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There is almost as much lender enthusiasm for German PPP as its power and renewables sector. But government has a variety of options, and has proved to be a stubborn partisan for tried-and-tested structures. By Thomas Blott.
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Can Mongolia’s promising mining sector, let alone the supporting infrastructure it requires, attract the project debt it needs? Multilateral lenders and legal advisers need commercial banks to match their enthusiasm. By Tom Nelthorpe.
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The UK government wants pension funds to meet the debt requirements of its infrastructure programme. But can the institutional market offer an alternative to bank funding? By Thomas Blott.
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US grantors are comfortable with design-build contracts for bridges, though concessions have been thinner on the ground. Will the poor condition of many spans lead to more long-term contracts? Edward Russell reports.
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The Asian-Pacific region’s power markets are distinguished by different contractual and financial frameworks. But increased competition between financing sources characterises all of them. By Gilles Pascual, Simon Gaudin, and Marat Zapparov, HSBC
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Indonesia may soon rival top-tier emerging markets countries as an economic powerhouse. But delivering energy and infrastructure projects in the country involves delicate risk allocation decisions. By Antony Collins
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The Indian government will have to work hard to mobilise the capital needed for transformative infrastructure investments. New debt products are important, but a supportive framework still needs to emerge. By Rajat Misra, SBI Capital.
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Do the SATORP and Dolphin deals mean that the Gulf project bond market is established? Sponsors will need to stay committed to the products, and banks will need to stay in the shadows. Anthony Lane reports from the 2012 Middle East Project Finance Forum in Dubai.
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Nigeria’s banks are making good on their promise by replacing departing European lenders on oil and gas financings. But bigger borrowers have found it easier to win their attention than local independents. By Sarah Rundell
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The development of the Vietnamese independent power sector has not kept up with the country’s rate of economic growth. Did AES manage to open up the market with Mong Duong 2? By Stephen White
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The second phase of the Nottingham tram project involved replacing the operator of the existing phase one, and closed in the teeth of difficult debt markets. By Natasha Luther- Jones, DLA Piper, and Alastair Howcroft, PwC.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.