PFI Global Energy Report 2024

It is hard to believe that it’s been more than a decade since the world turned its eyes to South Africa as the host of the 2010 FIFA Men’s World Cup, a momentous event that showcased the nation's vivacity and potential on the global stage. Around the same time, South Africa's electricity sector stood at a crossroads, fighting with a number of challenges ranging from aging infrastructure to an insatiable demand for power. By Ines Pinot de Villechenon, director, Green Giraffe Advisory.

KKR and Twin Star’s green energy platform Serentica Renewables has been carving its own niche in the Indian renewables market since 2022, with a focus on round-the-clock offtakes for commercial and industrial customers. Chief executive officer Akshay Hiranandani tells PFI the company expects a US$1bn debt requirement for its projects each year. By Alexandra Dockreay.

To understand the challenges and opportunities of investing in Romania and Bulgaria, it is important first to understand how the renewable energy sector has developed in each country. By Alastair Hammond, CEO, Rezolv Energy*.

The offshore wind and battery storage sectors continue to represent attractive investment opportunities and this is particularly the case in the current Polish market. By Robert Marsh, partner in London, and Tomasz Rogalski, partner in Warsaw, Norton Rose Fulbright.

Globally, offshore wind energy development has seen explosive growth. By the end of 2022, total global offshore wind capacity in operation had reached 64.3GW. The US offshore wind market has been developing at a more measured pace. By Mike Rodgers, Lauren Bachtel, Diana Jeschke, and Will Kim, Linklaters LLP.

India's smart metering market holds immense promise for transforming the power sector, improving operational efficiencies, and enhancing consumer experiences. With government support and robust payment mechanisms in place, smart metering projects are poised to drive sustainable growth and usher in a new era of power distribution in the country. By leveraging smart metering technology, India can pave the way for a more resilient, efficient, and sustainable energy future. By Abhishek Verma, senior vice-president, project advisory and structured...

At NORD/LB’s Energy Transition Seminar, we discussed the latest trends in renewable energy project finance, with a deep dive on the evolution of renewable energy offtake. Throughout this evolution, sponsors and banks have continuously adapted and innovated to craft optimal debt offtake structures to satisfy investor return hurdles and get projects off the ground. By Niels Jakeman, head of energy origination, structured finance Europe, Nord/LB.

The Inflation Reduction Act of 2022 seeks, among other things, to achieve decarbonisation goals on a national scale, largely through federal income tax credits. By Hayden Baker, Jeffrey Davis, Nadav Klugman, Elena Millerman, and Mostafa Al Khonaizi, White & Case.

Econergy England has geared itself with significant cash, a sound revenue strategy and a pan-European outlook as it prepares to rebrand itself from developer to fully fledged IPP. By Cristiana Sandeva.

Over the past decade ASEAN countries have achieved an impressive 5% average annual GDP growth rate. Yet, this economic surge has been fuelled by a parallel surge in energy demand, which now stands as one of the world’s largest after China, the US and India. As the region grapples with the dual challenge of decarbonisation and the mounting impacts of climate change, it finds itself at a pivotal juncture. By James Harris, John Yeap, Will Stroll, Peter Jang and Jonathan Fong, Pinsent Masons MPillay LLP.

As Asia gears up for a shift to renewable energy, energy storage has come to the fore. But the transition to cleaner power can be a bumpy ride. To navigate the uncertain landscape, countries have to monitor trends in technology, costs and electricity markets closely. By Ganesh Padmanabhan, head of project finance, Jern Siew, executive director, project finance Australia, and Suvro Sarkar, senior vice-president, group research energy sector, DBS Bank.

As the aviation market moves towards a more sustainable future and fuel source, Brazil and other Latin American countries are likely to serve as key production locations for SAF due to their unique natural endowments and existing experience with bio-fuels. While challenges will exist in taking projects on the drawing board through the construction and financing cycle the opportunities for Latin America are clear. By Chris Taufatofua, partner, Alan J Alexander, partner, Afzaal Abidi, associate, and Ruairi McGill, associate, Vinson & Elkins.

New rules from the IRS clarify how tax-exempt entities and taxable businesses investing in certain types of clean energy projects can use the option to claim energy tax credits directly from the federal government through a mechanism called direct pay. By Charles H Purcell, partner, Mary Burke Baker, government affairs counselor, Marty Pugh, partner, Michael W Evans, partner and Rebecca Kreiser, associate, K&L Gates.

The global transition to decarbonise is underway to achieve the target of net-zero carbon emissions, including across Asia. The use of carbon capture and storage is seen by many – including the Intergovernmental Panel on Climate Change and the International Energy Agency – as a key part of the solution to achieving net zero, particularly for hard-to-abate sectors such as steel, cement and petrochemicals. By Frederic Draps, Jean-Louis Neves Mandelli, Dan Trevanion and Damian Tan, at Ashurst LLP