Eixo Norte rail PPP signed

The Department of the Treasury and Internal Revenue Service have released guidance on the clean electricity production credit and clean energy investment credit, two technology-neutral tax credits under Sections 45Y and 48E of the Inflation Reduction Act, respectively. The credits will be available in 2025 in place of the previous wind and solar production tax credit (PTC) and investment tax credit (ITC) that will eventually sunset. They will be available to existing assets and to batteries and new technologies that could include marine and...

AES Andes has kicked off meetings with fixed-income investors ahead of a possible benchmark sale of US dollar green junior subordinated capital notes. Citigroup, Goldman Sachs, and JP Morgan are mandated to arrange the potential sale of 31-year non-call 5.75 green hybrids. The proposed issue would total US$500m–$600m, according to Fitch. Proceeds will primarily be used to support AES Andes' liability management, said Moody's. This Rule 144A/Reg S green hybrid offering has been rated Ba1/BB/BB. The hybrid issue's equity-like features translate...

Utility Colbun is developing the US$1.4bn 800MW Paposo pumped-storage hydropower plant in Antofagasta, which will recirculate desalinated water between its lower and upper reservoirs to store and release renewable energy. The desalinated water will be used in case of emergency or supply outage by groups including the Paposo Rural Health Service. The company has submitted an environmental impact study to regulators for approval. Colbun expects to begin construction in mid-2026 and bring the scheme online by the end of 2029. It is the first...

Capital expenditure costs remain on an upward curve but in some sectors they are starting to fall back. Solar costs are dropping, with reports that polysilicon prices nose-dived by 70% last year and general Chinese supply costs also fell. Total capex for battery storage schemes is also falling dramatically, by as much as 35%. Indeed, there is a fear that some older battery schemes could become stranded. Times remain tough for wind, a sector heavily reliant on steel. Many projects are large-scale, such as offshore schemes, and therefore are...

BNP Paribas is committing €200m to Swedish heat pump company Aira’s securitisation, enabling the rollout of Aira pumps throughout Germany. The warehouse financing facility will enable customers to have Aira Heat Pumps installed at a zero upfront cost. “The facility is a crucial milestone in our fundraising journey and the funds will play a pivotal role in addressing the high upfront costs that customers are currently facing,” said Ane Launy, Aira Group CFO. Stockholm-based Aira was founded by Vargas Holding and its backers include Altor, the...

Norwegian aluminium supplier Norsk Hydro’s renewables arm Hydro Rein is planning to build a 50-turbine wind farm named Karhuvaara in a forested area of northern Sweden. Hydro Rein has signed a land lease agreement with Pajala Almanning for the site’s development in the Pajala, Junosuando and Tarendo public forest. Hydro Rein is developing more than 1GW of renewables in Sweden including the 260MW Stor-Skalsjon wind project co-developed with Eolus that is preparing to begin operations. The company is also developing 700MW of renewables in Norway...

Israeli developer Ellomay Capital has closed a 16-year €10.5m project financing with Bankinter for a solar project in Spain. The deal includes a €10m term loan and a €500,000 DSRF revolver. It comes with a cash sweep mechanism that is expected to reduce the maturity from 16 to 13 years. The term loan is priced at 550bp over six-month Euribor and the DSR at 250bp over six-month Euribor.

Octopus Renewables Infrastructure Trust is looking to replace debt in its £270m three-year revolver put in place last March with a new debt facility against some of the UK operational assets that have long-term fixed and contracted revenue streams. The trust is talking to its RCF banks – NAB, NatWest, Santander and AIB – about the new deal. The revolver is priced at 200bp over Sonia and ORIT said "any such new debt facility would be expected to benefit from a lower interest rate than the revolving credit facility borrowings it would replace"....

Power prices in Iberia hit record lows in recent months and negative prices in the day-ahead market for the first time. A record buildout of solar capacity is further depressing prices. Iberia added 5.5GW of solar last year with Spain seeing a 30% year-over-year increase in capacity. While deployment of wind capacity is at a slower rate, it is still comparable with the pace of other European countries, according to Margarita Flores, senior power research analyst in LSEG’s Data & Analytics unit. There are three other key reasons for the record...

JERA is expected to launch soon a RFP for a financial adviser for its two ammonia co-firing projects that were recently awarded under the long-term decarbonisation power source auction by the Organization for Cross-Regional Coordination of Transmission Operators. MUFG is believed to have been an adviser for a certain capacity but JERA is now seeking one for the financing. The largest Japanese utility is said to be in discussions with the Japanese government to include the upstream portion of the project in the subsidy programme for supply of...

Masdar and Socar have entered new agreements, including offtakes, for three renewables schemes with a combined capacity of 1GW. The projects comprise a 445MW wind project in Bilasuvar, a 315MW solar project in Neftchala and a 240MW wind scheme in Absheron-Garadagh district, where Masdar has been operating the 230MW Alat PV plant since October. The agreements between Masdar and Socar include long-term offtakes, investment agreements, transmission connection agreements and land lease agreements. Masdar's interest in Azerbaijan has been growing...

A lack of investment in development of network infrastructure could have a knock-on effect of €38bn on investments in data centres in Madrid through to 2030, data centre association Spain DC reportedly said. Availability of energy for the power-hungry DC sector is less of an issue than the difficulty and slowness of accessing the grid. There is ongoing development of renewables capacity in the country, however that development isn’t being followed by development of network infrastructure. Madrid has about 147MW of DCs active, representing 25.6...

Solaria is looking to halve its merchant exposure before the end of the year, according to its first-quarter results. Power purchase agreement prices are €38–€40 per MWh, the presentation said. Solaria has 10-year PPAs to be signed “soon” including for a 400MW merchant portfolio. The company has 1.5GW of operating capacity covered by PPAs. It expects its merchant exposure to drop from 37% of its portfolio to 20% at the end of 2024. After a delay due to a backlog in the Spanish government’s permitting system, Solaria has begun receiving...

Karian Water Services, the joint venture between Korea Water Resources Corp (70%) and Adhi Karya (30%), has secured a debt financing for the development of a Rp3.4trn (US$212m) Karian-Serpong water project. The details of the loan have not been disclosed but it could be between US$148m and US$160m, based on a 70%–75% debt ratio. Loan tenor is likely to be between 15 and 18 years. It was heard that loan details are still being finalised and a final loan agreement will be signed. Lenders are ADB, IFC and Kexim, with DBS acting as the financial...

Verdant Energy, the renewable energy platform of infrastructure fund manager AP Moller Capital, is aiming to achieve 1.5GW of renewable capacity in he next five to six years. The company is expected to have US$400m of funds allocated to it for its equity investments in solar, wind and battery storage projects in South-East Asia and Australia. Of this, US$200m will come from the Emerging Market Infrastructure Fund (EMIF2) that APMC is managing and is still in fundraising mode. It has raised about US$1bn of funds but the target is US$1.2bn. The...

AEMO Services has launched the round five tender in the New South Wales Electricity Infrastructure Roadmap, seeking bids for 3.98GW of access rights in the South West Renewable Energy Zone and 1GW of long-duration storage long term energy service agreements. LTESAs would be awarded to projects connecting in the South West and Central West Orana REZs or connecting to existing transmission or distribution infrastructure anywhere in NSW. Solar and wind generation and energy storage projects in the South West REZ should bid for access rights to...

ReNew has achieved financial close on a 600MW greenfield solar project in Rajasthan with yen-denominated loans and a rupee letter of credit. SMBC was mandated lead arranger, documentation bank, green loan coordinator, hedge bank, LC bank and account bank. ReNew is not the first Indian renewable energy project developer to raise debt denominated in Japanese yen, after Adani Green Energy in November 2022 raised a ¥27.954bn (US$180m) project finance loan with a 10-year door-to-door tenor from Japanese banks MUFG and SMBC. It was priced at a margin...

Petronas, Italy’s Eni and Japanese biotechnology company Euglena are understood to be looking for a financial adviser for a biorefinery project in the Pengerang Integrated Complex in Johor. The project is expected to produce sustainable aviation fuel as well as hydrogenated vegetable oil for road vehicles, diesel trains, and marine transport. It is expected to process about 650,000 tonnes of feedstock per year to produce up to 12,500 barrels of biofuels per day.

US Exim is said to be looking at supporting the Reko Diq copper and gold mining project with financing, according to The Express Tribune citing government sources. Canada’s Barrick Gold, which holds 50% stake in the project, is understood to be in talks with a dozen financial institutions including the International Finance Corp. The project cost is estimated to be US$7bn. The first phase is expected to require US$5.5bn of which debt could total US$2bn, according to reports. The final project cost is still to be determined as the feasibility...

The International Finance Corp has provided a US$150m loan to the 96MW first phase of Yondr Group’s planned 300MW data centre in the Sedenak Tech Park in Johor Bahru. The total project cost is estimated to be US$874m and construction is underway. At the end of December 2022, Yondr awarded a M$1.7bn (US$362m) contract to Sunway Construction Group to design, develop, construct and complete the data centre. Yondr acquired the project site in March 2022, as its first Malaysian project, and said it was aiming for the first stage to be operational in...

ChemOne is targeting a Q3 signing of a common terms agreement on a US$3bn PF loan for the US$4.85bn Pengerang Energy Complex with export credit agencies and commercial lenders. Five ECAs are expected to provide 95% cover – Sace, Hermes, CESCE, ICIEC and US Exim, which will extend a direct loan. The ECAs are scheduled to have board approvals by June and loan signing could happen in August. The project financing has an Islamic tranche that has attracted Middle East institutions, believed to include Al Rajhi Bank, National Bank of Kuwait, Qatar...

The Asian Infrastructure Investment Bank (AIIB) has approved a US$350m loan for the construction of the US$3.9bn Bataan-Cavite Interlink Bridge, the Manila Bay Bridge. This is the first tranche of a Ps64bn (US$1.14bn) facility committed by the AIIB. It completes the US$1bn first tranche financing for the BCIB with Asian Development Bank (ADB) providing US$650m in December 2023. “The approval of the AIIB loan for the Bataan-Cavite Interlink Bridge project signifies a significant step towards realising our vision of fostering inclusive and...

There is speculation that development of the Formosa 3 offshore wind farm of Corio and TotalEnergies is being put on hold or delayed. One source close to the market said he has heard the rumour but there has been no confirmation from the sponsors who could not be immediately reached. The source said the consortium has not made much progress on the financing aspect of the project. Two main issues seem to face the F3 sponsors and sponsors of other projects selected under Taiwan’s Round 3 Phase 1 auction or R3.1. These are the local content...

The European Hydrogen Bank is getting a pilot mechanism that aims to match European green hydrogen offtakers with suppliers. The European Commission is launching the pilot with the tender for a service provider to develop an IT platform to operate the system. It aims to accelerate investments by “providing a clearer picture of the market situation of both offtakers and suppliers and facilitating contacts between them”, the EC said. The mechanism will collect, process and give access to information on demand and supply for renewable,...

A Chinese state-backed consortium has been awarded a 52-year contract to develop the US$2.5bn Anaklia deep port, reflecting the geopolitical shifts in the Caucasus region and Central Asia from Western to Eastern interests. The Chinese consortium, which will develop Anaklia on a public-private partnership basis with the Georgian government, is led by China Communications Construction Corp (CCCC) and includes China Harbours, which are respectively 70% and 100% owned by the Chinese government. There was one more consortium in the bidders' list,...

State power company PLN would require around US$110bn of investment to build 30GW of renewable power capacity and transmission in the next decade, a company executive said on Tuesday, reports Reuters. PLN is revising its power supply plan, known as RUPTL, to adopt cleaner energy as the company has pledged that 75% of its generation capacity with be powered by renewable energy such as wind and solar, and 25% by gas. PLN aims to add around 30GW of renewable energy and build 49,200km of transmission infrastructure between 2024 and 2033, PLN...

Singapore will add at least 500MW of capacity for data centres as more businesses are expected to digitalise and more artificial intelligence (AI) services will be rolled out. Of these, at least 300MW of data centre capacity will be added in the next few years, and another 200MW will be allocated for operators who use green energy options. To achieve this, Singapore's Infocomm Media Development Authority (IMDA) aims to partner with local players to reduce the current energy use of data centre equipment and hardware in existing facilities to...

The 1.6GW Eshkol and 1.2GW Orot Yosef power plants have been privatised by the Israeli government for NIS13.4bn (US$3.6bn). Eshkol, less than 30 miles north of Gaza, was sold for NIS9.2bn to a consortium of Tel Aviv-listed Dalia Energy with Union Group. Orot Yosef, 35 miles east of Rafah, was bought by Shikun & Binui and Edeltech for NIS4.2bn. Bank Mizrahi-Tefahot led the debt financing for both privatisations and was joined by Bank Hapoalim as co-lender. The two privatisations are part of the government's structural reform plan to privatise...

Warsaw-listed IPP RPower Renewables and Spanish developer Elawan Energy, owned by Japan's Orix Group, have launched a solar joint venture in Italy. The newly established JV is starting with a combined equity investment of €150m from the two partners. It will target development of 2GW of PV schemes to ready-to-build stage, with Elawan acting as the financial partner and RPower in charge of project origination, development, and partial financing of expenses. The JV partners are yet to disclose where the targeted pipeline will be located in Italy...

The New Zealand Climate Change Commission’s chair Rod Carr will retire at the end of his term later this year, while two commissioners, Catherine Leining and James Renwick, will leave this year when their terms end. The nominating committee, now chaired by Therese Walsh, will soon start a public recruitment process for the three vacating roles and make recommendations to climate change minister Simon Watts. The Climate Change Commission is an independent crown entity that provides advice to the climate change minister and monitors and reviews...

Saudi Power Procurement Company has put the bid deadline on its next 3.7GW of solar projects back from June 10 to July 22. Bidders said to be looking at the projects include Jinko/SEC, Engie, Marubeni, Samsung C&T and TotalEnergies. The four projects are the 2GW Al Sadawi in the Eastern province, 1GW Al Masa’a in Hail province, 400MW Al Henakiyah 2 in Madinah province and 300MW Rabigh 2 in Makkah province. Synergy Consulting, EY Law and Fichtner are advising SPPC.

ASX-listed developer Vulcan Energy Resources has raised €40m in a private placement as it pushes to the final stages of financing its €1.5bn green lithium project in the Upper Rhine Valley of Germany. Perth-based Vulcan will use the capital to enable “early validation work for the engineering procurement and construction management contract for Vulcan's Phase 1 lithium plant, as well as other activities, including engineering and pre-ordering of long-running parts”, Vulcan said. BNP Paribas is financial adviser. Vulcan has already secured...

Washington DC-based developer Sol Systems has secured a six-year US$85m bilateral loan from Macquarie Asset Management to back construction and operation of five utility-scale solar projects in Illinois and Ohio. The facility is subordinated to Sol Systems' senior debt and tax equity and is secured against its ownership interest in the solar projects backed by the six-year debt. The projects are due to start operations by the end of 2025. They are all backed by long-term fixed-price power purchase agreement with an undisclosed leading software...

Oleg Shamovsky has joined mid-market fund manager Arjun Infrastructure Partners in London as a managing partner to work on fundraising and to collaborate with managing partner Surinder Toor to strengthen the firm’s leadership team. Shamovsky joins from Partners Group, where he was a managing director for a year. Before that he worked at GIP for four months and at KKR as head of core infrastructure in Europe for 10 years. Arjun has made a number of hires this year. Misha Nahorny has joined as managing director for Europe from John Laing and...

ACWA Power has a sold 30% of its 99% stake in its RAWEC independent water steam and power producer to Hassana Investment Company for SR844m (US$220m) as part of its capital recycling strategy. The scheme serves the Petrorabigh plant and had a net profit of SR358m last year. Debt stands at SR4.4bn. The US$2bn RAWEC scheme totals 520MW of heavy fuel-fired steam turbine power plus desalinated water and steam. Hassana is the investment manager of the General Organization for Social Insurance, Saudi Arabia's social security and pension fund....

Smart utility infrastructure business Intellihub has increased its multi-tranche loan A$440m (US$294m) from A$300m after attracting six lenders in general syndication reports LPC. ANZ, SMBC and Westpac were the mandated lead arrangers and bookrunners of the borrowing, while CIBC came in as MLA. Credit Agricole, Clean Energy Finance Corp and Clifford Capital joined as lead arrangers, while Bank SinoPac and Siemens Bank came in as managers. The borrowing, which comprises a six-year tranche, a seven-year portion and a 10-year piece, offers...

Acciona Energia and Grupo Pais are looking to develop the 63.35MW Pedro Corto solar scheme in San Juan de la Maguana. Acciona will hold 51% of the equity, with Pais holding 49%. The duo are developing the US$150m, 162MW Cotoperi solar farm in La Romana. The project will have a 15-year power purchase agreement with state-owned distributor Edesur Dominicana. The plant is expected to start operations by the end of 2025, avoiding the emission of more than 130,000 tons of CO2 per year.

Innergex Renewable Energy has brought online its 35MW/175MWh San Andres battery energy storage system in the Atacama Desert. The IPP last year closed a C$66.7m (US$49.5m) two-year non-recourse construction bridge loan backing the project via SMBC, which the company will look to take out now commercial operation has been achieved. Total construction costs are estimated at US$61.9m. The remaining US$12.4m was financed from Innergex’s revolving credit facilities. The project is expected to generate between US$6m and US$8m in annual revenues on a...

Netherlands-based MPC Energy Solutions has closed a US$34m project financing to back the 65MW San Patricio solar farm. Overall costs were US$50m for 68% leverage. The deal marks the first non-recourse senior debt project financing secured from Banco de America Central in Guatemala, according to financial adviser Delphos. It is MPC's first project in the country. The San Patricio project is expected to begin operations by mid-2025. It will sell its output to sugar company IMSA Group.

Thailand's B Grimm Power has acquired the 30MW Malacha hydropower plant in Lassen County, California from Brookfield Renewable and affiliates, according to the Bangkok Post. Financial details were not disclosed. Malacha Hydro’s output is sold under a fixed-price contract to Pacific Gas & Electric until 2028. Brookfield has owned the project since 2010. The move is B Grimm's first into the US and aligns with its GreenLeap strategy, which aims for geographic and technological diversification. The company sees California's net-zero goals and...

Rio Tinto has agreed to acquire Sumitomo Chemical Company’s 20.64% interest in New Zealand Aluminium Smelter, taking Rio’s ownership to 100%, while signing innovative demand response agreements for the Tiwai Point smelter. The price of the purchase is undisclosed. To power the smelter's continued operations, NZAS has signed 20-year electricity purchase agreements and innovative demand response agreements with Meridian Energy, Contact Energy, and Mercury NZ for an aggregate capacity of 572MW to meet the smelter's full electricity needs. Tiwai...

Visakhapatnam Metropolitan Regional Development Authority has issued a request for proposals for the Vizag convention centre PPP with an estimated project cost of Rs2.5bn (US$30m). The PPP in Andhra Pradesh would include a multi-purpose convention centre with a hall for at least 2,500 people, and a 200-bed minimum hotel, situated on a 7.97-acre site within the VMRDA Park.

NTPC has awarded 1.5GW to four bidders in the Tranche III interstate transmission system connected solar tender, reports Mercom India. Apraava Energy won 50MW at the lowest tariff of Rs2.68 per kWh (US$0.032 per kWh), according to the report. Avaada Energy won the largest capacity, 750MW, at Rs2.69/kWh and JSW Energy won 400MW and ReNew 300MW at the same tariff. NTPC issued the tender in February.

Indian Oil Corp and Chennai Petroleum Corp are set to launch to market a rupee debt financing for a 9m tonnes per annum refinery in Tamil Nadu in southern India. The Rs250bn (US$3bn) debt financing could launch to the bank market as soon as June. SBI Caps is arranging the financing for the project, located at the Cauvery Basin in Nagapattinam. The refinery's construction would begin after financial close. The expected project cost is Rs330.23bn, according to a March stock exchange filing from Indian Oil Corp. The refinery will produce LPG,...

Astron Corp has signed a joint venture agreement, including offtake, with US-based Energy Fuels Inc for the A$400m (US$268m) Donald Rare Earths and Minerals Sands Phase One project in Victoria. The binding JV and farm-in agreement involves Energy Fuels contributing A$183m to the development of Phase 1 of the Donald project, in the form of an interest-free loan convertible to equity at final investment decision. Energy Fuels will issue US$17.5m Energy Fuels shares to Astron. Energy Fuels will earn a 49% interest in the JV. The Phase One final...

The board of Adani Enterprises has approved an up to Rs166bn (US$2bn) capital raise in one or more tranches, via a qualified institutional placement or other permissible mode. It is the incubator company of Adani Group, with investments in airports, data centres, mining services, agriculture, solar manufacturing, water, defence, aerospace, foods and integrated resources management. The fundraise approval came a day after Adani Energy Solutions’ board approved an equity raise of up to Rs125bn (US$1.5bn). Adani Energy Solutions has assets in...

RWE has made a final investment decision on Australia’s first eight-hour battery, the 50MW/400MWh Limondale lithium-ion battery that will be co-located with the 249MW Limondale solar farm in New South Wales. Tesla will supply its Megapack technology and Beon Energy Solutions is delivery partner for the balance of plant contract. A spokesperson for RWE told PFI that the Limondale BESS will be funded on balance sheet. The battery project won a long-duration storage long-term energy service agreement contract in 2023 from the NSW government for...

Reliance Industries has signed a technology licensing agreement in India with Norway-based Nel Hydrogen Electrolysers for its alkaline electrolysers. Nel has installed more than 3,500 electrolysers and makes proton-exchange membrane electrolysers and alkaline electrolysers. Reliance will have an exclusive licence for Nel’s alkaline electrolysers in India as well as the right to manufacture the electrolysers for captive purposes in India and globally. Nel can procure equipment from Reliance for its own projects. Nel will continue to serve the...

Sterlite Power has raised a Rs13.73bn (US$165m) project loan from Indian government-lender Power Finance Corp for the Neemrana II Kotpuli Transmission project in Rajasthan. Sterlite acquired the project company in November, gaining a 35-year build-own-operate and transfer concession. It involves developing and operating a 6000 MVA, 765/400kV substation at Neemrana and a 400kV 250km transmission line network. It will connect substations at Neemrana and Kotpuli, while also facilitating a Line-In Line-Out that will seamlessly integrate the...

Australian electrolyser maker Hazer Group and South Korean steel maker Posco Steel have signed a memorandum of understanding to integrate Hazer’s hydrogen production technology into Posco’s low carbon steel. They will assess the application of Hazer’s low emission graphite product in various parts of the steel-making process or in other applications. Hazer has developed proprietary methane pyrolysis technology to produce clean hydrogen and graphite. The MoU has an initial two-year term and is not exclusive. The parties said steel-making is...

Details have been released on bids in France’s recent 270MW AO5 floating wind tender, with debt maturities ranging between 18 and 20 years and all-in pricing between 4.4% and 4.91%, according to a document from French energy regulatory CRE. Financing arrangements from five bidders suggests non-recourse financing leveraged at between 55% and 70%, below the upper limit of 80% leverage. Two of the five plan to set up an equity bridge loan to finance their projects with repayment due two years after the start of operations. After-tax equity IRR...

Palisade’s renewable energy platform Intera Renewables has raised a A$258m (US$171m) 10-year floating-rate debt facility. It was 50% underwritten by MUFG and 50% provided by Deutsche Bank. MUFG, which was mandated last year, is syndicating its portion to long tenor investors in the Japanese, institutional and broader Asian term loan markets. Deutsche Bank is a new lender to Intera. The 10-year tranche replaces a A$250m short-term bridge tranche Intera Renewables raised in 2023 from MUFG and Mizuho as part of a larger portfolio loan package....

Squadron Energy is planning a 2GW wind and solar project with an up to 12-hour battery near Euston in New South Wales. In May Squadron published a scoping report, which says the project would comprise up to 1GW of wind energy, up to 1GW of solar and up to 1GW/12GWh battery energy storage. Squadron is preparing the environmental impact statement for the Koorakee Energy Park in the Riverina region, within the South West Renewable Energy Zone. It would connect to the existing Buronga/Balranald transmission line and the site is Crown land. Squadron...

Rio Tinto is to invest US$143m to develop a research and development facility in Western Australia for its BioIron low-carbon iron making process. The pilot plant in Rockingham near Perth will be 10 times bigger than a successful small-scale pilot Rio developed in Germany. The BioIron process uses raw biomass such as agricultural by-products wheat straw, barley straw, sugarcane bagasse, rice stalks and canola straw, instead of coal as the reducing agent. Fabrication of the pilot plant should begin this year for commissioning in 2026. University...

Adani-backed East Africa Gateway has signed a 30-year concession with Tanzania's government to operate the container terminal 2 at the port in Dar es Salaam. The company is acquiring a 95% stake in Tanzania International Container Terminal Services Limited from Hutchison Port Holdings for US$39.5m. EAG is 70% owned by Adani Ports as the key shareholder, while Abu Dhabi's AD Ports and China's East Harbour Terminals share the remaining 30% ownership in the company. EAG signed its 30-year concession agreement for CT2 with Tanzania's government...

MPower Group has mandated Jarden Australia to advise on a sale of Lakeland solar and storage project in Far North Queensland in order to recycle capital. The project has a long-term power purchase agreement with Origin Energy for 100% of its output under a fixed price arrangement that escalates with CPI inflation. The project was constructed in 2017 and comprises 10.8MW of solar PV plus a 5.3MW lithium-ion battery. MPower said the project is well positioned in the Queensland grid and could be upgraded after the PPA ends in 2030 to take...

Octopus Australia has announced it is developing a A$3.5bn (US$2.33bn) wind farm project in the South West Renewable Energy Zone in New South Wales. The Merino wind farm would have 1GW capacity. It is located adjacent to the 400MW Saltbush wind farm Octopus is also developing. Octopus has acquired 35,000 hectares of land in the SW REZ for the two projects. “Octopus now has an operating and development portfolio of over A$11bn, which includes Fulham Solar Farm and Battery and Blind Creek Solar Farm and Battery, both of which are due to start...

Cubico Sustainable Investments and Stanwell Corp are raising project finance debt for the up to 254MW Wambo Stage Two wind farm project in Queensland, as well as the 252MW under construction Wambo Stage One wind farm. The two project financings would close simultaneously. The Stage Two project, with a capital expenditure of more than A$500m (US$332m), is near Jandowae in the Western Downs. Operations are targeted by the end of 2026. In February Cubico and Stanwell Corp agreed to form a 50:50 joint venture to develop the project, with Stanwell...

Germany's Uniper has entered an agreement with Polish wind developer WAP Energia to co-develop six wind schemes in the country with combined capacity of 600MW. Uniper will be in charge of financing the projects and will oversee development progress while WAP will act as the local partner to deal with public authorities on the ground. All six schemes will be located in western Poland. The agreement with WAP is part of a much bigger plan for Uniper to develop 10GW of new renewable capacity by 2030, as it seeks to fully switch out of...

SNCF Energie has signed a 25-year power purchase agreement for French renewables IPP Valorem’s 36MW Cheniers wind plant to deliver 2.4TWh of power with around 93GWh generated per year. Cheniers is in the Marne department. Parent SNCF is aiming to source up to 50% of its electricity for its train services from green sources by 2026. By 2028 it aims to have more than 700GWh under PPAs supplied by solar and wind plants. Valorem is backed by 3i, which holds a 33% stake after first investing in 2016. The IPP had a valuation of £188m in March last...

Swiss-Kosovan construction firm Orllati has won Kosovo's first 100MW solar tender, bidding €48.88/MWh against a €75/MWh ceiling price. Family-owned Orllati is fully controlled by the namesake Kosovan family in Switzerland. It won the tender against five other contestants, including Egypt's Elsewedy Electric; French Akuo Energy; German developer Notus Energy; a Turkish consortium of construction company Limak and energy company Calik; and Turkish engineering conglomerate Guris Insaat. The 100MW PV plant will be built in the municipality of...

Skyborn Sweden submitted a construction permit application for the 3GW Polargrund offshore wind plant to the Swedish government and the Land and Environment court. Polargrund will be south of Kalix and Haparanda, around 35km off the coast, and support demand from Norrbotten's industrial businesses as they transition to clean power, Skyborn said. The Country Administrative Board of Gotland recently recommended granting a permit to the 5.5GW Aurora offshore wind plant, under development by OX2 and Ingka Investments. The developers in April...

Alternergy Holdings has secured two loans totalling Ps10bn (US$170m) to finance its renewable energy projects. The first is a Ps8bn facility being provided by Bank of the Philippine Islands and Security Bank Corp to back development of its 112MW Tanay wind power project. Construction is scheduled to commence in June. The second is a Ps2bn corporate green loan where BDO Capital & Investment Corporation was the mandated lead arranger. The loan is part of Alternergy’s capital funding strategy to support the construction of its renewable power...

Wind Power Group, Tokyo Gas and Vena Energy have started market soundings for the financing of their 159.6MW Kashima Port offshore wind project in Japan. The project, in Ibaraki prefecture, is expected to commence construction in 2024 and will deliver renewable energy to more than 70,000 Japanese households. The project will support Japan's 2050 carbon-neutrality strategy announced by the government, according to a statement. Details of the project cost and debt amount have not been disclosed. The scheme is the fourth port offshore wind project...

Vinci Concessions’ subsidiary SunMind is acquiring Swedish solar and battery developer Helios Nordic Energy for an initial €73m. Uppsala-based Helios’ owners include Magnora with 40% alongside the company’s management and minority investors. Vinci will take full ownership of the business as well as a proportion of its revenues over the next five years. Deal close is expected in June following regulatory approval. The sellers were advised by Carnegie and EY throughout the transaction while Setterwalls Advokatbyra and BAHR were legal advisers....

Sime Darby Property has signed a build and lease partnership with Pearl Computing Malaysia, a unit of Raiden APAC, to develop a hyperscale data centre at the Elmina Business Park in Sungai Buloh, Selangor. This is believed to be Sime Darby’s first data centre. The project will be on a 49-acre site within SDP’s 1,500-acre Elmina Business Park and is scheduled to break ground in the second quarter, with construction targeted for completion in 2026. The two parties will enter a 20-year lease valued at up to M$2bn (US$424m), with options to renew...

European electric vehicle fast-charging infrastructure company Electra’s €75m debt package leverages the first 40 charging stations it has built in Belgium as well as providing capex for the rollout of over 100 more, Electra’s CIO Elise Erbs said. The first drawdown gears the existing stations. Debt tenor is 10 years with the green loan financing amortising on an S-curve that enables the portfolio to ramp up as Electra expands. The financing mainly covers Ahold Delhaize supermarket sites but not exclusively, Erbs said, with some independent...

Masdar has signed two strategic agreements for new renewable energy projects in Indonesia. The first is a memorandum of understanding with Pertamina Power Indonesia to develop solar, wind and green hydrogen projects in Indonesia and abroad. The MoU builds on Masdar’s existing partnership with the company through Pertamina Geothermal Energy and represents a significant step forward in strengthening the strategic relationship between Masdar and Pertamina Power Indonesia, according to a statement. The second is a joint development study...

Australia’s Nickel Industries is raising a US$250m five-year senior unsecured term facility via mandated lead arrangers Bank Negara Indonesia Singapore branch and DBS Bank. The loan pays a blended margin of 315bp over term SOFR and has an average life of 3.8 years, according to LPC. MLAs joining with at least US$50m commitments will receive blended top-level all-in pricing of 329bp based on an upfront fee of 55bp, while lead arrangers with US$30m–$49m will earn an all-in of 327bp via a 45bp fee. Arrangers with US$15m–$29m are offered an...

DITO CME Holding, the parent company of Dito Telecommunity, plans to offer of up to 10% of its stock, amounting to 1,953.5m common shares. The proposed offer price is Ps2.15 (US$0.037) per share for a Ps4.2bn (US$72.4m) fundraising. The proceeds will be injected into subsidiary DitoTel to support its commercial network expansion and be used for general corporate purposes, according to a disclosure to the exchange. The company plans to submit the final prospectus by August 15 and the offer will start on August 16 with the settlement date and...

Taiwanese solar operator Aquastar Energy has secured a multi-tranche NT$7bn (US$222m) loan facility to finance a NT$8.7bn 119.4MW aquaculture solar plant in Chiayi county, according to LPC. The loan, led by mandated arranger Mega International Commercial Bank, comprises a 30-month tranche A and a five-year tranche B that would have a combined amount of no more than NT$7bn. The two tranches have a NT$2.8bn guarantee sub-tranche. The loan pays margins and guarantee fees of 140bp and 130bp over Taibor for Tranche A and B, respectively. There is...

Itochu Corporation and Google have signed a virtual power purchase agreement (PPA) for the supply of renewable energy to Google via Clean Energy Connect Co (CEC), an Itochu portfolio company. Itochu said it invested in CEC in November 2021 in response to the growing need for renewable energy necessary for generative AI and data centre operations. CEC currently develops and owns 1,200 non-FIT low-voltage solar power plants with a combined capacity of over 100MW. Power supply services will commence this year, with about 72MW (or about 800) of...

Neste, Marubeni and Resonac have entered an agreement to produce renewable olefins and derivatives to supply Neste RE, a Neste-produced renewable raw material, to Resonac’s Oita Complex in Japan. Marubeni will coordinate logistical arrangements between Neste and Resonac, according to a statement. Neste RE, a bio-based feedstock used in steam crackers, is made from renewable raw materials such as waste and residue oils and fats. As it comprises pure hydrocarbons, Neste RE can replace conventional feedstock such as fossil-based naphtha in...

Metro Pacific Tollways and subsidiary Cavitex Infrastructure (CIC) have appointed EEI and DMCI as the EPC contractors for the Manila–Cavite Expressway–Cavite–Laguna Expressway link, the Cavitex–Calax Link. CIC signed a Ps1.79bn (US$30.7m) construction contract with EEI to build the 1.2km two-by-two lane Cavitex–Calax Link or the Segment 4 Extension connecting the Cavitex Kawit Toll Plaza to the Calax Kawit Interchange starting in June. It is expected to be operational by the middle of next year. CIC awarded DMCI the Ps3.3bn contract to build...

Singaporean data centres developer DigitalEdge has partnered with South Korean data centre power company Donghwa ES to develop a hybrid energy storage system for data centres. They are developing a “future-proof alternative to traditional batteries”, the hybrid super capacitor energy storage system, which has already passed initial testing. DigitalEdge, which is backed by US-based fund manager Stonepeak, plans to deploy the technology in some of its new projects. The system features a hybrid energy storage method combining activated carbon with...

Copenhagen Infrastructure Partners’ has completed the construction of the US$3bn 600MW Changfang-Xidao (CXFD) offshore wind project in Taiwan, its first offshore wind farms in Asia-Pacific. It held an inauguration ceremony last month, celebrating the completion of the wind farms which are located 11km off the coast of Taiwan and consist of 62 Vestas V174 turbines and jacket foundations supplied by Taiwan’s Century Wind Power. When fully operational, CXFD will generate enough renewable energy to power around 650,000 local households and is...

Thailand’s Energy Absolute has formed a joint venture with the Laos government called Super Holding Company to focus on the management and distribution of clean energy, encouraging the use of electrical vehicles and promoting sustainable development initiatives in Laos, according to reports. The two parties signed a joint development agreement on May 13, with the Laotian government as principal shareholder and professional management team while Super Holding will manage “clean energy in an integrated manner”, according to reports. The task...

First Gen Corp plans to develop new liquefied natural gas (LNG) terminals with Tokyo Gas, which has become a 20% stakeholder in subsidiary First Gen LNG Holdings Corporation (FGen LNG). FGen LNG manages the interim offshore terminal project located within First Gen’s Clean Energy Complex in Batangas. “I think we’re very happy to work with Tokyo Gas to develop these kinds of projects in other locations outside of Batangas,” First Gen executive vice-president and chief commercial officer Jonathan Charles Russell told the media on the sidelines of...

New infrastructure management firm Alba Infra Partners has taken over the management of the European Operational Projects Fund and BIIF infra funds formerly managed by 3i. The team is led by former partners in the 3i infra team Stephane Grandguillaume, CEO, John Cavill, CIO, and former director Antoine Matton. The two funds have 130 infrastructure projects across Continental Europe, the UK and Ireland and €1bn of assets under management. Alba said its funds are two completely new funds that have been spun out of 3i. Alba focuses on projects...

Gershon Cohen has retired from Abrdn, where he was global head of infrastructure funds. Cohen is writing a business book and is serving on several funds’ advisory boards and investment committees. He was at Hill Samuel for 10 years, HBoS for 10 years, Lloyds for six and Abrdn for ten. Sammer Amin has been appointed the new global head. The senior team is made up of Ignacio Alario, Iberia, Yann Ottenwaelder, Europe, Bill Haughey, Australasia, Kevin Brown, UK and US, Ivan Wong, LatAm, Karen Hill, sustainable investing, and David Joyce, finance.

Seven teams have been prequalified for the US$1.2bn Section 4 of the Longitudinal de la Sierra highway public-private partnership – Spain's Sacyr; the Concesionaria Vial del Centro consortium of Ecuador's Hidalgo e Hidalgo and local firm CASA; Spain's OHLA; China Communications Construction Company; the Carretera de Los Andes consortium of Panama's Grodco Inversions and Ingenieria Estrella from the Dominican Republic; Peruvian firm Operadora SurPeru; and an Argentinean consortium of family-owned firms Broggio and Rovella Carranza. The initial...

Tel Aviv-listed developer Doral has signed a 20-year NIS2.28bn (US$612.4m) project financing package to back development of 340MW solar projects and 1.5GWh storage systems. The debt was led by Bank Mizrahi-Tefahot and provided by a consortium of Israeli banks and investors with no international lenders, including funds Menora Mivtachim, Clal Insurance, Phoenix Holdings and Meitav. The project financing comprises a NIS1.8bn senior loan and NIS482.5m of credit facilities, including a NIS187.5m equity bridge loan, a NIS70m standby facility for...

US panel producer SEG Solar has signed a land utilisation agreement with Kawasan Industri Terpadu Batang to develop and operate SEG Indonesia PV industrial park in Batang regency. The required investment amount is estimated to be US$500m. The park, which will span over 40 hectares, will include factories for production and assembly of silicon ingots, wafers, cells and modules, according to reports. The overall plan includes a vertical integration capacity of 5GW for silicon wafers, 5GW for solar cells, and 5GW for modules with an aim for...

TotalEnergies and Eren's 80:20 joint venture, TE H2, in cooperation with Austria's Verbund, have signed a memorandum of understanding to assess the implementation of a large-scale green hydrogen facility in south Tunisia that would export to Central Europe via the SouthH2 Corridor. The H2 Notos project envisions green hydrogen production "using electrolysers powered by large onshore wind and solar projects and supplied with desalinated seawater", TE H2 and Verbund said in a statement. The project aims to produce 200,000 tonnes of green hydrogen...

Brookfield has hired Santander, Itau BBA and BTG Pactual to sell stakes from its Brazilian utility BRK Ambiental, following an unsuccessful IPO attempt. The Canadian asset manager said it considers BRK to be a mature investment and it might divest some control in the company's facilities in Macae, Sao Paulo and Cachoeiro or to exit BRK entirely via a sale of all its interests. BRK underwent a restructuring in 2023, when Brookfield was still planning to go down the IPO route, but the listing option seems to have been completely scrapped. In...

Turkish mining company Esan Eczacibasi is getting a US$50m loan from the EBRD to finance energy efficiency investments at its Balya polymetallic mine in Balikesir. The funding will support development of renewables at the mine to power operations for the extraction of critical minerals including zinc, copper and lead. Esan is owned by Turkey's Eczacibasi Holding, a conglomerate of more than 40 companies owned by the Eczacibasi family and headquartered in Levent, Istanbul.

Montenegro has cancelled its contract with Swiss-based miner Tara Resources for the Brskovo mine concession. Tara was due to start work this year on exploration and exploitation of polymetallic sulphide deposits in the area of the former Brskovo mine. Energy Minister Sasa Mujovic said Tara's feasibility study conflicted with the country's laws, Montenegrin public broadcaster RTCG reports. Tara Resources' website says that its Brskovo Mine subsidiary completed a preliminary economic assessment in 2019 and a pre-feasibility study in 2021, both of...

Russian state-owned nuclear agency Rosatom will build a 2.4GW nuclear power plant in Uzbekistan comprising six reactors with individual capacity of 55MW. The agreement between Rosatom and the Uzbek government was signed during a visit by Russian president Vladimir Putin to Uzbekistan's president Mirziyoyev, with the two signing cooperation deals for the industrial and power sector worth about US$20bn, including oil and gas trading, metallurgy, petrochemicals, machinery, mining, agriculture, logistics, pharmaceuticals and AI.

Israeli developer Nofar has started building the Ada 1 and Ada 2 solar plants in Serbia, with combined capacity of 26MW. The total investment is estimated at €25m and the schemes are due to connect to the grid by the end of the year. Details on the funding have not been disclosed. Turkish company Girisim Elektrik is the EPC contractor. Nofar's regional manager Yoav Shafir said on Serbian radio that the two schemes are the first to be built from a pipeline exceeding 270MW, which the company hopes to reach ready-to-build status by 2025.

The lowest bid received by the Ministry of Energy and Mines for 330MW of solar projects tendered is US$0.03/kWh, said Belhassen Chiboub, chief of the ministry's renewables programme. The Ministry has not revealed bidders' names. Bids will be assessed and a list of qualified bidders will be issued. The projects include a 105MW PV scheme over 300 hectares in Hecha in Gabes governorate, a 105MW 200-hectare solar scheme in Khobna in Sidi Bouzid governorate and a 120MW project with a location to be determined by the ministry and the winning bidder...

A consortium led by Rome utility Acea Ambiente is the only bidder for a 33-year waste-to-energy project concession in Rome, expected to require €946m in investment. Acea is owned by the municipality of Rome and its bidding team includes Suez, HZI and Italian firms Rmb and Vianini Lavori. The capital's procurement authorities will assess the bid and issue a decision in July, with works on the plant expected to kick off by the start of 2025. The Acea team was the only one to submit an expression of interest when authorities issued a call to...

UK-based developer Low Carbon and Prague-based developer Rezolv, backed by Actis, are nearing financial close on the €810m 450MW Vifor wind project. The scheme will be funded via €568m of long-term debt, including loan commitments confirmed from two development financiers and a pool of commercial banks. The IFC will approve a €137m A loan from its own account and mobilise a parallel loan of up to US$15m from its co-lending portfolio programme. The remainder of the financing will be provided by the EBRD and a club of commercial banks, the IFC...

Cyprus-registered Premier Energy, which operates in Romania and Moldova, has listed its shares on the Bucharest Stock Exchange following its L604.4m (US$132m) IPO. Proceeds from the IPO will be used "to finance future growth, particularly in the renewable energy production segment", the company said. Premier Energy is Romania's third-largest distributor and supplier of natural gas, with 86 concessions in 130 towns, and it has started working to cement its position as an electricity distributor and renewables operator through asset and platform...

The governments of Romania, Hungary, Georgia and Azerbaijan have signed a memorandum of understanding to develop a green energy corridor project backed by the European Commission. The four countries' grid operators would establish a joint venture "which will integrate the regional energy capacity and will provide electrical energy from renewable sources at competitive prices", Romania's grid operator Transelectrica said in a statement. The JV would be headquartered in Bucharest, Transelectrica said.

Spanish developer Solaria will supply an undisclosed data centre with 155MW of power from its projects in Spain. The core of the company's more than 1GW pipeline is in Castilla y Leon, Castilla La Mancha and Catalunya. A new company called Solaria Data Center has been registered in Spain to supply DC offtakers.