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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

Scatec/Aeolus sign Sidi Bouzid II PPA

The Scatec/Aeolus Tunisian renewables joint venture has signed a 25-year power purchase agreement with Tunisia's grid operator STEG for 100MW of the €87m 120MW Sidi Bouzid II scheme. Scatec will be EPC contractor.

PFI Comment

Little and Large

Leading renewables developer EDPR is apparently looking to sell down part of its stake in its offshore wind venture Ocean Winds while upping its commitment to the battery storage sector – a crossroads moment. While the negative noises around the offshore wind sector continue to mount, the positive noises around battery storage continue to grow – quite a turnaround from a year, certainly two years ago.

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 [email protected] 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 2025 Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2024 through case studies and the PFI Awards, and look forward into 2025 with a range of themed articles and profiles in the Global section of the book. 2024 – An interesting year to say the least! Some sectors on the up and some on the slide. The data centre financing sector was definitely on the up as the demand for its services appears to be increasing infinitely due to the AI revolution. Whether the...

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Sunraycer Solar & Battery Storage Portfolio ProjectNorth AmericaUnited StatesPower, Power200.000Sunraycer RenewablesORRICK
Kelso Solar Phase 2 ProjectNorth AmericaUnited StatesPower254.500Tenaska Inc, Arevon Energy IncAMIS-PATEL-BREW, HUSCH-B, BCLP-LLP, MILBANK-LLP
Kelso Solar Phase 1 ProjectNorth AmericaUnited StatesPower254.500Tenaska Inc, Arevon Energy IncAMIS-PATEL-BREW, HUSCH-B, BCLP-LLP, MILBANK-LLP
Grupo Piracanjuba Biogas Portfolio ProjectLATAMBrazilOil & Gas, Oil & Gas, Oil & Gas25.610Laticinios Bela Vista SA
Gatwick Airport Refinancing ProjectEMEAUnited KingdomTransportation4,516.850Global Infrastructure Mgmt LLC, Vinci Airports SASCLIFFORD-CHANCE, ALLEN-OVERY
Lancium Clean Campus Data Center ProjectNorth AmericaUnited StatesTelecommunications, Telecommunications3,400.000Blue Owl Capital Inc, Crusoe Energy Systems Inc, Primary Digital InfrastructureGSPAULHASTINGS, KIRKLAND-ELLIS, FRIED-FRANK
CloudHQ Loudon County Data Center ProjectNorth AmericaUnited StatesTelecommunications2,725.000CloudHQ LLCPAULHASTINGS, MCGUIRE-WOOD
Maricopa Energy Center ProjectNorth AmericaUnited StatesPower, Power, Power1,709.960Copia PowerTMCARBON-RED-CAP, CARLYLE-CAP-MKTSTOEL-RIVES-LLP, SNELL-WILMER, HOLLAND-HART, MILBANK-LLP, BALLARD-SPAHR
Misae Solar Park II ProjectNorth AmericaUnited StatesPower497.610Greenalia SANORTON-ROSE-FUL, ORRICK
Vertus Energy Storage ProjectNorth AmericaUnited StatesPower187.770Alpha Omega Power Llc, Fengate Capital Management LtdWINSTON-STRAWN, JACK-WALKER, NORTON-ROSE-FUL, STAHL-DAVIES-SEW
Date
Project NameSunraycer Solar & Battery Storage Portfolio ProjectKelso Solar Phase 2 ProjectKelso Solar Phase 1 ProjectGrupo Piracanjuba Biogas Portfolio ProjectGatwick Airport Refinancing ProjectLancium Clean Campus Data Center ProjectCloudHQ Loudon County Data Center ProjectMaricopa Energy Center ProjectMisae Solar Park II ProjectVertus Energy Storage Project
RegionNorth AmericaNorth AmericaNorth AmericaLATAMEMEANorth AmericaNorth AmericaNorth AmericaNorth AmericaNorth America
CountryUnited StatesUnited StatesUnited StatesBrazilUnited KingdomUnited StatesUnited StatesUnited StatesUnited StatesUnited States
SectorPower - PowerPowerPowerOil & Gas - Oil & Gas - Oil & GasTransportationTelecommunications - TelecommunicationsTelecommunicationsPower - Power - PowerPowerPower
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Fairway Storage ProjectAgreement SignedNorth AmericaUnited StatesPower, Power0.000Nofar USA, Hanwha Q CELLS USA Corp
PGS Energy Boddington Giga Battery ProjectContract AwardedAPACAustraliaPower, Power0.000PGS Energy Pty Ltd
Edify Energy Solar & Battery Assets Acquisition ProjectAnnouncedAPACAustraliaPower, Power0.000Edify Energy Pty LtdLAZARD-AU
Axedale Solar & BESS Acquisition ProjectSale CompletedAPACAustraliaPower, Power0.000ACEN Australia Pty Ltd, Fotowatio Renewable Ventures, OMERSBAKER-MCKENZ-AU
Waterloo Solar ProjectContract SignedNorth AmericaUnited StatesPower0.000RWE Clean Energy LLC
AGCF Natural Gas Portfolio Acquisition ProjectAnnouncedNorth AmericaUnited StatesPower2,200.000Ave Golden Continuation FundGUGG, MS-LLCLATHAM-WATKINS
Wind Buzz Cambodia Solar ProjectAgreement SignedAPACCambodiaPower0.000Wind Buzz Technologies Ltd, Cambodia Israel Chamber of Com
Texas Direct Air Capture Technology Park ProjectAnnouncedNorth AmericaUnited StatesIndustry, Power0.000EDF Renewables Distributed, Skytree Inc, Return Carbon Bv
Rainbow Trout Solar ProjectPublic InquiryNorth AmericaUnited StatesPower0.000Geenex Solar LLC
Harmony Energy Income Trust BESS Acquisition ProjectSale Agreement SignedEMEAUnited KingdomPower247.860Harmony Energy Income TrustPANMURE-LIBERUM, STIFEL-EUROPEGOWLING-UK
Date
Project NameFairway Storage ProjectPGS Energy Boddington Giga Battery ProjectEdify Energy Solar & Battery Assets Acquisition ProjectAxedale Solar & BESS Acquisition ProjectWaterloo Solar ProjectAGCF Natural Gas Portfolio Acquisition ProjectWind Buzz Cambodia Solar ProjectTexas Direct Air Capture Technology Park ProjectRainbow Trout Solar ProjectHarmony Energy Income Trust BESS Acquisition Project
RegionNorth AmericaAPACAPACAPACNorth AmericaNorth AmericaAPACNorth AmericaNorth AmericaEMEA
CountryUnited StatesAustraliaAustraliaAustraliaUnited StatesUnited StatesCambodiaUnited StatesUnited StatesUnited Kingdom
SectorPower - PowerPower - PowerPower - PowerPower - PowerPowerPowerPowerIndustry - PowerPowerPower
View Deal