In Australia, the private sector has been participating in the financing of infrastructure for many years. In general terms, these projects have been successful other than in a few isolated circumstances, for example, each of the rail links to the airports in Sydney and Brisbane have not met their patronage forecasts. But even those highly publicised projects have generally been regarded as successfully delivering on many of their risk issues such as on time and on budget design and construction in difficult circumstances. Mark Upfold, partner and Bridget Kidner, lawyer, Mallesons Stephen Jaques examine the subtleties of PPP contracts in Australia.
There is currently quite a lot of activity in the fledgling public private partnership market in Australia. A number of deals are either in the bid phase or have reached final submission stage. However a lot more deals will have to reach financial close in order to give the market any real depth. By Sharon Klyne.
The renewable industry was dealt a blow recently when the Federal government announced it would not extend the MRET target beyond 2020. This effectively narrows the time gap for sponsors to bring deals to the market to take advantage of the scheme. Andrew Clark, partner and Michael Kee, solicitor, projects group of Freehills discuss the issues in financing wind farms.
ANZ Investment Bank provided a small project financing and hedging facility to Giants Reef Mining. The project is typical of a junior resources company taking advantage of modern exploration techniques to discover new gold and copper opportunities in a previously highly productive region and using the upturn in the commodities market to raise both debt and equity to underpin its growth aspirations. By Chris Tonkin, executive director - and Richard Schroder, associate director, ANZ.
Australia is fast becoming a major partner of China, who is so hungry for energy sources, especially natural gas which is a commodity fortunately in abundant supply in the land of the kangaroos. The urgent and huge demand for such has led to greater cooperation between the two countries. Minerva Lau reports.
In early 2004, Australia's largest pay television operator, Foxtel, reached financial close on one of the country's largest syndicated leveraged lease and debt transactions to finance the digitisation of the company's network and business growth. The A$550m financing which was arranged by ABN AMRO and Commonwealth Bank of Australia, set new benchmarks for combining lease and term debt facilities, providing capped shareholder equity support, asset pooling and other innovations required to manage uncertainty in the fast-moving media and telecoms sector. By Scott Hawker, head of telecoms, media & entertainment, and Joëlle Mekers, loan markets, Commonwealth Bank of Australia