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Latest Capital Markets Analysis
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The ramifications of Congress' latest REN proposals
Renewables North AmericaThe US House of Representatives' Ways and Means Committee has approved a critical portion of the Democrats' proposed $3.5 trillion spending package, which includes federal tax credit extensions and a direct-pay option, but market participants have warned that some of the newer measures mixing social and energy policies could have "cataclysmic ramifications"
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Los Guzmancito, Dominican Republic
Renewables North AmericaAs the Dominican Republic opens up for private investments into renewable energy projects under President Luis Abinader, local developer Grupo Energético 23 managed this summer to wrangle debt financing for its first such asset in the country
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Cardones-Polpaico transmission refi, Chile
Power Latin AmericaIn a deal that took almost a year to close, Interchile, a subsidiary of Colombia's Interconexion Electrica, raised $1.2 billion of bonds to refinance a sprawling transmission portfolio interconnecting the entire northern half of Chile
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Infrafintech – problems, solutions & securitisation
Telecoms Asia PacificFintech has disrupted nearly all aspects of financial services. However, the impact of fintech on infrastructure – or infrafintech – has been one of the weakest links, finds IJGlobal APAC editor David Doré. It’s time for that torpid state to change…
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Playing chicken with US renewable tax credits
Renewables North AmericaNow that the Biden administration's $1 trillion bipartisan infrastructure bill has passed muster in the Senate, market participants are turning their attention to a larger $3.5 trillion reconciliation package that the Progressive Caucus is attempting to tie it to. The reconciliation package contains a slew of tax credit incentives for renewable energy projects. So what lies ahead in Washington,DC?
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Infra investment key to economic recovery and growth in Africa
Renewables Sub-Saharan AfricaWhile the pandemic highlighted Africa’s vulnerable infrastructure, this very same network has the potential to be a catalyst in the continent’s post-COVID-19 economic recovery
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Bayfront Infrastructure Capital II IABS securitisation
Oil & Gas Asia PacificImagine originating, bundling, and issuing a diversified portfolio of 30 project finance loans to institutional investors in 5 months… 5 weeks or 5 days. Now contemplate that entire process happening in 5 seconds. What about infrastructure asset-backed securities tokens? Far-fetched? Is that even a future worth creating?
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The SMBC Interview
Renewables Latin AmericaSMBC enjoyed an impressive 2020 calendar year working on some landmark transactions in the Americas. Taking the pandemic in its stride, SMBC continues to be one of the dominant players in both North America and Latin America
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Bogoslovec Onshore Wind Farm, Northern Macedonia
Renewables EuropeNorthern Macedonia, has been getting serious with its phase out of coal announcing an aggressive strategy to reduce its greenhouse gas emissions by 2030
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IRS pushes out safe harbor deadline for US renewables
Renewables North AmericaDevelopers aiming to qualify their renewable energy projects for federal tax credits will have an extra year to do so, after the Internal Revenue Service granted a deadline extension on 29 June to account for pandemic-related construction delays
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PJM term loan Bs trade down but are "hard to trip"
Power North AmericaSeveral term loan B deals trading in PJM Interconnection have taken a dip after clearing prices from the highly anticipated BRA for delivery year 2022/2023 were announced. But deal watchers say that this is unlikely to have a significant impact on revenues in the long run
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Tough life awaits PJM peakers as long-awaited auction disappoints
Renewables North AmericaAfter two years of delay due to uncertainty over the Minimum Offer Price Rule, PJM Interconnection has finally concluded its Base Residual Auction for delivery year 2022 / 2023, although results from the highly-anticipated auction have fallen short of market participants' expectations
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Biden's shot in the arm for US clean power
Renewables North AmericaPresident Joe Biden has announced an ambitious $2 trillion infrastructure plan that includes a wide-reaching set of initiatives aimed at supercharging the country's clean power and renewables industry
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Georgia Power sustainability bond, US
Power North AmericaGeorgia Power brought another new ESG labeled security to the US utility sector in February when it issued its first sustainability bond – which is similar to a green bond but with an expanded list of eligible projects that include social initiatives
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Gás Natural Açu, Brazil
Oil & Gas Latin AmericaPort of Açu located in the municipality of São João da Barra, in the North of Rio de Janeiro state is on its way to becoming a grandiose industrial complex serving the oil & gas industry
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Glenfarne portfolio, Latin America
Renewables Latin AmericaBefore 2020 came to a close, New York-based developer Glenfarne Group was able to refinance its roughly 1.5GW Latin American generation portfolio with a mix of bank debt and bonds, following a path opened up by other sponsors in the region who had refinanced their assets earlier in the year
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Lighthouse Renewable, US
Renewables North AmericaWhile yield companies have sometimes been known to bring in third-party equity providers to co-own renewable energy assets, when Clearway Energy Group recently offloaded a 1.6GW portfolio of wind,solar and solar-plus storage assets to its yieldco Clearway Energy, the third-party investor opted for an unusual capital structure, swapping out common equity for less risky preferred equity instead
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Renewables in crosshairs as SPACs take aim
Renewables North AmericaSpecial purpose acquisition companies have proliferated at a blistering pace over the past year, and market participants are virtually certain that at least one renewable energy developer will go public this way by the end of 2021
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UEP Penonomé II, Panama
Renewables Latin AmericaInterEnergy Group’s recent refinancing of two renewable energy projects in Panama – one of which is named for a papal encyclical – was the first issuance of green bonds from the private sector in Central America. Investors gave the deal their full blessing