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Features

  • Upside Downside 04 February 2012

    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.

  • Can Turkey's booming infrastructure market absorb funding cost spikes? 13 January 2012

    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 drives activity in African renewables 11 January 2012

    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.

  • Can Dutch PPP shift institutional interest to debt? 23 December 2011

    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.

  • Roundtable: Will French PPP be as ready for the next crisis? 19 December 2011

    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.

  • Ma'aden and Barzan hint at new players in Middle East lending groups 05 December 2011

    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's post-ROC regime for renewables emerges 01 December 2011

    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.

  • Bankruptcies and investigations cloud DoE loan sunset 30 November 2011

    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.

  • Can Addax Bioenergy serve as an African biofuels template? 29 November 2011

    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.

  • Putting some bite into the Equator Principles 29 November 2011

    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.

  • How bonds took over Canada's PPP market 28 November 2011

    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.

  • Roundtable: The selling of US PPP 10 November 2011

    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.

  • Elections set to cloud better financing conditions in Russian oil and gas 03 November 2011

    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 project lenders more ready for nuclear phase-out than developers 01 November 2011

    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.

  • Will exports continue to drive Laos power development? 31 October 2011

    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's sponsors could wait in vain for full concessions 26 October 2011

    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 sponsors and lenders ready for a restructuring 25 October 2011

    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.

  • The current catalysts for US PPP development 13 October 2011

    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.

  • CPV's Sentinel sets peaking penchmark 12 October 2011

    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 cloudy interface 11 October 2011

    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.

  • Jurong Aromatics: Schedules and support 10 October 2011

    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.

  • US solar confronts PV price plunge 07 October 2011

    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.

  • Is Japan's new feed-in tariff strong enough? 05 October 2011

    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.

  • Will TxDOT's latest road PPP slate pick up speed? 03 October 2011

    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.

  • Fillip or flop? 30 September 2011

    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.

  • Market insight: German offshore wind 08 September 2011

    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.

  • New shirts 05 August 2011

    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.

  • Pre-salt progress? 29 July 2011

    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.

  • Busy borrowing 29 July 2011

    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.

  • Not a breeze 29 July 2011

    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.

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