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Latest Europe Analysis

  • 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.

  • Oil majors – shuffling along the Road to Damascus

    In a volte-face that’s enough to make a North Korean dictator blush, the oil majors are continuing to trip over their feet in a bid to reinvent themselves as good guys, having spent the last century-plus playing the black-hat cowboy

  • 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”

  • Friday the 13th – Nightmare on London Streets

    Like all best horror stories, this one is set in the near future – in this case a mere six months hence – a half-year since the C Virus ravaged the market, slashing value from listed infra funds and reducing managers to husks of their former selves

  • 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

  • Turkey – sun, wind and political risk

    It’s tiresome as hell, repetitive to a fault and dull as ditch water. Aren’t you just sick of the daily force-feed news that X offshore wind farm is the biggest ever, zero bids will soon have developers paying for the privilege, Y solar park achieved the lowest rate, and panels are so cheap they will be handing them out for free with tubes of sun lotion?

  • Çanakkale Bridge, Turkey

    Turkey’s north western regions have seen a flurry of transport projects of late, with bridges – specifically the third Bosporus bridge, which opened to traffic on 26 August 2016, and the recently financed Çanakkale Bridge – the crowning glory of the programme

  • 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

  • Spalding Energy Expansion Project, the UK

    InterGen’s Spalding Energy Expansion Project in Lincolnshire, the UK, reached financial close on 27 February – to a tune of £72 million in debt financing

  • Here come the Belgians…

    Belgium looks to be on the verge of launching a pipeline of projects – a development that may stay the hand of the European greenfield community which is currently tying a hangman’s noose, one eye firmly fixed on the sturdiest beam

  • Renewables tenders in Turkey

    It is not without its challenges, but the Turkish renewables market is providing ample opportunities for investment in greenfield projects

  • 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

  • Data centres – led by the wrinkled nose

    Data centres - they are increasingly flavour of the day among infrastructure funds with a good number of them shifting focus to target these assets. We are seeing increasing activity in this space and here we focus on an exciting area that is set to grow in coming years...

  • 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

  • Spanish vultures circle for road killing

    Spanish construction leaders are lining up for the nine national road projects that are presently in triage – defibrillator juiced up – to revive them in time for a short spell of public ownership before being hawked off to the private sector once more

  • Dublin Energy-from-Waste refinancing, Ireland

    The original financing of Covanta’s Dublin/Poolbeg energy-from waste (EfW) plant in 2014 took the best part a decade to close, unluckily catching the tail winds of the 2008 financial crisis. Fast forward to 14 December 2017, and Covanta has signed friendlier financial terms

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