PFI Financial Tables 2025

Billions in end-of-year renewables loans reflect the changing tax credit landscape. But it's not over yet – deadlines loom. By Alison Healey

The large-scale waste-to-energy sector in Australia is sprouting new shoots. Two pioneering projects in Western Australia have faced various troubles. By Alexandra Dockreay.

The UK government has announced 8.4GW offshore in AR7. Moves are afoot for AR8. By Rod Morrison.

The near 50% jump in global project finance volumes in 2025 was a surprise to say the least – although there were signs. In Q3 the figure was up 33%. But the usual end of year deal rush turned into a hurricane pushing the year-on-year increase up to 47%. Various themes can be detected, trophy projects identified but, in the final analysis, the big wave came in across the global beach.

The global project finance loans market jumped 41.6% to US$591.4bn in 2025 from US$417.4bn. Global project bond issuance was up 82.8% to US$116.5bn from US$63.7bn. As a result, the global project finance market increased 47.1% to US$707.9bn in 2025 compared to US$481.1bn in 2024. The number of loan deals rose from 1,004 to 1,132 and the number of bond deals rose from 122 to 142. Multilateral lending in developing countries near doubled from US$9.5bn to US$17.8bn and in developed markets rose from US$9bn to US$11.3bn.

Germany’s onshore wind market has a stride with oversubscribed tenders and lower clearing prices but is poised for upgrade with repowerings and BESS. By Hassan Butt and Cristiana Sandeva.