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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

HDF signs H2 MoU

French hydrogen developer HDF and Zimbabwe's national electricity transmission and distribution company ZDTEC have signed a memorandum of understanding for development of the country's first large-scale green hydrogen production facility.

PFI Comment

In transition

Germany is racing ahead to build its LNG regas terminal capacity with Chancellor Olaf Scholz, head of the traffic light Social Democrat, Green Party and Free Democrats governing coalition, stating when the first one was opened at the end of last year "when we work together we can do things at great speed - that's Germany's new tempo." Seven regas terminal are planned. Presumably these terminals need to be fed by gas and that gas needs to be financed.

PFI Special Report

PFI Global Infrastructure Report 2022

Project Finance International has published its yearly Global Infrastructure Report containing in depth analysis on key trend impacting the market in 2022. The report considers the resilient nature of infrastructure in changing times, the threat of stagflation and the use of infrastructure as a policy tool. The report contains case studies on road and airport financings from this year around the world plus various PPP deals. In addition the report looks into important sectors such as telecoms to

Resilient infra in the new world

The Covid-19 pandemic and the war in Ukraine have led to disruption on a scale unprecedented since the Second World War. Economies around the world have suffered severe dislocation, inflation has returned with a vengeance, supply chains are stretched and asset prices have fluctuated as investors struggle to understand what it all will mean for their portfolios. Meanwhile, governments and businesses are having to assess the impact of this disruption against a backdrop of increasing sustainability pressures and technological change that continue to offer both new challenges and new opportunities across the global economy. By Mark Elsey, partner, Ashurst.

Infra and withstanding stagflation

Inflation has been on the rise in many countries due to a combination of market, social and economic effects from the Covid-19 crisis. In the US, the increase in inflation has been extremely high in the past year compared with very low historical rates. By Scott Zuchorski and Greg Remec, Fitch Ratings.

Infrastructure as a policy tool

US infrastructure is having its long-delayed day in the sun. The 2,702-page Infrastructure Investment and Jobs Act (IIAJ Act), enacted in November 2021, received significant mainstream attention, due in part to its size – at more than US$1trn, it is the largest infrastructure programme in a generation – and the fact it was a rare piece of legislation passed with bi-partisan support. By Roderick Devlin, Nixon Peabody LLP.

Electrifying the American dream

Tesla Motors’ global dominance notwithstanding, US electric mobility and its charging infrastructure are relatively immature versus Europe and Asia. Project developers and financiers are starting to dip their toes in the water, piloting the risks they deem worth taking to get to the promised land. By Joti Mangat.

Supersized global infra ambitions

AustralianSuper looks to Europe and North America to secure the long-term financial future of 2.6m members. By Nick Herbert.

Sotra – NPRA backs the PPP route

Norway has a history of using PPPs for road projects, having successfully delivered three greenfield roads using the model during the early 2000s. PPPs fell out of favour for roads in Norway for a time, but returned to the fore a decade later when the Norwegian Public Roads Administration launched a new three-project programme of road PPPs. By Richard Abadie, partner PwC UK, Scott Clyne, assistant director PwC UK, Henrik Gran, partner, PwC Norway and Alexander Vas, manager, PwC Norway.

Sotra – The importance of partnership

The Sotra Connection was one of the largest contracts awarded in Europe last year. It involved multiple partners working in a relatively new public-private partnership (PPP) market and significant engineering challenges, as well as the challenges of Covid-19 restrictions. Alex Kornman, managing director at Macquarie Capital, who led on the business's bid, explains how the deal was successfully negotiated.

DC closes first P3 with street lighting deal

A street lighting P3 in Washington DC brought project finance into a new sector in the US. The green bond-backed deal may spur others in light of new federal funding. By Alison Healey.

New wave of electric ferries into Bangkok

Your first thoughts about Bangkok are probably the delicious food, friendly people – and the heavy traffic. As one of the largest metropolitan capitals in Asia, and in normal times a destination for tens of millions of tourists annually, Bangkok has substantial transport requirements. But on your next trip to Bangkok, you might be surprised to see a fleet of up to 27 fully electric ferries running on the Chao Phraya River. By Won Myong Hong, senior investment specialist, Sarocha Kessakorn, climate finance specialist, Juthaporn Jiajanpong, project analyst, and Tristan Knowles, investment specialist, climate finance, Asian Development Bank.

NMIA – Mumbai gets a dual airport

Airport infrastructure in any city is a significant conduit for the overall economic development of the adjoining region, as the ease of access to the region is a crucial factor for flow of investment and development of economic activity. By N Prakash, Vedavyasa Rao, Rajrajeswari Mishra and Aarani Subhanathan, SBI Capital Markets.

Fraport-TAV prep Antalya for take-off

Frankfurt-listed airport operator Fraport and Istanbul-listed TAV Airport Holdings made the headlines in March when they paid a €1.8125bn upfront fee to renew and expand the concession plans under which they jointly operate Turkey’s Antalya tourist airport. By Cristiana Sandeva.

Three independent STPs in one

On March 3 2022, Acciona Agua SA, together with its Saudi partners Tawzea and Tamasuk Holding Company, closed loans totalling about US$700m including US$480m in green loans for three independent sewage treatment plants (ISTPs) in Saudi Arabia. The simultaneous financial close of three ISTPs, achieved in six months, is a major milestone in the Saudi water sector. By Gurmeet Kaur, partner, Elen Roberts, solicitor with input from Benedict Tse, associate, at Pinsent Masons LLP.

CEGELOG – Against impossible odds

On February 15 2022, the French Ministry of Armed Forces signed with Nové, a subsidiary of Eiffage and Group Arcade VyV, the concession contract for the outsourced management of its housing stock in France, known as CEGELOG. Through this contract, the French Ministry of Armed Forces made an important step in its efforts to enhance its real estate assets, improve the quality of life of soldiers and their families, and renovate the way the authorities cooperate with the private sector in this industry. By Arnaud Troizier, partner, Watson Farley & Wiliams LLP.

TowerCos and low risk infra

RPS specialists offer insights into the recent upsurge of telecommunication tower transactions happening across the Asia-Pacific region. Billed as low-risk infrastructure to potential buyers – is this really the case when it comes to balancing operational cost, financing and ESG? By Merrill Lee, director, Henri Baz, associate director, Roddy Adams, director, and Wayne Gagel, associate director, RPS.

Digital infra at a crossroads in Asia

There is a lot, and we mean a lot, talked and written about the future of digital infrastructure in Asia. With good reason, the fundamentals driving growth are staggering. By Don Stokes, partner Singapore office, and Kieran Donovan, partner Hong Kong office, Latham & Watkins.

UK WtE – Mature opportunities

Over the last 10 to 15 years, the waste-to-energy (WtE) sector in the UK has seen significant investment and growth. Tolvik was set up as a consultancy in 2009 when just 3.6m tonnes (Mt) of residual waste, ie waste remaining after recycling, was sent to WtE facilities in the UK. By 2021, the figure had risen to 14.8Mt and, based on WtEs that are currently in construction in the UK, by 2026 it is projected that this will have risen to 19.8Mt. By Adrian Judge, director. Tolvik Consulting.

PFI Yearbook

PFI Yearbook 2023

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

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Unique Meghna Ghat Combined Cycle Power Plant Phase 3 ProjectAPACBangladeshPower613.000General Electric Co, Unique Hotel and Resort Ltd, Nebras Power QSC, Strategic Fin LtdSC
Foss Birch Creek Solar PV ProjectUnited StatesUnited StatesPower130.000Foss & Co, Birch Creek Energy
Scale Microgrid USA Portfolio ProjectUnited StatesUnited StatesPower, Power225.000Scale Microgrid Solutions Inc
Showacho Biomass Fired Power Plant ProjectAPACJapanPower88.900Chubu Electric Power Co Inc, New Circle Energy, Inabata & Co Ltd, Chubu Plant Service Co Ltd, NX Sakaiminato Kairiku Co Ltd, Sanko Group
Da Chuang Green Energy Mituo Fishery & Solar Power Symbiosis Phase 1 ProjectAPACTaiwanPower113.840Da Chuang Green Energy Co Ltd
Gold Plus Glass Industry Kangala Industrial Area Float Glass ProjectAPACIndiaIndustry290.890Gold Plus Glass Industry LtdSARAF-PARTNERS
UK Full Fibre Network Broadband Roll Out ProjectEMEAUnited KingdomTelecommunications137.740Grain Management LLC, Pinnacle Uk Group Ltd, Albion Capital Group LLP, Equitix Ltd
Doral Israel Solar and Battery Storage ProjectEMEAIsraelPower, Power84.950Doral Renewables LLC
Gwangyang Lithium Hydroxide Monohydrate Chemicals Facility Processing ProjectAPACSouth KoreaIndustry750.000Posco Co Ltd, Pilbara Minerals Ltd
Reden Italy Greenfield PV Portfolio ProjectEMEAItalyPower278.440Reden Development Italy SrlLEGANCE
Project NameUnique Meghna Ghat Combined Cycle Power Plant Phase 3 ProjectFoss Birch Creek Solar PV ProjectScale Microgrid USA Portfolio ProjectShowacho Biomass Fired Power Plant ProjectDa Chuang Green Energy Mituo Fishery & Solar Power Symbiosis Phase 1 ProjectGold Plus Glass Industry Kangala Industrial Area Float Glass ProjectUK Full Fibre Network Broadband Roll Out ProjectDoral Israel Solar and Battery Storage ProjectGwangyang Lithium Hydroxide Monohydrate Chemicals Facility Processing ProjectReden Italy Greenfield PV Portfolio Project
CountryBangladeshUnited StatesUnited StatesJapanTaiwanIndiaUnited KingdomIsraelSouth KoreaItaly
SectorPowerPowerPower - PowerPowerPowerIndustryTelecommunicationsPower - PowerIndustryPower
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
BlueEarth Renewables Wind and Solar Portfolio Acquisition ProjectSale CompletedUnited StatesUnited StatesPower, Power0.000BluEarth Renewables Inc, Ozone Renewables
Batangas Solar ProjectUnder ConstructionAPACPhilippinesPower397.790Citicore Renewable Energy
Pahkakoski Wind Farm Acquisition ProjectSale CompletedEMEAFinlandPower0.000Ilmatar Energy Oy, Alterric GmbH
Flexens Acquisition ProjectSale CompletedEMEAFinlandPower0.000Lhyfe SA, Flexens Oy Ab
Spearmint Energy Nomadic BESS Portfolio Acquisition ProjectSale CompletedUnited StatesUnited StatesPower0.000Spearmint Energy
Mincor Resources Acquisition ProjectAnnouncedAPACAustraliaMining, Mining506.760BOFA-SEC-INCCLAYTON-UTZ
Louisiana Carbon Capture and Sequestration ProjectLetter of Intent SignedUnited StatesUnited StatesPower0.000Milestone Carbon Llc
Serra da Borborema Wind Complex ProjectPlanning Permission AppliedLATAMBrazilPower, Power267.330EDP Renovaveis SA
Springvale Renewable ProjectAnnouncedAPACAustraliaPower, Power0.000Skylab Australia Pty Ltd
Dutch Government Netherlands Green Hydrogen Offshore ProjectIn TenderEMEANetherlandsPower0.000Dutch Government
Project NameBlueEarth Renewables Wind and Solar Portfolio Acquisition ProjectBatangas Solar ProjectPahkakoski Wind Farm Acquisition ProjectFlexens Acquisition ProjectSpearmint Energy Nomadic BESS Portfolio Acquisition ProjectMincor Resources Acquisition ProjectLouisiana Carbon Capture and Sequestration ProjectSerra da Borborema Wind Complex ProjectSpringvale Renewable ProjectDutch Government Netherlands Green Hydrogen Offshore Project
RegionUnited StatesAPACEMEAEMEAUnited StatesAPACUnited StatesLATAMAPACEMEA
CountryUnited StatesPhilippinesFinlandFinlandUnited StatesAustraliaUnited StatesBrazilAustraliaNetherlands
SectorPower - PowerPowerPowerPowerPowerMining - MiningPowerPower - PowerPower - PowerPower
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