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Daily News

Edify BESS wins AEMO contract

The Australian Energy Market Operator (AEMO) has signed a 20-year 125MW system support agreement with Edify Energy for its Koorangie Energy Storage System (KESS) lithium-ion battery and grid forming inverter project.

PFI Comment

Cheers to CPPAs

The development of the corporate power purchase agreement market in the world's developing markets is starting to take off, with major corporations, global or local, able to secure their supplies at an attractive price. Not all welcome the development but in the long term the moves should ensure corporate and retail customers get a better service. With transmission links still to catch up with renewable supply in developed and developing markets, flexible supply options become paramount.

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
Blackstone US Data Centers ProjectUnited StatesUnited StatesLeisure & Property1,581.700Blackstone Inc
Cunningham Energy Storage ProjectUnited StatesUnited StatesPower150.000Hanwha Q-CELLS USA Corp
Gaskell West 3 Solar Photovoltaic ProjectUnited StatesUnited StatesPower, Power154.710Recurrent Energy Llc, Matrix Renewables SRLCOHNREZ-CAPNORTON-ROSE-FUL, LATHAM-WATKINS
Gaskell West 2 Solar Photovoltaic ProjectUnited StatesUnited StatesPower, Power154.710Recurrent Energy Llc, Matrix Renewables SRLCOHNREZ-CAPNORTON-ROSE-FUL, LATHAM-WATKINS
PH Renewables Baras Solar Power Plant ProjectAPACPhilippinesPower46.580Mitsui & Co Ltd, MGen Renewable Energy Inc
Low Carbon United Kingdom & Netherlands Solar ProjectEMEAUnited KingdomPower267.300Low Carbon Invest Mgmt Ltd
Eland 1 Solar ProjectUnited StatesUnited StatesPower, Power830.3108minutenergy Renewables LLC, Arevon Energy Inc
Opdenergy Zaragoza and Cuenca Solar Photovoltaic Expansion ProjectEMEASpainPower354.140Opdenergy Holding SAWATSON-FARLEY, URIA-MENENDEZ
Edwards Sanborn Solar Storage Facility Phase 2 ProjectUnited StatesUnited StatesPower, Power958.570Terra-Gen Power LLC
Net Zero Waste Abbotsford RNG Expansion ProjectNACanadaPower24.680EverGen Infrastructure Corp
Project NameBlackstone US Data Centers ProjectCunningham Energy Storage ProjectGaskell West 3 Solar Photovoltaic ProjectGaskell West 2 Solar Photovoltaic ProjectPH Renewables Baras Solar Power Plant ProjectLow Carbon United Kingdom & Netherlands Solar ProjectEland 1 Solar ProjectOpdenergy Zaragoza and Cuenca Solar Photovoltaic Expansion ProjectEdwards Sanborn Solar Storage Facility Phase 2 ProjectNet Zero Waste Abbotsford RNG Expansion Project
RegionUnited StatesUnited StatesUnited StatesUnited StatesAPACEMEAUnited StatesEMEAUnited StatesNA
CountryUnited StatesUnited StatesUnited StatesUnited StatesPhilippinesUnited KingdomUnited StatesSpainUnited StatesCanada
SectorLeisure & PropertyPowerPower - PowerPower - PowerPowerPowerPower - PowerPowerPower - PowerPower
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Fernando de Noronha Airport ProjectIn TenderLATAMBrazilTransportation15.420Dix Empreendimentos
Attero Waste Business Acquisition ProjectAnnouncedEMEANetherlandsWaste & Recycling983.600DWS Group GmbH & Co KGaA, 3i Infrastructure PLC
Carmonita Norte Solar ProjectAgreement SignedEMEASpainPower79.570Fotowatio Renewable Ventures
Formosa Solar Renewable Power Taiwan Solar Portfolio Refinancing ProjectAnnouncedAPACTaiwanPower316.630Formosa Solar Renewable Power
Remy Jade Battery Storage Facility ProjectContract AwardedUnited StatesUnited StatesPower0.000Wattbridge Energy LLC
Mithrasol Castilla la Mancha and Andalusia Solar PV Portfolio ProjectAnnouncedEMEASpainPower34.430MithrasolKING-WOOD-MAL, SQUIRE-PATTON
Mundo Novo Wind Farm ProjectContract AwardedLATAMBrazilPower0.000Polimix Concreto Ltda
NTR County Tyrone Murley Wind Farm ProjectUnder ConstructionEMEAUnited KingdomPower, Power0.000NTR plc
Singapore Carbon Capture Utilization Sequestration (CCUS) Solutions & IntegratedAgreement SignedAPACSingaporeIndustry, Petrochemicals0.000Air Liquide Singapore Pte Ltd, Chevron New Ventures Pte Ltd, Keppel Energy Ventures Pte, PetroChina Intl (Singapore)
GreenYellow Brazil Solar PV Portfolio ProjectAnnouncedLATAMBrazilPower22.230GreenYellow SAS
Project NameFernando de Noronha Airport ProjectAttero Waste Business Acquisition ProjectCarmonita Norte Solar ProjectFormosa Solar Renewable Power Taiwan Solar Portfolio Refinancing ProjectRemy Jade Battery Storage Facility ProjectMithrasol Castilla la Mancha and Andalusia Solar PV Portfolio ProjectMundo Novo Wind Farm ProjectNTR County Tyrone Murley Wind Farm ProjectSingapore Carbon Capture Utilization Sequestration (CCUS) Solutions & IntegratedGreenYellow Brazil Solar PV Portfolio Project
CountryBrazilNetherlandsSpainTaiwanUnited StatesSpainBrazilUnited KingdomSingaporeBrazil
SectorTransportationWaste & RecyclingPowerPowerPowerPowerPowerPower - PowerIndustry - PetrochemicalsPower
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