Lead Story

PFI 803 - 23 Oct 2025 - 5 Nov 2025

PF distress rates down

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.

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Lead Stories

PFI 803 - 23 Oct 2025 - 5 Nov 2025

Data centre project bonds have emerged. Structural features help mitigate new risks. By Alison Healey

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PFI 803 - 23 Oct 2025 - 5 Nov 2025

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

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PFI 803 - 23 Oct 2025 - 5 Nov 2025

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

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PFI Comment

PFI 803 - 23 Oct 2025 - 5 Nov 2025

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.

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Features
PFI 803 - 23 Oct 2025 - 5 Nov 2025

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.

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PFI 803 - 23 Oct 2025 - 5 Nov 2025

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

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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.

PFI Global Energy Report 2025