Business Strategy
Thorndike Landing, LLC is a management consulting firm specializing in business, financial, market and transaction-related services for the energy industry. Our senior professionals have practical, hands-on experience with a wide array of issues affecting the energy industry gained from positions held at electric and natural gas utility companies, ”Big Four” accounting firms, diversified energy companies and international management consulting firms. Thorndike Landing specializes in the following areas:
- Financial Advisory
- Business Strategy
- Power and Commodities Markets
- Risk Advisory and Asset Portfolio Services
- Regulatory Economics and Litigation Support
Thorndike Landing provides services and expertise to a wide range of businesses and financial entities including electric and gas utility companies; generation entities; renewable energy companies focusing in wind, biomass, hydro, geothermal and solar generation; storage developers, electric transmission companies; natural gas pipeline companies; wholesale and competitive retail trading businesses; educational institutions; private equity firms; hedge funds and other financial institutions.
Company Highlights
11/20/2023 BlackRock Backs Capital Power in $1.1 Billion US Gas Deal
09/13/2023 GCM Grosvenor to Join Vesper Energy as New Strategic Partner
https://www.wsj.com/articles/gcm-grosvenor-to-join-vesper-energy-as-new-strategic-partner-1e610494
07/13/2023 GenOn Bowline Files to Sell to Rockland Entity
https://elibrary.ferc.gov/eLibrary/filedownload?fileid=0B3D840B-9D8D-CD27-A85A-895602300000
11/15/2022 BlackRock agrees to acquire Jupiter Battery Storage Business
04/19/2022 QIC Cypress and Creek Renewables announce closing of $450 million debt facility
11/22/2021 Buyout firm Apollo to acquire stake in energy storage operator Broad Reach
10/27/2021 Advisor Revealed on Ecofin Wind Deal
https://www.inframationnews.com/news/9411631/advisor-revealed-on-ecofin-wind-deal.thtml
10/22/2021 Ecofin US Renewables buys US wind asset for USD49 million
10/07/2021 Rockland Capital to sell biomass facility in Georgia
09/10/2021 Chicago Taps Advisor to Explore Electricity Franchise Options
09/02/2021 IPP Hires Advisor to Sell California Wind Farm
https://www.inframationnews.com/news/9081066/ipp-hires-advisor-to-sell-california-wind-farm.thtml
01/26/2021 Trilantic North America Equity Investment in SoftBank's Intersect Power
01/21/2021 Advisor Appointed for Texas Peaker Auction
https://www.inframationnews.com/news/7685726/advisor-appointed-for-texas-peaker-auction.thtml
12/20/2020: Ormat jumps on Texas energy storage acquisition
https://en.globes.co.il/en/article-Ormat-jumps-on-Texas-energy-storage-acquisition-1001353673
12/08/2020: Acquisition of 1.5 GW contracted power plants in the US and Caribbean for $837M
https://www.contourglobal.com/sites/default/files/2020-12/hummingbird_presentation_vfinal.pdf
12/08/2020: Owner Finds Buyer for New Hampshire Biomass Plants
https://www.inframationnews.com/news/7061966/owner-finds-buyer-for-new-hampshirebiomass-plants.thtml
10/27/2020: Blackrock Affiliate Acquires Interest in 945 MW Georgia CT from Tenaska
https://elibrary.ferc.gov/eLibrary/filedownload?fileid=15649117
07/01/2020 Astoria Energy Closing
Equity consortium closes acquisition of stakes in New York's Astoria Energy facilities.
04/30/2020: ORMAT ANNOUNCES COMMERCIAL OPERATION OF RABBIT HILL BATTERY ENERGY STORAGE SYSTEM ...
04/28/2020: Marubeni finds buyer for US generation assets
https://www.sparkspread.com/news/4411251/marubeni-finds-buyer-for-us-generation-assets.thtml
04/15/2020: Investor takes bids for US biomass portfolio
https://www.sparkspread.com/news/4386601/investor-takes-bids-for-us-biomass-portfolio.thtml
04/08/2020: Lendlease relaunches sale of US solar projects
https://www.sparkspread.com/news/4272711/lendlease-relaunches-sale-of-us-solar-projects.thtml
03/24/2020: ENMAX completes purchase of Emera Maine
https://www.enmax.com/news-events/news/enmax-completes-emera-maine-acquisition
03/19/2020 Wallingford Solar Project Sale Closed
https://www.sparkspread.com/news/4209686/nextera-snaps-up-contracted-solar-project.thtml
02/07/2020: Sponsor markets 359 MW US wind portfolio
https://www.sparkspread.com/news/4091441/sponsor-markets-359-mw-us-wind-portfolio.thtml
09/19/2019 Meridiam Investment in Hydrostor
FTC Approves John Laing Acquisition of Live Oak Wind from ENGIE S.A.
https://www.ftc.gov/enforcement/premerger-notification-program/early-termination-notices/20191258
20191258: John Laing Group plc; ENGIE S.A.
20191258
ACQUIRING PARTY:John Laing Group plc
ACQUIRED PARTY:ENGIE S.A.
GRANTING STATUS:Granted
ACQUIRED ENTITIES
- Live Oak Wind Partners, LLC
ENMAX to Purchase Emera’s Operations in Maine for $1.3 Billion USD
Hannon Armstrong Investment in C&I Solar Portfolio
Engie launched process to sell down stake in portfolio of utility--scale solar projects in the U.S.
https://www.sparkspread.com/news/3413836/developer-to-sell-down-utilityscale-solar-stake.thtml
GCM Grosvenor entity buys majority stake in Burney biomass plant from EIF
https://elibrary.ferc.gov/idmws/common/opennat.asp?fileID=15049383
AMP Capital invests in thermal power generation platform - Invenergy
Boston Energy Trading & Marketing Acquisition
Tiger Infrastructure Signs Agreement to Acquire Danskammer Generation Station
AEP To Sell Four Competitive Power Plants To Blackstone And ArcLight Joint Venture
ContourGlobal Senior Secured Notes
LUXEMBOURG, June 17, 2016 /PRNewswire/ -- ContourGlobal Power Holdings S.A. (the "Issuer") today announced the closing of its previously announced private offering of €550 million aggregate principal amount of 5.125% senior secured notes due 2021 (the "Notes") to eligible purchasers. The Notes had received a 'BB' rating by Standard & Poor's and a 'BB-' rating by Fitch Ratings. (continues)
Yieldco PPA Level Analysis Update Set for May 2
Thorndike Landing's Yieldco valuations will update early May 2016, following wind and solar production updates for the individual component plants. Contact us two weeks in advance to obtain the updates on a timely basis.
Vestas receives 40 MW order in U.S. state of Maine
Vestas has received a firm and unconditional order in the United States for 13 V112-3.075 MW turbines for the Passadumkeag wind farm in Penobscot County, Maine.
The order was placed by Passadumkeag Windpark, LLC, an affiliate of Thorndike Landing client Quantum Utility Generation, LLC.
EDF Renewable Energy First Battery Storage Project
EDF Renewable Energy (EDF RE) announced today that the McHenry Storage Project, EDF Group’s first battery storage project in North America, reached commercial operation on December 20, 2015. The energy storage system, located in McHenry County, Illinois, added 40 megawatts (MW) of flexible capacity (20 MW nameplate) to the PJM Regional Transmission Organization (RTO) and will participate in both the regulation and capacity markets.
EDF Renewable Energy had acquired a 100% interest in the project late in the first quarter of 2015 from Thorndike Landing client GlidePath Power.
NTE Secures Investment for Generation Projects
ST. AUGUSTINE, Fla. – NTE Energy, a power developer and energy services provider, has secured an investment for its three natural gas-fired power plants that are currently under development. This investment will allow NTE Energy to complete the development of these projects, valued at over $1.1 billion, and begin construction of all three projects next year.
Capital Dynamics and Wattage Finance, LLC, which is owned by a group of private investors and managed by an affiliate of Guggenheim Partners, LLC, will work with NTE Energy to finalize the development and prepare the three projects for construction financing. Projects include Middletown Energy Center, a 518 MW combined cycle power plant in Ohio, Kings Mountain Energy Center, a 475 MW combined cycle power plant in North Carolina, and Pecan Creek Energy Center, a 237 MW simple cycle power plant in Texas.
$107 Million Portfolio of Solar and Wind Land and Leases
Hannon Armstrong Sustainable Infrastructure Capital, Inc. acquires $107 Million Portfolio of Land and Leases for Solar and Wind Projects.
Structured as a purchase of Thorndike Landing client American Wind Capital Company, LLC with no debt, liabilities or employees. Existing employees and management will form a new company named AWCC Capital, LLC to originate additional transactions in which HASI has a right of first refusal to purchase additional transactions.
- Also Adds Additional $200 Million of Capacity to Credit Facility -
ContourGlobal Power Holding
Standard & Poors Ratings Services assigned its preliminary BB- rating to ContourGlobal Power Holdings S.A.s (CGPH) proposed $400 million senior secured bonds due in 2019. Thorndike Landing client ContourGlobal subsequently issued the 7.125% coupon bond in a private placement.
First Wind completes $75M add-on
Thorndike Landing client First Wind Capital, LLC announced today that it has received the requisite consents from the holders of a majority in principal outstanding amount of its 10.25% senior secured notes due 2018.
Payment of the Consent Fee to the consenting holders was subject to the satisfaction of the conditions of the Consent Solicitation, including the consummation of a debt financing in an aggregate principal amount of $75.0 million.
Thorndike Landing Issues First Independent Market Report for PJM Storage
Thorndike Landing forecasts market clearing prices RMCCP and RMPCP for the PJM regulation market. PJM ancillary services fundamental market model updated for recent RegD market rule changes.
AMP Capital invests in Zone J Generation
Thorndike Landing client AMP Capital’s Infrastructure Debt Funds have closed a US$100 million subordinated debt financing for New York City-based Astoria Project Partners, a fully operational, combined cycle power generation facility, with a total generating capacity of 550MW.
Thorndike Landing Supports First Wind with Clean Energy Financing
Thorndike Landing supports First Wind Capital, LLC with $200 million senior secured financing due 2018.
Thorndike Landing Advises CHEC with Sale of Biomass Business
Thorndike Landing Advises Central Hudson Enterprises Corp. with the divestiture of its Lyonsdale Biomass business located in New York State.
Thorndike Landing advises Integrys Energy with Retail Business Divestiture
Thorndike Landing advises Integrys Energy with the divestiture of its Texas retail electric business.
Thorndike Landing advises Integrys Energy with REC Divestiture
Thorndike Landing advises Integrys Energy with the divestiture of its renewable energy certificates portfolio to EDF Trading North America, LLC
Thorndike Landing advises Integrys Energy with Hydro Generation Sale
Thorndike Landing advises Integrys Energy with divestiture of hydroelectric generation and retail electric businesses.
Thorndike Landing advises Integrys Energy with Wholesale Divestiture
Thorndike Landing advises Integrys Energy with the divestiture of its wholesale electric marketing and trading business to Macquarie Cook Power, Inc.
Thorndike Landing advises Integrys Energy with Wholesale Gas Divestiture
Thorndike Landing advises Integrys Energy with the divestiture of its wholesale natural gas marketing business, resulting in an estimated $475 million reduction in its collateral support requirements.
Thorndike Landing advises Acciona Energy North America
Thorndike Landing advises Acciona Energy North America with its successful placement of tax equity for SPP wind farm Red Hills.
Thorndike Landing advises Integrys with Consulting Business Divestiture
Thorndike Landing advises Integrys Energy with the divestiture of its energy consulting business to U.S. Energy Services, Inc.
Thorndike Landing advises Integrys Energy with Canadian Divestiture
Thorndike Landing advises Integrys Energy with the divestiture of its Canadian power and natural gas marketing business to Shell Energy North America, resulting in an estimated $300 million incremental reduction in its collateral requirements.
Thorndike Landing advises Babcock & Brown Infrastructure Fund North America
Thorndike Landing advises Babcock & Brown Infrastructure Fund North America with the US$910 million acquisition of the Dominion Peoples and Dominion Hope natural gas local distribution companies located in Pennsylvania and West Virginia from Dominion Resources.
Thorndike Landing advises Rockland Capital Energy Investments, LLC
Thorndike Landing advises Rockland Capital Energy Investments, LLC with the equity offering for an interest in the BL England Generating Station, a 416 MW coal-fired generating plant located in the PJM Interconnection.
Thorndike Landing advises Dominion Energy, Inc.
Thorndike Landing advises Dominion Energy, Inc. with the successful acquisition of 50% interest in the 650 MW Fowler Ridge Wind Farm located in Indiana from BP Alternative Energy, Inc. for an undisclosed amount.
Thorndike Landing advises Duquesne Light
Thorndike Landing advises Duquesne Light with business strategy effort to determine the best option for its business, with respect to membership in the PJM Interconnection versus the Midwest ISO.
Thorndike Landing advises The United Illuminating Company and NRG Energy
Thorndike Landing advises The United Illuminating Company and NRG Energy with its successful venture to construct new generating capacity in Connecticut.
Thorndike Landing advises AIG Financial Products Corp. and Union Bank of CA
Thorndike Landing advises AIG Financial Products Corp. and Union Bank of California, N.A. with the successful US$1.3 billion sale and leaseback transaction for FirstEnergy Generation Corp.’s 779 MW portion of the coal-fired Bruce Mansfield Plant Unit 1 operating in the Midwest ISO.
Thorndike Landing advises SUEZ Energy North America
Thorndike Landing advises SUEZ Energy North America with the successful CDN$124 million acquisition of 100% of the Canadian wind power development company Ventus Energy Inc.