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Bridge to the past
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| Infrastructure plans for the Middle East are facing big problems. Sponsor risk-sharing, pricing and tenor expectations will need lowering even further for deals to get away in the new lending climate. Paul Smith reports. |
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Balance sheets to the wind
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| European wind developers have had cheap debt and good subsidy for the past three years. How many of the smaller developers will have access to debt in the coming months and is costly offshore expansion now a non-starter? By Ivan Castano. |
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Coal-fired conundrum
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| Germany's coal-fired power plant pipeline is extensive, politically contentious and with the change in lending environment will now have be banked via large club deals that will prove complicated to negotiate. By Michael Marray. |
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Small mercies
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| Does the US power finance market suffer from a crunch-related cold, or something more terminal? In the face of low gas prices, looming carbon caps, and creeping re-regulation, does independent power have a recovery to look forward to? By Tom Nelthorpe. |
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The fear factor
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| Lenders and borrowers across all financial markets are still assessing the full impact of the credit crisis on their deals. Will the damage to deals, both economic and structural, and past and future, force a new way of lending? By Catherine McGuirk. |
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| Cover Story |
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Down cycle means recycle
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| The motivation for project banks to increase liquidity and release regulatory capital has never been more intense, but for maximum efficiency banks need to look for new investors and at new structures. Paul Smith reports. |
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