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Saturday, 20 April 2019

PFI Europe Report 2014

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  • A7 – A first for German PPPs

    An innovative mix of privately placed bonds, bridge financing and EIB project bond credit enhancement came together in a landmark deal, write Tim U Hartwig, senior manager, project finance, Hochtief; Lucy Plowright, senior associate, White & Case LLP; and Arnd Baumgard, head of Frankfurt infrastructure finance and Firouz Momeni, managing director, project and structured bonds, Societe Gener

  • VR8 – A simple debt solution

    Many in the world of infrastructure finance seem to want to over-engineer funding arrangements. For the VR8 DBFMO project Royal Bam Group chose simplicity and deliverability over complexity, achieving financial close within 12 weeks of being awarded preferred bidder status by drawing on relationships that had been developed over a long period. By Marcel Grote Gansey, BAM PPP PGGM; Ewout Krijger, Rabobank International; and Adri

  • Lancs waste finally tidied up

    The Lancashire waste private finance initiative (PFI) project was bought out by the public sector in the summer after a trying time during its initial operating phase. The reasons for its problems, even now, remain a little unclear but at least all parties are content to see a line drawn under the scheme. By Rod Morrison.

  • Polish draft winds of change

    Anxiety among investors over a new renewable energy law and the government’s proposed auction system means developers are rushing to complete projects before the end of 2015, writes Pawel Zalewski at law firm CMS Cameron McKenna.

  • An ageing patient will be cured

    The University Hospital of Schleswig-Holstein (UKSH) PPP project is by far the largest PPP project in the German social infrastructure sector. It comes at a time when PPPs are viewed rather critically in German political public opinion. This feature examines some of the main challenges faced during the UKSH project and how these were managed by BAM and Vamed in order to successfully close and deliver the project. By Andreas Funke, Udo Schneider and Christopher

  • Smooth deal for Westermost Rough

    On April 4 2014, Marubeni Corporation (Marubeni) and UK Green Investment Bank (GIB) jointly acquired a 50% interest in the 210MW Westermost Rough offshore wind farm (WMR) from a subsidiary of DONG Energy (DONG), a leading developer in the offshore wind sector. Financial close for the subsequent project financing occurred in September 2014. The acquisition and financing of the Marubeni/GIB joint venture holding company is significant because it represents a number of firsts. Keiji Okagaki

  • Off and running – The GB capacity market

    The Capacity Market is a Government initiative that forms part of the Electricity Market Reform (EMR) programme. While other limbs of the EMR are aimed at decarbonisation and affordability, the primary aim of the Capacity Market is to ensure security of supply. By James Phillips, partner, and Premila Patel, trainee solicitor, Burges Salmon LLP.

  • Offshore wind generates new waves

    Developers are looking to offer a new batch of German offshore wind farms to the market. Lenders are excited by the prospect, but are waiting for strong equity sponsors to take the helm of troubled projects and lead them to safer waters. By Stefano Berra.

  • No time to waste at Poolbeg

    Two EU investigations and a sovereign debt crisis couldn’t derail Ireland’s first large-scale merchant waste plant. Dublin’s Poolbeg waste-to-energy project is the largest PPP to be financed as part of the country’s wider recovery. By Colin Leopold.

  • PBCE gets rural France connected

    Axione Infrastructures was a challenging transaction involving the EIB PBCE mechanism and a securitisation vehicle as bond issuer that resulted in a very attractive financing solution: an 11-year amortising bond rated Baa2 by Moody’s and priced at 2.622%. By Emmanuel Gillet-Lagarde, head of Europe, and Bénédicte de Giafferri, regional head, Paris, at Natixis Global Infrastructure & Projects.

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