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Tasmania consults on first REZ

Tasmania has launched a consultation on the state’s first renewable energy zone south of Burnie in the North West, with a market offering and access scheme for project proponents to follow.

PFI Comment

Crunch time for abatement

The launch of the first project financing to back a carbon capture and storage project is a major milestone in the development of the concept, which had waxed and waned over the last decade. Hopefully, this will be the start of a series of schemes that will make a major contribution to carbon abatement. But this is not guaranteed. New technologies take time to bed down, particularly those driven by regulatory demands. The first major hydrogen scheme was project-financed two years ago, but we are still waiting for the next one.

PFI Special Report

PFI Global Energy Report 2024

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 ups and downs in the US and European offshore wind sector. There are reports covering global battery storage and carbon capture markets, plus case studies on smart metering projects in India, South African private procurements and new offtake structures in Europe. Renewable developers are profiled and there is analysis on sustainable aviation...

Tax credits – Transferability and structures

The Inflation Reduction Act of 2022 seeks, among other things, to achieve decarbonisation goals on a national scale, largely through federal income tax credits. By Hayden Baker, Jeffrey Davis, Nadav Klugman, Elena Millerman, and Mostafa Al Khonaizi, White & Case.

New way of financing clean energy projects

New rules from the IRS clarify how tax-exempt entities and taxable businesses investing in certain types of clean energy projects can use the option to claim energy tax credits directly from the federal government through a mechanism called direct pay. By Charles H Purcell, partner, Mary Burke Baker, government affairs counselor, Marty Pugh, partner, Michael W Evans, partner and Rebecca Kreiser, associate, K&L Gates.

US offshore wind highs and lows

Globally, offshore wind energy development has seen explosive growth. By the end of 2022, total global offshore wind capacity in operation had reached 64.3GW. The US offshore wind market has been developing at a more measured pace. By Mike Rodgers, Lauren Bachtel, Diana Jeschke, and Will Kim, Linklaters LLP.

Sustainable aviation fuel in Latin America

As the aviation market moves towards a more sustainable future and fuel source, Brazil and other Latin American countries are likely to serve as key production locations for SAF due to their unique natural endowments and existing experience with bio-fuels. While challenges will exist in taking projects on the drawing board through the construction and financing cycle the opportunities for Latin America are clear. By Chris Taufatofua, partner, Alan J Alexander, partner, Afzaal Abidi, associate, and Ruairi McGill, associate, Vinson & Elkins.

Serentica Renewables – Carving its own niche

KKR and Twin Star’s green energy platform Serentica Renewables has been carving its own niche in the Indian renewables market since 2022, with a focus on round-the-clock offtakes for commercial and industrial customers. Chief executive officer Akshay Hiranandani tells PFI the company expects a US$1bn debt requirement for its projects each year. By Alexandra Dockreay.

Meters get smart in India

India's smart metering market holds immense promise for transforming the power sector, improving operational efficiencies, and enhancing consumer experiences. With government support and robust payment mechanisms in place, smart metering projects are poised to drive sustainable growth and usher in a new era of power distribution in the country. By leveraging smart metering technology, India can pave the way for a more resilient, efficient, and sustainable energy future. By Abhishek Verma, senior vice-president, project advisory and structured...

Cross-border transmission across ASEAN

Over the past decade ASEAN countries have achieved an impressive 5% average annual GDP growth rate. Yet, this economic surge has been fuelled by a parallel surge in energy demand, which now stands as one of the world’s largest after China, the US and India. As the region grapples with the dual challenge of decarbonisation and the mounting impacts of climate change, it finds itself at a pivotal juncture. By James Harris, John Yeap, Will Stroll, Peter Jang and Jonathan Fong, Pinsent Masons MPillay LLP.

Storage in the energy transition in Asia-Pacific

As Asia gears up for a shift to renewable energy, energy storage has come to the fore. But the transition to cleaner power can be a bumpy ride. To navigate the uncertain landscape, countries have to monitor trends in technology, costs and electricity markets closely. By Ganesh Padmanabhan, head of project finance, Jern Siew, executive director, project finance Australia, and Suvro Sarkar, senior vice-president, group research energy sector, DBS Bank.

Carbon capture and storage in South-East Asia

The global transition to decarbonise is underway to achieve the target of net-zero carbon emissions, including across Asia. The use of carbon capture and storage is seen by many – including the Intergovernmental Panel on Climate Change and the International Energy Agency – as a key part of the solution to achieving net zero, particularly for hard-to-abate sectors such as steel, cement and petrochemicals. By Frederic Draps, Jean-Louis Neves Mandelli, Dan Trevanion and Damian Tan, at Ashurst LLP

Evolution of the renewable energy offtake

At NORD/LB’s Energy Transition Seminar, we discussed the latest trends in renewable energy project finance, with a deep dive on the evolution of renewable energy offtake. Throughout this evolution, sponsors and banks have continuously adapted and innovated to craft optimal debt offtake structures to satisfy investor return hurdles and get projects off the ground. By Niels Jakeman, head of energy origination, structured finance Europe, Nord/LB.

Econergy paves its own way

Econergy England has geared itself with significant cash, a sound revenue strategy and a pan-European outlook as it prepares to rebrand itself from developer to fully fledged IPP. By Cristiana Sandeva.

SE Europe – Opportunities outweigh challenges

To understand the challenges and opportunities of investing in Romania and Bulgaria, it is important first to understand how the renewable energy sector has developed in each country. By Alastair Hammond, CEO, Rezolv Energy*.

Green Poland – Cautious optimism

The offshore wind and battery storage sectors continue to represent attractive investment opportunities and this is particularly the case in the current Polish market. By Robert Marsh, partner in London, and Tomasz Rogalski, partner in Warsaw, Norton Rose Fulbright.

Transforming South Africa's energy landscape

It is hard to believe that it’s been more than a decade since the world turned its eyes to South Africa as the host of the 2010 FIFA Men’s World Cup, a momentous event that showcased the nation's vivacity and potential on the global stage. Around the same time, South Africa's electricity sector stood at a crossroads, fighting with a number of challenges ranging from aging infrastructure to an insatiable demand for power. By Ines Pinot de Villechenon, director, Green Giraffe Advisory.

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
ChargePost New South Wales EV Kerbside Charging Stations ProjectAPACAustraliaTransportation0.240Chargepost Pty Ltd
Evie Networks New South Wales EV Kerbside Charging Stations ProjectAPACAustraliaTransportation, Transportation0.530Fast Cities Australia Pty Ltd
Vantage North Acton Data Centers Campus ProjectEMEAUnited KingdomTelecommunications, Telecommunications, Telecommunications729.300Vantage Data Ctrs Mgmt Co LLCBARCLAYS
Catalyze New York Community Distributed Generation Solar Portfolio ProjectNorth AmericaUnited StatesPower100.000Catalyze Inc
Great Kiskadee Storage ProjectNorth AmericaUnited StatesPower75.000Sa Grid Solutions
Angelo Energy Storage ProjectNorth AmericaUnited StatesPower75.000Apex Clean Energy Inc, Powin Energy Corp
Roosevelt Drive Fuel Cell ProjectNorth AmericaUnited StatesPower6.500Fuelcell Energy Inc
Sinaloa & Coahuila Floating Solar ProjectLATAMMexicoPower161.000Comision Fed De ElecidadFRANC-DEV
Enel Assets Acquisition ProjectLATAMPeruPower2,100.000Enel Peru SAC, Niagara Energy SACPAULHASTINGS, MILBANK-LLP
Namaacha Wind Farm ProjectEMEAMozambiquePower272.000Quantum Power Ltd, Eleqtra, InfraCo Africa Ltd, Tora Holdings
Date
Project NameChargePost New South Wales EV Kerbside Charging Stations ProjectEvie Networks New South Wales EV Kerbside Charging Stations ProjectVantage North Acton Data Centers Campus ProjectCatalyze New York Community Distributed Generation Solar Portfolio ProjectGreat Kiskadee Storage ProjectAngelo Energy Storage ProjectRoosevelt Drive Fuel Cell ProjectSinaloa & Coahuila Floating Solar ProjectEnel Assets Acquisition ProjectNamaacha Wind Farm Project
RegionAPACAPACEMEANorth AmericaNorth AmericaNorth AmericaNorth AmericaLATAMLATAMEMEA
CountryAustraliaAustraliaUnited KingdomUnited StatesUnited StatesUnited StatesUnited StatesMexicoPeruMozambique
SectorTransportationTransportation - TransportationTelecommunications - Telecommunications - TelecommunicationsPowerPowerPowerPowerPowerPowerPower
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
National Grid Kent Grain LNG Terminal Acquisition ProjectAnnouncedEMEAUnited KingdomOil & Gas0.000National Grid PLC
Canxport Logistics Phase I ProjectContract AwardedNorth AmericaCanadaTransportation0.000Prince Rupert Port Auth
Kern County Solar & BESS Portfolio ProjectAnnouncedNorth AmericaUnited StatesPower, Power0.000Avantus LLC
Mainstream/Someva Sunny Corner Wind ProjectGovernment ApprovedAPACAustraliaPower, Power0.000Mainstream Renewable Power Ltd, Someva Renewables Pty Ltd
Amazon Web Services Huesca, El Burgo De Ebro & Villanueva De Gallego Data CentreAgreement SignedEMEASpainTelecommunications16,988.970Amazon Web Services Inc
Collective Energy Austria Acquisition ProjectSale Agreement SignedEMEAAustriaPower0.000Lazard Sustnble Pvt Infra Fund, Collective Energy GmbH
Brescia Biomethane Production Plants Acquisition ProjectSale Agreement SignedEMEAItalyPetrochemicals0.000Green Arrow Capital SGR SpA, L&L SpAMOLINOPAROLA-ANGELINI
Pivot Energy Illinois Community Solar ProjectContract SignedNorth AmericaUnited StatesPower0.000Pivot Energy Inc
Eurus Energy Hokkaido Onshore Wind ProjectAnnouncedAPACJapanPower0.000Eurus Energy Holdings Corp
Quinbrook Gladstone Green Iron ProjectNegotiationsAPACAustraliaMining, Industry2,333.450Quinbrook Infrastructure
Date
Project NameNational Grid Kent Grain LNG Terminal Acquisition ProjectCanxport Logistics Phase I ProjectKern County Solar & BESS Portfolio ProjectMainstream/Someva Sunny Corner Wind ProjectAmazon Web Services Huesca, El Burgo De Ebro & Villanueva De Gallego Data CentreCollective Energy Austria Acquisition ProjectBrescia Biomethane Production Plants Acquisition ProjectPivot Energy Illinois Community Solar ProjectEurus Energy Hokkaido Onshore Wind ProjectQuinbrook Gladstone Green Iron Project
RegionEMEANorth AmericaNorth AmericaAPACEMEAEMEAEMEANorth AmericaAPACAPAC
CountryUnited KingdomCanadaUnited StatesAustraliaSpainAustriaItalyUnited StatesJapanAustralia
SectorOil & GasTransportationPower - PowerPower - PowerTelecommunicationsPowerPetrochemicalsPowerPowerMining - Industry
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