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Latest Power Analysis
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Brooklyn Navy Yard cogen refi, US
Power North AmericaAxium Infrastructure completed the refinancing of the Brooklyn Navy Yard 286MW gas and oil-fired cogeneration facility in New York on 14 February using hybrid financing comprising tax-exempt bonds, taxable notes, and funds held under accounts created by the 1997 tax-exempt indenture
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LNG-to-power in Brazil and GNA I
Power Latin AmericaAn SPV comprising Prumo Logistics, BP and Siemens reached financial close at the end of March on the development, construction and operation of an LNG-to-power project located in the Brazilian state of Rio de Janeiro, part of a trend in the country's power market where there has been a surge of these types of projects
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Infra funds – pride before the fall
Power EuropeSince the beginning of time, the masses have been enthralled by building higher and bigger… a hubristic trait that usually ends badly and is repeatedly played out in the infrastructure funds space. This is why our quarterly report on fundraising by global infrastructure funds has so many in the industry predicting doom
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The great North American job hunt
Power North AmericaFew things set tongues wagging faster in the infrastructure community than recruitment trends, bonuses and salaries. While most folk like to benchmark careers against their peer group – frequently sucking the wind out of many a sail – everyone wants to know who is going where
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Revolving doors whip up a storm
Power EuropeWith bonuses now having been trousered by many London infrastructure bankers, the resignation season is in full swing as people ready themselves for new challenges or ease into the salaried luxury of gardening leave
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Acquisition of Glow Energy, Thailand
Power Asia PacificGlobal Power Synergy on 22 March submitted a tender offer for the remaining shares of Glow Energy, one of Thailand's largest independent power producers, having earlier this month completed the share purchase agreement with Engie to acquire its stake in the company
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Germany: walking on cooling coals
Power EuropeA German government-appointed commission announced on 26 January that the country should shut down all of its coal-fired power plants by 2030 at the latest. The German government and 16 regional states must now implement the roadmap proposals
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Institutional investors – doing it for themselves
Power EuropeThere’s a growing trend in the infrastructure community for institutional investors to “go it alone”, eschewing the services of fund managers as they deploy big tickets across the global market
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Infra fundraising – oops we did it again
Power EuropeIt’s unseemly to crow about one’s victories in the heavily-contested area of data gathering on fundraising by unlisted, global infrastructure funds… but sadly, it’s also irresistible. Over the course of 2018, IJInvestor logged final close on $104 billion raised by funds – closed- and open-ended, with equity and debt strategies – putting us a country mile ahead of our rivals
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AMLO's new Mexican infra reality
Power Latin AmericaThe cancellation of major projects and a lack of clarity on government plans are making international investors nervous about Mexico though the country's infrastructure need is still significant
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Bulgaria's contentious energy mix
Power EuropeHuge uncertainty surrounds planned new nuclear power units and existing coal-fired plants in Bulgaria, which should create opportunities for other types of generation. However, renewable energy development and generation has slowed in the country in recent years
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Investment in India gathers momentum
Power Asia PacificIJInvestor data shows that international funds and institutional investors are already active in the market. There are 36 active funds focusing solely on India with a target of investing over $90 billion of capital
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Nachtigal hydropower, Cameroon
Power Sub-Saharan AfricaWhat was originally planned as a captive power project for a Rio Tinto smelter will become the largest hydropower IPP in Africa once constructed
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Infra funds – global fundraising
Power Asia PacificWhile 2018 failed to log a mega fund final close – something infra hacks love to hang a story round – this last year managed to break fundraising records across a slew of smaller vehicles, the vast majority of which are (not surprisingly) focused on equity
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Infrastructure – in a league (table) of its own
Power Sub-Saharan AfricaWhen it comes to analysing activity across the global infrastructure finance landscape, it’s always reassuring to confirm the accuracy – often not the case – of received industry wisdom, while also identifying trends that are less obvious to those who perhaps fail to see the trees for the woods
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Infra fund dilemma – blame the pig or the feeder?
Power Asia PacificIn the same week that Luxembourg announced plans to legalise cannabis (and make all public transport free), folk have been wondering whether many infrastructure fund managers will domicile in the small European duchy to enjoy the benefits of a liberal system while they play fast and loose with targets and hard caps
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Canada's energy diversification in 2019
Power North AmericaCanada updated its coal-fired electricity regulations in December (2018), introducing much stricter measures. The country is now targeting 90% of electricity from non-emitting sources by 2030, and decreasing carbon pollution from the electricity sector by 12.8 million tonnes.
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Breaking a Radius and slashing bonuses
Power EuropeCancellation of the auction for Ørsted's Danish power distribution and street lighting businesses – Radius and City Light – has become a bone of contention for the infrastructure market as bidders are sent packing
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New fundtiers: novel UK investment opportunities
Power EuropeThe last few weeks has seen the launch of several new types of speciality infrastructure fund for alternative assets in the UK. Each specialises in a niche proposition though all look to support the energy transition