Maiden issuer TAV Airports has printed a US$400m five-year non-call two senior unsecured 144A/Reg S bond at 8.50%, flat to where established borrower Mersin International Port sold refinancing bonds only three weeks before, reports IFR. The book for TAV topped US$1.5bn, with leads cutting the yield from 9% area IPTs.
Renewables project cost prices are shooting up, renewables project cost prices are collapsing. Consumers are paying a lot less for renewable generation these days as technological gains have driven costs down, which is great news. Consumers are being asked for pay a lot more for renewable generation these days which is great news. It has not all been bad news of late on the renewable costs front but some of the good news is not good news.
Demand for battery storage systems is on the rise as European electricity markets seek to stabilise on renewable energy consumption. Despite being needed themselves, batteries need to be made more appealing and accessible to investors if the EU and UK want to reach their net-zero targets. By Cristiana Sandeva
The Energy Transition will continue to offer the greatest scope for infrastructure investors to deploy capital over the coming years as Europe looks to improve the security, affordability and sustainability of its energy supply. By Richard Marshall, head of infrastructure research, DWS.
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|
|Faraday Solar Project||North America||United States||Power||1,400.000||Excelsior Energy Capital LP||COHNREZ-CAPAKIN-GUMP, WINSTON-STRAWN, SHEPPARD-MULLIN|
|Summit Ridge Virginia and Illinois Community Solar Pipeline Project||North America||United States||Power||275.000||Summit Ridge Energy LLC|
|NTPU Minsheng Campus Industry Academic Cooperation Center & Alumni Hall Project||APAC||Taiwan||Leisure & Property||93.820||Hongwell Group||TWL-LAW, TWL-LAW, CHEN-ASSOC, CHEN-ASSOC-TAI|
|ContourGlobal Italy Solar Portfolio Project||EMEA||Italy||Power||216.330||ContourGlobal PLC|
|Vikings Energy Farm Project||North America||United States||Power, Power||338.000||Rai Energy International, Apex Energy Solution Co Ltd, Arevon Energy Inc||STOEL-RIVES-LLP, WINSTON-STRAWN|
|Yizhu Beimen Xuejia Solar Power Project||APAC||Taiwan||Power||216.010||Win Semiconductors Corp, NFC A Co Ltd, Hontai Life Insurance Co Ltd, Farglory Life Insurance Co Ltd, Mercuries Life Ins Co Ltd||LEE-LI|
|26 MW Worldwide Holdings Jeram Waste To Energy Facility Project||Malaysia||Malaysia||Power, Waste & Recycling||112.780||Worldwide Holdings Bhd||ASL, KADIRANDRI|
|22 MW Worldwide Holdings Jeram Waste To Energy Facility Project||Malaysia||Malaysia||Power, Waste & Recycling||98.600||Worldwide Holdings Bhd||ASL, KADIRANDRI|
|UK Solar & Battery Storage Plant Project||EMEA||United Kingdom||Power, Power||43.610||Innova Renewables Ltd, Schroders Greencoat LLP|
|Las Villas-Pampahasi Brown Line Cable Car Network Expansion Project||LATAM||Bolivia||Transportation||62.000||Mi Telefrico|
|Date||Project Name||Status||Region||Country||Sector||Cost (US$m)||Developer||Advisers||Story Link|
|Commonwealth LNG Carbon Capture and Storage Project||Agreement Signed||North America||United States||Oil & Gas||0.000||Cameron Project LLC, Onstream Co2 Llc|
|Jepri Pecem Port Green Hydrogen Project||Agreement Signed||LATAM||Brazil||Petrochemicals||3,943.080||Jepri Grp|
|Tokyu Land Japan Onshore Wind Project||Contract Awarded||APAC||Japan||Power||0.000||Tokyu Fudosan Holdings Corp, METI|
|JR East Energy Development Japan Onshore Wind Project||Contract Awarded||APAC||Japan||Power||0.000||METI, JR-E Energy Dvlp Co Ltd|
|Longroad Energy Holdings Renewable Energy Portfolio Project||Announced||North America||United States||Power, Power, Power||0.000||Longroad Energy Partners LLC|
|HSE Corp Japan Onshore Wind Project||Contract Awarded||APAC||Japan||Power||0.000||METI, HSE Corp|
|Green Infra Wind Energy Madhya Pradesh-Rajasthan Leap Green Acquisition Project||Sale Agreement Signed||APAC||India||Power||52.360||Leap Green Energy Pvt Ltd|
|Qinzhou Yuanneng Wind Power Acquisition Project||Sale Agreement Signed||APAC||China||Power||97.250||Envision Energy Co Ltd|
|BP South Korea Southern Coast Offshore Wind Power Complex Project||Announced||APAC||South Korea||Power||0.000||BP PLC|
|Victorian Desalination Plant Acquisition Project||Announced||APAC||Australia||Water & Sewerage||0.000||UniSuper Ltd, Dexus Cmnty Infrastructure, Suez SA, Macquarie Prism Pty Ltd, Thiess Group Holdings Pty Ltd, Itochu Corp, Kookmin Bank||BARRENJOEY-CAP|