By Brian A. Goldstein, managing Director, Global Project Finance Syndications, Banc of America Securities LLC
Calpine Corporation and Aquila Energy recently closed the $270 million financing for the Aries greenfield power project - the first time Aquila has taken a sponsor role - in a deal that could set the precedent for the series of sponsor-granted tolling agreements set to come to market next year.
Like many of the global players in the project finance market,
Bank of America has had the opportunity to participate globally in
merchant power financing from South America to Europe and England,
from Australia to North America. These markets are all different in
significant ways, but there ...
Syndication of both the $193 million and PLN345 million tranches for Poland's landmark Elektrocieplownia (ELCHO) deal, sponsored by PSEG, has launched, with both portions sole lead arranged and underwritten by Dresdner Kleinwort Benson.
The funds will fuel the construction of a 560MW cogeneration ...
Relief rather than elation seems to have been the prevailing emotion following the recent closure of the Kepco Ilijan Corporation (KEILCO) project financing. Launched back in 1997, the financing for KEILCO's 2x600 MW combined cycle, IPP power plant overran a number of deadlines on its way to eventua...
The backdrop is investor uncertainty. The region is Latin America.
The sector is power. But despite the well-documented gap between
theory (that vast surges in demand will spell a flurry of
groundbreaking deals) and practice (that, this year, Latin power
projects have been shuffling awkwardly to...
Oman's long-planned market reforms, spearheaded by a spirited privatization program, are finally rousing more than just interest. Foreign investment and blossoming large-scale private sector growth are pumping fresh life into several key private energy and industrial projects, both domestically and regionally.
On November 8, Southern Energy closed interim financing of $3.17 billion for its newly acquired PEPCO assets - and held out the possibility of the largest lease trust financing to date. The last such transaction, the $1 billion Reliant/Sithe deal, attracted high pricing and adverse comment on its st...
By Jeffrey Wolinsky, CFA, Director, Infrastructure Finance Ratings, Standard & Poor's, New York
Dresdner mandated on Southaven
By Shardul Thacker ( Partner ) *, Mamatha Eikos, Advocate Assistant, Mulla & Mulla & Craigie Blunt & Caroe
Although sitting on one-tenth of the world's proven oil reserves,
Abu Dhabi has moved swiftly ahead of its diversified and
less-wealthy neighbor, Dubai, in tapping private investors for its
power generation sector. With a profound commitment to overhauling
its own regulatory structure, privatizi...
The rapid swelling of Abu Dhabi's downstream industrial base and
its ever growing consumer population demand that the emirate shores
up its power generation and water desalination capacity ? fast.
This is a familiar maxim throughout the Gulf States which, until
recently, had scant experience wit...
Lehman Brothers has completed the $425 million bond financing for
the Ameren Energy Generating Company. Ameren is typical of a number
of US utilities looking to harness the high earnings growth
predicted for the wholesale sector by hiving them off into a
separate unregulated subsidiary. This dea...
The Mexican power market has more than lived up to the promise expected at the start of 2000. Whilst the Brazilian and Argentinean energy sectors have been sluggish at best, Mexico offers a good spread of encouraging factors. Power demand indisputably racing ahead of supply, a near investment grade sovereign rating and a regulatory environment conducive to innovative IPP structures are all reasons for a swarm of sponsors converging on the country.
01 November 2000
You can't use the term ?project finance' in the presence of Calpine
Senior Vice-President for Finance Robert D. Kelly. ?The financial
model we use is a form of project finance. But we call it
construction financing rather than project finance and it shares
few of the characteristics of tradition...
Turbine synthetics: WestLB muscles in
India's electricity system, with a total installed generation
capacity of 94,000 MW, is around 11-12% short of being able to meet
peak demand. In addition, experts estimate that in the next decade
India will need an additional installed capacity of about
The first concrete sign of the future direction to be taken by the
US powerhouse created by the FPL/Entergy merger comes with the
close of the RS Cogen deal. The project is a clear statement of a
renewed focus on the domestic power market and suggests that
Entergy's Wholesale Operations team wil...
Set against a background of bad press relating to its Pakistani
assets, loss of confidence in its management team, a number of
profit warnings and strategic mishaps which were then followed by
the resignation of the chief executive officer ? National Power's
share price has had a fairly rough ri...