Global Infrastructure Partners

EQS-News: Søren Skou appointed as Chair of the Advisory Board of Skyborn Renewables

Retrieved on: 
Wednesday, April 10, 2024
Partnership, GIP, Global Infrastructure Partners, Advisory board, Growth, Acquisition

Søren Skou, the former Chief Executive Officer (CEO) of A.P.

Key Points: 
  • Søren Skou, the former Chief Executive Officer (CEO) of A.P.
  • Moller-Maersk (“Maersk”), has joined Skyborn Renewables (“Skyborn”) as Chair of the Advisory Board.
  • “We are delighted to welcome Søren to Skyborn.
  • “I am very pleased to join Skyborn,” said Skou.

Hess Midstream LP Announces Signing of Accretive $100 Million Sponsor Unit Repurchase

Retrieved on: 
Tuesday, March 12, 2024
Professional Services, Other Energy, Utilities, Oil, Gas, Energy, Finance, Hess Corporation, Class, Global Infrastructure Partners, Petroleum

Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), today announced the execution of a definitive agreement providing for the repurchase of approximately $100 million of Class B units by its subsidiary, Hess Midstream Operations LP, from affiliates of Hess Corporation and Global Infrastructure Partners, Hess Midstream’s sponsors (the “Sponsors”).

Key Points: 
  • Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), today announced the execution of a definitive agreement providing for the repurchase of approximately $100 million of Class B units by its subsidiary, Hess Midstream Operations LP, from affiliates of Hess Corporation and Global Infrastructure Partners, Hess Midstream’s sponsors (the “Sponsors”).
  • Hess Midstream Operations LP, Hess Midstream’s consolidated subsidiary, agreed to repurchase 2,816,901 Class B units of Hess Midstream Operations LP, equal to approximately 1.2% of the consolidated company, held by the Sponsors for an aggregate purchase price of approximately $100 million.
  • After completing the unit repurchase transaction, ownership of Hess Midstream on a consolidated basis will be approximately 35.4% for the public, 26.8% for Global Infrastructure Partners and 37.8% for Hess Corporation.
  • Hess Midstream expects to fund the unit repurchase through borrowings under its existing revolving credit facility.

Global Infrastructure Partners Announces Total $2.1 Billion Final Closing of Its Inaugural Emerging Markets Fund

Retrieved on: 
Tuesday, March 5, 2024
Banking, Asset Management, Professional Services, Finance, Market, Investment, Emerging market, GIP, Global Infrastructure Partners, Fund, Insurance, Pension fund

Global Infrastructure Partners (GIP), a leading infrastructure investor, announced today that GIP Emerging Markets Fund I (“GIP EM” or “the Fund”) has completed fundraising for aggregate committed capital of more than $2.1 billion.

Key Points: 
  • Global Infrastructure Partners (GIP), a leading infrastructure investor, announced today that GIP Emerging Markets Fund I (“GIP EM” or “the Fund”) has completed fundraising for aggregate committed capital of more than $2.1 billion.
  • The Fund garnered significant support from GIP’s existing investor base while also attracting new investors with a specific interest in emerging markets infrastructure.
  • GIP Emerging Markets Fund I is a dedicated emerging markets-focused fund that extends GIP’s Flagship equity strategy to opportunities in 11 Target Countries in Asia and Latin America.
  • “We are extremely gratified by the confidence that EM Fund investors have placed in us,” said James Amine, GIP Partner and Head of Emerging Markets.

SunPower Reports Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Thursday, February 15, 2024
SunPower, Global Infrastructure Partners, FY, TotalEnergies, Adjustment

"With the recent infusion of capital, SunPower is focused on driving positive free cash flow and profitability," said Peter Faricy, SunPower CEO.

Key Points: 
  • "With the recent infusion of capital, SunPower is focused on driving positive free cash flow and profitability," said Peter Faricy, SunPower CEO.
  • "This is a new opportunity for SunPower to reinforce our strong foundation as we continue to navigate an uncertain market in early 2024.
  • With this funding and industry tailwinds of extended tax credits and lower equipment costs, we believe SunPower is positioned to execute on maximizing the value proposition of solar and storage for our customers."
  • We will provide additional guidance later in the year, after we assess the implications of the recapitalization and restructuring."

SunPower Secures Additional Capital to Drive Ongoing Transformation

Retrieved on: 
Thursday, February 15, 2024
SunPower, Global Infrastructure Partners, Sol, Q&A, TotalEnergies, Security (finance)

RICHMOND, Calif., Feb. 15, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) (the "Company" or "SunPower"), a leading residential solar technology and energy services company, today announced that it has raised $175 million in capital financing through a second lien term loan from Sol Holding, LLC ("Sol Holding"), the Company's majority shareholder and an indirect subsidiary of TotalEnergies and Global Infrastructure Partners. The $175 million term loan includes $45 million previously funded to the Company in December and January, $80 million in new investment, and a $50 million second tranche that is available to be borrowed upon the satisfaction of certain conditions. In connection with the Second Lien Credit Agreement, the Company agreed to issue penny warrants to Sol Holding to purchase up to approximately 41.8 million shares of the Company's common stock with an additional 33.4 million of warrants issued if the $50 million second tranche of the term loan is drawn. This funding positions the Company to navigate current industry headwinds and further reinforce its foundation for a more sustainable, resilient and agile business.

Key Points: 
  • Together, these actions provide the Company with up to $155 million of additional liquidity.
  • "With this injection of additional liquidity and working capital to our balance sheet, coupled with substantial cost reductions, SunPower is taking positive steps to position itself to succeed in 2024 and beyond."
  • SunPower will discuss its full year and fourth quarter 2023 financial results on Thursday, Feb. 15 at 8 a.m.
  • Analysts intending to participate in the Q&A session must register for a personal link and dial-in at: https://register.vevent.com/register/BI49f0f6c1dcda48db936395f3333e1574 .

Hess Midstream LP Announces Pricing of Secondary Public Offering of Class A Shares

Retrieved on: 
Tuesday, February 6, 2024
Energy, Utilities, Oil, Gas, Global Infrastructure Partners, Security (finance), Sale, Exercise

The Selling Shareholder has granted the underwriter a 30-day option to purchase up to 1,500,000 additional Class A shares.

Key Points: 
  • The Selling Shareholder has granted the underwriter a 30-day option to purchase up to 1,500,000 additional Class A shares.
  • HESM will not receive any proceeds from the sale of Class A shares in the offering.
  • The offering is expected to close on February 8, 2024, subject to customary closing conditions.
  • Citigroup is acting as the bookrunning manager of the offering.

Hess Midstream LP Announces Secondary Public Offering of Class A Shares

Retrieved on: 
Monday, February 5, 2024
Energy, Utilities, Oil, Gas, Global Infrastructure Partners, Sale, Security (finance)

Hess Midstream LP (NYSE: HESM) (“HESM”) today announced the commencement of an underwritten public offering of an aggregate of 10,000,000 Class A shares representing limited partner interests in HESM by an affiliate of Global Infrastructure Partners (the “Selling Shareholder”).

Key Points: 
  • Hess Midstream LP (NYSE: HESM) (“HESM”) today announced the commencement of an underwritten public offering of an aggregate of 10,000,000 Class A shares representing limited partner interests in HESM by an affiliate of Global Infrastructure Partners (the “Selling Shareholder”).
  • The Selling Shareholder intends to grant the underwriters a 30-day option to purchase up to 1,500,000 additional Class A shares.
  • HESM will not receive any proceeds from the sale of Class A shares in the offering.
  • Citigroup is acting as the bookrunning manager of the offering.

Hess Midstream LP Reports Estimated Results for the Fourth Quarter of 2023

Retrieved on: 
Wednesday, January 31, 2024
Energy, Utilities, Oil, Gas, Growth, Sponsor, GAAP, MVC, Capital, Water, Capital expenditure, Global Infrastructure Partners, General partnership, Hess Corporation, Petroleum

Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today reported fourth quarter 2023 net income of $152.8 million compared with net income of $149.8 million for the fourth quarter of 2022.

Key Points: 
  • Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today reported fourth quarter 2023 net income of $152.8 million compared with net income of $149.8 million for the fourth quarter of 2022.
  • We refer to certain results as “attributable to Hess Midstream LP,” which exclude the noncontrolling interests in Hess Midstream Operations LP owned by the Sponsors.
  • Revenues and other income in the fourth quarter of 2023 were $356.5 million compared with $314.6 million in the prior-year quarter.
  • Hess Midstream will review fourth quarter financial and operating results and other matters on a webcast today at 12:00 p.m. Eastern Time.

Hess Reports Estimated Results for the Fourth Quarter of 2023

Retrieved on: 
Wednesday, January 31, 2024
Professional Services, Other Natural Resources, Oil, Gas, Energy, Finance, Natural Resources, Class, NGL, Interest, Hess Corporation, Prosperity, Global Infrastructure Partners, Corporation, JDA, Barrel, Acquisition, Midstream, Comparability, Uaru, E&P

E&P net income was $512 million in the fourth quarter of 2023, compared with $641 million in the fourth quarter of 2022.

Key Points: 
  • E&P net income was $512 million in the fourth quarter of 2023, compared with $641 million in the fourth quarter of 2022.
  • On an adjusted basis, E&P fourth quarter 2023 net income was $531 million, compared with $565 million in the prior-year quarter.
  • After-tax expense for Corporate, Interest and Other was $162 million in the fourth quarter of 2023, compared with $208 million in the fourth quarter of 2022.
  • Net cash provided by operating activities was $1,344 million in the fourth quarter of 2023, compared with $1,252 million in the fourth quarter of 2022.

SunPower Provides Update on Discussions with Key Financial Partners

Retrieved on: 
Thursday, February 1, 2024
Bank of America, Global Infrastructure Partners, Bank, Atlas, TotalEnergies, SunPower

RICHMOND, Calif., Feb. 1, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR) (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that it has received additional waiver extensions from Atlas Securitized Products Holdings, L.P., and Bank of America, providing for the extension of the latest temporary waivers until February 16, 2024.

Key Points: 
  • RICHMOND, Calif., Feb. 1, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR) (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that it has received additional waiver extensions from Atlas Securitized Products Holdings, L.P., and Bank of America, providing for the extension of the latest temporary waivers until February 16, 2024.
  • Additionally, the Company announced the receipt of commitments for $20 million in financing from its majority shareholders TotalEnergies and Global Infrastructure Partners.
  • SunPower will use the runway afforded by this financing and the extensions to continue discussions with key financial partners as it evaluates all strategic alternatives toward a long-term financial solution.