Deals this week: CPPIB, PPL Corporation, Greencoat UK Wind

11 May 2018 (Last Updated July 9th, 2020 18:23)

Canada Pension Plan Investment Board (CPPIB) has agreed to acquire 49% stake in selected North American onshore renewable power assets and 49% interest in two German offshore wind projects.

Canada Pension Plan Investment Board (CPPIB) has agreed to acquire 49% stake in selected North American onshore renewable power assets and 49% interest in two German offshore wind projects.

This includes the Hohe See project for C$1.75bn ($1.352bn) from Enbridge, which will form a joint venture (JV) with CPPIB to execute the transaction.

The North American assets being acquired as part of the JV include the Cedar Point wind farm in Colorado, US, and the Silver State North solar project in Nevada, US.

The two companies have also agreed to form a JV to develop future offshore wind projects in Europe.

CPPIB is an investment management company, while Enbridge, also based in Canada, is an integrated energy company.

Enbridge has enlisted CIBC Capital Markets as its financial advisor and Dentons as its legal advisor for the transaction.

PPL Corporation plans to raise $1.49bn in gross proceeds by issuing 55 million shares priced at $27 each in a public offering.

The company has also granted the underwriters an option to purchase an additional 8.25 million shares of its common stock within 30 days.

“Greencoat UK Wind has reached an agreement for the private placement of shares to raise £118.84m ($161.02m).”

PPL Corporation plans to use the proceeds from the offering for general corporate purposes.

The company has chosen JP Morgan Securities, Barclays Capital and Citigroup Global Markets as joint book-running managers for the transaction, while Simpson Thacher & Bartlett has been selected as legal advisor.

Greencoat UK Wind has reached an agreement for the private placement of shares to raise £118.84m ($161.02m).

The placement will include a total of 101 million new ordinary shares priced at £1.17 ($1.58) each and will be subscribed to by institutional investors.

Greencoat UK Wind is a UK-based investment company that plans to use the proceeds towards the acquisition of additional stake in Clyde wind farm.

The company has selected RBC Europe, trading as RBC Capital Markets, as its book-runner and Kepler Partners as placing agent for the transaction.

Greater Visakhapatnam Municipal Corporation (GVMC) has agreed to develop a 2MW floating solar power plant at Mudasarlova reservoir in Visakhapatnam, Andhra Pradesh, India, with an investment of Rs110m ($1.64m).

Entergy Arkansas plans to raise $250m gross proceeds by issuing 4% first mortgage bonds due June 2028 in a public offering.

The bonds are proposed to be issued at 99.932% of the principle amount, while the interest on the bonds will be paid semi-annually on 1 June and 1 December every year.

Proceeds from the offering are intended to redeem $31.35m aggregate par value of its preferred stock paying dividends, as well as general corporate purposes.

Based in the US, Entergy Arkansas is a subsidiary of Entergy Corporation and is involved in power generation and distribution.

Entergy has engaged Barclays Capital, BNY Mellon Capital Markets, KeyBanc Capital Markets, SMBC Nikko Securities America, and Stephens as joint book-running managers for the transaction, while Morgan, Lewis & Bockius has been chosen as legal advisor.