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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

KKR launches renewables platform

KKR has launched a platform, Virescent Infrastructure, to acquire renewable energy assets. Based in Mumbai, Virescent's investments are mainly facilitated by KKR’s infrastructure fund. The platform launched with a 317MW portfolio of solar assets in Maharashtra and Tamil Nadu and definitive agreements are in place for Virescent to acquire other operational solar projects across three different states.

PFI Comment

Forever blowing bubbles

There is a song linked to a football club housed on the wrong side of the Thames about blowing bubbles. Total's CEO Patrick Pouyanne has advised his staff to stop blowing bubbles in the renewables space in order to avoid a few own goals. But even VAR cannot decide if those rushing into the new green arenas are winners or losers, or even buyers or sellers.

PFI Special Report

PFI Global Infrastructure Report 2020

The global infrastructure finance market is coping with a range of new realities following the Covid-19 pandemic. PFI has published its 2020 Global Infrastructure Supplement as the market starts to understand the long term consequences. The report looks at the new data and telecoms boom, case studies a range of infra deals financed this year, looks at new sectors and opportunities and reviews the impact of Covid-19 on the global infra finance sector. To see the digital version of this report, pl

How data infrastructure saved 2020

Recent months have made 2020 look as though it had been cancelled outright. Like many people across Europe, I’ve only left my home in the Oxford countryside to make trips to the local post office, carefully sporting the latest fashion of surgical gloves and an anti-viral mask. Dreams of holidays to get some desperately needed vitamin D in southern France are distant memories; as are visits to family or friends. Others throughout the UK may have held back a grimace as breaking news pinged through to their phones last week – Schools won’t reopen until September. By Jordan Bintcliffe.

FTTH sector provides infra boost

There have been a whole range of fibre to the home (FTTH) deals in the months leading up to lockdown and it is not going to stop any time soon. By Laurent Chabot, co-head of Infrastructure Finance, Paris, and Jonathan Tweed, head of TMT Finance, London, Societe Generale.

DCPCs bridge the beltway gap

On April 9 2020, a private contractor was able to raise US$281m of proceeds in the US municipal bond market to finance the construction of the Lincoln South Beltway, a new 11-mile east-west highway south of Lincoln, Nebraska. By Barney Allison, partner and Brandon Nguyen, associate, Nossaman LLP.

Ontario Line charts path to reality

The massive project has the potential to transform Toronto transit but faces formidable obstacles. By Alison Healey.

Hokkaido 7 – The financing

The bundled Hokkaido 7 Airport Concession Project reached financial close on December 19 2019, becoming the largest ever project finance transaction in Japan. By Taro Kanayama, senior vice-president, Project Finance Department, Mizuho Bank, Japan.

A3 – Germany’s largest motorway PPP

In April, financial close on the 30-year public-private partnership (PPP) of the A3 motorway in Germany was reached by A3 Nordbayern GmbH & Co KG, a project company whose shareholders are Eiffage SA and Johann Bunte Bauunternehmung GmbH & Co KG. By Robert Hofbauer, counsel, Finance & Projects, Torsten Pokropp, partner, Head of German Finance & Projects Practice, Frank Roth, partner, Public Procurement, and Lars Warrink, and Goran Nilsson, directors, Structured Finance Office for EMEA, MUFG Bank Ltd.

The construction infra problem

Mega infrastructure PPP projects in Melbourne, Sydney and New Zealand are running into problems, with sponsors and contractors at each other’s throats and in the courts to resolve issues arising from unexpected difficulties during construction. By John Arbouw.

Energy system P3s at US universities

The use of public-private partnerships by public universities in the United States is not an entirely new or recent concept. P3s have become an established method for procuring student accommodation projects, with at least eight such projects reaching close last year alone. By Dolly Mirchandani, partner, and Claire Watson, counsel, White & Case LLP.

Brazil’s bright infrastructure spot

With a maligned leader and as one of the world’s worst pandemic hot-spots, Brazil is looking to infrastructure to brighten the gloom. By Nic Stone.

Kazakhstan’s health PPP programme

In this article we give an overview of Kazakhstan’s public-private partnership (PPP) law and its application to the healthcare sector in Kazakhstan. By Ayesha K Waheed, partner, Asem Bakenova, international partner, Nur-Sultan, and Daniyar Zhumakhanov, associate, Almaty, Morgan Lewis.

Turkish health PPPs in a pandemic

The effects of the Covid-19 pandemic have had a considerable impact on Turkish health public-private partnership projects and it is worth examining the challenges that have been created as a result. By Devrim Ergun, partner, and Nigar Özbek, senior associate, Çakmak Avukatlik Ortakligi.

Achieving AfCFTA’s infra objectives

The ratification of the Africa Continental Free Trade Agreement is a milestone that has been celebrated across the continent. By Banji Fehintola CFA, senior director and head of treasury and financial institutions at Africa Finance Corporation.

Asset recycling – Leveraging infra capital

The concept of asset recycling has emerged as a noteworthy option to unlock private and institutional investment towards infrastructure assets. By Sharad Somani, partner and the ASPAC head of infrastructure, and Jun Yan, manager, with KPMG Singapore’s Infrastructure Advisory practice.

Airport P3s – Looking down the runway

After a slow start, airport public-private partnerships (P3s) were finally starting to find some traction in the US in recent years, with several significant projects reaching financial close. By Roderick Devlin, partner and Angelica Valencia, partner, Nixon Peabody LLP.

Airports – A long ramp-up recovery period

It is very difficult to understand how the future will evolve in many sectors, given the current market conditions, but particularly for economic infrastructure assets such as airports. By project financier Ian Dixon.

Covid and infra – Challenges and opportunities

Infrastructure stakeholders around the globe are assessing what challenges and opportunities the coronavirus presents for the sector. By Richard Abadie, PwC, Global Capital Projects & Infrastructure Leader, and Yvonne Welsh, PwC, senior manager, Capital Projects & Infrastructure.

Covid impact on Asian infra

The impact of the coronavirus pandemic creates risks that are far beyond what has been experienced in the infrastructure and project finance sectors in many decades. The wide range of transactions, from enterprise to project structures, single-asset to multi-asset, demand-based to contracted, and single jurisdiction to multi-jurisdiction provide for a wide variety of potential effects. By Sajal Kishore, senior director and head of Asia-Pacific Infrastructure and Project Finance, Fitch Ratings.

PFI Yearbook

KDB - Going international

Korea Development Bank, a 100% state-owned development bank that has long been the backbone of South Korean industry, has in recent years been transformed into securities company, investment bank and debt workout specialist. By Jonathan Rogers.

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
B Grimm Gas Fired Power Plants ProjectAPACThailandPower958.460B.Grimm Power PCL
Changhua Offshore Service Operation Vessel (SOV) ProjectAPACTaiwanOil & Gas49.410Orsted A/S
Satah, Umm Al Dalkh and Upper Zakum Oilfields ProjectEMEAUtd Arab EmOil & Gas300.000Inpex Corp
Inpex Lower Zakum Oilfield ProjectEMEAUtd Arab EmOil & Gas105.000Inpex Corp
Inpex Abu Dhabi Onshore Oilfield ProjectEMEAUtd Arab EmOil & Gas245.000Inpex Corp
Sebastopol Solar Farm ProjectAPACAustraliaPower, Power88.140Fotowatio Renewable Ventures
Marlim Floating Production and Offloading Vessel Oil Field ProjectLATAMBrazilOil & Gas969.000Marubeni Corp, Mitsui & Co Ltd, Mitsui Osk Lines Ltd, MODEC Inc
Valorem Renewable Assets Refinancing ProjectEMEAFrancePower, Power, Power, Power423.360Valorem SASASTRIS-FINLINKLATERS, WAT-FARLEY-WIL
SJ AB High Speed Trains ProjectEMEASwedenTransportation168.290SJ AB
Mozambique LNG ProjectEMEAMozambiqueOil & Gas20,000.000Mitsui E&P Mozambique Area 1, Total SA, Rovuma Lng, Ongc Videsh Ltd, Bharat Petroresources Ltd, Pttep Mozambique Area 1 Ltd, Beas Rovuma Energy MozambiqueSOC-GEN, CREDIT-AGRICOLELINKLATERS, LATHAM-WATKINS, KING-SPALDING, WHITE-CASE, VIEIRA, JLA-ADVOGADOS, CLIFFORD-CHANCE
Date
Project NameB Grimm Gas Fired Power Plants ProjectChanghua Offshore Service Operation Vessel (SOV) ProjectSatah, Umm Al Dalkh and Upper Zakum Oilfields ProjectInpex Lower Zakum Oilfield ProjectInpex Abu Dhabi Onshore Oilfield ProjectSebastopol Solar Farm ProjectMarlim Floating Production and Offloading Vessel Oil Field ProjectValorem Renewable Assets Refinancing ProjectSJ AB High Speed Trains ProjectMozambique LNG Project
RegionAPACAPACEMEAEMEAEMEAAPACLATAMEMEAEMEAEMEA
CountryThailandTaiwanUtd Arab EmUtd Arab EmUtd Arab EmAustraliaBrazilFranceSwedenMozambique
SectorPowerOil & GasOil & GasOil & GasOil & GasPower - PowerOil & GasPower - Power - Power - PowerTransportationOil & Gas
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
United States 13 Wind and Solar Portfolio ProjectAnnouncedNAUnited StatesPower, Power, Power540.000ENGIE North America Inc, Hannon Armstrong & CoBAKERMCKENZIE
Orange County Design Build and Engineering Transportation ProjectAnnouncedNAUnited StatesTransportation1,900.000Astaldi Construction Corp, Obrascon Huarte Lain SABAKERMCKENZIE
Mansourah-Massarah Gold ProjectAnnouncedEMEASaudi ArabiaMining1,000.000Saudi Arabian Mining Co JSCBAKERMCKENZIE
213 MW Spain Solar PV Portfolio Acquisition ProjectAnnouncedEMEASpainPower, Power0.000CDPQBNP-PARIBAS, RBCCUAT-GONCALVES, WAT-FARLEY-WIL
Autostrade per lItalia Motorway Acquisition ProjectAnnouncedEMEAItalyTransportation0.000Blackstone Infrastructure, MIRA, Cassa Depositi E Prestiti SpAGS-I, MEDIO, JPM, UNICREDIT-GROUP, CITI
Porrentruy Waste Reception Center ProjectAnnouncedEMEASwitzerlandWaste & Recycling, Power0.000
Cambridgeshire Autonomous MetroAnnouncedEMEAUnited KingdomTransportation2,628.800Cambridgeshire And
25 MW Windhoek Solar ProjectAnnouncedEMEANamibiaPower, Power25.500Republic of Namibia
17.4 MW Solar PV Acquisition ProjectAnnouncedEMEAPortugalPower, Power0.000NextEnergy Capital Ltd
133MW Dargikowo Wind Farm Acquisition ProjectAnnouncedEMEAPolandPower, Power0.000Allianz Capital Partners GmbH
Date
Project NameUnited States 13 Wind and Solar Portfolio ProjectOrange County Design Build and Engineering Transportation ProjectMansourah-Massarah Gold Project213 MW Spain Solar PV Portfolio Acquisition ProjectAutostrade per lItalia Motorway Acquisition ProjectPorrentruy Waste Reception Center ProjectCambridgeshire Autonomous Metro25 MW Windhoek Solar Project17.4 MW Solar PV Acquisition Project133MW Dargikowo Wind Farm Acquisition Project
RegionNANAEMEAEMEAEMEAEMEAEMEAEMEAEMEAEMEA
CountryUnited StatesUnited StatesSaudi ArabiaSpainItalySwitzerlandUnited KingdomNamibiaPortugalPoland
SectorPower - Power - PowerTransportationMiningPower - PowerTransportationWaste & Recycling - PowerTransportationPower - PowerPower - PowerPower - Power
View Deal