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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

Mega solars approved

The new Labour government has approved three large-scale solar projects in eastern England. The 500MW Sunnica scheme in Cambridgeshire, being developed to this stage by PS Renewables and Tribus Clean Energy, was approved despite local opposition.

PFI Comment

Horses for courses

News was leaked last week that BP is freezing work on new renewable schemes while renewables developer Statkraft came out in the open and said it will scale back green targets. There is still plenty of cash for the green transition but there has been a shake-out, or shake-down, in the development market. Energy companies are returning to oil and gas investments while there is a lack of developers for combined-cycle gas-fired power stations. Renewable trophy deals are getting too big.

PFI Special Report

PFI Global Infrastructure Report 2024

PFI has published its annual Global Infrastructure Report. The report reviews the current state of the debt markets and takes a look at the various up and coming sectors such as data centres and EV charging. There are case studies on recent landmark deals such as R4WO, 5G in Colombia and the Thanaleng dry port in Laos plus the H2GS transition project in Sweden. To see the digital version of this report, please click here To purchase printed copies or a PDF of this report, please email shahid.hamid@lseg.com in Asia Pacific & Middle East and...

US PPs set the pace globally

International investment bank DC Advisory is looking to make the most of the improved environment in Europe and now the US. By Jordan Bintcliffe.

Debt needs to flex with the market

Darryl Murphy, managing director, infrastructure at Aviva Investors, sees flexibility as the winning formula in financing future infrastructure opportunities. By Nick Herbert.

Brightline evolves into investment grade

The Brightline passenger rail system has grabbed the market’s attention since the project’s days as All Aboard Florida. This year, the issuer achieved investment grade status. By Alison Healey

Canadian P3 – Alberta doubles down

The Canadian Public-Private Partnership (P3) market is experiencing a meaningful transformation as provincial ministries demonstrate varying and, in some instances, opposite appetites for the project delivery model. By Bill Woodhead, partner, Theron Davis, senior associate, and Amanda Thompson, summer law student, at BLG, Calgary.

Colombia cruising into the 5G decade

Colombia’s 5G highway programme is muscling in on its older sibling 4G’s project finance territory. Deals are still evolving and maturing. By Nic Stone.

Sustainable cashflow key for data centres

The number of project financing transactions for data centres is rising sharply as the digital infrastructure sector grows. Investors, arrangers and bankers are increasingly looking for innovative and different financing options in meeting the rapidly rising demand for data centres. By Roelof Steenekamp of Fitch Ratings.

Asian DCs – Trends, challenges and opportunities

As digital transformation accelerates, the global demand for sustainable data centres is more pressing than ever. By Sharad Somani, partner and Asia-Pacific head of infrastructure, KPMG*.

Indian data centres – Growing project finance prospects

The data centre industry has experienced immense growth over the past decade, driven by ever-increasing demand for cloud services and expanding use of web-enabled devices globally. By Prasad Hegde, managing director, project and export finance and regional head South Asia, Svati Goyal, director, project and export finance, and Shishir Narsinghani, director, project and export finance, Standard Chartered Bank.

Project finance for social and affordable housing

Safe and affordable housing is central to the security and dignity of every person. While access to shelter is a basic human right, Australia, like many other nations, is experiencing significant housing challenges. By Jan Gabrynowicz, executive director, infrastructure, energy and resources, Brett Ruitenberg, head of infrastructure, energy and resources, and Tarek El-Rakshy, managing director and head of structured finance Australia, SMBC.

Thanaleng dry port – Transforming Laos

In the heart of South-East Asia, a transformative project has reached a pivotal milestone. By James Harris, Scott Palmer and Jonathan Fong at Pinsent Masons MPillay, Singapore, and Kristy Newby at DFDL, Laos.

R4WO – Belgium's largest PPP

The R4WO project, the largest public-private partnership project ever tendered in Belgium, is set to redefine the essence of infrastructure and connectivity in Ghent, Flanders. By Steven Steppe and Renaat Janssen, Rebel, and Filip Tanghe, partner, and Margot De Wolf, associate, A&O Shearman.

H2 Green Steel – Building a decarbonised steel industry

Carbon dioxide emissions from steel are a major agenda point for both governments and environmentally conscious consumers who are committed to reducing their carbon footprints. Christophe Hadjal, Tim Hawk and Matthew Stewart from Societe Generale’s mining, metals and industries team explain how H2 Green Steel has financed the first steel plant that will remove almost all of these emissions from the steel-making process.

Gigafactories – Innovative funding approaches

As technical advisers we know what a successful gigafactory deal looks like. This article will discuss how project finance may play a role in deciding future mass-market technology winners. By Edward Reed, director of advisory services, Geoffroy Chene, technical director of advisory services, and Christopher Constable, consultant. WSP.

Powering the future – Financing EV charging infra

A sector set for increased activity, and therefore a need for financing, is electric vehicle infrastructure. Stefan Barrow, managing director, and Daniel Jaax, vice-president, structured finance, MUFG EMEA, explain why.

On the road to financing EV charging infra

Recent years have seen a lot of activity across the globe in the EV charging infrastructure space, with a number of common themes and challenges emerging. This article will explore these common themes, with a primary focus on the bankability and financing challenges of EV infrastructure projects across Europe and potential solutions to them. By Marianne Anton, counsel, London, Watson Farley & Williams LLP*.

Actis navigating emerging markets infra

Think of high-connectivity telecoms and top-notch infrastructure. If your thoughts do not go to Eastern Europe and global emerging markets, it may be time you thought again. Actis can give a few reasons why. By Cristiana Sandeva.

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
Intrepid Fiber Networks ProjectNorth AmericaUnited StatesTelecommunications290.000Brookfield Infrastructure
SIBA Energy Combined Cycle Gas Turbine Power Plant Phase 1 ProjectLATAMDominican RepPower216.250EGE Haina, SGN Energia, Monte Rio Power Co
SIBA Energy Combined Cycle Gas Turbine Power Plant Phase 2 ProjectLATAMDominican RepPower216.250EGE Haina, SGN Energia, Monte Rio Power Co
JFK International Airport New Terminal One PPP ProjectNorth AmericaUnited StatesTransportation11,666.570Port Authority of NY & NJ, Ullico Inc, MJE-Loop Capital Partners LLC, The Carlyle Group LP, Flughafen Muenchen GmbH, Groupe Air France SA, Deutsche Lufthansa AG, Korean Air, Japan Airlines Co Ltd, Ferrovial International SEMUFG-BANK, SAM-CAPEL-HSBC, CITI, OPPENHEIMER-COALLEN-OVERY, MILBANK-LLP, GIBSON-DUNN, SKADDEN-ARPS, ORRICK, HOGAN-LOVELLS
Satu Mare Photovoltaic Power Plant ProjectEMEARomaniaPower46.040Shikun & Binui Energy Ltd
Sao Benjamin ProjectLATAMBrazilPower29.170Casa dos Ventos EnergiasSANTANDER
Sao Claudio Solar ProjectLATAMBrazilPower29.170Casa dos Ventos EnergiasSANTANDER
Coastal GasLink Pipeline Expansion ProjectNorth AmericaCanadaOil & Gas1,116.700TC Energy Corp, Alberta Investment Mngmt Corp, KKR & Co IncNORTON-ROSE-US
El Catey International Airport ProjectLATAMDominican RepTransportation83.330Vinci Airports SAS, Aeropuertos Dominicanos Siglo
Maria Montez International Airport ProjectLATAMDominican RepTransportation83.330Vinci Airports SAS, Aeropuertos Dominicanos Siglo
Date
Project NameIntrepid Fiber Networks ProjectSIBA Energy Combined Cycle Gas Turbine Power Plant Phase 1 ProjectSIBA Energy Combined Cycle Gas Turbine Power Plant Phase 2 ProjectJFK International Airport New Terminal One PPP ProjectSatu Mare Photovoltaic Power Plant ProjectSao Benjamin ProjectSao Claudio Solar ProjectCoastal GasLink Pipeline Expansion ProjectEl Catey International Airport ProjectMaria Montez International Airport Project
RegionNorth AmericaLATAMLATAMNorth AmericaEMEALATAMLATAMNorth AmericaLATAMLATAM
CountryUnited StatesDominican RepDominican RepUnited StatesRomaniaBrazilBrazilCanadaDominican RepDominican Rep
SectorTelecommunicationsPowerPowerTransportationPowerPowerPowerOil & GasTransportationTransportation
View Deal

Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
AXS Energia Brazil Solar Portfolio ProjectAnnouncedLATAMBrazilPower22.100Axs Energia Sa
North Queensland Airports Group Acquisition ProjectAnnouncedAPACAustraliaTransportation0.000Iif Cairns Mackay Invest Ltd, Perron Airports Hldg Pty Ltd, The Infrastructure Fund
Hexa Renewables Taiwan Fishery Solar Farm ProjectAnnouncedAPACTaiwanPower0.000HEXA Renewables Taiwan Co Ltd
Zorbig Repowering ProjectAnnouncedEMEAGermanyPower0.000VSB Holding GmbH, Nextwind Management GmbH
Italy Merchant Wind Farm ProjectAnnouncedEMEAItalyPower43.460
Tokyo Data Centre 1 Acquisition ProjectSale Agreement SignedAPACJapanTelecommunications147.350
Mayakan Natural Gas Pipeline Expansion Stake Acquisition ProjectSale CompletedLATAMMexicoOil & Gas360.000Engie SA, Macquarie Asset Mgmt Hldg PtyBANK-OF-AMERICA, SUMITOMO-MITSUI, ROTHSCH
Helexia Brazil Distributed Solar Portfolio ProjectAnnouncedLATAMBrazilPower44.320Helexia SA
Baywa R.E Almodovar Solar Park Acquisition ProjectSale CompletedEMEASpainPower0.000Encavis AG, BayWa re AG
Enfinity Global Japan Solar PV Portfolio ProjectAnnouncedAPACJapanPower1,000.000Enfinity Global IncMACQUARIE-GROUP
Date
Project NameAXS Energia Brazil Solar Portfolio ProjectNorth Queensland Airports Group Acquisition ProjectHexa Renewables Taiwan Fishery Solar Farm ProjectZorbig Repowering ProjectItaly Merchant Wind Farm ProjectTokyo Data Centre 1 Acquisition ProjectMayakan Natural Gas Pipeline Expansion Stake Acquisition ProjectHelexia Brazil Distributed Solar Portfolio ProjectBaywa R.E Almodovar Solar Park Acquisition ProjectEnfinity Global Japan Solar PV Portfolio Project
RegionLATAMAPACAPACEMEAEMEAAPACLATAMLATAMEMEAAPAC
CountryBrazilAustraliaTaiwanGermanyItalyJapanMexicoBrazilSpainJapan
SectorPowerTransportationPowerPowerPowerTelecommunicationsOil & GasPowerPowerPower
View Deal