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Daily News

Highway PPP auction due

The state of Piaui will hold an auction on May 28 at the Sao Paulo B3 stock exchange for the Transcerrados public-private partnership highway. Companies will bid for a 30-year concession that will require R$808.9m (US$146.1m).

PFI Comment

Infra says goodbye to lump sum

The pendulum is swinging back towards risk sharing on major infrastructure projects between the public and the private sectors. Wholly understandable and probably very sensible given some of the massive construction losses we have seen over the last few years. But as we pull out of Covid and the need for infrastructure investment increases to a) grow the economy while b) not taxing stressed government budgets, pure private sector expertise is needed as governments do the necessary heavy lifting elsewhere.

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

Foreword

Welcome to the 2021 Refinitiv Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2020 through case studies and the PFI Awards, and look forward into 2021 with a range of themed articles and profiles in the Global section of the book.

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Third Coast Midstream Portfolio ProjectNAUnited StatesPetrochemicals550.000Arclight Energy Partners Fund
209MW Centaurus Renewable and Global Atlantic Solar Acquisition ProjectNAUnited StatesPower, Power192.000Boralex Inc, Centaurus Renewable Energy LLC, Global Atlantic Finl Grp Ltd
340MW VetroSGC-2 Onshore Wind Farm Portfolio ProjectEMEARussian FedPower, Power543.750Vetroenergeticheskaya
Taseko Mine ProjectNAUnited StatesMining400.000Taseko Mines Ltd
Coara & ib vogta Marang Solar ProjectAPACMalaysiaPower, Power74.140Ib Vogt GmbH, Coara Solar
2.34GW Goi Power ProjectAPACJapanPower2,148.720ENEOS Corp, JERA Power Investment LLC
Sinochem Chemical Plant ProjectAPACChinaPetrochemicals1,592.840Sinochem International Corp
Calama Wind Farm ProjectLATAMChilePower, Power200.000Engie Energia Chile SA
Navitas Midstream Midland Basin Gas Processing Plant ProjectNAUnited StatesOil & Gas300.000Navitas Midstream Midland
Project IntiEMEASpainPower, Power108.850Kobus Partners SLLINKLATERS
Date
Project NameThird Coast Midstream Portfolio Project209MW Centaurus Renewable and Global Atlantic Solar Acquisition Project340MW VetroSGC-2 Onshore Wind Farm Portfolio ProjectTaseko Mine ProjectCoara & ib vogta Marang Solar Project2.34GW Goi Power ProjectSinochem Chemical Plant ProjectCalama Wind Farm ProjectNavitas Midstream Midland Basin Gas Processing Plant ProjectProject Inti
RegionNANAEMEANAAPACAPACAPACLATAMNAEMEA
CountryUnited StatesUnited StatesRussian FedUnited StatesMalaysiaJapanChinaChileUnited StatesSpain
SectorPetrochemicalsPower - PowerPower - PowerMiningPower - PowerPowerPetrochemicalsPower - PowerOil & GasPower - Power
View Deal

Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
100MW Yunlin Solar Power Plant ProjectAnnouncedAPACTaiwanPower, Power287.100
100MWTati Solar Farm ProjectAnnouncedEMEABotswanaPower, Power0.000Shumba Energy
CEZ Polish Assets Sale ProjectBids SubmittedEMEAPolandPower, Power0.000CEZ as
VicGrid Renewable Energy Zone ProjectAnnouncedAPACAustraliaPower, Power425.000
Excellent Energy Resources Gas-Fired Power Generation ProjectAnnouncedAPACPhilippinesPower0.000
FMG Hydrogen Refuelling and Hydrogen Coaches ProjectAnnouncedAPACAustraliaPetrochemicals25.490Atco Australia Pty Ltd, CSIRO, Hyundai Motor Co, Fmg Resources Pty Ltd
48 MW Racine Hydroelectric Plant Acquisition ProjectAnnouncedNAUnited StatesPower, Power0.000American Electric Co, Eagle Creek Renewable Energy
27MW Daklan Geothermal Field ProjectBids SubmittedAPACPhilippinesPower, Power0.000
73MW Lakeland Wind Farm ProjectAnnouncedAPACAustraliaPower, Power0.000Windlab Ltd
Excelsior Connect ProjectIn TenderNAUnited StatesPower0.000Avangrid Inc
Date
Project Name100MW Yunlin Solar Power Plant Project100MWTati Solar Farm ProjectCEZ Polish Assets Sale ProjectVicGrid Renewable Energy Zone ProjectExcellent Energy Resources Gas-Fired Power Generation ProjectFMG Hydrogen Refuelling and Hydrogen Coaches Project48 MW Racine Hydroelectric Plant Acquisition Project27MW Daklan Geothermal Field Project73MW Lakeland Wind Farm ProjectExcelsior Connect Project
RegionAPACEMEAEMEAAPACAPACAPACNAAPACAPACNA
CountryTaiwanBotswanaPolandAustraliaPhilippinesAustraliaUnited StatesPhilippinesAustraliaUnited States
SectorPower - PowerPower - PowerPower - PowerPower - PowerPowerPetrochemicalsPower - PowerPower - PowerPower - PowerPower
View Deal