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Panama has managed a major infrastructure investment programme from a small fiscal base through creative non-budgetary strategies. By Diego Ferrer, Grupo Verdeazul, and Mark Stumpf, Arnold & Porter.
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Regional interest in newly-rehabilitated Myanmar is intense, especially from potential advisers. Despite recent reforms, government will need to overcome decades of turmoil and underinvestment. By Antony Collins
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Legal challenges have been one factor in the delays to Turkey’s health PPP programme. A new law is designed to ease the congestion. By Mehtap Yıldırım Öztürk, Çağdaş Evrim Ergün and Nigar Gökmen, Çakmak Avukatlık Bürosu.
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An influx of foreign project debt and equity would help reverse Egypt’s downward economic spiral. But political infighting and constrained local debt markets mean that Egypt’s project finance market is going nowhere fast. By Emma Lindsay.
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The Cape Wind offshore project comes to market 12 years after its announcement, and seven years after the first offshore wind project financing. Can it close in a shorter timeframe? Brian Eckhouse reports.
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Brazil’s hydro and biomass sectors are wilting before the onslaught of wind capacity additions. So why are wind developers not happy? John Rumsey reports from São Paulo.
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Infrastructure debt funds are being hyped as the solution to diminishing bank liquidity. But how will the new market dynamic develop and what will be on offer? By Emma Lindsay
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The UK Green Investment Bank closed its first project financings at the end of 2012. What does the new state-owned lender want to achieve and where will it sit in the renewable energy market? By Antony Collins.
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A joint venture between state-run Indonesian metals company Krakatau Steel and South Korean developer POSCO closed a $1.729 billion steel mill financing in February 2012.
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Thai banks are writing big tickets to support portfolios of smaller power projects and renewables, with international lenders confined to large CCGTs. But both sets of lenders still have firm limits to their risk tolerances. By Jessica King.
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Volumetric production payments can offer substantial financial and tax benefits to issuers and investors compared to alternatives like RBLs. By Elizabeth McGinley, partner, and G Alan Rafte, partner, Bracewell & Giuliani.
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The US wind market is enduring another bout of uncertainty. With tax equity appetite stagnating and uncertainty over future subsidies, how healthy will the pipeline be? Brian Eckhouse canvasses some market leaders.
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Several of the large project finance deals in the Middle East region have been held up in recent months, with bond issues and ECA debt approvals producing recurring delays. By Jon Whiteaker.
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Fitch has promoted Turkey to investment grade, and Moody’s is set to follow. So will Turkey’s vast project pipeline benefit from a debt pricing cut in 2013? By Emma Lindsay.
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Biomass generators in the US and Canada have struggled to gain a footing in debt markets. Now US developers are turning to fuel projects, driven by European demand for wood pellets. Brian Eckhouse reports.
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The UK’s PF2 programme guidance came out shortly before the end of 2012. Cameron Smith, partner at Ashurst, looks at what it means for UK sponsors and lenders.
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GMR is close to market with a landmark bond financing – and is walking away from a flagship road concession. India’s mixed PPP fortunes continue. By Sarah Rundell.
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Sponsors outside the Netherlands are envious glances at the upcoming project pipeline and international lenders want to build market share. But is there enough appetite to finance upcoming concessions? Thomas Blott gathers public and private players in Amsterdam.
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Banks have contributed billions towards a wave of acquisition activity in energy infrastructure assets. Regulatory risk could upset the latest leveraged infrastructure finance binge. By Antony Collins.
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Governments outside Canada cast envious glances at its infrastructure bond market. While the bond market excluded banks from PPP business even more completely, volumes were down in 2012. Brian Eckhouse reports from Toronto.
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The financing for SBM Cidade de Anchieta
is the first ever project bond financing for an FPSO in the US private placement market. By David Falcon and Conrad Owen, Mitsubishi UFJ Financial Group.
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In the late 1980s US corporations had an almost unlimited appetite to make tax enhanced investments, but in recent years that appetite has declined significantly. David Burton, partner at Akin Gump, explains why.
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The Benelux region is home to the most attractive pipeline of PPP projects in Europe. The region also offers the best chance in Europe of an institutional debt template emerging. Thomas Blott reports.
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Conditions are good for the largest and most popular borrowers in the reserve-based lending market. But smaller borrowers are also benefiting from banks’ enthusiasm for the product. By Sarah Rundell.
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Project leaders in the Middle East are prepared to experiment with mini-perm structures to widen the lending pool for power deals, but will the Mirfa IWPP be the sector’s guinea pig? Jon Whiteaker reports from Dubai.
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Kuwait’s ambitious PPP programme has been slow in picking up pace, though financing is unlikely to be an obstacle. Its first project – the Az Zour IWPP – is nearing close as political unrest erupts in the country. Jon Whiteaker reports.
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The reality of the Philippines’ PPP programme is still taking time to catch up with the rhetoric. Cheap sovereign development loans keep testing government’s attachment to PPP. Tom Nelthorpe reports from Manila.
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East Africa has started to rival the west of the continent as a hot-spot for drilling activity. LNG, with India as a possible destination, is the most promising source of deals. By Sarah Rundell.
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Multilaterals and ECAs have been able to compensate for flagging bank interest in European offshore. But equity and transmission infrastructure shortfalls may hold back development. Thomas Blott reports from Hamburg.
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Brazil’s latest infrastructure programme faces the same financing hurdles as the last one. John Rumsey asks why Sao Paulo’s project bankers are a little more confident this time round.