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Daily News

Bidding closes on Mass offshore

The Massachusetts 1.6GW offshore wind auction has now officially closed, with only two bidders proposing a potential 2.4GW. The state’s third competitive solicitation attracted bids from just Vineyard Wind and Mayflower Wind, companies already developing schemes off the state’s shores.

PFI Comment

Pessimistic thinking

There is plenty to be optimistic about right now – life is returning to normal, social and sporting events are back on, offices are opening, cocktail parties are back on, the sun is shining and the wind has stopped blowing. So time for some counter-cyclical thinking. Oh no. Dark clouds on the horizon. Construction price inflation is starting to bite.

PFI Special Report

PFI Global Infrastructure Report 2021

Interest in the infrastructure sector has never been higher as economies seek to rebuild following the Covid 19 pandemic. But the market is evolving as digital infrastructure, a key economic player in the pandemic, becomes as vital as other forms of infra. The PFI Global Infrastructure Report reviews financing trends in growing sectors such as fibre and data centres and analyses the prospects for the market as whole across various countries around the globe. In addition the report include market

Financing data centres on the Edge

Washington-headquartered data centre provider EdgeConneX considers itself a pioneer in defining and building the so-called edge, a subsector of data centres that are designed to scale with demand and are located in close physical proximity to the people, machines and processes that generate and use data. The close proximity enables better conditions for fast traffic flows, availability and security – and for project financing the assets. By Jordan Bintcliffe.

Greenfield data infra boom all set

The global pandemic may have accelerated demand for data infrastructure, but the underlying drivers behind the growth of data centre markets go far beyond short-term factors, explains Laurence Monnier. head of quantitative research, real assets, Aviva Investors.

Asian data centres – Stronger and greener

Asia is seeing increased investment in and demand for data centres. Regarded as essential assets for economies and societies, data centres are now being compared to must-haves such as water supply, electricity, and agriculture. By Sharad Somani, partner and head of infrastructure, Asia-Pacific, and Diptendu Mitra – director, strategy, KPMG Singapore.

FTTH becomes a must have

With the exponential increase in demand for data consumption, which the Covid-19 pandemic has further strengthened, a reliable and ever-faster fixed and mobile broadband infrastructure has never been more essential. Thanks to its vastly superior features, fibre to the home (FTTH) has emerged as the future-proof technology for fixed internet access compared with DSL networks, cable or even 5G, writes Fabrice Garus, investment director and partner, Vauban Infrastructure Partners.

Satria – Supporting digital Indonesia

Financing the construction and launch of a 150Gbps new High Throughput Satellite of the Republic of Indonesia (Satria), the first telecommunication satellite PPP project in Indonesia. By Roland Tan, Hongkong & Shanghai Banking Corporation.

Infra joining the charge to sustainable lending

Lenders, borrowers and sponsors alike are driving the rapid take-up of green and sustainability-linked loans in global project finance markets. In the Asia-Pacific region, this positive shift is increasingly prevalent in transport and social infrastructure and is likely to accelerate. The trend is underpinned by strong support from a broad range of market participants, creating a virtuous cycle of demand-supply and loan-volume growth. By Jan Gabrynowicz, director, Energy & Infrastructure Project Finance, Brett Ruitenberg, head of Energy & Infrastructure, Project Finance Australia, and Tarek El Rakshy, head of Project Finance Australia, SMBC.

International infra investors turn to India

The vast unmet demand for infrastructure in India, coupled with a pipeline of opportunities running into trillions of dollars, has been attracting investors to Indian infrastructure for more than two decades now. By Simon La Greca, head of Infrastructure Debt Asia, Justin Chan-Sew, principal, Infrastructure Debt Asia and Sharat Goyal, head of India, Infrastructure Equity, AMP Capital.

Evolution of PPPs in Australia

Allens infrastructure and project finance specialists provide insights into the recent evolution of PPPs in Australia and potential future direction for the PPP model. By David Donnelly, partner, Michael Ryan, partner, Paul Telford, partner and Lisa Zhou, managing associate, Allens.

Infra options proliferate during pandemic

When the first waves of the Covid-19 pandemic broke across the shores of American business, there was a collective feeling that we had seen this before – not necessarily the public health crisis, the likes of which had not been experienced for a century, but the commercial disruptions and financial dislocations expected to result from such a massive shutdown of the economy. As the pandemic unfolded, however, our worst financial expectations never came to pass. By Charles G Renner, Kansas City-based partner and Will P Nulton, Kansas City-based attorney, Husch Blackwell LLP.

Brazil joins the trillions infra club

Brazil’s infrastructure minister Tarcisio Gomes de Freitas has predicted there will be R$1trn (US$200bn) of infrastructure concessions for the private sector by the end of 2022. The government is backing up the plan with bold action to bring private capital to the projects, many with added green credentials. By Nic Stone.

Full infra speed ahead in Colombia

A recent downgrade of Colombia’s sovereign rating to junk by S&P is expected to be followed by one from Fitch later this year. Equity and debt investors remain bullish in the country’s highway sector despite the risks. By Nic Stone.

CIB begins its second act

The Canada Infrastructure Bank has noticeably picked up the pace of investments over the past several months. CEO Ehren Cory is ushering in a new phase. By Alison Healey.

Textbook D4 replicates success

On April 29 2021, the Czech Republic made an important step in its continued efforts to speed up the upgrade and completion of its highway network when the DIVia consortium, comprising on a 50:50 basis, Vinci Highways, the lead company and a subsidiary of Vinci Concessions, and Meridiam, together with its group of lenders, successfully completed the financing of the D4 highway PPP transaction. By Jan Brazda, advisory partner, and Karel Kolar, senior adviser, PwC CEE.

Sofia Airport undeterred by turbulence

A consortium of Meridiam, Munich Airport and Strabag endured a host of legal challenges and political delays – not to mention a global pandemic – to finance the Sofia Airport public-private partnership (PPP) in time for Christmas. By Peter Collins.

Flagship schools deal opens the PPP door

As a pathfinder social infrastructure public-private partnership (PPP) project for the Kingdom of Saudi Arabia and the wider Middle East, the launch of the Tatweer Building Company (TBC) Schools PPP Programme paves the way for a spate of new social infrastructure PPPs across the region. By Sachin Karia, partner, Elliott Sawford, partner, Richard Chamberlain, senior associate, Shane Jaftha, senior associate, and Liva Orleane, associate. Allen & Overy.

Yanbu 4 IWP and its transmission pipe

The project was the first of its kind – a Saudi Arabian IWP combined with a water transmission pipeline. By Trevor Butcher, partner, projects, finance and restructuring, and Mahima Sodhi, associate, projects, finance and restructuring, at DLA Piper (Middle East) LLP.

Breaching the final frontier

ACWA Power has completed a first-of-its-kind US$266m refinancing for an independent water project in the Kingdom of Saudi Arabia though a combination of a privately placed issue of rated project bonds and a commercial bank tranche. By Anil Vijayachandran, director, Haoyong Chen, senior manager, and Abdulwahab Alsalman, manager, in ACWA Power's acquisitions and project finance team.

Italian PNRR – Save the date

Save the date – August 31 2026. This is the date by which all the investments set out in the National Recovery & Resilience Plan (PNRR) presented by the Italian Government to Parliament and to the European Commission must be completed. By this deadline, all the projects provided for in the PNRR must not only be defined and authorised but also effectively completed. By Stefano Maria Zappalà and Maria Juan Parra, Juridicum avvocati associati.

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
Taoyuan Sewage Treatment Plant Expansion ProjectAPACTaiwanWater & Sewerage353.460Rih Ding Water Enterprise
Netherlands Rooftop Solar Portfolio ProjectEMEANetherlandsPower, Power205.280Sunrock Investments BVALLEN-OVERY, CLIFFORD-CHANCE
Vineyard Wind 1 Offshore ProjectNAUnited StatesPower, Power, Power4,100.000Avangrid Renewables LLC, Copenhagen InfrastructureSANTANDER-GBMLATHAM-WATKINS, NORTON-ROSE-FUL
Crimson Solar and Storage ProjectNAUnited StatesPower, Power, Power550.000Recurrent Energy Inc, Axium Infrastructure IncMILBANK-LLP, KING-SPALDING
120MW Qigu District Solar Farm ProjectAPACTaiwanPower, Power206.140Ta Ya Green Energy Tech Co, Tatung CoDELOITTE, MIZUHO-BANK
Ventos do Piaui 2 and 3 Wind Farms ProjectLATAMBrazilPower, Power323.000CPPIB, Votorantim Energia LtdaCITI
Ellis Solar Farm ProjectNAUnited StatesPower, Power120.000TotalEnergies SE, Hanwha Energy Corp
120 MW Ford Ridge Wind Farm ProjectNAUnited StatesPower, Power202.200Apex Clean Energy Holdings LLC, Ares Management CorpLATHAM-WATKINS
Project BuritiLATAMBrazilPower9.950Ceiba Energy
50 MW Niigata East Port Biomass Power Plant ProjectAPACJapanPower, Power282.000Equis Development Pte Ltd, Tohoku Electric Power Co IncNAG-OHNO-TSU, BAKERMCKENZIE
Date
Project NameTaoyuan Sewage Treatment Plant Expansion ProjectNetherlands Rooftop Solar Portfolio ProjectVineyard Wind 1 Offshore ProjectCrimson Solar and Storage Project120MW Qigu District Solar Farm ProjectVentos do Piaui 2 and 3 Wind Farms ProjectEllis Solar Farm Project120 MW Ford Ridge Wind Farm ProjectProject Buriti50 MW Niigata East Port Biomass Power Plant Project
RegionAPACEMEANANAAPACLATAMNANALATAMAPAC
CountryTaiwanNetherlandsUnited StatesUnited StatesTaiwanBrazilUnited StatesUnited StatesBrazilJapan
SectorWater & SeweragePower - PowerPower - Power - PowerPower - Power - PowerPower - PowerPower - PowerPower - PowerPower - PowerPowerPower - Power
View Deal

Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Karachi Hub Water Canal Rehabilitation ProjectIn TenderAPACPakistanWater & Sewerage0.000Karachi Water and Sewerage
Surya Vidyut Acquisition ProjectAgreement SignedAPACIndiaPower, Power107.130CESC Ltd, Torrent Power Ltd, Haldia Energy Ltd
Bhartiya City Information Technology Phase 3 ProjectAnnouncedAPACIndiaLeisure & Property87.780Bhartiya City Dvlpers Pvt Ltd
RMZ Nexity ProjectAnnouncedAPACIndiaLeisure & Property257.040RMZ Corp, CPPIB
Vijayanagar Oxygen Plant ProjectContract SignedAPACIndiaIndustry117.450JSW Projects Ltd
Fresno Green Hydrogen ProjectAnnouncedNAUnited StatesPower, Power, Water & Sewerage, Power0.000Plug Power Inc
Madhya Pradesh Transmission Line ProjectContract AwardedAPACIndiaPower162.950Mp Power Mgmt Co Ltd
50MW Fife Battery Storage ProjectAnnouncedEMEAUnited KingdomPower, Power0.000Nextenergy Solar Fund Ltd, Eelpower Ltd
William H Gray III 30th Street Station ProjectAnnouncedNAUnited StatesTransportation400.000Amtrak, Plenary Infrastructure Belle
1.46 GW Mekong Mainstream Hydropower Plant ProjectAnnouncedAPACLaosPower, Power4,527.610CH Karnchang PCL
Date
Project NameKarachi Hub Water Canal Rehabilitation ProjectSurya Vidyut Acquisition ProjectBhartiya City Information Technology Phase 3 ProjectRMZ Nexity ProjectVijayanagar Oxygen Plant ProjectFresno Green Hydrogen ProjectMadhya Pradesh Transmission Line Project50MW Fife Battery Storage ProjectWilliam H Gray III 30th Street Station Project1.46 GW Mekong Mainstream Hydropower Plant Project
RegionAPACAPACAPACAPACAPACNAAPACEMEANAAPAC
CountryPakistanIndiaIndiaIndiaIndiaUnited StatesIndiaUnited KingdomUnited StatesLaos
SectorWater & SeweragePower - PowerLeisure & PropertyLeisure & PropertyIndustryPower - Power - Water & Sewerage - PowerPowerPower - PowerTransportationPower - Power
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