IRB Infrastructure Trust refis five roads

Santa Catarina state has launched its first public-private partnership for the Aeroporto Regional Sul Humberto Ghizzo Bortoluzzi - Aeroporto de Jaguaruna. The winning company will land a 30-year concession and be charged with the expansion, maintenance, and operation of the site. The works include widening the runway and expansion of the passenger terminal, to be done in the first three years of the contract. The concessionaire will be remunerated by tariffs from the state government when milestones are reached, as well as non-tariff revenues...

The US$1.2bn tax equity deal backing the Vineyard Wind project is expected to be partially sold on to corporate buyers via transfer deals, according to sources, as the market gears up for the next big deal for an offshore wind farm. Vineyard last month closed an ITC deal at 30% via JP Morgan, Bank of America, and Wells Fargo, although the group did try to see if it could secure the increased 40% ITC. Unfavourable definitions from the Treasury and IRS meant the group had to settle for the lower percentage. The deal is the largest single asset...

Chemicals company Braskem Idesa and liquid storage logistics group Advario through their 50:50 joint venture Terminal Quimica Puerto Mexico (TQPM) have closed a US$408m project finance deal backing the ethane import terminal in Veracruz. The five-year loan will now be syndicated through the market. With overall project costs of US$450m, the company was able to get about 90% of that in debt. In December 2021, Brazilian-Mexican group Braskem Idesa and Dutch company Advario formed TQPM to build and operate the terminal. Both companies hold 50%...

The Eversource Energy and Orsted-backed 130MW South Fork offshore wind farm is entering the final construction phase as turbine installations begin. The first of 12 Siemens Gamesa offshore turbines was placed on a transport barge in New London in Connecticut before being taken to the project site 35 miles off Montauk. First power is expected by the end of 2023. The project is still owned 50:50 by the two sponsors, but Eversource is expected sell its stake in the project soon.

Searchlight Capital Partners has agreed to make an investment in Indiana-based Mainstream Fiber Networks, a high-speed broadband provider for underserved rural communities. With Searchlight’s support, Mainstream will grow its public-private collaborative efforts to bring internet access to new areas of the state. The company is a partner to the state of Indiana through the Next Level Connections broadband initiative and has received more than US$19m for its projects. Citizens Capital Markets & Advisory served as financial adviser to Mainstream...

New Hampshire's Great Bay Renewables (GBR), a joint venture of Canada’s Altius Renewable Royalties and funds managed by affiliates of Apollo Global Management, has closed on a US$247m company-wide financing led by MUFG and Natixis. The deal includes a US$123.5m initial term facility, a US$100m delayed draw term facility, both of which qualify as green loans, and a US$23m letter of credit. Both banks also provided hedging facilities. Great Bay expects the interest rate on the fixed portion of the debt to be approximately 6.4% per annum...

An investor group led by Greenbelt Capital Management, in partnership with funds managed by Schroders Capital, StepStone Group and Wafra, has completed the acquisition of infrastructure services platform Saber Power Services from funds managed by Oaktree Capital Management. Greenbelt secured debt and equity financing to support the acquisition from Blackstone Credit. Members of Saber’s management team will continue to own a stake in the company. Houston-based Saber offers design, construction, testing and maintenance for substations and medium...

Minister of Energy & Natural Resources Jonathan Wilkinson has launched the Critical Minerals Infrastructure Fund with up to C$1.5bn (US$1.08bn) available over seven years. The government will issue its first request for proposals this autumn, seeking clean energy and transport projects that support critical minerals development, from exploration and sustainable extraction to processing, advanced manufacturing and recycling. Canada Infrastructure Bank is expected to play a complementary role by supporting large-scale projects with additional...

Rio Tinto has closed its acquisition of PanAmerican Silver’s stake in mining prospect Agua de la Falda and entered a joint venture with state-run miner Codelco to explore and potentially develop the site in the Atacama region. The acquisition comprises a 57.74% operating stake in Agua de la Falda for US$45m and the grant of net smelter returns royalties. Codelco will hold the remainder of the equity of 42.26%. Agua de la Falda is expected to show large copper reserves, Rio Tinto said in a statement. Agua de la Falda has previously been explored...

The Bureau of Ocean Energy Management (BOEM) has approved Dominion Energy’s 2.6GW Coastal Virginia Offshore Wind (CVOW) project, as the utility nears a deal to sell a minority stake in the scheme. As is becoming par for the course in offshore wind finance, the group is looking to sell an equity chunk to help shore up the overall financing of the project. Dominion is in the market to sell a non-controlling interest to de-risk the development, it has previously said. The company says the US$10bn project is on track and on budget, but it wants...

Connecticut’s Department of Energy & Environmental Protection (DEEP) has issued a request for proposals (RFP) for 2GW of offshore wind capacity. The deadline for bids is January 31 2024 and the solicitation is part of now 6.8GW of capacity being sought by the northeastern states of Connecticut, Massachusetts, and Rhode Island following the signing of a recent deal between the three. When the deal was signed it was only expected to be for 6GW as DEEP had initially expected to tender for only 1.196GW in this solicitation. The RFP addresses issues...

The US Department of Energy (DOE) has committed up to US$1.3bn to three transmission lines crossing six states. The commitment falls under the Bipartisan Infrastructure Law and will advance projects aimed at adding 3.5GW of new grid capacity. The projects include the Twin States Clean Energy Link, a US$2bn, 1.2GW line between New Hampshire and Quebec being developed by National Grid; Southline Transmission’s first phase, a 175-mile, 1GW transmission line between Hidalgo County, New Mexico, and Pima County, Arizona, being developed by Grid...

Innergex has renegotiated a power purchase agreement with Hawaiian Electric Company (HECO) on its Hale Kuawehi solar and storage project, the company said in its Q3 earnings report. A 56% rate increase was executed with HECO and approved by the Public Utility Commission for the project near Waimea, on the island of Hawaii. The facility will supply 30MW of solar and 120MW of storage. Innergex proposed the project as part of the request for proposal process launched in 2018 by HECO and its subsidiaries. It is expected to be online in Q2 2024....

Midstream natural gas operator Buckeye Partners has released price talk for its US$1bn term loan B via MUFG. The seven-year TLB is offered at 250bp–275bp over SOFR. There is no floor or credit spread adjustment. The original issue discount is 99.5 cents on the dollar. The loan has 101 soft call protection for six months and commitments are due by 5pm on November 16. Proceeds will be used to partially refinance the existing TLB due in 2026, along with repayment of drawings under the company's revolver. Pricing for the company’s existing loan...

Eneva-backed Parnaiba II Geracao de Energia has received a further R$31.3m (US$6.4m) from the Northeast Development Fund (FDNE) as part of its project financing of upgrades at the 1.9GW Parnaiba gas-fired complex in Maranhao. This 92.3MW section upgrade required R$548.3m overall, with R$274.1m coming from FDNE. So far there have been five disbursements, with a further R$70.4m to come.

The Inter-American Development Bank (IDB) and the state of Mato Grosso do Sul have signed an agreement to design a public-private partnership for a hospital in Campo Grande, the state capital. The project aims to attract R$1bn (US$205m) in private investments. The IDB will provide technical, financial, environmental, and legal studies to ensure that the project meets the needs of the state and is attractive to private players, according to a statement. The PPP includes the manufacture and acquisition of equipment to meet demand for medium and...

Ares Management and Maryland-based small modular nuclear reactor developer X-Energy have called off a plan for a business combination, citing “challenging market conditions, peer-company trading performance and a balancing of the benefits and drawbacks of becoming a publicly traded company”. Neither party will be required to pay the other a termination fee but an investment vehicle affiliated with Ares has agreed to make a private investment into X-Energy in order to support its growth as a private company. Earlier this year, Ares committed...

Residential solar and storage provider SunPower has reduced 2023 financial guidance due to “lower-than-expected consumer demand as well as delayed revenue recognition from longer cycle times", chief executive Peter Faricy said in its Q3 earnings report. The company expects a net loss for the year of US$165m–$175m, wider than previous guidance for a loss of US$70m–$90m. SunPower added 18,800 new customers in Q3, down from 23,100 a year earlier. The company is seeing increased demand for its SunVault battery storage product, however, with sales...

Renewables developer Longroad Energy has reached financial close and started construction on the Sun Streams 4 project in Maricopa County, Arizona, comprising 377MW of solar and 300MW of storage. Debt financing was led by CIBC and included ANZ, PNC, BNP Paribas, Commerzbank, CoBank, US Bancorp Impact Finance, National Australia Bank and Societe Generale. US Bancorp provided tax equity. Sun Streams 4's output will be purchased by Arizona Public Service under a long-term power purchase agreement. Sun Streams 4 is Longroad's largest solar and...

Boston-based renewables developer Swift Current Energy has placed an order with First Solar for 500MW of solar modules to be delivered between 2027 and 2028. The company has previously placed orders for 3.3GW of First Solar modules. The modules ordered by Swift Current are expected to be made with 100% US-made components as identified in domestic content tax credit guidance issued by the US Department of the Treasury. Swift Current Energy has commercialised more than 2.5GW of renewable energy projects, has a project pipeline of more than 10GW...

Private partner New Terminal One (NTO) at JFK International Airport is preparing to sell US$1.5bn of private activity bonds through the New York Transportation Development Corp (TDC) as a conduit issuer. Proceeds will be used to pay down part of the US$6.6bn of project debt raised in June 2022. Citigroup and Loop Capital are lead underwriters. The NTO consortium comprises Ferrovial, Carlyle Group, JLC Infrastructure and Ullico. The team is building the NTO project at JFK International Airport in New York under a public-private partnership,...

Missouri-based, Shell-backed solar and storage developer Savion has proposed a US$1bn, 800MW solar project on private farmland in north-central Oregon. The project could include as much as 800MW of battery storage. The Oregon Department of Energy is accepting comments on the Yellow Rosebush project through to December 1 after Savion filed its notice of intent with the regulators. Savion is considering two options for grid interconnection including a Bonneville Power Administration-owned switchyard and BPA's existing John Day to Grizzly 500kV...

Utility Eversource Energy is nearing a deal to sell its 50% stake in a 1.8GW portfolio of contracted US offshore wind farms it owns in a joint venture with Orsted. A new JV deal with Orsted is one of the things holding up the sale. The offshore wind farms include the 132MW South Fork, 920MW Sunrise Wind, and 704MW Revolution Wind projects. “We have substantially completed our contract negotiations with a buyer and continued to make good progress on this front,” company chief executive officer Joseph Nolan said on Eversource’s Q3 call, adding...

Private investment promotion agency ProInversion has attracted nine bidders in the pre-qualification phase for the US$970m Section 4 of the Longitudinal de la Sierra highway public-private partnership. Companies from the US, Europe, and Asia are among the interested parties, ProInversion said. The deadline for pre-qualification is November 30 and the group expects to award a contract for the co-financed state initiative concession in Q1 2024. The private partner will be asked to construct, finance, maintain, and renew the 955km roadway, which...

Residential solar and storage provider Sunrun has lowered guidance for Q4 solar growth to a range of 2%–5% from a prior projection of 10%–15%, the company said in its Q3 earnings report. The move comes as the company aims to “dramatically” increase installations of storage as it focuses on cash generation, higher margins, and a growth strategy that does not require equity funding. Q4 storage capacity installed is expected to be in a range of 180MWh–200MWh, representing 108% to 131% growth year-on-year. Sunrun was able to utilise benefits...

Engie Brasil Energia will issue R$2.5bn (US$506m) in debentures in a public offering, a deal that may grow by up to 25% to R$3.125bn, to refinance some of its project debt in the country and be used for general corporate purposes. The bonds will come across five series and two tranches. The first R$1.5bn tranche comprises three series: a 10-year pricing up to IPCA plus 550bp, a 15-year pricing up to IPCA plus 575bp, and a five-year bullet priced up to 1,090bp. The second R$1bn tranche will comprise five-year notes priced at the DI interbank...

YPF Luz may return to the capital markets next year once its development pipeline matures, the company said when reporting Q3 results. “If we have a pipeline with more projects, then for sure we will return to the markets,” finance manager Gabriel Abalos said on the Q3 call. YPF Luz is also considering investments in transmission assets to allow it to expand its renewables growth, he said. The group expects to use proceeds from a recent bond sale to fund its project development for the time being, including the 155MW General Lavalle wind farm...

Seven companies and consortia from Latin America, Europe, and Asia have expressed interest in the Huancayo–Huancavelica Tren Macho railway public-private partnership. Private investment promotion agency ProInversion said the companies interested including railway operators, construction companies, and rolling stock providers, without providing further details. Pre-qualification ends on November 30. The group expects to award a mandate for the 30-year concession in December. Project costs are US$340m. The Huancayo–Huancavelica railway has been...

Abu Dhabi oil company ADNOC has presented a non-binding offer to buy Novonor’s stake in Brazilian petrochemical company Braskem. Novonor, formerly Odebrecht, is the main shareholder in Braskem and has been fielding bids for part of its 38.3% stake all year. According to Braskem, ADNOC’s bid implies a price of R$37.29 per share, with an equity value of R$10.5bn (US$2.14bn) for Novonor’s stake in the firm. ADNOC has offered to pay in two parts, with half in cash upon closing and the other half via an ADNOC senior equity instrument maturing in...

Florida-based Atlas Lithium has landed a US$20m cash injection backing development of its Neves lithium project in Minas Gerais. The investment round was led by former Allchem chairman Martin Rowley. The US$20m was secured via a three-year convertible note issue with a coupon of 6.5% per annum, that can be converted into shares of Atlas common stock at a price of US$28.225 per share. “In the current environment where US Treasuries yield close to 5%, the fact that Atlas Lithium was able to raise new capital at 6.5% is a strong outcome and an...

Developer and investor Shanghai Fengling Renewables will collaborate with Shanghai-listed miner Zijin in a co-investment for a €2bn 1.5GW hybrid solar PV and hydrogen production facility in Bor, eastern Serbia, according to a statement by Serbia's Ministry of Mining & Energy. Zijin is already active in Bor, operating the Cukaru Peki copper-gold mine, which started production in 2018. The miner signed memoranda of understanding in September to channel up to US$3.8bn of green investments in the country. The partnership with Shanghai Fengling is...

Geothermal Engineering Ltd (GEL) is raising £100m–£200m via Nomura Greentech to fund production of at least 1,000 tonnes of lithium a year at its United Downs site in Cornwall and the development of two new geothermal power schemes. The company is said to be looking at raising funding from strategic investors such as vehicle and battery manufacturers interested in securing lithium supplies. It needs £100m but could seek up to £200m. GEL secured a £15m funding package earlier this year from Kerogen Capital and Thrive Renewables for its 2MW...

Spanish developer and IPP Solaria is seeking proposals from banks to finance a further 1GW of solar capacity. The debt could be provided under the €1.7bn debt framework signed with the EIB for 5.6GW of solar projects (see PFI 754), according to Solaria’s first VP of the board Jose Arturo Diaz-Tejeiro Larranaga. “There will be other banks that are trying to get position inside the deal,” Larranaga said on Solaria’s Q3 results call. “Hopefully, before the end of this year, we will present to the market a new project finance agreement associated...

Norwegian battery company Freyr will minimise spending on its €2.5bn Giga Arctic battery gigafactory in Norway as it focuses on capturing incentives for its US projects under the Inflation Reduction Act (IRA). NYSE-listed Freyr said in June it expected the Norwegian government to shortly outline a package of support for the battery industry. However, “Norway and Europe have yet to offer a competitive response to the US IRA or similar incentives from Canada”, Freyr said in its recent Q3 results. “The US IRA and associated policy responses in...

French IPP Rubis Photosol has agreed to buy a 29MW solar photovoltaic portfolio in Spain from renewables developer, owner and operator Emeren Group and French asset manager Eiffel Investment Group. The portfolio consists of three projects at a late stage of development in the Algorfa municipality in Alicante. They are in the advanced phases of securing administrative authorisation for construction permits, a statement said, and are expected to come online in the second half of 2025. The seller is Emeren and Eiffel’s joint venture European Solar...

Foresight Energy Infrastructure Partners is investing in geothermal developer 85 Degrees Renewables for the build-out of 61.8MW of geothermal projects in Zoetermeer that benefit from the Dutch SDE++ subsidy. The Anglo-Dutch company aims to build 1GW of geothermal capacity over the longer term. Its investment was not disclosed, although 85 Degrees Renewables is raising €100m to develop its sites, and to acquire and develop more sites across the Netherlands, according to its website. The company is led by co-founder and CEO Bart Duijndam and...

Private equity group KKR has lined up a €10.5bn financing to back its takeover bid for Telecom Italia’s fixed network assets, according to people familiar with the situation. It has been underwritten by more than a dozen banks and takes the form of an investment-grade infrastructure financing, a source said, adding that the debt will be sold down in general syndication once the deal is formally signed. Lenders that have pitched for the deal include UniCredit, Credit Agricole, SMBC and ING, sources said, although it's unclear which have made...

Energy Infrastructure Partners and ContourGlobal’s Italy JV has closed on a €202.5m refinancing and repowering package for a 95MW portfolio of solar assets in Italy. Lenders are Bank of America, Credit Agricole, ING, Intesa Sanpaolo and Banco BPM as bookrunners and MLAs. Intesa Sanpaolo was agent and account bank, and Credit Agricole was green loan coordinator. The JV ContourGlobal Solar Holdings raised a €186.1m term loan with accordion features to refinance and repower the portfolio. KKR-owned ContourGlobal operates 129 power plants amounting...

The Ministry of Environment & Energy Security has received the green light from the European Commission to use €1.7bn from the EU's Recovery & Resilience Facility to incentivise agrivoltaic schemes in the country. Up to €600m has been designated for subsidies of up to €93/MWh for projects connected to the grid. The remaining €1.1bn will be issued to developers as grants covering up to 40% of each project. The new funding will be applicable to new projects that are yet to be financed and built.

Saudi Power Procurement Company (SPPC) has signed the power purchase agreements (PPAs) on its five new gas fired schemes totaling 8.4GW – the two each at the Taiba and Qassim projects and the Rabigh 1 expansion project. The 3.6GW Taiba projects are being developed by SEC as a managing member and ACWA Power as technical member. The 3.6GW Qassim projects are being developed by Al-Jomaih Energy & Water Company as managing member, EDF as technical member and Buhur for Investment Company as consortium member. The 1.2GW Rabigh scheme is being...

China General Nuclear Power Group has applied for a restructuring on its 650MW Markbygden Ett wind plant after a long-term power purchase agreement (PPA) with aluminium producer Norsk Hydro became loss-making. The company has submitted a restructuring application to the Umeå District Court, local reports said. Markbygden Ett in Pitea has a 19-year PPA with aluminium producer Norsk Hydro beginning in 2021. The PPA covers the majority of the plant’s production, about 1.65TWh per year, on a fixed-price and fixed-volume contract. However, during...

TotalEnergies/Stellantis/Mercedes battery production joint venture Automotive Cells Company will close a €3bn ECA-backed project financing of its Kaiserslautern gigafactory by year-end, according to a report. Italian ECA SACE, French public investment bank Bpifrance and Germany’s Allianz Trade, formerly Euler Hermes, are supporting financing of the 13.4GWh first phase of the project in Billy-Berclau, developed by ACC Deutschland. The factory will begin operating in 2025 and be expanded to achieve a full capacity of 40GWh. ACC has already...

Hong Kong-listed Zhaojin Capital has proposed an unsolicited off-market takeover of Sydney-listed miner Tietto, including its partially operational Abujar gold mine in Ivory Coast. Herbert Smith Freehills is legal adviser to Zhaojin, which already holds a 7% stake in Tietto. The offer will remain open at least until December 14. Zhaojin is offering A$0.58 in cash per share, or US$608.8m in total, to buy the remaining 93% of Tietto. This undervalues the mining company, according to a statement issued by Tietto's board of directors, who are...

Iona Capital has taken a minority stake in Carbon Capture Scotland Ltd (CCSL) and is due to invest up to £50m in up to 12 projects to capture green/biogenic CO2 from the decomposition, fermentation, or combustion of organic matter produced by distillers, waste-to-energy and biomethane plants and other industries. Five schemes will be linked to CO2 capture from whisky distilleries in Scotland, two will be on anaerobic digestion plants owned by Iona, three will be new schemes in the UK and there will be two new scheme in the Netherlands. Iona has...

The Philippines’ Power Sector Assets & Liabilities Management Corp (PSALM) has started sounding out potential investors in the remaining power assets that are planned to be privatised. It will hold an investor forum, possibly on December 1, to generate interest in the privatisation of two hydroelectric power plants (HEPPs). The first sale is the 728MW Caliraya-Botocan-Kalayaan (CBK) hydroelectric plant, one of the huge power plants that attracted foreign investors in the late 1990s. CBK Power, the SPV that took over the plant under a 25-year...

Eight banks led by Credit Agricole, Rabobank and Societe Generale are believed to have provided the debt to back I Squared Capital's purchase of UK transport company Arriva Group from Berlin-headquartered Deutsche Bahn for an enterprise value of €1.6bn. I Squared was advised by Morgan Stanley and UBS, and by Latham & Watkins and Linklaters on financing for the acquisition. Citigroup advised DB alongside law firm Freshfields I Squared will invest €2bn in Arriva to grow and electrify its fleet and will consider complementary acquisitions in...

Property fund CapitaLand India Trust Management (CLINT) has raised a Rs13bn (US$156m) five-year loan from JP Morgan to fund the 108MW phase one of a data centre in Navi Mumbai. CLINT, formerly known as Ascendas India Trust, said the onshore loan diversifies its funding. The data centre is in construction and due for completion in mid-2025. CLINT, India’s first property trust, has three other data centres in development in India and owns IT business parks, a logistics park and an industrial facility. Singapore-based real estate investment...

Japanese construction company Obayashi Corp has won the auction of a 50% shareholding in New Zealand-based renewables developer Eastland Generation, valuing the company at more than NZ$500m (US$295m). Eastland Group’s owner Trust Tairawhiti has been seeking a buyer since July for 50% to fund Eastland’s development pipeline. Forsyth Barr advised the seller. The deal is conditional on Overseas Investment Office approval. Obayashi Corp is establishing a local company, Obayashi Clean Energy New Zealand, to make the purchase with NZ$228m of capital...

CDC Data Centres is raising more than A$1bn (US$636m) in bank facilities via Barrenjoey as adviser, reports AFR. CBA is expected to lead the syndicate, according to the report. CDC Data Centres is 48% owned by Infratil, a publicly listed fund managed by Morrison & Co, 24.05% by Commonwealth Superannuation Corp and 24.05% by Future Fund. Management holds 3.8%. Infratil's 48% stake was valued at A$3.64bn–$4.19bn at the end of September, assuming 268MW of existing operating data centre facilities in Canberra, Sydney and Auckland, another 265MW...

Vocus Group has ceased discussions with TPG Telecom for the A$6.3bn (US$4bn) acquisition of TPG assets including the fibre business. TPG Telecom said: “The proposed transaction involved considerable complexity and, ultimately, the parties have been unable to reach alignment on the operating model and commercial terms for TPG to have sufficient confidence that a successful transaction can be agreed and executed.” Vocus had made a non-binding A$6.3bn enterprise value offer on August 1 for TPG’s enterprise, government and wholesale assets and...

This year might not have been the year project finance boomed back, but it has been a year setting new global legal standards. Following Allen & Overy’s merger with Shearman & Sterling and an upcoming partners’ reshuffle at the practice, the rules for the legal game are in for a change. The US project finance legal market has remained IRA-obsessed, Singapore has maintained its rising status and the Middle East has confirmed its prominence in the EMEA region. By Cristiana Sandeva.

Quinbrook Infrastructure Partners has announced plans to develop a polysilicon manufacturing facility on industrial land it has secured in Queensland that will be powered by an adjacent solar and battery project,. Quinbrook will be the developer, sponsor and funder of the project, according to Townsville mayor Jenny Hill. Townsville City Council has conditionally awarded Quinbrook a 200-hectare plot in the Lansdown Eco-Industrial Precinct following a competitive process. Quinbrook has struck a deal with Solquartz, which will integrate its...

Acme Group is preparing to sell up to 51% of a proposed solar infrastructure investment trust to raise about US$1.3bn, the Mint reports, with EY advising. Acme would put 1.8GW of solar assets into the private InvIT, it said.

Digital Edge (Singapore) has secured a five-year W440bn (US$332m) green loan to develop a 100MW data centre project in Seoul known as SEL2, which will be the largest commercial co-location facility in South Korea. The loan is split between fixed and floating tranches, and the financing consortium includes international and domestic banks, with Credit Agricole and ING as green loan coordinators. SEL2 is its third data centre in South Korea and aims to achieve annualised design power usage effectiveness of 1.27, below the global average of 1.55...

UK-based Pacific Green Technologies has signed an exclusivity agreement for a site in South Australia to develop a 500MW/1GWh battery project. The site is on the Limestone Coast and the project could connect to an existing substation. Pacific Green aims to commence construction in 2024 for operations in 2026. Pacific Green said it should be the largest battery park in South Australia. “Our Limestone Coast Battery Energy Park can act as a load during the day, increasing the viability of even more solar and wind generation, whilst shifting energy...

AustralianSuper, the largest shareholder of Origin Energy, will vote against Brookfield and EIG’s newly increased A$16.4bn (US$10.4bn) takeover bid for the Australian utility. AustralianSuper, which has raised its stake to 16.5% of Origin shares, said the new offer is still “substantially below” its own estimate of Origin’s long term value. The deal has a 75% approval threshold for shareholder votes cast. Brookfield, GIC, Temasek and EIG’s LNG investment platform MidOcean Energy have increased their conditional offer to A$9.53 in cash per...

BlackRock-backed Akaysha Energy has reached a final investment decision (FID) on its 150MW/300MWh Ulinda Park battery energy storage system project in Hopeland, Queensland, with construction due to start next month. Consolidated Power Projects Australia has signed the EPC balance of plant contract on the scheme. In July, the developer signed a contract with climate risk transfer platform Re2 Capital for a 10-year revenue swap on the project. “The 10-year revenue swap provides the right balance of contracted and unhedged revenue, while still...

Malakoff, through subsidiary Malakoff Radiance, has signed a solar power purchase agreement with Gas Malaysia for the development, operation and maintenance of solar PV systems at three Gas Malaysia sites – its headquarters in Shah Alam, the southern regional office in Pusar Gudang, Johor, and eastern regional office in Gebeng, Kuantan. A memorandum of understanding was signed on November 7 during Gas Malaysia’s launch of its sustainability plan. Malakoff will also install electric vehicle charging stations at Gas Malaysia's headquarters and...

Projects lawyer Kilian de Cintre has joined Vinson & Elkins in London from Milbank Tweed as a partner following Chris Taufatofua who made the same move last month.

The Federal Court of Australia issued an injunction to prevent Santos from commencing work until mid-November to lay the subsea Barossa gas export pipeline. The court has reconvened to determine whether to extend the injunction until an expedited final hearing. The injunction comes after Tiwi Islands traditional owner Simon Munkara filed an application in the court on October 30 asking Santos to revise and resubmit for approval the environment plan for the subsea pipeline, which had been approved in 2020 by Australian offshore regulator NOPSEMA...

Indonesian state-owned Pertamina Geothermal Energy has signed a joint study agreement with Chevron New Energies International and Mubadala Energy to explore geothermal potential in Kotamobagu in north Sulawesi. The JSA was signed on the sidelines of Indonesian President Joko Widodo's visit to the US, according to a statement. Witnesses included Indonesia’s deputy coordinating minister for maritime and investment affairs Jodi Mahardi , Indonesian ambassador to the US Rosan Roeslani, Pertamina president director and CEO Nicke Widyawati, and...

AEMO Services has launched the fourth tender for long-term energy service agreement (LTESA) contracts in New South Wales but has removed the anticipated access rights to the Central West Orana (CWO) renewable energy zone. The tender is for LTESAs for roughly 3GWh per year of renewable energy capacity. Registrations are due by December 3 and project bids by December 10. The contract award is expected in June. This round does not include long-duration energy storage LTESAs. Eligible generation projects can be anywhere in New South Wales,...

Tenaga Nasional and Petronas have signed a memorandum of understanding to explore carbon capture and storage technology for gas-fired power plants. In a joint statement, the companies said this collaborative endeavour underscored both parties’ commitment to Malaysia’s National Energy Transition Roadmap (NETR), in line with the nation’s ambition to attain net-zero carbon emissions by 2050. The NETR identifies carbon capture, utilisation and storage as the sixth energy transition lever. The MoU exchange was made by TNB president and chief...

Africa Go Green Fund, managed by Cygnum Capital Asset Management, has announced a US$150m interim equity close. The equity includes US$13m backed by an investment from the African Development Bank through the Clean Technology Fund implemented by the AfDB's Clean Technology Fund. Additional investors include the IFC, the Nordic Development Fund, the Sustainable Energy Fund for Africa and Calvert Impact Capital. Africa Go Green Fund was launched in 2021 by KfW and it is the first structured debt fund in Africa focused on energy efficiency...

The Ministry of Finance has issued a new regulation MOF 103/2023 rolling out a carbon emissions roadmap ahead of COP28 that starts later this month in Dubai. The latest plan aims to access US$20bn of funding under the Just Energy Transition Partnership (JETP) for the early retirement of coal-fired power plants and the development of renewable energy capacity and grid infrastructure in Indonesia. Jakarta has pledged to slash its power sector carbon emissions to a peak of 250m tonnes by 2030 from 290m tonnes. It also intends to increase the share...

A consortium of some 280 Japanese companies, including Toyota Motor and Sumitomo Mitsui Financial Group, have formed the Japan Hydrogen Association to focus on helping develop Japan's hydrogen industry, reports Nikkei. It will be the first fund dedicated to hydrogen investments and in addition to domestic start-ups, the fund plans to invest in overseas companies with advanced technology and feed the accumulated expertise back to players at home. In addition to association member companies, the fund will seek investment from domestic and...

Manila Electric Co (Meralco) is seeking 1.8GW of power supplies for a period of 15 years. It has commenced the competitive selection process (CSP) following clearance from the country’s Department of Energy on its terms of reference. The supply of power is targeted to start by December 2024. “Through its bids and awards committee for power supply agreements, Meralco calls on interested power generation companies to participate in the CSP,” the power distributor said. Expressions of interest were due by November 13 and six bidders are said to...

Sembcorp Industries plans to invest S$10.5bn (US$7.78bn) in renewables, 75% of its 2024–28 total investment. The move is part of its 2023–2028 strategic plan to drive energy transition that it announced this month. Sembcorp plans to accelerate its investments in renewables, aiming to have 10GW by 2025 and a sharp jump to 25GW of installed renewable capacity by 2028 from 8.7GW as of September 2023. The company said it is on track to achieve 10GW by 2025 and is accelerating renewables growth. Sembcorp also aims to reduce by 50% its emissions...

Helsinki-based renewables developer and IPP Ilmatar has raised €500m of group-level debt from Copenhagen Infrastructure Partners’ Green Credit Fund 1. Participants included Norwegian pension fund Kommunal Landspensjonskasse, private credit investor P Capital Partners and accounts managed by CIP. Green Credit Fund 1 provides private project debt with subordinated risk characteristics to green and brownfield renewables projects. Ilimatar is active in Europe, North America, and certain areas of Asia-Pacific. The package has a committed tranche...

Tycoons Manuel Pangilinan, chairman of San Miguel Corp, and Ramon Ang, chairman of Metro Pacific Tollways Corp, are talking about establishing a tollway company that can be listed on the Philippine Stock Exchange. “We might be rivals in the business space, but if we decide to set aside differences and work together in the business space, I think the benefits will be significant for our people. So yes, we are looking at other areas where we can cooperate and create a critical mass,” Pangilinan told the Philippine Star newspaper. “For example, in...

The 50:50 joint venture TotalEnergies ENEOS has signed a 10-year agreement with the Philippines' Real Steel to provide a 16.8MW solar rooftop system at its manufacturing facility in San Simon, Pampanga. The project aims to significantly reduce the operational expenses and carbon footprint of the country’s first high-speed rolling mill. The project involves installation of more than 22,000 solar modules that will generate 26GWh of renewable electricity annually, equivalent to planting 200,000 trees.

Portugal's Prime Minister Antonio Costa resigned last week as the prosecutor’s office announced an investigation into alleged corruption in handling green hydrogen, lithium mining and data centre projects in the country, Reuters reported. Deals under investigation include the award of contracts for two lithium exploration concessions in northern Portugal, a green hydrogen plant and a data centre in Sines. Costa said that his conscience was clear but that he would step down as “the function of the prime minister is not compatible with any...

Pilot Energy has signed a non-binding memorandum of understanding with South Korea-based Samsung C&T Corp Engineering & Construction Group on jointly developing and funding the Cliff Head carbon capture and storage and clean ammonia projects in Western Australia. The CCS and green and blue ammonia schemes, together known as the Mid West Clean Energy Project, are in the pre-front end engineering and design study stage. Samsung C&T has agreed to acquire a 20% stake in the MWCEP and has rights to serve as engineering, procurement and...

The Philippine government, through the Philippine Port Authority, is moving forwards on the privatisation of the Iloilo port, as it has been receiving unsolicited proposals. The Department of Transportation (DoTr) said the Philippine Ports Authority has set in motion the privatisation process for the Iloilo port, in the wake of proposals from a number of parties, one of which was considered “serious”, the country’s Transportation Secretary Jaime J Bautista told reporters on the sidelines of a forum. One unsolicited proposal was submitted by...

The Philippines’ Board of Investments has granted a green lane certificate of endorsement to the Ps10.85bn (US$194m) 100.8MW Kalayaan 2 wind project being developed by Singapore’s The Blue Circle. “TBC, through its subsidiary, is currently developing a wind power project to spearhead its efforts in increasing its presence in the Philippines, with an overall portfolio of more than 2.5GW worth of renewable energy projects in development in the entire country,” the BoI said. “In addition, the wind power project aims to harness renewable wind...

The US International Development Finance Corporation is providing US$553m to Colombo West International Terminal, in which Adani Ports & Special Economic Zone holds a 51% stake with the rest held by Sri Lankan conglomerate John Keells Holdings and the Sri Lanka Ports Authority. The container port, which provides critical infrastructure for Sri Lanka, is the largest and busiest trans-shipment port in the Indian Ocean. It has been operating at more than 90% of capacity since 2021, signalling its need for additional capacity, DFC said in a...

Australian oil and gas producer Santos has signed a memorandum of understanding with South Korean energy company SK E&S to collaborate on cross-border carbon capture and storage. They will explore a transboundary business model for the aggregation and transport of carbon dioxide from South Korea to Australia for storage underground. Santos and SK E&S will collaborate on the G-11-AP licence in the Bonaparte Basin off Western Australia that was awarded in 2022 as well as projects including the Bayu-Undan CCS. Santos is 40% owner and operator...

Japan and South Korea plan to work together and jointly invest to develop hydrogen and ammonia supply chain projects, according to Nikkei. The two countries will collaborate to leverage their ability to negotiate prices for the fuels, the paper said. Government-linked financial institutions are expected to provide funding to support the two countries’ overseas projects in regions that include the USA and the Middle East. Japan's Prime Minister Fumio Kishida and South Korea's President Yoon Suk Yeol plan to announce the framework on November...

Former Ib Vogt head of project finance José Joaquín Muñoz Osuna has joined consultancy Capcora, strengthening its debt and M&A advisory team. His experience will boost Capcora’s activities in the Iberian market and for power purchase agreement-related businesses, a statement said. Osuna’s position began in November with him based in Hamburg. Prior to that he was at Ib Vogt in Berlin from 2017. Past experience includes establishing and leading structured finance and M&A departments at Hanwha Q Cells and SunEdison in Madrid. He also acted as vice...

Orsted's chief financial officer Daniel Lerup and chief operating officer Richard Hunter have left the company and been replaced on an interim basis by European boss Rasmus Errboe and board member Andrew Brown, respectively. The search for full-time replacements has started. Orsted, once a stock market darling, has been hit by provisions against US offshore wind project resulting in potential US$5.6bn impairments this quarter. Its share price, which peaked at US$70 in late 2020, has halved this year to US$14. This week, the company pulled out...

Local company Sao Martinho will invest R$250m (US$51m) in the construction of a biomethane production plant in Sao Paulo. The project will use vinasse generated at the company’s Santa Cruz unit to produce 15m cubic metres of biomethane per sugar harvest. Vinasse is a residue from ethanol production. Commercial operation is slated for H2 2025. The project could be the first of similar projects built at the company’s sites.

US-headquartered infrastructure fund manager Stonepeak has acquired a preferred equity interest in Singapore-based infrastructure and real assets developer AGP Sustainable Real Assets. AGP is developing or operating a portfolio of more than 12GW of renewable energy assets, 5m square feet of logistics warehousing, 310MW of data centre capacity and 20m square feet of community housing. Stonepeak senior managing director Hajir Naghdy said: “AGP’s global energy transition portfolio, logistics and community housing platform in India, and data centre...

Americas-focused liquefied natural gas (LNG) infrastructure company New Fortress Energy (NFE) has closed a US$575m project financing backing the completion of construction of the 630MW Barcarena gas-fired power plant in Para. State-run development bank BNDES provided R$1.8bn (US$368m), with private funds managed by Lumina Capital Management and BTG Asset Management providing the roughly US$200m balance. The notable part of this financing is the involvement of Lumina and BTG as providers of private credit to NFE. Typically, development bank...

State-run development bank BNDES and utility Eletrobras have agreed to restructure Eletrobras subsidiary Santo Antonio Energia’s debts. As part of the deal to restructure some R$19.7bn (US$4.01bn) in debt, Eletrobras will assume R$11.5bn in debt from Santo Antonio and BNDES will refinance R$6.5bn of that, and banks will take on the remaining R$5bn. Saesa holds the 3,568MW Santo Antonio hydro project in Rondonia. Eletrobras owns some 95% of the project, which cost US$7bn and opened in 2012. The company in Q3 reporting said it had a loss of...

Hydrogene de France has closed the US$41m financing from the International Finance Corporation (IFC) backing its Renewstable Barbados hydrogen, solar and battery energy storage system project. The IFC provided the funds via concessional funder the Green Climate Fund (GCF) and it is the first hydrogen project backed by the fund. The Renewstable Barbados project combines 50MW of solar power and 120MWh of storage using green hydrogen and batteries. “This is an important step for Renewstable Barbados as this concessional financing enables more...

The Asian Development Bank has approved a US$12m loan to local firm Buskowitz Solar to support its plans to develop rooftop solar schemes in the Philippines. ADB said the loan would support the development, construction, and operation of a portfolio of up to 70MW of solar PV systems on commercial and industrial buildings. Buskowitz Solar, a special purpose vehicle incorporated by Buskowitz Energy, will own, build and operate the project. Buskowitz Energy will provide engineering, procurement and construction services, and operations and...

Quebec-based renewables developer TES Canada H2 is advancing a C$4bn (US$2.9bn) project that will produce 70,000 tonnes of green hydrogen for Quebec end-users. The Mauricie project will include construction of an electrolyser and 1GW of wind and solar facilities. The developer is aiming to bring the project online in 2028. Approximately one-third of the green hydrogen will be used to decarbonise long-haul transport, which accounts for nearly 10% of Quebec's emissions. The remaining volume will be used to produce renewable natural gas. TES...

The Philippines’ Board of Investments has approved the green lane processing of 16 strategic investment projects amounting to Ps336.3bn (US$6bn) comprising ten solar schemes and one wind farm. There are two telecom projects; two steel mills; and one for information technology/data centre. Green lane projects are given certificates of endorsement and identified as strategic investments that are aligned with the Philippine Development Plan. Government agencies are mandated to expedite the process of obtaining licences and permits for these...

Arizona-based renewables developer Arevon Energy has closed on US$529m in loan and tax credit transfer financing for the Vikings solar-plus-storage peaking project in California. It secured a commitment from JP Morgan to purchase US$191m of investment tax credits and production tax credits using the Inflation Reduction Act's transferability provision. The additional US$338m debt facility was led by MUFG, BNP Paribas, SMBC and First Citizens Bank as coordinating lead arrangers. National Bank of Canada participated as a lender. The Vikings...

Clean Power Alliance, a community choice aggregator in California, has entered a 15-year power purchase agreement with Pattern Energy for 575MW of wind power from the US$8bn 3.5GW SunZia project in New Mexico. The contract comes as banks are racing to close financing by year-end with MUFG in a lead role. The project is expected to begin full construction later this year and commercial operation in 2026. The power will use the SunZia transmission line into the California Independent System Operator (CAISO) energy market. CPA will be a primary...

Greenwich, Connecticut-based renewables developer Altus Power has closed on a US$200m credit facility from Blackstone to back construction of commercial solar assets and includes capacity to fund costs including equipment, labour, interconnection as well as development fees. The loan is a first-of-its-kind facility that "leverages the strong appetite of insurance capital in providing long-term financing of solar assets", according to Kirkland & Ellis, which advised a unit of Altus. In February, Altus closed on the acquisition of a 220MW...

Indian hydrogen and ammonia producer AM Green, owned by the founders of Indian renewable company Greenko Energy, is said to be planning to raise US$1bn to expand its business and boost its ability to produce green hydrogen and other chemicals, according to a Bloomberg report citing people familiar with the matter. The company is said to have appointed a financial adviser to assist in the fundraising. AM Green this week signed an agreement with Singapore’s Government Investment Corp and Malaysia’s Gentari to produce 5m tonnes of green ammonia...

Indian pipes maker Welspun Corp is developing a 42MW round-the-clock renewable energy project with wind and solar generation to power its own manufacturing operations at Anjar, Gujarat. Welspun Corp will own 21.54% of the project special purpose vehicle Mounting Renewable Power for an investment of up to Rs442.5m (US$5.3m). The other equity shareholders will be Welspun New Energy and Welspun Living. The project will allow Welspun’s Anjar facility to be about 55% powered by renewable energy by fiscal 2026.

GMR Goa International Airport is planning to raise Rs24.75bn (US$297m) of 20-year bonds, with bids from banks and investors due by November 15, reports Reuters, citing sources. Reuters reported earlier this month that the bonds are likely to offer a coupon of about 10%. Care Edge Ratings assigned an A rating to the proposed non-convertible debentures in a September 12 report. According to the Care Edge Ratings report the 20-year NCDs will feature a call option from December 2028 to March 2029 and a put option in March 2029. Proceeds will fund...

Fortescue has dropped its 5.4GW Uaroo Renewable Energy Hub green power generation project in the Pilbara region in Western Australia in favour of an ammonia export project. It has terminated the approval procedures with Western Australia's Environmental Protection Authority (EPA). The proposal included up to 340 wind turbines and a solar farm to power Fortescue’s mining operations including the Chichester, Solomon and Western mining hubs. Fortescue CEO DinoOtranto, however, recently told The Australian Financial Review: “Uaroo wasn’t part of...

Amazon has signed a power purchase agreement for a 198MW wind project in Osmanabad, Maharashtra, being developed by Vibrant Energy. Macquarie’s Green Investment Group owns Vibrant Energy, which has a 1.9GW renewables portfolio in India intended to sell energy to corporates. Amazon agreed last year to be the offtaker for two wind-solar hybrids that Vibrant is developing with 300MW of capacity. Vibrant funded 300MW of wind-solar hybrids in Madhya Pradesh and Karnataka in April with Rs22bn (US$264m) of project finance from Power Finance Corp, an...