IJGlobal Investor Awards 2025 – APAC Company Winners
The Asia Pacific winners of the IJGlobal Investor Awards 2025 were announced this evening at The Westin Singapore, shortly after conclusion of IJ’s APAC conference.
This story focuses on the company awards that were selected by the independent panel of judges – all of them established figures in the regional infra finance community – who chose these winners against stiff competition.
IJGlobal Investor Awards are now in their seventh year and are being hosted tonight for the first time in Asia Pacific. They recognise developments from 1 August 2024 to 31 July 2025.
We take immense pride in our judging process and the peer-review nature of all our awards which (we believe) make them the most impactful in the infra/energy community.
The company winners are:
- IJGlobal Investor Market Innovation – GuarantCo
- IJGlobal Investor Fund Manager of the Year – Quinbrook Infrastructure Partners
- IJGlobal Investor Lender of the Year – ING Bank
- Placement Agent – Campbell Lutyens
- Financial Adviser – Macquarie Capital
- Legal Adviser – Pinsent Masons
- IJGlobal Investor Newcomer of the Year – LegalOne
- Ratings Agency – Fitch Ratings
IJGlobal Investor Market Innovation
GuarantCo
Private Infrastructure Development Group (PIDG) company GuarantCo was chosen by the independent panel of judges to win the IJGlobal Investor Awards 2025 trophy for market innovation.
The APAC judging panel was deeply impressed by GurantCo for “driving success and impact across a diverse set of projects”.
One of the judges lauded the organisation for “enabling and democratising financial market access to where it’s challenging and required”.
Another of the judges said: “GuarantCo plays a totally unique role in the APAC market, underwriting projects that would be unbankable without its support.
“It’s great innovation – and that of the PIDG group as a whole – is to be able to make new types of transactions for new sponsors in new places doable for everyone else.”
The judging comments were rounded off with: “As a contingent credit solutions provider for lower income countries, the way GuarantCo is able to be flexible and provide long-term credit guarantee solutions for sustainable infrastructure projects leads to new way of thinking and incentivising others who shy away from market risk.
“It is also interesting to know that there are additional local currency solutions to reduce the risk of currency mismatches.”
GuarantCo in 2024 continued to support infrastructure and related businesses across Asia – Vietnam, India and Cambodia in particular – closing multiple pathfinder transactions, while operating in complex political, regulatory and socio-economic environments in respective markets.
As a contingent credit solutions provider for lower income countries, GuarantCo supports debt market development by providing long-term credit guarantee solutions for sustainable infrastructure projects.
The submission states: “Our local currency solutions crowd in debt capital for infrastructure – often with revenue in local currency – to reduce the risk of currency mismatches.
“Through blended financing, GuarantCo uses its guarantee capacity backed by its sovereign shareholders to mobilise private capital into sectors and countries traditionally viewed as riskier by institutional investors.”
Over the course of the judging period, GuarantCo mobilised debt from major banks and insurance funds, including new investors – Chubb Life, Hanwha Life and HSBC – and relationship investors like Manulife and AIA.
GuarantCo supports projects with significant positive sustainable impact to the real economy and financial markets, increasing infrastructure access by the local population and generating employment and economic activities in the country.
To date, GuarantCo has mobilised $6.8 billion of total investments and $5.7 billion from the private sector, providing 44.7 million people improved access to infrastructure and creating more than 243,000 jobs.
IJGlobal Investor Fund Manager of the Year
Quinbrook Infrastructure Partners
The IJGlobal Investor judging panel chose Quinbrook Infrastructure Partners to win the fund manager of the year award for – as one put it – having “an innovative portfolio that makes an impact”.
One of the judges said: “Overall, Quinbrook scores high marks for initiative in critical areas for investment – especially BESS – which translates clearly to success and impact.”
Another of the judges added: “Quinbrook has demonstrated its ability to tailor its product and market offering according to the conditions specific to the project/market.
“This is an important feature in energy transition projects under development, as regulations are constantly evolving and each market is faced with different challenges which require flexibility.”
Quinbrook demonstrated pioneering innovation in addressing complex energy infra challenges through its collaboration with CATL to develop the world’s first genuine 8-hour duration battery energy storage system (BESS).
This breakthrough doubles the current industry standard and enables deployment of over 3GW of long-duration capacity across Australia, supporting both existing partners and new industrial clients.
By integrating this advanced storage with large-scale solar PV projects, Quinbrook is pushing the boundaries of renewable energy availability, enabling up to 14 hours of daily power generation.
This significantly enhances the cost competitiveness of solar energy, particularly in Australia’s high-irradiance regions where solar PV is already the most affordable generation source without subsidies.
The novel financial and technical structuring of these projects allows industrial customers to run 2 full 8-hour shifts entirely on solar power, reducing reliance on grid augmentation and mitigating operational stress on baseload plants. This approach not only lowers energy costs but also supports job creation and industrial growth.
Quinbrook’s strategy builds on its successful solar-plus-storage deployments in the US and UK, setting new benchmarks in time-shifting renewable power.
The firm’s ability to combine cutting-edge technology, strategic partnerships, and innovative risk management positions it as a leader in delivering transformative energy solutions.
IJGlobal Investor Lender of the Year
ING Bank
ING was chosen to pick up the trophy for the lender category with one of the judges saying that the Dutch bank has “achieved impact in multiple countries across the region”.
Another of the judges said: “ING has demonstrated its ability to remain active in challenging markets while other lenders may have taken a more conservative approach when it comes to financing these energy transition projects in light of geopolitical conditions and supply chain issues.”
In the ING submission, it singles out the first phase of Aldoga solar PV plant in Australia where it implemented a hybrid credit approach that leveraged the parent company’s balance sheet while anchoring on the project’s intrinsic quality.
This dual-layered structure was further enhanced by an 80% ECA cover from CESCE under its Green Investment Policy – an inventive use of sovereign support to unlock scalable green financing.
ING’s energy sector expertise enabled the transaction to meet the sponsor’s debt sizing needs while maintaining robust risk management.
Meanwhile, in Vietnam ING was involved in the Nhon Trach 3 & 4 gas-fired power plants which involved the delivery of a first-of-its-kind ECA financing on a standalone corporate credit basis – without sovereign or parent guarantees – setting a market precedent for corporate-level financings in the country.
The transaction featured a unique hybrid structure, blending corporate and project-level covenants and securing both physical assets and conceptual rights.
ING’s one-bank approach integrated country coverage, structured export finance, energy sector expertise, and loan distribution capabilities to deliver a fully coordinated solution.
The firm also mobilised global resources locally, with teams across Singapore, Germany, Korea, and Vietnam working seamlessly to involve SERV (Switzerland) and KSURE (Korea), meeting the complex needs of a state-owned client.
Together, these transactions showcase ING’s ability to structure bespoke, high-impact solutions that aim to push boundaries in sustainable finance and energy transition.
Placement Agent
Campbell Lutyens
Campbell Lutyens was singled out for success by IJ’s independent panel of judges for the role that plays as a placement agent across Asia Pacific.
One of the judges said: “Over the years, Campbell Lutyens has developed a unique range of strengths and placement power globally and seems to keep evolving to keep up with the markets they are in.”
Another of the judges added: “CL has done a number of transactions in the infrastructure sub-sectors and has demonstrated success and impact.”
The judging comments were rounded off with: “Based on the case studies and explanation set out in its responses, it is clear that Campbell Lutyens has been mandated on a number of market leading matters as the go-to adviser in the field, particularly for the Australian market.”
Campbell Lutyens made it clear through its submission that it had been active over the course of the judging period.
It advised a leading Australian institutional LP on the sale of a A$360 million interest in an open-ended core infrastructure fund to a cohort of non-traditional secondaries buyers, including pension plans, family offices and HNWIs.
According to the submission: “This showcases our ability to expand the investor universe and deliver liquidity even for lower-returning strategies.
“Overall, we executed multiple high-profile LP-led secondaries in the region, capturing close to 90% of the total volume across APAC infrastructure transactions, which deeply underscores our position as the adviser of choice for LPs navigating complex portfolio solutions in a challenging market environment”
In parallel, CL advised a leading ASX-listed GP on the formation of a newly formed energy transition infra platform, designed to harness the GP’s operational expertise and portfolio synergies to support Australia’s transition to a net-zero carbon economy by 2050.
CL’s role included shaping optimal fund terms, defining key selling points and developing a targeted fundraising strategy to attract both domestic and international investors.
The submission states: “By matching the right investors to diverse infrastructure products, we unlock capital, reposition portfolios, and deliver long-lasting impact in the infrastructure landscape and help drive sustainable outcomes.”
Financial Adviser
Macquarie Capital
Macquarie Capital was chosen by the judging panel to win the financial advisory award with one saying it was the “clear market leader in the space with 17 transactions to its credit”.
Another of the judges lauded Macquarie Capital’s performance for having achieved an “evident demonstration of taking a lead position, particularly in Australia and New Zealand”.
In its submission, MacCap singles out having acted as financial adviser to Macquarie Asset Management (MAM) and Aware Super-owned Vocus Group on their A$5.25 billion acquisition of TPG Telecom Limited’s fibre network infrastructure assets and Enterprise, Government and Wholesale fixed commercial operations.
It was also financial adviser and debt arranger to GPG Australia on the A$2.3 billion portfolio financing of its Australian renewable energy portfolio.
Further, it was financial adviser for the Sydney Metro Martin Place Integrated Station Development (with Macquarie Group as developer) and subsequent sale of 39 Martin Place which reached financial close on 1 August 2024.
The submission states: “We go beyond advisory services, having invested in energy and infrastructure assets using our balance sheet which helps us better understand the dynamics and challenges of investing, project development, valuations and capital flows.
“Many transactions involve unique complexities and challenges including navigating the energy transition and FIRB requirements, benefiting our partners and the broader community.”
Legal Adviser
Pinsent Masons
The legal advisory award – always a hotly contested sector – was awarded by the judges to Pinsent Masons for, as one judge put it, “having done a number of deals across different Asian markets”.
Another of the judges said: “Pinsent Masons has logged solid performance across a range of fund, project and asset-level transactions around APAC. I give it particularly high marks for sector and country coverage.”
The law firm had a busy judging period and has led the way when it comes to finding ways to streamline processes to assist its energy clients in reaching project goals.
An example of this in 2024 is its development of a risk analysis matrix for cross-border renewable projects in Asia.
The submission states: “We rolled this out for a major Laos-China cross-border renewable energy project in 2024 as there was no contractual template that could be utilised for the parties to agree on risk allocation and management on a financeable basis.
“This is because in regular power projects there are often just 2 key stakeholders involved – being the national government acting as buyer, and the private utility acting as seller.
“In this project, the key stakeholders involved the governments of Laos and China, the private Laos-based power developer, and the Chinese grid operator.
“The usual 2-party risk analysis approach therefore could not be used, and a new contractual paradigm involving an analysis of 4 key stakeholders had to be designed and implemented.”
Renewable energy has been at the forefront of Pinsent Masons’ strategy for Asia Pacific, advising across the full renewable energy asset lifecycle.
The submission states: “Our energy specialists have been involved in the renewable energy market for many years and have advised on numerous and complex projects, including single, multi-stage and hybrid projects.
“Our team is experienced in both offshore and onshore wind, solar, battery storage, hydropower and pumped hydro, energy storage, hydrogen, low carbon solutions, carbon capture and storage, energy from waste, asset decommissioning, as well as critical infrastructure to increase renewable generation capacity and reliability, including grid connections and transmission corridors.”
IJGlobal Investor Newcomer of the Year
LegalOne
LegalOne was chosen by IJ’s judges to win the newcomer award with one saying that it takes “an interesting approach to evaluating legal service providers and assisting in further validating transactions”.
Another of the judges added: “LegalOne wins points from me for successfully launching this service in a difficult market.”
Over the course of the judging period, LegalOne significantly impacted the infrastructure and energy sectors through pioneering advisory services, rigorous evaluation methods, and influential thought leadership.
LegalOne’s ESG-focused advisory solutions – aligned with the International Capital Market Association’s (ICMA) code of conduct for ESG ratings and data providers – facilitated substantial sustainable investments in renewable energy, decarbonisation initiatives, and green infrastructure.
Leveraging advanced analytics and machine learning-driven assessments, LegalOne empowered clients to structure novel financial arrangements, accelerating global energy transition efforts and enhancing long-term asset value.
The submission states: “During the judging period, LegalOne significantly impacted the infrastructure and energy sectors through pioneering advisory services, rigorous evaluation methods, and influential thought leadership.
“LegalOne’s ESG-focused advisory solutions, aligned with the International Capital Market Association’s (ICMA) code of conduct for ESG ratings and data providers, facilitated substantial sustainable investments in renewable energy, decarbonisation initiatives, and green infrastructure.
“Leveraging advanced analytics and machine learning-driven assessments, LegalOne empowered clients to structure novel financial arrangements, accelerating global energy transition efforts and enhancing long-term asset value.”
It continues: “LegalOne’s advisory work consistently prioritises community benefits, sustainability, and ethical governance, delivering measurable outcomes such as job creation, improved community relations, and strengthened governance practices.
“This comprehensive approach has fostered stakeholder trust and transparency in infrastructure projects globally.
“Through its pioneering ESG-aligned advisory methodologies, globally influential thought leadership, and unwavering commitment to sustainable community outcomes, LegalOne demonstrably advanced standards, performance, and responsible investment practices within the global infrastructure and energy sectors.”
Ratings Agency
Fitch Ratings
The judging panel selected Fitch Ratings to win the award in its category with one judge saying the rater is “a credible and established ratings agency across several infrastructure verticals” in the region.
Another of the judges said: “Fitch is clearly way ahead of all competition in APAC – clear commitment to the region down to secondary and even tertiary markets – far, far beyond the ‘oh, yes we cover Asia, we have an office in Singapore’ crowd of arrivistes and wannabes.
“Just by covering deals in Sri Lanka and Laos, Fitch is being innovative and having a large impact on market quality in the region in terms of bringing international best practices to Asia Pacific.”
Fitch has the greatest rating coverage in APAC with 21 offices and more than 500 analysts in 11 markets and it is the only international CRA with offices in Bangkok, Colombo, Taipei and Jakarta.
The rater holds a leading position in the APAC renewable energy sector and covers key issuers/issuances, including ReNew Power, SAEL Limited, Adani Green Energy, Acme Solar Holdings, India Green Power Holdings, Hero Future Energies, Continuum Green Energy and Azure Power Energy.
The submission stated: “Fitch rated landmark issuances/issuers in the Seaports sector, including Lonsdale Finance (Port of Melbourne), Adani Ports and Special Economic Zone Limited, Zhejiang Provincial Seaport, Lianyungang Port Group, Port of Newcastle, JSW Infrastructure Limited and Newcastle Coal Infrastructure Group.
“Ratings in the airports sector include Mumbai International Airport, Delhi International Airport, GMR Hyderabad International Airport and Taoyuan International Airport Corporation.
“Ratings in the toll roads sector include Varanasi Aurangabad NH-2 Tollway Private Limited, IRB Infrastructure Developers and Zhejiang Expressway.
“Ratings in the energy sector include JSW Hydro Energy, Star Energy Geothermal and PT Sorik Marapi Geothermal Power.”
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