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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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Daily News

BSTOR raises BESS PF

Belgian battery park developer BSTOR and Duferco Wallonie have reached financial close on the €70m project financing for D-STOR 50MW/140MWh battery park in La Louviere.

PFI Comment

Bright prospects amid tantrum

Looking into 2025, the prospects are bright for project developers although a beady eye is needed to be kept on rising government bond yields. Last year ended strongly, particularly in the US, and many of the drivers leading this result have pushed on into 2025, Trump notwithstanding. But the financial markets started the new year with a global bond tantrum as US 10-year yields moved up to near 5%. And project developers are sensitive to debt costs.

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 2025 Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2024 through case studies and the PFI Awards, and look forward into 2025 with a range of themed articles and profiles in the Global section of the book. 2024 – An interesting year to say the least! Some sectors on the up and some on the slide. The data centre financing sector was definitely on the up as the demand for its services appears to be increasing infinitely due to the AI revolution. Whether the...

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Muara Laboh Geothermal Power Stage 2 ProjectAPACIndonesiaPower370.000PT Supreme Energy Sriwijaya, Sumitomo Corp, INPEX Corp, Engie Global Developments BVMILBANK-LLP, LATHAM-WATKINS
American Beech Solar Photovoltaic Plant ProjectNorth AmericaUnited StatesPower246.000Goldman Sachs Renewable Power, BayWa r.e U.S. LLCLATHAM-WATKINS, SKADDEN-ARPS
Bluebird Solar Photovoltaic Plant ProjectNorth AmericaUnited StatesPower246.000MN8 Energy LLC, BayWa r.e U.S. LLCLATHAM-WATKINS, SKADDEN-ARPS
Peregrine Energy Storage ProjectNorth AmericaUnited StatesPower179.000Arevon Energy Inc, Tenaska Energy
Champaign County Prairie Solar ProjectNorth AmericaUnited StatesPower246.000BayWa r.e U.S. LLC, Goldman Sachs Renewable PowerLATHAM-WATKINS, SKADDEN-ARPS
Atlas VII BESS ProjectNorth AmericaUnited StatesPower, Power352.450Hanwha Futureproof Llc, TransGrid Energy LLCWILSON-SONSINI, PAULHASTINGS
Nextera Hudson Falls Renewable Portfolio ProjectNorth AmericaUnited StatesPower, Power, Power1,000.000NextEra Energy Resources LLCSHEPPARD-MULLIN, MILBANK-LLP, KIRKLAND-ELLIS
Nextera Winston Creek Renewable Portfolio ProjectNorth AmericaUnited StatesPower, Power, Power1,000.000NextEra Energy Resources LLCSHEPPARD-MULLIN, MILBANK-LLP
Papago Solar ProjectNorth AmericaUnited StatesPower246.340Recurrent Energy IncWINSTON-STRAWN, MCDERMOTT-WILL
ReNew Brahmanwada-Govindpur Solar Power ProjectAPACIndiaPower8.280Renew Power Pvt Ltd
Date
Project NameMuara Laboh Geothermal Power Stage 2 ProjectAmerican Beech Solar Photovoltaic Plant ProjectBluebird Solar Photovoltaic Plant ProjectPeregrine Energy Storage ProjectChampaign County Prairie Solar ProjectAtlas VII BESS ProjectNextera Hudson Falls Renewable Portfolio ProjectNextera Winston Creek Renewable Portfolio ProjectPapago Solar ProjectReNew Brahmanwada-Govindpur Solar Power Project
RegionAPACNorth AmericaNorth AmericaNorth AmericaNorth AmericaNorth AmericaNorth AmericaNorth AmericaNorth AmericaAPAC
CountryIndonesiaUnited StatesUnited StatesUnited StatesUnited StatesUnited StatesUnited StatesUnited StatesUnited StatesIndia
SectorPowerPowerPowerPowerPowerPower - PowerPower - Power - PowerPower - Power - PowerPowerPower
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Photon Renewable Winterton Solar PV & Thermal Hydro Storage ProjectStudy & DesignEMEASouth AfricaPower, Power0.000Photon Renewable Energy Pty
ACWA Power Guangdong Solar & Wind Scheme Portfolio ProjectAgreement SignedAPACChinaPower, Power312.000Sungrow Renewables Co Ltd, Ming Yang Smart Energy Grp Ltd, ACWA Power Co SJSC
CEE Group Germany & France Wind & Solar Repowering ProjectAnnouncedEMEAGermanyPower, Power1,024.400CEE Management GmbH
AMEA Power / Uzbekistan Battery Energy Storage System ProjectAgreement SignedEMEAUzbekistanPower0.000AMEA Power LLC, Republic Of Uzbekistan
Karakalpakstan Wind Farm ProjectAgreement SignedEMEAUzbekistanPower0.000AMEA Power LLC, Republic Of Uzbekistan
Anson 2 Solar ProjectAgreement SignedNorth AmericaUnited StatesPower0.000ENGIE North America Inc
AlphaGen Stake Acquisition ProjectSale Agreement SignedNorth AmericaUnited StatesPower0.000ArcLight Capital Partners LLC
Ola Residences ProjectUnder ConstructionEMEAUtd Arab EmLeisure & Property54.460Lacasa Living Dvlp
Mainstream Renewable Power Philippines Holdings Share Acquisition ProjectSale CompletedAPACPhilippinesPower0.000MRP Philippines Holdings BV, Aboitiz Renewables Inc
Citicore Renewable Energy Stake Acquisition ProjectSale Agreement SignedAPACPhilippinesPower, Power, Power114.250Citicore Renewable Energy CorpALPHA-PRIMUS
Date
Project NamePhoton Renewable Winterton Solar PV & Thermal Hydro Storage ProjectACWA Power Guangdong Solar & Wind Scheme Portfolio ProjectCEE Group Germany & France Wind & Solar Repowering ProjectAMEA Power / Uzbekistan Battery Energy Storage System ProjectKarakalpakstan Wind Farm ProjectAnson 2 Solar ProjectAlphaGen Stake Acquisition ProjectOla Residences ProjectMainstream Renewable Power Philippines Holdings Share Acquisition ProjectCiticore Renewable Energy Stake Acquisition Project
RegionEMEAAPACEMEAEMEAEMEANorth AmericaNorth AmericaEMEAAPACAPAC
CountrySouth AfricaChinaGermanyUzbekistanUzbekistanUnited StatesUnited StatesUtd Arab EmPhilippinesPhilippines
SectorPower - PowerPower - PowerPower - PowerPowerPowerPowerPowerLeisure & PropertyPowerPower - Power - Power
View Deal