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Latest Europe Analysis

  • The acquisition of JLIF

    Curious observers will now wonder what the deal means for the market

  • Infra funds – cards on the table again

    In anticipation of publication of our quarterly funds and investors report, the temptation is too great to hold back our key findings, laying our cards on the table and smiling knowingly at rivals that our data wins the day again

  • Blankenburg Tunnel, Netherlands

    As one of the last projects in the current Dutch PPP programme – which has often (and rightly) been described as the posterchild for efficiency – procurement for the Blankenburg Tunnel should have been a demonstration of the speed and ease with which the cogs turn in a well-oiled machine

  • Albania: Learning the ABC of PPP

    In September this year, Albanian Minister of Infrastructure and Energy Damian Gjiknuri reiterated his support of the PPP model as a means of improving public infrastructure in the country. Albania’s crumbling infrastructure is characterised by alarming deficiencies across various sectors – including roads, railways, telecoms, ports and airports – constraining trade and connectivity

  • Northwester 2 offshore wind, Belgium

    As Belgium looks ahead to the next round of offshore wind auctions scheduled for 2020, hoping to emulate Germany and the Netherlands by attracting zero-subsidy bids, a Japanese-Belgian consortium reached financial close on Northwester 2 – which could be one of the last subsidised offshore wind projects in Belgium

  • Turkey – unclogging the fan

    The Turkish currency crisis is causing ripples around the international infrastructure finance community with all parties active in the nation reaching for project documentation to ensure they are not about to take a severe haircut

  • Acquisition of North Sea Midstream Partners, UK

    The acquisition of North Sea Midstream Partners was a major win for Kuwait sovereign international investor Wren House Infrastructure Management, and followed a competitive auction process in which bidders leapt to pre-empt the binding offer deadline by around a week

  • EIB… something for the weekend?

    Back in the PPP pipeline days, you could set timing on the project finance of any old piece of European infrastructure by the tired mantra of lenders intoning: “And… yes… you can count on the EIB taking half the debt”

  • London-listed infra funds: trading at discounts

    London-listed infrastructure funds have suffered periods of trading at discounts in 2018 – one dropped out of a trophy M&A auction, and various asset sales are predicted

  • Narrowing opportunities for big PF banks

    Lenders to Dutch PPPs are increasingly likely to be regional or institutional, with big PF banks less active across Europe

  • The earth moved: Castor gas storage

    WHAT WE SAID THEN: “Construction and geological risk, particularly in the latter part when the cushion gas is being inserted, is difficult to quantify”

  • Pipe dreams: BTC pipeline

    WHAT WE SAID THEN: “In addition to breaking into a virgin market, the financing was closed successfully in less than three months in what could only be described as a turbulent political climate”

  • The mark of shame: Metronet

    WHAT WE SAID THEN: “In a world where failures always receive greater focus than successes, Metronet’s impact will be enduring while the success of Tube Lines will be a footnote”

  • A new model: Thames Tideway Tunnel

    WHAT WE SAID THEN: “The new Thames Tideway Tunnel sewer in London has achieved construction phase stable returns for investors and a cost of capital well below the industry average at 2.497%, all under a bespoke regulatory regime”

  • MAPs of the world

    The smart meter market in the UK, with responsibility for roll-outs lying with energy suppliers, is a competitive market of independent meter asset providers, often backed by infrastructure funds

  • Beyond subsidies

    The first subsidy free contracts awarded for renewables in Europe could herald a transformation of energy markets

  • Triton Knoll offshore wind farm, UK

    A consortium of Japanese investors turned heads in August when it won an auction to acquire 41% of the 860MW Triton Knoll offshore wind project with a bid understood to be 30-40% higher than that of second-placed Omers

  • Brexit – opening a can of worms

    Brexit. Travel anywhere around Europe as a British person and it’s all they want to talk about. What’s going to happen? How do you think it will impact you? Did you vote for it? What’s the future for infrastructure finance?

  • Europe rides the high offshore winds

    The European offshore wind sector continues to grow apace. A couple of major projects have reached financial close over the summer, others are reaching commercial operation, and new capacity auctions are now on the horizon

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