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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

RWE studies Cali offshore

RWE has begun site surveys for its potentially 1.6GW Canopy floating offshore wind farm off the coast of northern California.

PFI Comment

Green developers succumb

Large-scale private equity funds are starting to snap up large-scale renewable project developers. Since the heady days of early 2021 quoted green developer share prices have been on a slide. It was obvious cash-rich investors would step in at some stage. Now appears to be the time. But the disconnect between private and public market valuations continues in an era of more expensive debt.

PFI Special Report

PFI Global Energy Report 2024

Project Finance International has published its yearly Global Energy Report, 44 pages of analysis on the issues and trends impacting the project finance market. The report includes in-depth analysis of the ups and downs in the US and European offshore wind sector. There are reports covering global battery storage and carbon capture markets, plus case studies on smart metering projects in India, South African private procurements and new offtake structures in Europe. Renewable developers are profiled and there is analysis on sustainable aviation...

Tax credits – Transferability and structures

The Inflation Reduction Act of 2022 seeks, among other things, to achieve decarbonisation goals on a national scale, largely through federal income tax credits. By Hayden Baker, Jeffrey Davis, Nadav Klugman, Elena Millerman, and Mostafa Al Khonaizi, White & Case.

New way of financing clean energy projects

New rules from the IRS clarify how tax-exempt entities and taxable businesses investing in certain types of clean energy projects can use the option to claim energy tax credits directly from the federal government through a mechanism called direct pay. By Charles H Purcell, partner, Mary Burke Baker, government affairs counselor, Marty Pugh, partner, Michael W Evans, partner and Rebecca Kreiser, associate, K&L Gates.

US offshore wind highs and lows

Globally, offshore wind energy development has seen explosive growth. By the end of 2022, total global offshore wind capacity in operation had reached 64.3GW. The US offshore wind market has been developing at a more measured pace. By Mike Rodgers, Lauren Bachtel, Diana Jeschke, and Will Kim, Linklaters LLP.

Sustainable aviation fuel in Latin America

As the aviation market moves towards a more sustainable future and fuel source, Brazil and other Latin American countries are likely to serve as key production locations for SAF due to their unique natural endowments and existing experience with bio-fuels. While challenges will exist in taking projects on the drawing board through the construction and financing cycle the opportunities for Latin America are clear. By Chris Taufatofua, partner, Alan J Alexander, partner, Afzaal Abidi, associate, and Ruairi McGill, associate, Vinson & Elkins.

Serentica Renewables – Carving its own niche

KKR and Twin Star’s green energy platform Serentica Renewables has been carving its own niche in the Indian renewables market since 2022, with a focus on round-the-clock offtakes for commercial and industrial customers. Chief executive officer Akshay Hiranandani tells PFI the company expects a US$1bn debt requirement for its projects each year. By Alexandra Dockreay.

Meters get smart in India

India's smart metering market holds immense promise for transforming the power sector, improving operational efficiencies, and enhancing consumer experiences. With government support and robust payment mechanisms in place, smart metering projects are poised to drive sustainable growth and usher in a new era of power distribution in the country. By leveraging smart metering technology, India can pave the way for a more resilient, efficient, and sustainable energy future. By Abhishek Verma, senior vice-president, project advisory and structured...

Cross-border transmission across ASEAN

Over the past decade ASEAN countries have achieved an impressive 5% average annual GDP growth rate. Yet, this economic surge has been fuelled by a parallel surge in energy demand, which now stands as one of the world’s largest after China, the US and India. As the region grapples with the dual challenge of decarbonisation and the mounting impacts of climate change, it finds itself at a pivotal juncture. By James Harris, John Yeap, Will Stroll, Peter Jang and Jonathan Fong, Pinsent Masons MPillay LLP.

Storage in the energy transition in Asia-Pacific

As Asia gears up for a shift to renewable energy, energy storage has come to the fore. But the transition to cleaner power can be a bumpy ride. To navigate the uncertain landscape, countries have to monitor trends in technology, costs and electricity markets closely. By Ganesh Padmanabhan, head of project finance, Jern Siew, executive director, project finance Australia, and Suvro Sarkar, senior vice-president, group research energy sector, DBS Bank.

Carbon capture and storage in South-East Asia

The global transition to decarbonise is underway to achieve the target of net-zero carbon emissions, including across Asia. The use of carbon capture and storage is seen by many – including the Intergovernmental Panel on Climate Change and the International Energy Agency – as a key part of the solution to achieving net zero, particularly for hard-to-abate sectors such as steel, cement and petrochemicals. By Frederic Draps, Jean-Louis Neves Mandelli, Dan Trevanion and Damian Tan, at Ashurst LLP

Evolution of the renewable energy offtake

At NORD/LB’s Energy Transition Seminar, we discussed the latest trends in renewable energy project finance, with a deep dive on the evolution of renewable energy offtake. Throughout this evolution, sponsors and banks have continuously adapted and innovated to craft optimal debt offtake structures to satisfy investor return hurdles and get projects off the ground. By Niels Jakeman, head of energy origination, structured finance Europe, Nord/LB.

Econergy paves its own way

Econergy England has geared itself with significant cash, a sound revenue strategy and a pan-European outlook as it prepares to rebrand itself from developer to fully fledged IPP. By Cristiana Sandeva.

SE Europe – Opportunities outweigh challenges

To understand the challenges and opportunities of investing in Romania and Bulgaria, it is important first to understand how the renewable energy sector has developed in each country. By Alastair Hammond, CEO, Rezolv Energy*.

Green Poland – Cautious optimism

The offshore wind and battery storage sectors continue to represent attractive investment opportunities and this is particularly the case in the current Polish market. By Robert Marsh, partner in London, and Tomasz Rogalski, partner in Warsaw, Norton Rose Fulbright.

Transforming South Africa's energy landscape

It is hard to believe that it’s been more than a decade since the world turned its eyes to South Africa as the host of the 2010 FIFA Men’s World Cup, a momentous event that showcased the nation's vivacity and potential on the global stage. Around the same time, South Africa's electricity sector stood at a crossroads, fighting with a number of challenges ranging from aging infrastructure to an insatiable demand for power. By Ines Pinot de Villechenon, director, Green Giraffe Advisory.

PFI Yearbook

Foreword

Welcome to the 2024 Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2023 through case studies and the PFI Awards, and look forward into 2024 with a range of themed articles and profiles in the Global section of the book. It was an extremely active year this year in the project finance arena but at the same time it had the feeling of a slowdown. Maybe it depended on where you were, geographically and sectorally. There was no holding back the LNG sector with some truly mega...

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Princeton Digital SG1 Data Centre ProjectAPACSingaporeTelecommunications95.000Princeton Digital Group
Sol Systems Illinois and Ohio Solar Portfolio ProjectNorth AmericaUnited StatesPower85.000Sol Systems LLC
Tages Italy Photovoltaic Plant Portfolio Acquisition ProjectEMEAItalyPower608.040Tages Capital SGR SpAASHURST-LLP, BONELLI&EREDE
Plus ES New South Wales EV Kerbside Charging Stations ProjectAPACAustraliaTransportation, Transportation0.520The Tree For Eric Alpha Aup Tr
EVX New South Wales EV Kerbside Charging Stations ProjectAPACAustraliaTransportation, Transportation0.500EVX Australia Pty Ltd
Waverley Council New South Wales EV Kerbside Charging Stations ProjectAPACAustraliaTransportation0.280Waverley Council
City of Newcastle New South Wales EV Kerbside Charging Stations ProjectAPACAustraliaTransportation0.270City Of Newcastle
EVSE New South Wales EV Kerbside Charging Stations ProjectAPACAustraliaTransportation0.450EVE Australia Pty Ltd
ChargePost New South Wales EV Kerbside Charging Stations ProjectAPACAustraliaTransportation0.240Chargepost Pty Ltd
Evie Networks New South Wales EV Kerbside Charging Stations ProjectAPACAustraliaTransportation, Transportation0.530Fast Cities Australia Pty Ltd
Date
Project NamePrinceton Digital SG1 Data Centre ProjectSol Systems Illinois and Ohio Solar Portfolio ProjectTages Italy Photovoltaic Plant Portfolio Acquisition ProjectPlus ES New South Wales EV Kerbside Charging Stations ProjectEVX New South Wales EV Kerbside Charging Stations ProjectWaverley Council New South Wales EV Kerbside Charging Stations ProjectCity of Newcastle New South Wales EV Kerbside Charging Stations ProjectEVSE New South Wales EV Kerbside Charging Stations ProjectChargePost New South Wales EV Kerbside Charging Stations ProjectEvie Networks New South Wales EV Kerbside Charging Stations Project
RegionAPACNorth AmericaEMEAAPACAPACAPACAPACAPACAPACAPAC
CountrySingaporeUnited StatesItalyAustraliaAustraliaAustraliaAustraliaAustraliaAustraliaAustralia
SectorTelecommunicationsPowerPowerTransportation - TransportationTransportation - TransportationTransportationTransportationTransportationTransportationTransportation - Transportation
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
NRG Natural Gas Power Portfolio ProjectAnnouncedNorth AmericaUnited StatesPower0.000NRG Energy Inc
Goldbeck Solar & EBRD Ukraine Solar PV ProjectAgreement SignedEMEAUkrainePower5.400European Bk For Reconstr &, Goldbeck Solar GmbH
Zawiercie Battery Scheme Acquisition ProjectSale CompletedEMEAPolandPower0.000Ener Polska Sp Zoo, Equinor ASAJONES-LANG-LA
Puerto Princesa International Airport Expansion ProjectAnnouncedAPACPhilippinesTransportation191.170Department of Tourism, Department Of Transportation, CAAP
Green Investment Glasgow South Clyde Waste To Energy Acquisition ProjectSale Agreement SignedEMEAUnited KingdomWaste & Recycling0.000Green Investment Group Ltd
DTE Energy Trenton Battery Storage ProjectAnnouncedNorth AmericaUnited StatesPower0.000DTE Energy Co
Witzler Participacoes Stake Acquisition ProjectSale Agreement SignedLATAMBrazilPower20.540Witzler Participacoes SA
Redeux Energy Solar Portfolio Acquisition ProjectAnnouncedNorth AmericaUnited StatesPower0.000Redeux Energy Partners LlcMARATHON-CAP
Solar Star 4 ProjectContract SignedNorth AmericaUnited StatesPower, Power0.000BHE Renewables LLC
Solar Star 3 ProjectContract SignedNorth AmericaUnited StatesPower, Power0.000BHE Renewables LLC
Date
Project NameNRG Natural Gas Power Portfolio ProjectGoldbeck Solar & EBRD Ukraine Solar PV ProjectZawiercie Battery Scheme Acquisition ProjectPuerto Princesa International Airport Expansion ProjectGreen Investment Glasgow South Clyde Waste To Energy Acquisition ProjectDTE Energy Trenton Battery Storage ProjectWitzler Participacoes Stake Acquisition ProjectRedeux Energy Solar Portfolio Acquisition ProjectSolar Star 4 ProjectSolar Star 3 Project
RegionNorth AmericaEMEAEMEAAPACEMEANorth AmericaLATAMNorth AmericaNorth AmericaNorth America
CountryUnited StatesUkrainePolandPhilippinesUnited KingdomUnited StatesBrazilUnited StatesUnited StatesUnited States
SectorPowerPowerPowerTransportationWaste & RecyclingPowerPowerPowerPower - PowerPower - Power
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