-
The East End Crossing is the largest availability-based financing in the US and Indiana’s first greenfield PPP.
-
The financing for the first phase of the Gebze-Izmir toll concession closed with an all-domestic lending group. It highlights Turkish sponsors’ difficulties with the complexities of international bank deals.
-
After a decade of delays, the financing for the Italian BreBeMi toll concession has closed. It gets around banks’ tenor constraints in a way that will be hard to replicate.
-
AES Gener brought in Mitsubishi as a co-sponsor of the Cochrane power plant in Chile, giving it access to cheap Japanese ECA and commercial bank debt.
-
Geopolitical uncertainty helped, rather than hindered, close on a Gulf oil project. But Chinese interest in the region’s producers was key to closing the financing for Fujairah Oil Terminal.
-
The ACS-led Rideau Transit Group combined short-term bank and long-term institutional debt in the C$440 million financing for its Ottawa light-rail transit project.
-
New Zealand is only just starting to embrace public-private partnerships as a viable means of procuring infrastructure projects. The Wiri prison project was the first PPP project to be put out to tender in the country and only the second to close.
-
The financing for the A1/A6 Dutch road PPP dispensed with the much-heralded PEBBLE bond product. But sponsors should not write the structure off yet.
-
Aerostar closes the first PPP for a US airport, for Puerto Rico’s largest airport, using a heavily oversubscribed private placement financing.
-
Project sponsors can often lean on standardised templates based on precedent, sector and geography, but exceptions like Braskem and Idesa’s $4.5 billion Etileno XXI petrochemical complex in Mexico exist
-
Wpd’s Butendiek had a harder time finding equity investors than willing bank lenders. By relying less on sponsor support than its precursors it could be the model to follow in German offshore.
-
DEAL ANALYSIS: Jordan’s neighbours are some of the most unstable countries on earth, but the IPP3 financing in Amman has reached signing. The diesel-fired project’s financing relied heavily on Asian banks and ECAs.
-
Northland Power tempts investors hungry for rare, well-rated paper supporting gas-fired generation with its first-ever project bond issue, for its Spy Hill peaking power plant, and strengthens its name in the Canadian private placement market.
-
GDF and Nareva closed the financing for the 300MW Tarfaya wind farm after 18 months of delays. The deal will provide a boost to the rest of Morocco’s sluggish renewables pipeline.
-
Duke Energy closed on $422 million in long-dated debt for its Los Vientos wind farm by turning to the North American Development Bank.
-
Grupo Mexico closed the first project bond issue for a greenfield self-supply project. It may encourage some of the country’s other large power users to go it alone.
-
Opain closed a financing for Bogota’s El Dorado International Airport six years after winning the concession, roping in China Development Bank as a lender.
-
UK solar is fast becoming a viable asset class rather than a punch-line, with Solar Power Generation’s bond financing first. A liquid market is some way off, however.
-
Highstar had to increase the pricing on its GWF acquisition debt in the face of political and weather-related turbulence. The deal highlights the limits of the resurgent institutional loan market’s current appetite for power credits.
-
Pension funds in the Netherlands have a long history of investing in infrastructure equity, but little debt exposure debt. The financing for the N33 offers a pilot scheme for accessing more institutional debt.
-
ACWA Power persuaded local lenders to accept merchant tail risk and remove restrictive covenants on the refinancing of its Barka IWPP in Oman. But it paid up for the privilege.
-
NextEra Energy Resources closed the first bond financing for a Canadian solar project and reached one of the highest credit ratings ever for a solar deal.
-
The hybrid reserve-based lending/project facility for Delek’s investment in the Tamar gas field will be the first of many deals exploiting Israel’s huge gas deposits.
-
Panda Power Funds has closed on Sherman, its second quasi-merchant greenfield deal of 2012. The Texas ERCOT market may soon need even more baseload power.
-
Melec Powergen has closed the first of four Kenyan power projects that will benefit from $166 million in partial risk guarantees from the World Bank.
-
Cheniere’s Sabine Pass is the largest project financing in the US in several years, and only the second LNG export project in the US, but the sponsor struggled in the term B market.
-
Acciona has closed the first US capital markets financing for a Latin American renewables project, though pricing was a higher than it wanted.
-
PPPs and islamic finance are difficult to combine, because both government and Sharia scholars like hard asset security. Medina Airport marks the debut of a usable hybrid.
-
Newcom’s Salkhit wind was the first independent power project and project financing in Mongolia. Rapid growth in the country’s resources sector will produce follow-ups.
-
The Copasa-led financing for the Celanova toll road shows that volume risk in Spain is not completely dead. But full cash sweeps, recourse during ramp-up and conservative gearing were necessary.