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Wednesday, 13 December 2017

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Myingyan IPP reaches financial close

PFI Issue 615 - December 13, 2017

The 225MW gas-fired Myingyan IPP project of Sembcorp Industries has reached financial close, with funds already being disbursed.

Israel joins Power Africa

PFI Issue 615 - December 13, 2017

Israel has joined the US government-led Power Africa initiative, in an agreement which could lead to billions of dollars of deal flow for Israeli firms.

Debt approval due for BridgePower IPP

PFI Issue 615 - December 13, 2017

Banks are expecting credit approval during the middle of December for the BridgePower independent power producer (IPP) project, set to be the country’s largest on completion.

BlackRock backs Glass Mountain with TLB

PFI Issue 615 - December 13, 2017

BlackRock is in the market with a US$325m Term Loan B to back its acquisition of a 50% interest in the Glass Mountain Pipeline from SemGroup.

Tellurian prices share offer

PFI Issue 615 - December 13, 2017

LNG developer Tellurian has priced an offering of 10m shares at US$10 each, representing a discount of roughly 17% to the prior day’s closing price.

ISA issues bonds

PFI Issue 615 - December 13, 2017

Colombian electricity company Interconexion Electrica (ISA) has issued Ps500bn (US$167m) in local bonds to help finance its investment programme. The notes have an eight-year tenor and were priced to return 6.99%.

Patria eyes gas and renewables

PFI Issue 615 - December 13, 2017

Local investment firm Patria Investimentos is targeting infrastructure investments in energy.

Starwood nabs Ares assets

PFI Issue 615 - December 13, 2017

Ares Management, through energy arm Ares EIF, has reached an agreement to sell a 1.2GW portfolio consisting of four coal-fired power projects to Starwood Energy Group.

Transmission link bidding rules near

PFI Issue 615 - December 13, 2017

A potentially US$1.109bn, 2,000km transmission line linking Baja California to Mexico’s national grid is nearing a tender, according to a recent statement by the Mexican government through the Secretaria de Energia (Sener).

Bids in for InterGen assets

PFI Issue 615 - December 13, 2017

Bids have come in from companies looking to land InterGen’s assets in Mexico, according to deal watchers. The deal is expected kick off a roughly US$1bn acquisition financing, they say.

Clean Energy Future plots financing

PFI Issue 615 - December 13, 2017

Clean Energy Future has landed approval for the 955MW Clean Energy Future–Oregon gas-fired project in Oregon, Ohio. The approval will now kick off the financing process in earnest.

Outlook improves for Eletrobras

PFI Issue 615 - December 13, 2017

Moody’s has affirmed Eletrobras’ Ba3 rating and changed its outlook to stable from negative on the back of the ongoing progress of its corporate restructuring plan to enhance internal controls and improve profitability.

Argentina and Chile pen swap agreement

PFI Issue 615 - December 13, 2017

Argentina and Chile have signed an agreement that could pave the way for the exchange of energy between the two countries.

ProInversión awards transmission project

PFI Issue 615 - December 13, 2017

Private investment promotion agency ProInversión has awarded Red Eléctrica del Sur (Redesur) the mandate for the Tintaya–Azángaro 220kV transmission line project.

FERC says ETP 'cannot be trusted' on Rover

PFI Issue 615 - December 13, 2017

The Federal Energy Regulatory Commission (FERC) has upheld its refusal to give Energy Transfer Partners a blanket certificate for continued construction on the Rover pipeline in the Midwest US after the company demolished a historic building in Ohio without permission.

Western Generation repricing set for launch

PFI Issue 615 - December 13, 2017

MUFG was set to launch a repricing of a US$235m Term Loan B for Western Generation Partners as PFI went to press.

Calpine out with bank/bond refi

PFI Issue 615 - December 13, 2017

Calpine is in the market with a US$550m follow-on bond offering and US$1bn Calpine Construction Finance Company (CCFC) first-lien term loan.

Navitas finances gas processing project

PFI Issue 615 - December 13, 2017

Navitas Midstream Midland Basin is in the market with a US$400m Term Loan B to finance the construction of Glasscock plant, a cryogenic natural gas processing plant.

Tidewater and TransAlta plan pipeline

PFI Issue 615 - December 13, 2017

Tidewater Midstream & Infrastructure and TransAlta have entered into a letter of intent to construct a 120km natural gas pipeline from Tidewater’s Brazeau River Complex to TransAlta’s generating units at Sundance and Keephills.

Andalas signs gas for Sumatra 1 IPP

PFI Issue 615 - December 13, 2017

UK-based Andalas Energy & Power is developing a 40MW gas-fired well-head power plant with Sinar Era Gemilang (SEG).

JGC wind Cepu gas processing plant

PFI Issue 615 - December 13, 2017

Pertamina EP Cepu, a unit of state oil and natural gas mining company Pertamina, has awarded JGC Corporation of Japan and Rekayasa Industri of Indonesia the engineering, procurement and construction (EPC) contract for a gas processing plant in Bojonegoro, East Java.

Vivant and GBPC tie up for La Union CFPP

PFI Issue 615 - December 13, 2017

Cebu-based Vivant Corp, through its Vivant Integrated Generation Corp (VIGC), has signed a pre-development agreement (PDA) with Global Business Power Corp (GBPC) to build a 2x335MW coal-fired power plant in La Union province.

EWC finally secures IPP land rights

PFI Issue 615 - December 13, 2017

Energy World Corporation (EWC) has finally secured land ownership and right of way access for its 600MW Pagbilao power plant to the Philippines’ National Grid connection point.

ADB may consult on PNOC LNG

PFI Issue 615 - December 13, 2017

State-run Philippine National Oil Co (PNOC) is understood to have approached the Asian Development Bank (ADB) to be its consultant for the planned US$2bn liquefied natural gas terminal project.

ADB into Gulf Energy IPO

PFI Issue 615 - December 13, 2017

The Asian Development Bank (ADB) has subscribed to 64m shares worth Bt2,880m (US$88m) in an initial public offering of Thailand’s Gulf Energy Development. Gulf Energy has raised Bt23,999m through a recent offering and trading on the Stock Exchange of Thailand (SET) has commenced.

Novatek signs MoU with Siemens and Total

PFI Issue 615 - December 13, 2017

Novatek Gas, a subsidiary of Novatek, which is one of Russia’s largest independent natural gas producers, has signed a memorandum of understanding (MoU) with Total and Siemens to pursue opportunities on LNG sales in Vietnam.

ExxonMobil gets Blue Whale FA

PFI Issue 615 - December 13, 2017

ExxonMobil, which is partnering with state-owned energy group PetroVietnam, has appointed SMBC as its financial adviser for the development of the Blue Whale project, the country’s biggest gas project.

Tokyo Gas in First Gen LNG talks

PFI Issue 615 - December 13, 2017

Tokyo Gas is in talks with First Gen Corporation regarding its planned liquefied natural gas (LNG) investments in the Philippines, Tokyo Gas executive director Kunio Nohata told the media during a World LNG Summit in Portugal.

EoIs in for mine-mouth IPPs

PFI Issue 615 - December 13, 2017

Pembangkitan Jawa-Bali (PJB) and Indonesia Power (IP), subsidiaries of PLN, have received expressions of interest (EoIs) to be a partner with a 49% stake in the development of up to seven IPPs.

ADB approves RPower loan

PFI Issue 615 - December 13, 2017

The Asian Development Bank will be providing US$583m in debt financing and a partial risk guarantee to Reliance Power’s liquefied natural gas (LNG) and power project in Bangladesh.

Five shortlisted for Java 3

PFI Issue 615 - December 13, 2017

Five bidders are said to have been shortlisted as a partner to Pembangkitan Jawa-Bali (PJB), a subsidiary of PLN, for the development of the 800MW Java 3 gas-fired power plant.

Atimonan loan signed

PFI Issue 615 - December 13, 2017

Meralco PowerGen (MGen) has secured a Ps107.5bn (US$2.1bn) loan to finance the construction of a 2x600MW ultra supercritical-pressure pulverised coal-fired power project in Atimonan, Quezon.

Oil Search looks at further LNG financing

PFI Issue 615 - December 13, 2017

Oil Search recently invited lenders to PNG to discuss project financing for upcoming LNG projects. While oil prices continue to be depressed, the future of LNG is bright with strong market fundamentals, Oil Search says.

PF needed for power plant

PFI Issue 615 - December 13, 2017

The funding for the US$120m, 58MW gas fired NuiPower station will involve the PNG government providing around US$18m of equity. Oil Search through its power subsidiary in PNG is expected to match this.

Power plants ask for help

PFI Issue 615 - December 13, 2017

Gas-based power producers have asked the government to revive projects by reintroducing an earlier scheme to supply subsidised imported natural gas, according to local newspaper reports.

Energean due Q1

PFI Issue 615 - December 13, 2017

Energean is now targeting Q1 for the final investment decision (FID) and financial close on its Karish and Tanin gas field. It had been targeting a year-end close on the deal.

Bids due on Elenia

PFI Issue 615 - December 13, 2017

Bids are due shortly for electricity distribution and heating company Elenia. Two bidders are believed to be left in the race – Macquarie/ADIA/Dalmore Capital and DIF/PGGM.

Teesside sale into Round 2

PFI Issue 615 - December 13, 2017

Work on the Round 2 bids for stakes in the Teesside oil terminal in northern England is due to start in the new year. Three teams are still said to be involved – Ancala, Antim and Standard Life.

Kepco confirmed on NuGen

PFI Issue 615 - December 13, 2017

Kepco has been confirmed as the preferred bidder to buy Toshiba’s 3,400MW NuGen nuclear power project, as expected. China General Nuclear said in September it was looking at the asset but Kepco was always the front-runner.

IPPs pre-qual for capacity market auction

PFI Issue 615 - December 13, 2017

A range of independent power producer (IPP) gas-fired projects have pre-qualified for the next capacity market auction due in early February.

MOL to sell

PFI Issue 615 - December 13, 2017

Hungarian oil and gas company MOL is looking to sell its UK North Sea assets and has hired Bank of America Merrill Lynch to advise on the deal, said Reuters.

Fuel import pipeline shelved

PFI Issue 615 - December 13, 2017

The 550km Horn of Africa fuel import pipeline, crossing from Djibouti to Ethiopia, has been put on hold as a result of delays in securing government approvals.

F1 bond refi priced

PFI Issue 615 - December 13, 2017

Emirates Sembcorp Water & Power, the ADWEA/Sembcorp joint venture behind the Fujairah 1 power and water desalination plant, has priced its US$400m 2035 bond refinancing amortiser at 4.45%, 30bp inside guidance initial levels.

EBRD invests in Black Sea oil and gas

PFI Issue 615 - December 13, 2017

The European Bank for Reconstruction & Development (EBRD) has bought an equity stake in Black Sea Oil & Gas (BSOG), an independent Romanian oil and gas exploration and development company backed by US private equity firm Carlyle Group.

Facility E RFP due

PFI Issue 615 - December 13, 2017

State utility Kahramaa is expected to issue a request for proposals this month on the Facility E 2,000MW to 2,500MW and 100m to 130m gallons per day independent water and power project (IWPP).

Yamal LNG starts up

PFI Issue 615 - December 13, 2017

LNG production at the US$27bn Yamal LNG scheme has started, with the first cargo sent out from the project’s first 5.5m tonnes-per-year LNG train to Petronas LNG UK.

FC nears for Tè Power

PFI Issue 615 - December 13, 2017

The 50MW Tè heavy-fuel oil power plant in Conakry, expected to reach financial close in the coming weeks, is being structured on a five-year power purchase agreement (PPA) with no sovereign guarantee.

FC for Coral LNG

PFI Issue 615 - December 13, 2017

Financial close was achieved on November 23 for Eni’s floating LNG vessel in Area 4, Coral LNG.

Kibo takes over coal IPP

PFI Issue 615 - December 13, 2017

Kibo Mining has taken an 85% stake in the Mabesekwa coal IPP project in an all-share transaction.

iCON buys into Egea district heating

PFI Issue 615 - December 13, 2017

UK-based investor iCON Infrastructure Partners has bought a minority stake in the district heating and gas distribution network of Italian utility Egea.

Closing due for LNG-to-power

PFI Issue 615 - December 13, 2017

Siemens and Socar-sponsored Electrogas Malta has signed key financial documents and is looking to reach financial close shortly for its 215MW LNG-to-power project in Delimara.

Eversheds’ LeFort to K&L Gates

PFI Issue 615 - December 13, 2017

The Houston office of K&L Gates has added Daniel LeFort as a partner in the energy, infrastructure and resources practice area.

Carlyle acquisition vehicle prices IPO

PFI Issue 615 - December 13, 2017

Carlyle International Energy Partners’ (CIEP) Regalwood Global Energy has priced an initial public offering (IPO) of 30m units at US$10 each. Regalwood is a blank check company set up by Carlyle to acquire energy assets.

Engie to form African HVAC vehicle

PFI Issue 615 - December 13, 2017

Engie has agreed to acquire two energy services companies in Southern Africa by taking all the shares in Thermaire Investments and Ampair.

Tullow reduces RBL

PFI Issue 615 - December 13, 2017

Tullow Oil has signed the refinancing of its reserve based lending (RBL) facility.

Maurel & Prom refinances debt

PFI Issue 615 - December 13, 2017

French oil independent company Maurel & Prom, backed by its new majority shareholder Pertamina, has signed a new debt financing package.

Compass Power Generation launches recap TLB

PFI Issue 615 - December 13, 2017

Compass Power Generation has launched a US$760m Term Loan B with price talk of 400bp over Libor with a 1% floor and a discount of 99.

Solar

REHubs become a major power play

PFI Issue 615 - December 13, 2017

Utility-scale renewables in Australia are set to be boosted by REHubs. The new hubs combine multiple shared connections to the network. By John Arbouw.

Banks back Jalles Machado

PFI Issue 615 - December 13, 2017

A group of three banks have extended a US$55m loan to sugarcane processor and a biomass producer Jalles Machado backing its renewable power build-out.

CPP into ReNew Power

PFI Issue 615 - December 13, 2017

CPP Investment Board is acquiring a 14% to 15% stake in ReNew Power Ventures for US$350m, according to local news. CPPIB will become the third largest stakeholder in the company, in which Goldman Sachs holds the majority share.

Storage

Financing battery storage and renewable energy

PFI Issue 615 - December 13, 2017

Renewable energy has moved to the mainstream. However, these variable renewable power sources make balancing the system more complex and so will require a transformation in our power systems. By Simon Currie, global head of energy in Sydney, and partners Brian Green and Keith Martin in Washington DC, at Norton Rose Fulbright.

RenovAr 2 results out

PFI Issue 615 - December 13, 2017

Argentina has awarded 66 renewable energy projects totalling 1,408MW contracts and is looking to increase that to 2,000MW following another successful iteration of the RenovAr auction process.

TerraForm prices upsized bond issue

PFI Issue 615 - December 13, 2017

TerraForm Power has launched a US$1.2bn multi-tranche 144A offering with maturities out to 10 years, upsized from a planned US$1bn.

Tax equity and infra threatened by tax proposal

PFI Issue 615 - December 13, 2017

There are three provisions creating significant concern for project finance in the Tax Cuts and Jobs Act: the base erosion anti-abuse tax (BEAT), international alternative minimum tax (AMT), and the elimination of private activity bonds (PABs).

Enel to sell stake in wind farms

PFI Issue 615 - December 13, 2017

Enel has agreed to sell an 80% stake in the 200MW Caney River wind farm and 150MW Rocky Ridge wind farm to investment fund Gulf Pacific Power for US$233m. The deal is expected to close by year-end.

NY Green Bank seeks adviser

PFI Issue 615 - December 13, 2017

NY Green Bank has issued a new request for proposals (RFP) to evaluate strategies for raising, investing and managing at least US$1bn in third-party capital to support New York’s energy goals.

Loan signed for Nam Theun 1

PFI Issue 615 - December 13, 2017

A group of Thai commercial banks have provided a loan of about US$934.5m in Thai baht equivalent to Nam Theun 1 Power Co Ltd (NT1 Power), the project company set up to develop and build the Nam Theun 1 hydroelectric power plant (HPP).

China Ex-Im finances solar

PFI Issue 615 - December 13, 2017

The Export-Import Bank of China has approved a US$331m loan with the government of the Province of Jujuy backing the 300MW Cauchari solar projects.

A-4 auction set for April

PFI Issue 615 - December 13, 2017

Brazil’s Ministry of Mines & Energy will hold another A-4 renewable energy auction on April 4 2018, it has announced.

IDB backs energy efficiency

PFI Issue 615 - December 13, 2017

Colombia’s Ministry of Finance and Public Credit in technical coordination with the National Planning Department and the Ministry of Mines & Energy has landed a US$300m loan from the Inter-American Development Bank (IDB) backing a series of energy efficiency projects.

Corruption issues hit Ituango

PFI Issue 615 - December 13, 2017

The Colombian Attorney General’s office is investigating alleged corruption in the awarding of certain contracts for Empresas Públicas de Medellín’s (EPM) 2.4GW Ituango hydro project.

Axium preps private solar loan

PFI Issue 615 - December 13, 2017

Axium Infrastructure will utilise a C$396.7m (US$312m) term loan to back its acquisition of a portfolio of eight ground-mounted, fixed-tilt crystalline photovoltaic plants in Ontario from TransCanada. Axium is placing the loan privately, without outside banks or dealers.

HgCapital completes Asper spin-off

PFI Issue 615 - December 13, 2017

The renewables investment business of HgCapital has completed its spin-off from the private equity firm and starting operating independently as Asper Investment Management.

Green Giraffe opens Africa office

PFI Issue 615 - December 13, 2017

Boutique renewable energy advisory firm Green Giraffe has opened a South African office in Cape Town.

Eiffel raises EIB-backed energy fund

PFI Issue 615 - December 13, 2017

France’s Eiffel Investment Group has obtained €200m of commitments for its Eiffel Energy Transition renewables fund, reaching its March launch target.

Allianz replaces renewables head

PFI Issue 615 - December 13, 2017

Allianz Capital Partners has appointed Marc Groves-Raines as head of renewables to replace David Jones who is leaving the investment firm.

Investec AM returns to African off-grid

PFI Issue 615 - December 13, 2017

Investec Asset Management (AM) has made a follow-on equity investment in African off-grid solar company Mobisol.

Second Marguerite fund launched

PFI Issue 615 - December 13, 2017

The European Investment Bank (EIB) and a number of national promotional banks have launched a successor to the Marguerite fund with €700m of capital to invest in infrastructure.

Greenlight raises off-grid solar funding

PFI Issue 615 - December 13, 2017

Off-grid solar power provider Greenlight Planet has raised US$60m in debt and equity to expand its product lines, distribution networks and financing capabilities across Africa and Asia.

SCB funds Wind Energy

PFI Issue 615 - December 13, 2017

Wind Energy Holdings (WEH) has raised Bt37bn (US$1.14bn) of loans to finance the development of five wind farms with a combined 450MW capacity.

PFC issues Green bonds

PFI Issue 615 - December 13, 2017

Power Finance Corporation (PFC) has issued 10-year dated Green bonds to raise US$400m. It is paying a 3.75% semi-annual coupon and the issue will be listed on London Stock Exchange’s new International Securities Market.

Basic Energy and VHJ in biomass deal

PFI Issue 615 - December 13, 2017

Basic Energy Corp of the Philippines has signed an agreement with Vintage Holding Japan (VHJ) on the possible acquisition of at least a 10% stake in a 25MW biomass power plant project in Japan.

Kepco signs on 1GW storage facilities

PFI Issue 615 - December 13, 2017

Korea Electric Power Industrial Development Co (KEPID), a unit of Korea Electric Power Co (Kepco), has signed a memorandum of understanding with Thai renewable energy provider Enserv Group to install over 1GW of solar and energy storage facilities in Thailand.

Lanco Infratech to sell renewable assets

PFI Issue 615 - December 13, 2017

Lanco Infratech has put advertisements in Indian newspapers seeking a buyer for four of its renewable projects that have a total capacity of 73MW. Lanco is undergoing insolvency proceedings following failed expansion projects that had too much debt and not enough revenue.

Neoen refinances Europe’s largest PV

PFI Issue 615 - December 13, 2017

Developer Neoen has signed the refinancing of its 300MW Cestas solar PV park near Bordeaux, Europe’s largest solar PV plant.

Belwind seeks second refi

PFI Issue 615 - December 13, 2017

Belgian renewables developer Parkwind is looking to refinance its 165MW Belwind offshore wind farm for a second time after closing the first refinancing at the end of 2015.

Pantheon buys five Marguerite assets

PFI Issue 615 - December 13, 2017

The Marguerite fund has sold a portfolio of five European infrastructure and energy assets to private equity firm Pantheon, although it will continue to manage the assets.

Serenissima buys hydro plants

PFI Issue 615 - December 13, 2017

Investor Serenissima has bought four hydropower plants of 7.5MW through its Alps Energy Re Fund from developer Piacentini Costruzioni and investor Sinloc.

CDC buys second Engie wind tranche

PFI Issue 615 - December 13, 2017

Engie subsidiary La Compagnie du Vent has sold a 49.9% stake in two French onshore wind farms to Caisse des Dépôts et Consignations (CDC), the second of three planned divestments.

M-Kopa raises off-grid solar funding

PFI Issue 615 - December 13, 2017

Off-grid solar company M-Kopa has secured US$80m in US dollar, Kenyan and Ugandan shilling debt for a three-year expansion plan.

Solar IPPs expect further delays

PFI Issue 615 - December 13, 2017

Developer Pan Africa Solar is planning to reach financial close on one of the first privately financed, and the largest, solar plants in the country on an all-equity basis to meet a government deadline in January.

Banks line up for mega solar refinancing

PFI Issue 615 - December 13, 2017

Six lenders have lined up to provide €850m of debt to refinance the solar PV portfolio of EF Solare Italia, a joint venture of Enel Green Power and F2i, in one of Europe’s largest solar deals.

AfDB approves hydro loan

PFI Issue 615 - December 13, 2017

The African Development Bank (AfDB) has approved a US$59m loan for the design, construction and operation of a 44MW hydropower plant on the Bandama River near the Singrobo-Ahouaty villages.

Energy Minister paves way for REIPPP PPAs

PFI Issue 615 - December 13, 2017

South Africa’s energy minister David Mahlobo has signed off on the 27 outstanding renewable energy IPP (REIPPP) projects to allow state utility Eskom’s conclusion of their long-delayed power purchase agreements (PPA), according to South African newspaper reports.

Renewable delays

PFI Issue 615 - December 13, 2017

The decision on shortlisting bidders for the Sakaka solar PV scheme is expected to be taken shortly at a high level in the government. The decision was due at the end of November but various tricky questions remain on the bids.

Arjun Infrastructure buys MENA solar developer

PFI Issue 615 - December 13, 2017

London-based Arjun Infrastructure Partners has bought UAE-based solar company Enviromena Power Systems. Eversheds Sutherland advised on the deal.

Masdar solar signing due

PFI Issue 615 - December 13, 2017

Masdar is signing the US$188m 18.5-year debt financing on its US$235m, 200MW solar scheme at Al Muwaggar near Amman.

Bond for Dudgeon OFTO

PFI Issue 615 - December 13, 2017

Transmission Capital Partners (TCP), which won the Dudgeon offshore transmission owner (OFTO) scheme with a bid of £337.2m last month, is considering a bond issue via RBC to debt-finance the scheme. TCP investor’s INPP said last week it would put £50m of equity into the project.

Ancala sells Green Highland

PFI Issue 615 - December 13, 2017

Ancala has sold the Green Highland Renewables (GHR) business it bought in May 2015 to Simec Energy, part of the Gupta family’s GFG Alliance.

Kincardine floater goes big

PFI Issue 615 - December 13, 2017

The sponsors of the floating Kincardine Offshore Wind facility are looking to use six of the large-scale V164 8.4MW MHI Vestas turbines on the second phase of the 50MW demonstration scheme.

Mainstream to keep NnG stake

PFI Issue 615 - December 13, 2017

Mainstream Renewable Power is to keep a significant minority stake in the 450MW Neart na Gaoithe offshore wind farm. It had been saying it would sell 90% or even all the project when it appointed KPMG to advise on the sale in the summer. The process to find a partner is due to conclude early next year.

EDF signs PPA with Google on Iowa wind farm

PFI Issue 615 - December 13, 2017

EDF Renewable Energy has signed an agreement to supply Google with 200MW of wind energy from its Glaciers Edge wind project in Iowa.

Cape Wind cancels permit

PFI Issue 615 - December 13, 2017

Cape Wind Associates has notified the US Department of the Interior that it will cancel the permit it was granted for the proposed Cape Wind offshore wind project. Planning for the project started in 2001 and faced extensive opposition and frequent court challenges.

Last hearing held on solar tariff

PFI Issue 615 - December 13, 2017

Representatives from both sides of the solar tariff debate testified during an eight-hour early December hearing at the Office of the United States Trade Representative (USTR) in Washington.

PG&E contracts for six storage projects

PFI Issue 615 - December 13, 2017

PG&E has presented six energy storage contracts totalling 165MW to the California Public Utilities Commission for review and approval.

Massachusetts names storage grant winners

PFI Issue 615 - December 13, 2017

The Massachusetts Clean Energy Center has selected 26 projects to share in US$20m in grant funding for energy storage projects in the state. Sunrun, GE, NextEra Energy, National Grid and Tesla are among the winners.

Recurrent Energy signs PPA with Cali’s BART

PFI Issue 615 - December 13, 2017

Canadian Solar’s Recurrent Energy unit has signed a 20-year power purchase agreement for 45MW of power with Bay Area Rapid Transit (BART) in California. Power will be supplied from Recurrent’s Gaskell West 2 solar photovoltaic project in southern California.

Connor Clark & Lunn finances solar

PFI Issue 615 - December 13, 2017

Connor Clark & Lunn Infrastructure has closed US$188m and US$171m bond offerings to finance Windsor Solar and Southgate Solar, 50MW ground-mounted operating solar facilities in Essex County and County of Grey, Ontario.

Chinese financing for hydro

PFI Issue 615 - December 13, 2017

Hydro Global Peru has signed a US$365m project financing backing the 206MW San Gaban III hydro project in Puno.

Board approves Brookfield’s Renova deal

PFI Issue 615 - December 13, 2017

The board of directors of Brazil renewable energy company Renova Energia has approved Brookfield Asset Management’s proposal to acquire the company, a securities exchange filing showed.

OMERS Americas head to Blackstone

PFI Issue 615 - December 13, 2017

Blackstone has named Sebastien Sherman as senior managing director in the infrastructure group to lead the group’s coverage of the utilities, renewable energy and transportation sectors.

Crescendo Power appoints MD

PFI Issue 615 - December 13, 2017

Microgrid and distributed generation developer Crescendo Power has named Urs Gisiger as managing director in its Boston office.

Solar residential fund launched

PFI Issue 615 - December 13, 2017

The Brazilian development group for the Amazon, Superintendência do Desenvolvimento da Amazônia (SUDAM), and the Ministry of National Integration have launched two funds totalling R$500m (US$152m) to finance residential PV systems in the Amazon basin.

Maoneng signs PPA

PFI Issue 615 - December 13, 2017

Maoneng Australia, which is proposing to build the 250MW Sunraysia solar project in New South Wales, has signed a 15-year power purchase agreement (PPA) with AGL for a total of 300MW.

Offshore wind project planned

PFI Issue 615 - December 13, 2017

Copenhagen Infrastructure Partners (CIP) and Offshore Energy have entered into a partnership to build an offshore wind project called Star of the South located off the coast of Gippsland in Victoria.

Adani looks for solar finance

PFI Issue 615 - December 13, 2017

Adani Australia Renewables has, according to media reports, hired a Japanese Bank to advise on the debt finance for the 65MW first phase of the Rugby Run solar project located south-west of Moranbah in the Mackay Region of Queensland. Adani said last month that it had signed a 13-year power purchase agreement (PPA) with a local electricity supplier.

Sun Brilliance signs power deal

PFI Issue 615 - December 13, 2017

Sun Brilliance, which is building a 128MW solar farm set for construction in Western Australia’s Wheatbelt region, has confirmed it will sell its PV generated electricity into the local grid on a merchant basis, after signing an agreement with WA network operator Western Power.

Kidston solar starts to produce revenues

PFI Issue 615 - December 13, 2017

The Stage 1 Kidston solar project has started generating revenues, with electricity from the project now being transmitted to the National Electricity Market.

SECI to tender 2GW wind

PFI Issue 615 - December 13, 2017

State-run Solar Energy Corporation of India (SECI) has launched the tender for setting up 2GW of wind energy capacity to be connected on the inter-state transmission system (ISTS) across the country.

IWPA calls for wind zone to be specified

PFI Issue 615 - December 13, 2017

The Indian Wind Power Association (IWPA) is calling for wind zones to be specified during the bidding for wind power plants.

PJB and Masdar to build floating solar

PFI Issue 615 - December 13, 2017

Pembangkitan Jawa Bali (PJB), a subsidiary of Indonesian power utility PLN, is partnering with Abu Dhabi’s Masdar to develop the country’s first floating solar power project.

Tenaga leads solar wins

PFI Issue 615 - December 13, 2017

Malaysia’s Energy Commission has awarded 41 bidders projects in five capacity packages totalling 562MW in the latest round of bidding, its second, for large-scale solar PV plants for 2019/20.

Viridian plans biomass

PFI Issue 615 - December 13, 2017

Power company Viridian is planning a €150m 35MW biomass power plant in Dundalk, County Louth, the Irish Independent newspaper has reported.

Fortum to buy solar

PFI Issue 615 - December 13, 2017

Fortum has agreed to acquire three solar plants from Hevel Group, Russia’s largest solar power company, in a transaction set to close by year-end.

AfDB loan approved for Nachtigal hydro

PFI Issue 615 - December 13, 2017

The African Development Bank (AfDB) has approved a €150m loan to the 420MW Nachtigal hydropower project being developed by EDF and the World Bank’s IFC with the government of Cameroon.

KfW signs wind farm loan

PFI Issue 615 - December 13, 2017

German development bank KfW has signed a €80m loan to Serbian utility EPS for the 66MW Kostolac wind farm.

Total signs renewables MoU

PFI Issue 615 - December 13, 2017

Total has signed a memorandum of understanding (MoU) with state energy company Sonangol to jointly explore renewable energy opportunities across the country as part of several agreements on upstream and downstream development.

Globeleq increases REIPPP 1 stakes

PFI Issue 615 - December 13, 2017

Developer Globeleq has increased its stake in three projects from the first round of South Africa’s renewable energy programme (REIPPP).

Consortium set up for 150MW wind farm

PFI Issue 615 - December 13, 2017

Rosatom’s VetroOGK will begin construction of a 150MW wind farm in Q2 next year.

Bumbuna II hydro cleared by govt

PFI Issue 615 - December 13, 2017

Sierra Leone’s Parliament has ratified project agreements for the 143MW Bumbuna II hydropower project being led by developer Joule Africa.

New €6bn renewables auction due in spring

PFI Issue 615 - December 13, 2017

The Dutch government has approved a €6bn budget for a renewables subsidy auction to be held between March 13 and April 5, which will be followed by another round of the same size in autumn.

Four banks for largest wind farm

PFI Issue 615 - December 13, 2017

Four banks are in discussions with state utility sponsors Electricity Supply Board and Bord Na Móna to fund the country’s largest wind farm, the 172MW Oweninny project in County Mayo in the west of Ireland.

Capital Stage makes Dutch PV entry

PFI Issue 615 - December 13, 2017

Germany-listed renewables company Capital Stage has bought its first solar PV plants in the Netherlands, taking over two solar parks with 47.6MW of capacity from developer Sunstroom Engineering.

South Koreans refinance solar PVs

PFI Issue 615 - December 13, 2017

Kepco-owned Korea South-East Power and South Korean energy and shipbuilding group SDN Company have closed the refinancing of two solar PV plants totalling 41.6MW in central Bulgaria.

Carrickallen wind financed

PFI Issue 615 - December 13, 2017

HSH Nordbank has provided €43m to Galetech Energy Developments for the construction of its 20MW Carrickallen wind farm.

Italy

Project bonds fund Pedemontana Veneta

PFI Issue 615 - December 13, 2017

JP Morgan has closed the first project bond for a greenfield motorway in Italy and the largest such deal in Europe for an Italian-Spanish consortium. By Stefano Berra

West Midlands ROSCO gets debt

PFI Issue 615 - December 13, 2017

A new rolling stock company (ROSCO), Corelink Rail Infrastructure, has raised £800m in debt plus an equity bridge loan (EBL) for new trains on the new West Midlands franchise.

African govt-owned infra slow and costly

PFI Issue 615 - December 13, 2017

African governments own up to 90% of infrastructure projects in their own region, resulting in more delays and cost overruns when compared to privately owned projects, Deloitte has said.

Rio Negro places bonds for infra works

PFI Issue 615 - December 13, 2017

The Province of Rio Negro, rated B3/B, has issued US$300m in bonds due 2025 that will go to fund infrastructure projects.

Tax equity and infra threatened by tax proposal

PFI Issue 615 - December 13, 2017

There are three provisions creating significant concern for project finance in the Tax Cuts and Jobs Act: the base erosion anti-abuse tax (BEAT), international alternative minimum tax (AMT), and the elimination of private activity bonds (PABs).

EQT acquires Global Gateway South

PFI Issue 615 - December 13, 2017

EQT Infrastructure III and terminal operator P5 Infrastructure have closed the acquisition of Eagle Marine Services (EMS), the operator of the Global Gateway South (GGS) container terminal in the Port of Los Angeles, with an enterprise value of approximately US$875m.

Airport affirmed, toll roads downgraded

PFI Issue 615 - December 13, 2017

Moody’s has downgraded the bonds on the Puerto Rico’s toll roads P3 and affirmed the rating on its airport P3 after a review period following Hurricane Maria

Details of RER procurements taking shape

PFI Issue 615 - December 13, 2017

Infrastructure Ontario and Metrolinx are working to determine the scope of two separate procurements for the GO Regional Express Rail (RER) project, officials said at a recent conference.

Ontario releases long-term infra plan

PFI Issue 615 - December 13, 2017

Ontario has issued its long-term infrastructure plan, with a focus on roads, sustainability in government buildings, and a strategy to expand high-speed internet service.

FDN offers country’s first mini-perm

PFI Issue 615 - December 13, 2017

Colombian development lender Financiera de Desarrollo Nacional (FDN) has approved a Ps400,000m (US$136m) loan for Consorcio Estructura Plural Villavicencio 3 backing a segment of the Bogota-Villavicencio 4G private initiative public-private partnership.

Five respond on Michigan's I-75

PFI Issue 615 - December 13, 2017

The Michigan Department of Transportation (MDOT) has received five responses to its request for qualifications (RFQ) on the I-75 modernisation project. Teams competing for the deal include Meridiam/Walsh; Aecom/John Laing; Star America Infrastructure Fund/Vinci, Fengate Capital/Acciona; and Grupo ACS/Dragados.

Macquarie pitches to keep Hobart Airport

PFI Issue 615 - December 13, 2017

Macquarie Group, which is the manager of the Hobart Airport in Tasmania, has offered, according to media reports, to lower its management fee from 150bp to 60bp. The offer comes as Palisade Investment Partners lobbed a bid last month to take over the management of the airport.

Jakarta–Surabaya rail faces delay

PFI Issue 615 - December 13, 2017

The implementation of the Jakarta to Surabaya rail link may be delayed.

Govt approves Bangkok HSR

PFI Issue 615 - December 13, 2017

Thailand’s National Environment Commission is reported to have approved the environmental impact assessment report on the 253km high-speed rail (HSR) project from Bangkok to the north-eastern province of Nakhon Ratchasim, allowing the project to proceed.

Metro Group appoints Cordova Link EPC

PFI Issue 615 - December 13, 2017

Metro Pacific Tollways Development Corp (MPTDC) has awarded Cebu Link Joint Venture (CLJV) the Ps22.6bn (US$447m) contract to build and design the Cebu-Cordova Link Expressway (CCLEx).

DOTr signs PNR extension project

PFI Issue 615 - December 13, 2017

The Philippine Department of Transportation (DOTr) and the NSTren Consortium have signed a contract for the construction of the Philippine National Railway (PNR) Clark Phase 1.

Mega consortium formed for NAIA

PFI Issue 615 - December 13, 2017

Seven of the Philippines’ major conglomerates are banding together to submit an unsolicited proposal for the redevelopment of the Ninoy Aquino International Airport (NAIA).

Clark Airport attracts seven EPC bids

PFI Issue 615 - December 13, 2017

Seven firms have submitted bid documents for the design, engineering and construction of the new terminal building of Clark International Airport.

Megawide plans another railway

PFI Issue 615 - December 13, 2017

Megawide Construction is planning another railway, once it receives government approval for its earlier unsolicited proposal for a 9.77km East-West Railway Project (EWRP).

Reliance Rail refinancing signed

PFI Issue 615 - December 13, 2017

International Public Partnerships and AMP Capital have paid out A$175m (US$147.6m) to acquire the New South Wales government’s interest in Reliance Rail. The buyout was the last hurdle to the A$2.25bn refinancing of the Reliance Rail debt.

Sterling Port attracts bidders

PFI Issue 615 - December 13, 2017

The lenders to Sterling Port, Srei Infrastructure Finance Ltd, Andhra Bank and Corporation Bank, are having some success in attracting investors.

Hills Motorway refinances

PFI Issue 615 - December 13, 2017

Sydney M2 owner Hills Motorway Group has raised a A$407m (US$309m) five-year loan to refinance A$405m of debt due to mature in March 2018. The asset is owned by Transurban.

ARTC seeks PPP director

PFI Issue 615 - December 13, 2017

The Australian Rail Track Corporation (ARTC), the agency responsible for the US$10bn Inland Rail project, is seeking a director, public-private partnerships, to lead the development of the PPP section of the project.

Melbourne Metro loan to go into syndication

PFI Issue 615 - December 13, 2017

The Cross Yarra Partnership, which won the PPP mandate to build the Melbourne Metro Tunnel project in Victoria, is expected to launch about A$1bn of the debt into general syndication next week following financial close this week.

Transurban funds West Gate Tunnel

PFI Issue 615 - December 13, 2017

Transurban has reached contractual close on the West Gate Tunnel project. It will launch a A$1.9bn equity raising to complement a A$500m debt facility to fund construction of the Melbourne scheme.

Rolling Stock bidders down to three

PFI Issue 615 - December 13, 2017

The New South Wales government has shortlisted three bidding consortia for the Regional Rail public-private partnership tender to replace the entire rolling stock of its regional train network, Thomson Reuters LPC reports.

Mega PFI sales due

PFI Issue 615 - December 13, 2017

Balfour Beatty and Laing are looking to sell down some of their stakes in two large PFI deals – the M25 motorway and the Intercity Express Programme (IEP).

New Angel train financed

PFI Issue 615 - December 13, 2017

Angel Trains has closed a £835m financing to back its new Bombardier trains on the East Anglia rail franchise won last year by Abellio.

Red Funnel in new refi

PFI Issue 615 - December 13, 2017

The new owners of the Isle of Wight Red Funnel ferry are to refinance the bank acquisition debt put in place during summer via eight and 10-year £150m institutional debt from Allianz and Babson priced at above 300bp.

A150 closes refi

PFI Issue 615 - December 13, 2017

A consortium of NGE, Fayat, TIIC and Infravia has closed the refinancing of its A150 Albea toll road concessionaire with a private placement, significantly stretching debt maturity.

Tank & Rast prices bond refinancing

PFI Issue 615 - December 13, 2017

Tank & Rast has priced €600m of dual-tranche senior bonds below guidance on the back of strong investor interest to refinance a large chunk of its senior debt.

Moody’s expects continuing toll road growth

PFI Issue 615 - December 13, 2017

Stable growth of 1% to 3% is forecast in the European toll road sector next year, according to Moody’s in its latest sector report.

Two port PPPs planned

PFI Issue 615 - December 13, 2017

The World Bank’s IFC and the EBRD have agreed to support the development of two port PPPs on the Black Sea.

D4 advisers appointed

PFI Issue 615 - December 13, 2017

The Czech government has appointed White & Case, Ceská sporitelna, part of Erste Group, and Obermeyer Helika as advisers for the D4 motorway PPP and expects to launch a tender for the project next year.

Banks to extend Pedemontana Lombarda loan

PFI Issue 615 - December 13, 2017

The lenders to the Pedemontana Lombarda toll road project have agreed to convert a €200m bridge loan into a 17-year loan guaranteed by the Lombardy regional government, according to local press reports.

Pantheon buys five Marguerite assets

PFI Issue 615 - December 13, 2017

The Marguerite fund has sold a portfolio of five European infrastructure and energy assets to private equity firm Pantheon, although it will continue to manage the assets.

PSP buys first Portuguese motorways

PFI Issue 615 - December 13, 2017

Roadis, the road operator of Canadian pension fund PSP, has bought stakes in two Portuguese motorway concessions in its first investments in the country.

Track and train together

PFI Issue 615 - December 13, 2017

The Department for Transport (DfT) has issued a strategic vision for the UK rail sector calling for Network Rail (NR) and train operators to adopt a one team approach on the lines covered by new rail concessions.

DBSA to finance new road PPP

PFI Issue 615 - December 13, 2017

A preliminary agreement has been signed by the Kenya National Highways Authority and a Group Five-led consortium for a new road PPP connecting to Lamu port on the coast.

IJmuiden loss hits BAM and VolkerWessels

PFI Issue 615 - December 13, 2017

Dutch construction company BAM will book a €55m loss and its peer VolkerWessels will write off €69m due to cost overruns at their IJmuiden sea lock PPP, a flagship project in the Dutch lock PPP programme.

Consortia line up for mega PPP pipeline

PFI Issue 615 - December 13, 2017

A number of consortia are forming to bid for the €5bn road PPP pipeline promised by the Spanish government, according to bankers following the process.

Pre-qual due for first dry port

PFI Issue 615 - December 13, 2017

Pre-qualification will open in the coming days for Egypt’s first dry port PPP, one of nine planned across the country.

Govt seeks US$2bn rail and port PPP

PFI Issue 615 - December 13, 2017

A market-sounding event was held last week in Accra to raise about US$2bn for a rail and port PPP planned under the previous government.

Two HSR lines set to close repricing

PFI Issue 615 - December 13, 2017

The Nimes-Montpellier and Bretagne-Pays de la Loire (BPL) high-speed rail line PPPs are looking to close a repricing of their commercial bank debt facilities before year-end.

CAF outlines investment plan

PFI Issue 615 - December 13, 2017

Latin American development bank CAF will offer US$2bn in loans to Argentina through to 2020, the bank announced in a statement.

Two groups bid for highway project

PFI Issue 615 - December 13, 2017

The Ministry of Public Works for Paraguay has opened two economic offers for the construction of the 277km Corredor Bioceánico in Alto Paraguay.

DP World ups stake in Embraport

PFI Issue 615 - December 13, 2017

Emirati group DP World has completed the acquisition of an additional 66.67% stake in Empresa Brasileira de Terminais Portuários (Embraport) in Brazil from Odebrecht Transport (OTP).

EC and AfDB to fund West African roads

PFI Issue 615 - December 13, 2017

African Development Bank (AfDB) and the European Commission (EC) have signed co-financing agreements for five cross-border road projects across West Africa.

Turkey courts S Korea for mega projects

PFI Issue 615 - December 13, 2017

Korea Eximbank has approved €800m in financing support for the Çanakkale 1915 Bridge PPP following Turkish Prime Minister Binali Yildirim’s visit to South Korea last week, it has been revealed.

Second Marguerite fund launched

PFI Issue 615 - December 13, 2017

The European Investment Bank (EIB) and a number of national promotional banks have launched a successor to the Marguerite fund with €700m of capital to invest in infrastructure.

Caisse delays REM timeline

PFI Issue 615 - December 13, 2017

CDPQ Infra, a subsidiary of Caisse de dépôt et placement du Québec, is keeping the tender process open on the Réseau électrique métropolitain (REM) public transit network, pushing back the timeline on the project.

Long-term care P3s prepped

PFI Issue 615 - December 13, 2017

The Government of Newfoundland and Labrador will launch a request for qualifications (RFQ) this month for a long-term care facility P3 in Grand Falls-Windsor.

Eglinton rail faces delays

PFI Issue 615 - December 13, 2017

The Eglinton Crosstown light rail transit P3 has faced difficulties with utility work and permits that could result in construction delays, according to Moody’s.

Timeline emerges for San Jose rail

PFI Issue 615 - December 13, 2017

Costa Rican railways group Instituto Costarricense de Ferrocarriles (INCOFER) is receiving letters of interest from companies that would like to participate in the concession for the design, construction, and operation of a fast passenger train (FPT) system in the capital San José.

Cargill eyes mega rail project

PFI Issue 615 - December 13, 2017

Cargill’s Brazilian unit is in talks to form a consortium to bid for the US$4.3bn Ferrogrão railway project connecting agricultural lands in the centre of the country with the northern ports.

Another bank on Rio highway

PFI Issue 615 - December 13, 2017

SMBC has joined the financing of the 144km Rio Magdalena 2 toll road concession as a mandated lead arranger.

Consultations to begin for rail PPPs

PFI Issue 615 - December 13, 2017

A public consultation period opened on December 7 to gauge investor interest in the Metrofor light rail public-private partnership. The consultation period will run until December 22.

IDB backs border works

PFI Issue 615 - December 13, 2017

The Inter-American Development Bank (IDB) has approved a conditional credit line of up to US$524.3m for Argentina, which will finance a programme designed to boost capacity and improve safety on the Cristo Redentor System Corridor on the border with Chile.

Infraero backs out of airport

PFI Issue 615 - December 13, 2017

Brazil’s state-run airport company Infraero has voted to back out of a consortium that manages the Tom Jobim International Airport public-private partnership.

BlackRock backs Glass Mountain with TLB

PFI Issue 615 - December 13, 2017

BlackRock is in the market with a US$325m Term Loan B to back its acquisition of a 50% interest in the Glass Mountain Pipeline from SemGroup.

FERC says ETP 'cannot be trusted' on Rover

PFI Issue 615 - December 13, 2017

The Federal Energy Regulatory Commission (FERC) has upheld its refusal to give Energy Transfer Partners a blanket certificate for continued construction on the Rover pipeline in the Midwest US after the company demolished a historic building in Ohio without permission.

Navitas finances gas processing project

PFI Issue 615 - December 13, 2017

Navitas Midstream Midland Basin is in the market with a US$400m Term Loan B to finance the construction of Glasscock plant, a cryogenic natural gas processing plant.

Tidewater and TransAlta plan pipeline

PFI Issue 615 - December 13, 2017

Tidewater Midstream & Infrastructure and TransAlta have entered into a letter of intent to construct a 120km natural gas pipeline from Tidewater’s Brazeau River Complex to TransAlta’s generating units at Sundance and Keephills.

JGC wind Cepu gas processing plant

PFI Issue 615 - December 13, 2017

Pertamina EP Cepu, a unit of state oil and natural gas mining company Pertamina, has awarded JGC Corporation of Japan and Rekayasa Industri of Indonesia the engineering, procurement and construction (EPC) contract for a gas processing plant in Bojonegoro, East Java.

ExxonMobil gets Blue Whale FA

PFI Issue 615 - December 13, 2017

ExxonMobil, which is partnering with state-owned energy group PetroVietnam, has appointed SMBC as its financial adviser for the development of the Blue Whale project, the country’s biggest gas project.

Energean due Q1

PFI Issue 615 - December 13, 2017

Energean is now targeting Q1 for the final investment decision (FID) and financial close on its Karish and Tanin gas field. It had been targeting a year-end close on the deal.

Teesside sale into Round 2

PFI Issue 615 - December 13, 2017

Work on the Round 2 bids for stakes in the Teesside oil terminal in northern England is due to start in the new year. Three teams are still said to be involved – Ancala, Antim and Standard Life.

MOL to sell

PFI Issue 615 - December 13, 2017

Hungarian oil and gas company MOL is looking to sell its UK North Sea assets and has hired Bank of America Merrill Lynch to advise on the deal, said Reuters.

Fuel import pipeline shelved

PFI Issue 615 - December 13, 2017

The 550km Horn of Africa fuel import pipeline, crossing from Djibouti to Ethiopia, has been put on hold as a result of delays in securing government approvals.

EBRD invests in Black Sea oil and gas

PFI Issue 615 - December 13, 2017

The European Bank for Reconstruction & Development (EBRD) has bought an equity stake in Black Sea Oil & Gas (BSOG), an independent Romanian oil and gas exploration and development company backed by US private equity firm Carlyle Group.

iCON buys into Egea district heating

PFI Issue 615 - December 13, 2017

UK-based investor iCON Infrastructure Partners has bought a minority stake in the district heating and gas distribution network of Italian utility Egea.

Eversheds’ LeFort to K&L Gates

PFI Issue 615 - December 13, 2017

The Houston office of K&L Gates has added Daniel LeFort as a partner in the energy, infrastructure and resources practice area.

Carlyle acquisition vehicle prices IPO

PFI Issue 615 - December 13, 2017

Carlyle International Energy Partners’ (CIEP) Regalwood Global Energy has priced an initial public offering (IPO) of 30m units at US$10 each. Regalwood is a blank check company set up by Carlyle to acquire energy assets.

Tullow reduces RBL

PFI Issue 615 - December 13, 2017

Tullow Oil has signed the refinancing of its reserve based lending (RBL) facility.

Maurel & Prom refinances debt

PFI Issue 615 - December 13, 2017

French oil independent company Maurel & Prom, backed by its new majority shareholder Pertamina, has signed a new debt financing package.

Tellurian prices share offer

PFI Issue 615 - December 13, 2017

LNG developer Tellurian has priced an offering of 10m shares at US$10 each, representing a discount of roughly 17% to the prior day’s closing price.

EWC finally secures IPP land rights

PFI Issue 615 - December 13, 2017

Energy World Corporation (EWC) has finally secured land ownership and right of way access for its 600MW Pagbilao power plant to the Philippines’ National Grid connection point.

ADB may consult on PNOC LNG

PFI Issue 615 - December 13, 2017

State-run Philippine National Oil Co (PNOC) is understood to have approached the Asian Development Bank (ADB) to be its consultant for the planned US$2bn liquefied natural gas terminal project.

Jera targets African LNG

PFI Issue 615 - December 13, 2017

Japanese LNG trader Jera is ready to invest in African upstream projects, the company’s chief buyer Hiroki Sato told a conference in Tokyo, the FT has reported.

Novatek signs MoU with Siemens and Total

PFI Issue 615 - December 13, 2017

Novatek Gas, a subsidiary of Novatek, which is one of Russia’s largest independent natural gas producers, has signed a memorandum of understanding (MoU) with Total and Siemens to pursue opportunities on LNG sales in Vietnam.

Tokyo Gas in First Gen LNG talks

PFI Issue 615 - December 13, 2017

Tokyo Gas is in talks with First Gen Corporation regarding its planned liquefied natural gas (LNG) investments in the Philippines, Tokyo Gas executive director Kunio Nohata told the media during a World LNG Summit in Portugal.

ADB approves RPower loan

PFI Issue 615 - December 13, 2017

The Asian Development Bank will be providing US$583m in debt financing and a partial risk guarantee to Reliance Power’s liquefied natural gas (LNG) and power project in Bangladesh.

Pengerang terminal loan signing due

PFI Issue 615 - December 13, 2017

Signing of the US$1.2bn 15-year debt facility for the development of the Pengerang Terminals Two (PT2SB) project is targeted for this week.

Oil Search looks at further LNG financing

PFI Issue 615 - December 13, 2017

Oil Search recently invited lenders to PNG to discuss project financing for upcoming LNG projects. While oil prices continue to be depressed, the future of LNG is bright with strong market fundamentals, Oil Search says.

Yamal LNG starts up

PFI Issue 615 - December 13, 2017

LNG production at the US$27bn Yamal LNG scheme has started, with the first cargo sent out from the project’s first 5.5m tonnes-per-year LNG train to Petronas LNG UK.

FC for Coral LNG

PFI Issue 615 - December 13, 2017

Financial close was achieved on November 23 for Eni’s floating LNG vessel in Area 4, Coral LNG.

Closing due for LNG-to-power

PFI Issue 615 - December 13, 2017

Siemens and Socar-sponsored Electrogas Malta has signed key financial documents and is looking to reach financial close shortly for its 215MW LNG-to-power project in Delimara.