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Wednesday, 23 April 2014


Bulgarian energy tax forces restructuring

Bulgaria’s 20% tax on renewable projects is forcing power producers to restructure project debt en masse, according to the Bulgarian Photovoltaic Association. The majority of the 1GW solar PV plants installed are negotiating tenor extensions and payment reductions with lenders, following the enactment of the reform in January, it said, with some projects entering insolvency. Many of Bulgaria’s wind farms are also thought to be undergoing a debt restructuring. Some foreign investors are rumoured to be considering litigation under the Energy Charter Treaty or bilateral investment treaties.

Top Stories


Water P3s to US

US water P3s have been gradually popping up in the market. New financing mechanisms have made their way through the local legislative processes. By Alison Healey.


Transurban seeks a lot

Transurban has a hefty fund raising programme on its plate. The company will need both debt and equity for its ambitious plans. By John Arbouw.

Go Moscow

To Russia with love

International firms have shown support to Russia’s new pipeline of transport PPPs despite the uncertainty. Local bank VTB is in line to pick up the first two but other sources of rouble financing will be needed. By Colin Leopold



Opening a new credit line

PFI Issue 526 - April 9, 2014

Power transmission assets are infrequent visitors to the capital markets. But a deal this week in Latin America shows that this asset class is well suited to debt finance and well suited to an international bond issue. By Adrian Murdoch.

U.S. President Barack Obama visits the Hoover Dam in Boulder City, Nevada

Excitement can lead to dam failures

PFI Issue 526 - April 9, 2014

Man cannot resist a grand design. Towers are getting ever-taller; bridge spans are getting longer; even events, such as the Olympics, are planned to be bigger, better, faster, and stronger than those that went before. By Professor Bent Flyvbjerg and Dr Atif Ansar, Said Business School, University of Oxford.

Yearbook 2014

PFI Yearbook cover


PFI Yearbook 2014

Welcome to the 2014 PFI Yearbook. The Yearbook is our annual publication in which we look at the events of 2013, through case studies and the PFI Awards, and look forward into 2014 with articles in the Global section of the book. This year, we have introduced a series of interviews in the Global section with leading players in project finance across around the world in order to take the market’s temperature.

PFI Asia-Pacific Report Cover 2014

PFI Asia-Pacific Report 2014

PFI Asia Pacific Report 2014

The need for rail road, power, port and resources infrastructure has become an economic priority for countries across the Asia Pacific. The lessons from past infrastructure financing failures have also been learned as governments, sponsors and lenders frame new financial structures that share and minimise financial risk during construction.

PFI Comment


The best way

PFI Issue 526 - April 9, 2014

A minor shift is occurring in the minds of policy-makers. Banks are back on the agenda. The first sign was in the UK Treasury’s annual budget statement. And now the EC is at it, backing the cause of long-term bank financing.

Digital Edition

Access a digital edition of the latest print magazine here.

Access the digital edition of the PFI Yearbook 2013 here.

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Project Finance MLA Q1 2014

# Arranger (US$m)
1 BNP Paribas 3,210.8
2 Credit Agricole 1,870.4
3 Mitsubishi UFJ 1,865.6
4 SBI Capital 1,792.8
5 Mizuho 1,708.8
6 SMBC 1,582.4
7 IDFC 1,436.1
8 CBA 1,336.1
9 ING 1,175.4
10 Deutsche 1,005.3