Japan's Ministry of Economy, Trade & Industry (METI) and the Ministry of Land, Infrastructure, Transport & Tourism (MLIT) have awarded a 30-year concession to a consortium led by Toda Construction to develop a 21MW Goto floating offshore wind project in Nagasaki prefecture.
Inflation is back on the agenda, raising a whole series of new variables for debt and equity investors to analyse. First up is will interest rates rise? Can they given so many governments around the world now have massive debt burdens and would take a big knock if rates rose meaningfully. Infrastructure is usually knocked during inflationary times but this time around it will very much depend on the pass through,
The importance of project finance in promoting infrastructure development in the developing world is well known. Without the billions of dollars of support generated for infrastructure projects using project finance, hundreds of millions of poor people in the developing world would not have access to basic needs such as electricity, clean water and sewage treatment. By Daniel Wagner, senior investment officer, guarantees and syndications, Asian Infrastructure Investment Bank.
Uzbekistan is part-way through a number of DFI-led procurement programmes for gigawatts of renewables capacity alongside large gas-fired power projects as part of its energy transition strategy to 2030. Low tariff prices and export opportunities should ensure affordability and continued demand. By Peter Collins.
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
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
|Date||Project Name||Region||Country||Sector||Cost (US$m)||Developer||Advisers||Story Link|
|321MW West Wyalong and Woolooga Solar Farm Projects||APAC||Australia||Power, Power, Power||255.840||Lightsource BP Renewable||MACQ-CAPKING-WOOD-MAL|
|50MW Chiayi Shrimp Farms Solar Power Project||APAC||Taiwan||Power, Power||138.060||Sunnyrich Power Co Ltd|
|Blackstone CQP Natural Gas Pipeline Project||NA||United States||Oil & Gas||1,400.000||Cheniere Energy Partners LP|
|144MW Quang Tri Wind Farms Project||APAC||Vietnam||Power, Power||173.000||RENOVA Inc, Power Construction JSC No 1|
|TenneT Interconnector Project||EMEA||Netherlands||Power||2,194.560||TenneT Holding BV|
|Le Soleil Solar and Energy Storage System (ESS) Project||APAC||South Korea||Power, Power, Power||100.300||Eclair Two Inc., Solareq Inc.||BARUN-LAW-LLC, JIPYONG-NEW|
|Project Hathi||EMEA||Spain||Power, Power||471.680||Cubico Sustainable Invests||SANTANDERWAT-FARLEY-WIL, CLIFFORD-CHANCE|
|Zorlu Renewables Portfolio Project||EMEA||Turkey||Power, Power, Power, Power||300.000||Zorlu Enerji AS|
|FLEX Intermediate Natural Gas Pipeline Project||NA||United States||Oil & Gas||1,250.000||Freeport LNG Development LP|
|Qualitas Venture Capital Solar PV Portfolio Project||EMEA||Spain||Power, Power||153.120||Qualitas Venture Capital SA||WAT-FARLEY-WIL, LINKLATERS|
|Date||Project Name||Status||Region||Country||Sector||Cost (US$m)||Developer||Advisers||Story Link|
|Longroad Holdco Solar Portfolio Project||Announced||NA||United States||Power, Power||60.000||Longroad Energy Partners LLC||WINSTON-STRAWN, MORGAN-LEWIS|
|Sunbeam C&I Solar Platform Acquisition Project||Operational||NA||United States||Power, Power||505.000||Brookfield Renewable Partners||MILBANK-LLP, SKADDEN-ARPS|
|Hume Hydro Battery Energy Storage System (BESS) Project||Announced||APAC||Australia||Power, Power||0.000||Meridian Energy Australia Pty|
|JSW Hydro Energy Hydroelectric Power Plant Projects||Announced||APAC||India||Power, Power||0.000||JSW Hydro Energy Ltd|
|Luang Prabang International Airport Expansion PPP Project||Feasibility Study||APAC||Laos||Transportation||90.000||Korea Airports Corp|
|26.75MW Q-Energy Wind Plants Acquisition Project||Announced||Germany||Germany||Power, Power||0.000||Q Energy Deutschland Gmbh|
|45MW Castilla la Mancha Solar PV Portfolio Project||Contract Signed||EMEA||Spain||Power, Power||0.000||Total Energie Developpement|
|2GW RWE and BASF Offshore Wind Project||Announced||Germany||Germany||Power, Power||4,849.600||RWE AG, BASF SE|
|Patola Offshore Oil Project||Announced||LATAM||Brazil||Oil & Gas||160.000||Karoon Energy Ltd|
|120MW Qigu District Solar Farm Acquisition Project||Announced||APAC||Taiwan||Power, Power||206.010||Ta Ya Green Energy Tech Co, Tatung Co|