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Latest North America - United States Analysis
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IJGlobal ESG Awards – The Judging Panel
Renewables North AmericaWe are delighted to announce the judging panel for the inaugural IJGlobal ESG Awards that were launched last week
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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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The value of risk... explicit pricing of risks can help
Renewables North AmericaExplicit pricing of physical risks can help promote investments in the infrastructure sector. David Espinoza, senior principal at Geosyntec Consulting, Washington, DC, delves into his alternative for discounted cash flow modelling
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M&A bankers prep district energy biz sales
Power North AmericaM&A bankers are readying the sales of a number of district energy systems that are anticipated to hit the auction block in coming weeks
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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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New York Thruway Service Stations P3
Transport North AmericaIrish company Applegreen has been active in the US market since 2014, slowly expanding its foothold in the forecourt retail space through organic and acquisition-driven growth. The New York Service Areas project is the second P3 project it has been involved in, the first being the Connecticut Highway Service Plazas P3 in which it acquired a 40% stake in 2019
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The next generation of data for infrastructure investors – Special Report
Renewables North AmericaTo the usual “How was Covid for you?” the team at EDHECinfra knows not to smile too much. “When we launched the commercial activities of EDHECinfra in 2019,” recalls director and founder Frederic Blanc-Brude, “one of us said something like ‘what we need now is a good crisis!’”
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US infrastructure – yee-haw… maybe
Renewables North AmericaNational infrastructure plans are usually met with an immediate call to arms from the private sector… but when it comes to the US, the market is a lot less swift to start a-hollerin’ and a-whoopin’. And for good reason. Cruel experience has taught the infrastructure community to treat federal infra announcements with a degree of caution… and the bigger the announcement, the greater that caution...
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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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California State University, Fresno utility P3
Social & Defence North AmericaThe US higher education sector is in the midst of a prolonged crisis which predates Covid-19 with many institutions under a great deal of financial distress. While we may not see a significant increase in greenfield energy projects involving entirely new campuses or energy systems, there will be some... like the Central Utility Plant Replacement P3 project at CSU Fresno
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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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Prince George’s Schools P3, Maryland
Social & Defence North AmericaPrince George’s County in Maryland became the first district in the US to finance the construction of five new middle schools and one K-8 school through a P3, despite concerns that the project could encounter similar problems to a transport deal that was embroiled in legal turmoil in the state last year
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University of Idaho, US
Power North AmericaThe University of Idaho reached financial close on its steam plant and utility system in December 2020, the third deal of its kind to close in the US... part of a growing trend in the education sector to invite private investors to improve legacy utility systems and receive upfront funds to retire old debt and invest in strategic initiatives
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Spotsylvania Solar Energy Center, Virginia
Renewables North AmericaWith its Spotsylvania Solar Energy Center in Virginia, developer sPower offered the project finance market something it hadn’t seen before – a solar project in PJM Interconnection with multiple household names as offtakers, the largest of its kind east of the Rocky Mountains. But while the market responded positively to the project, the road to the finish line was far from smooth
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IJInvestor Awards 2020 – The Metlife Interview
Renewables North AmericaWhile MetLife Investment Management (MIM) has been in the project finance market for 20 years, the story of its massive scale-up began in 2009. From that time, the investor has grown its infrastructure debt portfolio from $2bn AUM to $30bn today
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IJInvestor Awards 2020 – Outstanding Individual Steven Sonnenstein, Digital Colony
Telecoms North AmericaVoted Outstanding Individual in the IJInvestor Awards 2020, IJGlobal editorial director Angus Leslie Melville speaks to Steven Sonnenstein about his career and digital infrastructure…
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IJInvestor Awards 2020 – The Winners
Oil & Gas North AmericaIt is with great pleasure that we reveal the winners of the IJInvestor Awards 2020, celebrating global achievements in infrastructure and energy M&A and fund activity