Latest Funds Analysis

  • 1MDB: the reckoning

    The 1Malaysia Development scandal that swept the opposition into power is turning into a reckoning for $22 billion worth of China-backed infrastructure projects

  • The Mexican infra revolution

    Few things throw a cat among the pigeons more effectively for a national infrastructure programme than a change in political leadership – and that’s precisely what’s happened in Mexico

  • Acquisition of Cory Riverside Energy, UK

    When a consortium led by London-based infrastructure fund manager Dalmore Capital emerged as preferred bidder in the sale of UK energy-from-waste company Cory Riverside Energy, there was some surprise that a team challenged by several partner drop-outs had made the highest fully-funded offer

  • Ituango hydro: hopes for sunrise over flooded lands

    The almost literally collapsing Ituango hydropower project in Colombia may open the way to a faster development of renewables in the country

  • A30 toll road refinancing, Canada

    The refinancing of a project which was intended to divert traffic away from Montreal Island has steered a whole load of Canadian paper across the southern border and into the hands of US investors – a first for a major transport project in the country

  • Acquisition of HES International, The Netherlands

    Funds managed by Macquarie Infrastructure and Real Assets and Goldman Sachs investment bank signed a $1.6 billion deal on 3 April to acquire one of Europe's largest dry and liquid bulk terminals operators – HES International. The acquisition is pending final completion

  • Afsluitdijk PPP, The Netherlands

    The Netherlands’ Afsluitdijk PPP project reveals the extent to which banks from beyond the surrounding region are shying away from Dutch infrastructure projects. Meanwhile, with the Dutch PPP pipeline drying out, construction companies and banks in the Netherlands are also feeling the pinch

  • Spain: for whom the expropriation tolls

    The euphoria that welcomed the announcement of a €5 billion greenfield Spanish roads programme has waned in recent months as expropriation risks bring progress to a stumbling shuffle and the dreaded four-letter word – toll – is whispered eagerly in the corridors of power in a bid to hedge their costs

  • Fund analysis: CIP III

    Copenhagen Infrastructure Partners’ third fund reached final close on 23 March 2018, at its hard cap

  • European renewables on the infra fund radar

    Early January this year saw the European Parliament approve a new renewable energy target of 35% by 2030, topping the existing agreement between member states on a 27% target by the same year.

  • Infra funds – it’s hammer time

    Infrastructure’s full of surprises. Hardly a week goes by that the eyebrows don’t shoot up to the hairline (still got one) over some development or another. And this last week has seen more than its fair share of surprises

  • Infra fund activity – lot more than you'd think

    As a young journo working the local press world in 1990s north east Scotland, an old editor – a grizzled hack bearing the scars of hard-living hackery – once said: “Angus, the difference between doctors and journalists is that doctors get to bury their mistakes, ours are out there for everyone to see”

  • Don Rodrigo solar, Spain

    This week German developer BayWa r.e. signed a 15-year PPA with Norwegian utility Statkraft for the 170MWp no-subsidy solar PV project in Spain, extending the tenors for PPAs in the market. Spanish and German banks are preparing to back PPAs with long-term senior debt as soon as this year

  • Belt and Road: the next phase

    China is looking to shift the funding strategy for its Belt and Road initiative away from government loans and towards more diversified sources of financing

  • Infra debt funds: small but growing

    Even though the IJInvestor database shows that only 20% of total funds in raising mode are geared towards debt rather than equity deals, investor appetite for the asset class seems to be slowly picking up in Europe – with managers either setting up debt strategies from scratch or launching next generation vehicles

  • Fund analysis: Basalt Infrastructure Partners II

    UK-based manager Basalt Infrastructure Partners on 8 February announced final close for its second infrastructure fund at $1.3 billion

  • Private placements and investors' expanding appetites

    A few years ago, private placements in infrastructure were primarily focused on refinancings. Now, the private placement market has evolved in a number of ways enabling institutional investors to increasingly participate in infrastructure M&A deals, to act on the origination of deals, and going in as primary investors

  • Acquisition of 70% of ENGIE E&P International

    Private equity-backed operators have poured billions of dollars into the North Sea upstream industry over the last 18 months. Neptune Energy’s first deal to buy out ENGIE's portfolio seals the entry of another independent, but is likely to be the last in a flurry of sales of mega-sized upstream portfolios by majors

  • Data Analysis: Europe and energy still funds' favourite

    Europe and energy - across traditional energy and renewables - continue to be the most significant focus at the start of 2018 for unlisted, close-ended funds raising capital globally

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