Municipal transportation infrastructure and contracted independent power generation assets offer significantly lower distress and default rates than other rated sectors, according to a report by Fitch Ratings, which showed distress rates in project finance and infrastructure have largely returned to those seen before the global financial crisis.
Lead Story
PFI 803 - 23 Oct 2025 - 5 Nov 2025Lead Stories
Data centre project bonds have emerged. Structural features help mitigate new risks. By Alison Healey

The capacity investment scheme tenders are rapidly gaining pace. Seven auctions have been opened since May 2024. By Marc Howe

Two biomethane project financings have closed in Poland. A market is taking shape but competitiveness needs boosting, with CfDs tenders due. By Cristiana Sandeva

PFI Comment
The words data centre are very much the two buzz words in the financing market right now. A mere US$30bn plus is being raised in just two project bonds in the US while investment analysts debate whether the whole AI-fuelled market is overcooked. Project financiers looking at the underlying credit qualities can be just as confused.

Maria Teresa Solaro, partner, and Marco Balzano, associate, FIVERS Studio Legale e Tributario, explain past and recent uses of tolling agreements, comparing it to MACSE in the Italian context, and setting out why and how tolling can form a bankable solution for the financing of energy storage projects.

At this year's PFI annual conference on Financing Energy Projects in Asia, held at the Raffles Hotel in Singapore, there was a real excitement about the way ahead with a focus on data centres, exporting power and a return to gas. By Minerva Lau

PFI Global Energy Report 2025
PFI Global Energy Report 2025
PFI has published its annual Global Energy Report. The report presents case studies of important leading-edge deals and profiles various institutions and developers involved in the sector. Battery storage is a common theme across the report alongside energy for AI and data centres.
