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December 2008
Brazil's development bank, BNDES, has approved a R2 billion ($837 million) line of credit for utility holding company Neoenergia.
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Polaris Geothermal has agreed an addendum to the power purchase agreement for its San Jacinto geothermal project.
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Start-up hydroelectric developer HydroChile has approached the International Finance Corporation
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Merrill Lynch has filed suit against Reliant Energy over its cancellation of a $300 million working capital facility.
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Tyr Energy has completed and financed the acquisition of 50% of the equity of the Fox Energy project
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Montana's Public Service Commission has voted to find NorthWestern Energy in violation of its 2004 bankruptcy stipulation
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Glow Energy has closed a Bt3 billion ($85 billion) seven-year loan with Siam Commercial Bank
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Power Finance Corporation received bids from five domestic developers
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GDF Suez has closed the $393 million financing for the Central Termoelectrica Andina
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J Power USA Generation has completed the acquisition of stakes in three power plants
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Power
19 December 2008
NuCoastal seeks financing for further four
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International Power, Siemens Project Ventures and Tessenderlo Chemie have secured project financing from 10 banks for the T-Power 420MW CCGT greenfield project in Tessenderlo in Eastern Belgium.
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Mexico's renewable energy sector has consistently underperformed the country's resource potential. Will a new law deal with Mexico's legal and structural obstacles to project development? By J. Anthony Girolami, Chadbourne & Parke
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The B loan refinancing for the Boston Gen power portfolio faces further stress following the conclusion of the New England capacity auction
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The Eu250 million ($341 million) debt for the 435MW Heron CCGT project in Greece, sponsored by Terna and GEK
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Astoria Energy II has mandated Natixis to arrange $800 million to $1 billion in financing for its 500 MW, gas-fired plant at Bowery Bay/ Steinway industrial complex in Queens, New York. The bank aims to add several joint lead arrangers by month-end and wrap the deal in January. BayernLB, Calyon, Dex...
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EQT Infrastructure Fund and Fortistar are assessing debt financing options for their pending acquisition of the Midland Cogeneration project.
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PLN Persero has signed a $262 million 12-year (including 2 year grace period) facility through sole bookrunner Barclays Capital and facility agent China Development Bank
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The Eu440 million ($585 million) project debt backing the 410MW T-Power CCGT scheme in Belgium is set to close on 17 December
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Reliant Energy has terminated a $300 million credit facility
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The $900 million Shuweihat 2 IWPP nine month bridge financing has pulled in commitments of $1.1 billion
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Colombian generator Isagen is looking for roughly $1.5 billion in debt financing
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Punjab Biomass Power has reached financial close on the Rs395 million ($8 million) debt for one of its biomass power projects
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Eskom has cancelled its R120 billion ($11.5 billion) Nuclear-1 project because of concerns that it would be over-stretched
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National Grid has signed banks into an extension of its 364 day commercial paper backstop facility
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KenGen is looking to issue a Sh15 billion ($189 million) bond by mid-2009 to finance 120MW of thermal generators
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Merchant power producer KGen has slashed its budget predictions for the 2009 financial year in the face of poor operating conditions in its home power market in the south-eastern US.
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The International Finance Corporation has closed a $82 million A loan with Philippine geothermal developer Energy Development Corporation.
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Sabre Energy - a subsidiary of YTL Power International - has agreed to buy Singapore power generator Power Seraya from Temasek Holdings with an unsolicited bid of S$3.6 billion ($2.4 billion) after Temasek cancelled the sale on November 25
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India's Power Finance Corporation has rescheduled the bidding deadline for the 4000MW Tilaiya UMPP again
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CIC Energy has announced that Shanghai Electric Group has been selected as the preferred EPC contractor for the $3 billion Mmamabula coal-fired power project in Botswana, Africa.
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Brazil's Agência Nacional de Energia Elétrica (ANEEL) has awarded seven 30-year concessions to build and operate 4,802km of transmission lines.
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November 2008
Arcapita has ditched its planned £2 billion ($3.06 billion) sale of Irish power company Viridian
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Oyo State government has signed a memorandum of understanding with Entec Power and Utilities to develop a 250MW independent power project (IPP) in Nigeria
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JBIC has signed a ¥11 billion ($115.1 million) loan for Vietracimex Lao Cai Electric, a state corporation guaranteed by the government of Vietnam
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NuCoastal Power has held preliminary discussions with banks about financing a series of four power plants in Texas.
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EdF has issued a Eu2 billion bond to take out part of its £11 billion syndicated loan that backs its takeover of British Energy
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ArcLight Capital's Lea Power project is close to achieving substantial completion,
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The Eu440 million project financing backing the 410MW T-Power CCGT scheme has missed its EPC deadline
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AES Gener closed the $988 million debt financing for the Angamos power project on 23 October 2008. The financing is one of the largest to close in Latin America this year, but took place before the credit crunch's most vicious phase. It benefited from a supportive contractual and financial structure...
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European wind developers have had cheap debt and good subsidy for the past three years. How many of the smaller developers will have access to debt in the coming months and is costly offshore expansion now a non-starter? By Ivan Castano.
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Infrastructure plans for the Middle East are facing big problems. Sponsor risk-sharing, pricing and tenor expectations will need lowering even further for deals to get away in the new lending climate. Paul Smith reports.
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Germany's coal-fired power plant pipeline is extensive, politically contentious and with the change in lending environment will now have be banked via large club deals that will prove complicated to negotiate. By Michael Marray.
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Fred Olsen Renewables closed the £303.5 million ($475 million) refinancing of its UK wind farm portfolio on October 31. The deal used a structure that wove in the financing of a planned 138MW onshore wind farm, Crystal Rig II, into the refinancing of three operational onshore wind farms.
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InterGen completed its acquisition of two Mexican independent power projects from TransAlta on 8 October 2008, for a purchase price of $303.5 million in cash. The assets are the Campeche and Chihuahua power plants, and constitute TransAlta's whole Mexican portfolio. The acquisition was financed with...
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Power
19 November 2008
GSC pushes Complete merger as La Paloma downgraded
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The Eu85 million ($108 million) debt financing for the 88.6MW Rabai independent power project (IPP) in Kenya is remarkable for being not only the first power project financing in the country since the TSAVO Power IPP project in 2000, but also for closing against the backdrop of debt market turmoil a...
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Royal Bank of Scotland has been appointed financial adviser to Advanced Power's and Siemens Project Venntures' 420MW Bocholt CCGT project in North Rhine Westphalia, Germany.
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Does the US power finance market suffer from a crunch-related cold, or something more terminal? In the face of low gas prices, looming carbon caps, and creeping re-regulation, does independent power have a recovery to look forward to? By Tom Nelthorpe.
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The Theun Hinboun project may have survived the Asian financial crisis intact, but little could have prepared project sponsors Electricite de Laos (EdL), GMS Power (formerly MDX Lao Co) and Norway's Statkraft for the events of September 2008.
As the international debt markets ground to a halt in Oc...
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Despite the lending gloom, Centrica's £1 billion acquisition club loan backing a 25% stake in British Energy is progressing
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Office National de l'Electricite (ONE) has extended the bid deadline for the 1320MW Safi coal-fired independent power project (IPP)
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Sierra Pacific Resources has completed the $510 million acquisition of the Bighorn power project
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Exelon Corporation has promised to take its bid for NRG Energy directly to shareholders
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Brazilian steel-maker Usiminas has lined up a yen-denominated loan with the Inter-American Bank to back its power generation programme.
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GSC Acquisition is currently attempting to gain approval from 80% of its shareholders for the acquisition of Complete Energy
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Bank groups are forming for the two remaining bidding groups - Suez/International Power/Saudi Oger and Acwa Power/Kepco
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The Hinduja Group is looking to restart the stalled $1.3 billion Vizag power project
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Arcapita's Bosque project has replaced its heat rate hedge with Lehman Brothers Commodities Services,
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The 4 November bidding deadline for the 4000MW Tilaiya UMPP in Jharkand - India's fourth UMPP - has been put back
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Constellation Energy has delayed until 26 November the closing of a proposed $2 billion liquidity facility.
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Raser Technologies has received the last tranche of its combined $51 million debt and tax equity financing for the Thermo
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Tata Power and state-owned Druk Green Power Corporation's $201.5 million Dagachhu run-of-the-river hydro project in Bhutan is moving forward having secured a 30-year
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The underwriters for the Shuweihat 2 IWPP - BayernLB, Calyon and Natixis – have invoked a
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October 2008
InterGen has completed the acquisition of two Mexican independent power projects from TransAlta.
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Conduit Capital has bought a 50% stake in Brazilian hydroelectric project developer GLEP Energias Renováveis e Participações.
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Temasek Holdings has delayed the privatisation of Power Seraya