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Thursday, 20 June 2019

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Pertamina's former head sentenced

PFI Issue 651 - June 19, 2019

Jakarta’s corruption court has sentenced Karen Galaila Agustiawan, former president director of state-owned oil and gas company Pertamina, to eight years in prison.

Total to buy stake in Adani Gas

PFI Issue 651 - June 19, 2019

Total SA is reported to be finalising a deal to buy a 30% stake in gas distribution company Adani Gas for more than US$800m.

M&A boom slows

PFI Issue 651 - June 19, 2019

The M&A boom for infrastructure assets appears to have slowed as utility regulatory worries increase, the prospect of nationalisation grows and Brexit concerns persist.

Pertamina JTB PF signed

PFI Issue 651 - June 19, 2019

Sponsor Pertamina EP Cepu (PEPC) has signed an upsized US$1.878bn debt package to finance its US$4.6bn Jambaran-Tiung-Biru (JTB) gas field unitisation project. Signing, which was by circulation, is understood to have been completed last week.

GE tests private placement market for IPP

PFI Issue 651 - June 19, 2019

GE Energy Financial Services, through project company Shady Hills Energy Center (SHEC), is testing the private placement market to line up financing for its 573MW Shady Hills natural gas-fired combined-cycle generating facility near Tampa.

Six new shale concessions due

PFI Issue 651 - June 19, 2019

A series of six new exploration concessions at the Vaca Muerta shale play in Neuquen are set to be opened up by the end of the year, according to reports.

Consortium appoints SBM on Mero 2

PFI Issue 651 - June 19, 2019

The Libra consortium has reached a final investment decision for the second phase of the Mero project at the Libra block in the pre-salt area of the Santos Basin.

Fortress-backed group to develop PA LNG projects

PFI Issue 651 - June 19, 2019

The Delaware River Basin Commission has voted to approve Delaware River Partners’ plan to build a US$96m marine terminal facilities and logistics centre in southern New Jersey near Philadelphia.

GenOn's Heritage Power launching TLB

PFI Issue 651 - June 19, 2019

GenOn Holdings’ Heritage Power was preparing to launch a Term Loan B financing with a bank meeting as PFI went to press.

Innovate Energy wins ESM P3

PFI Issue 651 - June 19, 2019

The Government of Canada and Energy Services Acquisition Program (ESAP) have awarded the energy service modernisation (ESM) project to Innovate Energy.

Austin Energy closes biomass purchase

PFI Issue 651 - June 19, 2019

Austin Energy has closed the US$460m purchase of the 115MW Nacogdoches biomass facility in Texas from Southern Power.

Novatek signs LNG MoU with Siemens and Total

PFI Issue 651 - June 19, 2019

Russia’s Novatek and Zarubezhneft have signed a memorandum of understanding (MoU) to cooperate in Vietnam with Total Gas & Power and Siemens.

Inpex inks Abadi LNG HOA

PFI Issue 651 - June 19, 2019

Inpex Corp of Japan has signed a heads of agreement (HOA) with the Indonesian authorities on the basic principles regarding the revised Plan of Development (POD) for the US$20bn Abadi LNG project in the Masela block in the Arafura Sea in Indonesia. It signed on behalf of the contractors – for itself (65%) and for partner Shell (35%).

BP and Reliance to invest in new oil and gas projects

PFI Issue 651 - June 19, 2019

BP and its partner Reliance Industries have announced plans to invest US$5bn to develop three oil and gas projects in the KG DG block off the east coast of India.

Goldman Sachs and SSG look to buy Rattan debt

PFI Issue 651 - June 19, 2019

Goldman Sachs and Asian distressed credit specialist SSG Capital Management are reported to be in separate talks to buy around US$500m worth of bad loans at RattanIndia Power, where existing lenders are anxious to sell.

Gulf taps market again for second 2.5GW IPP

PFI Issue 651 - June 19, 2019

Gulf Energy Development (GED) and Mitsui & Co are back in the bank market to raise funds for Gulf PD, a special purpose vehicle set up for a 2,500MW gas-fired power plant located in Rayong.

GIC cuts ContourGlobal stake

PFI Issue 651 - June 19, 2019

Singapore sovereign wealth fund GIC has reduced its stake in London-listed independent power producer ContourGlobal to less than 3% from 9.08%.

Trinity adds Africa partner

PFI Issue 651 - June 19, 2019

Law firm Trinity International, a boutique focusing on African energy and infrastructure projects, has hired Marianna Sedefian as partner from White & Case.

Intesa and Rubicon sign infra MoU

PFI Issue 651 - June 19, 2019

Italy’s Intesa Sanpaolo has signed a memorandum of understanding (MoU) with Ireland-based advisory boutique Rubicon Capital to work on joint infrastructure and energy deals.

Seven go for Hyflux

PFI Issue 651 - June 19, 2019

Utico has extended the deadline for entering a binding agreement with beleaguered water treatment firm Hyflux to June 27 from June 17.

Cheniere-backed Blackstone TLB upsized

PFI Issue 651 - June 19, 2019

Blackstone CQP Holdco has upsized its five-year Term Loan B to US$2.6bn from US$2.5bn ahead of close.

Poland’s PGNiG to buy more Venture Global LNG

PFI Issue 651 - June 19, 2019

Poland’s PGNiG has agreed to increase the amount of LNG it buys from Venture Global by 1.5m tonnes per year. PGNiG will now buy 3.5m tonnes of LNG per year from the project developer, with first deliveries expected in 2023.

Sponsors reach FID on Whistler pipeline

PFI Issue 651 - June 19, 2019

MPLX, WhiteWater Midstream backed by First Infrastructure Capital, and a joint venture between Stonepeak Infrastructure Partners and West Texas Gas have reached a favourable final investment decision (FID) on the Whistler pipeline.

Bidders line up for cogen

PFI Issue 651 - June 19, 2019

ACWA Power, Engie, Kepco and Marubeni are said to be looking to bid for Aramco’s Tanajib cogeneration scheme. The request for proposals (RFP) was launched in March and bids are due by July 29.

Four for F3

PFI Issue 651 - June 19, 2019

Four teams are believed to be looking to bid for EWEC’s Fujairah 3 (F3) combined-cycle gas turbine project – ACWA Power, EDF, Engie, and Marubeni/Samsung. The request for proposals (RFP) was issued last month.

Drax pricing out

PFI Issue 651 - June 19, 2019

The bank group is forming on the debt refinancing for Drax. Santander is advising on the deal.

WtE/EfW market surveyed

PFI Issue 651 - June 19, 2019

Tolvik Consulting has published its 2018 UK energy from waste(EfW) statistics report, revealing that the sector suffered from poor turbine reliability on operating plants.

Benga IPP advances

PFI Issue 651 - June 19, 2019

Kibo Energy has published an update on the Benga power plant project in Mozambique, having completed its base case financial model.

Gazprom planning thermal plant

PFI Issue 651 - June 19, 2019

Gazprom Energoholding (GEH) has signed a letter of intent with the Serbian government to build more power plants in the country, including a 300MW thermal power project.

Lukoil takes NewAge oil stake

PFI Issue 651 - June 19, 2019

Russia’s Lukoil has agreed to buy NewAge’s 25% stake in the Marine XII offshore licence in the Republic of Congo for US$800m.

Aquind launches French interconnector tender

PFI Issue 651 - June 19, 2019

Aquind, a project company of British-Ukrainian businessman Alexander Temerko, has launched a €1.3bn tender for the construction of its 2GW power interconnector project between the UK and France.

InfraVia sells Ocea smart meters

PFI Issue 651 - June 19, 2019

Asset manager Intermediate Capital Group (ICG) has agreed to buy smart meters company Ocea Smart Building from InfraVia.

Tariffs highlight ECG concession talks

PFI Issue 651 - June 19, 2019

An imminent government decision on Ghanaian electricity tariffs will colour the negotiations over the Electric Company of Ghana (ECG) concession.

CA CIB into Gloucester waste

PFI Issue 651 - June 19, 2019

Credit Agricole has joined the syndicate for the Gloucester waste scheme, which is due to open very shortly, by buying out the Bayerische Landesbank stake. The other banks are GIB, Nord/LB and SMBC.

HES Hartel terminal financed

PFI Issue 651 - June 19, 2019

HES International, the port terminal operator recently acquired by Macquarie and Goldman Sachs, has closed a €300m debt financing for its HES Hartel terminal in the Port of Rotterdam.

Nortegas signs debt-funded recap

PFI Issue 651 - June 19, 2019

The JP Morgan-led owners of Spain’s second-largest gas distribution company Nortegas, formerly called Naturgas, have signed a €250m five-year holdco loan to finance a recapitalisation requested by regulator CNMC.

Concentrated solar plant

Chile moves from coal to CSP

PFI Issue 651 - June 19, 2019

Chile this month announced an ambitious programme of coal retirements. Deal watchers expect non-conventional renewables to fill the void and are ready to finance them. By Nic Stone.

Wind farm in Australia

Renewables face financial close push

PFI Issue 651 - June 19, 2019

Australian renewable projects are facing blocks to financial closings. Rising EPC costs and grid access provide the obstacles. By John Arbouw.

BlackRock closes refi

PFI Issue 651 - June 19, 2019

Investment manager BlackRock through La Bufa Wind has closed a US$225m bond private placement refinancing the project finance debt backing the 130MW La Bufa wind farm in Zacatecas.

KKR NEP closed and funded

PFI Issue 651 - June 19, 2019

Citigroup, MUFG and Mizuho have closed syndication and funded the seven-year US$1.09bn financing backing KKR and NextEra Energy Partners (NEP) joint venture for US$1.02bn and working capital of approximately US$12m.

Macquarie makes first step offshore

PFI Issue 651 - June 19, 2019

Macquarie’s Green Investment Group (GIG) has completed the installation of South Korea’s first floating LiDAR.

Wind farm in Bosnia

Eastern Europe catches up on renewables

PFI Issue 651 - June 19, 2019

While the momentum of the renewable energy train in Western Europe has arguably slowed somewhat in recent months, former eastern bloc countries – with the help of development finance institutions – are beginning to catch up with their western neighbours. By Peter Collins.

Thermal power plant in Africa

Africa – Challenges and solutions

PFI Issue 651 - June 19, 2019

The hot topic at this year’s Africa Energy Forum in Lisbon was how to improve the bankability of power and energy projects. In several panels, audiences heard regulators, advisers and developers discuss the most pressing issues and offer solutions. By Peter Collins.

Connecticut preps offshore tender

PFI Issue 651 - June 19, 2019

Connecticut’s Department of Energy & Environmental Protection (DEEP) is preparing to issue a draft request for proposals (RFP) on July 1 for up to 2GW of offshore wind.

Goldwind in market with wind deal

PFI Issue 651 - June 19, 2019

China’s Goldwind is in the market looking to land a US$475m, three-year loan backing construction of a portfolio of wind farms in Chubut.

Aneel rejects wind sale

PFI Issue 651 - June 19, 2019

Power sector regulator Aneel has rejected the proposed transfer of the 438MW Alto Sertao III wind farm from Renova Energia to AES Tietê Energia.

Ambev inks renewables deal

PFI Issue 651 - June 19, 2019

Anheuser Busch InBev affiliate Ambev has signed contracts with four partners to build solar projects that will power its operations across Brazil by the end of March 2020.

Atlantica lands guarantee from ING

PFI Issue 651 - June 19, 2019

Atlantica Yield has signed its maiden ESG-linked financial guarantee line with ING with a limit of US$39m.

Iron Mountain signs customers on green power pass

PFI Issue 651 - June 19, 2019

Iron Mountain has signed the first commercial and industrial (C&I) customers for its green power pass, a programme that will ensure power consumed at its data centres is 100% renewable.

Supreme Court favours Bolsonaro privatisations

PFI Issue 651 - June 19, 2019

Brazil’s supreme court has ruled that state-run firms can sell subsidiaries, bypassing the need for congressional approval – a big win for the privatisation ambitions of president Jair Bolsonaro.

Omega closes wind purchase

PFI Issue 651 - June 19, 2019

Local company Omega Geração has closed the R$1.9bn (US$489m) purchase of the 303MW Centrais Eolicas Assurua (CEA) portfolio of wind projects from Fundo de Investimentos em Participacoes (FIP IEER), the investment fund of Companhia de Energias Renovaveis (CER).

Vivint Solar closes US$360m forward flow deal

PFI Issue 651 - June 19, 2019

Vivint Solar has closed a US$360m multi-party forward flow funding arrangement that includes project-level debt, a leveraged tax equity partnership and a cash equity investment.

Court rules against FERC on PG&E PPAs

PFI Issue 651 - June 19, 2019

Bankruptcy judge Dennis Montali has ruled against PG&E’s power purchase agreement (PPA) counterparties in a judgment, reaffirming the bankruptcy court’s lead role on the contract issue and rejecting the Federal Energy Regulatory Commission (FERC)’s assertion of concurrent jurisdiction.

Prudential invests in solar developer Soltage

PFI Issue 651 - June 19, 2019

New Jersey-based solar developer Soltage has secured an investment from Prudential Capital that will be used to drive the company’s growth and support the acquisition and development of projects.

EDF/Shell offshore to launch NJ office

PFI Issue 651 - June 19, 2019

Atlantic Shores Offshore Wind, a joint venture of EDF Renewables North America and Shell New Energies, is opening an office in Atlantic City this summer, according to the Press of Atlantic City.

Burns & McDonnell hires offshore wind lead

PFI Issue 651 - June 19, 2019

Engineering consulting and construction firm Burns & McDonnell has hired Tony Appleton to lead its offshore wind initiatives and team.

Foresight snaps up JLEN team

PFI Issue 651 - June 19, 2019

Foresight Group has snapped up the management of listed infrastructure fund John Laing Environmental Assets Group (JLEN) from John Laing.

European Energy issues Green bonds

PFI Issue 651 - June 19, 2019

Danish renewable firm European Energy has issued €140m of Green corporate bonds maturing in 2023 and priced at 535bp over Euribor.

NBG joins EIB infra fund initiative

PFI Issue 651 - June 19, 2019

National Bank of Greece (NBG) has joined an initiative of the EIB and the Greek government to invest €650m in infrastructure and renewable energy.

Albioma raises RCF

PFI Issue 651 - June 19, 2019

French independent power producer Albioma has signed a €60m five-year revolving credit facility with French and international banks to fund its expansion.

Mitsui buys into Mahindra solar

PFI Issue 651 - June 19, 2019

Mitsui has joined Mahindra Group in developing and operating solar power plants in India.

Marubeni equity for home solar company

PFI Issue 651 - June 19, 2019

Marubeni Corporation has led a US$26m equity investment in Azuri Technologies, a leading residential solar provider in Africa, alongside its existing shareholders.

ABN infra fund invests in NorSun

PFI Issue 651 - June 19, 2019

Norwegian solar cell manufacturer NorSun has closed a NKr230m (€23.5m) equity fundraising that attracted investment from ABN AMRO’s Energy Transition Fund and Norwegian sovereign wealth fund Nysno Climate Investments.

MCA and Sun Africa form renewables JV

PFI Issue 651 - June 19, 2019

Portuguese EPC firm MCA Grupo and Sun Africa have formed the MCA Sun Africa joint venture to develop and provide EPC services to renewable energy projects throughout the continent.

Solar plus storage set to boom

PFI Issue 651 - June 19, 2019

Solar plus storage projects “appear poised for a dramatic expansion” against a backdrop of falling battery costs and grid management, according to Fitch Ratings.

Senate approves renewables bill

PFI Issue 651 - June 19, 2019

The Colombian senate has approved a bill that promotes participation by local and state governments in the development of renewable energy projects.

Beowulf to convert coal IPPs to data centres

PFI Issue 651 - June 19, 2019

Beowulf Energy has proposed a plan to convert two coal plant sites in New York to data centres for US$$650m.

Starbucks enters solar/wind aggregated PPA

PFI Issue 651 - June 19, 2019

Starbucks has entered into a renewable energy power purchase agreement (PPA) aggregation deal with LevelTen Energy for 146MW of power from three projects.

Natural gas and renewables' market share rises

PFI Issue 651 - June 19, 2019

Natural gas is continuing its rapid ascendancy in the US as the number one source of power plant fuel for electric generation with renewables also climbing, according to new figures from the Energy Information Administration’s Short Term Energy Outlook (STEO).

San Ignacio solar comes online

PFI Issue 651 - June 19, 2019

JinkoSolar has brought online the 18MW San Ignacio solar photovoltaic project in Yucatan, the first large-scale solar scheme in the populous state.

Statkraft commits to hydro works

PFI Issue 651 - June 19, 2019

Norway’s Statkraft will begin construction of the US$204m, 52MW Los Lagos hydro scheme on the Pilmaiquen River close to the city of Osorno in August, according to a statement. Completion is scheduled for the second half of 2022.

Enel signs massive renewables PPA

PFI Issue 651 - June 19, 2019

Italy’s Enel has signed the largest renewable energy contract in Chile with Chilean copper producer Compania Minera Dona Ines de Collahuasi SCM to supply 100% of the power or 1TWh per year to the Collahuasi mine.

Total Eren secures Kiamal solar PF

PFI Issue 651 - June 19, 2019

Total Eren has secured US$175m of five-year project finance debt from the Natixis, ANZ and ING to build the 256MW Kiamal solar farm in Victoria.

Alinta to build 60MW solar project

PFI Issue 651 - June 19, 2019

West Australian energy company Alinta is planning to build a 60MW solar project next to Fortescue Mining Group’s Christmas Creek iron mine in the Pilbara region of Western Australia.

CleanCo to develop new renewable projects

PFI Issue 651 - June 19, 2019

The Queensland Government has allocated A$250m (US$173.9m) to CleanCo, the new publicly owned electricity generation and trading company that has a mandate to build, own and operate new commercial renewable energy generation in Queensland.

J-Power invests in Genex Power K-2 Hydro

PFI Issue 651 - June 19, 2019

Genex Power, which is building the Stage 2 Kidston hydro (K-2 Hydro) in Queensland, has secured Japanese company J-Power as a partner in the project.

MPower to build Canadian Solar's Mannum solar

PFI Issue 651 - June 19, 2019

Canadian Solar has hired MPower to construct a 6.8MW solar farm at Mannum in South Australia.

AIIB approves Upper Trishuli hydro loan

PFI Issue 651 - June 19, 2019

The Asian Infrastructure Investment Bank (AIIB) board has approved a loan of up to US$90m to support the development of the Upper Trishuli-1 hydropower project, the bank’s first project in Nepal.

Japan’s METI to overhaul renewable energy system

PFI Issue 651 - June 19, 2019

Japan’s Ministry of Economy, Trade & Industry (METI) plans to change the way it procures renewable energy, from a pre-determined price to a competitive bidding system.

SNAP gets local approval for Alimit hydro

PFI Issue 651 - June 19, 2019

SN Aboitiz Power (SNAP), the joint venture of Norway’s SN Power and Aboitiz Power, has received approval from local governments for the planned development of the Alimit hydropower complex in Ifugao province.

AC Energy completes solar project

PFI Issue 651 - June 19, 2019

AC Energy, the energy platform of Ayala Corp, has completed its second solar project in Vietnam worth US$83m in partnership with AMI Renewables Energy.

SECI completes 1.2GW solar auction

PFI Issue 651 - June 19, 2019

Solar Energy Corporation of India (SECI) is reported to have successfully concluded the auction for 1,200MW of interstate transmission system (ISTS) connected solar projects to be developed across India.

APGENCO to auction 10MW of hybrid power

PFI Issue 651 - June 19, 2019

Andhra Pradesh Generation Corporation (APGENCO) is reported to have invited bids for 10MW of grid-connected solar-wind hybrid power projects at Ramagiri, in the Anantipuramu district of Andhra Pradesh.

Solar auction oversubscribed

PFI Issue 651 - June 19, 2019

A 750MW solar auction conducted by the Solar Energy Corporation of India (SECI) is reported to have been oversubscribed by 350MW.

First Solar to sell solar projects

PFI Issue 651 - June 19, 2019

First Solar is reported to be exploring a potential sale of about 45MW of its solar power assets in Karnataka in a deal estimated to be worth around US$42m.

Hiringa Energy and Ballance to develop wind farm

PFI Issue 651 - June 19, 2019

New Zealand-based hydrogen infrastructure developer Hiringa Energy and fertilisers producer Ballance Agri-Nutrients are reported to be in talks with lenders to fund a NZ$50m (US$33.1m) wind farm in south Taranaki.

MPPMCL seeks EoIs to develop a 500MW storage project

PFI Issue 651 - June 19, 2019

Madhya Pradesh Power Management Company Ltd (MPPMCL) is reported to have issued an expression of interest (EoI) inviting energy storage companies to set up a 500MW project in Madhya Pradesh.

MSEDCL calls for PPA bids

PFI Issue 651 - June 19, 2019

Maharashtra State Electricity Distribution Company (MSEDCL) is reported to have issued a tender for the purchase of power on a long-term basis from 1,000MW of grid-connected solar projects (Phase III).

Reserve Bank to ease renewable lending rules

PFI Issue 651 - June 19, 2019

The Ministry of New & Renewable Energy (MNRE) is reported to have asked the Reserve Bank of India to categorise renewable energy financing into a separate segment from power and remove the priority sector lending limit for the sector.

Engro seeks licence for 200MW solar

PFI Issue 651 - June 19, 2019

Engro Energy is applying for a licence from the National Electric Power Regulatory Authority (NEPRA) of Pakistan to develop 200MW of solar power plants – comprising four plants of 50MW capacity each.

ACWA ultra cheapest on wind

PFI Issue 651 - June 19, 2019

ACWA Power has put in the cheapest, by some way, bid on the latest 50MW wind scheme being auctioned by the Ministry of Energy and Mineral Resources (MEMR).

Kahramaa solar to get hot

PFI Issue 651 - June 19, 2019

The bid date for Kahramaa’s 900MW Al Kharsaa solar scheme has been put back to July 11 from last week. The competition for the deal is expected to be hot.

Ministry tests solar guarantee

PFI Issue 651 - June 19, 2019

The bid date for the country’s 500MW solar PV scheme has been put back to July 19 from July 2. Sixteen companies have been shortlisted to bid.

DEWA solar sans guarantee

PFI Issue 651 - June 19, 2019

The latest DEWA solar deal, the 900MW solar PV DEWA 5 scheme, will lack a Dubai Ministry of Finance unconditional back-stop guarantee, unlike the previous DEWA power deals.

Equitix team buys NI AD

PFI Issue 651 - June 19, 2019

Bio Capital, a team made up of Equitix, Aurium and Helios, has bought the Granville Ecopark (GECO) enhanced anaerobic digestion (AD) facility in Dungannon Northern Ireland from the Gottex Real Asset Fund 1 (OE Waste).

Prestige funds some more ADs

PFI Issue 651 - June 19, 2019

Prestige Funds has provided a £22.7m financing to back the construction of a 3MW gas to grid anaerobic digestion (AD) plant utilising feedstock waste from farms in Newcastle, Sunderland and Gateshead.

NnG officially out to banks

PFI Issue 651 - June 19, 2019

EDF has officially launched the £1.6bn Neart na Gaoithe (NnG) offshore wind farm financing to the debt market after a series of market soundings. The launch is running in parallel with the sale of 50% of the equity in the £2bn scheme.

Canadian Solar sells project stake

PFI Issue 651 - June 19, 2019

Mergence Unlisted Investment Managers, a local Namibian asset manager, has acquired a majority stake in the 6MW Momentous Solar One plant from Canadian Solar for an undisclosed fee.

Scatec adds wind equity partner

PFI Issue 651 - June 19, 2019

Scatec Solar has signed an agreement with Dutch development bank FMO for the lender to take a 40% equity stake in the 32MW Kamianka solar project in Ukraine.

Three shortlisted on Batoka Gorge hydro

PFI Issue 651 - June 19, 2019

The Zambezi River Authority (ZRA) has shortlisted a Chinese, Italian and US-Chinese joint venture to build the US$4.5bn Batoka Gorge hydroelectric project.

First solar corporate PPA agreed

PFI Issue 651 - June 19, 2019

State-owned utility PGE has signed a letter of intent with two chemical companies to offtake the power from a 5MW solar farm, the first corporate solar PPA in Poland.

Equitix could get GHR

PFI Issue 651 - June 19, 2019

Equitix is said to be looking to buy Green Highland Renewables (GHR) from Simec Energy.

Engie signs solar agreement

PFI Issue 651 - June 19, 2019

Engie has signed a memorandum of understanding (MoU) with the government of Djibouti to develop a 30MW solar farm.

Agreement signed for 200MW hydro

PFI Issue 651 - June 19, 2019

A consortium of Eiffage, Eranove and Themis has signed a framework agreement with the Madagascan government to develop a 200MW hydropower plant.

Athena signs renewable sales

PFI Issue 651 - June 19, 2019

Athena Investments has agreed to sell 156.6MW of renewable plants to Ardian and Glennmont Partners for €90.9m.

Clarity on solar farm PF

PFI Issue 651 - June 19, 2019

The IFC has confirmed its intention to provide project debt to Fotowatio Renewables Ventures’ (FRV) Masrik 1 solar farm in Armenia.

Eni to create renewables JV

PFI Issue 651 - June 19, 2019

Italy’s oil and gas company Eni is creating a joint venture (JV) with Angolan parastatal oil and gas firm Sonangol to develop renewable energy projects in the country.

More solar capacity tendered

PFI Issue 651 - June 19, 2019

The government of North Macedonia has launched a tender for 35MW of solar capacity split among multiple projects across the country.

Wind farm agreement signed

PFI Issue 651 - June 19, 2019

Brookfield-owned Western Wind Energy (WWE) has signed an agreement with the residents of Mamre to jointly bid for a wind farm in South Africa’s next REIPPP round.

Dates set on solar tender

PFI Issue 651 - June 19, 2019

The Eswatini Energy Regulatory Authority (ESERA) has issued the request for qualification (RfQ) for its 40MW solar tender.

9Ren wins renewables arbitration

PFI Issue 651 - June 19, 2019

First Reserve’s renewables company 9Ren has won a €41.79m award from an arbitration tribunal over cuts to Spain’s renewable tariffs.

C&I solar financing secured

PFI Issue 651 - June 19, 2019

Starsight Power Utility, a Nigeria-based energy services provider, has received US$10m in long-term senior debt financing from two Nordic development funds.

Chivasso biomass funded

PFI Issue 651 - June 19, 2019

UniCredit has financed an 18MW biomass power plant in Chivasso, near Turin, owned by Wealth Venture Fund Sicar. The amount of the financing was not disclosed.

DBSA commits to Bumbuna hydro

PFI Issue 651 - June 19, 2019

The Development Bank of South Africa (DBSA) has committed US$4.9m to help finance the development of Sierra Leone’s 143MW Bumbuna II hydropower project and is set to participate in the project financing as a senior lender.

DIF closes Poolbeg acquisition

PFI Issue 651 - June 19, 2019

Dutch infrastructure investor DIF has closed the acquisition of a minority stake in the 58MW Poolbeg waste-to-energy (WtE) project in Dublin from Macquarie.

GIG buys Hornamossen wind

PFI Issue 651 - June 19, 2019

Macquarie’s Green Investment Group (GIG) has bought the 43MW Hornamossen wind farm in Sweden’s Jonkoping region from developer OX2.

Financing signed for hydro project

PFI Issue 651 - June 19, 2019

Building Energy has secured R245m (US$16.5m) in long-term financing for its 4MW Kruisvallei small hydro project, it was announced at this year’s Africa Energy Forum in Lisbon.

Iberdrola plans 590MW PV

PFI Issue 651 - June 19, 2019

Spanish energy group Iberdrola is planning to build Europe’s largest solar PV plant in Extremadura.

NextEra wins renewables arbitration

PFI Issue 651 - June 19, 2019

US renewable energy firm NextEra has won €290m of compensation from the Spanish government after arbitration proceedings over renewables tariff cuts.

OPDEnergy completes Andalucia PV financing

PFI Issue 651 - June 19, 2019

OPDEnergy and Marguerite have completed the €81.7m long-term financing of their solar PV plants in Andalucia with domestic lenders led by Sabadell.

RGreen invests in methanisation

PFI Issue 651 - June 19, 2019

RGreen Invest’s Infragreen III fund has invested €5m of equity in Methajoule, a biogas production company in the Auvergne Rhone Alpes region.

Wind demand rises again in third auction

PFI Issue 651 - June 19, 2019

The French government has awarded 561MW in its third wind power auction as demand returned and tariffs dropped from the previous round.

Wpd plans mega wind farm

PFI Issue 651 - June 19, 2019

A wpd subsidiary, wpd Adria, has said it will develop and build a 1.2GW wind farm in the Livno-Grahovo-Knin region in Croatia and Bosnia.

Renewable bidders line up for auction

PFI Issue 651 - June 19, 2019

Greek energy regulator RAE has received demand for 462MW of solar and wind power capacity in its latest auctions, missing a 600MW target.

Eiffel funds Lords LB PVs

PFI Issue 651 - June 19, 2019

France’s Eiffel Investment Group has financed 65.5MW of solar PV plants in Poland owned by Lithuania’s Lords LB Asset Management.

Elsewedy funds wind and hydro

PFI Issue 651 - June 19, 2019

Egypt’s Elsewedy Electric has bought three wind farms and a hydropower plant in Greece from RF Energy, a subsidiary of industrial group FG Europe, for €55m and raised debt to fund the projects.

EPH funds biomass plants

PFI Issue 651 - June 19, 2019

Czech energy group EPH has closed a €133.7m debt financing for the 73MW Italian biomass plants it acquired in 2017.

EU clears renewables auction

PFI Issue 651 - June 19, 2019

The European Commission has approved Italy’s plan to subsidise new renewable energy projects through premiums over market prices.

Enhol finances Navarra wind farms

PFI Issue 651 - June 19, 2019

Grupo Enhol has financed two wind farms in Navarra totalling 90MW backed by power purchase agreements (PPAs).

InfraRed backs Statkraft VPP

PFI Issue 651 - June 19, 2019

InfraRed Capital-backed Statera Energy is to provide storage and flexible gas power generation facilities to Statkraft in the UK.

F2i considers EF Solare stake sale

PFI Issue 651 - June 19, 2019

Infrastructure investor F2i is looking to sell a minority stake in Italy’s largest solar PV company EF Solare and has begun sounding out the market, according to people with knowledge of the deal.

EDF wins Dunkirk offshore with low tariffs

PFI Issue 651 - June 19, 2019

A consortium of EDF, Innogy and Enbridge has won the 600MW Dunkirk offshore wind farm tender offering tariffs “significantly lower” than €50 per MWh, the French ecology ministry said.

Saint-Nazaire set for financing after appeal win

PFI Issue 651 - June 19, 2019

France’s Council of State has quashed an appeal against the operating permits for the EDF-led 480MW Saint-Nazaire offshore wind farm project, paving the way to its financing.

Solar non-subsidy goes large

PFI Issue 651 - June 19, 2019

NextEnergy Solar Fund (NESF) will start construction of its 50MW Staughton scheme in Bedfordshire in Q3 once construction of its first unsubsidised scheme, the 5.5MW Hall Farm 2, is completed.

REPDO solar names due

PFI Issue 651 - June 19, 2019

Renewable Energy Project Development Office (REPDO) is due in days to release the names of the pre-qualified bidders for its Round 2 solar projects and then release the request for proposals (RFP).

EWEC solar RFP due

PFI Issue 651 - June 19, 2019

The request for proposals (RFP) for EWEC’s 2GW Al Dhafra solar PV in Abu Dhabi is due out this week or next. Five bidders are believed to be lining up to bid – ACWA Power, EDF/Jinko, Kepco, Marubeni and Total.

Dublin sets renewables targets

PFI Issue 651 - June 19, 2019

Ireland plans to generate 70% of its electricity from renewable sources by 2030, up from 30% today, and achieve net zero carbon emissions by 2050.

San Miguel submits to IPP competition

PFI Issue 651 - June 19, 2019

San Miguel Corp (SMC) will submit itself to the competitive selection process (CSP) for its proposed power plants and has held discussions with Manila Electric Co (Meralco).

Thai Solar signs MoU with Trina

PFI Issue 651 - June 19, 2019

Thailand-based Thai Solar Energy is developing a 155MW solar plant in Onikobe, Japan. It has recently signed a memorandum of understanding (MoU) with Chinese PV manufacturer Trina Solar to be its exclusive supplier of solar modules for the project.

EPCI contract for Formosa 2 awarded

PFI Issue 651 - June 19, 2019

Macquarie Capital and Swancor Renewable Energy have awarded Jan De Nul the engineering, procurement, construction and installation contract (EPCI) for foundations and subsea cables at the Formosa 2 offshore wind project.

EGAT to launch 45MW solar hybrid tender

PFI Issue 651 - June 19, 2019

Electricity Generating Authority of Thailand (EGAT) will release the terms of reference this month for the tender of a 45MW floating solar power project, in the first phase of the 2.7GW of such projects it plans to build between 2020 and 2037.

Enterprize Energy secures licence for Ke Ga offshore

PFI Issue 651 - June 19, 2019

UK-based Enterprize Energy (EE) has secured a licence to proceed to conduct a survey for its proposed giant wind power farm project to be located offshore Ke Ga cape in the south central province of Binh Thuan.

Texas Microgrid closes US$50m financing

PFI Issue 651 - June 19, 2019

Texas Microgrid, a joint venture of Basalt Infrastructure Partners and microgrid operator ERock, has closed financing to support a 232MW portfolio of gas-fired microgrids in the Electric Reliability Council of Texas (ERCOT).

PPAs continue flowing for renewables

PFI Issue 651 - June 19, 2019

The market for renewables power purchase agreements remained active in recent weeks, with new deals for Allete Clean Power, Longroad Energy, and Scout Clean Energy.

CleanCapital closes refi of Tahoe assets

PFI Issue 651 - June 19, 2019

CleanCapital has closed on a refinancing of its largest solar commercial and industrial (C&I) portfolio, Tahoe.

Roraima auction results in

PFI Issue 651 - June 19, 2019

The northern state of Roraima has completed a power auction held at the Câmara de Comercialização de Energia Elétrica (CCEE), buying power from 263.5MW of projects for a total R$1.62bn (US$420m) in required investment.

CC&L closes hydro acquisition and finance

PFI Issue 651 - June 19, 2019

Connor Clark & Lunn Infrastructure has acquired a majority interest in the Bremner Trio hydro assets in British Columbia.

Electric charging

Meridiam raises electric charging debt

PFI Issue 651 - June 19, 2019

Allego is Europe’s first electric vehicle charging business to raise PF-style debt. The company is planning more project financing to expand charging infrastructure. By Stefano Berra

M&A boom slows

PFI Issue 651 - June 19, 2019

The M&A boom for infrastructure assets appears to have slowed as utility regulatory worries increase, the prospect of nationalisation grows and Brexit concerns persist.

Natixis spins off Mirova infrastructure arm

PFI Issue 651 - June 19, 2019

Natixis Investment Managers is spinning off its Mirova unit’s infrastructure equity investment arm, which will be renamed Vauban Infrastructure Partners.

NBG joins EIB infra fund initiative

PFI Issue 651 - June 19, 2019

National Bank of Greece (NBG) has joined an initiative of the EIB and the Greek government to invest €650m in infrastructure and renewable energy.

Trinity adds Africa partner

PFI Issue 651 - June 19, 2019

Law firm Trinity International, a boutique focusing on African energy and infrastructure projects, has hired Marianna Sedefian as partner from White & Case.

Arcus considers Brisa stake sale

PFI Issue 651 - June 19, 2019

Arcus Infrastructure Partners is considering selling a stake in Portuguese motorway operator Brisa, according to local press and Bloomberg News.

Intesa and Rubicon sign infra MoU

PFI Issue 651 - June 19, 2019

Italy’s Intesa Sanpaolo has signed a memorandum of understanding (MoU) with Ireland-based advisory boutique Rubicon Capital to work on joint infrastructure and energy deals.

PennDOT proposes possible bridge P3

PFI Issue 651 - June 19, 2019

Pennsylvania Department of Transportation (PennDOT) has identified a potential public-private partnership to replace 15 bridges.

SH 288 faces delays, floats new opening plan

PFI Issue 651 - June 19, 2019

Blueridge Transportation Group, the private partner on the SH 288 managed lanes project in Texas, has proposed to open the road in two phases rather than all at once after facing extended construction delays.

Dulles Greenway bonds downgraded

PFI Issue 651 - June 19, 2019

Fitch Ratings has downgraded Toll Road Investors Partnership II’s (TRIP II) US$1bn bonds issue backing the Dulles Greenway project in Virginia to BB from BB+.

Maryland roads mega P3 wins approval

PFI Issue 651 - June 19, 2019

Maryland’s Board of Public Works voted 2-1 in favour of governor Larry Hogan’s plan to use public-private partnerships for the state’s plan to widen the Capital Beltway, Interstate 270 and the Baltimore-Washington Parkway.

Three shortlisted on Valley Line LRT

PFI Issue 651 - June 19, 2019

The City of Edmonton, Alberta has shortlisted three teams on the Valley Line West light rail transit (LRT) project.

AIP and Fengate acquire travel centres

PFI Issue 651 - June 19, 2019

Arjun Infrastructure Partners (AIP) and Fengate Asset Management have acquired ONroute Services Centres from KD Infrastructure and HMSHost Corporation.

Airport authority reveals investment plan

PFI Issue 651 - June 19, 2019

Colombia’s airports authority Aerocivil has revealed plans for Ps3.8trn (US$1.13bn) of investments in the country in the next four years.

Supreme Court favours Bolsonaro privatisations

PFI Issue 651 - June 19, 2019

Brazil’s supreme court has ruled that state-run firms can sell subsidiaries, bypassing the need for congressional approval – a big win for the privatisation ambitions of president Jair Bolsonaro.

Infra tenders to be sped up

PFI Issue 651 - June 19, 2019

The Chilean government is looking to speed up execution on US$1.4bn in infrastructure projects by bringing forward tenders and injecting capital, especially in the highway sector. The investments were planned for 2019 and 2020.

Michigan city receives three bids on bridge P3

PFI Issue 651 - June 19, 2019

Bay City, Michigan has received three bids on a possible public-private partnership to refurbish the Liberty and Independence bridges.

Kansas City Airport bonds priced

PFI Issue 651 - June 19, 2019

The Industrial Development Authority of the City of Kansas City has priced Kansas City International Airport’s (KCIA’s) US$875m special obligation bonds.

Fortress-backed group to develop PA LNG projects

PFI Issue 651 - June 19, 2019

The Delaware River Basin Commission has voted to approve Delaware River Partners’ plan to build a US$96m marine terminal facilities and logistics centre in southern New Jersey near Philadelphia.

Virgin Trains preps US$950m follow-on bonds

PFI Issue 651 - June 19, 2019

Virgin Trains USA has priced US$950m in private activity bonds (PABs) through the Florida Development Finance Corporation (FDFC) at 1.9%. The bonds will mature in 2049.

Chicago mayor cool on big projects

PFI Issue 651 - June 19, 2019

Chicago’s new mayor has yet to back any major infrastructure projects since taking over last month and has voiced opposition to two large projects, the One Central transit hub and the O’Hare Express train.

ANI assesses rail PPP

PFI Issue 651 - June 19, 2019

Agencia Nacional de Infraestructura (ANI) is assessing a proposal from Brisa Group to build a 329km railway connecting the port of Brisa in La Guajira to Chiriguaná in César as a public-private partnership (PPP).

Navios struggles with bond deal

PFI Issue 651 - June 19, 2019

Corporación Navios Sociedad Anonima (CNSA) decided to pull its US$483m, 18.2-year amortising bond issue after investors pushed back on pricing.

Victorian government needs global EPCs

PFI Issue 651 - June 19, 2019

Victoria’s Premier Daniel Andrews has told an AFR infrastructure conference that he will struggle to deliver a record A$100bn (US$73bn) infrastructure agenda unless there is greater help from global construction firms.

Bangalore Metro receives AIIB funding

PFI Issue 651 - June 19, 2019

Asian Infrastructure Investment Bank (AIIB) will provide a long-term loan of Rs23bn (US$335m) to the Bangalore Metro Rail Corporation (BMRCL) for the construction of Phase II of the metro rail.

MRT-7 delayed

PFI Issue 651 - June 19, 2019

San Miguel Corp will delay completion of the Metro Rail Transit Line 7 (MRT-7) project to 2022 from 2020, as the company is still negotiating right-of-way issues.

SMC to push for Bulacan Airport

PFI Issue 651 - June 19, 2019

San Miguel Corp (SMC) intends to push for development of the Bulacan International Airport, despite the Duterte administration’s order to use Sangley Airport as another gateway for the country.

Cabinet approves Map Ta Phut Port deal

PFI Issue 651 - June 19, 2019

The Cabinet has approved a renegotiated deal between a consortium led by PTT and Gulf Energy Development to develop the third phase of the Map Ta Phut Port project, one of the mega-projects under the Eastern Economic Corridor (EEC).

Advisers look at Mecca metro

PFI Issue 651 - June 19, 2019

Deloitte and PwC are believed to have been shortlisted to advise on the development of the Mecca metro scheme. The mandate is said to concern pre-transaction work.

Brussels Airport bond placed

PFI Issue 651 - June 19, 2019

Credit Agricole, MUFG and SMBC have made a €500m US private placement to refinance a €654m corporate bond issue due in January 2020 on the Brussels Airport scheme.

HS2 under review

PFI Issue 651 - June 19, 2019

The £56bn-plus HS2 high speed rail line project from London to Birmingham is said to be under review. Transport Secretary Chris Grayling has told the media that HS2 Ltd chairman Allan Cook is carrying out a review of whether the scheme can be built within its existing budget, which presumably means it can’t.

Welcome Break refi now due

PFI Issue 651 - June 19, 2019

The refinancing of the facilities backing motorway service station operator Welcome Break are now due to be launched to the bank market this month given the intended financial close date is in Q3. The deal had been due out earlier this year.

Heathrow PPP tunnel goes EPC

PFI Issue 651 - June 19, 2019

Network Rail is to hold an industry day for contractors on July 23 in Swindon on its £900m Western Rail Link to Heathrow (WRLtH) tunnel scheme.

PB named on terminal PPP

PFI Issue 651 - June 19, 2019

South Africa’s state-owned rail and port company Transnet has awarded the 20-year concession for the Tambo Spring Intermodal Terminal PPP to an Italian joint venture.

Abertis suffers setback on AP-7 compensation

PFI Issue 651 - June 19, 2019

Abertis has lost a bid to obtain €3bn of immediate compensation from the Spanish government over its Acesa AP-7 motorway concession.

DWS buys bus operator

PFI Issue 651 - June 19, 2019

Cube Infrastructure Fund and Gimv have sold Flemish bus operator Hansea to Deutsche Bank asset manager DWS.

Pedemontana traffic grows

PFI Issue 651 - June 19, 2019

Traffic on the Pedemontana Lombarda toll road grew by 12% in 2018, allowing the project to record its first profits since opening in 2015.

Port PB decision this summer

PFI Issue 651 - June 19, 2019

The preferred bidder for the Kribi port terminal concession in Cameroon is expected to be announced in the next two months.

Port PPP launch next month

PFI Issue 651 - June 19, 2019

Three consortia will submit bids by July 11 to develop Egypt’s first dry port in the industrial zone of Sixth of October City.

Spartacus tram tender launched

PFI Issue 651 - June 19, 2019

Flemish transport company De Lijn has launched a tender for the €300m Hasselt-Maastricht tram PPP, the main project of the Spartacus public transport programme.

Meridiam buys Ausol stake

PFI Issue 651 - June 19, 2019

French investor Meridiam has bought a 65% stake in the Ausol I and II toll road concessions in Spain from Ferrovial for €447m and a 20% stake from Unicaja for €137.6m.

HES Hartel terminal financed

PFI Issue 651 - June 19, 2019

HES International, the port terminal operator recently acquired by Macquarie and Goldman Sachs, has closed a €300m debt financing for its HES Hartel terminal in the Port of Rotterdam.

Metro 5 debt pricing cut

PFI Issue 651 - June 19, 2019

The sponsors of the Metro 5 (M5) rail project in Milan have agreed a repricing of the €466m debt package backing the scheme, according to people close to the deal.

Winner selected for RCEA

PFI Issue 651 - June 19, 2019

The French government has selected a team of Eiffage and APRR as preferred bidders to upgrade the Route Centre-Europe Atlantique (RCEA) motorway.

Circuitus eyes €2bn fund

PFI Issue 651 - June 19, 2019

London-based Circuitus Capital is looking to raise €2bn for a core infrastructure fund focusing on Europe and Latin America.

Pertamina's former head sentenced

PFI Issue 651 - June 19, 2019

Jakarta’s corruption court has sentenced Karen Galaila Agustiawan, former president director of state-owned oil and gas company Pertamina, to eight years in prison.

Total to buy stake in Adani Gas

PFI Issue 651 - June 19, 2019

Total SA is reported to be finalising a deal to buy a 30% stake in gas distribution company Adani Gas for more than US$800m.

Pertamina JTB PF signed

PFI Issue 651 - June 19, 2019

Sponsor Pertamina EP Cepu (PEPC) has signed an upsized US$1.878bn debt package to finance its US$4.6bn Jambaran-Tiung-Biru (JTB) gas field unitisation project. Signing, which was by circulation, is understood to have been completed last week.

Lukoil takes NewAge oil stake

PFI Issue 651 - June 19, 2019

Russia’s Lukoil has agreed to buy NewAge’s 25% stake in the Marine XII offshore licence in the Republic of Congo for US$800m.

HES Hartel terminal financed

PFI Issue 651 - June 19, 2019

HES International, the port terminal operator recently acquired by Macquarie and Goldman Sachs, has closed a €300m debt financing for its HES Hartel terminal in the Port of Rotterdam.

Nortegas signs debt-funded recap

PFI Issue 651 - June 19, 2019

The JP Morgan-led owners of Spain’s second-largest gas distribution company Nortegas, formerly called Naturgas, have signed a €250m five-year holdco loan to finance a recapitalisation requested by regulator CNMC.

Sponsors reach FID on Whistler pipeline

PFI Issue 651 - June 19, 2019

MPLX, WhiteWater Midstream backed by First Infrastructure Capital, and a joint venture between Stonepeak Infrastructure Partners and West Texas Gas have reached a favourable final investment decision (FID) on the Whistler pipeline.

Supreme Court favours Bolsonaro privatisations

PFI Issue 651 - June 19, 2019

Brazil’s supreme court has ruled that state-run firms can sell subsidiaries, bypassing the need for congressional approval – a big win for the privatisation ambitions of president Jair Bolsonaro.

Six new shale concessions due

PFI Issue 651 - June 19, 2019

A series of six new exploration concessions at the Vaca Muerta shale play in Neuquen are set to be opened up by the end of the year, according to reports.

Consortium appoints SBM on Mero 2

PFI Issue 651 - June 19, 2019

The Libra consortium has reached a final investment decision for the second phase of the Mero project at the Libra block in the pre-salt area of the Santos Basin.

BP and Reliance to invest in new oil and gas projects

PFI Issue 651 - June 19, 2019

BP and its partner Reliance Industries have announced plans to invest US$5bn to develop three oil and gas projects in the KG DG block off the east coast of India.

Cheniere-backed Blackstone TLB upsized

PFI Issue 651 - June 19, 2019

Blackstone CQP Holdco has upsized its five-year Term Loan B to US$2.6bn from US$2.5bn ahead of close.

Poland’s PGNiG to buy more Venture Global LNG

PFI Issue 651 - June 19, 2019

Poland’s PGNiG has agreed to increase the amount of LNG it buys from Venture Global by 1.5m tonnes per year. PGNiG will now buy 3.5m tonnes of LNG per year from the project developer, with first deliveries expected in 2023.

Novatek signs LNG MoU with Siemens and Total

PFI Issue 651 - June 19, 2019

Russia’s Novatek and Zarubezhneft have signed a memorandum of understanding (MoU) to cooperate in Vietnam with Total Gas & Power and Siemens.

Inpex inks Abadi LNG HOA

PFI Issue 651 - June 19, 2019

Inpex Corp of Japan has signed a heads of agreement (HOA) with the Indonesian authorities on the basic principles regarding the revised Plan of Development (POD) for the US$20bn Abadi LNG project in the Masela block in the Arafura Sea in Indonesia. It signed on behalf of the contractors – for itself (65%) and for partner Shell (35%).

Fortress-backed group to develop PA LNG projects

PFI Issue 651 - June 19, 2019

The Delaware River Basin Commission has voted to approve Delaware River Partners’ plan to build a US$96m marine terminal facilities and logistics centre in southern New Jersey near Philadelphia.