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 interviews and articles in the Global section of the book.

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Download and read the PFI Roll of Honour 2022 PDF


Global Awards

MUFG had a stellar year in project finance across the globe in all areas of the market’s activity. It currently tops the loan league tables and is third in the bond tables. It has closed a remarkable 187 deals thus far this year via 300 project finance professionals across the globe with offices in Los Angeles, New York, London, Paris, Frankfurt, Singapore, Hong Kong, Tokyo, Sydney and Melbourne. The bank offers lending, advisory, bonds, hedging, modelling, agency and portfolio management.

Challenges financing green hydrogen
Financing Egypt’s US$83bn green H2 plan
MPIs needed to boost offshore wind
Project-financing lithium processing facilities
Financing optionality for renewables projects
Wanted – LNG as part of the transition
Infra resilient amid rising inflation
Recession-resistant infra heading into 2023
Iberia moves to merchant financing
Lhyfe – Renewable unicorn
Foresight rooted in a changing world
Yellow Door scales and expands PV C&I


Americas Awards

BNP Paribas was the outstanding bank in the Americas this year, leading new and innovative transactions in emerging sectors as well as maintaining a strong business in more traditional project finance spaces. The bank’s breadth of production, from underwriting through advisory to hedge providing and beyond, stood out from the crowd.

Athabasca exemplifies Indigenous partnership
Renewables takeover hits PF sweet spot
Keeping promises, delivering alpha
IRA – Changing the tax equity game
Permit reform needed for IRA success


Asia-Pacific Awards

Bank of the Year – Westpac

Financing first round-the-clock in India
Taiwan solar – Thunderball 1.0 and 2.0
ACT gets a capital battery financing
Hin Kong IPP – Liberalising Thai gas
Bhola 2 IPP – A Bangladesh milestone


Europe Awards

Societe Generale combined advisory and underwriting this year to maintain its position as one of the leading project banks. Its advisory effort was led by two power interconnectors deals – a coming sector that SG got into early – for Greenlink and NeuConnect. This is combined with the Champlain Hudson Power Express transmission line into New York and three transmission deals in one year. In the past, getting one down in any year was a struggle despite the ever-growing need for new transmission. SG closed two more advisories in the US, a new LNG deal for Cheniere and the QatarEnergy/Chevron petrochemical financing brought over from JP Morgan.

MEA Awards
NeuConnect – Interconnectors go large
SDFAST – Accelerating French fibre rollout
Project Lightning strikes financial close
Shuaibah 3 IWP replaces Shuaibah IWPP
Zarafshan – Uzbek PPPs power On
SA deregulates power to go captive