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Daily News

Maharashtra tenders 1GW solar

Maharashtra State Electricity Distribution Company has tendered 1GW of solar capacity with a ceiling tariff of Rs3.10 per kWh (US$0.039/kWh).

PFI Comment

New assets for PF

Marrying project finance and industrial production processes was never an easy ask. The green, or greening, revolution, however, is forcing new thinking in the financial structuring business as private equity-style sponsors tie up with major manufacturers to produce projects that need plenty of cash upfront to build a factory but have just enough long-term contractual backing to pay for it in the long term. Exciting times but expect once the job of the project finance market is done for the new sector to move on to other structures.

PFI Special Report

PFI Global Infrastructure Report 2022

Project Finance International has published its yearly Global Infrastructure Report containing in depth analysis on key trend impacting the market in 2022. The report considers the resilient nature of infrastructure in changing times, the threat of stagflation and the use of infrastructure as a policy tool. The report contains case studies on road and airport financings from this year around the world plus various PPP deals. In addition the report looks into important sectors such as telecoms to

Resilient infra in the new world

The Covid-19 pandemic and the war in Ukraine have led to disruption on a scale unprecedented since the Second World War. Economies around the world have suffered severe dislocation, inflation has returned with a vengeance, supply chains are stretched and asset prices have fluctuated as investors struggle to understand what it all will mean for their portfolios. Meanwhile, governments and businesses are having to assess the impact of this disruption against a backdrop of increasing sustainability pressures and technological change that continue to offer both new challenges and new opportunities across the global economy. By Mark Elsey, partner, Ashurst.

Infra and withstanding stagflation

Inflation has been on the rise in many countries due to a combination of market, social and economic effects from the Covid-19 crisis. In the US, the increase in inflation has been extremely high in the past year compared with very low historical rates. By Scott Zuchorski and Greg Remec, Fitch Ratings.

Infrastructure as a policy tool

US infrastructure is having its long-delayed day in the sun. The 2,702-page Infrastructure Investment and Jobs Act (IIAJ Act), enacted in November 2021, received significant mainstream attention, due in part to its size – at more than US$1trn, it is the largest infrastructure programme in a generation – and the fact it was a rare piece of legislation passed with bi-partisan support. By Roderick Devlin, Nixon Peabody LLP.

Electrifying the American dream

Tesla Motors’ global dominance notwithstanding, US electric mobility and its charging infrastructure are relatively immature versus Europe and Asia. Project developers and financiers are starting to dip their toes in the water, piloting the risks they deem worth taking to get to the promised land. By Joti Mangat.

Supersized global infra ambitions

AustralianSuper looks to Europe and North America to secure the long-term financial future of 2.6m members. By Nick Herbert.

Sotra – NPRA backs the PPP route

Norway has a history of using PPPs for road projects, having successfully delivered three greenfield roads using the model during the early 2000s. PPPs fell out of favour for roads in Norway for a time, but returned to the fore a decade later when the Norwegian Public Roads Administration launched a new three-project programme of road PPPs. By Richard Abadie, partner PwC UK, Scott Clyne, assistant director PwC UK, Henrik Gran, partner, PwC Norway and Alexander Vas, manager, PwC Norway.

Sotra – The importance of partnership

The Sotra Connection was one of the largest contracts awarded in Europe last year. It involved multiple partners working in a relatively new public-private partnership (PPP) market and significant engineering challenges, as well as the challenges of Covid-19 restrictions. Alex Kornman, managing director at Macquarie Capital, who led on the business's bid, explains how the deal was successfully negotiated.

DC closes first P3 with street lighting deal

A street lighting P3 in Washington DC brought project finance into a new sector in the US. The green bond-backed deal may spur others in light of new federal funding. By Alison Healey.

New wave of electric ferries into Bangkok

Your first thoughts about Bangkok are probably the delicious food, friendly people – and the heavy traffic. As one of the largest metropolitan capitals in Asia, and in normal times a destination for tens of millions of tourists annually, Bangkok has substantial transport requirements. But on your next trip to Bangkok, you might be surprised to see a fleet of up to 27 fully electric ferries running on the Chao Phraya River. By Won Myong Hong, senior investment specialist, Sarocha Kessakorn, climate finance specialist, Juthaporn Jiajanpong, project analyst, and Tristan Knowles, investment specialist, climate finance, Asian Development Bank.

NMIA – Mumbai gets a dual airport

Airport infrastructure in any city is a significant conduit for the overall economic development of the adjoining region, as the ease of access to the region is a crucial factor for flow of investment and development of economic activity. By N Prakash, Vedavyasa Rao, Rajrajeswari Mishra and Aarani Subhanathan, SBI Capital Markets.

Fraport-TAV prep Antalya for take-off

Frankfurt-listed airport operator Fraport and Istanbul-listed TAV Airport Holdings made the headlines in March when they paid a €1.8125bn upfront fee to renew and expand the concession plans under which they jointly operate Turkey’s Antalya tourist airport. By Cristiana Sandeva.

Three independent STPs in one

On March 3 2022, Acciona Agua SA, together with its Saudi partners Tawzea and Tamasuk Holding Company, closed loans totalling about US$700m including US$480m in green loans for three independent sewage treatment plants (ISTPs) in Saudi Arabia. The simultaneous financial close of three ISTPs, achieved in six months, is a major milestone in the Saudi water sector. By Gurmeet Kaur, partner, Elen Roberts, solicitor with input from Benedict Tse, associate, at Pinsent Masons LLP.

CEGELOG – Against impossible odds

On February 15 2022, the French Ministry of Armed Forces signed with Nové, a subsidiary of Eiffage and Group Arcade VyV, the concession contract for the outsourced management of its housing stock in France, known as CEGELOG. Through this contract, the French Ministry of Armed Forces made an important step in its efforts to enhance its real estate assets, improve the quality of life of soldiers and their families, and renovate the way the authorities cooperate with the private sector in this industry. By Arnaud Troizier, partner, Watson Farley & Wiliams LLP.

TowerCos and low risk infra

RPS specialists offer insights into the recent upsurge of telecommunication tower transactions happening across the Asia-Pacific region. Billed as low-risk infrastructure to potential buyers – is this really the case when it comes to balancing operational cost, financing and ESG? By Merrill Lee, director, Henri Baz, associate director, Roddy Adams, director, and Wayne Gagel, associate director, RPS.

Digital infra at a crossroads in Asia

There is a lot, and we mean a lot, talked and written about the future of digital infrastructure in Asia. With good reason, the fundamentals driving growth are staggering. By Don Stokes, partner Singapore office, and Kieran Donovan, partner Hong Kong office, Latham & Watkins.

UK WtE – Mature opportunities

Over the last 10 to 15 years, the waste-to-energy (WtE) sector in the UK has seen significant investment and growth. Tolvik was set up as a consultancy in 2009 when just 3.6m tonnes (Mt) of residual waste, ie waste remaining after recycling, was sent to WtE facilities in the UK. By 2021, the figure had risen to 14.8Mt and, based on WtEs that are currently in construction in the UK, by 2026 it is projected that this will have risen to 19.8Mt. By Adrian Judge, director. Tolvik Consulting.

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
Abashiri Biomass 2nd Power Plant ProjectAPACJapanPower41.600Wind-Smile Co Ltd, Japan Petro Expl Co Ltd, Nippon Paper Lumber Co Ltd, SMFL MIRAI Partners Co Ltd, MITSUBISHI GAS CHEMICAL Co Inc, Tokyo Energy & Systems Inc
Abashiri Biomass 3rd Power Plant ProjectAPACJapanPower39.510Japan Petro Expl Co Ltd, Nippon Paper Lumber Co Ltd, Tokyo Energy & Systems Inc, MITSUBISHI GAS CHEMICAL Co Inc, SMFL MIRAI Partners Co Ltd, Wind-Smile Co Ltd
Nexamp Solar and Battery Storage Portfolio ProjectUnited StatesUnited StatesPower, Power129.120Nexamp IncMORGAN-LEWIS, MILBANK-LLP
CityFibre Broadband Roll Out ProjectEMEAUnited KingdomTelecommunications6,524.440Antin IP SA, Interogo Holding AG, Mubadala Investment Co PJSC, Goldman Sachs Asset Mgmt LPROTHSCH, NATWEST-MKTS, LLOYDSCLIFFORD-CHANCE, LATHAM-WATKINS
Solar Landscape New Jersey Community Solar Portfolio ProjectUnited StatesUnited StatesPower161.660Solar Landscape LLC
JR East Energy Kawauchi Onitaroyama Wind Farm ProjectAPACJapanPower371.680JR-E Energy Dvlp Co LtdMIZUHO-BANKANDERSON-TOMO, NISHIMURA-ASAHI
CVC / USS Motorway Service Stations and EV Charging Hubs ProjectEMEAUnited KingdomPower, Transportation358.170Universities Superannuation, CVC Advisers Ltd
Lavras II Solar Power ProjectLATAMBrazilPower26.910Canadian Solar Inc
Mammoth I Solar ProjectUnited StatesUnited StatesPower567.000Global Energy Generation LLCMARATHON-CAP
GlasfaserPlus Germany Fibre To The Home (FTTH) ProjectEMEAGermanyTelecommunications3,873.850Deutsche Telekom AG, IFM Global Infrastructure FundFRESH-BRUCKHAUS, CLIFFORD-CHANCE
Date
Project NameAbashiri Biomass 2nd Power Plant ProjectAbashiri Biomass 3rd Power Plant ProjectNexamp Solar and Battery Storage Portfolio ProjectCityFibre Broadband Roll Out ProjectSolar Landscape New Jersey Community Solar Portfolio ProjectJR East Energy Kawauchi Onitaroyama Wind Farm ProjectCVC / USS Motorway Service Stations and EV Charging Hubs ProjectLavras II Solar Power ProjectMammoth I Solar ProjectGlasfaserPlus Germany Fibre To The Home (FTTH) Project
RegionAPACAPACUnited StatesEMEAUnited StatesAPACEMEALATAMUnited StatesEMEA
CountryJapanJapanUnited StatesUnited KingdomUnited StatesJapanUnited KingdomBrazilUnited StatesGermany
SectorPowerPowerPower - PowerTelecommunicationsPowerPowerPower - TransportationPowerPowerTelecommunications
View Deal

Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Engie Limestone Wind ProjectContract SignedUnited StatesUnited StatesPower0.000Engie SA
Buckeye Partners Files Solar ProjectContract SignedUnited StatesUnited StatesPower0.000Buckeye Partners LP
Parnaiba IV and VI Thermal Plant ProjectAnnouncedLATAMBrazilPower141.700Eneva SABSBRA
Enel Green Power Wayra Solar ProjectAwaiting Government ApprovalLATAMPeruPower100.000Enel Green Power Peru Sa
Sanepar Curitiba Universal Water and Sewage Services PPP ProjectContract SignedLATAMBrazilWater & Sewerage0.000Cia de Saneamento do Parana
Port Bienville and Stennis International Airport Hydrogen Hub Portfolio ProjectAnnouncedUnited StatesUnited StatesPetrochemicals0.000Hy Stor Energy Lp, Hancock Cnty Port And Harbor
Adani Green Energy Maharashtra Pumped Hydro Energy Storage ProjectAgreement SignedAPACIndiaPower7,597.820Adani Green Energy Ltd
Projekt Solartechnik Poland Solar Portfolio Acquisition ProjectSale Agreement SignedEMEAPolandPower168.090Projekt Solartechnik Fund
Capistrano Wind Portfolio Acquisition ProjectSale Agreement SignedUnited StatesUnited StatesPower415.000Capistrano Wind Partners LLC
Triton Power Saltend, Indian Queens & Deeside Combined Heat & Power Gas Fired PlAnnouncedEMEAUnited KingdomPower, Power, Power415.400Triton Power Hldg Ltd
Date
Project NameEngie Limestone Wind ProjectBuckeye Partners Files Solar ProjectParnaiba IV and VI Thermal Plant ProjectEnel Green Power Wayra Solar ProjectSanepar Curitiba Universal Water and Sewage Services PPP ProjectPort Bienville and Stennis International Airport Hydrogen Hub Portfolio ProjectAdani Green Energy Maharashtra Pumped Hydro Energy Storage ProjectProjekt Solartechnik Poland Solar Portfolio Acquisition ProjectCapistrano Wind Portfolio Acquisition ProjectTriton Power Saltend, Indian Queens & Deeside Combined Heat & Power Gas Fired Pl
RegionUnited StatesUnited StatesLATAMLATAMLATAMUnited StatesAPACEMEAUnited StatesEMEA
CountryUnited StatesUnited StatesBrazilPeruBrazilUnited StatesIndiaPolandUnited StatesUnited Kingdom
SectorPowerPowerPowerPowerWater & SeweragePetrochemicalsPowerPowerPowerPower - Power - Power
View Deal