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September 2008
The Overseas Private Investment Corporation has approved four investments in equity funds targeting power and renewables development in emerging markets.
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Brazil's government development bank BNDES has approved a R329 million ($178 million) loan for Companhia de Transmissao de Energia Electrica Paulista
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Indian firm KSK Energy Venture has announced that it is pressing ahead with its 1800MW Chhattisgarh power project in India
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The government of Ecuador has asked its military to seize Odebrecht's assets in the country.
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Électricité de France has agreed to buy UK nuclear generator British Energy for £12.5 billion.
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Saudi Electricity Company (SEC) is requesting expressions of interest for the development of a 2000MW gas-fired IPP.
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Arcapita's Bosque acquisition and conversion financing is one of the first project deals to be exposed to the bankruptcy of Lehman Brothers.
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Power Finance Corporation (PFC) is looking to set up a dedicated pool of equity to help meet the funding gap for the Indian Government's 11th power capacity plan.
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Lead arrangers BayernLB, BNP Paribas, Scotia Capital and Union Bank of California have launched the five-year financing package for Babcock & Brown Infrastructure Fund North
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Private equity firm Warburg Pincus will invest an additional $300 million in equity in Competitive Power Ventures.
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The bankruptcy of Lehman Brothers is likely to have a limited set of impacts on project financings both closed and pending.
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Emerging markets power generator and distributor AEI has cancelled a $250 million bond issue
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BG Group has cancelled its $14 billion syndicated loan following the collapse of its bid for Australia's Origin Energy.
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Kallpa Generacion - a subsidiary of Israel Corp - has secured an $88 million loan from Scotiabank Peru to back development of a third open cycle gas power plant at Chilca in Peru.
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Tonbridge Power has mandated HSH-Nordbank as lead arranger of $99 million in debt for a transmission project between Montana in the US and Alberta in Canada.
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Kraftwerke Mainz-Wiesbaden (KMW) looks set to mandate Deutsche Bank and Barclays to arrange debt for its Eu1.2 billion 823MW Ingelheimer Aue coal-fired plant in Mainz.
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CLP has approached banks for proposals to arrange $890 million in project debt for its Jhajjar project in India.
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WestLB has launched syndication of the 23-year Eu1.31 billion ($1.86 billion) debt backing Trianel's 750MW coal-fired plant in Lunen, Germany
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Babcock & Brown Infrastructure Fund North America (BBIFNA) has mandated
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Mandated lead arrangers Calyon, ING and Royal Bank of Scotland have brought five banks into the £475 million debt backing Welsh Power/Severn Power's 850MW Uskmouth combined-cycle gas turbine project located near Newport, Wales
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Pampa Energy has issued $178 million in bonds for an expansion of its 369MW Loma de la Lata power plant
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Nevada Geothermal has closed a $180 million loan with TCW
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The Eu113 million ($179 million) financing for Kenya's 88.8MW Rabai power project closed this week following a two-month delay triggered by pricing quarrels
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Lion Power Holdings - a consortium comprising Marubeni, GDF Suez, Kansai Electric Power and Kyushu Electric Power - has won the auction for Temasek's Senoko Power with an offer of S$3.65 billion ($2.5 billion
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Sumitomo has purchased 20% of the Shuweihat 1 IWPP project company from Abu Dhabi National Energy Company (Taqa).
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The Bulgarian government is considering procuring the Gorda Arda hyrdro power project and Tundja dam under a new concession agreement.
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The Himachal Pradesh state government in India has awarded the Youngthang Khab hydro electric power plant project to Gammon Infrastructure Projects
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Uttar Pradesh Power Corporation's (UPPC) third RFQ for the 1320MW Karchhana and the 1980MW Bara thermal power projects in Allahabad
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Duke Energy's Brazilian generating company is set to launch a R300 million ($184 million) domestic bond refinancing.
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At a time when highly-geared infrastructure investors are deleveraging through asset sales, GMR is rapidly expanding with a 50% acquisition of Intergen. Paul Smith talks strategy and success with Ranjit Murugason CEO of GMR International.
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The Asia-Pacific region lacks supplies of neither debt nor equity. But government needs to do a better job of luring in the suppliers. By Conor McCoole, head of project finance, Asia, Standard Chartered Bank.
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Power
01 September 2008
Severn gets eight
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Foreign and financial buyers of US utilities can expect a tough time from state regulators. Sceptical regulators have derailed at least one acquisition, Babcock & Brown's tilt for Northwestern. The only major financial sponsor's acquisition to go through has been a Macquarie-led consortium's $3.15 b...
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The hurdles Calyon faced as lead underwriter on the club deal for Intergen's Eu514 million ($727 million) 790MW Rijnmond 1 CCGT refinancing, give an insight into the potentially bigger difficulties for sole underwriter HSBC as it launches the Eu400 million Rijnmond 2 debt to market.
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Despite promising economics, Brazilian ethanol producers face lender wariness that their output is neither stable nor sustainable. A new wave of US investors is showing fewer scruples, but struggles to adapt to a sugar-driven pricing regime. John Rumsey reports.