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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

Invenergy finances Missouri solar

Invenergy has closed a US$517.2m financing to back the 300MW Split Rail solar project in Warren County, Missouri.

PFI Comment

Turning water into gold

Floating offshore wind projects of scale are starting to emerge in the tender rounds but it has been a long haul to get to where we are today and the sector is still way behind the fixed bottom sector. There is 270MW of capacity in operation across a range of smaller scale schemes. Contrast that figure with a 244GW global pipeline of projects. It is a sector for the future with competitiveness with the fixed bottom sector now said to be possible in 2035. That could be a struggle.

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
Mammoth Central Solar ProjectNorth AmericaUnited StatesPower142.500Doral Renewables LLCMCDERMOTT-WILL, NORTON-ROSE-FUL
Mammoth South Solar ProjectNorth AmericaUnited StatesPower175.000Global Energy Generation LLC, Migdal Insuran & Fina Hold LtdMCDERMOTT-WILL, NORTON-ROSE-FUL
FNSF New Zealand Solar Portfolio ProjectAPACNew ZealandPower48.750Far N Solar Farm Ltd
Rosamond South I Solar and Storage ProjectNorth AmericaUnited StatesPower, Power550.000Clearway Renew Llc, Sunpower Corp
Tuna Tekra Container Terminal Development PPP ProjectAPACIndiaTransportation487.900Deendayal Port Trust, Hindustan Infralog Pvt LtdDENTONS-LINK-LEG, J-SAGAR-ASSOC
Norton Solar ProjectNorth AmericaUnited StatesPower204.1208minutenergy Renewables LLC, Toyota Tsusho America IncJAVELIN-CAPITALMORGAN-LEWIS, ORRICK
Lightning Power ProjectNorth AmericaUnited StatesPower600.000LS Power 3CAHILL-GORDON, WHITE-CASE
Lackawanna Energy Center ProjectNorth AmericaUnited StatesPower1,004.700Invenergy LLC, FirstEnergy CorpLAZARDMILBANK-LLP, LATHAM-WATKINS, MILBANK-TWEED, MORGAN-LEWIS, BUCH-ING-ROONEY
Griffith University Student Accommodation Stage 2 PPP ProjectAPACAustraliaLeisure & Property79.340Campus Living Villages Pty Ltd, Griffith UniversityALLENS, HERBERT-FREE
Azure Solar Photovoltaic ProjectAPACIndiaPower219.000Azure Power India Pvt LtdAZB-PARTNERS, NORTON-ROSE-FUL, L&L-PARTNERS, TALWAR-THAKORE, KOCHHAR-CO
Date
Project NameMammoth Central Solar ProjectMammoth South Solar ProjectFNSF New Zealand Solar Portfolio ProjectRosamond South I Solar and Storage ProjectTuna Tekra Container Terminal Development PPP ProjectNorton Solar ProjectLightning Power ProjectLackawanna Energy Center ProjectGriffith University Student Accommodation Stage 2 PPP ProjectAzure Solar Photovoltaic Project
RegionNorth AmericaNorth AmericaAPACNorth AmericaAPACNorth AmericaNorth AmericaNorth AmericaAPACAPAC
CountryUnited StatesUnited StatesNew ZealandUnited StatesIndiaUnited StatesUnited StatesUnited StatesAustraliaIndia
SectorPowerPowerPowerPower - PowerTransportationPowerPowerPowerLeisure & PropertyPower
View Deal

Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
CentroGold Acquisition ProjectSale Agreement SignedLATAMBrazilMining0.000BHP Group Ltd
TerraPower Nuclear Power Plant Acquisition ProjectAnnouncedNorth AmericaUnited StatesPower40.000TerraPower LLC
RPower Ciudad Real Solar Farm ProjectAnnouncedEMEASpainPower0.000R Power Sa
Terra Solar Stake Acquisition ProjectSale Agreement SignedAPACPhilippinesPower, Power0.000Sp New Energy Corp
Tenaska Midwest Utility-Scale Solar & Storage Portfolio Acquisition ProjectSale CompletedNorth AmericaUnited StatesPower, Power0.000Sol Systems LLC, Tenaska IncBRACEWELL-LLP
Horsham Solar Farm Acquisition ProjectSale Agreement SignedAPACAustraliaPower0.000OX2 AB
SACL Queensland FNQ Biorefinery ProjectAnnouncedAPACAustraliaWaste & Recycling1,400.000Sacl Pte LtdEAGLEHAWK-CAP
Proenergy Peaker Gas Acquisition ProjectSale CompletedNorth AmericaUnited StatesPower0.000Eos Partners LP, ACON Investments LLC, Energy Capital Partners LLCPEI-GLOBALLATHAM-FR, ORRICK
Midtfjellet Vindkraft Acquisition ProjectSale Agreement SignedEMEANorwayPower30.100Aquila European Renewables PLC
SACL Moree Biorefinery ProjectAnnouncedAPACAustraliaWaste & Recycling554.000Sacl Pte LtdEAGLEHAWK-CAP
Date
Project NameCentroGold Acquisition ProjectTerraPower Nuclear Power Plant Acquisition ProjectRPower Ciudad Real Solar Farm ProjectTerra Solar Stake Acquisition ProjectTenaska Midwest Utility-Scale Solar & Storage Portfolio Acquisition ProjectHorsham Solar Farm Acquisition ProjectSACL Queensland FNQ Biorefinery ProjectProenergy Peaker Gas Acquisition ProjectMidtfjellet Vindkraft Acquisition ProjectSACL Moree Biorefinery Project
RegionLATAMNorth AmericaEMEAAPACNorth AmericaAPACAPACNorth AmericaEMEAAPAC
CountryBrazilUnited StatesSpainPhilippinesUnited StatesAustraliaAustraliaUnited StatesNorwayAustralia
SectorMiningPowerPowerPower - PowerPower - PowerPowerWaste & RecyclingPowerPowerWaste & Recycling
View Deal