Expressions of interest are due by the end of the week for the £400m-plus London School of Economics 1,850-room student accommodation scheme. QMPF and Pinsent Masons are advising on the scheme.
Spare a thought for the average power project financier, everything is so much more complex thes days. Granted power prices have gone through the roof in the post Covid era and particularly since the Russian invasion. But the introduction of price caps in various markets around the world added to the energy transition, corporate PPAs, construction inflation and interest rate hikes has made life more complicated. Baseload, that is old hat.
The Inflation Reduction Act of 2022 makes available an investment tax credit of 30% and potentially more for eligible projects that recycle critical minerals or renewable equipment, creating value opportunities across the renewable energy investment life cycle and bringing the sector closer to a circular economy. By Martha Kammoun, partner, energy and infrastructure, and Jonathan Goldstein, partner, tax department, Simpson Thacher.
The role to be played by multilateral development banks, institutional investors and insurers. By Daniel Wagner, senior investment officer for guarantees and syndications, Asian Infrastructure Investment Bank, Abu Dhabi.
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 ground-breaking Inflation Reduction Act in the US and its impact on green project finance. There is detailed intel on the exciting new hydrogen market, plus case studies on recent project financings in the LNG, wind and offshore wind sectors. Renewable developers are profiled and there is anal
With the recent expansion of renewable energy tax credits in the US, developers and bankers are not waiting for regulators to deliver final guidance to get down to business. Contractual tools for risk mitigation, such as tax credit insurance, are playing an important role in filling the liquidity gap as the fledgling market takes off. Joti Mangat reports.
The US government recently introduced multiple incentives for the hydrogen industry in an effort to reduce the substantial carbon emissions associated with existing hydrogen production facilities and to encourage the production of hydrogen in new areas, By Hilary Lefko and Viktoria Vozarova, Norton Rose Fulbright.
The incentive-laden Inflation Reduction Act could go a long way in propelling the US towards a net-zero future. Aneesh Prabhu, senior director and sector lead, North American Infrastructure, S&P Global Ratings, examines the tailwinds for the power sector and diverging approaches with Europe's decarbonisation plans.
Energy storage has become a critical component of the renewable energy infrastructure and the general electric power markets in recent years. Energy storage is seen as the answer to the problems associated with intermittent energy production by renewable sources and grid reliability issues. By Jane Kang, partner, Morgan Lewis.
The year started with nearly US$15bn in LNG financing completed. One more is getting innovative in order to reach the finish line. By Alison Healey.
In less than a decade, the US has transitioned from being an importer of liquefied natural gas to one of the largest exporters, now in the company of Qatar, Russia, and Australia. By Terry Pratt, Fitch Ratings
The Golden Plains Wind Farm in Victoria, Australia, is one of Australia’s largest permitted wind farms, sponsored by clean energy investor TagEnergy and project-financed on a fully merchant basis by a group of commercial lenders, including the Clean Energy Finance Corporation. Technologically advanced and financially innovative, the landmark clean energy project is already playing an important role in the journey to decarbonising Australia’s energy sector, as part of the country's ambitions to achieve net-zero emissions by 2050. By Joe Harber, head of wind investment, CEFC.
The Australian National Electricity Market is undergoing a rapid transformation as it transitions to net-zero. While it is clear we are heading towards an overwhelming renewable energy-based market, the generation technology mix is more difficult to predict. However, it is likely that offshore wind could play a significant role in Australia. By Dan Brown, co-head of international projects group and projects and real estate partner, Jeff Lynn, projects and real estate partner, and David Wadham, projects and real estate partner, Ashurst.
The Monsoon Power Project has shown that it is possible to structure a bankable cross-border wind financing of significant scale and complexity. By Daniel Wiedmer, Robert Lockhart, Claire Alembik, Tristan Knowles and Nicholas Moller at the Asian Development Bank, and James Murray, Rosaline Yusman and Andrew Gibb at Milbank LLP.
Taiwan was among the first countries in Asia to dump nuclear energy and focus on renewable energy. It is now leading the region in developing offshore wind energy projects and growing pains are part of this. By Minerva Lau
India pledged at the COP26 conference in Glasgow to becoming net-zero by 2070 and achieving 45% lower emissions intensity of GDP by 2030 than 2005 levels. By Arun Kumar Saluru, vice-president, project advisory and structured finance, SBI Capital Markets, Mumbai
Arup believes that the establishment of a strong hydrogen economy is a very real opportunity and within reaching distance, but how far away is the finishing line? By Nick Herbert.
Is nuclear energy safe, or unsafe? Too expensive to deploy, or too cheap to meter? Putting populations at risk, or saving Planet A? There is space for even another elephant in the nuclear room, in the era of reverse globalisation: is nuclear energy a useful geo-political lever for hegemons, or a shield in times of energy warfare for the meek? In this article, project developer/nuclear adviser and ex-banker David Stearns sheds light on the uncanny staying power of nuclear energy. But staying power is not sustainability, so it is necessary to review the legacy business model to assess who actually benefits from nuclear energy. A realignment of costs, risks and benefits is needed to ensure the industry’s as-yet untested financial sustainability.
Launched less than a year ago, Prague-based Rezolv Energy is set to become a key renewables player in South-Eastern Europe, with a 2GW pipeline in the market for project financing. By Cristiana Sandeva.
Renewable energy projects in carbon-intensive economies present opportunities for developers and generators. CWP Europe sees its potential lying in developing wind and solar projects across South-east Europe. By Nick Herbert.
There is a now blueprint for financing utility-scale projects in South Africa for various offtake structures, and lenders and investors are allocating large amounts of capital to fund these projects – bringing much needed energy online. And it is just the icing on the top that these are carbon-neutral generation technologies. By Wickaum Smith, Green Giraffe.
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|
|GPSS Holdings Hokkaido Ibaraki Nagano Miyazaki Tochigi Kagoshima Tottori 34 Sola||APAC||Japan||Power, Power, Power||60.280||GPSS Holdings Inc|
|Metis Energy Vietnam & Indonesia Rooftop Solar Portfolio Project||APAC||Vietnam||Power||45.000||Metis Energy Ltd|
|Qigu District Solar PV Project||APAC||Taiwan||Power, Power||146.840||Taiwan Life Insurance Co Ltd, Shin Kong Life Insurance Ltd, Transglobe Life Insurance Inc, Fit Holding Co Ltd|
|Qigu District Solar PV Project||APAC||Taiwan||Power, Power||164.960||Taiwan Life Insurance Co Ltd, Shin Kong Life Insurance Ltd, Transglobe Life Insurance Inc, Fit Holding Co Ltd||LEE-LI|
|Evolution Mining Ernest Henry Mine Cobalt Retrieve Facility Project||APAC||Australia||Waste & Recycling, Industry||1.470||Evolution Mining Ltd|
|Ecograf Lucas Heights Graphite Qualification Facility Project||APAC||Australia||Industry||1.910||EcoGraf Ltd|
|Alcatraz Project||EMEA||Spain||Telecommunications||331.500||Asterion Industrial Partners||LINKLATERS, HERBERT-FREE|
|CDC Melbourne Data Centre Project||APAC||Australia||Telecommunications||77.020||Canberra Data Centres Pty Ltd||GILBERT-TOBIN, KING-WOOD-MAL|
|CDC Silverdale & Hobsonville Data Centres Expansion Project||APAC||New Zealand||Telecommunications||77.020||Canberra Data Centres Pty Ltd||GILBERT-TOBIN, KING-WOOD-MAL|
|Westconnect Germany Fibre Network Expansion Project||EMEA||Germany||Telecommunications||1,418.820||Wconnect Gmbh||BARCLAYS-CAP, DC-ADVISORY|
|Date||Project Name||Status||Region||Country||Sector||Cost (US$m)||Developer||Advisers||Story Link|
|Utajarvi, Pudasjarvi, Oulu, Kittila and Kuusamo Wind Portfolio Project||Planning Permission Applied||EMEA||Finland||Power||0.000||OX2 Wind Finland Oy, Tuulialfa Oy|
|OX2 Onshore Wind Farm Acquisition Project||Announced||EMEA||Italy||Power||0.000||Glennmont Partners I Ltd|
|Minas Gerais Solar Portfolio Project||Agreement Signed||LATAM||Brazil||Power||0.000||Appian Capital Advisory LLP, Detronic Energia|
|South Texas Electric Generating Station Acquisition Project||Sale Agreement Signed||North America||United States||Power||0.000||NRG Energy Inc, Austin Energy, CPS Energy|
|Nexamp Solar and Battery Storage Portfolio Project||Announced||North America||United States||Power, Power||0.000||Nexamp Inc|
|Nopetro Florida RNG Project||Announced||North America||United States||Oil & Gas||0.000||Nova Infrastructure Mgmt Llc, Nopetro Energy|
|Castle Wind Farm Project||Contract Signed||EMEA||South Africa||Power||0.000||AIIM, Reatile Renewables (Pty) Ltd|
|2.5GW Gippsland Offshore Wind Farm Project||Bids Submitted||APAC||Australia||Power, Power||2,411.290||Mainstream Renewable Power Ltd, Reventus Power Ltd, AGL Energy Ltd, Direct Infrastructure Co Ltd|
|Bass Strait Offshore Wind Farm Project||Bids Submitted||APAC||Australia||Power||0.000||Parkwind NV, Beach Energy Ltd|
|Kazuno City Stationary Storage Battery System Project||Announced||APAC||Japan||Power, Power||0.000||Toyota Motor Corp, Tokyo Electric Power Co|