Energy outlook through 2040 shows rapidly falling cost of wind and solar crowding out other generation.
Google sells tax equity stake in 199MW wind power project to JPM and NYL.
Energy projects financed in the DCM through private placements.
Citi arranged $636.5 MM debt for 710 MW Texoma Wind.
Duke Energy mandates Citi to arrange $235 MM private placement for solar PV.
Sempra acquires 200MW contracted solar PV project from Recurrent Energy subsidiary of Southern. Sempra will build project and sell power to 4 utilities.
Utility preference to own the electrons they deliver as opposed to offer PPAs.
Sunrun mandates ING and SunTrust to arrange $300MM 7-year loan secured by portfolio of operating solar PV power projects.
SunPower and First Solar both exit 8Point3 yieldCo.
Engie mandates KeyBank for 22.1MW solar PV projects located in MA.
Longroad secures $100MM from sovereign funds. No investment at close, only at NTP.
1 GW gas-fired power project located in PA financed in the bank and DCM. $200MM fixed rate debt with Korean fixed rate lenders + $460MM C+5-year floating rate debt with BAML, BNP and CA.
MA propose including biomass in state RPS. Life-cycle of fuel to energy.
On-site generation capable of covering a power interruption valuable in terms of avoided losses and lower overall insurance costs.
Sustain WTE projects convert MSW to pellets secures $2.6 MM funding for demonstration project. Does not follow through to power generation.
BAML mandated by AES to sell 6 power projects in a 2-step auction process.
Oil & Gas
US natural gas storage is back at the 5-year average level.
PE firms recover investments through dividend recaps. EU PE firms recouped €4.2 BN in the leveraged loan market and €1.3 BN in the high yield bond market. Fundraising market “best its ever been”. $1 TN of dry powder. Overbuild in VT causing incumbent utilities to shut-down projects in peak periods. I Squared Capital raising $6.5 BN to invest in infrastructure assets. Global water treatment market is valued at $880 BN. Projected to grow at 3% to reach $940 BN by 2020. Rising floating rates make fixed rate debt attractive. Tenaska 150 MW solar PV mandated MS, MUFG and BNP. AES $1.475 BN power + storage. LS Power $460 MM portfolio finance. Capital Dynamics $208 MM financing.