The Chicago Transit Authority has issued a request for proposals to three teams shortlisted on the US$3.6bn Red Line heavy rail extension project: the FH Paschen, Ragnar Benson, Milhouse and BOWA joint venture; Kiewit Infrastructure; and Walsh Vinci Transit Community Partners.
Exciting times for the financing of renewable projects – Maersk green methanol, Baltic Wind, Zenobe, Gridserve, CfD 5 etc. CfD 5? Wasn't that the UK renewables auction that failed? Not quite. There were plenty of projects that won contracts, and indeed some in new sectors such as geothermal won through. But the big elephant in the room, the offshore wind sector, did not and there was much comment on missed opportunities and the need for reform of the system – although slightly less on reforming the sector itself.
As we pass the first anniversary of the Inflation Reduction Act, the project finance markets are beginning to coalesce around novel financing structures designed to make optimal use of the new tax credit subsidies that the US Congress enacted. This article examines some of the key structural changes implemented under the IRA, with a focus on how these changes are shaping the way US renewable energy and energy transition projects are capitalised, and the way project financing for these projects is evolving. By Kelly Cataldo, partner, and Eli Katz, partner and vice-chair, Energy & Infrastructure Industry Group, Latham & Watkins LLP.
With Egypt's 6th of October dry port now operational and other logistics and inland ports being planned in the Middle East, the case for inland logistics hubs across the region is growing. These projects can benefit from lessons learnt from experiences globally. By Shashank Rath, partner, Synergy Consulting IFA Inc
Project Finance International has published its yearly Global Infrastructure Report, 52 pages of analysis on the issues and trends impacting the project finance infrastructure market. The report contains profiles of leading equity and debt investors in the sector at a time of rising interest rates and construction prices. It dives into new sectors as such EV charging and data centres and profiles more traditional sectors such as airports. PPP growth markets such as those in the Gulf are detailed
CDPQ has more than tripled its infrastructure portfolio over the past five years. Infrastructure head Emmanuel Jaclot is focused on optimisation of portfolio companies and taking advantage of greenfield growth. By Alison Healey.
Infrastructure equity fund manager DIF sees current high interest rates as potentially having longer-term positive implications for infrastructure investors, rather than acting as a brake on the financing of projects. By Nick Herbert.
Despite soaring inflation, rounds of interest rate hikes, and a war in Europe, EDRAM is making record deployments and is optimistic for its latest fund raise, BRIDGE VI. By Nick Herbert.
The need for ubiquitous electric vehicle infrastructure poses a significant impediment to the electrification of the transportation sector in California and beyond. By Barry Epstein and Dana Palmer, Allen Matkins.
Walking through LaGuardia Airport in 2023, you might forget that just a few years ago the terminals were woefully out of date. By Karol Denniston, global project partner, Alethia Nancoo and Catherine Romanchek, partners, public infrastructure and finance, Squire Patton Boggs.
Countries across Latin America are announcing major airport investments as air travel ramps up again after the pandemic. Financings will benefit from strong support. By Nic Stone.
Driven by robust economic growth and rising demand for infrastructure, the Philippines is one of a number of markets that we expect will stand out for infrastructure investment over the coming years. By Tim Kerckhoff, infrastructure analyst, BMI Research, a Fitch Solutions company.
Infrastructure Investment Trusts involve raising debt by pooled investment vehicles facilitating infrastructure asset monetisation. By Santosh Janakiram. partner, head, projects, Kranti Mohan, partner, head, REITs and InvITs and Sangita John, partner, Cyril Amarchand Mangaldas.
It is estimated that by 2025, every person in the developed world will have at least one interaction with a data centre every 18 seconds of their life. By Alfred Ng, Rebecca Cope, Andrew Hilton and Choo Yi Ming, Ashurst ADTLaw.
The construction sector is likely to remain well supported in coming years by publicly funded climate-related infrastructure projects. Increased construction activity should keep prices of building materials underpinned, but underlying geopolitical uncertainty brings the threat of volatility and delivery concerns. By NICK HERBERT.
European EV charging infrastructure developer and operator Allego is looking at a capex programme of about €1bn over the next five to six years. With its recently financed capex facility expected to last until mid-2024, Allego will need to either extend it or raise new PF debt. By JORDAN BINTCLIFFE.
As PPPs rise in popularity across many of the EBRD’s countries of operation, the bank is scaling and tailoring its impact with new country-specific project preparation facilities and with collaborative advisory services with the World Bank’s IFC. By Cristiana Sandeva.
The GCC countries, mainly the United Arab Emirates and Saudi Arabia, have recently expanded their use of the PPP model outside the traditional utility, power and water, and oil and gas space and into the social infrastructure space. PPPs have proved to be a great tool to de-risk these replacement projects and maximise the potential for sustainable and cost-effective solutions over the long term. By Savio Tohme, head of PPP and concessions, Maxime Rousselet, technical project development manager, ENGIE Solutions Middle East, and Rohit Balakrishnan, director, project and export finance, MENAP, Standard Chartered.
The significance of public-private partnerships (PPPs) is paramount in the economic transformation of Saudi Arabia. By Ghazali Inam, senior vice-president, corporate banking division, Riyad Bank.
Welcome to the 2023 Refinitiv Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2022 through case studies and the PFI Awards, and look forward into 2023 with a range of themed articles and profiles in the Global section of the book. Transition was the buzz word this year. Transition from the low interest rate, low inflation economic conditions of the last decade to the less benign conditions of today. Transition to the net-zero
|Date||Project Name||Region||Country||Sector||Cost (US$m)||Developer||Advisers||Story Link|
|solarZero New Zealand Residential Solar Energy Portfolio Project||APAC||New Zealand||Power||53.400||solarZero Ltd|
|Serentica Gadag Wind-Solar Hybrid Project||APAC||India||Power, Power||370.890||Serentica Renewables Pvt Ltd|
|Graha Teknololgi Nusantara Jakarta Data Centres Project||APAC||Indonesia||Telecommunications||403.800||PT Graha Teknologi Nusantara|
|TP Solar Tirunelveli Photovoltaic Cell & Module Manufacturing Plant Project||APAC||India||Industry, Power||425.000||Tp Solar Ltd|
|Finerge Iberia Wind & Solar Photovoltaic Project||EMEA||Spain||Power, Power||165.830||Finerge SA||LATHAM-WATKINS|
|BlueWave Massachusetts Solar Portfolio Project||North America||United States||Power||91.000||Bluewave Solar||COHNREZ-CAPFOLEY-HOAG|
|Citicore Luzon Solar Portfolio Project||APAC||Philippines||Power||30.000||Citicore Renewable Energy|
|Apuiat Wind Farm Project||North America||Canada||Power||608.000||Boralex Inc, Innu Cmnty|
|NewGen Kwinana Power Station Project||APAC||Australia||Power||255.000||Energy Infrastructure Trust, Sumitomo Corp||RBC-CAP-MKTSALLENS, WHITE-CASE|
|AirTrunk TOK1 Expansion Project||APAC||Japan||Telecommunications||384.850||AirTrunk Operating Pty Ltd||GILBERT-TOBIN, KING-WOOD-MAL|
|Date||Project Name||Status||Region||Country||Sector||Cost (US$m)||Developer||Advisers||Story Link|
|Atlantic RNG Facility Project||Agreement Signed||North America||United States||Oil & Gas, Oil & Gas||0.000||South Jersey Industries Inc, OPAL Fuels Inc|
|Millers Branch Solar Acquisition Project||Sale Completed||North America||United States||Power||0.000||Southern Power Co, EDF Renewables Inc|
|Altan Redes Internet Services Expansion PPP Project||Announced||LATAM||Mexico||Telecommunications||0.000||ALTAN Redes SAPI de CV|
|Nautilus Solar Energy 7 States Community Solar Portfolio Project||Completed||North America||United States||Power||202.000||Nautilus Solar Energy LLC||NATL-BK-FIN, RBC-CAP-MKTSGREENBERG|
|CCR Foz do Iguacu Airport Expansion Project||Announced||LATAM||Brazil||Transportation||55.320||CCR Aeroportos|
|Fundacao Centro de Atendimento Socioeducativo ao Adolescente Youth Services PPP||Announced||LATAM||Brazil||Leisure & Property||0.000||Sao Paulo(Republica Do Brasil)|
|Estonian Solar Project||Under Construction||North America||United States||Power, Power||0.000||Enel North America Inc|
|Cumayasa III Solar PV Park Project||Announced||LATAM||Dominican Rep||Power||0.000||EFD Ecoener Fotovoltaica|
|Akamihk Transmission Line Project||Announced||North America||Canada||Power||0.000||Akamihk Energy Inc|
|Substantial Group UK Fibre Roll Out Project||Announced||EMEA||United Kingdom||Telecommunications||780.510||Substantial Grp Ltd|