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Sunday, 23 April 2017

Americas Energy Report 2006

Americas Energy Report 2006

PFI Americas Energy Report 2006

IGCC - New hope for coal: Coal - a traditional and relatively plentiful fuel source for US power generation - is again attracting significant attention from US power generators.

Difficult sell for Plum Point

PFI Americas Energy Report 2006

With a line-up of banks like Plum Point has and the huge amount of market interest in coal, it seemed like an easy sell. By Alison Healey.

Evolution of US bio-fuels financing

PFI Americas Energy Report 2006

Production capacity in the bio-fuels industry in the US and worldwide has seen sustained double-digit growth for more than 10 years. Jerome P Peters, Senior Vice-President, TD Banknorth Project Finance.

LNG supplier step-in rights

PFI Americas Energy Report 2006

One of the more intriguing trends in LNG import projects is the increasing tendency of international LNG suppliers to require so-called step-in rights. By Daniel Rogers, a partner in the Houston office of King & Spalding LLP.

LNG interest fuels AES Dominicana

PFI Americas Energy Report 2006

ABN AMRO has led a US$160m bond offering for AES Dominicana Energia Finance. By Alan Gersten.

State-by-state Kyoto initiative

PFI Americas Energy Report 2006

The groundwork is being laid for a potential US national Kyoto type agreement. By David S Langer and Aaron Bielenberg of Latham & Watkins LLP.

Global Energy Report 2006

Global Energy Report 2006

Global Energy Report 2006

PFI Global Energy Report 2006

Pricing is on everyone's minds these days. I like the comment from International Power's Dr Ranald Spiers in the PFI Middle East Review last month. "Tenors grow even longer, margins tighter - and yet our banking friends have never enjoyed such bumper profits, so there must still be room for improvement!"

Wind bank risks multiplying

PFI Global Energy Report 2006

The banking market for wind project financings has changed dramatically over the past few years, with lenders now reaching a level of competitiveness that many market participants are starting to view as dangerous. And now the market is struggling to come up with a structure that will work with merchant wind. By Alison Healey.

Term B books into the suite

PFI Global Energy Report 2006

Are capital market products replacing bank loans in project finance? By Jim Guidera, group head, project finance, Calyon Americas.

Mexico's power attracts project finance

PFI Global Energy Report 2006

Project finance experts are looking south of the border for energy deals, particularly in Mexico. At least 15 major Mexican energy projects, totalling more than US$6bn, are planned in the next few years, providing major opportunities for project financing. By Alan Gersten.

Loy Yang A – Setting a benchmark

PFI Global Energy Report 2006

The refinancing of Loy Yang A's A$2.36bn project loan at the end of last year set a benchmark for the market going forward. By Sharon Klyne.

Powertron converts via IMTN

PFI Global Energy Report 2006

Ranhill Powertron (RPSB) successfully reached financial close for its M$540m Islamic medium-term notes programme last year. By Jaccob Thomas, chief executive officer of MP Capital Advisory.

KK2 mixes on and off

PFI Global Energy Report 2006

On the last business day of 2005, Gulf Power Generation Co Ltd (Gulf Power) successfully closed the financing of a 1,468MW CCGT power plant that is to be located in Kaeng Khoi, Thailand. This marked yet another milestone in the re-establishment of the debt market for Thai infrastructure. By Paul Elliott and Sawanee Sethsathira, Baker & McKenzie and Mizuho Corporate Bank.

Maritza East I raises the Bulgarian bar

PFI Global Energy Report 2006

Bulgaria's €1.1bn Maritza East I (MEI) power plant may be the country’s first large-scale, wholly privately-owned power plant - and indeed the largest foreign investment in the aspiring European Union member state - but it also proved to be a landmark in terms of project finance. By Antony Collins.

QGTC squeezes the shippers

PFI Global Energy Report 2006

Qatar General Transport Company (QGTC) has been squeezing shipowners, and their funding banks, on its series of large LNG ship deals. The process is going so far the company might now be squeezing the shipowners out altogether, although the banks will still need to be around. By Rod Morrison.

Some have Chad enough

PFI Global Energy Report 2006

The long-running US$3.7bn Chad-Cameroon oil pipeline may have taken a turn for the worse at the end of 2005 - with bitter rows erupting over financial agreements between the World Bank and Chad - but the commercial sector remains resolutely realistic about both the project and the region. By Antony Collins.

Asia Pacific Report 2006

Asia Pacific 2006

Asia Pacific Report 2006

PFI Asia Pacific Report 2006

Ratch Power sails smoothly: Ratchaburi Power has been one of the most trouble-plagued IPPs in Thailand, but nonetheless, the financing process has been completed smoothly and efficiently.

Indian IPP powering ahead

PFI Asia Pacific Report 2006

India was the recent venue of the annual meeting of the Asian Development Bank. The choice seems timely and appropriate now that the country is trying to move past the Dabhol saga, and is embarking on massive power plant developments. By Minerva Lau.

Borrowing base - A growing trend

PFI Asia Pacific Report 2006

For some decades, the borrowing base facility has played an important role in enabling the oil and gas industry to secure debt finance for its upstream activities. Yet the product has been notable for its absence in the hydrocarbon provinces of South East Asia. By Adrian Cheng and Michelle Chen of Herbert Smith.

Santos - Getting the borrowing basics

PFI Asia Pacific Report 2006

Borrowing base lending techniques continue to provide flexible solutions to exploration & production companies in Indonesia. By Ken Hawkes, consultant with Lovells; Brad Sterley and Lindsey Millane of ANZ Investment Bank.

EMobile phones home

PFI Asia Pacific Report 2006

Japan's first 3G mobile credit has hit the market and is largely expected to receive a warm reception. The deal is by far the largest non-recourse project finance ever arranged in the world for a telecom greenfield project By Masahiro Urakabe, senior vice president, Mizuho Management Advisory Co.

Penang Bridge funds expansion

PFI Asia Pacific Report 2006

The Penang Bridge extension bond issue is the only toll road credit to hit the Malaysian bond market this year. By Lee Chin Tok, senior vice-president, debt capital markets & syndicate, Commerce International Merchant Bankers.

South Korean PPI goes social

PFI Asia Pacific Report 2006

The South Korean private infrastructure programme has recently expanded into the provision of social infrastructure. While the expanded market is still largely for domestic players, there are increasing opportunities for international third-party service providers. By Sharon Klyne.

PPP aqua challenges

PFI Asia Pacific Report 2006

This article highlights the key water sector challenges faced by countries in the Asia-Pacific region. The challenges vary in intensity and nature between different countries in the region. By Patrick Docherty and Sharad Somani of the Global Infrastructure and Projects team of KPMG Corporate Finance, Singapore.

Middle East Report 2006

Middle East Report 2006

Middle East Report 2006

PFI Middle East Report 2006

Growth on the plateau: Project Finance International's second projects survey, accompanying this Middle East report, shows significant growth - perhaps.

Challenges facing IWPP developers

PFI Middle East Report 2006

What a fantastic time to be in the Middle East! By Dr Ranald Spiers, director Middle East, International Power.

Saudi - New IWPP frontier

PFI Middle East Report 2006

The recently launched initiatives in the power and water sectors in the Kingdom of Saudi Arabia have many unique and promising features. By Ghazali Inam, vice-president and senior corporate finance officer, Riyad Bank.

Three projects, two financings and one deal

PFI Middle East Report 2006

Rodolphe Olard and Nick Sinden of HSBC and John Dewar and Sam Hoexter of Milbank Tweed Hadley & McCloy LLP, advisers to Qatofin, explain the Qatofin/Q Chem 2 project.

Local sponsors' EBIC success

PFI Middle East Report 2006

The last 12 months have been a pivotal period for Egypt Basic Industries Corporation (EBIC) and the EBIC project culminating in the signing of the principal financing documents in September. By Philip Stopford, Justin Benson and Sebastian Buss, White & Case.

Minimising risk in the Middle East

PFI Middle East Report 2006

Peter Le Vey of Marsh and Heyrick Bond-Gunning of Kroll, explain what the chief risks are in the Middle East and what investors and managers can do to minimise them.

Australia Report 2006

Australia Report 2006

Australia Report 2006

PFI Australia Report 2006

Banking on infrastructure: Investing in infrastructure is all the vogue now, in no small part due to the success of Macquarie Bank and its satellite funds. Australian commercial banks are also jumping on the bandwagon, but managing those inherent conflicts within its core business of debt provision will be very tricky.

New path to MIG

PFI Australia Report 2006

Macquarie Infrastructure Group, Macquarie Bank's flagship satellite fund, has announced a restructuring plan that will include a A$500m on-market share buy-back; paying three years of base fees in scrip; selling 50% of its assets to an unlisted Macquarie-managed vehicle called Macquarie Infrastructure Partners II; and a freeze on new acquisitions for 12 months. By Sharon Klyne.

MEIF fund stays private

PFI Australia Report 2006

Macquarie has been buying up assets across Europe and revolutionising the infrastructure sector, but can it keep it up in the face of ever more competition, asks Barry Marshall.

No worries – AUSTRALIA!

PFI Australia Report 2006

First, let's get the obvious question out of the way. Yes, Sydney's a hardship posting. Here you see me, Martin Locke and Mario D'Elia conferring over the finer points of a bond deal at the eponymous Bondi beach. By Tony Poulter, outgoing Sydney-based head global head of Project Finance at PwC.

Getting globally wasted

PFI Australia Report 2006

Waste-to-resources company Global Renewables hopes to position itself as a global leader in the waste management technologies market with its patented mechanical biological treatment (MBT) technology. Cliff Lawrenson, chief executive officer of parent company GDR Ltd tells Project Finance International why he is passionate about the company's future. By Sharon Klyne.

Plenary energised for America

PFI Australia Report 2006

A strategy that was a decade in the making is now helping Plenary Group to get its first deals done in Australia and make a big push for North America. Plenary Group has brought some well-known names on board and is heading for the capital markets in a partnership with Deutsche Bank. By Alison Healey.

Aussies are out to conquer

PFI Australia Report 2006

Australian players continue to pursue opportunities beyond the country's borders and nearby Asia is providing attractive options. Minerva Lau reports.

Brisbane Bypass - Case study

PFI Australia Report 2006

In May 2006, the Brisbane City Council awarded the RiverCity Motorway consortium a 45 year concession for the Brisbane North South Bypass Tunnel (NSBT). By Shane Logan, director, project finance, National Australia Bank.

GCC Report 2006

GCC Report 2006

PFI GCC Report 2006

Welcome to the first joint Project Finance International (PFI) and International Financing Review (IFR) GCC Report, a review of the GCC capital markets published by Thomson Financial, the parent company of PFI and IFR.

Corporate finance blooms

PFI GCC Report 2006

The corporate finance markets in the GCC are going through an unprecedented boom. International banks and investors are keen participants. Business and political concerns are near the surface, however. By Rod Morrison.

PE – A new confidence

PFI GCC Report 2006

The GCC region was once the Cinderella of the global private equity market. Today, it is finding more friends and willing participants. By Nick Kochan.

IPO market back on

PFI GCC Report 2006

Equity markets in the Middle East remain at an early stage of development, with rules and regulations often out of sync with international practice. But the speed of growth is astonishing. Owen Wild reports.

M&A case study – MTN

PFI GCC Report 2006

The Dubai International Financial Centre's recently established stock exchange has experienced its first takeover, the acquisition of Investcom by MTN Group. By Bruce Embley, partner, and Michael Horman, associate, Freshfields Bruckhaus Deringer, lawyers to MTN.

Centres aim to excel

PFI GCC Report 2006

Financial centres in the Gulf are competing to become the region's financial hub. Nick Kochan looks at the three main centres – Bahrain, Dubai and Qatar.

Seeking a home abroad

PFI GCC Report 2006

With Dubai International Capital snapping up yet another string of high-yielding assets, Barry Marshall investigates the routes GCC capital takes abroad, the gains to be made and the risks it carries.

Preaching to the convertible

PFI GCC Report 2006

The burgeoning sukuk market has seen the most pronounced innovation in the Islamic finance sector in recent years. By Rahail Ali, Global Head of Islamic Finance, and Imran Mufti, senior solicitor, Denton Wilde Sapte, legal advisers on the PCFC and Aabar sukuks.

Spreading sukuk technology

PFI GCC Report 2006

East Cameron Partners, an independent oil and gas exploration and production company based in Houston, Texas, has recently issued an innovative sukuk bond. By Iad Georges Boustany, General Manager, BSEC.

Arbitraging and trading GCC credit

PFI GCC Report 2006

The ever-expanding project finance pipeline in the GCC region offers opportunities, albeit with real challenges. The booming development projects and the looming liquidity are providing banks with a new asset base to diversify as well as optimise their credit portfolios. By Ghazali Inam, vice-president and senior corporate finance officer, Riyad Bank.

Aramco structures its first

PFI GCC Report 2006

Jamal Al Rammah, director, project development, Saudi Arabian Oil Company and Kunio Nozaki, general manager, finance and accounting office, Sumitomo Chemical were jointly responsible for leading the financing of the Rabigh Refinery and Petrochemical Project. They explain the deal.

Yansab bears SABIC fruit

PFI GCC Report 2006

Saudi Basic Industries Corporation (SABIC) and ABN AMRO successfully closed the US$3.5bn Yanbu National Petrochemical Company financing in the summer. By Bruce Macfarlane, executive director and regional head loans and advisory, ABN AMRO, and Jalal Almarhoon, on secondment from Saudi Hollandi.

SEPC - Four milestones in one

PFI GCC Report 2006

The signing of the US$1.8bn of financing facilities for the Saudi Ethylene & Polyethylene Company’s new petrochemical complex marked a major milestone. By Darren Davis, Director, Project & Export Finance, HSBC.

Hidd powers into Bahrain

PFI GCC Report 2006

The Al Hidd transaction is the first Independent Water and Power Project (IWPP) under the Bahraini privatisation programme. By Phil Roberts, director, project finance power team, Royal Bank of Scotland.

Wrapped bonds splash in

PFI GCC Report 2006

In March, the US$180m Ajman Wastewater project reached financial close for the second time, with a 20-year wrapped bank loan. By Michael Dinham, managing director, and Stefan Ben, associate, ING.

Global Infrastructure Report 2006

Global infrastructure 2006

Global Infrastructure Report 2006

PFI Global Infrastructure Report 2006

Bridge is as good as gold: The Golden Ears Bridge Project is a milestone project for the Canadian PPP market.

Infrastructure Ontario takes on hospitals

PFI Global Infrastructure Report 2006

Infrastructure Ontario has officially been in business since November 2005, but in that short time the agency has been assigned a total of 43 projects to put out to bid. By Alison Healey.

US hospitals Baton template

PFI Global Infrastructure Report 2006

It has not yet been decided which bidders will move forward following submissions of letters of interest on a Baton Rouge hospital project, but the project is being held up as a model for future hospital development now being supported by the federal government, especially in the storm-ravaged South. By Alan Gersten and Alison Healey.

Convergence or PPP divergence

PFI Global Infrastructure Report 2006

Latin America has continued to trail other emerging markets for FDI. Will PPP structures change the record? By Willem Sutherland, head of securitisation, Latin America, ABN AMRO.

PPPs - AP policy scenario

PFI Global Infrastructure Report 2006

The lack of adequate infrastructure capacity in Asia Pacific has hindered development and led to a consensus that private investment, including foreign investment, and reforms are required. Ajay Sagar of Asian Development Bank writes.

PPPs - AP market scenarios

PFI Global Infrastructure Report 2006

With the exception of a few key countries, the explosion in Asia-Pacific PPP projects has yet to fully materialise. By Bill Banks, Paul Clifford, Darrin Grimsey and Greg Procter, project finance advisory, Ernst & Young Australia.

Investors offered guarantees

PFI Global Infrastructure Report 2006

The Indonesian government has issued a strong invitation to domestic and foreign investors to participate in its infrastructure sector. It has plans to modernise, improve and develop infrastructure projects in the country, and funding is badly needed. Minerva Lau writes.

South Korean port towed in

PFI Global Infrastructure Report 2006

Korea Development Bank advised on and arranged a W164bn project loan for the development of the Pyeongtaek container port, a greenfield 30,000 teu development. By Sharon Klyne.

Thunder added to reign in Spain

PFI Global Infrastructure Report 2006

The Spanish projects market might only trail the UK in terms of sophistication and deal flow within Europe, but signs are that the country has ambitious plans to crank up the competitive sector even further. By Antony Collins.

Barts - Simply the biggest

PFI Global Infrastructure Report 2006

Barts was founded in 1123 and its new building PFI development stretched back some time too. But it did get done. By Kevin Murphy and Marc Hardy, Investec project and infrastructure finance.

Pricing and productivity TIF

PFI Global Infrastructure Report 2006

The UK is the world's fourth largest economy by GDP, but lies only 13th in the competitiveness league table. By Martin Callaghan, partner, PricewaterhouseCoopers LLP

Test cases for SA PPPs

PFI Global Infrastructure Report 2006

Financial close is near on the Gautrain project. The closure of the deal will be a landmark test case for PPPs in South Africa, where a new regulatory regime is being put to the test. By Barry Marshall.

North America Report 2006

North America Review 2006

PFI North America Report 2006

Understanding contemporary US PPPs: It should be recognised that most of the PPP activity in the United States actually has revolved around the development of new transportation facilities.

PPP yellow light in Cali

PFI North America Report 2006

California needs hundreds of billions of dollars in infrastructure upgrades over the next decade to support a growing population and a growing economy. By Nicole Gelinas.

Goldman makes wind PF debut

PFI North America Report 2006

Goldman Sachs came to market as both lead arranger and developer with the Horizon Wind Energy deal, which brought in almost every bank approached despite a merchant element to one project. By Alison Healey.

RECs – States jump on board

PFI North America Report 2006

What has led to the critical importance of Renewable Energy Certificates, or RECs, in US power purchase transactions? By Robert H Edwards Jr, partner, energy & project finance team, and David van Hoogstraten, counsel, resources, regulatory & environmental team, at Hunton & Williams LLP.

Rockies' corporate express

PFI North America Report 2006

A new pipeline to run across the US is being financed and constructed at a time when the domestic market is seeing dramatic movements. By Barry Marshall.

Major mining consolidation looms

PFI North America Report 2006

A consolidation in the mining industry through Phelps Dodge Corp's proposed US$40bn plan to acquire Inco Ltd and Falconbridge would create more opportunities for project finance development around the world. By Alan Gersten.