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Daily News

Macquarie wins in Texas

Macquarie Group's full-year profits rose 10.6% to A$3bn (US$2.3bn) on the back of a 50% in rise in revenues in the commodities division to A$2.6bn, mainly due to the Texas February winter storm. In February the group said overall profits would increase 10% due to the storm.

PFI Comment

Whether or not

My favourite wind yield story will always be the annual British Wind Energy Association (BWEA) sailing day regatta on the Solent a few years back. Record attendance but no wind. Event cancelled. On a more serious note the law suits are starting to fly over the fallout from the Texas storm in February. Renewable yields are determined by forces outside the human control. But mitigating the risks from unforeseen weather events puts the issue back within the ambit of human management skills.

PFI Special Report

PFI Global Energy Report 2021

Energy developers and financiers are very much looking to the future following the events of the last year. The energy transition is growing apace with heightened interest in sectors such as hydrogen and battery storage. PFI has published its annual Global Energy Supplement containing a full analysis of how these two new sectors be financed in the future. Plus the supplement carries a range of case studies and analyses the offshore wind, LNG and carbon capture markets around the world. To see th

Hydrogen – What needs to be done

Over the past couple of years hydrogen in all its forms, including "green" hydrogen – hydrogen produced from entirely renewable energy sources – has been one of the hottest topics in energy. Governments around the world, most notably in Europe, have released ambitious strategies with stretching targets for green hydrogen production capacity over the coming decades. By Filippo Gaddo, director, Jacob Kane, senior consultant and James Dawkins, senior consultant, Arup.

Pre-empting the green hydrogen boom

The solar market over the last five years tells the story of the power of economics in creating demand, and this could very soon also be the story of hydrogen. By Yusuf Macun, managing director, and Meishi Tan, manager, Cranmore Partners.

Japan – Key link in hydrogen value chain

This article highlights the key challenges and opportunities in the development and financing of hydrogen projects and the pivotal role that Japan is expected to play in facilitating the expansion of the hydrogen value chain in the future. By Etienne Gelencsér, partner Tokyo, Karl Pires, partner Tokyo, Jean-Louis Neves Mandelli, partner Singapore, and Naomi King, consultant Tokyo, Shearman & Sterling LLP.

Rise of green hydrogen in the GCC

As decarbonisation becomes increasingly urgent globally, GCC countries are looking to diversify their economies away from hydrocarbons while maintaining a central role in the global energy system. Given plentiful natural gas, the region is sure to be a prime location for blue hydrogen development with carbon capture and storage but it is the prospect of large-scale green hydrogen production that is firing up imaginations – and fuelling investment. By Elliott Sawford and Mike Campbell, Allen & Overy.

Banking batteries in Australia

Australia’s energy storage sector is charging up. From January 2020 to June 2020, investment in utility-scale batteries doubled as a result of rapidly falling costs.1 By Kate Muller, partner, Finance, Projects and Restructuring and Claire Robertson, solicitor, Finance, Projects and Restructuring, DLA Piper.2

Irish eyes smile on ESS

Hanwha Energy, the international energy development arm of the Hanwha Group for development of energy projects across the world, has achieved financial close for a 2x100MW energy storage system project at Shannonbrige and Lumcloon, Ireland. By Praveen Umredkar, director, Hyojung Jung, director, and Shivam Agarawal, senior associate, Synergy Consulting.

2020 vision for battery storage in the UK

Despite the challenges of 2020, notable regulatory steps have been taken in the United Kingdom to accelerate growth in battery storage projects – with more expected in 2021. By Oliver Irwin, partner and Nicholas Neuberger, senior associate at Bracewell (UK) LLP.

New Dawn for Indian hybrid renewable energy

Hybrid renewable technology is in the spotlight as an emerging new renewable energy system that can play a key role in accelerating India’s energy transition. Adani Green Energy Ltd’s landmark US$1.35bn project financing of its 1,690MW hybrid renewables project in March 2021 heralds a new stage of development for India’s fast-growing renewables sector. By Jean Monson and Bertrand Ma, MUFG Bank.

Trending financing structures for Indian renewables

SBI Capital Markets Ltd provides an overview on the Indian renewable energy sector and discusses a case study on securitisation on future cashflows along with other trending financing structure in the sector. By Nitin Agarwal, Anita Karnik, Arpit Kothari and Mukesh Agarwal.

First large IPP in Uzbekistan

The closing in March 2021 of the JSC National Electric Networks of Uzbekistan (NENU) 1,500MW independent power producer project (IPP) marks a landmark transaction in Uzbekistan and the first of its kind in Central Asia of such dimension and complexity. By Thierry Tardy, Mohamed Hamdouch and Chen Yu, ACWA Power acquisitions and project finance team.

First Russian sustainability loan for 340MW wind

The JSC VetroSGC-2 project is the second wind power project of JSC NovaWind – a division of Rosatom, the Russian State Atomic Energy Corporation, responsible for projects in the new energy sector. With total project costs of €540m, VetroSGC-2 is one of Russia's largest greenfield wind power plants, at 340MW. By Dmitriy Astashkin. project analyst, Artem Guglya, associate director, Elena Gushchik, executive director, Ilya Devichensky, head of power in project finance, and Alexander Ushkov, first vice-president, Gazprombank.

Shape risk and other hedging issues

Hedging is a popular offtake strategy for wind and solar projects, but as demonstrated by the recent winter storm in Texas, it is not without risks. While hedges purportedly de-risk the project on price, there are four other main risks that developers should be aware of: shape risk, basis risk, operating risk and covariance risk. By Christine Brozynski of Norton Rose Fulbright US LLP.

2021 poised for year of US offshore wind

The headwinds have subsided. After years of careful tacking, the US offshore wind Industry looks forward to smoother sailing ahead. By Laura Neumeister Wright, partner, and Jonathan Wilcon, associate, Morgan Lewis & Bockius LLP.

Brazil takes an offshore lead

Governmental support and the energy transition are set to be the major drivers of offshore wind in Brazil, as the project pipeline starts to build. By Nic Stone.

Unlocking Greece’s offshore wind potential

Greece’s attempts to develop its untapped offshore wind potential have stalled in the past, but renewed investor interest and the government's commitment to set up a sound regulatory framework have strengthened its prospects. By Dimitris Assimakis, partner, and Minas Kitsilis, senior associate, Reed Smith.

Globeleq eyes a big 2021

Following an organisational restructuring, the CDC and Norfund-owned power developer is set for a busy year across the African continent. PFI speaks to Globeleq CEO Mike Scholey and CDO Jonathan Hoffman about Covid challenges, prioritising projects, and the myriad opportunities in the region. By Peter Collins.

Hybrid energy solutions in Latin America

Latin American and Caribbean countries are well positioned to play a leading role in off-grid and hybrid energy solutions. Growing demand and gradual regulatory improvements have created growing investment opportunities. By Martin Vogt, CEO, MPC Energy Solutions.

American LNG financing market evolves

The past year has provided clarity on which LNG projects will progress in the near-term and which will be put on hold or cancelled. By Alison Healey and Nic Stone.

Prospects for LNG-to-power in Cambodia

While Vietnamese LNG-to-power projects dominate the headlines, developments across the Mekong river delta in Cambodia may soon seize the spotlight. By Tim G Fourteau, Jamie Franklin, Paul Harrison and Audrey Lim from White & Case LLP.

UK CCUS time arrives

The increased focus on climate change and the growing list of countries stating their net zero ambitions means that the highly-touted potential of carbon capture, use and storage is on its way to becoming reality. Support for CCUS is growing globally: the United States, United Kingdom, Norway, Netherlands, China, Canada, Australia, Singapore, Malaysia, Japan and China have all indicated or announced plans for CCUS development. The EU recognises the need for CCUS in its recent hydrogen strategy. By Maryam Adamji, managing associate, energy and infrastructure. Linklaters.

PFI Yearbook

Foreword

Welcome to the 2021 Refinitiv Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2020 through case studies and the PFI Awards, and look forward into 2021 with a range of themed articles and profiles in the Global section of the book.

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Montes de Maria 4G Highway ProjectLATAMColombiaTransportation, Transportation259.000Sacyr SAMILBANK-LLP, BRIGARD-URRUTIA, HOGAN-LOVELLS
Panama Metro Line 2 Expansion ProjectLATAMPanamaTransportation38.100Metro de Panama SANORTON-ROSE-FUL
Blackwater Gold ProjectNACanadaMining287.900Artemis Gold Inc
Anemus Wind Complex ProjectLATAMBrazilPower45.0002W Energia SA
Axium Student Housing ProjectNAUnited StatesLeisure & Property109.350Balfour Beatty Infrastructure, Axium Infrastructure IncBAKER-MCKENZIE, MUNSCH
Portsmouth Hospital NHS Trust Project {CGF}EMEAUnited KingdomLeisure & Property451.910Carillion Housing(Carillion), Royal Bank of Scotland Group, HSBC Infrastructure Co Ltd
Gevo NW Iowa RNG ProjectNAUnited StatesPower68.150Gevo Inc
Nexus Renewable Energy Portfolio ProjectLATAMChilePower, Power283.000Global Power Generation SA, Grupo Ibereolica RenovablesMILBANK-TWEED
404MW Mutkalampi Wind Farm ProjectEMEAFinlandPower568.620PROKON Pflanzenoel GmbH, Neoen SAS
NextEnergy Solar Power ProjectEMEAUnited KingdomPower137.080NextEnergy Capital Ltd
Date
Project NameMontes de Maria 4G Highway ProjectPanama Metro Line 2 Expansion ProjectBlackwater Gold ProjectAnemus Wind Complex ProjectAxium Student Housing ProjectPortsmouth Hospital NHS Trust Project {CGF}Gevo NW Iowa RNG ProjectNexus Renewable Energy Portfolio Project404MW Mutkalampi Wind Farm ProjectNextEnergy Solar Power Project
RegionLATAMLATAMNALATAMNAEMEANALATAMEMEAEMEA
CountryColombiaPanamaCanadaBrazilUnited StatesUnited KingdomUnited StatesChileFinlandUnited Kingdom
SectorTransportation - TransportationTransportationMiningPowerLeisure & PropertyLeisure & PropertyPowerPower - PowerPowerPower
View Deal

Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
44.1 MW Severski Solar PV Plant ProjectAnnouncedEMEARussian FedPower60.660Renewable Energy Sources
Hydrogen Park Murray Valley ProjectAnnouncedAPACAustraliaPower0.000Australian Gas Infrastructure, Engie SA
50MW Melksham Battery ProjectAnnouncedEMEAUnited KingdomPower34.990Jlen Envi Asts Grp Ltd, Foresight Solar Fund Ltd
42MW Korpilevonmaki Wind ProjectAnnouncedEMEAFinlandPower0.000Ilmatar Energy
Kerawalapitiya Floating Storage and Regasification (FSRU) ProjectIn TenderAPACSri LankaOil & Gas0.000
170MW Stublla Wind and Solar Hybrid ProjectAnnouncedEMEASerbiaPower, Power0.000Stublla Energy
20MW Camden Battery Storage ProjectAnnouncedNAUnited StatesPower0.000Talen Energy Corp
20MW Baltimore Battery Storage ProjectAnnouncedNAUnited StatesPower0.000Talen Energy Corp
480MW Mammoth Solar Phase 1 ProjectContract SignedNAUnited StatesPower0.000Global Energy Generation LLC
Banpu US Gas-Fired Power Plant ProjectAnnouncedNAUnited StatesPower0.000Banpu Power PCL
Date
Project Name44.1 MW Severski Solar PV Plant ProjectHydrogen Park Murray Valley Project50MW Melksham Battery Project42MW Korpilevonmaki Wind ProjectKerawalapitiya Floating Storage and Regasification (FSRU) Project170MW Stublla Wind and Solar Hybrid Project20MW Camden Battery Storage Project20MW Baltimore Battery Storage Project480MW Mammoth Solar Phase 1 ProjectBanpu US Gas-Fired Power Plant Project
RegionEMEAAPACEMEAEMEAAPACEMEANANANANA
CountryRussian FedAustraliaUnited KingdomFinlandSri LankaSerbiaUnited StatesUnited StatesUnited StatesUnited States
SectorPowerPowerPowerPowerOil & GasPower - PowerPowerPowerPowerPower
View Deal