 Wind
Alterra Power 200MW Flat Top wind secures project finance from Citi, Santander and RBC. 49% equity from BlackRock. Tax equity from Berkshire Hathaway and Citi. HoldCo loan from AMP. $4.8BN raised YTD 2017 to invest in renewables, only $1.9BN for oil and gas. Solar PV UVA 32MW solar PV power project. 25-year PPA with Dominion. Developed by Coronal and Panasonic. Thermal Power $231BN invested in EE products and services globally, $41BN in the US. 9% increase from 2015. 58% of investment in buildings, 26% in transportation, and 16% in industry. NH legislation increases Class III REC price from $45 to $55. Oil & Gas BP is considering an IPO of its US businesses. BP Midstream Partners crude oil, natural gas, and refined product pipelines located in the Midwest and Gulf Coast. Latest News 310 M&A deals worth $43.5BN. 93 US M&A deals worth $26BN. Hydro One to acquire Avista for $5.3BN. Google and NYSERDA among those announcing DG residential geothermal. Blackrock raised $1.4BN to invest in EU wind and solar. Financing energy storage projects. Plenty vertical indoor farm raised $200MM from Softbank, Eric Schmidt and Jeff Bezos. 3 facililities in CA and WY. Raised $226MM since 2013. Indoor farms located on 2-5 acres roughly the same size as a Walmart or Home Depot. $796MM was committed to storage project financing in 2016, and $153MM was committed in Q1 2017. US grid study ordered to support coal. Renewable energy not a threat to grid. Risk in innovation for innovation’s sake. M&A tools.
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 Wind
Morgan Stanley sole lead arranger and admin agent for Invenergy 300 MW wind power project located in TX. Solar PV 8minuteenergy sale to CapDyn of 328 MW Mount Signal Solar 3. First Solar PV panels, SCE PPA. SunRun acquires some Sungevity assets. Sungevity renamed Solar Spectrum and no longer offers 3rd-party financing. Thermal Power CHP as a means to promote energy sustainability. Oil & Gas Shell to invest $1 BN/year on clean energy by 2020. Peak oil predicted 2020-21. OPEC needs $70/bbl oil to breakeven. Latest News 374 M&A deals worth $46.9 BN. 12 buyout deals with disclosed values worth $13.3 BN. In the U.S., 75 M&A deals worth $11.6 BN and 6 buyouts worth $3 BN. The US debt-to-GDP ratio expected to be 91% in 10 years, the highest since 1947. Neoenergia Brazilian power utility dual IPO in Brazil and the US values the company at $11 BN. ManuLife planning to IPO John Hancock. NRG Energy business plan review and transformation plan. Several economists predict the US to enter a recession in 2019. VCs move away from cleantech. 200MW energy storage by 2020 in MA. NRG plans $4BN asset sale. Investors arranging equity earlier in development business cycle. Green bond market issue will exceed $100 BN in 2017. Elliott Management might bid for Oncor regulated T&D company. Warren Buffett made $9 BN all-cash bid. Morgan Stanley actively investing Green Bonds proceeds in clean energy projects. Blackrock raised $1.6 BN from 67 pension funds, insurance companies and institutional investors. Financing energy efficiency and storage stacking resemble early wind and solar PV. 2 energy storage projects financed in past 2 years. Lenders and investors eager to finance. EU lenders built underwriting tools to finance energy efficiency. De-Risking Energy Efficiency Platform. Energy Efficiency credit standards. Median price to save energy 3c/kWh. Energy efficiency firm raises $34 MM Series B. Macquarie Capital committed to arrange $200 MM project finance for energy efficiency projects. $16 BN energy management market. EIX and GE Current struggle to make profitable energy efficiency development. Over 20 utilities offering energy efficiency.  Solar PV
North Carolina legislation would reduce PPA term to 10 years and solar PV project size to 1MW. Competitive bidding process for new renewable energy facilities. 92% of NC 1,271 MW utility-scale solar PV capacity certified as QF. Thermal Power Recycle Track Systems, a NY-based waste and recycling management technology company, raised $11.7MM in Series A funding Oil & Gas Shell acquired energy company involved in solar, wind and energy efficiency. GE becomes #2 US energy company with acquisition of Baker Hughes. Predicated on a recovery in the oil price to $60/bbl by 2019. Latest News 307 M&A deals worth $48.7BN were announced globally this week. Buyout firms disclosed 12 deals worth $3.4BN. In the US, 35 M&A deals worth $12.7BN were announced and buyout firms disclosed six deals worth $2.3BN. Job growth expanded in June. Hackers are attacking nuclear power projects. Berkshire Hathaway $18BN deal to acquire Oncor T&D company. EnCap private equity energy investor raised $6.2BN for its 11th energy fund. Probability of a 3rd rate hike this year is approaching 60%. Project finance lead arranger league table rankings MUFG, SMBC, Mizuho, ING, CreditAg, BNP and SocGen. Global MLA rankings JPMorgan, RBC and MUFG, CreditAg 7th, BNP 8th and SocGen 12th. Advisors rankings SMBC, KPMG and RBC, Deloitte 8th. $7.5BN carbon capture project failure. $4BN cost overrun. SO planned to pass on costs to MS consumers. Follows failure of KiOR, Twin Creeks and View, that restarted elsewhere. Dandelion, a geothermal heating and cooling systems provider, has spun out of Alphabet's moonshot accelerator X and raised $2MM in seed funding. KDC organic waste process to produce fertilizer. Promotes 100% recycling of grocery store waste. $40MM east coast plant to consume 120,000TPY of organic waste. Aerofarms raised $34MM Series D. Total funding $130MM. 9 indoor farms, 4 in NJ including 69,000 sqft facility in Newark. Sells to ShopRite, Whole Foods and FreshDirect. |
