PLUG IN: ArcStar News Feed: Credit quality of PG&E PPA's drop to Junk

Monday, January 14, 2019

Credit quality of PG&E PPA's drop to Junk

Newsletter – January 15, 2019

US utility PG&E prepares to file for bankruptcy / John Simon as interim CEO appointed

US utility PG&E will file for bankruptcy, Berkshire Hathaway's »Topaz Solar Farm« counts on PG&E for all of its revenue
© First Solar Inc.

14.01.2019: PG&E Corporation, owner of the biggest U.S. power utility by number of customers, is preparing to file for Chapter 11 bankruptcy for all of its businesses probably at the end of January. According to news agency »Reuters«, PG&E »faces widespread litigation, government investigations and liabilities that could potentially reach $30 billion,« accounting for damage from fires in 2018 and in 2017. The wildfires have killed more than 80 people and destroyed thousands of homes. According to the »Washington Post«, declaring insolvency is »ultimately the only viable option to restore PG&E's financial stability to fund ongoing operations and provide safe service to customers,« citing company officials.
According to news agency »Bloomberg«, S&P Global Ratings cut the credit rating of Berkshire Hathaway Energy's 550 MW »Topaz Solar Farm« to junk, »noting that the plant counts on embattled utility giant PG&E Corp. for all of its revenue.« The company had more than 6 GW of deals to buy wind and solar power from suppliers including Sempra Energy and Consolidated Edison Inc. as of January 2017, says the agency.
First Solar Inc. started construction on the »Topaz Solar Farm« in November 2011. Berkshire Hathaway's MidAmerican Energy Holdings Co. agreed to purchase the project in December 2011.
PG&E Corporation is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. The company says, it does not expect any impact to electric or natural gas service for its customers as a result if the bankruptcy process. The company also expects that its employees will continue to receive their pay and healthcare benefits as usual.
On Sunday, PG&E Corporation announced that its CEO Geisha Williams has resigned from the Boards of both the holding company and the utility. The Board of Directors appointed John Simon as Interim Chief Executive Officer. He has served as Executive Vice President and General Counsel since 2017 and has been with the company since 2007.
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Univergy will install two photovoltaic projects with a capacity of 400 MW in Spain

Univergy's 32 MW plant »Fukuroda« in Japan
© Univergy International

14.01.2019: The Hispanic-Japanese project developer Univergy International targets to build two photovoltaic plants in Spain with a total capacity of 400 MW, to start supplying energy to the grid in 2020. The projects are located in the province of Palencia in Castillia y León, in the communities Grijota and Herrera de Pisuerga. According to the company, it already has the energy concession permits and is now contacting the landowners to propose a 25-year rental agreement. The installation of these two plants will require the work of up to a hundred people during the construction phase and, once the infrastructure has been completed, it will require five maintenance managers who will be responsible for solving any incidents that may arise.
Furthermore, Univergy has planned a series of facilities for the so-called solar pumping, which can save diesel on farms that use this type of fuel for irrigation and soon begin to install in the province. Currently, the group has business activity in Germany, Japan, India, Indonesia, Bangladesh, Vietnam, the Philippines, Taiwan, Sri Lanka, Colombia, Mexico, Panama, Argentina, Spain, Korea, Australia, the United States, the Netherlands, France and Egypt, countries where it develops a project portfolio of more than 2,6 GW in total.
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CEE Group sells UK solar portfolio to Greencoat Capital

14.01.2019: German asset manager CEE completed the sale of its British solar park portfolio to Greencoat Solar Assets II. The three plants have a total capacity of 60.4 MW. Total installed capacity of Greencoat Solar now exceeds 600 MW, says the company. The CEE Group acquired the »Bicester« solar park in 2014 and the »Aston Clinton« and »Homestead« plants two years later from German project developer BayWa.
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Francesco La Camera appointed as new IRENA Director-General

14.01.2019: The International Renewable Energy Agency (IRENA) Assembly selected Francesco La Camera to be the next Director-General of IRENA. La Camera will take office on April 4, 2019, succeeding Adnan Z. Amin, who has been IRENA Director-General since 2011.
Francesco La Camera currently serves as the Director General for Sustainable Development, Energy and Climate at the Italian Ministry of Environment, Land and Sea. He led the EU and Italian negotiation teams at the climate COP 20 in Lima and was the head of the Italian delegation to the three previous COPs. He has represented Italy in many international forums including at the EU, UNECE, UNCSD, UN Environment, and the OECD. He is elected for a term of four years. After assuming office as Director-General, he will lead the IRENA Secretariat and the implementation of the Agency's work programme and budget.
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