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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

PFI Awards - Winners Announced

Winners of the 2024 PFI Awards have been announced. To see which companies and deals have won – and find out why – you can access the PFI Awards Roll of Honour and read the 2025 PFI Yearbook.

PFI Comment

Dire straits

The good ship project finance has shown impressive credit strengths up until now. Up until now? Has the tide turned? There have been, to put it mildly, some interesting restructurings over the past year or so that have tested the model. Expect more as project finance moves from core to non-core and then to infinity and beyond. But the underlying credit quality remains – raising debt on the back of cashflows with some security held over the asset financed.

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
Pulso Inmobiliario Mexico Hotel Portfolio Refinancing ProjectLATAMMexicoLeisure & Property350.000Pulso InmobiliarioGREENBERG-TRAURI
Majors Creek Hybrid Solar & Battery Storage ProjectAPACAustraliaPower, Power225.000Edify Energy Pty Ltd
Matrix Palencia Solar Photovoltaic Plant Portfolio ProjectEMEASpainPower357.830Matrix Renewables Spain HldgLINKLATERS, WATSON-FARLEY
Hagersville Battery Energy Storage Park ProjectNorth AmericaCanadaPower, Power538.000Boralex Inc, Six Nations Of The GrandPLAN-A-CAPITALBLAKE-CASSELS, FOGLER-RUBINOFF, NORTON-ROSE-CAN
SAFCO Venture Sheikhupura Sustainable Aviation Fuel ProjectAPACPakistanPetrochemicals121.200Safco Venture Hldg Ltd
Trading Hub Germany Hydrogen Network ProjectEMEAGermanyPower, Petrochemicals25,327.200Trading Hub Europe GmbHFRESH-BRUCKHAUS, CMS
Ontario Three BESS Portfolio ProjectNorth AmericaCanadaPower2.1301000234763 Ontario Inc, 1000234813 Ontario Inc
Antelope Valley BESS Facility ProjectNorth AmericaUnited StatesPower, Power437.160Leeward Renewable Energy LLCLATHAM-WATKINS, STOEL-RIVES-LLP
Carillon ProjectNorth AmericaUnited StatesPower258.360Nuveen LLCLATHAM-WATKINS, PAULHASTINGS
Exus Sandoval Solar & Battery Storage ProjectNorth AmericaUnited StatesPower, Power312.030Exus Renewables N America
Date
Project NamePulso Inmobiliario Mexico Hotel Portfolio Refinancing ProjectMajors Creek Hybrid Solar & Battery Storage ProjectMatrix Palencia Solar Photovoltaic Plant Portfolio ProjectHagersville Battery Energy Storage Park ProjectSAFCO Venture Sheikhupura Sustainable Aviation Fuel ProjectTrading Hub Germany Hydrogen Network ProjectOntario Three BESS Portfolio ProjectAntelope Valley BESS Facility ProjectCarillon ProjectExus Sandoval Solar & Battery Storage Project
RegionLATAMAPACEMEANorth AmericaAPACEMEANorth AmericaNorth AmericaNorth AmericaNorth America
CountryMexicoAustraliaSpainCanadaPakistanGermanyCanadaUnited StatesUnited StatesUnited States
SectorLeisure & PropertyPower - PowerPowerPower - PowerPetrochemicalsPower - PetrochemicalsPowerPower - PowerPowerPower - Power
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Vecco Group Stake Acquisition ProjectSale CompletedAPACAustraliaMining0.000Idemitsu Australia Pty Ltd
Riverstone Pattern Energy Acquisition ProjectAnnouncedNorth AmericaUnited StatesPower, Power0.000Riverstone Holdings LLCEVERCORE-GROUPVINSON-ELKINS
Cattle Hill Wind Farm Acquisition ProjectSale CompletedAPACAustraliaPower190.830Atmos Renewables Pty Ltd, Goldwind Intl Hldg (HK) Co, Powerchina Resources LtdPWCWHITE-CASE, KING-WOOD-MAL
Gaia Battery Storage ProjectContract SignedNorth AmericaUnited StatesPower0.000Sunraycer
DC Midpoint Battery Storage ProjectContract SignedNorth AmericaUnited StatesPower0.000Sunraycer
Rincon Lithium Plant Expansion ProjectAnnouncedLATAMArgentinaMining2,500.000Rio Tinto PLC, Argentina Lithium & Energy
Pathway Port Arthur Sustainable Aviation Fuel Plant ProjectContract SignedNorth AmericaUnited StatesPetrochemicals2,000.000Pathway Energy
Bloom Oxide Fuel Cells Portfolio Acquisition ProjectSale Agreement SignedNorth AmericaUnited StatesPower0.000Bloom Energy Corp
Enfinity Global Lazio Three Utility-Scale Solar Portfolio ProjectAnnouncedEMEAItalyPower173.150Enfinity Global IncASTRIS-FINDWF, GIANNI&ORIGONI
OTPP / Spark New Zealand Connexa New Acquisition ProjectSale Agreement SignedAPACNew ZealandTelecommunications525.760Spark New Zealand Ltd, Ontario Teachers' Pension PlanBANK-OF-AMERICA
Date
Project NameVecco Group Stake Acquisition ProjectRiverstone Pattern Energy Acquisition ProjectCattle Hill Wind Farm Acquisition ProjectGaia Battery Storage ProjectDC Midpoint Battery Storage ProjectRincon Lithium Plant Expansion ProjectPathway Port Arthur Sustainable Aviation Fuel Plant ProjectBloom Oxide Fuel Cells Portfolio Acquisition ProjectEnfinity Global Lazio Three Utility-Scale Solar Portfolio ProjectOTPP / Spark New Zealand Connexa New Acquisition Project
RegionAPACNorth AmericaAPACNorth AmericaNorth AmericaLATAMNorth AmericaNorth AmericaEMEAAPAC
CountryAustraliaUnited StatesAustraliaUnited StatesUnited StatesArgentinaUnited StatesUnited StatesItalyNew Zealand
SectorMiningPower - PowerPowerPowerPowerMiningPetrochemicalsPowerPowerTelecommunications
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