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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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Solar solar

In the early 1970s the precisely named pop group Middle of the Road had a hit with Soley Soley. Just a little bit lonely, Just a little bit sad, I was feeling so empty, Until you came back. Indeed. Forward a few years and the same can be said for the solar panel industry. Solar is a key part of the transition to a low carbon economy – well Amazon said so in its recent TV adverts – but the panel industry is struggling to keep up with the huge demand. This vital industry is at a crossroads.

Daily News

Private sector wary with zero bids for CCGTs

Mexico’s power industry woes seem set to continue as no private companies submitted bids to the Comision Federal de Electricidad (CFE) to build two combined-cycle gas-fired power plants in Yucatan. A group of 69 companies signed up to bid on the construction mandate, including Siemens, Abengoa, and GE.

PFI Special Report

PFI Global Infrastructure Report 2021

Interest in the infrastructure sector has never been higher as economies seek to rebuild following the Covid 19 pandemic. But the market is evolving as digital infrastructure, a key economic player in the pandemic, becomes as vital as other forms of infra. The PFI Global Infrastructure Report reviews financing trends in growing sectors such as fibre and data centres and analyses the prospects for the market as whole across various countries around the globe. In addition the report include market

Financing data centres on the Edge

Washington-headquartered data centre provider EdgeConneX considers itself a pioneer in defining and building the so-called edge, a subsector of data centres that are designed to scale with demand and are located in close physical proximity to the people, machines and processes that generate and use data. The close proximity enables better conditions for fast traffic flows, availability and security – and for project financing the assets. By Jordan Bintcliffe.

Greenfield data infra boom all set

The global pandemic may have accelerated demand for data infrastructure, but the underlying drivers behind the growth of data centre markets go far beyond short-term factors, explains Laurence Monnier. head of quantitative research, real assets, Aviva Investors.

Asian data centres – Stronger and greener

Asia is seeing increased investment in and demand for data centres. Regarded as essential assets for economies and societies, data centres are now being compared to must-haves such as water supply, electricity, and agriculture. By Sharad Somani, partner and head of infrastructure, Asia-Pacific, and Diptendu Mitra – director, strategy, KPMG Singapore.

FTTH becomes a must have

With the exponential increase in demand for data consumption, which the Covid-19 pandemic has further strengthened, a reliable and ever-faster fixed and mobile broadband infrastructure has never been more essential. Thanks to its vastly superior features, fibre to the home (FTTH) has emerged as the future-proof technology for fixed internet access compared with DSL networks, cable or even 5G, writes Fabrice Garus, investment director and partner, Vauban Infrastructure Partners.

Satria – Supporting digital Indonesia

Financing the construction and launch of a 150Gbps new High Throughput Satellite of the Republic of Indonesia (Satria), the first telecommunication satellite PPP project in Indonesia. By Roland Tan, Hongkong & Shanghai Banking Corporation.

Infra joining the charge to sustainable lending

Lenders, borrowers and sponsors alike are driving the rapid take-up of green and sustainability-linked loans in global project finance markets. In the Asia-Pacific region, this positive shift is increasingly prevalent in transport and social infrastructure and is likely to accelerate. The trend is underpinned by strong support from a broad range of market participants, creating a virtuous cycle of demand-supply and loan-volume growth. By Jan Gabrynowicz, director, Energy & Infrastructure Project Finance, Brett Ruitenberg, head of Energy & Infrastructure, Project Finance Australia, and Tarek El Rakshy, head of Project Finance Australia, SMBC.

International infra investors turn to India

The vast unmet demand for infrastructure in India, coupled with a pipeline of opportunities running into trillions of dollars, has been attracting investors to Indian infrastructure for more than two decades now. By Simon La Greca, head of Infrastructure Debt Asia, Justin Chan-Sew, principal, Infrastructure Debt Asia and Sharat Goyal, head of India, Infrastructure Equity, AMP Capital.

Evolution of PPPs in Australia

Allens infrastructure and project finance specialists provide insights into the recent evolution of PPPs in Australia and potential future direction for the PPP model. By David Donnelly, partner, Michael Ryan, partner, Paul Telford, partner and Lisa Zhou, managing associate, Allens.

Infra options proliferate during pandemic

When the first waves of the Covid-19 pandemic broke across the shores of American business, there was a collective feeling that we had seen this before – not necessarily the public health crisis, the likes of which had not been experienced for a century, but the commercial disruptions and financial dislocations expected to result from such a massive shutdown of the economy. As the pandemic unfolded, however, our worst financial expectations never came to pass. By Charles G Renner, Kansas City-based partner and Will P Nulton, Kansas City-based attorney, Husch Blackwell LLP.

Brazil joins the trillions infra club

Brazil’s infrastructure minister Tarcisio Gomes de Freitas has predicted there will be R$1trn (US$200bn) of infrastructure concessions for the private sector by the end of 2022. The government is backing up the plan with bold action to bring private capital to the projects, many with added green credentials. By Nic Stone.

Full infra speed ahead in Colombia

A recent downgrade of Colombia’s sovereign rating to junk by S&P is expected to be followed by one from Fitch later this year. Equity and debt investors remain bullish in the country’s highway sector despite the risks. By Nic Stone.

CIB begins its second act

The Canada Infrastructure Bank has noticeably picked up the pace of investments over the past several months. CEO Ehren Cory is ushering in a new phase. By Alison Healey.

Textbook D4 replicates success

On April 29 2021, the Czech Republic made an important step in its continued efforts to speed up the upgrade and completion of its highway network when the DIVia consortium, comprising on a 50:50 basis, Vinci Highways, the lead company and a subsidiary of Vinci Concessions, and Meridiam, together with its group of lenders, successfully completed the financing of the D4 highway PPP transaction. By Jan Brazda, advisory partner, and Karel Kolar, senior adviser, PwC CEE.

Sofia Airport undeterred by turbulence

A consortium of Meridiam, Munich Airport and Strabag endured a host of legal challenges and political delays – not to mention a global pandemic – to finance the Sofia Airport public-private partnership (PPP) in time for Christmas. By Peter Collins.

Flagship schools deal opens the PPP door

As a pathfinder social infrastructure public-private partnership (PPP) project for the Kingdom of Saudi Arabia and the wider Middle East, the launch of the Tatweer Building Company (TBC) Schools PPP Programme paves the way for a spate of new social infrastructure PPPs across the region. By Sachin Karia, partner, Elliott Sawford, partner, Richard Chamberlain, senior associate, Shane Jaftha, senior associate, and Liva Orleane, associate. Allen & Overy.

Yanbu 4 IWP and its transmission pipe

The project was the first of its kind – a Saudi Arabian IWP combined with a water transmission pipeline. By Trevor Butcher, partner, projects, finance and restructuring, and Mahima Sodhi, associate, projects, finance and restructuring, at DLA Piper (Middle East) LLP.

Breaching the final frontier

ACWA Power has completed a first-of-its-kind US$266m refinancing for an independent water project in the Kingdom of Saudi Arabia though a combination of a privately placed issue of rated project bonds and a commercial bank tranche. By Anil Vijayachandran, director, Haoyong Chen, senior manager, and Abdulwahab Alsalman, manager, in ACWA Power's acquisitions and project finance team.

Italian PNRR – Save the date

Save the date – August 31 2026. This is the date by which all the investments set out in the National Recovery & Resilience Plan (PNRR) presented by the Italian Government to Parliament and to the European Commission must be completed. By this deadline, all the projects provided for in the PNRR must not only be defined and authorised but also effectively completed. By Stefano Maria Zappalà and Maria Juan Parra, Juridicum avvocati associati.

PFI Yearbook


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
298 MW Chong Neng Offshore Wind Farm ProjectAPACTaiwanPower, Power1,626.620China Steel Corp, Copenhagen Infrastructure IV, Diamond Generating Asia LtdCTBC-BANK, MUFG-BANKWHITE-CASE, BAKERMCKENZIE
National Highways Infra ProjectsAPACIndiaTransportation269.680National Highways Authority
Kapolei Energy Storage ProjectNAUnited StatesPower, Power219.000Pluspower Ltd
39 MW Banteay Meanchey Province Solar Park ProjectEMEACambodiaPower, Power28.100Ray Power Supply Co Ltd
Energean Assets Refinancing ProjectEMEAEgyptOil & Gas450.000Energean PLCJPM, ING-FINAN, BNP-SEC, CS, DEUTSCHE-LONDON, GS, MS-I, NATIXIS-SEC, POALIMIBIUNDE
Rockville Capital Solar Photovoltaic Portfolio ProjectLATAMChilePower, Power100.000Rockville Capital LLCWHITE-CASE
38 MW Kodeni Solar Photovoltaic Plant ProjectEMEABurkina FasoPower, Power47.360Africa Ren Invest LtdCLIFF-CHANCE-US
Circuit Road 2 PPP ProjectLATAMUruguayTransportation130.000Traxpalco Sa, Hernndez Y Gonzlez SaGUYER-REGULES
Toronto Western Hospital Wastewater Energy Transfer ProjectNACanadaPower34.440Noventa Energy Partners, Enbridge Gas Inc
2.5 MW Leichhardt Bus Depot Charging Infrastructure & Solar & Batteries ProjectAPACAustraliaPower, Power, Power, Transportation, Power26.630Zenobe Energy Ltd, TransGrid
Project Name298 MW Chong Neng Offshore Wind Farm ProjectNational Highways Infra ProjectsKapolei Energy Storage Project39 MW Banteay Meanchey Province Solar Park ProjectEnergean Assets Refinancing ProjectRockville Capital Solar Photovoltaic Portfolio Project38 MW Kodeni Solar Photovoltaic Plant ProjectCircuit Road 2 PPP ProjectToronto Western Hospital Wastewater Energy Transfer Project2.5 MW Leichhardt Bus Depot Charging Infrastructure & Solar & Batteries Project
CountryTaiwanIndiaUnited StatesCambodiaEgyptChileBurkina FasoUruguayCanadaAustralia
SectorPower - PowerTransportationPower - PowerPower - PowerOil & GasPower - PowerPower - PowerTransportationPowerPower - Power - Power - Transportation - Power
View Deal

Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Ruta 78 Extension PPP ProjectContract SignedLATAMChileTransportation892.000MOP
147.6 MW Illora Solar Photovoltaic Plant Acquisition ProjectAnnouncedEMEASpainPower, Power0.000Verbund AG, Baywa R.E. Ag
Cloudberry Norway & Sweden Hydro & Wind Power Assets ProjectAnnouncedEMEANorwayPower, Power, Power156.190Cloudberry Clean Energy ASA
350 MW Stipion Solar Photovoltaic Plant ProjectGovernment ApprovedEMEAMacedoniaPower, Power302.560Ostro Solar
Riberget Wind Farm Acquisition ProjectAnnouncedEMEASwedenPower, Power0.000OX2 AB, Rwe Renewables GmbH
90MW Kanchipuram Hyperscale Data Centre ProjectAgreement SignedAPACIndiaLeisure & Property0.000Larsen & Toubro Construction
20 MW Bina Green Hydrogen Electrolyser Plant ProjectAnnouncedAPACIndiaPower, Power0.000Bharat Petroleum Corp Ltd
50 MW West Virginia Utility Scale Solar Energy ProjectPlanning Permission AppliedNAUnited StatesPower, Power0.000The Potomac Edison Co, Monongahela Power Co
Recife International Airport Upgrade and Expansion ProjectContract SignedLATAMBrazilTransportation0.000Aeroportos Brasil SA
50 MW Sunlight Road Facility ProjectContract SignedNAUnited StatesPower, Power0.000DE Shaw Renewables Investments
Project NameRuta 78 Extension PPP Project147.6 MW Illora Solar Photovoltaic Plant Acquisition ProjectCloudberry Norway & Sweden Hydro & Wind Power Assets Project350 MW Stipion Solar Photovoltaic Plant ProjectRiberget Wind Farm Acquisition Project90MW Kanchipuram Hyperscale Data Centre Project20 MW Bina Green Hydrogen Electrolyser Plant Project50 MW West Virginia Utility Scale Solar Energy ProjectRecife International Airport Upgrade and Expansion Project50 MW Sunlight Road Facility Project
CountryChileSpainNorwayMacedoniaSwedenIndiaIndiaUnited StatesBrazilUnited States
SectorTransportationPower - PowerPower - Power - PowerPower - PowerPower - PowerLeisure & PropertyPower - PowerPower - PowerTransportationPower - Power
View Deal