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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

Fortescue 800MW wind approved

Fortescue Future Industries has received a government permit to build the 800MW Prairie wind farm in north-west Queensland.

PFI Comment

Dire straits

The good ship project finance has shown impressive credit strengths up until now. Up until now? Has the tide turned? There have been, to put it mildly, some interesting restructurings over the past year or so that have tested the model. Expect more as project finance moves from core to non-core and then to infinity and beyond. But the underlying credit quality remains – raising debt on the back of cashflows with some security held over the asset financed.

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 2025 Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2024 through case studies and the PFI Awards, and look forward into 2025 with a range of themed articles and profiles in the Global section of the book. 2024 – An interesting year to say the least! Some sectors on the up and some on the slide. The data centre financing sector was definitely on the up as the demand for its services appears to be increasing infinitely due to the AI revolution. Whether the...

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Atlas VII BESS ProjectNorth AmericaUnited StatesPower, Power352.450Hanwha Futureproof Llc, TransGrid Energy LLCWILSON-SONSINI, PAULHASTINGS
Nextera Hudson Falls Renewable Portfolio ProjectNorth AmericaUnited StatesPower, Power, Power1,000.000NextEra Energy Resources LLCSHEPPARD-MULLIN, MILBANK-LLP, KIRKLAND-ELLIS
Nextera Winston Creek Renewable Portfolio ProjectNorth AmericaUnited StatesPower, Power, Power1,000.000NextEra Energy Resources LLCSHEPPARD-MULLIN, MILBANK-LLP
Papago Solar ProjectNorth AmericaUnited StatesPower246.340Recurrent Energy IncWINSTON-STRAWN, MCDERMOTT-WILL
ReNew Brahmanwada-Govindpur Solar Power ProjectAPACIndiaPower8.280Renew Power Pvt Ltd
Trade Post Solar ProjectNorth AmericaUnited StatesPower367.690Invenergy LLCLATHAM-WATKINS, MAYER-BROWN-LLP
Cadence Solar Energy Center ProjectNorth AmericaUnited StatesPower367.690Invenergy LLCLATHAM-WATKINS, MAYER-BROWN-LLP
Yum Yum Solar ProjectNorth AmericaUnited StatesPower367.690Invenergy LLCLATHAM-WATKINS, MAYER-BROWN-LLP
Enel Green Power Espana Solar PV Portfolio Acquisition ProjectEMEASpainPower75.900Enel Green Power Espana Solar, Abu Dhabi Future Energy CoASHURST-LLP, LINKLATERS
Naxxar Tulcea Topolog Wind ProjectEMEARomaniaPower16.260Naxxar Renewable Energy Mgmt
Date
Project NameAtlas VII BESS ProjectNextera Hudson Falls Renewable Portfolio ProjectNextera Winston Creek Renewable Portfolio ProjectPapago Solar ProjectReNew Brahmanwada-Govindpur Solar Power ProjectTrade Post Solar ProjectCadence Solar Energy Center ProjectYum Yum Solar ProjectEnel Green Power Espana Solar PV Portfolio Acquisition ProjectNaxxar Tulcea Topolog Wind Project
RegionNorth AmericaNorth AmericaNorth AmericaNorth AmericaAPACNorth AmericaNorth AmericaNorth AmericaEMEAEMEA
CountryUnited StatesUnited StatesUnited StatesUnited StatesIndiaUnited StatesUnited StatesUnited StatesSpainRomania
SectorPower - PowerPower - Power - PowerPower - Power - PowerPowerPowerPowerPowerPowerPowerPower
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Citicore Renewable Energy Stake Acquisition ProjectSale Agreement SignedAPACPhilippinesPower, Power, Power114.250Citicore Renewable Energy CorpALPHA-PRIMUS
Cibele Portuguese Solar Farm ProjectAnnouncedEMEAPortugalPower0.000Exus Management Renewables
Exus Cibele Portuguese Solar Farm Acquisition ProjectSale CompletedEMEAPortugalPower0.000Exus Management Renewables, Lightsource BpCAPCORACUAT-GONCALVES, PLMJ
Iona Capital Acquisition ProjectSale CompletedEMEAUnited KingdomOil & Gas0.000Iona Capital Ltd
KCE TX 15 Battery Storage ProjectCompletedNorth AmericaUnited StatesPower0.000Key Capture Energy LLCCOHNREZNICKCLIFFORD-CHANCE
Yamna Port of Acu Green Ammonia Plant ProjectAgreement SignedLATAMBrazilPower, Petrochemicals0.000YamnaCo Ltd
North York Patient Care Tower Redevelopment ProjectPre Qualification BidsNorth AmericaCanadaLeisure & Property, Leisure & Property0.000Ontario Infrastructure & Lands, North York General Hospital
EDP / Vinci Partners Brazil Transmission Line Assets Acquisition ProjectSale CompletedLATAMBrazilPower0.000EDP Energias do Brasil SA, Vinci Partners Investments Ltd, Actis LLPBANCO-BBI, ASTRIS-FINMATTOS-FILHO
O2 Power Acquisition ProjectAnnouncedAPACSingaporePower, Power1,470.000EQT Infrastructure IV Fund, Temasek Holdings Pte LtdBARCLAYSAO-SHEARMAN, KHAITAN
Mystic Gas Fired Site Acquisition ProjectSale CompletedNorth AmericaUnited StatesPower0.000Constellation Energy Corp, Eversource Energy
Date
Project NameCiticore Renewable Energy Stake Acquisition ProjectCibele Portuguese Solar Farm ProjectExus Cibele Portuguese Solar Farm Acquisition ProjectIona Capital Acquisition ProjectKCE TX 15 Battery Storage ProjectYamna Port of Acu Green Ammonia Plant ProjectNorth York Patient Care Tower Redevelopment ProjectEDP / Vinci Partners Brazil Transmission Line Assets Acquisition ProjectO2 Power Acquisition ProjectMystic Gas Fired Site Acquisition Project
RegionAPACEMEAEMEAEMEANorth AmericaLATAMNorth AmericaLATAMAPACNorth America
CountryPhilippinesPortugalPortugalUnited KingdomUnited StatesBrazilCanadaBrazilSingaporeUnited States
SectorPower - Power - PowerPowerPowerOil & GasPowerPower - PetrochemicalsLeisure & Property - Leisure & PropertyPowerPower - PowerPower
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