Captona invests in Texas BESS

The Department of Energy is anticipating more than 16GW of new capacity coming from offshore wind projects, according to reports. The DOE said it is assisting 16 offshore wind developers that have committed to start construction by 2027 and to deliver the first power by 2028. Among the needed infrastructure to support the development of offshore wind projects are the transmission and the ports. “You know the crucial parts are transmission and port. So our move on that is really coordinated. We work with the National Grid Corp of the Philippines...

The Sri Lankan government is reviewing the power purchase agreement signed with Adani Group and is negotiating to lower the cost of power that will be generated from its two proposed wind power projects. The wind power projects in Mannar and Pooneryn have a combined capacity of 484MW and a tariff rate of US$0.0826/kWh as agreed under the PPA signed in May 2024. The government is looking at a lower rate of about US$0.06/KWh or lower, according to Reuters quoting a government spokesperson. "The Sri Lankan government is of the stance that we...

The National Wealth Fund is conditionally investing £28.75m into tin miner Cornish Metals in a proposed £56m minimum fundraising. Vision Blue Resources, which owns 25.95% of the company, will take part in the fundraise. H&P Advisory, SP Angel Corporate Finance and Canaccord Genuity have been appointed to raise £8.8m in a conditional placing to new and existing institutional and other investors. In October, the company appointed Endeavour Financial to advise on project financing for its US$177m South Crofty tin mine in Cornwall. Endeavour...

Italian export credit agency Sace has guaranteed a US$3bn financing agreement for Saudi giga project Neom under a multicurrency untied facility, reports Zawya. Neom's first corporate ECA-backed financing was secured through a syndicate of nine international banks – HSBC, BBVA, Bank of China, Credit Agricole, Agricultural Bank of China, Citigroup, China Construction Bank, JP Morgan and Bank of America. The agreement will enable Neom to leverage supplies from Italian businesses, particularly SMEs, to support the project’s development across key...

EQT-backed German renewables developer Tion has hired Ingmar Helmke as its new CEO, taking over the role from Tion co-founder and previous CEO Martin Siddiqui. As he takes on the new leadership role, Helmke leaves his previous venture heading clean energy & innovation for DACH markets at Aquila Capital. He spent his two most recent working years at Aquila, coming back to the company which had first hired him in 2013 and where he had spent almost seven years, followed by a four-year hiatus through senior roles at Macquarie and AQ Ampere.

Actis has signed a deal to buy Macquarie's green energy platform Stride Climate Investments in a deal with an enterprise value of around US$325m, Mint has reported. Bank of America is advising on the deal which has an equity value of US$163m said Mint. Stride has more than 415MW of renewable assets in India. The deal is expected to be completed by the end of February.

Brisbane Airport Corp has launched a A$300m (US$190m) eight-year term loan into syndication reports LPC. MUFG is the sole mandated lead arranger and bookrunner of the loan, which offers an interest margin of 145bp over BBSY. In October, MUFG coordinated non-deal roadshows in Taipei and Singapore for Brisbane Airport. Brisbane Airport has bank loans of A$102m (tranche J) and A$50m (tranche K) maturing in the year ending June 30 2025 and 2026, respectively, according to a 2023 annual report from parent BAC Holdings. Brisbane Airport Corp is rated...

The RIOGaleao concessionaire managing Rio de Janeiro’s Antonio Carlos Jobim International Airport is looking to sell local company Infraero’s 49% stake, with bids expected to start at roughly R$1bn (US$169m) for the asset. Singapore’s Changi Group, which owns the other 51%, is expected to remain part of the ownership group. The annual concession fee of R$1.4bn will also be replaced by a 20% levy on the airport’s revenues, following the intervention of watchdog TCU. There are expected to be 5.1m passengers travelling through the airport this...

Susi Partners has secured US$139m of investor capital for its South-East Asia-focused renewable energy strategy, increasing its size to US$259m. The new funds were mainly provided by British International Investment, the UK’s development finance institution and impact investor, and FMO, the Dutch development bank, it said. Susi secured US$70m and US$50m from BII and FMO, respectively, through co-investment commitments to Sustainable Asia Renewable Assets, a new utility-scale renewable energy platform, and top-up commitments to the Susi Asia...

NextEra Energy is planning to invest roughly US$120bn across the US over the next four years, which would enable the company to grow its fleet to roughly 121GW, executives revealed on its Q4 and full-year earnings conference call. The company said its NextEra Energy Partners unit is changing its name to XPLR Infrastructure, effective and would begin trading under the ticker symbol XIFR, on NYSE on February 3. NextEra placed into service approximately 8.7GW of renewables and storage projects in 2024, including more than 2.2GW of solar, and it...

Gustavo Petro’s government through the Agencia Nacional de Infraestructura has postponed the tender process for the US$800m La Dorada–Chiriguana rail public-private partnership. The tender for Colombia’s first major rail PPP has already been extended three times. The project is expected to see Ps3.4trn (US$798m) in capex over 10 years. The 522km La Dorada–Chiriguana corridor went from transporting 89,336 tonnes in 2022 to 182,810 tonnes in 2023 from the centre of the country to the north nearer to export ports. That prompted the government...

Jera Nex has appointed Bo Hesselbaek as head of regulatory and technical for onshore renewables. Hesselbaek said on social media that he is likely to stay in Taiwan. The role involves forecasting long-term energy market trends and identifying challenges as well as the management of EPC and O&M services. Hesselbaek previously worked at Fluence Energy, which is a Siemens and AES company. Prior to that, he worked at Eku Energy, Green Investment Group, Atkins Danmark, Vestas and Dong Energy Wind Power, now known as Orsted.

ACWA Power has signed five memoranda of understanding with four Italian public and private institutions across the fields of project finance, insurance, energy generation and water desalination technologies. The MoUs include a three-year project finance partnership with Italy's development corporate Cassa Depositi e Prestiti to fund projects in ODA-eligible countries and two MoUs with Italy's export credit agency SACE, one to promote Italian-Saudi investments in Africa and one for ACWA to procure goods and services from Italian companies. An...

James Cameron has joined JLL as its Asia-Pacific head of energy and infrastructure for its capital markets business. Cameron previously worked at Standard Chartered for 5.5 years. His last role there was global head of commercial real estate following global head for power, utilities and infrastructure. Cameron spent almost 12 years at HSBC, leaving as managing director and co-head of infrastructure and real estate group, Asia-Pacific.

Ofgem has revealed that its next offshore transmission owner (OFTO) tender, TR12, will only be for the 1,400MW Sofia wind scheme. Early last year, it had planned to put the Dogger Bank C, East Anglia 3 and Inch Cape schemes into the TR12 round but it has now decided to put those into TR13 in the autumn. A briefing on the projects will be held on February 25. The value of TR12 will be £1bn and TR13, £3bn.

ESB and SPIC's Red Rock have reached financial close on their 1.08GW, £3.5bn Inch Cape offshore wind farm, raising £2.7bn in project debt from 22 lenders. MUFG, Linklaters and Aon UK advised the sponsors and Norton Rose Fulbright, K2 and Gallagher advised the lenders. Vestas is supplying the 15MW turbines, the first time this machine will be used in the UK. Siemens Energy and Iemants are supplying the electrical transmission infrastructure with Ningbo Orient Cable supplying the export cables. Cadeler is the turbine installer. CWHI and Dajin...

The 1.08GW Inch Cape offshore wind farm has been around a bit, and a bit more. The first reference in PFI dates back to 2009, when project developers NPower and Sea Energy Renewables won a lease from the Crown Estate along with nine other schemes off Scotland. The project is 15km offshore the east coast of Dundee. Hopefully, the rock conditions there will be better than in the nearby 450MW Neart na Gaoithe scheme to the south. ESB is involved in both but whereas Inch Cape has only just been financed, Neart is already two years late in...

Egypt plans to reissue the tender for the pumped storage hydro power plant in Ataka Mount after China’s state-backed Sinohydro failed to secure funding for the project, Asharq Business reported, citing an unnamed government official. Cairo signed a framework agreement in 2015 with the Chinese company to implement a 2.1GW project at the cost of US$2.3bn, the report said. The project was withdrawn from the Chinese firm after it requested government participation in securing financing, which was declined. The project plans remain intact and will...

Luxembourg-based L&G NTR Clean Power Europe Fund has acquired a 115MW solar project in Ireland from RES, with the acquisition price staying undisclosed. The Ballyteige solar scheme in County Offaly has a grid permit and is in the planning phase, with construction expected to start in 2027. The fund is a partnership between renewables specialist NTR and asset manager Legal & General Investment Management.

Chevron has partnered with investment firm Engine No 1 to build a company that will develop up to 4GW of gas-fired power for data centres. The joint development, in conjunction with GE Vernova, aims to establish the first multi gigawatt-scale co-located power plant and data centre during President Trump’s second term. The first projects, which the companies refer to as “power foundries”, are expected to use seven US-made GE Vernova 7HA natural gas turbines secured under a slot reservation agreement on an accelerated timeline. The projects are...

Miami-based energy storage provider and IPP On.Energy has closed on US$77.6m in construction facilities to build its 160MWh Palo de Agua battery storage portfolio in Texas. Pathward and BridgePeak Energy Capital provided the financing, which will enable On.Energy to accelerate its US business growth. The company has 80MWh of operational assets in Houston and more than 2GWh of battery storage set for activation by 2028 across California, Texas and Mexico.

The date for financial close on Eni's HyNet carbon capture and storage £1.8bn loan has been put back slightly by the need for a permit approval from the oil and gas authorities on the well being used in the scheme. The transport and storage scheme could be financed on its own or in parellel with the emitter schemes that will send CO2 to HyNet. The Encyclis/Biffa team is launching the £150m debt financing to banks via adviser MUFG for its carbon capture and storage project on its 500,000 tonnes per year Protos waste-to-energy scheme. The project...

BP is considering how to fund its H2Teesside project, which will send CO2 to the Northern Endurance Partnership carbon capture and storage scheme, whether to fund on balance sheet or with project finance. The decision will partly depend on whether the sponsor can agree a volume underpinning with the government as the strike price has already been agreed. The scheme did not reach financial close along with the NEP CCS and associated power plant project financings late last year. BP is looking to establish a hydrogen business. The scheme will...

Saudi Arabia's ACWA Power, France's EDF and a Chinese-Tajik consortium of UniversalEnergy/TGEM have been prequalified for Tajikistan's 200MW solar tender launched in November and have been invited to submit requests for proposals with a deadline date yet to be announced. The World Bank and IFC are advising the government on the tender for the project, which is planned in the Sughd region. China's EGing PV, controlled by businessman Yaoming Gu's Qinchengda Holdings, announced plans last June to invest US$150m-equivalent in a 200MW solar project...

Spanish investment manager Qualitas Energy has acquired a 250MW portfolio of four wind projects across the German states of Saxony-Anhalt, Hesse, Lower Saxony and Baden-Wuerttemberg. All projects are at advanced stage of development but neither the seller nor the sale price have been disclosed. Qualitas said in a statement that it is "actively pursuing its investment targets for the German market, supported by its flagship fund Qualitas Energy Fund V, which closed in 2022 with €2.4bn". Other acquisitions closed recently in Germany include a...

Ukrainian privately owned power company DTEK has signed a fully covered €370m non-recourse project financing via Danske Bank to add 384MW of capacity to the operational 114MW Tyligulska wind farm. The debt tenor is set at 12 years with a two-year grace period and it comes with a full guarantee from Danish export credit agency EIFO. Danish wind turbine supplier Vestas has been selected to supply 64 6MW turbines to expand the wind farm, which is on the Black Sea coast in the Mikolayiv region. The total project cost is about €450m with the balance...

Madrid-based asset manager Dos Grados has acquired a 105MW solar portfolio from Q Energy for €80m in Castilla y Leon, which includes two twin projects of 52.4MW each. Construction is already underway and Q Energy will remain on site as EPC contractor and carry out operations and maintenance in the first two years after commissioning, which is scheduled for mid-2026. KPMG was financial adviser on the acquisition while Uria Menendez was legal adviser.

Spain’s Sacyr has landed a €75m (US$77.5m) deal via state-owned compatriot Cofides backing a pair of highway projects in Chile. The deal comes from Cofides’ Fund for Foreign Investment and will see €50m refinance the equity backing the Americo Vespucio Oriente I (AVO-1) and €25m finance the equity backing the Ruta de la Fruta (Ruta 66) concession. Sacyr and IFM’s Aleatica each hold 50% of the US$1bn AVO-1 scheme, which was originally financed by a UF22.6m (US$905m) deal in 2019 with a concession running through 2059. Banco de Chile, Banco del...

Israeli investors Harel Insurance and Amitim Senior Pension Funds are buying a 44% stake in Enlight's solar and battery storage Sunlight cluster, which has been valued at US$114m. Harel will acquire a 25% stake and Amitim will get 19% ownership, and the combined US$50m price tag will be paid in cash, US$45m upfront and US$5m pending certain conditions to be fulfilled by Enlight. The cluster includes 12 installations located in the northern and southern regions of Israel with a combined solar generation capacity of 254MW and energy storage...

Abo Energy and DVM Group have signed short-term offtake agreements for 60MW operational solar power output with Swiss energy trader Axpo. Axpo will offtake all power from Abo's 18MW Barcs solar scheme until the end of 2025 and it will buy and trade energy from DVM's 23MW Szakoly and 20MW Szoc solar projects until the end of 2026. The deal marks Axpo's first power offtake in Hungary and it will work on a pay-as-produced basis.

Turkish aluminium producer Tosyali is planning to connect 120MW of self-consumption solar capacity in Osmaniye by the end of the year and has signed supply agreements for components with GE Vernova and Inogen. The company plans to scale the 120MW project 10 times and install 1.2GW total new capacity in eight provinces by 2027. Tosyali recently commissioned a 235MW self-consumption rooftop solar project, which it funded in 2022 via debt from Garanti BBVA for TL400m (US$23.14m at the time). The rooftop scheme was developed in partnership with...

Masdar-backed Terna Energy and Motor Oil's renewables branch MORE have entered a 50:50 joint venture to develop a 400MW offshore wind farm in the Aegean Sea. Terna is the latest addition in Masdar's global portfolio and the JV follows the signing of a memorandum of understanding in 2022 between Motor Oil and Masdar to collaborate on Greek offshore wind. Prior to its takeover by Masdar, Terna had acquired rights to develop up to 485MW offshore wind capacity off the port of Lemnos, which is a likely location for the Terna/Motor Oil JV. Terna...

Indian state-owned Bharat Petroleum is raising a Rs318bn (US$3.67bn) loan facility led by SBI Capital to finance the expansion of its Bina refinery and petrochemical project in Madhya Pradesh. The expansion, which is estimated to cost Rs489.26bn, involves setting up a petrochemical complex comprising a 1.2m tonnes per year ethylene cracker and increasing the refinery's capacity to 11mtpa from 7.8mtpa. "This expansion will enable BPCL to produce downstream petrochemical products such as linear low-density polyethylene, high-density polyethylene...

Larsen & Toubro is planning to set up six green ammonia units at the Deendayal Port Authority in Kandla, Gujarat, according to reports. The six units, estimated to cost Rs480bn (US$5.56bn), are expected to help reduce CO2 emissions. The project will be developed in six phases over a decade. L&T is said to be looking to export green ammonia to South-East Asia and Europe.

Japanese power transmission and distribution company Tepco Power Grids is partnering with Australian power distribution company Endeavour Energy to expand the introduction of distributed generation in Australia. Small-scale solar power generation and household storage batteries installed near areas where electricity is used are collectively called distributed power generation. The two parties, which have signed a memorandum of understanding, plan to expand the introduction of renewable energy. Under the alliance Endeavour Energy will leverage...

The new Trump administration has sworn in three senior members to the US Exim beachhead team – former A&O partner David Slade, Jose Cunningham and Bryce McFerran. Slade was Exim's general counsel during the first Trump administration. Cunningham was executive director of the Department of Commerce’s Advocacy Center during the first administration and McFerran has worked with Morgan Stanley, Zug Commodities Association and Black Bay Services. Two previous Trump Administration officials – former Exim president and chair Kimberly Reed and former...

The Indonesian government has introduced a law requiring proceeds from natural resource exports to be maintained onshore with the exception of oil and gas exporters, which are exempt. The rule, announced last week, will take effect on March 1 and will apply to exports with a shipping document worth at least US$250,000. It aims to boost the country's foreign exchange reserves by US$90bn a year and support and help stabilise the rupiah, which hit a six-month low in January. Oil and gas exporters are exempt from the rule due to the nature of the...

The United States has taken a hiatus from disbursing and approving foreign development financing worldwide for up to 90 days. The reasons are somewhat clear but the strategy remains vague. An executive order called “Reevaluating and realigning United States foreign aid” was among several papers signed by Donald Trump on January 20, the day he took office to become the 47th president of the US. That leaves a US$4bn batch of freshly approved global financings hanging, and puts a question mark on the continuation of hundreds of billions worth...

Indian state-owned Power Finance Corp has secured a ¥120bn (US$773m) credit line set up by Japan Bank for International cooperation for lending to renewable energy and next-generation energy projects in India. JBIC is providing a ¥72bn loan and the remainder is provided by commercial banks, JBIC said in a statement. The credit line is part of JBIC’s "Global action for Reconciling Economic growth and ENvironmental preservation" (GREEN) programme. It is the second facility for PFC after a ¥30bn facility with JBIC and commercial banks in July 2022...

Essar Renewables has signed a memorandum of understanding at the World Economic Forum in Davos with the Maharashtra state government to develop 2GW of renewable energy projects. Essar Renewables plans to invest about Rs80bn (US$926.3m) in a mix of round-the-clock renewable projects, primarily aimed at supporting the electric truck charging ecosystem of Blue Energy Motors and Greenline, according to a statement. The proposed projects are targeted to commence in fiscal 2026/27. “As we navigate the global energy transition, this partnership with...

EdgeConnex is seeking about US$300m in debt financing to expand its data centre campus outside Jakarta. It was heard that the loan signing is targeted to be held in February. The company was reported to have acquired a 45,000m2 land parcel in Bekasi, Cikarang, for the expansion, which will bring the campus to more than 200MW. EdgeConnex, through subsidiary Graha Teknologi Nusantara, raised a US$403.8m loan facility in 2023 to develop two data centres in Jakarta. The lenders included ING, Natixis, MUFG and SMBC.

Houston-based energy technology company SLB and developer Star Energy Geothermal have agreed to collaborate in new technologies for geothermal asset development that shift the economics of conventional geothermal projects and improve geothermal assets recovery rates. They have previously worked together on technologies that “optimise well placement and use artificial intelligence to improve the efficiency and economics of drilling geothermal wells”. They will now focus on technologies for subsurface characterisation, drilling and production...

Singapore’s Sembcorp Industries plans to develop a production facility for green hydrogen and its derivatives in Odisha. The Singapore company, through Sembcorp Green Hydrogen India, signed a memorandum of understanding with the government of Odisha on January 17 to explore green hydrogen production in the state with an expected capacity of 720,000 metric tonnes per annum. Another subsidiary, Sembcorp Development, has also signed a non-binding MoU with Odisha Industrial Infrastructure Development Corporation to assess the potential for the...

Reliance Power plans to invest more than Rs100bn (US$1.16bn) in a solar plant and an integrated solar manufacturing facility in Andhra Pradesh, according to reports. The solar plant will have a capacity of 930MW, making it one of the largest of its kind in Asia.

The Indonesian government is targeting 71GW of new power capacity in PLN’s power draft development plan for 2025–30. "A large portion will be given to the private sector, so we will hand over approximately 60% of the 71GW to the private sector," minister of energy and mineral resources Bahlil Lahadalia said during an inauguration ceremony at the Jatigede hydropower plant in Sumedang, West Java. In the latest draft plan, new and renewable energy will make up 70% of the capacity. It also calls for the construction of a network of around...

Macquarie Asset Management is putting Vibrant Energy back on the block and is reported to have appointed Standard Chartered Bank to manage the sale. Final valuation details are not yet available but Macquarie had previously sought about US$500m for the asset, according to reports. Vibrant Energy develops open access renewable energy solutions (wind and solar) for corporate and industrial customers. It operates a renewable energy portfolio of about 800MW with an active pipeline of 3GW.

Singapore's Vena Energy has signed a 20-year virtual power purchase agreement with Japanese internet search engine LINE Yahoo Japan for output from its 72MW Maniwa solar project. The deal, described as the largest single-unit solar plant VPPA signed in Japan, is tied to the solar plant that will be built on a former golf course in Maniwa City, Okayama prefecture. Commercial operation is scheduled for 2026. The arrangement will allow LY to use green energy for part of its operations, including data centres, and support its sustainability targets...

Philippine president Ferdinand Marcos Jr has signed into law the Philippine Natural Gas Industry Development Act. The government is mandated to “promote natural gas as a safe, efficient, and cost-effective source of energy and an indispensable contributor to energy security by establishing the Philippine Downstream Natural Gas Industry for the benefit of all segments of the nation’s population and all sectors of the economy”. Natural gas is positioned as the transition fuel towards renewable energy.

US-based solar and battery developer Pacifico Energy is selling its Japanese renewable energy platform and bidders are expected to submit binding offers shortly. Bank of America is understood to be advising on the sale. The Japanese unit, estimated to be worth more than US$1bn, owns 10 operational solar PV projects with a combined capacity of 317MW. It also has a 50-project development pipeline with a combined capacity of 6.2GW, according to reports. The company has 4MW operational battery energy assets and 2GW pipeline of battery assets...

CleanTech Global Renewables subsidiary Tera Renewables 7 Corp is planning to develop a 451.38MW solar power plant in Labrador, Pangasinan. Estimated project cost is Ps17.62bn (US$302m). According to reports citing documents submitted to the Department of Environment and Natural Resources, the company selected Pangasinan Province as the site due to its solar energy potential. The project, Labrador 1 SPP, covers a total land area of 296.45 hectares in Barangay Bolo in the municipality of Labrador. The project may be developed in two phases –...

Singapore-based Vena Energy and partner MGen Renewable Energy have reached financial close on the 550MW Bugallon solar power project in Pangasinan. They raised a Ps18.3bn (US$313m) loan facility via SB Capital, RCBC Capital and PNB Capital as mandated lead arrangers and hedging banks. RCBC is the green loan coordinator. Construction of the project has started and completion is expected by the fourth quarter of 2025.

Alternergy Holdings via Solana Solar Alpha has secured a Ps1bn (US$17m) project finance senior term loan facility from Rizal Commercial Banking Corporation to fund construction of its 28MW Balsik Solar Power project in Hermosa, Bataan. “The financing from RCBC further advances the ongoing construction of the Balsik Solar Power project as we aim to complete by early in the second half of this year,” said Gerry Magbanua, president of Alternergy. Picazo Buyco Tan Fider & Santos was lender’s counsel and Tantoco Villanueva & De Guzman Law Offices...

Indian Renewable Energy Development Agency has formed a joint venture with SJVN, GMR Energy and Nepal Electricity Authority to develop a 900MW hydropower project in Nepal. The Upper Karnali hydroelectric project aims to enhance regional energy security and promote renewable energy growth. It will be developed on a build, own, operate, transfer basis with a 25-year power purchase agreement.

Citicore Renewable Energy Corp and partner San Miguel Global Light & Power Corp are eyeing the first quarter of 2025 to commence construction of the proposed 153.5MW solar power plant in Barangay Lucanin village, Mariveles town in Bataan. The two companies are currently finalising the design of the project. “We’re doing the design already. So, target to break ground maybe first quarter this year,” CREC president Oliver Tan was quoted saying in local media. Tan added that construction is expected to take a year, and thus completion is targeted...

Alternergy has appointed AlphaPrimus Advisors and Astris Finance as financial advisers on its capital-raising framework to for a target rollout of 500MW capacity. In a disclosure to the local exchange, it said the new capital-raising initiative comes after a successful Ps20bn funding raised in just 15 months since its public listing in March 2023. "We are advancing to the next phase of our capital-raising programme,” Gerry P Magbanua, president of Alternergy, said. The company aims to develop up to 500MW of additional wind, solar, and run of...

Taean Wind Power has been awarded an offtake contract in the 2024 wind power fixed-price contract auction arranged by the Korea Energy Agency. The Taean wind power project is a fixed-bottom offshore wind project with a planned capacity of 500MW. It has appointed LS Cable & System as the preferred cable supplier. Construction is targeted to begin in the second half of 2026, and commercial operations anticipated by late 2029. The project is being developed by Singapore-headquartered Vena Energy and Denmark’s Copenhagen Infrastructure Partners...

The wind resource assessment for the 50MW Mabini wind power project in Batangas, Philippines, has been completed, sponsor Basic Energy Corporation disclosed to the local exchange. Subsidiary RDG Wind Energy Corporation, formerly Mabini, is managing the project. It has received a comprehensive bankable report along with an annual energy production (AEP) analysis and wind turbine generator (WTG) micrositing study from its international consultants. According to the statement, the WRA results indicate excellent wind conditions for developing a...

Masdar and the Department of Energy have signed an agreement to develop 1GW of renewable capacity in the Philippines by 2030. The plan, estimated to require an investment of US$15bn, involves the development of solar, wind and battery energy storage systems across various regions. They aim to reach 10GW by the end of the decade. The deal was signed by DOE undersecretary Rowena Cristina L Guevara and Masdar CEO Mohamed Jameel Al Ramahi, in the presence of energy secretary Raphael PM Lotilla and UAE minister of industry and advanced technology...

The Eastern Economic Corridor policy committee is targeting April for the start of work on the delayed three-airport link PPP project awarded to Asia Era One, a consortium led by the Charoen Pokphand Group. The start date depends on the approval of amendments to the high-speed rail project linking Don Mueang, Suvarnabhumi and U-Tapao airports. According to the Bangkok Post, a recent meeting of the committee chaired by deputy prime minister Pichai Chunhavajira, reviewed plans to amend the contract for the rail project. State Railway of...

Sinopec is investing US$3.7bn in Sri Lanka to develop a state-of-the-art oil refinery with a capacity of 200,000 barrels per day in the southern Hambantota region. The deal was signed in Beijing during the recent four-day state visit of Sri Lankan president Anura Kumara Dissanayake. This would be the largest foreign direct investment in Sri Lanka and a "substantial portion" of the refinery's output will be earmarked for export as part of efforts to shore up Sri Lanka's foreign exchange earnings, according to reports citing a statement from...

The US Federal Communications Commission has granted a landing licence to Bifrost Cable System, the first subsea cable system connecting Singapore to the US West Coast, said Keppel, which is jointly developing the project with Meta subsidiary Edge Cable Holdings USA and Telekomunikasi Indonesia International. “The achievement of the USFCC cable landing licence marks the final approval in an extensive transnational regulatory approval process, paving the way for Bifrost’s successful deployment,” Keppel said. Bifrost connects Singapore to the...

Greenrock Energy and Lightsource BP have secured a NT$6.52bn (US$200m) loan facility to finance the development of a 116MW aquasolar power plant in Budai, Chiayi. The lenders are CTBC, DBS, KGI, MUFG, and Sinopac, which have Lee & Li as legal counsel. The engineering, procurement and construction contractor is Shihlin Electric & Engineering. Construction has commenced and completion is expected in August 2026. The project, estimated to cost NT$8.6bn, is being developed on a build, own, operate basis. It has a power purchase agreement with...

Brookfield-backed BRK Ambiental has landed a R$450m (US$75.7m) financing backing the expansion of water and sewage services in Maranhao. IDB Invest and Proparco will provide R$225m each to the loan deal, with Proparco providing a guarantee to the IDB Invest ticket which is provided in local currency. Overall costs are R$825m and the works will see 90% coverage of water supply and 70% coverage of wastewater services in the municipalities of Sao Jose do Ribamar and Paco do Lumiar, benefiting 370,000 people. The project involves building and...

Sunflower Solar has secured a Bt5.86bn (US$171.3m) loan from Kasikornbank and United Overseas Bank to finance the development of solar farms. The company, which is a subsidiary of Thailand’s Super Energy, runs solar farms with a combined capacity of 837MW in Vietnam. Super Energy has recently divested its 10% stake in Sunflower to Levanta Renewables (Thailand), an investment unit of UK-based Actis Energy Fund 5, for Bt4.69bn. It said it will use the proceeds to support its renewable energy development projects.

Data centres can now tap green bonds in Singapore for financing, according to revisions to the green bond framework, the Ministry of Finance said. Data centres have to meet the green building rating system that has been laid out by Singapore’s Building and Construction Academy. Also added are water and air transport infrastructure, such as electric charging or hydrogen-based refuelling facilities. The Ministry said the revisions are a result of aligning Singapore's green bond framework with the latest market standards, including the...

Macquarie Asset Management is exiting the 376MW Formosa 2 offshore wind power project in Miaoli County with the sale of its 26% stake in Formosa 2 International Investment to Pine Wood Power. Pine Wind is a subsidiary of J&V Energy and the investment is supported by capital commitments from partners Taiwan Life Insurance and He Jun Energy, according to a statement. As part of the transaction, JV Asset Management will provide long-term services to its partners. Sponsors of F2 have been working on refinancing an 18-year NT$62.4bn (US$2bn) PF loan...

Copenhagen Infrastructure Partners is understood to be preparing to sign the loan documents in February for its 600MW Fengmiao 1 offshore wind project. The company is seeking a NT$100bn (US$3.13bn) project loan with a tenor of 20 years. BNP Paribas and CTBC are financial advisers. CIP already has offtakers for the project, which was awarded capacity in the second phase of the third round of bidding for offshore wind. It signed a corporate power-purchase agreement late last year with Sino-American Silicon Products and its renewable energy...

Latin American telecoms infrastructure company ATP Tower is taking another run at the primary bond market just six months after it pulled a similar offering. The high-yield issuer, which owns and operates cell towers in the Andean region, is returning with a five to seven-year senior secured bond to take out its 2026s, the same basic structure it originally sought in July. Moody's said in a report that ATP was seeking to raise up to US$500m in the offering. However, the borrower sought US$700m through the bond sale that it abandoned last year...

Avangrid’s New England 1 and Ocean Winds’ SouthCoast Wind offshore wind projects have seen the signing of their power purchase agreements delayed until March 31. The companies were supposed to sign the power purchase agreements with distributors National Grid, Eversource, and Unitil by last November 8, before the signing period was extended until January 15 this year. A March 31 signing date targets a May 9 filing date with the Department of Public Utilities. A 1,087MW portion of Ocean Wind’s 1,287MW SouthCoast Wind, 800MW of CIP/Avangrid’s...

Local power company Kallpa Generacion has launched a US$500m 144A/Reg S bond to fund the 338MW Sunny solar farm and to refinance the outstanding US$350m of its 4.875% senior notes due 2026. Deutsche Bank, JP Morgan, and Santander are dealer managers for the offer, which will mature in 2032. The new deal is rated BBB– by Fitch. Initial price talk is coming in at Treasuries plus 200bps. Settlement is expected January 30. Kallpa will spend US$170m on capex on Sunny I in 2024 and 2025, which is the first phase of the project. The company expects to...

Global Infrastructure Partners-backed Saavi Energia is looking to sell a 10NC5 144A/Reg S bond to refinance the debt at two of its affiliates, with ratings of Ba2 from Moody’s and BB- from Fitch. Investor calls started January 27. Saavi will use the bond deal to refinance up to US$100m aggregate original principal amount of the 6.375% senior secured notes due 2035 at subsidiary Cometa Energia and up to a total of US$115m aggregate original principal amount of the 5.750% senior secured notes due 2040 issued by Tierra Mojada. Cometa originally...

Blackstone Energy Transition Partners is buying the 774MW Potomac Energy Center gas-fired power plant in Virginia, a key location for projects powering data centres, from Ares Management. Blackstone is thought to have paid US$1bn for the scheme, which Ares has owned since 2021 and came online in 2017. The power plant in Loudoun County is adjacent to around 25% of US installed data centre capacity in northern Virginia. This proximity was one of the reasons why Potomac Energy Center was so attractive, according to Blackstone Energy Transition...

Miner Vale’s logistics arm VLI Multimodal has agreed a R$1bn (US$165m) project finance deal backing the modernisation of the 7,800km Ferrovia Centro-Atlantica rail network. Brookfield and Mitsui are minority owners in the rail network. State-run development bank BNDES, BTG Pactual, and ABC Brasil led the sale of debentures, of which BNDES took a R$500m ticket to anchor the deal. Vale is investing a total of R$3.9bn in the upgrades. The railway primarily transports soybeans, sugar, limestone, bauxite, and highlight fuels. It connects railways to...

Local company Sao Martinho has closed a R$1bn (US$165m) project finance loan through the IFC backing an investment programme at the company’s Santa Cruz sugar mill. The ten-year loan specifically backs construction of a biomethane plant as well as sugarcane planting and crop treatment needs. Sao Martinho bought into the project in 2014 for R$315.8m. The upgrades are due for completion in 2026. Founded in the 1930s by the Ometto family, Sao Martinho is a sugar, ethanol, and renewable energy producer that operates three sugar mills in the state...

The Bureau of Ocean Energy Management has begun its environmental review of Vineyard Wind’s 2GW Mid-Atlantic offshore wind in federal waters offshore New York and New Jersey. The scheme will be built on one a 43,056-acre lease area in the New York Bight using 117 turbines and two potential export cable corridors that would make landfall at Rockaway Beach, Atlantic Beach, or Jones Beach. On January 15, BOEM published a notice of intent to prepare an environmental impact statement for the construction and operations plan submitted by special...

New Fortress Energy has sold a R$4.5bn (US$744m) debenture anchored by BNDES on local markets backing the 1,572MW UTE Portocem I natural gas-fired power project in Barcarena, Para. The state-owned development bank took a R$3.8bn ticket in the sale by NFE affiliate Portocem Geracao de Energia. Overall project costs are R$5.4bn, for 83% leverage. The UTE Portocem I IPP won Brazil’s 1st Capacity Reserve Auction in 2021, organised by the Ministry of Mines & Energy, the National Electric Energy Agency (Aneel), and the Electric Energy Trading Chamber...

NYSERDA has extended its request for information to gather feedback on its proposed sixth Offshore Wind Renewable Energy Certification solicitation through February 19 from January 29. The auction is expected to be launched Q1. The NY6 auction will include coordination between offshore wind generation projects and transmission projects selected through an open solicitation from the New York Independent System Operator. The NY5, the fifth offshore wind generation capacity solicitation in New York, is currently in its final stages with NYSERDA...

Chilean oil and gas company Enap has sold its Argentine business for US$41.4m to Xtellus Capital Partners-backed Oblitus International. The sale includes all the shares in Enap affiliate Sipetrol Argentina and a stake in Terminales Maritimas Patagonicas (Termap), an import/export terminal in the San Jorge Gulf Basin. The agreement states that the price will be paid in instalments within a period of 120 days, with funds deposited in accounts in the US. The sale ends a process that began in April last year aimed at prioritising key markets and...

Atiaia Renovaveis has agreed a R$120m (US$20m) project financing backing three phases of the 169MW Sol do Agreste solar project in Pernambuco that will power Tecto data centres. The Superintendency for the Development of the Northeast (Sudene) agreed the loan which will specifically fund Sol do Agreste I, IV, and V, which make up 107MW of the complex. Overall costs are R$327.3m. Atiaia is a subsidiary of the Cornelio Brennand group, while Tecto is a unit of telecoms and data company V.tal. They signed a 15-year power purchase agreement in...

Florida-based energy storage developer Prevalon Energy has secured a contract with Idaho Power for a second battery energy storage system with the utility. The 200MW, four-hour duration BESS will support Idaho Power’s plan to integrate over 5GW of renewable energy from wind and solar over the next two decades and provide 100% clean energy by 2045. The project is scheduled for full operation by 2026. Last year Prevalon, backed by Mitsubishi Power, secured a contract with Idaho Power for an 82MW, four-hour duration BESS. The project is expected...

Argentina's President Javier Milei has launched the privatisation of the 676km Corredor Vial 18 highway route, according to a decree in the country’s official gazette. The goal is to tender the project within 12 months to find a private sector operator to finance, construct, operate and maintain the toll road under a concession contract. The project is part of the Red Federal de Concesiones (RFC) group of highway privatisations that libertarian Milei is looking to enact during his tenure. The Corredor Vial 18 includes national routes 12 and 14...

IPPs Generacion Mediterranea (GEMSA) and Central Termica Roca (CTR) have agreed a potentially US$80m loan deal to refinance bond debt. The deal, which includes a syndicated loan for a minimum principal amount of US$59m, was provided by Banco Hipotecario, Banco de Galicia y Buenos Aires, Banco Supervielle, Banco Santander, Banco de la Provincia de Cordoba, Banco de la Ciudad de Buenos Aires, Banco de Servicios y Transacciones, and Banco de la Provincia de Buenos Aires. The loan features monthly amortisation payments beginning in February 2026...

IPP Long Ridge Energy has released pricing on its US$500m first-lien senior secured term loan B backing its 485MW Long Ridge natural gas-fired power plant and gas reserves and producing wells in Ohio and West Virginia. Pricing for the seven-year loan is offered at 450bp–475bp over SOFR with a 0% floor. The original issue discount is guided at 99 cents on the dollar. It comes with 101 soft call protection for six months and amortises at 1% per annum. The new loan is subject to a 1.1x debt service coverage ratio and a 100% excess cashflow sweep...

Competitive Power Ventures-backed CPV Shore Holdings is allocating its US$386m refinancing of term loan B debt backing the 725MW Woodbridge gas-fired power plant in New Jersey. Close is expected in early February. The deal comprises a US$325m term loan B and a US$61m term loan C, both with a term of seven years and pricing of SOFR plus 375bp. The loan has a 99 OID, down from a 99.5 OID at launch, and 101 soft call protection for six months. It includes a 100% excess cashflow sweep, stepping down to 75% at 5x leverage and 50% at 4x. Morgan...

The IFC is investing in Banco BV to support the financing of small-scale distributed generation solar panels in Brazil. The investment in BV Bank consists of a five-year loan of up to US$150m fully dedicated to financing small-scale residential solar systems in Brazil. “This investment is also important to boost the expansion of financing for solar DG projects in Brazil, encouraging other financial institutions to replicate the business model,” said Helena de la Torre, IFC’s regional manager for financial institutions – Brazil and Southern Cone...

State-owned port company EPSA has opened the prequalification to build a 4km breakwater at the expanded San Antonio port complex. The works require some US$1.5bn, while EPSA is looking to invest US$4bn overall in upgrades to the site. Submissions to prequalify will be open through August. Thirty-four companies have already expressed interest. A full tender will be launched in September, before an award in Q1 2026. EPSA plans to close a US$150m financing from a multilateral institution by March, which will trigger a US$150m equity investment...

Compania de Minas Buenaventura has started investor calls as it looks to sell a US$650m senior secured bond to refinance debt. The company has tapped JP Morgan and BTG Pactual as bookrunners on the seven-year note, rated BB–/BB. The company plans to use the windfall to repay its outstanding US$550m senior unsecured notes due 2026 and US$100m for liquidity amid expansion investments. Buenaventura is nearing commercial operation at its US$650m San Gabriel gold and silver project in H2 this year. “Pro forma the issuance, over 85% of BVN's...

Dale Vince's Ecotricity and Macquarie-backed Island Green Power have been given planning consent for their 500MW Heckington Fen and 480MW West Burton solar schemes in south Lincolnshire and on the Nottinghamshire-Lincolnshire border, respectively. The schemes are not popular locally. Colin Davie, executive councillor for environment, economy and planning at Lincolnshire County Council, said: "Adding two more giant solar farms to Lincolnshire's countryside, which have strong local opposition, shows that this government has not listened to our...

A unit of renewables developer TerraForm Power has launched a repricing for its US$325m first-lien term loan B with a lender call, LPC reported. Pricing is guided at 200bp–225bp over SOFR with a 0.5% floor, which is 25bp–50bp lower than the last repricing in March 2023. The covenant-lite loan matures in May 2029 and amortises at 1% per year. It resets 101 soft call protection for six months. The deal also includes a US$125m paydown from the partial sale of renewable energy developer Saeta Yield’s portfolio. RBC is lead arranger with Barclays...

A consortium led by Plenary Group is preparing to issue C$993.8m (US$692.9m) in bonds to finance a portion of its obligations under a long-term project agreement on the Halifax infirmary expansion P3 in Nova Scotia. CIBC and TD are leading the offering. Moody's rated the bonds A3. Plenary PCL Health HIEP will design, build, finance and maintain the project for a 69-month construction period plus a 30-year operating and maintenance period. The consortium is owned by Plenary with 70% and PCL Investments with 30%. The project company will...

Venture Global has raised US$1.75bn in an initial public offering at US$25 per share, lower than initial pricing expectations. The company filed to sell 70m shares in an IPO with pricing between US$23 and US$27, according to an amended registration statement with the Securities and Exchange Commission. In its original prospectus dated January 13, Venture Global filed to sell 50m shares. Pricing was guided between US$40 and US$46 per share and the company aimed to raise as much as US$2.3bn, targeting a US$110.3bn valuation. The company was...

NextEra Energy has closed on a US$543.7m wind turbine warehouse facility for projects across the US. Keybank was administrative agent on the Addison Edge wind turbine term loan due December 2027. Arrangers are Credit Agricole, Helaba and Rabobank, and co-agents are ANZ, MUFG and Natixis. The deal adds to more than US$2bn in deals NextEra closed in late 2024. A total of US$717.6m in financing backed Silver Skyline, a renewables portfolio comprising three wind and two storage projects with a total generation capacity of 592MW of wind and 400MW...

Blackstone-backed Aypa Power has closed a US$190m in financing to back the 200MW, two-hour duration Bypass battery energy storage system in Fort Bend County, Texas. The financing was led by SMBC as administrative agent with Santander and Siemens as arrangers. It comprises a US$68m construction-to-term loan and a US$91m tax equity bridge loan, bringing construction financing to US$159m. A total of US$31m in letters of credit were issued, with US$26m designated for project-specific needs. Morgan Stanley Renewables committed US$94m in tax...

Virginia-based IPP Energix Renewables has closed on a US$222.2m loan to fund 175MW of solar across five projects in Virginia and Pennsylvania. The financing includes a US$119.2m bridge loan due December 2025 and a US$97.8m term loan and US$5.1m standby letter of credit, both due December 2030. Santander served as administrative agent with Bank of America and Mizrahi Tefahot Bank as arrangers. Energix has a portfolio of 636MW projects in operation, 410MW projects under construction, and 317MW projects in advanced development. The company has...

Brookfield Renewable and Argo Infrastructure Partners have closed on US$285m in financing to back the Smoky Mountain hydroelectric facilities in Tennessee and North Carolina. Santander provided the financing, which comprises a US$275m term loan and US$10m 364-day facility, both due in December. The portfolio has four hydro projects totalling 378MW on the Cheoah and Little Tennessee rivers. In December, Brookfield and Argo signed a 10-year power purchase agreement with Tennessee Valley Authority for power produced by the portfolio. They will...