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Daily News

S&P on lower renewable returns

S&P has highlighted the prospect of lower returns on renewable assets around the world as competition for assets increases and power markets become more challenging in a report called "The Energy Transition: Covid-19 could make 2020 crucial for renewables".

PFI Comment

IOCs to IECs

International oil companies are now moving headlong into the new transition era to become international energy companies (IECs). Beyond Petroleum's Sir John Browne must be feeling more than vindicated.

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,

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

PFI Yearbook 2020

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.

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
CTCI Corp Power Generating Plants ProjectAPACTaiwanPower635.170CTCI Corp Ltd
Taungtha Myingyan Gas-Fired Power Plant ProjectEMEAMyanmar(Burma)Power43.000Vpower Grp Intl Hldg Ltd
Canary Island and Galicia Wind Power Plants Refinancing ProjectEMEASpainPower, Power153.980Ecoener Emisiones SALINKLATERS, WHITE-CASE
Rampura-Amulia-Demra (RAD) PPP Expressway ProjectAPACBangladeshTransportation240.000Ministry Of Road Transport, China Road & Bridge Corp
Fushiki Manyofuto Biomass Power Plant ProjectAPACJapanPower, Power231.700Prominet Power Co Ltd
Hudson Creek Gas Fired Power Station ProjectAPACAustraliaPower13.470Merricks Capital Pty Ltd
Ichihara Yawatafuto Biomass Power Plant ProjectAPACJapanPower, Power409.720Prominet Power Co Ltd
Batchelor Solar Farm ProjectAPACAustraliaPower, Power13.470Merricks Capital Pty Ltd
University of Illinois Surgery Centre and Specialty Clinics Building PPP ProjectNAUnited StatesLeisure & Property145.000Ankura Consulting Group LLC
Tesla's Virtual Power Plant ProjectAPACAustraliaPower, Power, Power44.120Tesla Holdings Pty LtdPLANUM-PARTNERSKING-WOOD-MAL, PINSENT-MASONS, JOHNSON-WINTER
Date
Project NameCTCI Corp Power Generating Plants ProjectTaungtha Myingyan Gas-Fired Power Plant ProjectCanary Island and Galicia Wind Power Plants Refinancing ProjectRampura-Amulia-Demra (RAD) PPP Expressway ProjectFushiki Manyofuto Biomass Power Plant ProjectHudson Creek Gas Fired Power Station ProjectIchihara Yawatafuto Biomass Power Plant ProjectBatchelor Solar Farm ProjectUniversity of Illinois Surgery Centre and Specialty Clinics Building PPP ProjectTesla's Virtual Power Plant Project
RegionAPACEMEAEMEAAPACAPACAPACAPACAPACNAAPAC
CountryTaiwanMyanmar(Burma)SpainBangladeshJapanAustraliaJapanAustraliaUnited StatesAustralia
SectorPowerPowerPower - PowerTransportationPower - PowerPowerPower - PowerPower - PowerLeisure & PropertyPower - Power - Power
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
13 MW Turkey Biomass and Waste Heat Power Plant ProjectContract AwardedEMEATurkeyPower, Power0.000Turkey Akare Ltd
Kambalda Nickel Mine ProjectAnnouncedAPACAustraliaMining, Mining0.000Mincor Resources Inc
Cacuaco South Cowboy to Mayemaya Road ProjectContract AwardedEMEAAngolaTransportation0.000Angolan Ministry Of Transp
Krzecin and Kuslin Wind Farms Acquisition ProjectAnnouncedEMEAPolandPower, Power48.970PNE AG
Raftsjohojden Wind ProjectAnnouncedEMEASwedenPower, Power70.810Asper Invest Mgmt LtdADVOKAT-VINGE
Vlissingen Green Hydrogen Plant ProjectAnnouncedEMEANetherlandsPower29.500Volth2 B.V
Serra Branca Wind Acquisition ProjectAnnouncedLATAMBrazilPower, Power0.000Voltalia SA, Toda Corp
Brazil Seven Solar ProjectsAnnouncedLATAMBrazilPower, Power, Power, Power20.000BC Energia, Engie Brasil Energia SA
AES Tiete and Unipar Wind ProjectAnnouncedLATAMBrazilPower, Power11.680AES Tiete Energia SA
Rishon Coastal Roads Fast Lane ProjectAnnouncedEMEAIsraelTransportation736.390Lapidoth Capital Ltd, Afikim Mutual Funds Mgmt(1989), Electra Ltd
Date
Project Name13 MW Turkey Biomass and Waste Heat Power Plant ProjectKambalda Nickel Mine ProjectCacuaco South Cowboy to Mayemaya Road ProjectKrzecin and Kuslin Wind Farms Acquisition ProjectRaftsjohojden Wind ProjectVlissingen Green Hydrogen Plant ProjectSerra Branca Wind Acquisition ProjectBrazil Seven Solar ProjectsAES Tiete and Unipar Wind ProjectRishon Coastal Roads Fast Lane Project
RegionEMEAAPACEMEAEMEAEMEAEMEALATAMLATAMLATAMEMEA
CountryTurkeyAustraliaAngolaPolandSwedenNetherlandsBrazilBrazilBrazilIsrael
SectorPower - PowerMining - MiningTransportationPower - PowerPower - PowerPowerPower - PowerPower - Power - Power - PowerPower - PowerTransportation
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