HMP Buys Two 'Eco-friendly' VLCCs
The Arab Petroleum Investments Corporation (APICORP), an energy-focused multilateral development financial institution, and the National Bank of Fujairah (NBF) signed a five-year $108 million debt finance facility with Hartree Maritime Partners, LLC (HMP), the shipping affiliate of Hartree Partners, a global energy and commodities firm, with the aim to help boost maritime sustainability.The facility…
Mexico Gives Pemex $5 Bln to Pay Debt
Mexico's government will give state-owned Pemex $5 billion so the world's most indebted oil company can pay off bonds, part of a plan to shore up accounts that also includes refinancing other bonds, the company said on Wednesday.Pemex, burdened by some $104 billion of debt, has a credit profile rated junk by Fitch and risks a downgrade by Moody's in coming months that…
Australian first project to Harness Sun, Wind, Batteries
A world-leading project combining solar, wind and battery storage will be built near Hughenden in North Queensland, delivering renewable energy on demand. The Australian Renewable Energy Agency (ARENA) has committed up to $18 million in recoupable grant funding for a Windlab and Eurus Energy joint venture to build the first $120 million phase of Kennedy Energy Park, consisting of 19.2 MW (AC) solar photovoltaic (PV)…
Mining Success Marks Turning Point for Off-grid Renewables
More than 34,000 solar photovoltaic (PV) panels have been installed at the DeGrussa copper-gold mine alongside 6 MW (1.8 MWh) of new battery storage. The Australian Renewable Energy Agency (ARENA) is supporting the $40 million project with $20.9 million recoupable grant funding and the CEFC has committed $15 million in debt finance. ARENA CEO Ivor Frischknecht said the…
Decision to Retain ARENA, CEFC Welcomed
The Australian Government this week announced its intention to retain ARENA, expand its renewables mandate to include energy efficiency and low emissions technology, and make changes to its funding as well as the types of projects in which the agency will invest. ARENA welcomes the Government’s clear commitment to retain ARENA and the Clean Energy Finance Corporation (CEFC)…
Moree Solar Farm Starts Feeding into the Grid
The Australian Renewable Energy Agency (ARENA) and Clean Energy Finance Corporation (CEFC) today welcomed the news that the Moree Solar Farm in Northern New South Wales had successfully achieved first generation. Moree Solar Farm, developed by Fotowatio Renewable Ventures (FRV), is now feeding 56 MW of renewable solar energy into the National Electricity Market, enough to power 15,000 average homes.
Big Solar for Queensland Town
The historic sheep and cattle grazing Queensland town of Barcaldine will be home to a new big solar farm, creating jobs in the region and boosting large scale solar in Australia. The Australian Renewable Energy Agency (ARENA) is providing $22.8 million support towards the construction of Barcaldine Regional Community Solar Farm, a 20 MW AC (25 MW DC) single axis tracking solar plant.
Oil Price Impacts U.S. Oil & Gas Financing
"Excessive oil and gas loan concentrations have been a key factor in the failure of some banks during periods of steep price declines," the Office of the Comptroller of the Currency (OCC) notes with bureaucratic understatement in its handbook for U.S. bank examiners. Falling oil and gas prices can have a negative impact on firms beyond producers themselves, rippling out to hurt oilfield service companies…
Wentworth Sees Surging Cash Flow After Tanzania Gas Deal
Oil explorer Wentworth Resources expects its cash flow to surge from the first quarter of next year as it earns revenues from a new gas sales deal at its Mnazi Bay and Msimbati Gas fields in Tanzania, it said on Monday. Tanzania signed an agreement with French oil producer Maurel et Prom and Wentworth for the supply of gas aimed at doubling the country's power generation capacity to 3,000 megawatts by 2016.
Outreach Acquires Tech Safe Systems
The latest stage of an ambitious growth program at Outreach Ltd., a supplier of hydraulic handling, lifting and access equipment based in Falkirk, sees the acquisition of one of the U.K.’s top suppliers of Launch and Recovery Systems (LARS) for remotely operated underwater vehicles (ROVs). Outreach has acquired, for an undisclosed sum, Great Yarmouth based Tech Safe Systems (U.K.) Ltd.…
Kemp: U.S. Over-Reaches on Russia Sanctions
Targeting major Russian energy firms may come to be seen as the turning point at which U.S. sanctions policy over-reached and spurred a major effort to re-route financial transactions away from the United States. Prohibiting core Russian energy companies such as Rosneft, Gazprombank, Novatek and Vnesheconombank from arranging equity or long-term debt finance from or through "U.S.
