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Clues surface in NRG's sale campaign; CenterPoint Energy to sell stake in Enable

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European Energy Insights - May 2021

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Metals & Mining Insights May 2021

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[Report]: 2021 Corporate Renewables Outlook

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Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective


Clues surface in NRG's sale campaign; CenterPoint Energy to sell stake in Enable

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Clues surface in NRG's asset sale campaign

The sweeping sale of NRG Energy Inc.'s yieldco stake, renewables platform and bundles of regional assets appears an increasingly likely outcome of the $4 billion divestiture campaign launched as part of the generator's business transformation plan.

CenterPoint Energy tables spinoff option for Enable, is focused on outright sale

CenterPoint Energy Inc. plans to exit its stake in Enable Midstream Partners LP through an outright sale, rather than pursuing a spinoff of the oil and gas infrastructure partnership. If a sale cannot be achieved, CenterPoint will sell down its stake in Enable through the public equity markets.

BC Hydro to buy Teck's stake in 496-MW dam for C$1.2B

BC Hydro and Power Authority exercised its right of first offer to buy Teck Resources Ltd.'s two-thirds stake in the 496-MW Waneta Dam in British Columbia, for C$1.2 billion cash. With BC Hydro's decision, a previously announced agreement between Fortis Inc. and Teck will be terminated.

Vistra Energy closes acquisition of 1,054-MW Texas combined-cycle plant

Vistra Energy Corp. completed the acquisition of the 1,054-MW Odessa-Ector combined-cycle power facility in Texas from a Koch Ag & Energy Solutions LLC subsidiary for $350 million, or approximately $332/kW. Located in the ERCOT West Zone, the natural gas-fired plant entered commercial operation in August 2001.

Exelon Generation seeks approval for internal transfer of Fitzpatrick plant

Exelon Generation Co. LLC plans to transfer the direct ownership of the 853-MW James A. FitzPatrick nuclear plant and related assets to its Exelon Fitzpatrick LLC subsidiary. The company asked the Federal Energy Regulatory Commission to approve the internal restructuring transaction by Sept. 26.

EFH disputes NextEra's right to collect $275M deal termination fee

Energy Future Holdings Corp. has asked a federal bankruptcy court judge to reject NextEra Energy Inc.'s attempt to collect a $275 million termination fee following their failed merger agreement. NextEra on July 31 submitted an application to the U.S. Bankruptcy Court for the District of Delaware.

TerraForm Power Operating seeking waivers from note holders

TerraForm Power Operating LLC launched a consent solicitation to obtain waivers from holders of its 5.875% senior notes due 2023 and 6.125% senior notes due 2025 relating to certain offers to repurchase covenants and to effectuate certain amendments to the note indentures.

Starwood seeks FERC approval to acquire 2 Dynegy gas plants

A Starwood Energy Group Global LLC subsidiary is seeking approval from FERC to acquire two New England gas plants from Dynegy Inc. The commission is requested to approve the transaction within 45 days after the filing date of the application.

Alliant Energy closes purchase of stake in 225-MW Okla. wind facility

Alliant Energy Corp. closed its purchase of a 50% class B membership stake in the 225-MW Great Western wind facility in Oklahoma from EDF Renewable Energy Inc. The EDF Group subsidiary continues to own the remaining 50% class B membership through GW DSSA Holdco LLC.

Sempra Renewables acquires 200-MW Calif. solar project

Sempra Renewables LLC has acquired and assumed construction of the Great Valley solar project in Fresno County, Calif., from Recurrent Energy LLC. Financial terms of the deal were not disclosed. The facility is fully contracted under four independent long-term, power purchase agreements.

Alphabet unit to sell passive stake in 199-MW Kan. wind farm

An Alphabet Inc. subsidiary plans to sell 100% of its passive tax equity membership interests in the 199-MW Waverly Wind Farm in Coffey County, Kan. Oz Wind LLC will sell its passive stake in the facility to JPM Capital Corp., and New York Life Insurance Co. and/or New York Life Insurance & Annuity Corp., or their subsidiaries.

Wells Fargo seeks FERC approval to acquire interests in 2 Calif. solar farms

Wells Fargo Central Pacific Holdings Inc. intends to acquire class A membership interests in two solar farms, owned by an indirect subsidiary of Sempra Energy, for an unspecified amount. The commission is requested to approve the transaction by Oct. 1.

Pattern Energy invests $60M in Pattern Development 2.0

Pattern Energy Group Inc. invested an initial $60 million capital call in Pattern Energy Group Holdings 2 LP, or Pattern Development 2.0., as part of the company's strategic initiatives to boost its long-term growth outlook and enhance access to capital.

Firstar asks FERC to acquire equity in 2 Calif. solar projects

Firstar Development LLC filed with FERC for approval to acquire a tax equity stake in two solar projects in Kern County, Calif., for an undisclosed amount. Firstar Development will acquire indirect, passive interests in the 48-MW Beacon Solar Plant Site 2 and 36-MW Beacon Solar Plant Site 5 in two installments.

Texas-based energy marketer to acquire Noble Americas Gas & Power

Mercuria Energy America Inc. is planning to acquire a 100% equity interest in Noble Americas Gas & Power Corp. from Noble Americas Corp. Noble Group announced July 26 plans to sell two of its North American businesses as it prioritizes debt reduction.

NextEra unit to sell stake in Calif. transmission line

A subsidiary of NextEra Energy Resources LLC is seeking federal approval to sell its stake in a 46-mile California transmission line to a subsidiary of Terra-Gen Power Holdings II LLC. The applicants asked FERC to approve the deal by Sept. 18.

Bankers Commercial to become tax equity investor in 100-MW Mich. wind plant

Bankers Commercial Corp. is seeking approval to acquire the nonmanaging, passive class A membership stake in the planned 100-MW Apple Blossom wind project in Huron County, Mich. The applicants asked FERC to approve the transaction by Oct. 1.

RBC affiliate to make equity investment in Md. solar project

An affiliate of Royal Bank of Canada is seeking the Federal Energy Regulatory Commission approval to acquire 100% class A tax equity stake in a 75-MW under-construction solar project in Maryland. The commission has been requested to approve the transaction by Sept. 5.

sPower to sell equity interest in 20-MW solar project to JPMorgan

A subsidiary of FTP Power LLC, or sPower, is seeking federal approval to sell a passive equity interest in a California solar project to JPM Capital Corp. for an undisclosed amount. The commission has been asked to approve the transaction by Sept. 11.

Dominion acquires 2 NC solar projects from Strata, plans to acquire 2 more

Dominion Energy Inc. announced plans Aug. 3 to acquire two 5-MW solar facilities in North Carolina from Strata Solar LLC in the third quarter of 2017, after acquiring two other solar facilities of the same size. Dominion has closed on the acquisition from Strata of two 5-MW projects.

ITC acquires transmission line from Wisconsin Power and Light

Fortis Inc. subsidiary ITC Midwest LLC acquired a four-mile, 161-kV radial transmission line and its related interconnection facilities, located in Freeborn County, Minn., from Wisconsin Power and Light Co. on July 21. ITC notified FERC the transaction closed in an Aug. 2 filing.