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CS Energy backs EDF wind

Queensland state-owned energy company CS Energy has signed a memorandum of understanding with EDF Renewables to progress development of the 230MW Banana Range wind farm. CS Energy is considering an offtake agreement for the wind farm, as well as equity participation.

PFI Comment

LD to end all LDs

Plans to restore the famous Hammersmith Bridge in London via funding from a public-private partnership (PPP) structure put into sharp focus the issues currently surrounding new infrastructure projects. The latent defects on the project will clearly be a central factor, even in non-inflationary times, but the fact is risk-sharing is now needed across the board whether you are restoring a Victorian bridge or building a new hospital in Weeneebayko.

PFI Special Report

PFI Global Energy Report 2022

Project Finance International has published its yearly Global Energy Report, 52 pages of deep analysis of issues surrounding the financing of energy projects around the world. The Report covers challenges in financing hydrogen projects, offshore wind in US, Germany and France and battery projects in Australia. There are in depth articles on India and Saudi Arabia and a host of other articles to enjoy. To see the digital version of this report, please click here To purchase printed copies or a PD

The sleeping giant of clean energy

Robust contractual structures and a prudent allocation of risk are required to ensure profitability throughout the hydrogen value chain. Importantly, sponsors should consider the bankability of projects and engage financial advisers at an earlier stage. By Robert Johnson, head of oil & gas, and petrochemicals, project finance-Asia, and Amanpreet Singh, director, ESG finance department Asia, MUFG Bank, and Dr Babul Patel, PE principal, and Pat Sonti, senior consultant, NexantECA.

Hydrogen – A vector for decarbonation

In Europe, hydrogen accounts today for less than 2% of our energy consumption. It is mainly used to produce chemical products, such as plastics and fertilisers, and 96% of this hydrogen is produced from natural gas, emitting significant amounts of CO2 throughout the generation process. Global hydrogen production results in close to 900m tons of CO2 per year, according to the IEA. By Pierre-Louis Delon, vice-president, Finergreen.

DH2 generates independent hydrogen

Born from the break-up of Dhamma Energy, DH2 Energy is betting on hydrogen as the answer to the questions of how best to transition to a carbon-free energy solution and as the answer for countries looking for energy independence. By Nick Herbert.

Path to net zero – Role of nuclear energy

By partners Timothy Matthews, DC office, Ayesha Waheed, London, and Seyfi Can Kandemir, London, and associates Opeyemi Atawo, London, and Scott Clausen, DC office, in law firm Morgan Lewis’s global project finance, infrastructure and natural resources group.

US offshore wind challenges

The US offshore wind energy market, and government and industry support for the same, continues to develop at an impressive pace. By Eric Pogue, Amanda Rosenberg, Meredith Campanale, Mark Williams, Paul Astolfi, partners, Lauren Bachtel, counsel, and Addison Perkins, associate, Mayer Brown.

Biden’s LPO beachhead in energy transition

The United States Department of Energy Loan Programs Office is trending. Political realities have handed the direct lender and guarantor a critical role in financing the risks inherent to the clean energy transition. PFI spoke with LPO director Jigar Shah as his team races to deploy its US$46bn budget before 2024. By Joti Mangat.

Tax equity market faces capacity challenges

The tax equity market continues to face challenges as the offshore wind pipeline grows. An ongoing lack of capacity and legislative uncertainty are complicating things. By Alison Healey.

Thermal power PF debt harder to shift

The lack of thermal IPP financings in the US market has continued in 2022. A deal done in the early part of the year reveals some of the choppy waters deal makers face. By Nic Stone.

Genex meet BESS challenges and opportunities

The stand-alone 50MW/100MWh lithium-ion Bouldercombe Battery Energy Storage System developed by ASX-listed renewables developer Genex Power achieved financial close on February 28 2022. It is understood to be the first utility-scale BESS in Australia to be supported by long-tenor project financing on a split procurement basis By Elizabeth Charlesworth, partner, Peter Davis, partner, Kristen Percy, partner, and Antonia Xu, solicitor, Herbert Smith Freehills.

Emerging trends in the Indian renewable market

Hybrid projects, round-the-clock (RTC) power, peak power supply and battery storage projects are all being developed in India at some pace. By Prasad Hegde, managing director, Project & Export Finance & Regional Head South Asia, and Kunal Agrawal, director, Project & Export Finance, Standard Chartered Bank.

Transforming Saudi Arabia with PF

Saudi Arabia is possibly the largest project finance and public-private partnership market in the world and is expected to maintain this distinction at least until 2030, when the Kingdom’s economic and institutional transformative Vison 2030 economic diversification is to be realised. Delivering one trillion dollars worth of projects and infrastructure is the cornerstone of this vision launched in 2016. By Ghazali Inam, senior vice-president, Riyad Bank.

Greenlink – Connecting the energy transition

The Greenlink Interconnector is the first privately funded interconnector in Europe and reached financial close in March 2022. Greenlink is a key piece of the energy transition story leading to further integration of national grids which will ultimately lead to consumer benefits, write Michael De Witte, director, Energy Advisory & Project Finance, Nathalie Lemarcis, co-head London Energy Advisory & Project Finance from Societe Generale Corporate & Investment Banking and James O’Reilly, CEO of Greenlink Interconnector Limited.

CfD regime for offshore wind in Germany

The new German government has ambitious targets for offshore wind. It aims at more than 70GW of offshore wind by 2045. By Moritz Meister, senior associate, Allen & Overy LLP.

New ambition for French floating offshore wind

The development of offshore energy has long been identified in France as an essential element of the country’s energy transition. Nevertheless, the delays and difficulties encountered in the development of the first bottom-fixed offshore wind projects have led to France lagging behind its European neighbours in the deployment of these installations. However, France has approaches the development of floating offshore wind projects with renewed ambitions and the desire to create a dynamic and dominant industry in this market. By Jean-Luc Champy, partner, and Camille Fouqué, associate, White & Case Paris.

Berenberg – Filling the leverage gap

Hamburg-based private bank Berenberg may be more than 430 years old but it has found itself a niche in the slightly newer business of providing junior debt to renewable energy projects. It fills the leverage hole that frees up developer equity for more projects and supports the overall growth in renewable energy generation. By Nick Herbert.

Data centres and green energy

South-East Asia has a young, and increasingly internet connected, population which is driving some of the fastest growing internet economies. By James Harris, partner, and William Stroll, partner, Pinsent Masons MPillay, Singapore.

PFI Yearbook

PFI Yearbook 2022

Welcome to the 2022 Refinitiv Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2021 through case studies and the PFI Awards, and look forward into 2022 with a range of themed articles and profiles in the Global section of the book. By now we all would have hoped the Covid 19 pandemic would be in the rear-view mirror but, perhaps not surprisingly, the virus lingers and mutates. One last push, one final variant and we should be

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Providence Asset Group Victoria Solar Farm Portfolio Acquisition ProjectAPACAustraliaPower10.600Pvdnce Invest Mgmt Pty LtdWHITE-CASE, HERBERT-FREE
4 Renewable Energy Back Lane, Gipsy Lane, Ernesettle and Potmans Lane Battery StEMEAUnited KingdomPower33.290Arlington Energy Ltd, 4 Renewable Energy
Milestone Potash Phase I ProjectNACanadaMining92.980Western Potash Corp
Smart Path ProjectUnited StatesUnited StatesPower304.150New York Power AuthorityPRAGER-CO-LLC
Central East Energy Connect ProjectUnited StatesUnited StatesPower615.000LS Power Equity Partners LLC, New York Power AuthorityPRAGER-CO-LLCMILBANK-LLP, SIMPSON-THACHER
Clearway Community Energy Acquisition ProjectUnited StatesUnited StatesPower, Power660.000Kohlberg Kravis Roberts & Co, Clearway Energy IncBOFA-SEC-INC, TD-SECURITIES, MORGAN-STANLEYMILBANK-LLP, KIRKLAND-ELLIS
Marubeni Corp Changhua Coastal Industrial Park Floating Solar ProjectAPACTaiwanPower166.500Marubeni Corp
DIF Capital Partners Poland Onshore Wind Farms Portfolio ProjectEMEAPolandPower109.710Dif Capital Partners LtdDNB-ASACLIFFORD-CHANCE, ALLEN-OVERY
Celadon Solar Portfolio ProjectUnited StatesUnited StatesPower76.300Greenbacker Renewable EnergyMOORE-VAN, STOEL-RIVES-LLP
Jupiter Power ERCOT Texas Battery Energy Storage System Portfolio ProjectUnited StatesUnited StatesPower174.600Jupiter Power LLCHUSCH-BLACKWELL, NORTON-ROSE-FUL
Date
Project NameProvidence Asset Group Victoria Solar Farm Portfolio Acquisition Project4 Renewable Energy Back Lane, Gipsy Lane, Ernesettle and Potmans Lane Battery StMilestone Potash Phase I ProjectSmart Path ProjectCentral East Energy Connect ProjectClearway Community Energy Acquisition ProjectMarubeni Corp Changhua Coastal Industrial Park Floating Solar ProjectDIF Capital Partners Poland Onshore Wind Farms Portfolio ProjectCeladon Solar Portfolio ProjectJupiter Power ERCOT Texas Battery Energy Storage System Portfolio Project
RegionAPACEMEANAUnited StatesUnited StatesUnited StatesAPACEMEAUnited StatesUnited States
CountryAustraliaUnited KingdomCanadaUnited StatesUnited StatesUnited StatesTaiwanPolandUnited StatesUnited States
SectorPowerPowerMiningPowerPowerPower - PowerPowerPowerPowerPower
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Socompa Solar ProjectAwaiting Government ApprovalLATAMChilePower, Power0.000Lader Energy Chile SpA
Radius RNG Portfolio Acquisition ProjectSale CompletedNACanadaOil & Gas0.000Northeast Renewables LP, EverGen Infrastructure Corp
Project RadiusAnnouncedNACanadaOil & Gas0.000Northeast Renewables LP, EverGen Infrastructure Corp
Erechim Water and Sanitation ProjectIn TenderLATAMBrazilWater & Sewerage539.520Municipality Of Erechim
Karratha Urea Plant Acquisition ProjectAnnouncedAPACAustraliaPetrochemicals0.000Perdaman Industries Pty Ltd
Ecorodovias Sa Brazil Highway ProjectContract AwardedLATAMBrazilTransportation2,320.000EcoRodovias Infraestrutura
Ganesha Ecotech Temra Spinning Mill ProjectAnnouncedAPACIndiaIndustry29.670Ganesha Ecotech Pvt Ltd
Iceland Wind Farm Acquisition ProjectSale CompletedIcelandIcelandPower0.000V-Ridium Renewables
RECPDCL Khavda Pooling Station Interstate Transmission Systems ProjectIn TenderAPACIndiaPower0.000Rec Power Dvlp & Consultancy
Derbyshire and Worcestershire Battery Storage Acquisition ProjectSale CompletedEMEAUnited KingdomPower5.660Green Hedge International Ltd, Bluefield Solar Income Fnd Ltd
Date
Project NameSocompa Solar ProjectRadius RNG Portfolio Acquisition ProjectProject RadiusErechim Water and Sanitation ProjectKarratha Urea Plant Acquisition ProjectEcorodovias Sa Brazil Highway ProjectGanesha Ecotech Temra Spinning Mill ProjectIceland Wind Farm Acquisition ProjectRECPDCL Khavda Pooling Station Interstate Transmission Systems ProjectDerbyshire and Worcestershire Battery Storage Acquisition Project
RegionLATAMNANALATAMAPACLATAMAPACIcelandAPACEMEA
CountryChileCanadaCanadaBrazilAustraliaBrazilIndiaIcelandIndiaUnited Kingdom
SectorPower - PowerOil & GasOil & GasWater & SeweragePetrochemicalsTransportationIndustryPowerPowerPower
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