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Daily News

Offshore wind support upped to 5.9GW

Poland’s government has published an updated draft of its act to promote offshore wind generation, increasing the maximum capacity supported by the contract for difference (CfD) to 5.9GW. Proposed support under the CfD had been set at 4.6GW in the previous draft in January, the Polish Wind Energy Association (PSEW) said.

PFI Comment

Charging forward

The first thing I did during lockdown was to fill up my car with petrol – which shows why I am not an oil price forecaster. In a decade the first thing I would do every night would be to charge up my car via the power mains.

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
Coburn Mineral Sands ProjectAPACAustraliaMining179.760Strandline Resources Ltd
Sorek 2 Desalination ProjectEMEAIsraelWater & Sewerage225.000IDE Technologies Ltd, Bank Leumi Le Israel Bm
Xuxa Lithium Mine ProjectLATAMBrazilIndustry, Industry74.000Sigma Lithium Resources CorpCORMARK-SEC
Project KamloopsNAUnited StatesPower, Power402.420Capital Dynamics AGLATHAM-WATKINS, AMIS-PATEL-BREW
Windpark Zeewolde ProjectEMEANetherlandsPower, Power583.280StichtingGREEN-GIRAFFENORTON-ROSE-FUL, CLIFFORD-CHANCE
Gujarat Wind Power ProjectAPACIndiaPower, Power119.960
Keppel Merlimau Expansion ProjectAPACSingaporePower646.130CitySpring Infra Trust, Keppel Fels Energy
Hardisty Energy Terminal and Port Arthur Terminal ProjectNACanadaOil & Gas325.000US Development Group LLC
CJ Express Expansion ProjectNAUnited StatesOil & Gas100.000Midcoast Energy Partners LP
Sonnedix portfolio acquisition ProjectEMEASpainPower16.950Sonnedix Espana SluCLIFFORD-CHANCE
Project NameCoburn Mineral Sands ProjectSorek 2 Desalination ProjectXuxa Lithium Mine ProjectProject KamloopsWindpark Zeewolde ProjectGujarat Wind Power ProjectKeppel Merlimau Expansion ProjectHardisty Energy Terminal and Port Arthur Terminal ProjectCJ Express Expansion ProjectSonnedix portfolio acquisition Project
CountryAustraliaIsraelBrazilUnited StatesNetherlandsIndiaSingaporeCanadaUnited StatesSpain
SectorMiningWater & SewerageIndustry - IndustryPower - PowerPower - PowerPower - PowerPowerOil & GasOil & GasPower
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Armidale Solar Acquisition ProjectAnnouncedAPACAustraliaPower, Power0.000It Power (Australia) Pty Ltd, Bt Imaging Pty LtdASHURST
Nyngan Solar Acquisition ProjectAnnouncedAPACAustraliaPower, Power0.000It Power (Australia) Pty Ltd, Bt Imaging Pty LtdASHURST
Orange Solar Acquisition ProjectAnnouncedAPACAustraliaPower, Power0.000It Power (Australia) Pty Ltd, Bt Imaging Pty LtdASHURST
Misima Gold Mine Acquisition ProjectAnnouncedAPACPapua N GuineaMining1.930PanPacific Copper Co Ltd, Kingston Resources LtdASHURST
Hanoi City 75MW Waste-to-Energy Power ProjectAnnouncedAPACVietnamWaste & Recycling, Power0.000China Tian Ying IncFRESH-BRUCKHAUS
Thanbayarkan Oil Refinery ProjectAnnouncedEMEAMyanmar(Burma)Petrochemicals0.000
Tashkent district heating network ProjectAnnouncedEMEAUzbekistanPower, Power0.000ASIAN-DEV-BKNORTON-ROSE-FUL, KOSTA-LEGAL
Siviour Graphite ProjectAnnouncedAPACAustraliaMining0.000ABG-SUNDAL
Piaui Solar ProjectAnnouncedLATAMBrazilPower, Power32.910Piaui
Cuiu Cuiu Gold ProjectAnnouncedLATAMBrazilMining2.390Cabral Gold Inc
Project NameArmidale Solar Acquisition ProjectNyngan Solar Acquisition ProjectOrange Solar Acquisition ProjectMisima Gold Mine Acquisition ProjectHanoi City 75MW Waste-to-Energy Power ProjectThanbayarkan Oil Refinery ProjectTashkent district heating network ProjectSiviour Graphite ProjectPiaui Solar ProjectCuiu Cuiu Gold Project
CountryAustraliaAustraliaAustraliaPapua N GuineaVietnamMyanmar(Burma)UzbekistanAustraliaBrazilBrazil
SectorPower - PowerPower - PowerPower - PowerMiningWaste & Recycling - PowerPetrochemicalsPower - PowerMiningPower - PowerMining
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