| Whitehall & Company provides M&A and
corporate advisory services, capital
structuring and placement
July 21, 2014
NTE Energy, a power developer and energy services provider, has secured an equity investment from Capital Dynamics and an entity affiliated with Guggenheim Partners for a trio of natural gas-fired power projects. Whitehall Capital Markets, LLC, a FINRA-registered broker dealer and wholly-owned subsidiary of Whitehall & Co., served as the financial advisor for the project equity financing. The investment will allow NTE Energy to complete the development of these projects, which are valued at more than $1.1 billion, and begin construction of all three projects next year. Capital Dynamics and Wattage Finance, LLC, which is owned by a group of private investors and managed by an affiliate of Guggenheim Partners, will work with NTE Energy to finalize the development and prepare the three projects for construction financing. The development portfolio comprises Middletown Energy Center, a 518 MW combined cycle project in Ohio, Kings Mountain Energy Center, a 475 MW combined cycle project in North Carolina, and Pecan Creek Energy Center, a 237 MW simple cycle project in Texas. NTE Energy’s three power projects are in the late stages of development and are expected to close financing and go into construction in the next nine to 12 months.
June 16, 2014
NM Neptune, LLC, an indirect wholly owned subsidiary of Northwestern Mutual, has acquired Starwood Energy's 25 percent Class C stake in the Neptune Regional Transmission System, LLC, which owns a 660 MW high-voltage direct current (HVDC) submarine transmission line linking New Jersey and Long Island, N.Y. Starwood retained Whitehall & Co. earlier this year to run a sale of its stake in Neptune. Financial terms were not disclosed. The stake represents a 16.05% economic interest and includes certain super-majority control rights.
April 4, 2014
TIAA-CREF has acquired a 35% stake in a 1 GW CCGT project in New York state from Advanced Power. Today, Advanced Power announced that it has sold most of its 40% stake in the Cricket Valley Energy (CVE) project to TIAA-CREF. Other shareholders in the project are thought to include GE Energy Financial Services (40%) and Marubeni (20%). Last summer, Whitehall Capital Markets, an affiliate of Whitehall & Co., was retained by Advanced Power to advise on raising equity for its 40% interest on CVE, which is located in New York ISO Zone G.
January 8, 2014
Astoria Project Partners LLC, the sole owner of the 550 MW natural gas-fired Astoria Energy power plant located in Queens, N.Y., has closed a $100 million refinancing of holding company-level debt. AMP Capital’s Institutional Debt Fund I and II provided the subordinated credit facility. Whitehall & Co., financial advisor to Astoria Project Partners, launched the refinancing in the summer, as first reported by SparkSpread on June 28.
July 29, 2013
Milestone Aviation Group, the global leader in helicopter leasing, announced that it has closed a new US$300 million credit facility. The company will use the proceeds to acquire and lease helicopters valued at US$400 million to affiliates of Bristow Group Inc. The assets include Sikorsky S-92’s, Eurocopter EC225’s and AgustaWestland AW189 and AW139 aircraft. The Milestone facility is the largest-ever for a helicopter lessor. Lloyds Bank acting through its Corporate Asset Finance division was Mandated Lead Arranger and Facility Agent while Lombard, the dedicated asset finance arm of The Royal Bank of Scotland Group, and Barclays Bank served as Original Lenders for the credit facility. Whitehall & Company acted as Financial Advisor to Bristow Group Inc.