 623 - April 18, 2018

Brazil’s Federal Government has approved a R$1.4bn (US$417m) investment package to back infrastructure projects in the country’s north-east.

Fengate invests in Greengate Power

PFI Issue 623 - April 18, 2018

Alberta-based renewables developer Greengate Power has received a C$100m (US$78.3m) equity commitment from Fengate Real Asset Investments.

Brookfield stake in Infigen fuels takeover rumours

PFI Issue 623 - April 18, 2018

Brookfield Infrastructure has bought a 9% stake in renewables company Infigen Energy, sparking takeover rumours.

CEFC to invest in IFM infrastructure fund

PFI Issue 623 - April 18, 2018

Clean Energy Finance Corp (CEFC) will invest A$150m (US$116m) in equity in the A$12bn (US$9.3bn) IFM Australian Infrastructure Fund.

Cbus Super and DIF invest in Bright Energy

PFI Issue 623 - April 18, 2018

Cbus Super, the A$43bn industry super fund for the construction, building and allied industries, and the Dutch Infrastructure Fund announced last week the A$100m (US$77m) acquisition of Bright Energy Investments (BEI).

Chinchilla solar project reaches FC

PFI Issue 623 - April 18, 2018

The 20MW Chinchilla solar project in Queensland’s Western Downs region is reported to have reached financial close, with a A$12m (US$9.3m) debt facility provided by Infradebt and Impact Investment Group.

Vic energy auction attracts many

PFI Issue 623 - April 18, 2018

The reverse auction by the Victorian government initiated last year to create 650MW of renewable energy has closed with more than 15 companies submitting proposals.

Aldoga solar farm wins approval

PFI Issue 623 - April 18, 2018

The Queensland government has announced that Acciona Energy has been given approval to build the A$500m (US$388.8m) Aldoga solar farm at Gladstone.

Sponsors to refinance Ararat wind farm

PFI Issue 623 - April 18, 2018

Sponsors RES Australia, Partners Group, GE and OPTrust are looking to refinance the A$200m (US$154m) loan that was used to fund construction of the 240MW Ararat wind farm in Victoria in 2015, according to reports.

AGL to fund coal to hydrogen trial

PFI Issue 623 - April 18, 2018

AGL Energy and Japanese giant Kawasaki Heavy Industries will spend about A$500m (US$388m) in a trial to convert Victorian brown coal into liquid hydrogen for export. The coal would come from AGL’s deposits that power the Loy Yang A power station.

Genex may add wind to Kidston project

PFI Issue 623 - April 18, 2018

Genex Power told the media last week it is looking to add a 150MW wind project to its pumped hydro and solar project at the old Kidston mine in Queensland.

Lukoil targets renewables

PFI Issue 623 - April 18, 2018

Russian oil company Lukoil and local miner Kazakhmys Holding have signed a memorandum of cooperation to develop renewable energy projects in Kazakhstan.

Fotowatio wins 55MW solar tender

PFI Issue 623 - April 18, 2018

Fotowatio Renewable Ventures and its unit FSL Solar have won a 55MW solar PV tender in the country, Armenia’s Ministry of Energy has announced.

Chinese firm in YEKA talks

PFI Issue 623 - April 18, 2018

Chinese state-owned HT Solar Energy is in talks with companies including Enerjisa, Zorlu Enerji and Calik to bid in the next YEKA tender, the Turkish press has reported.

Tender due for African floating PV

PFI Issue 623 - April 18, 2018

The Republic of the Seychelles is planning a tender to develop, finance, own and operate a 4MW floating grid-connected solar PV plant in the Lagoon le Rocher.

Seris tests solar energy islands

PFI Issue 623 - April 18, 2018

Solar Energy Research Institute of Singapore (Seris) has launched a project to develop offshore energy islands comprising multi-purpose floating systems of photovoltaic modules that will provide power to industrial zones and residential areas, according to local reports.

Solar deals come through

PFI Issue 623 - April 18, 2018

Germany’s BS Heidelberg Solar will invest in two solar power projects, Hau Giang I and Hau Giang II, in the Mekong Delta province of Hau Giang.

B Grimm to develop 420MW solar

PFI Issue 623 - April 18, 2018

B Grimm Power is planning to develop a 420MW solar power plant in Vietnam.

EGCO team reaches FC on Nam Theun 1

PFI Issue 623 - April 18, 2018

The Electricity Generating Public Company (EGCO) team has reached financial close on the US$934.5m Thai baht-equivalent loan to fund construction of the 670MW Nam Theun 1 hydro power plant in Borikhamxay province, Laos.

Everbright International wins four WtE projects

PFI Issue 623 - April 18, 2018

China Everbright International has recently won four different waste-to-energy projects in the provinces of Jiangxi, Shandong and Jiangsu.

Tozzi funds Sicily wind farms

PFI Issue 623 - April 18, 2018

Tozzi Green has raised €40m of non-recourse debt from Banca Monte dei Paschi di Siena to finance two greenfield wind farms won in the 2016 auction.

Van Oord oyster bid wins offshore tender

PFI Issue 623 - April 18, 2018

A team of Van Oord, Investri Offshore and Green Giraffe has won the tender for the two-turbine 19MW Borssele V innovation offshore wind site in the Dutch North Sea with a project that includes planting oyster beds.

One lender on Encavis PV

PFI Issue 623 - April 18, 2018

Rabobank was the sole lender to finance the 43.9MW solar PV project near Eindhoven bought by Encavis, formerly called Capital Stage, from Solarcentury.

ContourGlobal PV pricing emerges

PFI Issue 623 - April 18, 2018

ContourGlobal financed its latest Italian acquisition of a 19.1MW solar PV portfolio with €55.8m of 10-year debt priced at 235bp over six-month Euribor, the sponsor said in its annual results. ContourGlobal swapped 70% of the debt at 3.003%.

ContourGlobal to repower wind farms

PFI Issue 623 - April 18, 2018

US IPP ContourGlobal is looking to repower its wind farm in Austria, replacing wind turbines with new machines to increase production by 80%.

Final EDF wind bids due

PFI Issue 623 - April 18, 2018

The final bids for the 49% stake in EDF Energy’s 550MW operating onshore wind portfolio are due by May 23. Barclays is advising. The sale is due to complete in summer. Dalmore/PIP, Greencoat and Blackrock are said to be among those shortlisted for the final bidding phase.

Arkolia gets bridge financing

PFI Issue 623 - April 18, 2018

Renewables developer Arkolia Energies has signed a bridge financing to start building 63 solar power stations totalling 6.9MW.

Sonnedix buys TerniEnergia PVs

PFI Issue 623 - April 18, 2018

Sonnedix has bought 10 solar PV plants in Italy totalling 11MW from listed energy group TerniEnergia for €6.2m. The projects are financed with €27.8m of debt that will be transferred to the buyer.

ERG boosts wind pipeline

PFI Issue 623 - April 18, 2018

Italian energy group ERG has bought 26MW of operational wind farms and a 750MW pipeline of projects in France from Impax Asset Management.

Meridiam invests in biogas

PFI Issue 623 - April 18, 2018

French infrastructure investor Meridiam has signed a partnership agreement to invest €30m in biogas specialist Evergaz.

Monte Grande dam sees loan

PFI Issue 623 - April 18, 2018

Instituto Nacional de Recursos Hidráulicos (Indrhi) has landed a US$250m loan from the Central American Bank for Economic Integration (Cabei) backing the completion of construction on the Monte Grande Dam.

A-4 auction results see record pricing

PFI Issue 623 - April 18, 2018

Brazil has awarded 1,024.5MW of projects clean power contracts as part of the A-4 energy tender, according to power trading house CCEE. The auction set records for both wind and solar pricing in the country.

Riverside WtE to next bid round

PFI Issue 623 - April 18, 2018

About five teams are believed to have been shortlisted to buy Cory’s Riverside waste-to-energy plant in south London. CKI, Dalmore/Amber, Equitix, Singapore Power, and PSP are understood to be going through to the next round.

7C Solarparken adds PVs

PFI Issue 623 - April 18, 2018

Developer 7C Solarparken has bought a 9MW solar PV rooftop portfolio in nine locations in the states of Saxony-Anhalt and Brandenburg from SunX.

Audax swaps corporate debt for PF

PFI Issue 623 - April 18, 2018

Audax Renovables has cancelled its corporate debt line with Popular and Santander with funds from a wind farm project financing.

8GW offshore possible

PFI Issue 623 - April 18, 2018

Poland can accommodate 4GW of installed offshore wind capacity by 2026/27, increasing to 8GW in the longer term, state-owned Polish Transmission System Operator (PSE) has said.

Sunnova secures US$100m investment

PFI Issue 623 - April 18, 2018

Houston-based residential solar and battery storage developer Sunnova Energy has closed a US$100m equity investment with Quantum Strategic Partners, a private investment vehicle advised by Soros Fund Management that focuses on long-term investments. To-date, Sunnova has raised more than US$2.5bn in tax equity, debt and corporate equity from institutional investors, private equity firms and banks.

California utility to seek renewables options

PFI Issue 623 - April 18, 2018

The Glendale Water & Power Commission in California has voted to go out to market with a request for information (RFI) on renewable alternatives to a refurbishment of its 242MW Grayson power plant.

States advance offshore development

PFI Issue 623 - April 18, 2018

The US Bureau of Ocean Energy Management (BOEM) has proposed the sale of wind leases on two additional areas offshore Massachusetts representing 390,000 acres and has published a call for information and nominations in New York.

Details emerge on Fifth Third Bancorp solar PPA

PFI Issue 623 - April 18, 2018

Fifth Third Bancorp’s agreement to achieve 100% renewable power through a single project delivered by SunEnergy was structured as a virtual power purchase agreement (VPPA).

Georgia Power to add solar for C&I subscribers

PFI Issue 623 - April 18, 2018

Georgia Power is planning to add more than 177MW of solar resources to supply its commercial and industrial (C&I) renewable energy development initiative after four corporate offtakers subscribed to the programme.

Acciona plans second Texas wind project

PFI Issue 623 - April 18, 2018

Acciona Energia is planning a second wind farm in Texas that will represent its ninth in the US, bringing its US wind power capacity to 866MW.

LatAm build-out hit by transmission and merchant

PFI Issue 623 - April 18, 2018

A number of issues are stymieing growth in power markets in Latin America, as developers and lenders look for ways to alleviate the issues, according to panellists at Platts’ 33rd annual Global Power Markets Conference in Las Vegas.

Inkia lands wind deal

PFI Issue 623 - April 18, 2018

Inkia Energy has closed a roughly US$70m debt financing backing the 50MW Agua Clara wind facility in the northern part of the country.

Frontera readies wind bond

PFI Issue 623 - April 18, 2018

Frontera Renovables is looking to issue US$303m in Green bonds backing the construction of the 306MW Mesa La Paz wind farm in Tamaulipas.

Atha Group to invest in renewables

PFI Issue 623 - April 18, 2018

Indian company Atha Group, through its subsidiary AMP Cleantech, intends to invest more than US$400m to increase its MW capacity from 400MW to 1,000MW by 2022, according to local reports.

KREL to auction 650MW of solar

PFI Issue 623 - April 18, 2018

Karnataka Renewable Energy Development Ltd (KREDL) is auctioning 650MW of grid-connected solar to be developed at the Pavagada Solar Park in the state’s Tumkur district, according to Mercom.

GUVNL calls halt to solar projects

PFI Issue 623 - April 18, 2018

The board of Gujarat Urja Vikas Nigam Ltd (GUVNL) has called a halt to signing the 25-year power purchase agreement (PPAs) with the three winning bidders of a 500MW solar auction on concerns that the tariffs were too high.

Gujarat to develop 5GW solar park

PFI Issue 623 - April 18, 2018

The Gujarat state government has given the go-ahead to develop a 5GW solar park at the Dholera Special Investment Region (DSIR), according to local reports.

Solar edges out wind in first joint tender

PFI Issue 623 - April 18, 2018

Solar power developers have outbid wind companies to secure all of the 210MW tendered by Germany’s Federal Network Agency in its first joint auction for the two technologies.

100MW GET-FiT RFQ out

PFI Issue 623 - April 18, 2018

The request for qualification (RFQ) for Zambia’s 100MW GET-FiT solar PV tender was launched on April 9.

Chinese to fund largest solar

PFI Issue 623 - April 18, 2018

Ukraine’s largest private energy company DTEK and China Machinery Engineering Corp (CMEC) have signed a contract for the construction of a 200MW solar power plant in Nikopol, Dnipropetrovsk region.

French team win Scaling Solar

PFI Issue 623 - April 18, 2018

An Engie and Meridiam team have won Senegal’s first Scaling Solar tender comprising 60MW of capacity across two projects.

Enbridge to sell Hohe See stake

PFI Issue 623 - April 18, 2018

Canada’s Enbridge is looking to sell half its 49.9% stake in the Hohe See offshore wind farm in Germany.

BayWa signs solar PPA with Statkraft

PFI Issue 623 - April 18, 2018

German developer BayWa has signed a power purchase agreement (PPA) with Norway’s Statkraft for its €102m Don Rodrigo solar plant in Spain.

Otary offshore wind picks FA

PFI Issue 623 - April 18, 2018

Belgium’s Otary consortium has chosen Societe Generale as financial adviser to raise debt financing for its 235MW Mermaid and 252MW Seastar offshore wind farms, expected to cost over €1bn.

Merkur eyes refi

PFI Issue 623 - April 18, 2018

The Partners Group-led sponsors of the 396MW Merkur offshore wind farm are looking to refinance the project’s €1.15bn of debt ahead of its inauguration expected by the end of 2018.

Alpha Ventus turbine damaged

PFI Issue 623 - April 18, 2018

The owners of the Alpha Ventus offshore wind farm in the German North Sea have said one of the plant’s Adwen 5MW M5000 turbines suffered damage on April 6.

Octopus signs Sardinia solar PPA

PFI Issue 623 - April 18, 2018

UK-based Octopus Investments has signed a five-year power purchase agreement with trader EGO Energy over 40MW of solar PV plants in Sardinia.

Forestalia signs Engie wind PPA

PFI Issue 623 - April 18, 2018

Forestalia has signed a power purchase agreement (PPA) with French utility Engie for the electricity from its first 300MW of wind farms, according to a person close to the deal.

Veja Mate sale and refi launched

PFI Issue 623 - April 18, 2018

Highland Group Holdings, owned by Lord Irvine Laidlaw, has launched the sale of an 80% stake in the 402MW Veja Mate offshore wind farm and the project’s debt refinancing. Green Giraffe and FIH Partners are the advisers running the sale and refinancing.

Offshore wind renegotiation back on the table

PFI Issue 623 - April 18, 2018

The French government is set to restart a renegotiation of the six offshore wind projects it has awarded so far, despite the senate’s rejection last month of a bill aimed at cutting tariffs or cancelling the concessions.

Indonesia and China sign US$23bn deals

PFI Issue 623 - April 18, 2018

Indonesia and China last week signed five cooperation agreements worth US$23.3bn under the Silk Road Economic Belt and 21st Century Maritime Silk Road initiatives, according to Indonesia’s Antara news agency.

South African investors seek Namibia FiT cover

PFI Issue 623 - April 18, 2018

Financial close is taking place on the final renewable energy projects in Namibia’s first feed-in tariff (FiT) round for projects of about 5MW, despite question remaining over the level of the political risk exposure.

Sydney

Sydney LRT rails in court

PFI Issue 623 - April 18, 2018

Light rail schemes have a mixed track record for PPP and non-contractors. The latest scheme suffering delays and cost overruns is one of the biggest. By John Arbouw

Champlain Bridge, Montreal

Contractor struggles plague P3 deals

PFI Issue 623 - April 18, 2018

Another settlement between the public and private sector highlights construction issues on North American P3s. Projects have struggled with complex change orders, extensive delays, and financial losses. By Alison Healey

Spain

Spanish PPPs back on the road

PFI Issue 623 - April 18, 2018

The Spanish transport market is set for a huge boost. New road PPPs and toll road re-tenders will offer different risk profiles to investors. By Stefano Berra

Intervias plans bond

PFI Issue 623 - April 18, 2018

Toll road operator Concessionária de Rodovias do Interior Paulista (Intervias) is looking to issue R$800m (US$234m) in bonds backing the project.

GT Capital keen to partner with MPIC

PFI Issue 623 - April 18, 2018

GT Capital Holdings is keen to partner with Metro Pacific Investments Corp (MPIC) to develop infrastructure projects in the country, GT president Carmelo Bautista told analysts.

Adani wins road project

PFI Issue 623 - April 18, 2018

Adani Enterprises has been awarded a US$175m highway project from the National Highways Authority of India (NHAI), according to local reports.

Govt talks up hybrid PPPs

PFI Issue 623 - April 18, 2018

The government has shifted to a hybrid public-private partnership (PPP) model, whereby it builds infrastructure projects and later auctions their operation and maintenance to the private sector.

M25 below 100bp

PFI Issue 623 - April 18, 2018

Market rumours suggest the 20-year £1bn bond refinancing of the M25 PPP deal was indicatively priced at 90bp by the proposed lead managers HSBC, Lloyds and Barclays during the funding competition.

DP wins port concession

PFI Issue 623 - April 18, 2018

Dubai-based DP World has won a 30-year concession for the greenfield Port of Banana project in the Democratic Republic of the Congo (DRC), the country’s first deep-sea port.

HES buyers line up loan

PFI Issue 623 - April 18, 2018

Macquarie and Goldman Sachs have lined up about €1bn of debt to back their €1.3bn acquisition of Dutch terminal operator HES International, said sources.

Motorway debt refinanced

PFI Issue 623 - April 18, 2018

The Croatian government has completed the financial restructuring of its HAC, ARZ and HC motorway operators with a €1.8bn 12-year loan, after issuing €1.275bn of bonds last year.

China Everbright buys Cube’s Boreal

PFI Issue 623 - April 18, 2018

Cube Infrastructure has sold its Norwegian public transport company Boreal to China Everbright, in the Hong Kong investor’s first infrastructure buyout in the OECD.

Zaragoza tram refinancing emerges

PFI Issue 623 - April 18, 2018

The owners of the Zaragoza tramway Line 1 closed a refinancing with €165m of bank and institutional investor debt, it has emerged.

Trieste Airport privatisation launched

PFI Issue 623 - April 18, 2018

The Friuli Venezia Giulia region has launched the sale of 45% of Trieste Airport, setting a starting price at €40.4m.

Abertis bidders boost debt funding

PFI Issue 623 - April 18, 2018

ACS’s unit Hochtief and Atlantia have put together a new debt plan of more than €18bn for their takeover of Abertis, enough to finance the entire acquisition price with debt.

Bonds refinance Sacyr toll road

PFI Issue 623 - April 18, 2018

Sacyr and private equity firm Pantheon’s A1 Autovia del Arlanzon shadow toll road concessionaire has issued €144m of privately placed bonds to refinance its existing bank debt.

All change for MQA

PFI Issue 623 - April 18, 2018

Macquarie’s toll road company, Macquarie Atlas Roads is to be known as Atlas Arteria and the bank’s existing management rights contract will be cancelled.

Globalvia gets €1bn equity injection

PFI Issue 623 - April 18, 2018

Globalvia shareholders OPTrust, PGGM and USS have invested €1bn in the company to expand its business.

Demand risk P3 selected for ferries

PFI Issue 623 - April 18, 2018

A desirability and convenience study prepared for the Puerto Rico Public-Private Partnerships Authority has recommended a demand-risk P3 structure for a project to improve its ferry service.

Teams shortlisted on Orleans Health P3

PFI Issue 623 - April 18, 2018

Infrastructure Ontario and Hopital Montfort have shortlisted five companies to build and finance the Orleans Health Hub in Ottawa.

Three teams shortlisted on Milton Corridor

PFI Issue 623 - April 18, 2018

Infrastructure Ontario (IO) and Metrolinx have invited three teams to submit proposals for two stations and an operations facility along the Milton GO Corridor.

Sacyr lands maiden airport mandate

PFI Issue 623 - April 18, 2018

Sacyr is entering the airport concession business in Chile following the award of a contract for the expansion, financing, construction and management over six years of the El Tepual, Puerto Montt airport.

Yilport in talks on Mississippi ports deal

PFI Issue 623 - April 18, 2018

Turkish ports operator Yilport Holding has signed a letter of intent (LoI) with the Mississippi State Port Authority to allow due diligence and negotiations on a potential public-private partnership for the Port of Gulfport expansion.

Provinces agree to partner on Labrador Trough infra

PFI Issue 623 - April 18, 2018

The provinces of Quebec and Newfoundland and Labrador will collaborate to do preliminary planning for a transportation corridor to facilitate mining in the region known as Labrador Trough, 1,200km geological belt that holds major deposits of iron and other minerals.

Mosaic Transit wins Finch West LRT

PFI Issue 623 - April 18, 2018

Infrastructure Ontario (IO) and Metrolinx have selected Mosaic Transit Group as the preferred proponent to design, build, finance and maintain the Finch West Light Rail Transit (FWLRT) project.

Road concession opens up

PFI Issue 623 - April 18, 2018

The Ministry of Public Works (MOP) has opened up the tender for the execution, repair, conservation and exploitation of the G-21 highway concession.

Tender out for Bean Route PPP

PFI Issue 623 - April 18, 2018

The State of Bahia has launched a tender for the BA-052 highway public-private partnership, known affectionately as the Bean Route. The decision will be made on June 6.

Financial close for 4G highway

PFI Issue 623 - April 18, 2018

The APP Gica consortium behind the construction and operation of the Girardot-Ibagué-Cajamarca private initiative highway public-private partnership has closed a roughly Ps300bn (US$109.5m) financing, according to Agencia Nacional de Infraestructura (ANI).

SG's new O&G policy due

PFI Issue 623 - April 18, 2018

Societe Generale is to publish an oil and gas sector policy shortly as it comes under fire from non-government organisations (NGOs) such as Bank Track and French Friends of the Earth on its involvement in LNG.

Thompson to chair Tullow

PFI Issue 623 - April 18, 2018

Dorothy Thompson is to become non-executive chairman of Tullow Oil, replacing Aidan Heavey, who ran the company for 30 years and then became non-executive chairman last year.

BCP Renaissance seeks Rover repricing

PFI Issue 623 - April 18, 2018

Blackstone-backed BCP Renaissance Parent has set a lender call for April 17 for a repricing of its US$1.25bn term loan financing the Rover Pipeline.

IEnova eyes terminal investment

PFI Issue 623 - April 18, 2018

Sempra Energy’s Mexican affiliate IEnova is looking to invest US$130m to develop the Baja Refinados refined products terminal in the northern border state of Baja California, the company said in a statement.

FMG starts work on US$3.89bn gas pipeline

PFI Issue 623 - April 18, 2018

West Australia iron ore company Fortescue Metals Group (FMG) and its CEO Andrew Forrest told the media last week that it is studying a proposed 2,400km transcontinental natural gas pipeline to connect to the East coast as part of his iron ore company’s strategy to diversify.

Pertamina pushes on with new PSCs

PFI Issue 623 - April 18, 2018

State-owned energy company Pertamina has selected Karunia Utama Perdana and Opicoil Houston as partners to develop the Sanga-Sanga oil block in East Kalimanatan, director general for oil and gas at the energy ministry Djoko Siswanto said during a hearing at the House of Representatives Commission.

SPDC out again

PFI Issue 623 - April 18, 2018

The Nigeria National Petroleum Corporation (NNPC)/Shell Petroleum Development Co (SPDC) joint venture is out in the loan market again with a US$500m deal.

Petrobras RBL expanded

PFI Issue 623 - April 18, 2018

Four banks have joined the Petrobras reserve-based lending (RBL) financing with the bank group rising to nine. The company has signed a US$300m accordion on the deal to add to a US$200m addition last year and the original US$300m financing from 2014 (PFI issue 541).

Goldman Sachs completes Redexis sale

PFI Issue 623 - April 18, 2018

Goldman Sachs’ infrastructure fund has completed the exit from Spanish gas distributor Redexis, selling its remaining 50.1% stake to co-investors USS and ATP and two new Chinese investors – Guoxin Guotong Fund (GT Funds) and CNIC Corporation.

Pisto seeks refinancing

PFI Issue 623 - April 18, 2018

French oil storage business Pisto is looking to refinance its debt, according to a person with knowledge of the deal.

Five shortlisted for refinery stake

PFI Issue 623 - April 18, 2018

Five bidders have been shortlisted to buy a majority stake in Zambia’s only oil refinery.

Refinery PPP signed

PFI Issue 623 - April 18, 2018

A project framework agreement has been signed with an international consortium for Uganda’s oil refinery PPP, valued at US$3bn to US$4bn.

Qatari JV plans mega petchem

PFI Issue 623 - April 18, 2018

Turkey’s Metcap Energy Investments and Qatar’s Fusion Dynamics have announced a more than US$5bn investment in gas-based projects.

Largest gas pipeline PPP signed

PFI Issue 623 - April 18, 2018

Contracts have been signed for Nigeria’s US$2.8bn Ajaokuta-Kaduna-Kano (AKK) gas pipeline PPP, the largest gas pipeline in the country’s history.

Bids due for Gunvor terminal

PFI Issue 623 - April 18, 2018

Initial bids for a stake in Gunvor’s Stargate Oil Terminal in Rotterdam are due by April 20 as bankers are reviewing bidders’ strategies and starting to consider possible debt financing packages.

TGS plans pipeline

PFI Issue 623 - April 18, 2018

Natural gas company Transportadora de Gas del Sur (TGS) is looking to invest an initial US$250m on gas transportation infrastructure through to 2019 on the Vaca Muerta shale play.

ASA eyes Fibra E

PFI Issue 623 - April 18, 2018

Federal airport operator Aeropuertos y Servicios Auxiliares (ASA) is looking to make a Fibra E issue to tap private investors to pay for modernisation of its infrastructure.

Baker Botts hires Houston O&G partner

PFI Issue 623 - April 18, 2018

Baker Botts has named oil and gas attorney Craig Vogelsang as a partner in the global projects group in its Houston office.

Meridiam invests in biogas

PFI Issue 623 - April 18, 2018

French infrastructure investor Meridiam has signed a partnership agreement to invest €30m in biogas specialist Evergaz.

NextDecade names Asian marketing exec

PFI Issue 623 - April 18, 2018

Texas-based LNG developer NextDecade has named James MacTaggart as senior vice-president, LNG marketing, Asia. MacTaggart was previously general manager of Shell’s new gas and LNG markets business in Asia, India, and the Middle East.

MOL wins FSRU deal for CLP

PFI Issue 623 - April 18, 2018

CLP Power has selected Mitsui OSK Lines (MOL) as supplier of a floating storage and regasification unit (FSRU) for a new 600MW power plant unit that will be added to its existing 2,500MW Black Point Power Station.

Monster LNG loan in the market

PFI Issue 623 - April 18, 2018

Cheniere Energy is to refinance the remaining bank debt on its Corpus Christi Trains 1 and 2 project and add in new debt on its Train 3 scheme in a new US$6bn deal.

Texas LNG seeks new financial adviser

PFI Issue 623 - April 18, 2018

Texas LNG is talking to prospective financial advisers to take the place of BNP Paribas, who dropped oil and gas shale financing in October based on environmental principles.

Energy and resources exports to boom

PFI Issue 623 - April 18, 2018

Australia’s resources and energy exports in 2017/18 are set to reach a record of about A$230bn (US$176.3bn) in both real and nominal terms, according the latest quarterly report from the government.

Ten go for NLNG FA

PFI Issue 623 - April 18, 2018

Ten teams have bid for the financial advisory mandate on the US$7bn Nigeria LNG train seven scheme. The beauty parades were held last week and the decision should be made by the end of the month.

Krk LNG gets environmental approval

PFI Issue 623 - April 18, 2018

LNG Croatia, the developer of the Krk LNG terminal, has received environmental approval for its planned €363m project, bringing the import scheme one step closer to implementation.

Govt adviser sought for mega LNG

PFI Issue 623 - April 18, 2018

A government transaction adviser is being sought by Tanzania Petroleum Development Corp (TPDC) for the country’s delayed LNG export terminal, expected to cost up to US$30bn.

Moz LNG due out to lenders

PFI Issue 623 - April 18, 2018

The Anadarko-led team is due to hold a market sounding with potential lenders next month on its US$20bn Mozambique LNG scheme. The idea will be to ensure bank country limits are reserved for the mega projects.

Gorgon LNG to be expanded

PFI Issue 623 - April 18, 2018

Chevron Corp will proceed with the estimated US$5bn second stage of the Gorgon LNG project involving drilling for more gas.