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QIC: MaaS is the future
Transport Asia PacificAdopting Mobility as a Service requires infrastructure investors to see their assets as part of a more integrated system, QIC’s head of global infrastructure Ross Israel tells IJGlobal
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Gordie Howe Bridge P3, Canada/US
Transport North AmericaThe Gordie Howe Bridge P3 – formerly known as Detroit River International Crossing (DRIC) and the New International Trade Crossing (NITC) – has been an endurance test. One of the largest ever infrastructure projects in North America, 18 years passed between completion of its cross-border traffic study and financial close on 28 September (2018)
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Kenyan PPP: it’s now or never
Transport Sub-Saharan AfricaThe whole of the Kenyan PPP programme may hinge on the success of one road project which is edging towards naming a preferred bidder
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Argentina's PPPs – potholes ahead
Transport Latin AmericaA poisonous cocktail of corruption scandals, rising inflation, high interest rates and declining investor confidence threatens Argentina’s roads programme, just as it was gaining momentum
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PABs: favoured financing
Transport North AmericaWith a sizable chunk of funding still available to developers, private activity bonds look set to be the gift that keeps on giving despite the growing availability of private placements
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Belt & Road block
Asia PacificOne of the key pillars of China’s Belt & Road initiative has run into what was once a hypothetical political risk – the possibility of regime change in the recipient country
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Alto Maipo: good hydro, gone bad
Renewables Latin AmericaA second restructuring for the 531MW Alto Maipo has saved a hydro project which has faced engineering challenges, several delays, environmental opposition, and changes in equity
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London-listed infra funds: trading at discounts
EuropeLondon-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
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What’s in storage?
Power North AmericaIn the evolving sector of battery storage, where predicting future developments is difficult, the importance of contractual structures – and the ability to validate them – is significant
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Narrowing opportunities for big PF banks
EuropeLenders to Dutch PPPs are increasingly likely to be regional or institutional, with big PF banks less active across Europe
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Importing offshore wind experience
Renewables North AmericaHow European experience can be used in the upcoming round of US offshore wind projects
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Far from retirement: lifetime extensions
RenewablesRenewable energy assets can go beyond planned operational periods, and lifetime extensions are becoming particularly popular for wind farms and solar plants
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The earth moved: Castor gas storage
Oil & Gas EuropeWHAT WE SAID THEN: “Construction and geological risk, particularly in the latter part when the cushion gas is being inserted, is difficult to quantify”
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Pipe dreams: BTC pipeline
Oil & Gas EuropeWHAT 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”
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The mark of shame: Metronet
Transport EuropeWHAT 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”
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Missed opportunity: Seattle monorail
Transport North AmericaWHAT WE SAID THEN: “It was an eminently finance-able project using modern technology, offering Seattleites a six-minute service on an elevated system that would provide a critical transport link that could boast both environmental and economic benefits. But it’s dead in the water”
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Perfect chemistry: Sadara petrochemicals
Oil & Gas MENAWHAT WE SAID THEN: “Among this mammoth financings’ ground-breaking features was the largest ever (and second only) Middle Eastern sukuk bond, the largest ever direct loan from US Exim, and the participation of Spanish ECA FIEM on a project financing for the first time”
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Keeping on track: Nacala Corridor
Transport Sub-Saharan AfricaWHAT WE SAID THEN: “It brings together many strands of project finance over the last 20 years, everything from risk allocation in concession agreements to managing political risk in a big-ticket ECA financing”
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Gas glut: PNG LNG
Oil & Gas Asia PacificWHAT WE SAID THEN: “In terms of sheer scale and complexity PNG LNG represents not only the largest PF deal ever but also a true pathfinder that has profound implications for the regional energy finance market”