HOUSTON, TEXAS (Energy Analytics Institute, 17.Mar.2025) â Energy briefs as well as others related to finance and projects during Mar. 2025 including Vale Overseas Limited announced the early tender results; GoldMining Inc. disposing of 7,000 common shares of NevGold Corp.; New Gold Inc. pricing of its previously announced offering of $400mn aggregate principal amount of 6.875% Senior Notes due 2032; and more.
LATIN AMERICA AND THE CARIBBEAN
Brazil
— On 17 Mar. 2025, Brava Energia said that on 11 Mar. 2025, at the General Meeting of Debenture Holders (GMD) of the 4th Issuance of 3R Potiguar, as well as, on 14 Mar. 2025, at the GMDs of the 3rd and 4th Issuances of Brava (current name of 3R Petroleum Ăleo e GĂĄs S.A.) and the 3rd and 4th Issuances of Enauta ParticipaçÔes S.A. (succeeded by Brava), the co. obtained the approval of prior consent (waiver) for a temporary change in the maximum limit of the ratio Net Debt/EBITDA, and that the aforementioned index is calculated in US dollars according to the deadlines established in the respective GMDs Call Notices, subject to the considerations and conditions established in the deliberations of the respective GMDs.
— Vale Overseas Limited announced the early tender results of the previously announced offers to purchase for cash up to a maximum aggregate principal amount of notes validly tendered in the offers not to exceed $450,000,000, excluding any premium and any accrued and unpaid interest, of the outstanding notes issued by Vale Overseas. The offers are being made upon the terms and subject to the conditions set forth in the offer to purchase dated as of 24 Feb. 2025, Vale Overseas announced on 7 Mar. 2025 in an official stmt.
Cuba
— China announced plans to build more photovoltaic parks in Cuba in an effort to add 120 MW, Cuba’s Ministry of Energy and Mines announced on 14 Mar. 2025 in a post on X.
Guyana
— Frontera remains firmly of the view that its interests in, and the petroleum prospecting license for the Corentyne blk offshore Guyana, remain in place and in good standing, as the petroleum agreement has not been terminated. The JV is assessing all legal options available to it to assert its rights, Frontera announced on 10 Mar. 2025 in an official.
NORTH AMERICA
Canada
— GreenPower Motor Company Inc. granted 525,000 incentive stk options to the 4 independent directors and 3 officers of the co., 250,000 incentive stk options to employees of the co. and 25,000 stk options to a consultant. The stk options are subject to the approval of the TSX Venture Exchange and are exercisable for a period of 5yrs at a price of CDN $0.78/shr. Each director and the CFO were granted 75,000 stk options that vest in increments beginning 4 mths after the grant date, and the stk options will be fully vested 1yr after the grant date. For the employees and the consultant, the stk options vest in increments beginning 4 mths after the grant date, and the stk options will be fully vested 3yrs after the grant date, GreenPower announced on 14 Mar. 2025 in an official stmt.
— Kootenay Silver Inc.‘s common shrs will begin trading on the OTCQX Best Market under the ticker symbol “KOOYF,” effective at the opening of trading on 12 Mar. 2025. Trading on OTCQX will enhance the visibility and accessibility of the co. to US investors, Kootenay said on 12 Mar. 2025 in an official stmt.
— Canadian Pacific Kansas City Limitedâs wholly-owned subsidiary, Canadian Pacific Railway Company, is issuing $600mn of 4.800% notes due 2030 and $600mn of 5.200% notes due 2035, which will be guaranteed by CPKC. The offering is expected to close on 17 Mar. 2025, subject to the satisfaction of customary closing conditions, CPKC said on 12 Mar. 2025 in an official stmt. The net proceeds from the offering will be used primarily for the refinancing of outstanding indebtedness and for general corporate purposes. Until utilized for such purposes, the net proceeds may be invested in short term investment grade securities or bank deposits.
— Canadian Solar Inc. announced that e-STORAGE, which is part of the co.’s majority-owned subsidiary CSI Solar Co., Ltd, has secured battery supply agreements and long-term service agreements (LTSA) for 2 major battery energy storage projects in the US, developed by Aypa Power. The agreements cover the supply and commissioning of a 160MW AC/806 MWh DC battery energy storage system (BESS) in California and a 200MW AC/998 MWh DC BESS in Texas. The projects will deploy 370 SolBank 3.0 units, w/ construction expected to commence in 3Q:25, Canadian Solar announced 6 Mar. 2025 in an official stmt. Following commissioning, e-STORAGE will oversee system maintenance and operations under a 20yr LTSA, ensuring long-term performance and reliability.
— GoldMining Inc. disposed of 7,000 common shrs of NevGold Corp. pursuant to a mkt sale over the facilities of the TSX Venture Exchange. Prior to the disposition, the co. beneficially owned and had control and direction over 26,670,250 NevGold shrs or 28.3% of the outstanding NevGold shares, GoldMining announced 6 Mar. 2025 in an official stmt. After the disposition, the co. beneficially owns and has control and direction over, 26,663,250 NevGold shr or 28.3% of the outstanding NevGold shrs.
— New Gold Inc. pricing of its previously announced offering of $400mn aggregate principal amount of 6.875% senior notes due 2032. The offering is expected to close on or about 18 Mar. 2025, subject to customary closing conditions. New Gold intends to use the net proceeds from the offering of the notes, together w/ cash on hand, to fund the purchase of any and all of its outstanding 7.50% senior notes due 2027 and to pay related fees and expenses, New Gold announced 4 Mar. 2025 in an official stmt. New Gold intends to use the remainder of the net proceeds, if any, to redeem any existing notes remaining outstanding following the tender offer at 100% of the principal amount thereof on or about 15 Jul. 2025.
— Vermilion Energy Inc. announced a cash dividend of $0.13 CDN per common shr, payable on 15 Apr. 2025 to all shareholders of record on 31 Mar. 2025. This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada), Vermilion announced 5 Mar. 2025 in an official stmt.
US
— BJ Energy Solutions, LLC has taken delivery of a fifth set of its proprietary TITANTM Natural Gas Fueled Direct Drive Turbine Fracturing Units from Jereh Energy Equipment and Technologies Corporation. The completion of these units increases BJES’ total hydraulic horsepower offering to approximately 400,000 across the Montney/Duvernay, Haynesville, Anadarko, Eagle Ford and Permian basins, BJ Energy said on 13 Mar. 2025 in an official stmt.
— The Public Utility Commission of Texas (PUCT) approved the 2025-2027 System Resiliency Plan filed by TNMP, a wholly-owned subsidiary of TXNM Energy. Under the plan, TNMP will invest $545.8mn over 3yrs to mitigate various types of resiliency events posing material risk to the safe and reliable operation of TNMP’s distribution system. The plan also encompasses operations and maintenance expenses associated w/ several programs, including vegetation mgmt and wildfire mitigation, TXNM announced on 13 Mar. 2025 in an official stmt.
— “We have seen solid consistency in our market-leading tech services, rentals and coiled tubing businesses, which have led to improved and sustainable profitability. We are closely monitoring potential opportunities for increased gas-directed activity, driven by LNG export and datacenter/AI demand. US LNG export capacity is expected to approximately double by 2030 and, we believe, this increase will drive incremental natural gas-directed activity within the US onshore market that will ultimately support and lift OFS pricing and utilization across all basins,” KLX president and CEO Chris Baker said on 12 Mar. 2025 in a co. stmt.
— US Secretary of the Treasury Scott Bessent spoke w/ Saudi Minister of Finance Mohammed bin Abdullah al-Jadaan and underscored the administration’s restoration of the maximum pressure campaign to keep Iran from obtaining a nuclear weapon, deter its ballistic missile capabilities, and eliminate the threat posed by Iranian proxies. Bessent also noted the importance of joint collaboration in addressing challenges and new opportunities in the Middle East and globally, the Department of the Treasury said 10 Mar. 2025 in an official stmt.
— SolarBank Corporation said the 2.9MW DC ground-mount solar power project known as the Silver Springs project on a site located in Gainesville, New York achieved a development milestone in receiving positive interconnection results via a completed Coordinated Electric System Interconnection Review (CESIR). The next step is to proceed w/ permitting the project site, SolarBank said 6 Mar. 2025 in an official stmt. The project is expected to be eligible for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program.
— The Kenan Advantage Group, Inc. acquired Evergreen Transport, LLC, a transportation co. specializing in the delivery of dry bulk materials throughout the Southeastern U.S. Based in Mobile, Alabama, Evergreen delivers products such as lime and cement into a variety of end mkts, Kenan said 6 Mar. 2025 in an official stmt.
— Elliott Investment Management L.P., which manages funds that together have an investment of more than $2.5bn in Phillips 66, announced 7 independent candidates have been nominated to the co.’s board for election at the upcoming 2025 annual meeting of shareholders as follows: Brian Coffman: former CEO of Motiva Enterprises and former SVP of Refining at Andeavor; Sigmund Cornelius: former SVP and CFO of ConocoPhillips; Michael Heim: 1 of the founders and former President and COO of Targa Resources; Alan Hirshberg: former EVP, Production, Drilling and Projects at ConocoPhillips; Gillian Hobson: former M&A and Capital Markets Partner at Vinson & Elkins, w/ significant focus on midstream transactions; Stacy Nieuwoudt: former Energy and Industrials Analyst at Citadel; and John Pike: Partner at Elliott Investment Management.
AFRICA
Nigeria
— Seplat Energy Plc, a co. incorporated as a public limited liability co. under the laws of Nigeria, is offering to purchase for cash any and all of its outstanding 7.750% senior notes due 2026, which are validly tendered and not validly withdrawn on or before the expiration deadline and accepted for purchase pursuant to the offer to purchase.
EUROPE
Poland
— Horizon Petroleum Ltd. continues to progress towards first production from its cornerstone Lachowice gas development in the Bielsko-Biala concession, southern Poland. Since being granted the Cieszyn and Bielsko Biala licences on 19 Nov., 2024 by the Polish gov’t, the co. has been preparing for the planned workover at the Lachowice 7 (L7) well and subsequent installation of an early production and sales facility. Assuming a successful workover result, gas and/or electrical power sales from the L7 well will provide the co. w/ its first cashflow and will provide a long-term test of the production performance of the naturally fractured, Devonian aged, limestone and dolomite reservoirs in the L7 well, Horizon said on 12 Mar. 2025 in an official stmt.
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