Over 8 GW of Floating Wind for California, But Who Will Build It?
As the dust settles from Wednesday's California floating wind auction, and developers begin to discuss their plans, energy industry intelligence firm Intelatus says development of the floating wind manufacturing and installation supply chain must speed up.Developers are beginning to release details of their bids for yesterday’s California floating wind auction. The successful bidders for the two north California Humboldt sites, RWE and CIP, both bid the highest prices per square kilometer of lease area.
Canada's CPPIB to Buy Ports America from Oaktree
Canada Pension Plan Investment Board (CPPIB) said on Wednesday it had agreed to buy Ports America, one of the largest marine terminal operators in the United States, from investment firm Oaktree Capital Management LP.While no valuation was given in the announcement statement, the deal values Ports America at over $4 billion, according to two sources familiar with the matter.The transaction comes amid heightened interest in logistics, with supply-chain disruption in focus as the…
Shell Sells Upstream Interests in Ireland for $1.3bln
Shell Overseas Holdings, an affiliate of Royal Dutch Shell plc, has completed the sale of its shares in Shell E&P Ireland Limited (SEPIL), which holds a 45% interest in the Corrib gas venture, for up to $1.30 billion, to Nephin Energy Holdings Limited (NEHL), a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB).A press release said that completion follows receipt of all necessary partner and regulatory consents and the transaction’s effective date is 1 January 2017.The transaction includes an initial consideration of $958 million (€840 million), interest of $54 million (€47 million), and additional payments of up to $285 million (€250 million) between 2018-2025, subject to gas price and production.
Hermes Unit, Canadian Fund to Buy $2.4B Stake in UK Ports Group
The Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure are prepared to buy a 30 percent stake in Associated British Ports for about 1.6 billion pounds ($2.4 billion). Associated British Ports is Britain's leading port operator, with 21 ports in England, Scotland and Wales. The deal will allow the Hermes-CPPIB consortium to acquire a further 3.33 percent in the company, depending upon pre-emption rights, the buyers said in a statement on Tuesday. Infrastructure assets are attractive to institutions like pension funds because of the long-term investment opportunity and stable returns that they represent. Hermes Infrastructure, part of British-based fund Hermes Investment Management, and CPPIB will buy the stake from GS Infrastructure Partners and Infracapital.
Ports America Announces Refinancing
The Ports America Companies successfully refinanced the debt facilities of both Ports America, Inc. (PAI) and MTC Holdings, Inc. (MTC) into a single, unified capital structure. The refinancing consisted of a new five-year, $475-million senior secured credit facility, including $170 million of revolving credit and letter of credit facilities, and a new seven-year, $375-million Holdco financing. The senior facility was provided by a group of new and existing lenders and led by Royal Bank of Canada. The Holdco facility was provided by CPPIB Credit Investments Inc., a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB), a global institutional investor with more than $190 billion of assets under management and a leading infrastructure and credit investor.
