-
Britain’s next slate of rail projects will require billions of pounds of investment. Government now needs to settle on a viable funding and financing mechanism. By Antony Collins.
-
Deal flow in Turkey is booming, but so is bank cost of funding and project debt margins. Demand for liquidity is also beginning to outstrip supply. The Turkish market is the place to lend, but it is not without problems. By Sean Keating.
-
South Africa’s latest round of renewables awards should allow the country to regain its regional leadership in the sector. But Kenya offers a more interesting and ambitious set of projects. By Sarah Rundell.
-
The Dutch government is moving aggressively to encourage pension fund involvement in infrastructure debt. But pension fund activity is still highest in equity. By Antony Collins.
-
France’s PPP market sailed through the last crisis unscathed, even strengthened, and 2011 has been its busiest year yet. A new crisis may require further structural changes. Tom Nelthorpe gathers public and private players from across the market in London.
-
Two large project financings have closed in the Middle East in recent months without the participation of some stalwart international project lenders. Paul Smith looks at who has filled the liquidity gap.
-
The UK government’s energy market reform white paper and ROC re-banding proposals have provided some clarity on its renewables regime. The moves come as the biomass, onshore and offshore wind deal pipelines firm up. By Robin Sayles.
-
The US Department of Energy loan programme office ended September under a welter of scrutiny and a drastic curtailment in its ability to close financings. As Beacon Power follows debut borrower Solyndra into chapter 11, more trouble may be in store. By Tom Nelthorpe.
-
Addax Bioenergy neatly dealt with the market and reputational risks that surround emerging markets biofuels deals. While it might serve as a useful template, there are few obvious candidates to follow its example. By Sarah Rundell.
-
There has been persistent scepticism about the Equator Principles’ ability to encourage best practice at participating banks. But evidence from the mining industry is that they are changing sponsor behaviour. By Christopher Langdon and Claudia O’Brien, partners, Latham & Watkins.
-
Canadian institutional investors looking for higher yields are driving the boom in publicly-rated PPP infrastructure bonds. Would the market survive a substantial default? Edward Russell reports.
-
Transaction volumes in US PPP continue to disappoint.
Cheap debt, plentiful equity and state budget problems have not yet combined to produce a solid deal pipeline. Six US PPP market participants sat down to discuss the state of the sector and how to make it grow.
-
As two headline projects reach financial close, international players have gained further footholds in Russia’s oil and gas community. Looming elections hint at slower decision-making at Russia’s domestic hydrocarbon champions. By Antony Collins.
-
Germany’s nuclear phase-out will mean some increased opportunities for project developers in the longer term. For now, the biggest beneficiaries are neighbouring power exporters. Tom Nelthorpe reports from Berlin.
-
Laos’ impressive hydroelectric resources and low domestic power consumption make it attractive to neighbouring power purchasers. With competition from power purchasers comes competition from lenders. Tom Nelthorpe reports from Bangkok.
-
Panama has forgone concessions to self-finance new infrastructure and its biggest infrastructure borrowers are semi-autonomous public bodies. There may be limits to government borrowing capacity, however.
Edward Russell reports from Panama City.
-
Turkish lenders have to contend with looming gas industry restructuring, higher funding costs and new renewables legislation. Sponsor support, and structures that allow it to change over time, are key. Robin Sayles reports.
-
There remain considerable challenges in developing and closing US PPP transactions, but there are still promising opportunities in the country’s transportation infrastructure sector. By Ivan Mattei, partner, and Michael McGuigan, associate, Debevoise & Plimpton.
-
Competitive Power Ventures’ financing for the Sentinel gas-fired peaker had a challenging development process. But the deal shifted the market benchmark for US power. By John Foster, executive vice-president, and Paul Buckovich, vice-president, Competitive Power Ventures.
-
Offshore wind’s short operating history makes it difficult to value risk and banks are still feeling their way on pricing. Construction risk and different regulatory regimes mean that one financing solution does not fit all. By Sarah Rundell.
-
The Jurong Aromatics financing marks a return to classic project finance structures in petrochemicals by using several innovations and drawing on the strengths of its sponsor group. By Bruce Macfarlane and Remco Meeuwis, in ING Bank’s natural resources advisory group.
-
Slumping PV prices have prompted manufacturer bankruptcies and strategy changes for high-cost producers. In this context, large-scale PV and CSP projects are competing for the remainder of the US stimulus package as several deadlines loom. By Robin Sayles.
-
Japan’s new feed-in tariff law is no guarantee of renewable energy take-up. The price utilities will pay to renewables generators has yet to be determined. Furthermore, a “stability in the grid” clause may affect renewables’ long-term growth. By Jeff Rector and Mark Plenderleith, Milbank.
-
Project Finance gathered in August with seven representatives of TxDOT, sponsors and banks to discuss the department’s ability to procure 11 toll road PPPs. Whether this slate will succeed is still a question.
Edward Russell reports from Austin.
-
A year has passed since the Filipino government unveiled an ambitious PPP programme. With scores of projects on the drawing board, but significant structural and institutional obstacles to overcome, can the country deliver on its promises? By Antony Collins.
-
On 30 June 2011 the German Parliament passed a law amending the Renewable Energy Act. The amendments pave the way for Germany’s complete departure from nuclear energy and place renewable energy at the centre of future generating capacity. With higher tariffs, a bespoke KfW lending program for offshore wind and two offshore wind project financings already closed this year – Global Tech 1 and Meerwind – Paul Smith discusses prospects for the German offshore wind sector with some of the key industry figures driving the market.
-
Thailand’s banks have responded eagerly to the demands of the country’s renewables and small power developers. But big-ticket IPPs are more likely to come from Thailand’s neighbour, Laos, than from domestic sources. Tom Nelthorpe reports from Bangkok.
-
Bond and BNDES financing has yet to dominate deals for Petrobras-chartered offshore assets. But Petrobras itself has access to both – for now. By Vincent Bevins.
-
Current volumes in Latin project finance are higher than post-crisis lows, but are still below their pre-crisis peak. By Jared Brenner, Maria Rosa Garcia Otero, and Fuensanta Diaz Cobacho, WestLB.
-
Development banks and government incentives have propelled Brazil and Mexico to the forefront of Latin American wind project financing. The rest of the region is a long way from catching up. By Edward Russell.