Project Finance International has published its yearly Global Energy Report, 44 pages of analysis on the issues and trends impacting the project finance market. The report includes in-depth analysis of the ground-breaking Inflation Reduction Act in the US and its impact on green project finance. There is intel on the exciting new hydrogen market, plus case studies on recent project financings in the LNG, wind and offshore wind sectors. Renewable developers are profiled and there is analysis of the nuclear power market. To see the digital...

Project Finance International has published its yearly Global Infrastructure Report containing in depth analysis on key trend impacting the market in 2022. The report considers the resilient nature of infrastructure in changing times, the threat of stagflation and the use of infrastructure as a policy tool. The report contains case studies on road and airport financings from this year around the world plus various PPP deals. In addition the report looks into important sectors such as telecoms towers, EVs and waste. To see the digital version of...

Project Finance International has published its yearly Global Energy Report, 52 pages of deep analysis of issues surrounding the financing of energy projects around the world. The Report covers challenges in financing hydrogen projects, offshore wind in US, Germany and France and battery projects in Australia. There are in depth articles on India and Saudi Arabia and a host of other articles to enjoy. To see the digital version of this report, please click here To purchase printed copies or a PDF of this report, please email...

Interest in the infrastructure sector has never been higher as economies seek to rebuild following the Covid 19 pandemic. But the market is evolving as digital infrastructure, a key economic player in the pandemic, becomes as vital as other forms of infra. The PFI Global Infrastructure Report reviews financing trends in growing sectors such as fibre and data centres and analyses the prospects for the market as whole across various countries around the globe. In addition the report include market leading deal case studies. To see the digital...

Energy developers and financiers are very much looking to the future following the events of the last year. The energy transition is growing apace with heightened interest in sectors such as hydrogen and battery storage. PFI has published its annual Global Energy Supplement containing a full analysis of how these two new sectors be financed in the future. Plus the supplement carries a range of case studies and analyses the offshore wind, LNG and carbon capture markets around the world. To see the digital version of this report, please click...

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, please click here. To purchase printed copies or a...

The global energy finance market continues to juggle a host of challenges and opportunities. PFI has published its 2020 Global Energy Supplement, featuring a host of case studies and articles on the latest market trends and obstacles. Successes in Asian offshore wind African power, the challenges posed by Covid-19, and the future of electric vehicle charging are some of the key themes in this year’s issue.

The global infrastructure market in 2019 has seen a range of deals financed and plenty of new plans hatched. The problems in the contracting sector remain, however. PFI’s Global Infrastructure Report 2019 case studies leading deals such as Gordie Howe, Florida Rail, Paraguay’s Corredor Bioceanico, Shuqaiq IWP, Tours-Bordeaux and Belgrade Airport. Themes such as China’s Belt & Road and Thailand’s Eastern Economic Corridor are examined and the problems with US and Australian construction projects are revealed. To see the digital version of this...

The renewables sector remained the most vibrant energy market over the past year, while the TAP pipeline brought back attention to mega oil & gas projects. PFI’s Global Energy Report 2019 looks at emerging renewables markets, such as Poland and Vietnam, alongside established ones, such as Belgium and Scotland, with an eye on the boom under way in Spain and Australia. The report examines new structures such as US energy P3s and Asian Green bonds and offers an outlook on LNG and FPSO financings.  To see the digital version of this report,...

The global infrastructure market is moving into new territories - both geographically and sector wise. PFI’s Global Infrastructure Report 2018 takes look at the new kids on the block and in addition, some of the legacies from the old era. The Report carries case studies on deals as diverse as German fibre optic, the Canakkale Bridge and the Los Angeles people mover scheme. In addition it carries in depth pieces on the construction woes which befell Carillion and the Canadian super hospitals. To see the digital version of this report, please...

Developments in the LNG market and the spread of increasingly cheap renewable technology are dominating the global energy market. PFI’s Global Energy Report 2018 examines the driving forces behind these and other trends through case studies of landmark deals and articles on important market shifts. The report looks at new technology such as energy storage and new funding options for renewables. To see the digital version of this report, please click here . To purchase printed copies or a PDF of this report, please email gloria.balbastro@tr.com

The Project Finance International EMEA survey has been published – reviewing the extraordinary growth in the renewables market across Europe and some of the more exciting developments in Africa. Even in Spain, where the renewables market was quiet after a time of excess, a range of new projects are coming forward seeking project finance. To see the digital version of this report, please click here. To purchase printed copies or a PDF of this report, please email gloria.balbastro@tr.com

Welcome to the PFI Best Practice Report. It is with great pleasure that I introduce the fourth Project Finance International (PFI) Best Practice in Asian Infrastructure Report.

Infrastructure spending is a top priority for governments across the world including the new Trump Administration. Investors are looking for deals in which to place their money. Can the infra market provide well structured deal flow to keep the funding markets happy? PFI has published its Global Infrastructure supplement featuring a host of case studies and articles on current trends and issues.   Rod Morrison, Editor To see the digital version of this report, please click here. To purchase printed copies or a PDF of this report, please email...

The global energy finance market faces a range of new challenges and opportunities. PFI has published its Global Energy supplement featuring a host of case studies and articles on current trends and issues. The offshore wind sector is taking centre stage right now with Japan, South Korea and the US joining Europe in building out new developments.  Rod Morrison, Editor   To see the digital version of this report, please click here . To purchase printed copies or a PDF of this report, please email gloria.balbastro@tr.com

It is with great pleasure that I introduce the third Project Finance International (PFI) Best Practice in Asian Infrastructure Report. The focus of this year’s report is the advisory sector, in all its forms – financial, legal and technical. This year’s theme follows on from last year’s report, in which we zeroed in on the construction process. The advisory function is vital in the process of building sustainable, bankable and successful projects. The report kicks off with an article from the chief executive officer (CEO) of the report’s...

The 2016 Project Finance International Europe, Middle East & Africa (EMEA) Report provides a range of case studies from the region plus a look at key themes in the market such as the evolving structure of power purchase agreements and new credit enhancement products.

The government of Narendra Modi has taken steps to revive economic activities, especially in the energy sector where green is the word, and infrastructure sector where hybrid may be the new lingo.

The three largest insurance groups in Germany are emerging as dominant institutional investors in the European infrastructure debt market. By Stefano Berra.This market now encompasses the full range of players in the global capital markets – from private equity to large scale pension and insurance funds and sovereign wealth funds on the equity side onto institutional debt providers, investment banks and commercial banks on the debt side.

COP21 in Paris late last year saw nearly 200 nations setting about their green ambitions including their plans to develop renewable energy projects. The summit has given an added impetus to the push for renewable energy. In the USA, Congress has voted for an unprecedented five-year extension of the wind energy production tax credit (PTC) and seven-year extension of the solar investment tax credit (ITC). In Australia, the new Prime Minister Malcolm Turnbull overturned the previous anti-renewable policies of Tony Abbott leading to a renewed...

It is with great pleasure that I introduce the second Project Finance International (PFI) Best Practice in Asian Infrastructure Report. The focus of this year’s report is the all-important construction process. While project finance and project financiers, rightly of course, zero in on the financing aspects of deals, the construction aspect is as important. As anyone who has read credit opinions from the rating agencies on projects knows, construction is the riskiest part of any project finance deal. Once the construction process is over, the...

The PFI EMEA report provides valuable insights into the market via case studies of leading deals in the region and articles covering key issues. The report details two of the major deals this year - Thames Tunnel Tideway and the Veja Mate offshore windfarm – plus the cheapest solar tariff deal in Dubai. The report looks at projects as diverse as Port of Calais, Maamba Power and Breda court and examines how they were structured and financed. To see the digital version of this report, please click here . To purchase printed copies or a PDF of...

It’s been a year since Narendra Modi – the leader of Bharatiya Janata Party, has been elected into power to head the Indian government. Last year, the PFI report looked at “Rebooting India”, offering ideas and proposals from the financial market and developers on how to ease the bottleneck and problems facing infrastructure development. Since then, the government has started to introduce more transparency in the implementation of pro-growth policies.

As the confidence in the debt markets reaches new post global financial crisis highs and the investment community remains keen on finding new assets to finance, a key question in the report concerns deal flow. Where will the next deals come from?

With global energy markets in a state of flux following the collapse in the oil price from last autumn onwards, the timing of the publication of the report could not be better.

The project finance market in Europe has become intensively competitive as the number and type of debt providers grows. Banks are coming back strongly into the medium and long term debt market as the effects of the euro crisis fade. Institutional investors, attracted into the market to fill the gaps made when the banks left during the euro crisis, remain and indeed are growing keener on the infrastructure sector. In times of low interest rates and low inflation, the yield uptick offered by creditworthy projects is compelling. To see the digital...

Project finance in the Middle East & Africa region is on the upswing again and the annual PFI report on the region will cover this fascinating region in full with case studies and articles on key issues.

This is the 8th year that PFI is putting together an annual report on India. It comes at a special time when the country has just elected a new prime minister – Narendra Modi – the leader of Bharatiya Janata Party, who broke the status quo and is expected to bring marked changes to the direction the economy has been going through. The theme of the report will thus be “the rebooting of India”.

The keenly awaited annual Project Finance International (PFI) Global Infrastructure report has been published at a time when the market is turning. More long term liquidity is available for infrastructure schemes, pricing on shorter term infraco deals is moving down encouraging sponsors back into bidding for assets and the projects pipeline is showing signs of growing once again.

PFI has released its first Best Practice in Asia report - at a time when the procurement and development of projects has never been more critical as the region seeks to ensure its infrastructure keeps pace with its economic growth. The report includes a range of views from senior project practitioners plus the first PFI Citations for best practice.

The Global Energy report takes a look at the full range of issues currently exercising the project finance market - from funding schemes in Africa and obtaining finance for coal fired plants onto renewables, FLNG and the LNG boom in North Americas.

The need for rail road, power, port and resources infrastructure has become an economic priority for countries across the Asia Pacific. The lessons from past infrastructure financing failures have also been learned as governments, sponsors and lenders frame new financial structures that share and minimise financial risk during construction.

The project finance market in Europe is in state of flux in 2012. On the one hand austerity programmes are leading to budget cutbacks and fewer projects on the infrastructure side. Reductions in renewable tariffs are hitting the green energy arena, again leading to fewer projects. But on the other hand, infrastructure is central to the calls for an economic growth agenda and with sovereign budgets tight, the use of private finance will be critical to financing new deals.

Project finance has, to some extent, returned to its roots in recent years with the technique being used to fund major capital expenditure projects in the emerging markets. The Middle East & Africa region is one such market - where project finance has been successfully used in the past and the prospects for using it in the future look bright.

The global infrastructure funding market has been knocked sideway by the financial crisis but is now emerging from this period in a healthy state. Banks have become competitive once again, albeit on different terms, the capital markets have re-emerged as an important source of liquidity and the infra fund sector has developed into vibrant participant.

India and its infrastructure road map have hit a rough patch. The Indian government urgently needs to get past those political squabbles so it can focus on the policies that are much needed to help investors. There is still a lot of work needed to be done to raise the estimated US$1tr funding requirement.

The project finance market has been excited over the last few years by the funding of a range of world scale energy projects, culminating in the US$35bn Ichthys LNG scheme from late last year.

The project finance market in Europe is in state of flux in 2012. On the one hand austerity programmes are leading to budget cutbacks and fewer projects on the infrastructure side. Reductions in renewable tariffs are hitting the green energy arena, again leading to fewer projects. But on the other hand, infrastructure is central to the calls for an economic growth agenda and with sovereign budgets tight, the use of private finance will be critical to financing new deals. To view the digital edition of this report, please

The Global Infrastructure financing market continues to present significant opportunities with new markets opening up all the time. One interesting example of the phenomena is in France and Canada. Now the large French rail deals have been awarded, Canada is upping its interest in the sector and starting to offer some new mega deals to the market. The lessons learned on the French deals is being utilised in Canada.

The Indian government estimates that US$1tr of funds are needed to meet its infrastructure development targets in the coming 12th five year development plan (2012-2017). And every year, India’s finance minister announces a budget that aims to address this and address issues on funding options. Yet, the implementation seems slow and probably more difficult than expected.

The Global Renewables market continues to be one of the more attractive in the project finance sphere as the race to develop clean energy shows little sign of abating. However as the market matures, it is going through a number of growing pains - which will be analysed fully in the PFI Renewables Report.

To access the Digital Edition of the the Coal-Seam Gas Report 2011, please click here.

To view the digital version of this report, please click here. The remarkable political events in the Middle East this year have made their mark on the local capital markets, but confidence in the region - both as a capital markets hub and as a deal generating region - remains. Much of the loan business completed this year has been on a...

The European project finance market has reached an important stage in its development. It is booming in some areas. The renewable sector is still enjoying strong growth. PPPs in northern Europe remain a good source of deal flow. Other parts of Europe, however, have been struck by austerity measures.

The market for infrastructure projects around the world is changing at a rapid rate. Markets such as France and Australia go from strength to strength while those in countries such as UK and Portugal take a pause. Project Finance International, the leading global infrastructure information service, is due to publish its annual Global Infrastructure supplement in mid June to inform the market about the latest state of play.

To view the digital version of this report, please click here. Financing renewable energy projects is now a mainstay of the project finance market around the world. Offshore wind and solar energy, in particular, have become active sectors in the market in recent months - in addition to onshore wind and other more established sectors such as...

To view the digital version of this report, please click here. The Indian economy, one of the fastest growing economies in the world, is prospering with its own robust domestic demand. The Indian government is anticipating the positive growth to continue. For the current fiscal year, the economy is expected to register a 8.5% growth, and...

The annual IFR/PFI Middle East Review comes at a time of renewed confidence in the region and its capital markets. The Dubai crisis has abated - although there is still plenty of restructuring work available for assets linked to Dubai Inc. The Middle East region is getting back to concentrating on growing on the path it had set itself before the Dubai, and indeed the global financial crisis, hit. The annual review will look at plans to integrate the Gulf region further, political and economically, and what impact that will have on the local...

The renewable energy market is facing a unique set of challenges. The need for clean energy grows as the climate change clock keeps ticking - but the availability of finance is obviously constrained. Unlike other markets which can cut back their capital expenditures in tougher times, the renewable energy market needs to keep investing to limit climate change. The push for renewable energy therefore remains. Finding the money will be key. There are some positive aspects for the renewables market in the economic downturn. Construction prices...

Multilaterals will become increasingly important in the project finance world in the coming years. As the credit crunch bites and commercial bank liquidity become more constrained, the multilaterals will need to step up to the plate to allow deals to get done. This year, for the year time, Reuters Project Finance International produced project finance league tables for the multilaterals - or international developmental finance institutions (IDFI). They showed that in 2008 the multilaterals have provided significant sums already to project...

The hugely successful IFR/PFI Middle East annual report will be in its fourth year in 2009. The report will cover the full range of capital market activities in the Gulf - loans, project finance, infrastructure, private equity, M&A and IPOs. Deal activity slowed down toward the end of last year but into 2009 there are signs of renewed activity. The report will cover in full the new Gulf capital markets landscape including -Refinancing Dubai Inc: With US$15bn of obligations maturing in 2009, meeting its refinancing needs will be Dubai’s major...

Far reaching changes have occurred to the Global Infrastructure market over the last 12 months, and the scene is now barely recognisable from that last summer before the credit crunch really hit. What has emerged, however, is a new kind of market in which all the players involved now have a bigger shared stake in the success of the projects. The annual Reuters Project Finance International Global Infrastructure survey will consider how deals are being done in the new marketplace and case study the new deals which have been successful - such...

Asia has seen a big swing in the amount of PF activities during the last 12 months. Developers enjoyed low funding costs in early 2008, and then costs of constructions materials surged such that some projects were taking their time. The market situation however got worse as the financial crisis hit the Asian firms by the third quarter of last year, and then everything seems to have gone underground. Well, maybe not really, for Asia managed to successfully record its biggest volume of funded projects in 2008. The effect of the credit crunch...

The project finance market in Europe has returned to life after a slow start to 2009, with renewables and PPP deals leading the way. Activity in the wind and solar sectors has picked up across Western Europe and moved into Eastern Europe too, while there has been a steady increase in the number of road and waste deals signed across the region. One impact of the credit crunch has been that project finance has become more profitable for banks - both in terms of much higher loan margins and much higher swap rates. This has encouraged banks to...

The credit crunch has had a significant and negative impact on the global push for more efficient and cleaner forms of energy. Now there are definite signs the crunch is easing, PFI is publishing its annual Global Energy survey to review a market in upswing mode.The survey will case study and profile important landmark deals such as the Rabigh IWPP in Saudi Arabia and Dolphin in Abu Dhabi - which took advantage of the new climate during the summer. These deals showed longer term debt is now available for the right projects. The survey will show...

India, the largest democratic country in the world, continues to remain strong. It is already a superpower on its own right. While global recovery is anticipated to be sluggish in 2010, India is expected to buck the trend and continue to demonstrate resilience to the global financial crisis. The latest special report on India will aim to present the superpower that it has become. This report will feature, discuss and analyse projects, trends and issues.

The Project Finance International Global Energy report will this year focus on the leading energy finance transactions signed in recent months - a hectic few months as the market returns back to health following the credit crunch. A range of significant multi billion dollar financings have been obtained since the credit markets eased last summer. In Asia - two important power projects were finally financed, the Paiton expansion and Cirebon. Debt and equity investors are now returning to Indonesia after a decade long hiatus. Paiton and Cirebon...

The annual PFI Global Infrastructure survey is one of the most important in the PFI calendar and always attracts a good deal of interest from readers and contributors alike. Last year the survey carried a range of articles including case studies on the M25, Greater Manchester waste, A-5 and I-595. This year there will just as rich a variety of deals to report on plus views and opinions on the important issues concerning the market around the world. India is an important new market. Domestic infrastructure players are now being joined by...

The European infrastructure market is currently in a state of flux. The boom pre-financial crisis days were replaced last year by the stimulus programme days. Now the stimulus programmes seen to be coming to an end as governments concentrate on cutting budget deficits. Is the outlook therefore bleak for European infrastructure deals? Not quite. Indeed, whilst there have been setbacks, the outlook is reasonably positive. Using private finance to fund large infrastructure projects over a long period of time has become more attractive than...

Welcome to the first Reuters Publishing Islamic special report – produced by journalists from IFR, PFI, Acquisition Monthly and IFR Securitisation Report. This is a truly global effort to capture the up-to-date picture of one of the world's most important capital markets, in detail. The report is introduced by Rushdi Siddiqui, Global Head of Islamic Finance across the Reuters network. In an important thought-leading piece, he argues: "For Islamic finance to become a global phenomenon and a viable alternative to the conventional asset class,...

The world has changed so drastically in just a few months. At this time last year, India was enjoying one of its highest growth rates. But that was not to last as it now faces a slowdown. Nonetheless, the country is pressing ahead with its infrastructure plans. Minerva Lau writes.

Welcome to the third annual Reuters International Financial Review (IFR) and Project Finance International (PFI) report on the Middle East capital markets. We publish the report at a time of unprecedented turbulence in the global markets. For much of this year the Middle East has shown a degree of isolation from the global problems, but the latest shocks to the system will have an impact even in this region. The story thus far this year in this growing market has been positive. Capital markets activity in the first half of 2008 topped...

For the first time – certainly the first time for many years – traffic levels on the main inter-urban highways are falling.

DIAL Civil aviation in India: The Indian aviation industry has shown continued growth in recent years with the key drivers being high GDP growth, steady industrial performance, higher disposable incomes, growth in consumer spending and low air fares.

YLNG goes the distance: Major energy projects take time to put together, and Yemen LNG has taken longer than most. To get to financial close, the scheme and its backers have had to overcome some very large hurdles. But the challenges have been met and Yemen has its deal.

Bearing Russian infra risk: For infrastructure companies and banks that have been venturing eastwards in Europe in the last few years, Russia represents the last frontier. But making the right risk calculations is proving more challenging for financiers than they originally thought.

Mining finance on form: The mining finance market has recovered steadily from the depths of the earlier part of the decade. Rising commodity prices have, of course, been the driver but the growing needs of countries acquiring strategic recourses is part of the picture.

Chile powers on alone: Chile, caught amid the worst drought in a century as well as three squabbling neighbours, has decided to increase its energy production to rely on itself.

Debt market - Huge demands: The momentum on India’s economic growth will continue this year and the bank market is gearing up to meet huge demand to fund much needed infrastructure development.

Rays of expensive hope: Renewable energy is now one of Europe’s busiest project financing sectors. Wind may have been a driving force in recent years but solar is now coming under the spotlight.

M&A drivers in place: With huge sums generated by the oil price rise and more competition in some sectors, Middle Eastern companies are increasingly considering mergers and acquisitions. At the same time, regionally based funds are flexing their financial muscles overseas and targeting major companies.

Oz miner digs into Laos: July saw first drawdown under the facilities agreement for the financing by an ANZ-led syndicate for the Phu Kham Copper-Gold and Phu Bia gold projects in the Lao PDR.

Gencos waiting for gas code: Assuming the success of the Mirant Philippines portfolio sale serves as an indicator, Temasek may soon relaunch the sale of its tripartite gencos, PowerSeraya, Senoko Power and Tuas Power.

Nuclear - A risky business: Countries across Central and Eastern Europe (CEE) are implementing multi-billion euro projects to construct the next generation of nuclear power plants (NPPs). However, will the as yet unused non-recourse model ever appear in the sector?

Coal still king in US fuel mix: Coal remains a vital and growing part of the US fuel mix, according to the latest government energy report. Coal's share of the power market will remain at 57% in 2030, while electricity demand will have jumped 41% between 2005 and 2030.

India is undergoing a rapid and wide-ranging process of transformation. It is the current business destination, as it embarks on an ambitious mission of infrastructure improvement and development. As prime minister Manmohan Singh had said: "If you are a global company and India is not part of your plan, then you have missed the bus." The committee on infrastructure, under the planning commission of the central government, estimates that US$320bn–$350bn of investments will be required for the proposed developments in the next five years...

Banking on infrastructure: Investing in infrastructure is all the vogue now, in no small part due to the success of Macquarie Bank and its satellite funds. Australian commercial banks are also jumping on the bandwagon, but managing those inherent conflicts within its core business of debt provision will be very tricky.

Welcome to the first joint Project Finance International (PFI) and International Financing Review (IFR) GCC Report, a review of the GCC capital markets published by Thomson Financial, the parent company of PFI and IFR. This report comes at a time of unprecedented economic activity in the GCC. High energy prices have boosted the local economies, but at the same time the GCC economies are diversifying. This diversification needs a lot of international development capital. At the same time it is driving the more efficient recycling of capital...

Understanding contemporary US PPPs: It should be recognised that most of the PPP activity in the United States actually has revolved around the development of new transportation facilities.

Bridge is as good as gold: The Golden Ears Bridge Project is a milestone project for the Canadian PPP market.

Ratch Power sails smoothly: Ratchaburi Power has been one of the most trouble-plagued IPPs in Thailand, but nonetheless, the financing process has been completed smoothly and efficiently.

Pricing is on everyone's minds these days. I like the comment from International Power's Dr Ranald Spiers in the PFI Middle East Review last month. "Tenors grow even longer, margins tighter - and yet our banking friends have never enjoyed such bumper profits, so there must still be room for improvement!" Low pricing is not necessarily a recent phenomenon. Back in the late 1980s, the first UK independent power project (IPP) was financed at 70bp, the Lakeland Power scheme. No premium there for being first in line! Pricing then rose to plus...

Growth on the plateau: Project Finance International's second projects survey, accompanying this Middle East report, shows significant growth - perhaps.

Where have all the PFI deals gone? Hopefully, not to the same place where the flowers went in the Pete Seeger song from the early 1960s. It is a little too early in the life of the private finance initiative (PFI) industry to talk about graveyards. Nevertheless, there is a distinct feeling of slowdown; that deal flow is slowing down noticeably.

Welcome to Project Finance International’s first Australia Report. While in the past we have covered the Australian market to the full, with our news coverage and annual in-bound supplements, this is the first year we have decided to produce a full outbound Report of the market. Indeed, this year marks an important milestone in PFI’s coverage of the market. In November, we are to host our first conference - ‘PPP Australia - A co-operative approach towards financing Australia’s future’, to be held at The Sebel Pier One in Sydney on November 8...

Nam Theun 2 powers ahead Financing agreements were recently signed for the US$1.582bn 1,070MW Nam Theun 2 hydroelectric power project in Laos, the largest cross-border power scheme in Asia and the largest privately financed hydropower scheme in the world. This article, divided into two parts, provides some insight into development of the project, describes the role of the supporting institutions and outlines the structure on which the financing was banked. Part 1 is co-authored by Stv©phane Lebeau of EDF, Ian Mathews of ANZ Investment Bank...