PFI H1 2025 League Tables

The Trump administration’s One Big Beautiful Bill Act became law on July 4. Project finance structures are set to shift again. By Nic Stone and Alison Healey

Orsted has secured financing for Greater Changhua 2 offshore wind projects. Two new deals are about to hit the market. By Minerva Lau

Germany’s onshore wind repowering market has entered its consolidation phase. A pioneering holdco debt syndication has set the tone. By Cristiana Sandeva

The offshore wind sector has received a tonic with two mega greenfield deals financed this month following the big Polish deal in June and a further one due soon in the same country. That amounts to €14bn of project finance. Clearly there is no shortage of debt. Equity is another matter.

Growth in the global project finance market continued apace in the second quarter following on from a strong first quarter. The result is an impressive first half in the loan tables with project bonds coming in on par with the 2024 figure. The US market was again a mainstay of activity accounting for nearly half of the global loans total and nearly two-thirds of global bonds.

The international market for large nuclear power plants has recently gained traction both within countries that have existing nuclear power resources as well as non-nuclear power countries, which have announced an intention to implement, or have already begun the implementation of a national nuclear power programme.1 By Kelly Malone of King & Spalding LLP and Helen Cook of GNE Advisory