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Daily News

Fortum launches nuclear EIA

Finnish energy group Fortum has begun the environmental impact assessment (EIA) for its proposed extension to the Loviisa nuclear power plant in Finland. The operational plant currently stands at just over 1GW and has operational licences on the two turbines until the end of 2027 and 2030, respectively.

PFI Comment

The old and the new

The two biggest deals in the market right now could not be more different – Mozambique LNG and Dogger Bank offshore wind. They do both involve what is best about project finance – structured financings backed by solid underlying economic and contractual fundamentals – large projects, massive undertakings indeed funded by a host of debt and equity players.

PFI Special Report

PFI Global Infrastructure Report 2020

The global infrastructure finance market is coping with a range of new realities following the Covid-19 pandemic. PFI has published its 2020 Global Infrastructure Supplement as the market starts to understand the long term consequences. The report looks at the new data and telecoms boom, case studies a range of infra deals financed this year, looks at new sectors and opportunities and reviews the impact of Covid-19 on the global infra finance sector. To see the digital version of this report,

How data infrastructure saved 2020

Recent months have made 2020 look as though it had been cancelled outright. Like many people across Europe, I’ve only left my home in the Oxford countryside to make trips to the local post office, carefully sporting the latest fashion of surgical gloves and an anti-viral mask. Dreams of holidays to get some desperately needed vitamin D in southern France are distant memories; as are visits to family or friends. Others throughout the UK may have held back a grimace as breaking news pinged through to their phones last week – Schools won’t reopen until September. By Jordan Bintcliffe.

FTTH sector provides infra boost

There have been a whole range of fibre to the home (FTTH) deals in the months leading up to lockdown and it is not going to stop any time soon. By Laurent Chabot, co-head of Infrastructure Finance, Paris, and Jonathan Tweed, head of TMT Finance, London, Societe Generale.

DCPCs bridge the beltway gap

On April 9 2020, a private contractor was able to raise US$281m of proceeds in the US municipal bond market to finance the construction of the Lincoln South Beltway, a new 11-mile east-west highway south of Lincoln, Nebraska. By Barney Allison, partner and Brandon Nguyen, associate, Nossaman LLP.

Ontario Line charts path to reality

The massive project has the potential to transform Toronto transit but faces formidable obstacles. By Alison Healey.

Hokkaido 7 – The financing

The bundled Hokkaido 7 Airport Concession Project reached financial close on December 19 2019, becoming the largest ever project finance transaction in Japan. By Taro Kanayama, senior vice-president, Project Finance Department, Mizuho Bank, Japan.

A3 – Germany’s largest motorway PPP

In April, financial close on the 30-year public-private partnership (PPP) of the A3 motorway in Germany was reached by A3 Nordbayern GmbH & Co KG, a project company whose shareholders are Eiffage SA and Johann Bunte Bauunternehmung GmbH & Co KG. By Robert Hofbauer, counsel, Finance & Projects, Torsten Pokropp, partner, Head of German Finance & Projects Practice, Frank Roth, partner, Public Procurement, and Lars Warrink, and Goran Nilsson, directors, Structured Finance Office for EMEA, MUFG Bank Ltd.

The construction infra problem

Mega infrastructure PPP projects in Melbourne, Sydney and New Zealand are running into problems, with sponsors and contractors at each other’s throats and in the courts to resolve issues arising from unexpected difficulties during construction. By John Arbouw.

Energy system P3s at US universities

The use of public-private partnerships by public universities in the United States is not an entirely new or recent concept. P3s have become an established method for procuring student accommodation projects, with at least eight such projects reaching close last year alone. By Dolly Mirchandani, partner, and Claire Watson, counsel, White & Case LLP.

Brazil’s bright infrastructure spot

With a maligned leader and as one of the world’s worst pandemic hot-spots, Brazil is looking to infrastructure to brighten the gloom. By Nic Stone.

Kazakhstan’s health PPP programme

In this article we give an overview of Kazakhstan’s public-private partnership (PPP) law and its application to the healthcare sector in Kazakhstan. By Ayesha K Waheed, partner, Asem Bakenova, international partner, Nur-Sultan, and Daniyar Zhumakhanov, associate, Almaty, Morgan Lewis.

Turkish health PPPs in a pandemic

The effects of the Covid-19 pandemic have had a considerable impact on Turkish health public-private partnership projects and it is worth examining the challenges that have been created as a result. By Devrim Ergun, partner, and Nigar Özbek, senior associate, Çakmak Avukatlik Ortakligi.

Achieving AfCFTA’s infra objectives

The ratification of the Africa Continental Free Trade Agreement is a milestone that has been celebrated across the continent. By Banji Fehintola CFA, senior director and head of treasury and financial institutions at Africa Finance Corporation.

Asset recycling – Leveraging infra capital

The concept of asset recycling has emerged as a noteworthy option to unlock private and institutional investment towards infrastructure assets. By Sharad Somani, partner and the ASPAC head of infrastructure, and Jun Yan, manager, with KPMG Singapore’s Infrastructure Advisory practice.

Airport P3s – Looking down the runway

After a slow start, airport public-private partnerships (P3s) were finally starting to find some traction in the US in recent years, with several significant projects reaching financial close. By Roderick Devlin, partner and Angelica Valencia, partner, Nixon Peabody LLP.

Airports – A long ramp-up recovery period

It is very difficult to understand how the future will evolve in many sectors, given the current market conditions, but particularly for economic infrastructure assets such as airports. By project financier Ian Dixon.

Covid and infra – Challenges and opportunities

Infrastructure stakeholders around the globe are assessing what challenges and opportunities the coronavirus presents for the sector. By Richard Abadie, PwC, Global Capital Projects & Infrastructure Leader, and Yvonne Welsh, PwC, senior manager, Capital Projects & Infrastructure.

Covid impact on Asian infra

The impact of the coronavirus pandemic creates risks that are far beyond what has been experienced in the infrastructure and project finance sectors in many decades. The wide range of transactions, from enterprise to project structures, single-asset to multi-asset, demand-based to contracted, and single jurisdiction to multi-jurisdiction provide for a wide variety of potential effects. By Sajal Kishore, senior director and head of Asia-Pacific Infrastructure and Project Finance, Fitch Ratings.

PFI Yearbook

PFI Yearbook 2020

Welcome to the 2020 Refinitiv Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2019, through case studies and the PFI Awards, and look forward into 2020 with a range of articles in the Global section of the book.

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Leviathan Gas Field ProjectEMEAIsraelOil & Gas9,000.000Noble Energy Inc, Avner Oil & Gas Exploration LP, Delek Group Ltd, Ratio ABSOC-GENVINSON-ELKINS, SHEARMAN-LLP, YIGAL-ARNON, BRACE-GIULIANI
Lake Way Sulphate of Potash ProjectAPACAustraliaPetrochemicals, Power, Power, Power138.000Salt Lake Potash Ltd
Mortlake South Wind Farm ProjectAPACAustraliaPower, Power209.170Acciona SA
DESRI Louisiana Solar Portfolio ProjectNAUnited StatesPower, Power, Power157.540DESRI LouisianaNORTON-ROSE-FUL, KING-SPALDING
Oso Grande Wind ProjectNAUnited StatesPower, Power300.000Tuscon Electric Power Company
FPSO Almirante Barroso MV32 ProjectLATAMBrazilOil & Gas1,350.000MODEC Inc, Mitsui & Co Ltd, Mitsui Osk Lines Ltd, Marubeni Corp
Spotsylvania Solar ProjectNAUnited StatesPower, Power700.000Sustainable Power Group LLCCOHNREZ-CAP
Maplewood I Solar ProjectNAUnited StatesPower, Power282.000Recurrent Energy Mexico
Fourth Partner Solar Facilities ProjectAPACIndiaPower, Power15.000TPG Capital LP
Zielona Debsk Wind Farm ProjectEMEAPolandPower, Power128.570Polenergia SaCLIFFORD-CHANCE
Date
Project NameLeviathan Gas Field ProjectLake Way Sulphate of Potash ProjectMortlake South Wind Farm ProjectDESRI Louisiana Solar Portfolio ProjectOso Grande Wind ProjectFPSO Almirante Barroso MV32 ProjectSpotsylvania Solar ProjectMaplewood I Solar ProjectFourth Partner Solar Facilities ProjectZielona Debsk Wind Farm Project
RegionEMEAAPACAPACNANALATAMNANAAPACEMEA
CountryIsraelAustraliaAustraliaUnited StatesUnited StatesBrazilUnited StatesUnited StatesIndiaPoland
SectorOil & GasPetrochemicals - Power - Power - PowerPower - PowerPower - Power - PowerPower - PowerOil & GasPower - PowerPower - PowerPower - PowerPower - Power
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Murra Warra II Wind Farm ProjectAnnouncedAPACAustraliaPower, Power0.000Macquarie Grp Ltd, Renewable Energy Systems, Partners Group AG
Eiwa Bundaberg Solar ProjectAnnouncedAPACAustraliaPower, Power0.000
Eiwa Karrabin Solar ProjectGovernment ApprovedAPACAustraliaPower, Power55.000
Ohio Valley Natural Gas Liquids (NGL) Storage Facility ProjectGovernment ApprovedNAUnited StatesOil & Gas250.000Mountaineer Gas Co, Pttgc America
BR-101 Highway ProjectAnnouncedLATAMBrazilTransportation0.000Ccr Via Costeira, Santa Catarina
Serrote Copper and Gold Mining Facility ProjectAnnouncedLATAMBrazilMining, Mining160.000Appian Capital Advisory LLP
Teresina Day Care Centers PPP ProjectAnnouncedLATAMBrazilLeisure & Property0.000
Cote Gold Mining ProjectAnnouncedNACanadaMining974.510Sumitomo Metal Mining Co Ltd, IAMGOLD Corp
Mississauga Long-term Care Homes ProjectAnnouncedNACanadaLeisure & Property0.000Ontario Strategic Inf Fin, Trillium Health Partners
Solarcentury Solar Portfolio ProjectAnnouncedLATAMChilePower, Power0.000Solar Century Holdings Ltd
Date
Project NameMurra Warra II Wind Farm ProjectEiwa Bundaberg Solar ProjectEiwa Karrabin Solar ProjectOhio Valley Natural Gas Liquids (NGL) Storage Facility ProjectBR-101 Highway ProjectSerrote Copper and Gold Mining Facility ProjectTeresina Day Care Centers PPP ProjectCote Gold Mining ProjectMississauga Long-term Care Homes ProjectSolarcentury Solar Portfolio Project
RegionAPACAPACAPACNALATAMLATAMLATAMNANALATAM
CountryAustraliaAustraliaAustraliaUnited StatesBrazilBrazilBrazilCanadaCanadaChile
SectorPower - PowerPower - PowerPower - PowerOil & GasTransportationMining - MiningLeisure & PropertyMiningLeisure & PropertyPower - Power
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