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December 2005
The Sacramento Municipal Utility District (SMUD) is preparing a $297 million financing for the Cosumnes power project, which is set to price on 6 January. Cosumnes is an 800MW natural gas-fired combined-cycle project located in Sacramento County, California. Goldman Sachs is running the Cosumnes Pro...
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Lead arranger WestLB has closed syndication on the Eu359 million ($426 million) debt backing the 800MW Trianel power plant.
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Calpine Corporation has filed for chapter 11 bankruptcy protection, after failing to come up with a way of meeting the servicing obligations attached to $17 billion in debt. It filed at the United States Bankruptcy Court for the Southern District of New York on 20 December. It has lined up $2 billio...
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The bidding group comprising International Power (IP), Sumitomo, Suez Tractebel, Sidem and Royal Bank of Scotland (RBS) has been awarded preferred bidder for the brownfield Hidd IWPP project in Bahrain.
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The $967 million commercial loan and the $400 million Hermes-guaranteed debt backing the Shuaibah IWPP project in Saudi, have sold well with 20 banks taking a piece of the deal and more expected to join by the signing date on 21 December.
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Brascan Power - soon to be renamed Brookfield Power - has raised $550 million in a private placement of corporate notes that will refinance the $500 million bridging loan arranged by Citigroup and ABN Amro last year for its New York hydro portfolio acquisition.
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Bids for up to 1200MW of renewables (wind) capacity in Portugal are due on 30 January.
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The International Finance Corporation has closed a Eu17 million ($20 million) financing for the Kounoune I power project in Senegal. The financing backs construction of a 67.5MW diesel-fired peak power project, located at Kounoune, to the east of the Senegalese capital Dakar. It will sell power to S...
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Dexia has closed a Eu43 million partial refinancing for Nancy Energie.
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Syndication of the Loy Yang Power A$2.36 billion ($1.72 billion) refinancing has been extended to 9 December.
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GE Energy Financial Services has bought 80% of Abengoa's electricity transmission business in Chile. GE has paid $24.4 million for the stake, under an agreement by which Abengoa will continue to manage the assets. Abengoa's financial adviser was BNP Paribas and its legal counsel was Urenda, Renc...
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WestLB and Goldman Sachs have launched the syndication of the $400 million Wolf Hollow acquisition financing. Wolf Hollow is a 730MW natural gas-fired combined cycle power project located in Granbury, Texas. AES was the original developer of the project, but handed back the keys to the plant to ...
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Debt in the Spanish roads market is even more tightly priced than last year despite a prospective wave of refinancings and regional shadow tolls. But what Spanish lenders structure at home looks set to be replicated abroad at higher margins. By Sean Keating.
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Is it a boutique, fund manager, sponsor or bank –
even Babcock & Brown finds it hard to define itself.
As its asset portfolio grows, what's next for this new breed of investment bank? By Andreas Campomar
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Iberdrola's Eu217 million financing of a 199MW windfarm portfolio in Murcia has set a new benchmark for ever tightening margins on Spanish wind deals.
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Calyon and RBS have been awarded the arranger mandate for a portfolio financing by Hibernian Wind Power, a subsidiary of Ireland's Electricity Supply Board.
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Financing for the Eu1.15 billion Maritza East 1 power plant project (ME1) was signed on 7 December. The deal is Bulgaria's largest single foreign direct investment to date and also signals that AES, the project sponsor, has put behind it the troubles of the global power recession.
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Ormat Technologies has completed a $165 million 144A issue to refinance its OrCal Geothermal portfolio. The financing, which closed on 8 December, indicates that geothermal assets are fast becoming popular with a new investor base. It also indicates that geothermal producers are able to get satisfac...
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Power
01 December 2005
Wolf Hollow acquisition launches
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November 2005
Calpine Corporation has announced that chief executive officer Peter Cartwright and chief financial officer Bob Kelly will be leaving the company. Cartwright founded Calpine, while Kelly was responsible for raising most of the $17 billion in debt on Calpine's books. A controversial figure in the...
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Mirant has received consents from several classes of its creditors to its second plan of reorganisation. This plan would enable Mirant to emerge from chapter 11 bankruptcy protection, and allows the company to appear at a confirmation hearing on 1 December at the United States Bankruptcy Court f...
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Drax bondholders have turned down the remaining bidder – BCHP, a US consortium led by Constellation Energy Inc and hedge fund Perry Capital and featuring Blackstone Group and Hellman & Friedman - - for the UK plant and have opted for a flotation on 15 December. The listing will give Drax - the bigge...
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Empresa de Electricade da Madeira (EEM) - 100% owned by the Autonomous Region of Madeira - has closed a Eu220 million refinancing of existing debt. The 15-year, fixed/floating loan has been provided by Dexia Credit Local, BNG, and KfW. The loan is agented by Banco Efisa.
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Spark Infrastructure Fund – a new fund jointly owned by Cheung Kong Infrastructure (CKI) and Deutsche Asset Management - has launched a A$425 million dual tranche revolving credit via mandated lead arrangers Commonwealth Bank of Australia and Deutsche Bank
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Aldwych International has secured venture capital of Eu12 million ($14 million) from its management, a consortium of private investors and FMO. Aldwych's founders are Mark Fitzpatrick and Helen Tarnoy, both formerly senior managers at AES. It has been formed to invest in power generation, transmissi...
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Calpine has suffered a legal defeat in its plans to improve liquidity through asset sales. A Delaware Court of Chancery ruling means that Calpine cannot use the proceeds of a sale of natural gas assets to pay for fuel supplies for its generating fleet. Moreover, the ruling has set an indication ...
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Babcock & Brown Infrastructure is working on a debt financing for its forthcoming purchase of the Cross-Sound Cable. BBI has agreed to pay $160 million (roughly A$280 million) for the cable, which runs between New Haven, Connecticut and Brookhaven, Long island, New York. It has indicated that it wil...
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Rentech has mandated Credit Suisse First Boston LLC (CSFB) as financial advisor for two US coal-to-liquids facilities.
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HVB has been awarded the lead arranger mandate for the financing of Airtricity's 215MW wind development in the US. The project, which has an estimated cost of over $300 million, will involve the development of Airtricity's sites in New York, Texas and Idaho, although the developer has yet to dec...
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The International Finance Corporation has signed $160 million in financing for the La Higuera hydroelectric project in Chile. The project is a 155 MW run-of-the-river hydro power plant located in the Tinguiririca Valley east of the city of San Fernando, about 150km south of Santiago. Its sponsor...
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Thailand's Gulf Power (KK2) project has reached financial close with the signing of $129 million offshore loan to go alongside a $416 million-equivalent onshore facility and a $194 million direct loan from the Japanese Bank for International Cooperation.
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The A$2.36 billion Loy Yang Power Projects refinancing has launched to market.
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Energy Investors Funds has closed the $750 million United States Power Fund II, LP. Among the investors are California Public Employees' Retirement System, Howard Hughes Medical Institute, John Hancock Life Insurance Company, Kauffman Foundation, MIT, Pacific Life, and UnionBanCal Equities. The ...
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Lead arranger WestLB has launched syndication on a rare German IPP project - the Eu400 million Trianel Power 800MW CCGT sponsored by a consortium comprising German, Austrian and Dutch municipal utilities that also constitute the plant's offtakers.
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Sponsors are basking in the lowest offshore margins for Thai power deals in ten years. But after the current refinancing wave, will there be any dollar business left? By Dominic Jones.
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On 23 October, Boston Generating was the subject of a recapitalisation through its new owner EBG Holdings. Boston Generating consists of the Sithe Boston generating, which was the subject of a $1.25 billion financing in December 2000, led by Credit Suisse First Boston and BNP Paribas.
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JBIC has committed to two greenfield power projects in Thailand – the Egco and J-Power sponsored Gulf Power or KK2 project and the Ratchaburi power project sponsored by Ratchaburi Electricity Generating Holding (25%), Hongkong Electric International (25%), Chubu Electric Power (15%), PTT (15%), Saha...
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Power
01 November 2005
Reliant NY buyers mandate
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The rapid turnover of power assets in the US has led to a spate of leveraged financings for new entrants. Meet the new owners – familiar names, familiar management, and often the old lenders. By Tom Nelthorpe.