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Cover Story

  • Les Miserables 22 February 2012

    France’s largest banks are battling harsh market conditions by shedding jobs and reducing their balance sheets. Does this spell an end to their leadership in project lending or is it a chance for a strategic repositioning? By Antony Collins.

  • 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.

  • 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.

  • Engineering the EIB bond guarantee 24 July 2011

    The European Union is making a concerted effort to develop a capital markets product for infrastructure financing. Is a fresh bout of financial engineering necessary, or will government approaches to procurement and bank regulation be more important? By Paul Smith.

Deals & Developments

  • Power news 10 May 2011

    Shuweihat 3 financial close in May The $1.38 billion project financing of the 1,600MW Shuweihat 3 independent power project in Abu Dhabi, sponsored by Sumitomo, Kepco and ADWEA, will now reach financial close the week begin­ning 16 May, though the project’s power purchase agreement reache...

  • Renewables news 10 May 2011

    Contact Energy to use equity for Te Mihi geothermal New Zealand electricity generator and distributor Contact Energy has launched a NZ$350 million ($280 million) equity entitlement offer to its existing share­holders. It plans to use the proceeds to strengthen its balance sheet and fund con&sh...

  • April 2011 Leisure News 11 April 2011

    Zentro Expo refinancing closes Expo Zaragoza Empresarial has closed a Eu36 million ($49 million) refinancing of its Zentro Expo project. The project entails the conversion of the 165,000 square metre Zaragoza 2008 International Expo­sition centre into a business centre and justice build...

  • April 2011 Mining & Metals News 11 April 2011

    Lynas gets Sojitz debt and equity for Mount Weld rare earths Australian-listed rare earths developer Lynas Corporation has signed a $250 mil­lion debt and equity financing with Japan­ese trading house Sojitz. The signing follows a commitment from Sojitz in November 2010, with the So...

Deals Analysis

  • DEAL ANALYSIS: E18 Koskenkylä–Kotka 03 February 2012

    Finland’s E18 Koskenkylä–Kotka drew on the experience of earlier PPP roads in the country to become the largest and fastest financing in the sector to date.

  • DEAL ANALYSIS: Kribi Power 03 February 2012

    AES Sonel’s Kribi financing is one of the largest independent power projects to close in Sub-Saharan Africa in recent years.

  • DEAL ANALYSIS: NET2 03 February 2012

    Tramlink Nottingham won the NET2 concession on pricing. But the cost of debt might have been cheaper.

  • DEAL ANALYSIS: Qurrayah IPP 17 January 2012

    ACWA Power’s ability to win an independent power project in Saudi Arabia – its own back yard – is undisputed, but in winning its latest 3,927MW project, the largest IPP in the world, the ACWA Power-led consortium beat its rivals by a considerable distance.

Deals of the Year

Exclusive Web Copy

  • Development of a Basel II conforming rating model 01 November 2005

    A critique of bank and rating agencies approaches to assessing credit risk in project finance and the methodology for a new rating model - what is different about the proposed model and why it is better then existing ones. By Jeorg Orgeldinger,Dipl.-Kfm. (univ.), MBA (UK).

Features

  • Flexible friends 16 February 2012

    Recent financings of Canadian wind projects provide a clue as to how sponsors can cope with the effects of the European sovereign and bank crisis. By Bhaswar (Joy) Chatterjee, head of project finance, North America, Deutsche Bank.

  • Miner hopes 06 February 2012

    Chilean power producers promise a blockbuster year for new financings, if they can overcome environmental concerns and win offtake agreements. Edward Russell reports from Santiago.

  • Storm into ports 06 February 2012

    Compelling economics have made ports deals a favourite for lenders in Latin America. Sponsors will have more options in replacing European lenders than many, but will still have to cast a wide net. By John Rumsey.

  • 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.

League Tables

  • Dealogic half-year 2011 League Tables - Analysis 03 August 2011

    • Global project finance volume dropped 4% year-on-year • PFI/PPP volume reached highest 1H level since 2008 • State Bank of India led the global mandated arranger ranking

  • Dealogic half-year 2011 League Tables - Tables 03 August 2011

    Global Project Finance Loans No. of Mandated Lead Arranger Value $m Deals 1 State Bank of India 18,392 40 2 China Development Bank Corp 6,799 4 3 IDBI Bank 5,225 10 4 Axis Bank 4,092 13 5 Credit Agricole CIB 4,091 33 6 Mitsubishi ...

  • Dealogic Full-year 2010 League Tables - Analysis 08 February 2011

    Global project finance volume at record $354.6 billion in 2010 … Asian volume up 31% to reach highest total on record … State Bank of India topped the mandated arranger ranking … State Bank of India and Linklaters led adviser rankings

  • Dealogic Full-year 2010 League Tables - Tables 08 February 2011

    Lead arranger league tablesGlobal project finance loans Mandated Lead Arranger Value $m No of Deals 1 State Bank of India 25,313 69 2 Bank of Taiwan 12,039 2 3 BNP Paribas 10,122 80 4 IDBI Bank 9,915 23 5 Axis Bank ...

News

  • Earth Heat lines up drilling loan for Copahue 22 February 2012

    Geothermal developer Earth Heat Resources has mandated Corporacion Interamericana para el Financiamento de Infraestructura (CIFI) as lead arranger of a $22.5 million loan

  • Kuwait Metro rolling stock PPP nears market 22 February 2012

    Kuwait's Partnerships Technical Bureau will shortly solicit expressions of interest in the procurement of rolling stock for the Kuwait Metro.

  • ACWA's Kirikkale looks at mid-year close 22 February 2012

    ACWA Power and Eser Holding are looking to close the financing for the 800MW Kirikkale gas-fired combined-cycle power project towards the middle of this year.

  • John Laing wins Alder Hey PFI 22 February 2012

    The Liverpool Primary Care Trust has named the Acorn consortium, comprising John Laing, Interserve and BDF, preferred bidder for the £288 million ($450 million) Alder Hey

News Analysis

  • NEWS ANALYSIS: Tenor times 22 February 2012

    Structural changes are afoot in both the Canadian and US power finance markets. To attract more participants, and newer types of provider, debt structures will need to get more conservative.

  • NEWS ANALYSIS: Power in Pesos 03 February 2012

    Colombian power deals continue to attract lender support, but the country’s $20 billion infrastructure investment plan continues to languish.

  • Debt funds: More conduit than catch-all 03 November 2011

    At a time when banks are looking to de-leverage their balance sheets, the traditional avenues open for them to shed project finance debt – during syndications and through collateralised debt obligations – are closed. True, some syndication has taken place but only on a limited basis and with the arr...

  • Could WHSD be a Russian PPP benchmark? 17 October 2011

    The Western High Speed Diameter (WHSD) road concession promises to be the first real test of domestic lender appetite for local currency project finance debt in Russia. VTB Capital and Gaz­prom­bank, as equity providers, won the concession, to build the road’s central section an...

People & Places

  • People & Places 16 February 2012

    * Dana Levenson has been named chief financial officer at the Massachusetts Department of Transportation. He will be responsible for the agency’s finances, as well as overseeing its real estate and asset development initiatives. Levenson was most recently a managing director responsible for Nor...

  • People & Places 16 December 2011

    Reorganisation and relocation at JBIC

  • People & Places 29 November 2011

    * ABN AMRO has hired a five-person group from UBS for its new Dallas office to staff its energy, commodities & trans­portation (ECT) business. The Dallas office adds to the bank’s US footprint, following the re­opening of a New York branch last November, which now in­cludes a capital markets func­ti...

  • People and Places 11 October 2011

    Silver leaves DoE loans office?

Sector Report

  • Funds wanted 01 August 2003

    South Africa's PPP programme is blessed with solid banks that can offer long-dated money and advisory expertise. But lack of third-party equity will make ambitious programmes hard to develop. Marisa Rodrigues reports.

  • Länder beware 01 August 2003

    Debate still rages at the federal, state, and municipal level over the adoption of the German Private Finance Initiative for infrastructure. But it is becoming more advanced. By Prof. Dr. Ulrich Schneider, vice president, export and project finance, Norddeutsche Landesbank.

  • Method over manifesto 01 August 2003

    Eu500 billion ? the amount needed for infrastructure investment in an expanded Europe. Public private partnership is the only tenable answer. But what are the elements of a successful PPP methodology? By Paul Leatherdale, Head of Special Finance, DEPFA BANK plc.

  • Time to promote 01 August 2003

    Italy is serious about PPP this time. But is the country's administrative machinery, or the construction industry, up to promoting it? Marisa Rodrigues reports from Milan and Rome.

Sponsor Profile

  • BAM PPP looks to home markets for balance 23 December 2011

    BAM’s PPP focus has been on highly-rated western European markets, though deal-flow is weak in several of them. Thomas Blott asks Richard Fielder, its chief executive, whether its balance is right.

  • Is GE EFS now a sponsor's first resort? 26 September 2011

    GE EFS built its reputation on providing lease equity, tax equity, and as a lender of last resort. As it emerges from the lows of 2008, straight debt and equity is the order of the day. Edward Russell talks to Alex Urquhart, chief executive of GE EFS.

  • Fund management and overseas drive John Laing 20 April 2011

    John Laing’s bread and butter has been in the UK social infrastructure and transport sectors, but it is now looking abroad much more intensively. Gary Lucas, director for international business development, talks to Catherine McGuirk

  • Changing gear 01 October 2008

    Transurban dodged the credit crunch more deftly than most of its peers. Will its new, so far indistinct, strategy keep it safe? Catherine McGuirk reports on how the toll-road operator is weathering the financial storm.

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  6. EastLink refinancing circulating

  7. Freeport LNG awards FEED contract

  8. ACWA's Kirikkale looks at mid-year close

  9. Dealogic half-year 2011 League Tables - Analysis

  10. Mitsubishi closes on Jack Hills and Oakajee purchase

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