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April 7, 2015
Advanced Power Closes Financing of $899 Million Carroll County Energy Project in Ohio
Advanced Power announced today that it has successfully closed a $899 million project financing with its partners TIAA-CREF, Chubu Electric Power Company, Ullico and Prudential Capital Group providing $411 million in equity commitments and BNP Paribas, Credit Agricole and eight other commercial banks providing $488 million in senior secured credit facilities for construction of the Carroll County Energy project.
Located in northeastern Ohio, Carroll County Energy will be a state-of-the-art 700-megawatt combined-cycle natural gas electric generating facility that will sell energy, capacity and ancillary services into the PJM market. The project is proximate to the Utica and Marcellus natural gas production, as well as AEP's 345 kV transmission lines and Kinder Morgan's Tennessee Gas Pipeline system. This strategic location is an important competitive advantage of Carroll County Energy.
The facility will feature two GE 7F.05 gas turbines and a D602 steam turbine which have the capacity to generate electricity for approximately 750,000 homes. Bechtel is building the project under a turnkey construction contract. EthosEnergy will operate the facility and Advanced Power will remain as the construction and asset manager.
"The project has received strong support from Carroll County and other key stakeholders in Ohio," said Advanced Power CEO Thomas Spang. "From the beginning it was the project's goal to work closely with the community and to bring in the strongest partners in the industry -- this milestone demonstrates the success of that strategy." Carroll County Energy is one of a number of projects Advanced Power is developing in the U.S. and Europe.
"We are pleased to take part in another significant energy project as part of our growing relationship with Advanced Power," said Marietta Moshiashvili, Managing Director and Head of Natural Resources and Infrastructure Originations at TIAA-CREF.
"As we pursue a steady, diversified stream of returns on behalf of our investors, this project represents exactly the type of opportunity our dedicated energy infrastructure team actively seeks out," said Mario Maselli, Senior Director within the Energy & Infrastructure Investments team at TIAA-CREF. "A strong management team, consistent long term returns and a positive economic impact are important criteria in our investment decision making process."
Approximately 700 construction jobs will be created during peak construction as well as 20 to 30 permanent jobs during operation. In addition to economic, socioeconomic and environmental benefits, the project will provide critical electric generation capacity in a region that has experienced significant facility retirements.
BNP Paribas (Left Lead, Administrative Agent) and Credit Agricole Corporate and Investment Bank (Right Lead, Syndication Agent, Hedge Coordinator) served as Coordinating Lead Arrangers and Joint Bookrunners in forming a syndicate of 10 financial institutions to finance the project. Whitehall Capital served as the sponsor's financial advisor. Morgan Lewis & Bockius served as project counsel.
Advanced Power is a privately owned company established in 2000 to develop independent power projects in North America and Europe. Advanced Power's experienced management team has led more than 9,400 MW of generating project development. Majority-owned by senior management, Advanced Power has offices in Boston and London and is headquartered in Zug, Switzerland.
SOURCE: Advanced Power
January 20, 2015
Former RES Americas CFO joins Whitehall
Richard Ashby, the former CFO of RES Americas, has joined Whitehall & Co. as a managing director with a focus on M&A and capital raising for renewable energy clients.
Ashby's career includes leadership roles at several major conventional and renewable energy developers and consulting firms.
"I've personally known Richard for over 20 years and have great respect for his work as a developer, CFO and trusted financial advisor to clients in both the conventional and renewable energy space”, Jonathan Cody, managing partner and head of investment banking at Whitehall, said in a statement.
“I'm very excited to have Richard join our firm to spearhead our efforts in the renewable energy sector”, Cody added.
"Richard's C-Level experience will further enable Whitehall to provide leverage to our client's M&A and financing efforts. [He] will also bring a sharp focus on large-scale wind and solar financing transactions to our $3 billion Whitehall Institutional Project Finance Program", added Timothy Page, managing partner and head of capital markets at Whitehall.
Ashby stated: “I am delighted to join the Whitehall team, whom I’ve known and successfully worked with over many years. I look forward to leveraging the Whitehall platform on behalf of clients to continue to deliver cost-effective and independent advice and to structure customized and scalable financing solutions on behalf of renewable energy developers, investors and asset owners.”
Over the course of his career, Ashby has developed or advised on more than $30 billion worth of transactions.
He most recently acted as financial advisor to several prominent renewable energy firms on wind and solar projects in the U.S. and Canada.
Prior to his recent advisory work as founder and managing partner of Infrastructure Finance Advisors, Ashby was CFO at RES Americas, where he led $4 billion of M&A, project debt and tax-equity transactions involving more than 2,200 MW of renewable assets.
He also played a key role in initiating and managing a significant expansion of RES Americas’ development and construction activities.
Prior to that, Ashby served as CFO of Perennial Power Inc., the U.S. independent power arm of Sumitomo Corp.; and was also the co-head of the U.S. power market consulting group at Pace Global Energy Services.
Ashby spent the first 10 years of his career based in London and Washington, D.C., first as a member of the team that completed the development and financing of the $1.8 billion, 1,300 MW Hub River Project in Pakistan; and then co-founding an emerging markets-focused independent power producer that developed power and infrastructure assets in South-East Asia and the Middle East.
Whitehall & Co. is an investment banking firm founded in 2010 and based in New York City.
October 9, 2014
Whitehall Closes $3 Billion Institutional Project Finance Program
Whitehall & Company LLC together with its subsidiary Whitehall Capital Markets LLC, member FINRA/SIPC (“Whitehall”) an established investment banking boutique known for its expertise in the energy sector, today announced that it has successfully closed a $3 Billion Whitehall Capital Markets LLC Institutional Project Finance Program debt funding vehicle. The debt-funding vehicle will focus on energy and infrastructure assets. Investors include a group of pension funds, insurance companies, and investment managers, including: AIG, Northwestern Mutual Life, TIAA-CREF, among others.
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.