Deals this week: Pattern Energy Group and Longroad Energy Holdings

19 January 2017 (Last Updated January 19th, 2017 18:30)

Pattern Energy Group intends to raise $350m in gross proceeds in a private placement of unsecured senior notes, which will be guaranteed by Pattern US Finance Company.

Pattern Energy Group intends to raise $350m in gross proceeds in a private placement of unsecured senior notes, which will be guaranteed by Pattern US Finance Company.

Due 2024, the notes will raise net proceeds of $343m, which will be used to partly fund its proposed acquisition of the Broadview project. It will also be used to repay existing debts under revolving credit facility availed for purchasing the Armow project and to finance other green projects.

Qualified institutional investors and certain non-US persons are expected to subscribe to the placement.

Based in the US, Pattern Energy Group is a windpower generation company.

Longroad Energy Holdings has acquired a portfolio of solarpower projects with a combined installed capacity of 3GW from 7x Energy.

Longroad Energy Holdings develops renewable energy projects, whereas 7x Energy develops utility-scale solarpower projects.

Both the companies involved in the transaction are based in the US.

Huaneng Power International has raised CNY4bn ($579.56m) through a public offering of 3.4% super short-term debentures.

Due November 2017, the debentures have been issued as first tranche of the company’s CNY30bn ($4.34bn) short-term debentures issue within 24 months.

The company intends to repay its bank loans and supplement working capital using the proceeds from the offering.

ReNew Power Ventures Pvt has raised $390m in debt financing from Asian Development Bank and Leading Asia’s Private Sector Infrastructure Fund (LEAP).

The funds will be invested in 709MW development and capacity expansions across a number of Indian states, including Andhra Pradesh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, and Telangana.

One Energy Enterprises has raised $80m through the placement of senior and subordinated debt.

Proceeds are intended to be used to continue its portfolio of wind for industry projects throughout Ohio and the rest of the US.

KLP Norfund Investments has provided equity financing of $5m to US-based off-grid solar solutions provider d.light design.

d.light design provides clean off-grid power to low-income families in Africa and Asia using pay-as-you-go (PayGo) financing solutions. The company intends to use the funding to expand its operations.

It has also received a $5.5m grant from Beyond the Grid and Shell Foundation.

KLP Norfund Investments is an investment vehicle of The Norwegian Investment Fund for Developing Countries (Norfund).