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Daily News

Green fund backs EE’s wind/solar

The Danish Green Investment Fund (DGIF) has granted a €40m loan to Soborg-based European Energy (EE) to build wind and solar projects.

PFI Comment

Seeking friends for warm thermals

Growing numbers of infrastructure investors have been on the hunt for investments for more than a decade now and the search has become ever more elaborate – from core to non-core with core+, core++ etc in between. But now they can go back to basics – thermals. The trading houses are putting unloved coal-fired assets on the block but perhaps more interestingly the oil and gas companies are seeking new partners.

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, pl

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
Project ArcadiaNAUnited StatesPower, Power720.000Brookfield Renewable Power IncMILBANK-LLP, SKADDEN-ARPS
Ameresco Solar ProjectNAUnited StatesPower, Power30.000Ameresco Inc
Inukjuak Quebec Run-of-the-River Hydroelectric Facility ProjectNACanadaPower, Power97.770Innergex Renewable Energy Inc
Lainyungang City Refinery ProjectAPACChinaOil & Gas6,327.370Jiangsu Estn Shenghong Co Ltd
Feni Heavy Fuel Oil Power ProjectAPACBangladeshPower64.000Lakdhanavi LtdASHURST
Abra Base Metals ProjectAPACAustraliaIndustry, Industry110.000Galena Mining Ltd, Toho Zinc Co Ltd
Jacaranda Solar Photovoltaic ProjectLATAMBrazilPower, Power67.000Atlas Renewable Energy
Bakersfield Refinery Acquisition ProjectNAUnited StatesPetrochemicals365.000Global Clean Energy HoldingsLATHAM-WATKINS
100 MW Zhanatas Wind Power Station ProjectEMEAKazakhstanPower, Power160.000Visor Holding TOO, China Power Intl Dvlp LtdSUNSHINE, GRATA-LAW, WHITE-CASE
A465 Road-Widening Non-Profit Distribution (NPD) ProjectEMEAUnited KingdomTransportation696.520FCC, Road Bridge Ltd, Alun Griffiths (Contractors), Meridiam SAS, Atkins Group PLCPWCDLA-P
Date
Project NameProject ArcadiaAmeresco Solar ProjectInukjuak Quebec Run-of-the-River Hydroelectric Facility ProjectLainyungang City Refinery ProjectFeni Heavy Fuel Oil Power ProjectAbra Base Metals ProjectJacaranda Solar Photovoltaic ProjectBakersfield Refinery Acquisition Project100 MW Zhanatas Wind Power Station ProjectA465 Road-Widening Non-Profit Distribution (NPD) Project
RegionNANANAAPACAPACAPACLATAMNAEMEAEMEA
CountryUnited StatesUnited StatesCanadaChinaBangladeshAustraliaBrazilUnited StatesKazakhstanUnited Kingdom
SectorPower - PowerPower - PowerPower - PowerOil & GasPowerIndustry - IndustryPower - PowerPetrochemicalsPower - PowerTransportation
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Tucheng District Industrial Park ProjectAnnouncedAPACTaiwanLeisure & Property561.420BES Engineering Co
Olomu Insurance Headquarter Building ProjectContract SignedEMEAEthiopiaLeisure & Property0.000Olomu Ins Co Ltd
Nepal Airports Upgrade ProjectAnnouncedAPACNepalTransportation150.000
Southern Province 51 Wells ProjectContract AwardedEMEAZambiaWater & Sewerage0.000United Nations Children Fund
Nova Scotia Lead and Zinc Mining ProjectAnnouncedNACanadaMining, Mining22.930ScoZinc Ltd
Sun Africa Solar Farm Portfolio ProjectAnnouncedEMEAAngolaPower, Power663.710Hanwha Q Cells Co Ltd, NEXTracker Inc, Hitachi Abb Power Grids Ltd, Mca Group LLC, Sun Africa LLCCLIFFORD-CHANCE, MIRANDA-ASSO, DLA-P, MCDERMOTT-WILL-E, NORTON-ROSE-FUL
National Energy Holdings Solar Photovoltaic Portfolio ProjectAnnouncedEMEAGreecePower, Power26.070E2 Metals LtdKLC-LAW
100 MW Rewind Vanern Swallow Water Offshore ProjectAnnouncedEMEASwedenPower, Power32.800Downing LLP, Cloudberry Clean Energy AS
Contego SchemeAnnouncedEMEAUnited KingdomPower, Power33.170Harmony Energy Storage Ltd, Fotowatio Renewable VenturesBRACEWELL-LLP
950 MW Moray East Offshore Wind Farm ProjectIn TenderEMEAUnited KingdomPower, Power0.000Endel SAS, EDPR UK Ltd
Date
Project NameTucheng District Industrial Park ProjectOlomu Insurance Headquarter Building ProjectNepal Airports Upgrade ProjectSouthern Province 51 Wells ProjectNova Scotia Lead and Zinc Mining ProjectSun Africa Solar Farm Portfolio ProjectNational Energy Holdings Solar Photovoltaic Portfolio Project100 MW Rewind Vanern Swallow Water Offshore ProjectContego Scheme950 MW Moray East Offshore Wind Farm Project
RegionAPACEMEAAPACEMEANAEMEAEMEAEMEAEMEAEMEA
CountryTaiwanEthiopiaNepalZambiaCanadaAngolaGreeceSwedenUnited KingdomUnited Kingdom
SectorLeisure & PropertyLeisure & PropertyTransportationWater & SewerageMining - MiningPower - PowerPower - PowerPower - PowerPower - PowerPower - Power
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