Proximocast: Industry news

26 August - US Ex-Im to vote on $5bn loan to Mozambique LNG project

In the news:
US EX-IM is to vote on a $5 billion direct loan for the development and construction of an integrated liquefied natural gas project on the Afungi Peninsula in northern Mozambique's Rovuma Basin, one of the world’s most extensive untapped reserves of natural gas.
John Laing Group is reconsidering solar and wind investments after a poor performance by its assets in Europe and Australia in the first half of the year.
Royal Dutch Shell has made a A$617 million ($419 million) takeover offer for ERM Power Ltd

23 August - Genneia secures cash to construct Necochea wind farm

In today's news:
Norway’s government has approved a NOK2.3 billion ($257 million) application for funding to support Equinor’s 88MW Hywind Tampen project.
Argentinean renewables developer Genneia has secured $51 million of the estimated $62 million required to construct the 38MW Necochea wind farm.
The World Bank has priced its first USD benchmark issue for its new fiscal year, with a $3.5 billion five-year global benchmark due 28 August, 2024.

22 August - GNA I reaches full financial close

One big story today:
Sponsors of phase one for the $1.2 billion 1,338MW UTE Geracao de Energia (GNA I) LNG-to-power project in Brazil – Prumo Logistics (47%), BP (20%) and Siemens (33%) – reached full financial close last week on the funds backing the scheme. The deal signed on 15 March 2019, and the debt structure has remained the same on meeting conditions precedent.
 
 

21 August - Glencore to expand controversial mining operations at McArthur River in Northern Territory

In the news:
Shell, British Airways and fuel technology firm Velocys have applied for planning permission for a waste-to-energy project in North East Lincolnshire.
Wisconsin's Public Service Commission has approved the construction of the 100-mile Cardinal-Hickory Creek transmission line between Dubuque, Iowa, and Middleton.
Glencore has been given the green light to start work on its plans to vastly extend its controversial mining operations at McArthur River in the Northern Territory, Australia.

20 August - Singapore goes all in with private sector in infrastructure push

In the news:
Singapore has been moving forward on its aim to be the lead broker of infrastructure projects in Southeast Asia, and is intent on getting the private sector more involved. Globally, government funding accounts for about 40% of infrastructure spending, but in Asia it’s 90% - an “unsustainable” proportion, Indranee Rajah, minister in Prime Minister Lee Hsien Loong’s office, said.
Freyr, a startup planning to build one of Europe’s first battery gigafactories in Norway, has a bigger vision for the region: a “Nordic Battery Belt".
UK-based rolling stock investor, developer and asset manager Rock Rail has secured £400 million in financing to buy 33 new Hitachi trains that will be leased by train operator Abellio UK for its new East Midlands Railway.

19 August - Redstone CSP project financing signed

In today's news:
Kenya's Capital Markets Authority (CMA) has approved the issuance of the country's first unlisted green bond.
Veritas – the municipal waste authority of Venice – is tendering a 12-year waste/recycling PPP concession for the Venice and Mogliano Veneto areas.
The Italian government's new FER Decree for future renewable energy auctions came into force on August 10.
ACWA Power and its co-investors in the 100MW Redstone concentrated solar power (CSP) project in South Africa have signed the project financing for the scheme.

16 August - Macquarie GIG & MEIF5 + USS secure debt against Rampion offshore wind farm

In today's news:
Macquaire’s Green Investment Bank (GIG), Macquarie European Infrastructure Fund 5 (MEIF 5) and Universities Superannuation Scheme have sealed holdco-level debt raised against their combined 25% stake in the 400MW Rampion offshore wind farm in the UK. The deal reached full financial close last month.
PG&E Corporation has appointed Andrew M. Vesey as Chief Executive Officer and President of Pacific Gas and Electric Company (PG&E), effective from August 19.
African Infrastructure Investment Managers (AIIM) and Nedbank Energy Finance are making a $26 million investment in 40MW of PV projects being developed across Southern Africa by renewable energy provider Sola Group.
The Asian Development Bank has approved a $160 million loan to modernize the operations and improve the efficiency of Sri Lanka Railways, the country’s railway operator, by upgrading its infrastructure and technical capacity.

15 August - Valley Clean Energy considers acquiring PG&E distriubtion assets

In today's news:
Denver International Airport (DIA) has terminated its $1.8 billion 34-year P3 concession with the Ferrovial-led Great Hall Partners consortium
Valley Clean Energy (VCE), a not-for-profit community choice energy agency in Davis, California is considering the opportunity to acquire Pacific Gas and Electric (PG&E) distribution facilities in its customer area.
The UK Transport Secretary has announced the provision of an additional £2.5 million to fund the installation of over 1,000 new chargepoints as part of the government's on-street residential chargepoint scheme.
International law firm Norton Rose Fulbright has added former McGuireWoods lawyers Becky Diffen as partner and Sam Porter as senior counsel to its project finance team in Austin.