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Project Finance International (PFI) has been at the forefront of project finance reporting for the last 25 years. It is the most comprehensive and authoritative publication to serve the industry, covering all the major sectors, including transport, power, oil & gas, infrastructure and mining.

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PFI Comment

Handing back

Handing back concession projects is hardly the most exciting aspect of the projects business but it is as vital as any other. Governments have spent a lot of time on ensuring oil and gas field decommissioning is conducted in a professional manner and now with plenty of private finance initiative concessions coming to the end of their lives, a similar focus is emerging. But with the concessions being financed on low amounts of equity, the issue is not a straightforward one.

Daily News

Hydrogen law comes into effect

Japan’s Hydrogen Society Promotion Act has come into effect after the law was passed by parliament in May. The effective date of October 23 is earlier than the promised November target.

PFI Special Report

PFI Global Infrastructure Report 2024

PFI has published its annual Global Infrastructure Report. The report reviews the current state of the debt markets and takes a look at the various up and coming sectors such as data centres and EV charging. There are case studies on recent landmark deals such as R4WO, 5G in Colombia and the Thanaleng dry port in Laos plus the H2GS transition project in Sweden. To see the digital version of this report, please click here To purchase printed copies or a PDF of this report, please email shahid.hamid@lseg.com in Asia Pacific & Middle East and...

US PPs set the pace globally

International investment bank DC Advisory is looking to make the most of the improved environment in Europe and now the US. By Jordan Bintcliffe.

Debt needs to flex with the market

Darryl Murphy, managing director, infrastructure at Aviva Investors, sees flexibility as the winning formula in financing future infrastructure opportunities. By Nick Herbert.

Brightline evolves into investment grade

The Brightline passenger rail system has grabbed the market’s attention since the project’s days as All Aboard Florida. This year, the issuer achieved investment grade status. By Alison Healey

Canadian P3 – Alberta doubles down

The Canadian Public-Private Partnership (P3) market is experiencing a meaningful transformation as provincial ministries demonstrate varying and, in some instances, opposite appetites for the project delivery model. By Bill Woodhead, partner, Theron Davis, senior associate, and Amanda Thompson, summer law student, at BLG, Calgary.

Colombia cruising into the 5G decade

Colombia’s 5G highway programme is muscling in on its older sibling 4G’s project finance territory. Deals are still evolving and maturing. By Nic Stone.

Sustainable cashflow key for data centres

The number of project financing transactions for data centres is rising sharply as the digital infrastructure sector grows. Investors, arrangers and bankers are increasingly looking for innovative and different financing options in meeting the rapidly rising demand for data centres. By Roelof Steenekamp of Fitch Ratings.

Asian DCs – Trends, challenges and opportunities

As digital transformation accelerates, the global demand for sustainable data centres is more pressing than ever. By Sharad Somani, partner and Asia-Pacific head of infrastructure, KPMG*.

Indian data centres – Growing project finance prospects

The data centre industry has experienced immense growth over the past decade, driven by ever-increasing demand for cloud services and expanding use of web-enabled devices globally. By Prasad Hegde, managing director, project and export finance and regional head South Asia, Svati Goyal, director, project and export finance, and Shishir Narsinghani, director, project and export finance, Standard Chartered Bank.

Project finance for social and affordable housing

Safe and affordable housing is central to the security and dignity of every person. While access to shelter is a basic human right, Australia, like many other nations, is experiencing significant housing challenges. By Jan Gabrynowicz, executive director, infrastructure, energy and resources, Brett Ruitenberg, head of infrastructure, energy and resources, and Tarek El-Rakshy, managing director and head of structured finance Australia, SMBC.

Thanaleng dry port – Transforming Laos

In the heart of South-East Asia, a transformative project has reached a pivotal milestone. By James Harris, Scott Palmer and Jonathan Fong at Pinsent Masons MPillay, Singapore, and Kristy Newby at DFDL, Laos.

R4WO – Belgium's largest PPP

The R4WO project, the largest public-private partnership project ever tendered in Belgium, is set to redefine the essence of infrastructure and connectivity in Ghent, Flanders. By Steven Steppe and Renaat Janssen, Rebel, and Filip Tanghe, partner, and Margot De Wolf, associate, A&O Shearman.

H2 Green Steel – Building a decarbonised steel industry

Carbon dioxide emissions from steel are a major agenda point for both governments and environmentally conscious consumers who are committed to reducing their carbon footprints. Christophe Hadjal, Tim Hawk and Matthew Stewart from Societe Generale’s mining, metals and industries team explain how H2 Green Steel has financed the first steel plant that will remove almost all of these emissions from the steel-making process.

Gigafactories – Innovative funding approaches

As technical advisers we know what a successful gigafactory deal looks like. This article will discuss how project finance may play a role in deciding future mass-market technology winners. By Edward Reed, director of advisory services, Geoffroy Chene, technical director of advisory services, and Christopher Constable, consultant. WSP.

Powering the future – Financing EV charging infra

A sector set for increased activity, and therefore a need for financing, is electric vehicle infrastructure. Stefan Barrow, managing director, and Daniel Jaax, vice-president, structured finance, MUFG EMEA, explain why.

On the road to financing EV charging infra

Recent years have seen a lot of activity across the globe in the EV charging infrastructure space, with a number of common themes and challenges emerging. This article will explore these common themes, with a primary focus on the bankability and financing challenges of EV infrastructure projects across Europe and potential solutions to them. By Marianne Anton, counsel, London, Watson Farley & Williams LLP*.

Actis navigating emerging markets infra

Think of high-connectivity telecoms and top-notch infrastructure. If your thoughts do not go to Eastern Europe and global emerging markets, it may be time you thought again. Actis can give a few reasons why. By Cristiana Sandeva.

PFI Yearbook

Foreword

Welcome to the 2024 Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2023 through case studies and the PFI Awards, and look forward into 2024 with a range of themed articles and profiles in the Global section of the book. It was an extremely active year this year in the project finance arena but at the same time it had the feeling of a slowdown. Maybe it depended on where you were, geographically and sectorally. There was no holding back the LNG sector with some truly mega...

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Pine Gate / Blackstone US Solar Portfolio ProjectNorth AmericaUnited StatesPower288.000Pine Gate Renewables LLC, Blackstone Credit & InsuranceSTOEL-RIVES-LLP, MILBANK-LLP
AirTrunk JHB1 Data Centre ProjectMalaysiaMalaysiaTelecommunications, Telecommunications, Power402.210AirTrunk Operating Pty LtdGILBERT-TOBIN, KING-WOOD-MAL
Avaada Energy Karnataka & Maharashtra Solar Refinancing ProjectAPACIndiaPower71.030Avaada Energy Pvt Ltd
Pathway US Solar and BESS Portfolio ProjectNorth AmericaUnited StatesPower, Power40.000Pathway Power Holdings LLCNORTON-ROSE-FUL, FOLEY-LARDNER
Prosperity Wind ProjectNorth AmericaUnited StatesPower697.180Apex Clean Energy Holdings LLCPAULHASTINGS, LATHAM-WATKINS
XLCC Hunterston Subsea HVDC Cable Manufacturing Facility ProjectEMEAUnited KingdomIndustry39.900XLCC Ltd
Bermondsey ProjectEMEAUnited KingdomLeisure & Property784.200Greystar Re Partners LLC
Muktagacha Solartech Bangladesh Solar projectAPACBangladeshPower15.500Muktagacha Solartech Energy
Catalina Solar ProjectNorth AmericaUnited StatesPower112.900Pine Gate Renewables LLCMCDERMOTT-WILL, WINSTON-STRAWN
Hirohara Battery Energy Storage System (BESS) ProjectAPACJapanPower, Power53.980Eku Energy Japan KKMORI-HAMA-MATSU, NAG-OHNO-TSU
Date
Project NamePine Gate / Blackstone US Solar Portfolio ProjectAirTrunk JHB1 Data Centre ProjectAvaada Energy Karnataka & Maharashtra Solar Refinancing ProjectPathway US Solar and BESS Portfolio ProjectProsperity Wind ProjectXLCC Hunterston Subsea HVDC Cable Manufacturing Facility ProjectBermondsey ProjectMuktagacha Solartech Bangladesh Solar projectCatalina Solar ProjectHirohara Battery Energy Storage System (BESS) Project
RegionNorth AmericaMalaysiaAPACNorth AmericaNorth AmericaEMEAEMEAAPACNorth AmericaAPAC
CountryUnited StatesMalaysiaIndiaUnited StatesUnited StatesUnited KingdomUnited KingdomBangladeshUnited StatesJapan
SectorPowerTelecommunications - Telecommunications - PowerPowerPower - PowerPowerIndustryLeisure & PropertyPowerPowerPower - Power
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Sao Paulo Lot 2 Schools PPP ProjectContract SignedLATAMBrazilLeisure & Property189.930Sao Paulo State, Sp Escolas Consortium
Sequoia Solar ProjectContract SignedNorth AmericaUnited StatesPower1,100.000Enbridge Inc
Papago Solar ProjectContract SignedNorth AmericaUnited StatesPower0.000Recurrent Energy Inc
Desert Bloom Storage ProjectContract SignedNorth AmericaUnited StatesPower0.000Recurrent Energy Inc
Jupiter Power United States Battery Storage Portfolio ProjectAnnouncedNorth AmericaUnited StatesPower0.000Jupiter Power LLCKIRKLAND-ELLIS, LATHAM-WATKINS
Woodside Louisiana LNG Acquisition ProjectAnnouncedNorth AmericaUnited StatesOil & Gas0.000Woodside Energy Group Ltd
Catclaw Solar & Battery Storage Acquisition ProjectSale CompletedNorth AmericaUnited StatesPower, Power, Power0.000Avantus LLC, DE Shaw Renwbls Invstmts LLCFOLEY-LARDNER
Coachella City Natural Gas, Solar & Storage PPP ProjectPre Qualification BidsNorth AmericaUnited StatesPower, Power, Power0.000Coachella City-California
Duquesne University Plant Distribution System Assets Acquisition ProjectSale Agreement SignedNorth AmericaUnited StatesPower50.000Duquesne University Holy Ghost
Aboitiz GMR Megawide Cebu Airport Corp Acquisition ProjectSale CompletedAPACPhilippinesTransportation133.250Megawide Construction Corp, GMR Airports International BV, Aboitiz InfraCapital Inc
Date
Project NameSao Paulo Lot 2 Schools PPP ProjectSequoia Solar ProjectPapago Solar ProjectDesert Bloom Storage ProjectJupiter Power United States Battery Storage Portfolio ProjectWoodside Louisiana LNG Acquisition ProjectCatclaw Solar & Battery Storage Acquisition ProjectCoachella City Natural Gas, Solar & Storage PPP ProjectDuquesne University Plant Distribution System Assets Acquisition ProjectAboitiz GMR Megawide Cebu Airport Corp Acquisition Project
RegionLATAMNorth AmericaNorth AmericaNorth AmericaNorth AmericaNorth AmericaNorth AmericaNorth AmericaNorth AmericaAPAC
CountryBrazilUnited StatesUnited StatesUnited StatesUnited StatesUnited StatesUnited StatesUnited StatesUnited StatesPhilippines
SectorLeisure & PropertyPowerPowerPowerPowerOil & GasPower - Power - PowerPower - Power - PowerPowerTransportation
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