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AEP to buy 2,000-MW wind farm; likelihood of Calpine buyout rises

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European Energy Insights - May 2021

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Metals & Mining Insights May 2021

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

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AEP to buy 2,000-MW wind farm; likelihood of Calpine buyout rises

Power

Renewable deals take home big slice of power, utility M&A activity in Q2

Renewable energy helped drive North American power and utilities acquisitions in the second quarter of 2017, accounting for four of the 10 biggest deals struck during the period.

AEP to buy 2,000-MW wind farm, called largest in US, to supply Okla. utilities

Announcing what is being billed as the largest wind farm in the U.S. and second-largest in the world, Invenergy LLC and GE Renewable Energy on July 26 said they will build a 2,000-MW wind farm in the Oklahoma panhandle. Simultaneously, American Electric Power Co. Inc. announced its plan to purchase the project, valued at $4.5 billion.

AES, AIMCo close $1.6B acquisition of sPower

A joint venture controlled by AES Corp. and Alberta Investment Management Corp. completed the acquisition of sPower from Fir Tree Partners and minority owners for $853 million in cash plus the assumption of $724 million in nonrecourse debt.

Likelihood of Calpine buyout rises in step with richer analyst valuations

Reluctance by Calpine Corp. management to address a potential private buyout may indicate a greater likelihood of a transaction occurring soon, especially one that could see the generator fetch a richer premium than analysts originally expected.

BC Hydro to buy Teck 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. The closing of the transaction is not expected before the first quarter of 2018.

Report: Macquarie taps Moelis to advise on Puget sale

Macquarie Group Ltd. is said to have hired Moelis & Co. to help advise on the sale of its stake in Puget Energy Inc. Macquarie's roughly 42% stake in Puget could be valued as high as $4.5 billion as part of a sale that could launch later this year.

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, according to an Aug. 1 release.

Berkshire's Oncor bid endorsed by IBEW Local 69, Targa

Berkshire Hathaway Energy on July 25 announced endorsements for its bid to acquire Oncor Electric Delivery Co. LLC by the International Brotherhood of Electrical Workers Local 69 and Targa Pipeline Mid-Continent WestTex LLC/Targa Midstream Services LLC.

Berkshire endorses Oncor asset swap deal with Sharyland

Berkshire Hathaway Energy said July 26 that it supports an asset swap deal recently announced between Oncor Electric Delivery and Sharyland Utilities LP. The Berkshire Hathaway Inc. subsidiary is in the process of acquiring Oncor and Energy Future Holdings Corp.

NextEra CEO: 'We haven't been ... as successful' in big M&A

NextEra Energy Inc. continues to weigh potentially risky acquisition opportunities versus more reliable organic growth, executives said on a July 26 earnings call.

Edison International pitches slimmer grid spending, possible solar unit sale

As Edison International makes its case for the investment needed to integrate more distributed energy into the grid, the company has retained an adviser to assist in the possible sale of its solar business SoCore, the CEO divulged on the earnings call.

ORIX closes $627M deal for stake in Ormat Technologies

Japan-based ORIX Corp. has completed the purchase of a 22.1% ownership stake in Ormat Technologies Inc. from an investor group. Under the $627 million deal, ORIX bought 11 million Ormat common shares at $57 apiece from FIMI ENRG LP, Bronicki Investments Ltd. and senior members of management.

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.

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.

Southern Power acquires 148-MW wind project from Renewable Energy Systems

Southern Power Co. has acquired the 148-MW Cactus Flats wind facility from Renewable Energy Systems Americas Inc., which developed and will provide the balance of plant construction of the facility. The Concho County, Texas-based project is expected to be completed in the third quarter of 2018.

FERC approves Duke Energy Florida previously closed transmission asset deals

FERC on July 27 approved a series of previously closed transactions by Duke Energy Florida LLC involving the purchase of transmission assets between 2004 and 2016. The approximately $17 million worth of transactions were made without FERC's authorization.

Pension fund manager acquires 17.3% stake in Boralex for C$287.5M

Caisse de dépôt et placement du Québec, or la Caisse, has acquired a 17.3% interest in Boralex Inc. from Cascades Inc. The pension fund manager paid C$287.5 million to buy all the class A common shares of Boralex held by Cascades.

CDPQ Investments increases stake in Invenergy Renewables

CDPQ Investments Inc. has completed the acquisition of an additional 3.07% membership stake in Invenergy Renewables LLC from Invenergy Wind Holdings. The parties consummated the transaction on July 28.

First Solar enters agreement to sell stake in 40-MW Calif. solar facility

First Solar Inc. on July 27 entered into an agreement to sell its interest in the 40-MW Cuyama solar facility in Santa Barbara, Calif., to an unnamed third party. The transaction is expected to close in the third quarter of 2017.

Dominion plans to sell small hydro facility in Virginia

Virginia regulators have agreed to review a joint petition filed by Dominion Energy Virginia and Cushaw Hydro LLC involving the sale of the Cushaw Hydro Power Station in Bedford and Amherst counties, Va.

Madison Paper Industries closes sale of hydro facilities to Eagle Creek

Madison Paper Industries Inc. completed the sale of its hydro power facilities to Eagle Creek Renewable Energy LLC. The deal was completed July 31. Financial and other terms of the transaction were not disclosed.

Ameren Illinois wraps purchase of transmission assets from MidAmerican

Ameren Illinois Co. completed the acquisition of an approximately 17-mile, 161-kV planned transmission line segment in Illinois and two 161/138-kV transformers with the related substation and equipment from MidAmerican Energy Co.

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.