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NEWS ANALYSIS: Tenor times

22 February 2012

Power project sponsors and lenders are pessimistic about the state of the project financing market in North America in 2012. US pricing is expected to stay in its current range of between 250bp and 275bp over Libor for strong projects with strong sponsors, most tenors will remain at 10 years or less, and mini-perm structures will continue their renaissance, said speakers at Project Finance’s US Power and Renewable Finance conference in New York in mid-February. Capital is available to power sponsors. The expansion of Japanese banks in the sector has been widely documented but the shorter tenors have also allowed Canadian banks, which typically cannot lend beyond 10 years, to participate in deals for which they would not previously get credit approval. In addition, smaller US banks, including CoBank, KeyBank and US Bank, are using the departure of some European institutions to expand their project finance activities. “Larger projects are...

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