Deals this week: Gilkes Energy, South Jersey Industries

20 April 2018 (Last Updated April 19th, 2018 11:28)

Gilkes Energy and Gilkes Hydro Investments have raised £43m ($61.48m) to develop six operational hydro-electric schemes in Scotland, UK.

Gilkes Energy and Gilkes Hydro Investments have raised £43m ($61.48m) to develop six operational hydro-electric schemes in Scotland, UK.

Aberdeen Standard Investments provided the project financing.

The hydro schemes are sanctioned under the UK Government’s feed-in-tariff programme, which was initiated to subsidise and promote renewable energy generation.

Gilkes Hydro Investments is a developer of hydropower plants, while Gilkes Energy is a renewable energy company.

Fraunhofer Institut Solare Energiesysteme (Fraunhofer Institute for Solar Energy Systems) has partnered with SCHMID Group to develop low-cost building-integrated photovoltaic (BIPV) modules.

The modules are estimated to reduce production costs by 35%.

Fraunhofer ISE is a solar research institute, while SCHMID Group is engaged in the manufacture of solar photovoltaic (PV) equipment.

South Jersey Industries plans to issue five million equity units in a public offering to raise gross proceeds of $250m.

The company also plans to raise $325m by issuing common shares in a separate public offering.

In addition, the energy services holding company will allow underwriters to acquire an additional 750,000 equity units within 13 days from the issue date.

The company has engaged Merrill Lynch, Pierce, Fenner & Smith (BofA Merrill Lynch), Guggenheim Securities and Wells Fargo Securities as joint book-running managers for the transaction.

“Algonquin Power & Utilities (APUC) has reached an agreement for a private placement of shares to raise C$444.37m ($352.86m).”

TD Securities (USA), JP Morgan Securities, Morgan Stanley & Co, and PNC Capital Markets are acting as co-managers.

Proceeds from the offering will be used to fund the acquisition of Elizabethtown Gas and Elkton Gas from Pivotal Utility Holdings.

Algonquin Power & Utilities (APUC) has reached an agreement for a private placement of shares to raise C$444.37m ($352.86m).

The placement will include a total of 37.5 million shares priced at C$11.85 ($9.41) a share.

APUC intends to use the proceeds for acquiring an additional 16.5% interest in Atlantica and for general corporate purposes.

APUC is a power generation company based in Canada.

Vietnam Electricity Corporation has agreed to invest $379m to increase the capacity of the Hoa Binh hydropower plant in Vietnam by 480MW.

The Vietnamese power generation company has agreed to pay 30% of the project costs, while the remainder will be financed through commercial loans.

Abu Dhabi National Energy Company (TAQA) has agreed to raise gross proceeds of $1bn through an issue of 4.875% bonds due 23 April 2030.

Issued at 99.955% of the principal amount, the bonds are expected to yield 4.93% upon maturity.

The company has also agreed to raise $750m by issuing 4.375% bonds due 23 April 2025.

The company has engaged Citigroup, First Abu Dhabi Bank, HSBC Holdings, ING Group, Mizuho Bank, Scotiabank and SMBC Nikko as joint lead managers for the transaction.

TAQA is an energy and water utility company based in the United Arab Emirates (UAE). It plans to use the proceeds to refinance existing debts.