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Project Finance International (PFI) has been at the forefront of project finance reporting for the last 25 years. It is the most comprehensive and authoritative publication to serve the industry, covering all the major sectors, including transport, power, oil & gas, infrastructure and mining.

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PFI Comment

Back to bread and butter

The issues surrounding Northvolt have thrown into doubt the expansion of the project finance asset class into a new industrial age. A host of new types of schemes have been put forward to the structured debt market for finance and given the push for the green transition, many have received a favourable response, initially at least. Now, however, presumably more conservative principles will apply. Back to bread and butter.

Daily News

US and EMEA lead legal PF uptick

The PFI legal survey for 2024 highlights 583 deals over US$500m per transaction, cumulatively worth nearly US$527bn and signalling an uptick in legal activity from last year’s 464 global deal score. Subscribers can access the report via Deals Data or by clicking here.

PFI Special Report

PFI Global Infrastructure Report 2024

PFI has published its annual Global Infrastructure Report. The report reviews the current state of the debt markets and takes a look at the various up and coming sectors such as data centres and EV charging. There are case studies on recent landmark deals such as R4WO, 5G in Colombia and the Thanaleng dry port in Laos plus the H2GS transition project in Sweden. To see the digital version of this report, please click here To purchase printed copies or a PDF of this report, please email shahid.hamid@lseg.com in Asia Pacific & Middle East and...

US PPs set the pace globally

International investment bank DC Advisory is looking to make the most of the improved environment in Europe and now the US. By Jordan Bintcliffe.

Debt needs to flex with the market

Darryl Murphy, managing director, infrastructure at Aviva Investors, sees flexibility as the winning formula in financing future infrastructure opportunities. By Nick Herbert.

Brightline evolves into investment grade

The Brightline passenger rail system has grabbed the market’s attention since the project’s days as All Aboard Florida. This year, the issuer achieved investment grade status. By Alison Healey

Canadian P3 – Alberta doubles down

The Canadian Public-Private Partnership (P3) market is experiencing a meaningful transformation as provincial ministries demonstrate varying and, in some instances, opposite appetites for the project delivery model. By Bill Woodhead, partner, Theron Davis, senior associate, and Amanda Thompson, summer law student, at BLG, Calgary.

Colombia cruising into the 5G decade

Colombia’s 5G highway programme is muscling in on its older sibling 4G’s project finance territory. Deals are still evolving and maturing. By Nic Stone.

Sustainable cashflow key for data centres

The number of project financing transactions for data centres is rising sharply as the digital infrastructure sector grows. Investors, arrangers and bankers are increasingly looking for innovative and different financing options in meeting the rapidly rising demand for data centres. By Roelof Steenekamp of Fitch Ratings.

Asian DCs – Trends, challenges and opportunities

As digital transformation accelerates, the global demand for sustainable data centres is more pressing than ever. By Sharad Somani, partner and Asia-Pacific head of infrastructure, KPMG*.

Indian data centres – Growing project finance prospects

The data centre industry has experienced immense growth over the past decade, driven by ever-increasing demand for cloud services and expanding use of web-enabled devices globally. By Prasad Hegde, managing director, project and export finance and regional head South Asia, Svati Goyal, director, project and export finance, and Shishir Narsinghani, director, project and export finance, Standard Chartered Bank.

Project finance for social and affordable housing

Safe and affordable housing is central to the security and dignity of every person. While access to shelter is a basic human right, Australia, like many other nations, is experiencing significant housing challenges. By Jan Gabrynowicz, executive director, infrastructure, energy and resources, Brett Ruitenberg, head of infrastructure, energy and resources, and Tarek El-Rakshy, managing director and head of structured finance Australia, SMBC.

Thanaleng dry port – Transforming Laos

In the heart of South-East Asia, a transformative project has reached a pivotal milestone. By James Harris, Scott Palmer and Jonathan Fong at Pinsent Masons MPillay, Singapore, and Kristy Newby at DFDL, Laos.

R4WO – Belgium's largest PPP

The R4WO project, the largest public-private partnership project ever tendered in Belgium, is set to redefine the essence of infrastructure and connectivity in Ghent, Flanders. By Steven Steppe and Renaat Janssen, Rebel, and Filip Tanghe, partner, and Margot De Wolf, associate, A&O Shearman.

H2 Green Steel – Building a decarbonised steel industry

Carbon dioxide emissions from steel are a major agenda point for both governments and environmentally conscious consumers who are committed to reducing their carbon footprints. Christophe Hadjal, Tim Hawk and Matthew Stewart from Societe Generale’s mining, metals and industries team explain how H2 Green Steel has financed the first steel plant that will remove almost all of these emissions from the steel-making process.

Gigafactories – Innovative funding approaches

As technical advisers we know what a successful gigafactory deal looks like. This article will discuss how project finance may play a role in deciding future mass-market technology winners. By Edward Reed, director of advisory services, Geoffroy Chene, technical director of advisory services, and Christopher Constable, consultant. WSP.

Powering the future – Financing EV charging infra

A sector set for increased activity, and therefore a need for financing, is electric vehicle infrastructure. Stefan Barrow, managing director, and Daniel Jaax, vice-president, structured finance, MUFG EMEA, explain why.

On the road to financing EV charging infra

Recent years have seen a lot of activity across the globe in the EV charging infrastructure space, with a number of common themes and challenges emerging. This article will explore these common themes, with a primary focus on the bankability and financing challenges of EV infrastructure projects across Europe and potential solutions to them. By Marianne Anton, counsel, London, Watson Farley & Williams LLP*.

Actis navigating emerging markets infra

Think of high-connectivity telecoms and top-notch infrastructure. If your thoughts do not go to Eastern Europe and global emerging markets, it may be time you thought again. Actis can give a few reasons why. By Cristiana Sandeva.

PFI Yearbook

Foreword

Welcome to the 2024 Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2023 through case studies and the PFI Awards, and look forward into 2024 with a range of themed articles and profiles in the Global section of the book. It was an extremely active year this year in the project finance arena but at the same time it had the feeling of a slowdown. Maybe it depended on where you were, geographically and sectorally. There was no holding back the LNG sector with some truly mega...

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
IFM / DigitalBridge Nevada Data Center ProjectNorth AmericaUnited StatesTelecommunications4,400.000DigitalBridge Group Inc, IFM Investors Pty LtdDAVIS-POLK, MILBANK-LLP
Lightstone Natural Gas Fired & Coal Power Plant Portfolio Acquisition ProjectNorth AmericaUnited StatesPower, Power, Power, Power1,300.000Lightstone Generation LLC, Energy Capital Partnrs Mgmt LP
Pine Gate / Blackstone US Solar Portfolio ProjectNorth AmericaUnited StatesPower288.000Pine Gate Renewables LLC, Blackstone Credit & InsuranceSTOEL-RIVES-LLP, MILBANK-LLP
AirTrunk JHB1 Data Centre ProjectMalaysiaMalaysiaTelecommunications, Telecommunications, Power402.210AirTrunk Operating Pty LtdGILBERT-TOBIN, KING-WOOD-MAL
Guayepo I and II ProjectLATAMColombiaPower, Power290.000Enel Green Power Colombia SAS
Tzora Data Center ProjectEMEAIsraelTelecommunications, Telecommunications147.630Anan Data CentersGORNITZKY
Revolution Offshore Wind Phase 1 ProjectNorth AmericaUnited StatesPower1,738.000Orsted A/S, Eversource Energy, Global Infrastructure Mgmt LLCVINSON-ELKINS, MILBANK-LLP
Avaada Energy Karnataka & Maharashtra Solar Refinancing ProjectAPACIndiaPower71.030Avaada Energy Pvt Ltd
BNZ Spain, Italy & Portugal Solar Photovoltaic Portfolio ProjectEMEASpainPower740.520Bnz EnergyASHURST-LLP, CLIFFORD-CHANCE, LINKLATERS
Pathway US Solar, Wind and BESS Portfolio ProjectNorth AmericaUnited StatesPower, Power, Power40.000Pathway Power Holdings LLCNORTON-ROSE-FUL, FOLEY-LARDNER
Date
Project NameIFM / DigitalBridge Nevada Data Center ProjectLightstone Natural Gas Fired & Coal Power Plant Portfolio Acquisition ProjectPine Gate / Blackstone US Solar Portfolio ProjectAirTrunk JHB1 Data Centre ProjectGuayepo I and II ProjectTzora Data Center ProjectRevolution Offshore Wind Phase 1 ProjectAvaada Energy Karnataka & Maharashtra Solar Refinancing ProjectBNZ Spain, Italy & Portugal Solar Photovoltaic Portfolio ProjectPathway US Solar, Wind and BESS Portfolio Project
RegionNorth AmericaNorth AmericaNorth AmericaMalaysiaLATAMEMEANorth AmericaAPACEMEANorth America
CountryUnited StatesUnited StatesUnited StatesMalaysiaColombiaIsraelUnited StatesIndiaSpainUnited States
SectorTelecommunicationsPower - Power - Power - PowerPowerTelecommunications - Telecommunications - PowerPower - PowerTelecommunications - TelecommunicationsPowerPowerPowerPower - Power - Power
View Deal

Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Arco Norte de Monterrey Toll Road PPP ProjectAnnouncedLATAMMexicoTransportation0.000Gobierno del Estado de Nuevo
Zero Petroleum Whyalla Sustainable Aviation Fuel Facility ProjectFeasibility StudyAPACAustraliaIndustry0.000Zero Petro Ltd
Marina East Water Acquisition ProjectSale Agreement SignedAPACSingaporeWater & Sewerage0.000Keppel Ltd
Bago City Wind Power Acquisition ProjectAnnouncedAPACPhilippinesPower250.000First Maxpower Intl Corp, Equitr Hldg Inc, CrossPower Operations GmbH
Kota Marudu Green Hydrogen Production Facility ProjectAgreement SignedMalaysiaMalaysiaPower, Petrochemicals, Power, Power0.000LBS Bina Group Bhd, Invest Sabah Bhd, Sabah Forestry Dvlp Auth, Midw Green Sdn Bhd
Terra Gen California ESS ProjectContract SignedNorth AmericaUnited StatesPower0.000Terra-Gen Power LLC
Masdar & KESH Albania Renewable Energy ProjectAgreement SignedEMEAAlbaniaPower, Power, Power0.000Abu Dhabi Future Energy Co, KESH sha
Teraco Isando Campus JB7 Data Centre ProjectAnnouncedEMEASouth AfricaTelecommunications, Telecommunications438.920Teraco Data Environments (Pty)
Balanced Rock Power WIndhub Solar B Acquisition ProjectSale CompletedNorth AmericaUnited StatesPower0.000Balanced Rock Power LLC, Standard Solar IncEOS-CAPITAL
Hydrexia/WEDSB Selangor Hydrogen Oriented Resources (SHORE) ProjectAgreement SignedMalaysiaMalaysiaPetrochemicals0.000Hydrexia Sdn Bhd, Worldwide Energy Dvlp Sdn Bhd
Date
Project NameArco Norte de Monterrey Toll Road PPP ProjectZero Petroleum Whyalla Sustainable Aviation Fuel Facility ProjectMarina East Water Acquisition ProjectBago City Wind Power Acquisition ProjectKota Marudu Green Hydrogen Production Facility ProjectTerra Gen California ESS ProjectMasdar & KESH Albania Renewable Energy ProjectTeraco Isando Campus JB7 Data Centre ProjectBalanced Rock Power WIndhub Solar B Acquisition ProjectHydrexia/WEDSB Selangor Hydrogen Oriented Resources (SHORE) Project
RegionLATAMAPACAPACAPACMalaysiaNorth AmericaEMEAEMEANorth AmericaMalaysia
CountryMexicoAustraliaSingaporePhilippinesMalaysiaUnited StatesAlbaniaSouth AfricaUnited StatesMalaysia
SectorTransportationIndustryWater & SeweragePowerPower - Petrochemicals - Power - PowerPowerPower - Power - PowerTelecommunications - TelecommunicationsPowerPetrochemicals
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