Foreword
Welcome to the 2011 Project Finance International Yearbook. We look back at a transitional year where austerity has started to bite into the OECD projects market but the emerging markets, particularly the leading BRIC economies, are striding forward. It is no accident that a leading emerging markets bank is our bank of the year.
Global
High profile infra M&A
Some of the most high profile deals in recent years have been in the infra M&A space. What characterises this segment of the market, and what is its future? By Geoffrey Smith, director Infrastructure Finance, ING Bank NV.
Comparing and contrasting bonds
Canadian bonds could lead the way. By Duncan McCallum, managing director, head of Canadian infrastructure and Priya Nair, managing director, head of European structured bonds, RBC Capital Markets.
Changing face of investment
It comes as no surprise that, like many asset classes, the collapse of Lehman Brothers and the ensuing market turmoil was a defining moment for the infrastructure sector. By Giles Frost, director, Amber Infrastructure.
PPPs in OECD countries
OECD governments are facing a perfect economic storm following the global finance crisis. By Richard Abadie and Peter Brown, PwC.
Offshore contracting issues
Construction risk on offshore wind deals is a challenge. Christos Kolliatsas, who leads the offshore wind technical advisory team at Mott MacDonald, discusses the issues.
Measuring resource risk
Where renewable project finance transactions have underperformed, many did so because of significantly lower than expected volumes of electricity generated. By Marton Zempleni, analyst, infrastructure finance group, Moody’s.
Bridges to US grants
The decline of credit availability and tax equity financing during the recent global recession resulted in a decrease in US renewable energy project financing. By Warren Lilien, Julie Marion and David Saunders, Latham & Watkins.
Renewable regimes
The last two years have posed unprecedented challenges for governments in developed and developing countries. By Simon Currie, partner and global head of energy, and Tim Baines, associate, at Norton Rose LLP.
China's wind underpinned
China’s rise to pre-eminence as a dynamo of global wind energy investment and technological development appears set to continue. By Paul Curnow, partner, Harold van Kooten and Simon Greenacre, associates, Baker & McKenzie.
A new wave of LatAm wind
Prospects for wind energy in Latin America are bright. By Dan Bartfeld, partner, Allan Marks, partner and Guido Giovannardi, associate, Milbank Tweed.
Building for Gulf growth
Gulf countries have increasingly turned to IPP to fund their growing power and water needs. By George Sarraf, a partner with Booz & Company based in the Middle East.
New kings of the EPC
The rise and rise of South Korean and Chinese contractors in the global EPC market has been a dominant feature over the past few years. By John Arbouw and Minerva Lau.
Back Section
Getting the wind up
Or not as the case may be. 2010 was the year when it all came together for the wind industry. Offshore wind is the next big thing, if only the wind would play ball.
PFI Award Winners 2010
Americas
Top 10 Americas
No one sector dominated the Top Ten for 2010, with major deals getting done in oil and gas, power, infrastructure, and mining, and bonds making a big dent.
Asia Pacific
Top 10 Asia-Pacific
The top deal this year, by debt size, is Taiwan’s high-speed railway project. Although a pure domestic activity, it surprised the market with the huge combined refinancing of a few loans for the scheme.
EMEA
Top 10 EMEA
EMEA’s Top 10 list for 2010 shows a remarkable swing away from the Middle East and towards Western Europe as the host for mega projects. There was still Jubail, mind.
