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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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Daily News

Polhem into Prime wind

Infrastructure asset manager Polhem Infra is taking a 49% stake in German asset manager Prime Capital’s 265MW portfolio in Sweden's Lycksele comprising the Fjallberg, Vinliden and Hornmyran onshore wind farms, which are expected to start operating in 2027.

PFI Comment

For whom the BESS tolls

Declining capex prices have fuelled the appetite for new battery energy storage projects despite issues in various power markets across the world. The introduction of tolling agreements into the sector will ease the path for debt financings if sponsors are willing to take a settled, but possibly lower return. After the initial enthusiasm for the sector, it has certainly been a bumpy ride for sponsors, but this is one battery sector which is not going away.

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
Ontario Three BESS Portfolio ProjectNorth AmericaCanadaPower2.1301000234763 Ontario Inc, 1000234813 Ontario Inc
Pleasant Valley Solar 2 ProjectNorth AmericaUnited StatesPower179.110rPlus Energies LLC
Blue Leaf Energy Agar Malwa Wind-Solar Hybrid ProjectAPACIndiaPower, Power165.200Blue Leaf Energy Asia Pte LtdCYRIL-AMAR-MANGA, L&L-INDIA
Enery Romania Solar, Wind & Battery Storage Portfolio ProjectEMEARomaniaPower, Power, Power223.390Enery Power Holding GmbHCLIFFORD-CHANCE, SCHOENHERR-LAW
Urban Grid Solar PV Portfolio ProjectNorth AmericaUnited StatesPower335.260Urban Grid Solar Inc
Aukera Energy Ialomita Battery Storage ProjectEMEARomaniaPower10.470Aukera Bv
Paulsell Energy Center ProjectNorth AmericaUnited StatesPower, Power179.090NextEra Energy Resources LLC
AGIG Pilbara Carbon Capture & Storage Transmission ProjectAPACAustraliaOil & Gas, Power9.750Australian Gas Infrastructure
Adani Green Energy Jaisalmer Hybrid Power Plant ProjectAPACIndiaPower, Power2,000.000Adani Green Energy Ltd
Puerta De Oro Solar PV ProjectLATAMColombiaPower, Power, Power548.630Parque Solar Puerta De Oro, Ashmore Group PLC
Date
Project NameOntario Three BESS Portfolio ProjectPleasant Valley Solar 2 ProjectBlue Leaf Energy Agar Malwa Wind-Solar Hybrid ProjectEnery Romania Solar, Wind & Battery Storage Portfolio ProjectUrban Grid Solar PV Portfolio ProjectAukera Energy Ialomita Battery Storage ProjectPaulsell Energy Center ProjectAGIG Pilbara Carbon Capture & Storage Transmission ProjectAdani Green Energy Jaisalmer Hybrid Power Plant ProjectPuerta De Oro Solar PV Project
RegionNorth AmericaNorth AmericaAPACEMEANorth AmericaEMEANorth AmericaAPACAPACLATAM
CountryCanadaUnited StatesIndiaRomaniaUnited StatesRomaniaUnited StatesAustraliaIndiaColombia
SectorPowerPowerPower - PowerPower - Power - PowerPowerPowerPower - PowerOil & Gas - PowerPower - PowerPower - Power - Power
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
TotalEnergies Texas Solar & Battery Energy Storage Portfolio Acquisition ProjectSale Agreement SignedNorth AmericaUnited StatesPower, Power800.000TotalEnergies Holdings USA Inc
Hexatoff Tanjung Malim Solar ProjectContract SignedMalaysiaMalaysiaPower, Power0.000Hexatoff Grp Sdn Bhd
Ridgemar Eagle Ford Oil Acquisition ProjectSale Agreement SignedNorth AmericaUnited StatesOil & Gas905.000Ridgemar Energy LLCVINSON-ELKINS
Pacific Green Wagga Wagga Battery Energy Park ProjectAnnouncedAPACAustraliaPower0.000Pacific Green Technologies Inc
De Grey Mining Acquisition ProjectSale Agreement SignedAPACAustraliaMining3,255.000De Grey Mining LtdAZURE-CAPITAL, BARRENJOEY-ADV, BARCLAYSGILBERT-TOBIN, STEINEPREIS-P
Naturgy Energy Spain Solar, Onshore Wind & BESS Portfolio ProjectAgreement SignedEMEASpainPower, Power, Power1,057.500Naturgy Energy Group SA
Peninsula Malaysia Battery Energy Storage System (BESS) ProjectIn TenderMalaysiaMalaysiaPower, Power0.000Ministry Of Energy Transition
Energy Estate CaliQueen CaliNewy & CaliKiwi Data Cable ProjectAnnouncedNorth AmericaUnited StatesTelecommunications0.000Energy Estate Pty Ltd
Gulf Renewable Energy Solar & BESS Portfolio ProjectAnnouncedAPACThailandPower, Power, Power820.350Gulf Renewable Energy Co Ltd
BIM Energy Holding Stake Acquisition ProjectSale CompletedAPACVietnamPower, Power70.500BIM Energy Holding Corp, AC Energy Vietnam Invests Pte
Date
Project NameTotalEnergies Texas Solar & Battery Energy Storage Portfolio Acquisition ProjectHexatoff Tanjung Malim Solar ProjectRidgemar Eagle Ford Oil Acquisition ProjectPacific Green Wagga Wagga Battery Energy Park ProjectDe Grey Mining Acquisition ProjectNaturgy Energy Spain Solar, Onshore Wind & BESS Portfolio ProjectPeninsula Malaysia Battery Energy Storage System (BESS) ProjectEnergy Estate CaliQueen CaliNewy & CaliKiwi Data Cable ProjectGulf Renewable Energy Solar & BESS Portfolio ProjectBIM Energy Holding Stake Acquisition Project
RegionNorth AmericaMalaysiaNorth AmericaAPACAPACEMEAMalaysiaNorth AmericaAPACAPAC
CountryUnited StatesMalaysiaUnited StatesAustraliaAustraliaSpainMalaysiaUnited StatesThailandVietnam
SectorPower - PowerPower - PowerOil & GasPowerMiningPower - Power - PowerPower - PowerTelecommunicationsPower - Power - PowerPower - Power
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