Energy Finance and M&A

​Solar PV
NYS makes $1.5BN available for renewable energy. Offers $300MM in finance and capital to double annual investments in energy efficiency and solar deployments.
Panasonic 20MW solar PV PPA with Dominion. Largest solar PV projects in VA.
PowerREIT invests in property underlying solar PV. Receives royalties that qualify as REIT income.
NYPA will install 125MW solar PV on schools and other public buildings by 2020.
CSP bid 9.45c/kWh for 200MW in the middle east.
NC House passes bill that allows 1MW+ solar PV to sell "above market" power to existing and new facilities. Senate to consider bill.
 
Energy Storage
100MW battery plant planned in EU. Daimler, BMW, VW and BYD exploring 2nd-life storage projects with used batteries.
DER component of energy storage economics expected to increase in future with RPS mandates.
30% ITC can be claimed on batteries at the federal level. US installed energy storage currently 336MWh, by 2022 7,300MWh and generate revenues of $3.3BN. Distributed energy storage has been financed on a non-recourse basis. Revenues comprise utility capacity payments and customer demand response payments.
 
Thermal Power
EDF takeover Areva nuclear business.
20-year $227MM tax exempt muni bond finance for 225MW power project.
Japan FIT extended to major utilities might allow co-firing 10-20%. Demand could jump 4-7MM TPY of wood pellets.
Mizuho arranged $68MM development finance for First Solar projects in Japan.
10,500 TPY wood pellet production project located in ME. Has a high chance of economic success. Wood price biggest driver of project economics.
 
Latest News
BlackRock acquires First Reserve energy infrastructure portfolio and team. Power markets reserve margin mostly exceed reference. ISO-NE reserve margin at reference. Indicates potential for power price increases summer 2017. Conventional large power project model at risk. Movement towards smaller DG generation like solar PV, CHP. Dow Jones Brookfield Global Infrastructure corporate bond index fell from 4.8% in 2012 to 3.3% in April 2017. Senior debt competitive, stringent credit conditions. Mezz debt most often used in bid scenarios. Common in shareholder recaps.