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Project Finance International (PFI) has been at the forefront of project finance reporting for the last 25 years. It is the most comprehensive and authoritative publication to serve the industry, covering all the major sectors, including transport, power, oil & gas, infrastructure and mining.

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Daily News

Apex closes Bowman wind PF

Apex Clean Energy has closed on US$429.4m in debt and secured a US$261.8m tax equity commitment for the 200MW Bowman wind project in Bowman County, North Dakota.

PFI Comment

Dire straits

The good ship project finance has shown impressive credit strengths up until now. Up until now? Has the tide turned? There have been, to put it mildly, some interesting restructurings over the past year or so that have tested the model. Expect more as project finance moves from core to non-core and then to infinity and beyond. But the underlying credit quality remains – raising debt on the back of cashflows with some security held over the asset financed.

PFI Special Report

PFI Global Infrastructure Report 2024

PFI has published its annual Global Infrastructure Report. The report reviews the current state of the debt markets and takes a look at the various up and coming sectors such as data centres and EV charging. There are case studies on recent landmark deals such as R4WO, 5G in Colombia and the Thanaleng dry port in Laos plus the H2GS transition project in Sweden. To see the digital version of this report, please click here To purchase printed copies or a PDF of this report, please email shahid.hamid@lseg.com in Asia Pacific & Middle East and...

US PPs set the pace globally

International investment bank DC Advisory is looking to make the most of the improved environment in Europe and now the US. By Jordan Bintcliffe.

Debt needs to flex with the market

Darryl Murphy, managing director, infrastructure at Aviva Investors, sees flexibility as the winning formula in financing future infrastructure opportunities. By Nick Herbert.

Brightline evolves into investment grade

The Brightline passenger rail system has grabbed the market’s attention since the project’s days as All Aboard Florida. This year, the issuer achieved investment grade status. By Alison Healey

Canadian P3 – Alberta doubles down

The Canadian Public-Private Partnership (P3) market is experiencing a meaningful transformation as provincial ministries demonstrate varying and, in some instances, opposite appetites for the project delivery model. By Bill Woodhead, partner, Theron Davis, senior associate, and Amanda Thompson, summer law student, at BLG, Calgary.

Colombia cruising into the 5G decade

Colombia’s 5G highway programme is muscling in on its older sibling 4G’s project finance territory. Deals are still evolving and maturing. By Nic Stone.

Sustainable cashflow key for data centres

The number of project financing transactions for data centres is rising sharply as the digital infrastructure sector grows. Investors, arrangers and bankers are increasingly looking for innovative and different financing options in meeting the rapidly rising demand for data centres. By Roelof Steenekamp of Fitch Ratings.

Asian DCs – Trends, challenges and opportunities

As digital transformation accelerates, the global demand for sustainable data centres is more pressing than ever. By Sharad Somani, partner and Asia-Pacific head of infrastructure, KPMG*.

Indian data centres – Growing project finance prospects

The data centre industry has experienced immense growth over the past decade, driven by ever-increasing demand for cloud services and expanding use of web-enabled devices globally. By Prasad Hegde, managing director, project and export finance and regional head South Asia, Svati Goyal, director, project and export finance, and Shishir Narsinghani, director, project and export finance, Standard Chartered Bank.

Project finance for social and affordable housing

Safe and affordable housing is central to the security and dignity of every person. While access to shelter is a basic human right, Australia, like many other nations, is experiencing significant housing challenges. By Jan Gabrynowicz, executive director, infrastructure, energy and resources, Brett Ruitenberg, head of infrastructure, energy and resources, and Tarek El-Rakshy, managing director and head of structured finance Australia, SMBC.

Thanaleng dry port – Transforming Laos

In the heart of South-East Asia, a transformative project has reached a pivotal milestone. By James Harris, Scott Palmer and Jonathan Fong at Pinsent Masons MPillay, Singapore, and Kristy Newby at DFDL, Laos.

R4WO – Belgium's largest PPP

The R4WO project, the largest public-private partnership project ever tendered in Belgium, is set to redefine the essence of infrastructure and connectivity in Ghent, Flanders. By Steven Steppe and Renaat Janssen, Rebel, and Filip Tanghe, partner, and Margot De Wolf, associate, A&O Shearman.

H2 Green Steel – Building a decarbonised steel industry

Carbon dioxide emissions from steel are a major agenda point for both governments and environmentally conscious consumers who are committed to reducing their carbon footprints. Christophe Hadjal, Tim Hawk and Matthew Stewart from Societe Generale’s mining, metals and industries team explain how H2 Green Steel has financed the first steel plant that will remove almost all of these emissions from the steel-making process.

Gigafactories – Innovative funding approaches

As technical advisers we know what a successful gigafactory deal looks like. This article will discuss how project finance may play a role in deciding future mass-market technology winners. By Edward Reed, director of advisory services, Geoffroy Chene, technical director of advisory services, and Christopher Constable, consultant. WSP.

Powering the future – Financing EV charging infra

A sector set for increased activity, and therefore a need for financing, is electric vehicle infrastructure. Stefan Barrow, managing director, and Daniel Jaax, vice-president, structured finance, MUFG EMEA, explain why.

On the road to financing EV charging infra

Recent years have seen a lot of activity across the globe in the EV charging infrastructure space, with a number of common themes and challenges emerging. This article will explore these common themes, with a primary focus on the bankability and financing challenges of EV infrastructure projects across Europe and potential solutions to them. By Marianne Anton, counsel, London, Watson Farley & Williams LLP*.

Actis navigating emerging markets infra

Think of high-connectivity telecoms and top-notch infrastructure. If your thoughts do not go to Eastern Europe and global emerging markets, it may be time you thought again. Actis can give a few reasons why. By Cristiana Sandeva.

PFI Yearbook

Foreword

Welcome to the 2025 Project Finance International (PFI) Yearbook. The Yearbook is our annual publication in which we look at the events of 2024 through case studies and the PFI Awards, and look forward into 2025 with a range of themed articles and profiles in the Global section of the book. 2024 – An interesting year to say the least! Some sectors on the up and some on the slide. The data centre financing sector was definitely on the up as the demand for its services appears to be increasing infinitely due to the AI revolution. Whether the...

Latest Financed Deals

DateProject NameRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
Atlas VII BESS ProjectNorth AmericaUnited StatesPower, Power352.450Hanwha Futureproof Llc, TransGrid Energy LLCWILSON-SONSINI, PAULHASTINGS
Nextera Hudson Falls Renewable Portfolio ProjectNorth AmericaUnited StatesPower, Power, Power1,000.000NextEra Energy Resources LLCSHEPPARD-MULLIN, MILBANK-LLP, KIRKLAND-ELLIS
Nextera Winston Creek Renewable Portfolio ProjectNorth AmericaUnited StatesPower, Power, Power1,000.000NextEra Energy Resources LLCSHEPPARD-MULLIN, MILBANK-LLP
ReNew Brahmanwada-Govindpur Solar Power ProjectAPACIndiaPower8.280Renew Power Pvt Ltd
Trade Post Solar ProjectNorth AmericaUnited StatesPower367.690Invenergy LLCLATHAM-WATKINS, MAYER-BROWN-LLP
Cadence Solar Energy Center ProjectNorth AmericaUnited StatesPower367.690Invenergy LLCLATHAM-WATKINS, MAYER-BROWN-LLP
Yum Yum Solar ProjectNorth AmericaUnited StatesPower367.690Invenergy LLCLATHAM-WATKINS, MAYER-BROWN-LLP
MegaCottonwood Bayou Solar ProjectNorth AmericaUnited StatesPower, Power351.320Total SA, Sunchase Power LlcLATHAM-WATKINS, SKADDEN-ARPS, MILBANK-LLP
Hill Solar I ProjectNorth AmericaUnited StatesPower351.320TotalEnergies Holdings USA IncLATHAM-WATKINS, MILBANK-LLP
Pelicans Jaw Hybrid Solar ProjectNorth AmericaUnited StatesPower, Power, Power1,131.220Sbe Us Holdings One LLCLATHAM-WATKINS, KIRKLAND-ELLIS
Date
Project NameAtlas VII BESS ProjectNextera Hudson Falls Renewable Portfolio ProjectNextera Winston Creek Renewable Portfolio ProjectReNew Brahmanwada-Govindpur Solar Power ProjectTrade Post Solar ProjectCadence Solar Energy Center ProjectYum Yum Solar ProjectMegaCottonwood Bayou Solar ProjectHill Solar I ProjectPelicans Jaw Hybrid Solar Project
RegionNorth AmericaNorth AmericaNorth AmericaAPACNorth AmericaNorth AmericaNorth AmericaNorth AmericaNorth AmericaNorth America
CountryUnited StatesUnited StatesUnited StatesIndiaUnited StatesUnited StatesUnited StatesUnited StatesUnited StatesUnited States
SectorPower - PowerPower - Power - PowerPower - Power - PowerPowerPowerPowerPowerPower - PowerPowerPower - Power - Power
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Latest Pipeline Deals

DateProject NameStatusRegionCountrySectorCost (US$m)DeveloperAdvisersStory Link
O2 Power Acquisition ProjectAnnouncedAPACSingaporePower, Power1,470.000EQT Infrastructure IV Fund, Temasek Holdings Pte LtdBARCLAYSAO-SHEARMAN, KHAITAN
Mystic Gas Fired Site Acquisition ProjectSale CompletedNorth AmericaUnited StatesPower0.000Constellation Energy Corp, Eversource Energy
Shouguang Luli Wood Jiangxi & Hunan & Shandong Province Wood Processing Plants PAnnouncedAPACChinaIndustry0.000Shouguang Luli Wood Co Ltd
Nozomi Energy Japan 12 Operational Solar Portfolio Acquisition ProjectSale CompletedAPACJapanPower, Power0.000Nozomi Energy Co Ltd
Woodside Energy/Chevron Western Australia Assets Acquisition ProjectAnnouncedAPACAustraliaOil & Gas, Oil & Gas400.000Woodside Energy Ltd, Chevron Australia Pty Ltd
Huaku Development Taipei Urban Renewal ProjectAnnouncedAPACTaiwanLeisure & Property, Leisure & Property427.560Huaku Development Co Ltd
Accelergen US Solar and Battery Storage Portfolio ProjectAnnouncedNorth AmericaUnited StatesPower, Power0.000Accelergen Energy LLC
OX2 Poland BESS ProjectContract SignedEMEAPolandPower, Power0.000
Tauron Poland BESS ProjectContract SignedEMEAPolandPower, Power0.000TAURON Polska Energia SA
Qair Poland Battery Energy Storage System ProjectContract SignedEMEAPolandPower, Power0.000Qair Polska Sp Z O O
Date
Project NameO2 Power Acquisition ProjectMystic Gas Fired Site Acquisition ProjectShouguang Luli Wood Jiangxi & Hunan & Shandong Province Wood Processing Plants PNozomi Energy Japan 12 Operational Solar Portfolio Acquisition ProjectWoodside Energy/Chevron Western Australia Assets Acquisition ProjectHuaku Development Taipei Urban Renewal ProjectAccelergen US Solar and Battery Storage Portfolio ProjectOX2 Poland BESS ProjectTauron Poland BESS ProjectQair Poland Battery Energy Storage System Project
RegionAPACNorth AmericaAPACAPACAPACAPACNorth AmericaEMEAEMEAEMEA
CountrySingaporeUnited StatesChinaJapanAustraliaTaiwanUnited StatesPolandPolandPoland
SectorPower - PowerPowerIndustryPower - PowerOil & Gas - Oil & GasLeisure & Property - Leisure & PropertyPower - PowerPower - PowerPower - PowerPower - Power
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