HOUSTON, TEXAS (Energy Analytics Institute, 20.Mar.2025) — Energy briefs as well as others related to finance and projects during Mar. 2025 including the head of Trinidad and Tobago’s Ministry of Energy and Energy Industries (MEEI), Stuart Young, assuming the position as PM of the twin-island country; Vale Overseas Limited announced the early tender results; GFL Environmental Inc. received exemptive relief from the Ontario Securities Commission (OSC) permitting it to repurchase subordinate voting shares; 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 Óleo e Gás S.A.) and the 3rd and 4th Issuances of Enauta Participações 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
— ExxonMobil Guyana Limited (EMGL) plans to put in place an agreement for the provision of Insurance Broker for the Hammerhead Development Insurance Program, the co. announced 17 Mar. 2025 on social media. EMGL also applied to the Environmental Protection Agency (EPA) for environmental authorization for an eighth project in the Stabroek blk — the Longtail development.
— 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 stmt.
Mexico
— Steel Dynamics, Inc.‘s aluminum team is continuing w/ successful commissioning of the co.’s Columbus, Mississippi aluminum flat rolled products mill, along w/ the San Luis Potosi satellite recycled slab center, the co. announced on 17 Mar. 2025 in an official stmt.
Trinidad and Tobago
— Trinidad’s Ministry of Energy and Energy Industries (MEEI) will host a US road-show w/ a stop in Houston slated for 1 Apr. 2025 as the ministry announced in an official stmt. on 20 Mar. 2025 as it promotes its 2025 Deep Water Competitive Bidding Round.
— The head of Trinidad and Tobago’s Ministry of Energy and Energy Industries (MEEI), Stuart Young, assumed the position as PM of the twin-island country, taking over for Keith Rowley, the ministry announced on 17 Mar. 2025 in a post on social media.
NORTH AMERICA
Canada
— SolarBank Corporation entered into a definitive agreement w/ a single institutional investor for the purchase and sale of 2,394,367 common shrs and warrants to purchase up to 2,394,367 common shrs at a combined purchase price of $3.55/shr common and accompanying warrant, pursuant to a registered direct offering for aggregate gross proceeds of $8.5mn before deducting fees and other estimated offering expenses, SolarBank announced on 21 Mar. 2025 in an official stmt.
— Canada Nickel Company Inc. signed a binding Letter of Intent (LOI) w/ Edmiston Drive Capital Corp. (EDCC) on 17 Mar. 2025 whereby a new royalty co. will be created to hold net smelter return (NSR) royalties on all of Canada Nickel regional exploration properties in the Timmins Nickel District w/ the exception of Crawford and other targets (Kingsmill and Dargavel) located on the original Project 81 patents. Subject to the satisfaction of applicable conditions precedent, Canada Nickel anticipates it will receive $8mn in cash and 8.9mn shrs of EDCC to hold a 62% interest in EDCC upon closing, Canada Nickel announced on 18 Mar. 2025 in an official stmt.
— Berger, involved in development of high-quality substrates, has chosen to equip their research greenhouse facilities with Sollum® Technologies’ dynamic LED grow light solution in order to explore new strategies for optimizing crop performance. Berger’s research GHGs, which currently use HPS lighting, will be upgraded to Sollum’s state-of-the-art technology to push the boundaries of crop science. The collaboration will focus on identifying optimal growing conditions for specific crops, w/ an initial emphasis on lettuce, Berger announced on 18 Mar. 2025 in an official stmt. The research will evaluate how substrate formulation and dynamic lighting can work together to achieve superior crop quality and yield.
— Canada Nickel Company Inc. extended the repayment date of the $15mn loan facility announced 9 Jul. 2024 w/ Auramet International, Inc. from 14 Mar. 2025 to 25 Apr. 2025. An extension fee of $168,233 will be paid by 25 Apr. 2025. The loan will carry an interest rate of 1.25%/mth for the extension period. The interest payable on the original loan amount has also been deferred to 25 Apr. 2025, Canada Nickel said on 17 Mar. 2025 in an official stmt.
— Canadian Pacific Kansas City (CPKC) said United Steelworkers (USW), representing 600 clerical and intermodal employees in Canada, ratified a new 4-yr collective agreement, CPKC said on 17 Mar. 2025 in an official stmt.
— GFL Environmental Inc. rec’d exemptive relief from the Ontario Securities Commission (OSC) permitting it to repurchase subordinate voting shrs from underwriters in Ontario of any secondary offering undertaken pursuant to registration rights held by certain shareholders (including BC Partners Advisors L.P., Ontario Teachers’ Pension Plan Board, GFL Borrower II (Cayman) LP, Poole Private Capital, LLC and affiliates of funds advised or managed by HPS Investment Partners, LLC). GFL intends to use $2.25bn of the proceeds from the recent sale of its environmental services business to opportunistically repurchase shrs, subject to mkt conditions, GFL announced on 14 Mar. 2025 in an official stmt.
— 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 Limited’s 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
— GreenPower Motor Company Inc. announced that the first 4 Type D all-electric, purpose-built, zero-emission BEAST school buses have been delivered to its West Virginia dealer for the Kanawha County School District under Round 2 funding of the Environmental Protection Agency’s (EPA) Clean School Bus Program (CSBP), the co. said on 20 Mar. 2025 in an official stmt. Round 2 of the CSBP was funded by the Infrastructure Investment and Jobs Act (IIJA) and included an award of $18.565mn for 7 West Virginia school districts to deploy 50 GreenPower all-electric, purpose-built, zero-emission school buses manufactured by American workers in South Charleston.
— Sunoco LP priced at 100% a private offering of 6.250% senior notes due 2033 in an aggregate principal amount of $1bn. This offering was upsized from an initial offering size of $750mn aggregate principal amount, the co. announced on 20 Mar. 2025 in an official stmt. The sale of the notes is expected to settle on 31 Mar. 2025, subject to the satisfaction of customary closing conditions. Sunoco intends to use the net proceeds from the offering to repay indebtedness, including by redeeming in full NuStar Logistics, L.P.‘s 5.750% senior notes due 2025 and repaying a portion of the outstanding borrowings under Sunoco’s revolving credit facility.
— Nucor Corporation revealed guidance for its first-qtr ending 5 Apr. 2025. Nucor expects 1Q earnings in the range of $0.45/shr to $0.55/shr diluted, the co. announced on 20 Mar. 2025 in an official stmt. After adding back certain 1-time charges for $0.05/shr diluted, Nucor expects 1Q adjusted earnings in the range of $0.50/shr to $0.60/shr diluted. Nucor reported net earnings of $1.22/shr diluted in the 4Q:24 and $3.46/shr diluted for the 1Q:24.
— From 2022 to the end of 2025, bp plans to invest over $7bn in its Gulf of America business – where the co. has some of the highest-value, lowest emissions bbls in its global portfolio, the co. announced in mid-Mar. 2025 in its Investing in America rpt (winter/spring 2025). bp said it operates 2 refineries in the US: Whiting, Indiana, and Cherry Point, Washington w/ a combined capacity to process about 700,000 b/d of crude oil, representing about 40% of bp’s global refining capacity. Add’l in 2024, bp’s total US production was around 774,000 boe/d, up over 30% v 2022.
— 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.
ASIA
China
— BYD Energy Storage, a business division of BYD Co. Ltd., a provider of integrated renewable energy solutions, introduced the new BYD Battery-Box HVE. This new residential energy storage system complements the popular and multiple award-winning Battery-Box solution family, BYD Energy Storage said on 18 Mar. 2025 in an official stmt. The Battery-Box HVE is offered in combination with the single-phase hybrid inverter Power-Box SH3/3.7/4.6/5/6K or the 3-phase hybrid inverter Power-Box TH5/6/8/10/12/15K by BYD, which makes it the first integrated residential energy storage system by BYD Energy Storage.
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