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Daily News

Masdar/EDF form renewables JV

The UAE’s Masdar and France’s EDF Renewables yesterday signed a strategic agreement to develop renewable energy projects in Israel. The government is targeting 30% renewable share in its power mix by 2030 and is phasing out coal.

PFI Comment

Locals get restive offshore

Local content concerns pose a challenge for the runaway global offshore wind farm boom. Local content rules show up a contradiction whereby governments want to build up local supply chains and then export their knowledge around the world to other supply chains. Clearly not everyone can do that particularly as bidding for new projects has become so very competitive.

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

Foreword

Welcome to the 2021 Refinitiv Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2020 through case studies and the PFI Awards, and look forward into 2021 with a range of themed articles and profiles in the Global section of the book.

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Las Chispas Silver-Gold ProjectLATAMMexicoMining, Mining120.000SilverCrest Metals Inc
Artigues et Ollieres Wind Farms Acquisition ProjectEMEAFrancePower, Power104.540Eco Delta SA, NTR RE Income Fund II
25 MW Emerald Solar Energy ProjectLATAMDominican RepPower, Power45.000Administradora De Fondos DeAKIN-GUMP, HUNTON-ANDREWS
13.7MW SR Investimenti Solar PV Portfolio Refinancing ProjectEMEAItalyPower, Power31.600S+R Investimenti e Gestioni
Capstone WPD Wind Portfolio Acquisition ProjectNACanadaPower, Power95.900Capstone Infrastructure CorpMCCARTHY-TET, TORYS
Gevens Wind Farm Acquisition ProjectEMEAUnited KingdomPower, Power13.530Blackfinch Investments LtdIN-HOUSE, TLT
Bradley Wind Farm Acquisition ProjectEMEAUnited KingdomPower, Power16.670Blackfinch Investments LtdIN-HOUSE, TLT
Boardinghouse Wind Farm ProjectEMEAUnited KingdomPower, Power14.490Thrive Renewables PlcIN-HOUSE, TLT
Ventos de Santa Amelia ProjectLATAMBrazilPower, Power51.600Casa dos Ventos Energias, Perfin Investimentos LtdaBSBRA
Green Genius Biogas ProjectEMEALithuaniaOil & Gas27.060Green Genius Lithuania UABPWCDENTONS
Date
Project NameLas Chispas Silver-Gold ProjectArtigues et Ollieres Wind Farms Acquisition Project25 MW Emerald Solar Energy Project13.7MW SR Investimenti Solar PV Portfolio Refinancing ProjectCapstone WPD Wind Portfolio Acquisition ProjectGevens Wind Farm Acquisition ProjectBradley Wind Farm Acquisition ProjectBoardinghouse Wind Farm ProjectVentos de Santa Amelia ProjectGreen Genius Biogas Project
RegionLATAMEMEALATAMEMEANAEMEAEMEAEMEALATAMEMEA
CountryMexicoFranceDominican RepItalyCanadaUnited KingdomUnited KingdomUnited KingdomBrazilLithuania
SectorMining - MiningPower - PowerPower - PowerPower - PowerPower - PowerPower - PowerPower - PowerPower - PowerPower - PowerOil & Gas
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Zhejiang Ethylene Plant ProjectAnnouncedAPACChinaPetrochemicals339.500
Pingtung County Hospital ProjectAnnouncedAPACTaiwanLeisure & Property500.280E-Da Hospital
Horizeo Solar Farm ProjectAnnouncedEMEAFrancePower, Power1,215.700Neoen SA, Engie SA
EDP Renovaveis Wind Portfolio ProjectAnnouncedEMEAPortugalPower, Power151.960EDPR
Masshylia Hydrogen Production ProjectAnnouncedEMEAFranceWater & Sewerage0.000Engie SA, Total SA
Desfina Onshore Wind Farms Acquisition ProjectAnnouncedEMEAGreecePower, Power0.000Tesseract Co
Daystar Power Expansion ProjectAnnouncedEMEANigeriaPower, Power38.000Daystar Power Grp
Vale do Parana Albioma Biomass-Fuelled Cogeneration Unit ProjectAnnouncedLATAMBrazilPower, Power0.000Albioma
Sao Vitor Wind Farm ProjectAnnouncedLATAMBrazilPower, Power0.000Patria Investimentos Ltda
Bateman Gold ProjectAnnouncedNACanadaMining85.860Battle North Gold CorpCUTFIELD-FREEMN
Date
Project NameZhejiang Ethylene Plant ProjectPingtung County Hospital ProjectHorizeo Solar Farm ProjectEDP Renovaveis Wind Portfolio ProjectMasshylia Hydrogen Production ProjectDesfina Onshore Wind Farms Acquisition ProjectDaystar Power Expansion ProjectVale do Parana Albioma Biomass-Fuelled Cogeneration Unit ProjectSao Vitor Wind Farm ProjectBateman Gold Project
RegionAPACAPACEMEAEMEAEMEAEMEAEMEALATAMLATAMNA
CountryChinaTaiwanFrancePortugalFranceGreeceNigeriaBrazilBrazilCanada
SectorPetrochemicalsLeisure & PropertyPower - PowerPower - PowerWater & SeweragePower - PowerPower - PowerPower - PowerPower - PowerMining
View Deal