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Energy Investors Funds Closes On Credit Facility Financings For Three Of Its Funds
Energy Investors Funds (EIF) today announced that it has successfully closed on financings for three of its fund credit facilities. EIF's United States Power Fund III, L.P. increased the size of its credit facility from $435 million to $467.5 million and also extended the maturity for two years to May 2011. EIF's United States Power Fund II, L.P. and USPF II Institutional Fund, L.P. extended their respective credit facility maturity dates to June 2010. The ability of EIF to close on almost $600 million of bank financing in the current environment testifies to its strong industry relationships and investment portfolio. more
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Energy Investors Funds Closes Investment In Astoria II Energy Project
Energy Investors Funds (EIF) announced that its United States Power Fund III, L.P. (“USPF III”) has closed an investment in Astoria Energy II LLC, a limited liability company created to develop, construct, own, and operate a new, approximately 500 MW combined cycle, natural gas-fired power plant in Astoria, Queens Borough, New York City. EIF's USPF III will own the largest equity stake, in terms of percentage, in the project. more
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Energy Investors Funds Hires Rob Franson As Vice President
Energy Investors Funds (“EIF”), an established private equity fund manager that invests in the
U.S.
energy and electric power sector, announced today that Rob Franson has joined EIF as a Vice President in its
Needham
,
MA
office, where he will be responsible for the management of portfolio investments. more
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Energy Investors Funds Acquires Watertown Renewable Power, LLC
Energy Investors Funds has announced that the United States Power Fund III, L.P. has acquired Watertown Renewable Power, LLC, a 30 MW biomass power project currently under development in Watertown, CT, from Tamarack Energy, Inc. The acquisition adds to EIF's numerous investments in the clean power sector. more
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North American Single Asset Power Deal Of The Year 2008
Kleen Energy Systems: Clean Close
Project Finance
Energy Investors Funds' $1.35 billion Kleen Energy financing managed to fashion a debt package around the remnants of the B loan market, as well as incorporate commercial bank debt. The financing has yet to be replicated since its June 13, 2008 closing. The bookrunner, Goldman Sachs, provided a fully-underwritten commitment, one of the last times a US power financing was syndicated on that basis.
Kleen benefits from contracts for capacity and energy. The energy tolling agreement runs for seven years, while the capacity agreement runs for 15 years. Collectively, the contracts provide a surprisingly strong credit for a project located in the merchant ISO-New England power market. Kleen provided a useful test of the old project finance cliché that in a down market only the best-structured projects get closed, and it almost established a new one -- that the best structured projects are always too good to be left to commercial bank clubs.
view a pdf of this article
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Solar Power Partners Places 19 New Solar Energy Facilities Into Commercial Operation
SPP Fund II, LLC brings distributed solar systems online and firmly establishes Solar Power Partners (SPP) in the rapidly growing commercial solar Power Purchase Agreements (PPA) market
Solar Power Partners, Inc. (SPP), a leading nationwide commercial developer of distributed solar energy facilities (SEFs), today announced that it has placed into service 19 new SEFs with a total capacity of 7.7 MW. This new capacity, along with the 5.1 MW in SPP Fund I, firmly positions SPP as a top solar developer in the United States. The projects will provide solar power to a variety of customers, including several corporate clients, three universities, two healthcare facilities, a water district, a wastewater treatment facility, and a public school. The SEFs will produce enough clean renewable energy to offset 8,723 metric tons of carbon annually. Financing of the SEFs is being provided by Bank of America in the form of a tax equity investment and Energy Investors Funds through its United States Power Fund III, L.P.
view a pdf of this article
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Energy Investors Funds' Investment In Juan De Fuca Cable Receives Final
U.S.
Permits
Energy Investors Funds announced that the Juan de Fuca Cable, a project partially financed by EIF’s United States Power Fund, L.P., has received a permit from the United States Army Corps of Engineers authorizing the installation of the cable on
U.S.
soil and seabed. The permit represents the conclusion of all major U.S. Federal and State permitting requirements for the development of the 50 kilometer,
550 MW High Voltage Direct Current Light® international submarine transmission cable. more
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Energy Investors Funds Closes Investment In Solar Power Partners, Inc.
Energy Investors Funds announced that the United States Power Fund III, L.P. has closed its investment in Solar Power Partners, Inc. (“SPP”), a leading national solar energy services provider. SPP partners with businesses, municipalities and institutions to provide them with clean solar power-generated electricity by contracting with them to install solar panels on their property. Terms of the investment were not disclosed. more
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Energy Investors Funds Expands Team
Energy Investors Funds announced that it has made a number of new additions this year to the firm’s investment, marketing, legal and accounting staffs. more
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Energy Investors Funds Closes Financing For Kleen
Energy Systems, LLC
620MW Plant Being Constructed in Middleton, CT
United States Power Fund II, L.P. and the United States Power Fund III, L.P. have raised construction financing for the Kleen Energy Systems, LLC power plant. Kleen Energy Systems is currently under construction in Middletown, CT and will be a 620 MW combined cycle natural gas-fired power plant located approximately 15 miles south of Hartford. The project won a competitive RFP process run by the state of Connecticut and has entered into a 15-year capacity agreement with Connecticut Light and Power for the electricity produced by the plant. more
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US Investors
US Investors Eye Infra
Project Finance International
Infrastructure project sponsors have long hoped to entice some of the nation's US$9 tr in pension fund assets to participate in infrastructure projects as pension funds in Canada, Australia, and some European nations have done. With the outlook for traditional assets sinking, US funds are finally listening. By Dierdre Fretz. view a pdf of this article
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April 30, 2008
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Energy Investors Funds And Enpower Corp. Complete Acquisition Of Johnson County, KS High BTU Landfill Gas Facility
United States Power Fund III, L.P. together with Enpower Corp., completed its acquisition of the high-BTU landfill gas facility at the Johnson County, Kansas landfill (“KCLFG”). KCLFG is a landfill gas (“LFG”) collection system which converts LFG into pipeline-quality natural gas, which is then sold on the open natural gas market. more
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February 2008
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North American Portfolio Power Deal Of The Year 2007
EIF Calypso: Flex and flexibility
Project Finance
EIF Calypso's buyout of an 80% interest in 14 plants in the Cogentrix Energy portfolio, through a hybrid corporate/project debt structure rather than a traditional B loan, allowed EIF to get a quick financial close as well as create a structure that gives it unprecendented financial flexibility. view a pdf of the article
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February 6, 2008
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Energy Investors Funds And Enpower Corp. Complete Acquisition Of Landfill Energy Systems
United States Power Fund III, L.P. together with Enpower Corp., a California-based owner-operator of energy assets, completed their acquisition of Landfill Energy Systems and certain of its affiliates (“LES”) on January 31, 2008. LES, a privately held company, owns and operates a portfolio of 18 landfill gas-to-energy projects located in nine states. The LES portfolio includes developed projects generating over 96 MW of electricity, with another 9.6 MW under construction and over 29 MW in late-stage development. The company is a leader in the development, construction and operation of renewable energy facilities at landfills. more
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January 30, 2008
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Energy Investors Funds Closes Financing For Panoche Energy Center
Construction to begin immediately on 400MW power plant
United States Power Fund II, L.P. has raised construction financing for the Panoche Energy Center in Fresno, CA. Panoche will be a 400 MW natural gas-fired power plant located approximately 50 miles west of the city of Fresno. more
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