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.
Despite the impact of Covid-19, many of the top global law firms have significantly increased the number of deals worked on compared with the previous year. Power, transport and oil & gas deals unsurprisingly continue to dominate, with offshore wind having a notable year and many telecommunications deals also closing.
This year’s North American legal moves were dominated by the major players in the renewables segment of project finance, a scenario that has been repeated for the past several years. By Alison Healey and Nic Stone.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
|Date||Project Name||Region||Country||Sector||Cost (US$m)||Developer||Advisers||Story Link|
|Project Arcadia||NA||United States||Power, Power||720.000||Brookfield Renewable Power Inc||MILBANK-LLP, SKADDEN-ARPS|
|Ameresco Solar Project||NA||United States||Power, Power||30.000||Ameresco Inc|
|Inukjuak Quebec Run-of-the-River Hydroelectric Facility Project||NA||Canada||Power, Power||97.770||Innergex Renewable Energy Inc|
|Lainyungang City Refinery Project||APAC||China||Oil & Gas||6,327.370||Jiangsu Estn Shenghong Co Ltd|
|Feni Heavy Fuel Oil Power Project||APAC||Bangladesh||Power||64.000||Lakdhanavi Ltd||ASHURST|
|Abra Base Metals Project||APAC||Australia||Industry, Industry||110.000||Galena Mining Ltd, Toho Zinc Co Ltd|
|Jacaranda Solar Photovoltaic Project||LATAM||Brazil||Power, Power||67.000||Atlas Renewable Energy|
|Bakersfield Refinery Acquisition Project||NA||United States||Petrochemicals||365.000||Global Clean Energy Holdings||LATHAM-WATKINS|
|100 MW Zhanatas Wind Power Station Project||EMEA||Kazakhstan||Power, Power||160.000||Visor Holding TOO, China Power Intl Dvlp Ltd||SUNSHINE, GRATA-LAW, WHITE-CASE|
|A465 Road-Widening Non-Profit Distribution (NPD) Project||EMEA||United Kingdom||Transportation||696.520||FCC, Road Bridge Ltd, Alun Griffiths (Contractors), Meridiam SAS, Atkins Group PLC||PWCDLA-P|
|Date||Project Name||Status||Region||Country||Sector||Cost (US$m)||Developer||Advisers||Story Link|
|Tucheng District Industrial Park Project||Announced||APAC||Taiwan||Leisure & Property||561.420||BES Engineering Co|
|Olomu Insurance Headquarter Building Project||Contract Signed||EMEA||Ethiopia||Leisure & Property||0.000||Olomu Ins Co Ltd|
|Nepal Airports Upgrade Project||Announced||APAC||Nepal||Transportation||150.000|
|Southern Province 51 Wells Project||Contract Awarded||EMEA||Zambia||Water & Sewerage||0.000||United Nations Children Fund|
|Nova Scotia Lead and Zinc Mining Project||Announced||NA||Canada||Mining, Mining||22.930||ScoZinc Ltd|
|Sun Africa Solar Farm Portfolio Project||Announced||EMEA||Angola||Power, Power||663.710||Hanwha Q Cells Co Ltd, NEXTracker Inc, Hitachi Abb Power Grids Ltd, Mca Group LLC, Sun Africa LLC||CLIFFORD-CHANCE, MIRANDA-ASSO, DLA-P, MCDERMOTT-WILL-E, NORTON-ROSE-FUL|
|National Energy Holdings Solar Photovoltaic Portfolio Project||Announced||EMEA||Greece||Power, Power||26.070||E2 Metals Ltd||KLC-LAW|
|100 MW Rewind Vanern Swallow Water Offshore Project||Announced||EMEA||Sweden||Power, Power||32.800||Downing LLP, Cloudberry Clean Energy AS|
|Contego Scheme||Announced||EMEA||United Kingdom||Power, Power||33.170||Harmony Energy Storage Ltd, Fotowatio Renewable Ventures||BRACEWELL-LLP|
|950 MW Moray East Offshore Wind Farm Project||In Tender||EMEA||United Kingdom||Power, Power||0.000||Endel SAS, EDPR UK Ltd|