IJGlobal Investor Awards 2025 – APAC Transaction Winners

Winners for the Asia Pacific transaction category of the IJGlobal Investor Awards 2025 were announced this evening at The Westin Singapore.

This event was hosted for the first time in Singapore, stripping out the Asia Pacific elements from both IJGlobal Investor Awards (which has been running for 7 years) and IJGlobal ESG Awards (now in its fifth year).

This story focuses on the winners of the transactions category for the most impactful M&A deals and infrastructure fund activity from over the course of the judging period – 1 August 2024 to 31 July 2025.

The winners are:

• Market Impact Award – Actis investment into MTerra Solar
• Value-Add Deal of the Year – I Squared acquisition of stakes in JGA North, JGA South and SEA-US
• Energy Transition Deal of the Year – Palisade acquisition of the Limestone Coast North BESS, Australia
• Joint Venture Deal of the Year – Lestari Cooling Energy
• IJGlobal Investor Acquisition of the Year – AIMCo's co-investment into Cyan Renewables
• Bond of the Year – GuarantCo/Xuan Mai Water Supply System Project
• Securitisation Deal of the Year – HKMC’s Bauhinia ILBS 2
• Digital Infra Deal of the Year – Rakuten Mobile Network Assets Sale-Leaseback, Japan
• Offshore Wind Deal of the Year – Changhua 4 equity divestment, Ørsted
• Solar Deal of the Year – ib vogt’s SE Asia Solar PV + BESS
• Telecoms Deal of the Year – Vocus acquisition of TPG Telecom's EG&W business, Australia
• Transport Deal of the Year – AAHK Multi-Currency Bond 2025
• Utilities Deal of the Year – CVC DIF acquisition of 49.9% in ECO, Singapore
• Oil & Gas Deal of the Year – Kumul Petroleum acquisition of a stake in PNG LNG Phase I
• Refinance Deal of the Year – Global Power Generation renewables portfolio refinance, Australia

 

Market Impact Award

Actis investment into MTerra Solar, Philippines

The investment by Actis into MTerra Solar was lauded by the independent panel of judges for being “large-scale and important to the Philippines”.

One of the judges said: “This is one of the largest renewable energy investments in the Philippines involving cross border requirements, and change in governance requirements by the investors. It has significant impact, innovation and success.”

The judging comments were rounded off with: “Given the size of the project, it is particular impressive the advisers were able to get parties comfortable with a platform that consists of integrated renewables and energy storage projects in the Philippines market where there are challenges to foreign investment restriction and municipal government requirements.

“While unclear as to the stages of the relevant greenfield projects, to be able to obtain financing for the size when news of abandoned projects in the market are well documented is laudable.

“Projects like this provide a foundation to the discussion for other mega projects such as offshore wind where the size of projects require joint efforts by both local and international players.”

MTerra Solar will be one of the world’s largest integrated renewable and energy storage projects – once fully commissioned, as measured by battery energy storage capacity.

The project, strategically located on the Philippines’ main island of Luzon about 100km from Manila, combines 3.5GWp of solar PV capacity with 4.5GWh of battery energy storage systems (BESS).

The project covers around 3,500 hectares and is backed by a 20-year, 850MW (for 12-hours daily on average) power supply agreement with Meralco, the Philippines’ largest distribution utility.

It will provide electricity to some 2.4 million households and avoid carbon emissions of around 3.6 million tonnes per year by displacing coal.

This investment is the largest foreign direct investment in a single project for greenfield infrastructure in the Philippines. The commercial operations date for the first phase of around 2.5GWp of solar and 3,300MWhr of BESS is scheduled for Q1 2026.

The Actis investment in MTerra Solar – made through Actis Energy 5 – followed a highly competitive process.

Actis was selected thanks to its rich experience in contracting, building and operating infrastructure assets, notably in the renewable energy sector.

The fund manager’s experience in renewables development and operations, and its sustainability credentials as a leading energy transition investor were key to driving the deal forward.

 

Value-Add Deal of the Year

I Squared acquisition of stakes in JGA North, JGA South and SEA-US

The acquisition by I Squared Capital and portfolio company Lightstorm of 3 APAC subsea cable assets – a 100% interest in JGA North, a significant stake in JGA South, and an interest in SEA-US – was chosen to win the value-add award.

One of the judges hailed the deal as “an innovative transaction with significant impact, impacting a number of countries”.

Another judge said: “Now THIS is something quite different from the usual! Very interesting. Obviously successful, but a bit of a one-off. Top marks for ingenuity and follow-through!”

The judging comments were rounded off with: “This was a complex deal structuring with multi track deal requirements, as well as completing the deal in a single closing.

“With the rise of digital infrastructure (AI and data centres), investment in subsea cables and other relevant infrastructure assets are on the increase and this deal creates precedent for future investments in the sector, globally.

“The geopolitical risk also increased the uncertainty of a cross-border deal like this where multiple jurisdictions are involved.”

The transaction closed at around $250 million and strengthens the US-Guam-Japan-Australia corridor.

Structured as a loan-to-own, Lightstorm first acquired the targets’ secured loans, then obtained orders in Delaware and Singapore appointing receivers to run a sale process, and prevailed as preferred bidder through a credit bid.

Key stakeholders and counterparties included the court-appointed receivers, secured lenders, and regulators in Australia, Japan, and the US.

The timeline combined debt acquisition, judicial supervision, and licensing clearances into a single completion.

Financial close occurred on 16 April (2025), following coordinated receivership sales and transfer of operational control. Assets span landings in Japan, Guam, Australia, and the US.

The submission states: “The deal established a repeatable market approach for distressed digital infrastructure.

“The playbook of debt acquisition, coordinated receivership, and credit bid, under a harmonised regulatory timetable, creates a scalable template for special-situations investors.

“It supports resiliency and route diversity across the US-Guam-Japan-Australia corridor while aligning stakeholders around a transparent, court-supervised process.

“In a market where liquidity is constrained and certainty of execution is paramount, the structure delivers bankable outcomes and an efficient path to ownership.”

 

Energy Transition Deal of the Year

Palisade acquisition of the Limestone Coast North BESS, Australia

The acquisition by Palisade’s renewable platform Intera Renewables of Limestone Coast North BESS (LCN) – a 250MW / 500MWh grid forming battery development in South Australia – from Pacific Green was chosen to win the energy transition award.

It was celebrated by the judges as “an innovative structure with clear impact” as well as having “measurable results and demonstrable success achieved through an innovative approach”.

One of the judges said: “BESS has quickly become an important aspect of energy transition projects. This project has demonstrated a few firsts in the market by being the largest BESS project being developed to date and the successful divestment also allows early investors to recycle capital for future investments.

“The greenfield financing also set a clear benchmark in the rapidly evolving field of battery financing.”

Yet another judge added: “This ticks all the boxes of innovative structuring in a transaction that boosts a critical energy infra which is still 'emerging'… in the sense that many lenders are unfamiliar with the technology or economics of BESS tolling.

“Macquarie Capital used a range of structuring tools well to get this done, with a number of ancillary benefits of bringing new money into the BESS market and new BESS players into Oz. Top marks.”

LCN was acquired in March 2025 and simultaneously was issued notice to proceed (NTP) construction by Palisade’s renewable platform Intera Renewables. The asset is expected to start operations in early 2027 and will be one of the largest batteries in the state. 

The BESS is uniquely positioned in South Australia, which is anticipated to reach 100% net renewable generation by 2027. This marks Intera’s first investment in large-scale energy storage and will bring its combined installed capacity to 1.4GW.

Macquarie Capital acted as joint financial adviser to Intera, and as sole debt arranger via Intera’s non-recourse portfolio financing.

The BESS was developed by Pacific Green, supported by a long-term offtake with Zen Energy. The BESS is being provided by Trina Storage and balance of plant by Gransolar.

 

Joint Venture Deal of the Year

Stonepeak / KJTS Group Berhad – Lestari Cooling Energy

The creation of Lestari Cooling Energy by Stonepeak and KJTS Group Berhad in Malaysia was voted by the independent panel of judges to win the joint venture award.

Lestari was created on 14 March (2025) and entails the formation of a JV dedicated to developing and investing in district cooling facilities.

The joint venture will initially seek to invest in a diversified portfolio of district cooling and electricity distribution assets in Malaysia and is expected to be capitalised at MYR 1.5 billion ($340m), targeting an actionable addressable market of more than MYR 2 billion ($450m) in project deployment opportunities per year.

One of the judges said: “This deal leverages off different risk profiles of a leading international infrastructure fund and local player with advanced technology.

“The platform approach – as against single asset – is not unique in today's market, but it allows foreign investors to improve the investment return profile and enter into a market sector that is in need of capital.

“This is a welcome development in Southeast Asia where energy transition projects have in recent years slowed down due to changing politics and cost increases.”

Stonepeak’s role in the formation of Lestari Cooling Energy extended beyond capital provision to strategic platform building.

The submission states: “By bringing together a global infrastructure specialist in Stonepeak and KJTS, a deeply respected and proven local operator in Malaysia, the joint venture is well-positioned to invest in a highly fragmented, high-growth district cooling market in ASEAN, and poised for larger-scale deployments than KJTS alone was previously able to pursue.

“Stonepeak brings important capital, industry relationships, and operational experience in building platforms from the ground up, and the firm has also played a critical role in positioning the joint venture for future scalability – particularly into high-demand verticals like data centres, given its deep digital infrastructure investing expertise.”

 

IJGlobal Investor Acquisition of the Year

AIMCo's co-investment into Cyan Renewables

The $10 million investment by Alberta Investment Management Corporation (AIMCo) into Cyan Renewables was chosen by the judging panel to win the acquisition of the year.

One of the judges said: “This is innovative, certainly, with a positive impact from repositioning offshore service fleet from oil and gas platforms to offshore wind.”

Another added: “This is a project identifying a need and addressing the same. Offshore vessels serving the offshore wind sector is an innovative sub sector.”

The judging comments were rounded off with: “It has been long overdue for creation of a maritime company dedicated to renewable energy in the offshore wind sector.

“The geopolitical tensions in the region cause difficulties of getting all of the key regulatory components in place which warrants recognition.

“As the world becomes more and more regional, major regional players like Cyan ensure continuous growth and expansion in the offshore wind market in APAC.”

This is AIMCo's first co-investment in Asia and the proceeds are being used to fund the consideration of the Cyan Renewables' A$1.07 billion ($692m) take private of MMA Offshore, an Australian offshore vessel operator.

It was reported that this take-private as the largest takeover in this renewables segment in the Asia Pacific in 2024.

Cyan Renewables is a Singapore-based global operator and Asia's first dedicated offshore wind farm vessel operator, aimed at accelerating the growth of the offshore wind sector.

AIMCo’s involvement brought not only capital but also deep sectoral insight and a commitment to sustainable infrastructure, reinforcing Cyan’s position as the largest APAC offshore wind platform.

The acquisition of MMA Offshore by Cyan Renewables stands as a landmark in advancing sustainability and accelerating the energy transition in the Asia Pacific region.

The submission states: “By creating the largest dedicated offshore wind energy service platform in APAC, the transaction directly supports the rapid expansion of offshore wind capacity, a critical component in achieving net zero emissions.

“The deal brings together MMA’s fleet of 20 offshore vessels and over 1,100 employees with Cyan’s expertise in offshore wind farms, such as installation and O&M expertise and proven track record in Europe, significantly enhancing the region’s capability to deliver large-scale renewable energy projects.”

It concludes: “Measurable outcomes include an expected doubling of MMA’s EBITDA for FY2024 (A$146-149 million, up from A$69.3 million), reflecting strong operational performance and market demand.

“The acquisition positions Cyan to meet the surging need for offshore wind support vessels, with global demand expected to outpace supply as turbine sizes increase and new projects come online.

“By facilitating the ‘blue-to-green’ transition and supporting the International Energy Agency’s call to triple clean energy capacity by 2030, this transaction sets a new standard for sustainable infrastructure investment in the region.”

 

Bond of the Year

GuarantCo/Xuan Mai Water Supply System Project

The IJGlobal Investor bond award was won this stellar water supply transaction in Vietnam, primarily for the role played by GuarantCo – a Private Infrastructure Development Group (PIDG) company – for it bond wrap.

GuarantCo provided a VND 1,192 billion ($47m) guarantee to Hoa Binh-Xuan Mai Clean Water (HB-XM) and Xuan Mai-Hanoi Clean Water Transmission (XM-HN). The transaction closed late in 2024.

HB-XM issued a landmark 20-year VND 875.1 billion ($34.5m) green bond to fund the construction of water treatment and supply systems in Hoa Binh province. XM-HN issued a second bond of VND 317.2 billion ($12.5m) in Q2 2025.

The project will be operational by early 2026 supplying 150,000 cbm per day of clean water to become one of the largest clean water producers in north Vietnam.

One of the judges said: “This is an impactful transaction, and clearly innovative in many ways.”

Another added: "This deal involved an innovative structure involving credit enhancement, compliance with the Green Bond Framework / ICMA guidelines. The bond’s success is determined by the oversubscription.”

Yet another judge said: “While green bonds are not an innovative concept and have been used across different jurisdictions in APAC and around the world, to successfully execute such a product in a developing market like Vietnam is laudable.

“The Vietnam market has gone through several regulatory changes in recent years and stable financing options are important tools to encourage international investor confidence and crucial to larger energy transition projects.

“This is a welcome development, and it’s encouraging to see lifers participation in this segment.”

 

Securitisation Deal of the Year

Bauhinia ILBS 2 Limited

Closing of The Hong Kong Mortgage Corporation’s (HKMC) second infrastructure loan-backed securities (ILBS) on a diversified portfolio of project finance and infrastructure loans was chosen to win the securitisation award.

One judge gave it a sincere thumbs up, scoring it 9 out of 10, adding that it would have received full marks “if it had been the first of its type rather than a clone of Bauhinia 1”.

However, even though it was the second time HKMC has done this, the judges were impressed.

Another judge said: “The success of this deal is demonstrated by the complexity and the fact that parties were able to manage risk profile and macroeconomic considerations across 14 jurisdictions and more than 20 assets.

“As platform deals are on the rise and pricing future financing for expansion has been in the spotlight, it’s encouraging to see a precedent in the market.”

The $423.3 million deal closed in September (2024) across 5 tranches of investment grade notes rated by Moody’s, including:

• senior sustainability tranche – the Class A1-SU Notes
• a conventional senior tranche
• 3 mezzanine tranches
• subordinated notes – retained by HKMC

The transaction was well received by investors, with a diversified orderbook. Notably, Asian Infrastructure Investment Bank (AIIB) continued its support of the Bauhinia programme as a cornerstone investor.

The asset portfolio included 28 loans from 26 projects across 14 countries in Asia-Pacific, Middle East and Latin America and 10 industry sub-sectors.

ING Bank, CICC, MUFG, Natixis, and Standard Chartered Bank acted as joint bookrunners (JBR), with ING acting as sole sustainable finance adviser, and SCB as sole global coordinator.  

 

Digital Infra Deal of the Year

Rakuten Mobile Network Assets Sale-Leaseback, Japan

The Macquarie Asset Management (MAM) led team working with British Columbia Investment (BCI) at the end of August (2024) reached financial close on a structured investment – a sale and leaseback – in a significant portion of Rakuten Mobile’s mobile base station network in Japan.

One of the judges said the sale and leaseback transaction was “interesting and innovative” while another pointed to the deal’s “clear impact”.

This transaction was picked up by the press as it was “MAM's first major acquisition in the digital space in Japan”.

Another judge said: “It’s clear that a sophisticated and complex structure would have to be in place to allow Rakuten to continue operating the asset while MAM's investment is protected with predictable cash flow, backstopped by Rakuten Group.

“The recent struggles by major telecom operators in Japan are well known to the market, so this is a deal that sets a precedent for other telecom operators – or at least raised awareness and offer alternative – and investors alike to consider.

“With increasing foreign investments into Japan due to weak JPY position, deals like this set the standard as to how things can be done in that market.”

The sale and leaseback structure includes a significant part of Rakuten Mobile’s existing network of base stations and features a 10-year lease period, for a total investment of JPY170 billion ($1.2bn).

Rakuten Mobile is Japan’s fourth largest mobile network operator (MNO) and is wholly owned by the e-commerce giant Rakuten Group.

Founded in Tokyo in 1997 as an online marketplace, Rakuten Group has since expanded to offer a diverse range of services in e-commerce, fintech, digital content and communications to 1.8 billion members globally.

MAM – through Macquarie Asia-Pacific Infrastructure Fund 3 (MAIF3) – led the consortium and structured the investment.

MAM’s role included sourcing the transaction on a proprietary basis, negotiating robust structural protections to mitigate downside risks, and aligning the investment with Japan’s digital transformation goals. As MAIF3’s first digital infrastructure investment in Japan, the transaction represents a transformative milestone, showcasing MAM’s ability to expand its footprint into new markets by leveraging Its extensive experience in infrastructure investments and its 25-year presence in Japan.

 

Offshore Wind Deal of the Year

Changhua 4 equity divestment, Ørsted

The farm down by Orsted of 50% of the 583MW Greater Changhua 4 Offshore Wind Farm in Taiwan was chosen to win the APAC renewable energy deal with one judge celebrating an “innovative transaction with a guarantee structure”.

Another of the judges said: “This is a very interesting and innovative transaction, with a number of firsts to its name, and bringing new entrants into the offshore wind financing game.”

Ørsted sold the 50% stake to Cathay Life Insurance, marking the first major direct equity investment by a Taiwanese life insurer in the offshore wind sector.

This transaction closed mid-December 2024 and was valued at DKK 11.6 billion ($1.64bn) and includes a commitment by Cathay Life to fund 50% of construction costs.

The deal is supported by significant participation from Taiwanese state-owned and international lenders, and is backed by guarantees from 6 export credit agencies.

Ørsted retains the remaining 50% and will continue to lead the project towards completion, scheduled for the end of this year (2025).

This transaction showcases cross-border collaboration and represents a landmark step in Taiwan’s renewable energy development.

 

Solar Deal of the Year

ib vogt’s SE Asia Solar PV + BESS

The $80 million mezzanine debt facility provided by Pentagreen and British International Investment (BII) to ib vogt Singapore – the APAC subsidiary of solar developer ib vogt – was chosen by the judges to win in the solar category.

The ib vogt facility is structured as a 5-year bullet loan with PIK interest. Proceeds will be used to fund construction of solar projects across Southeast Asia, for which the PPAs have been signed, as well as support further investment into early-stage developments.

One of the judges said of the deal: “It’s good to see a financing that stretches back to devex for at least part of a portfolio of assets.”

The facility was needed for the borrower to continue its growth trajectory across Asia Pacific with greater financial independence from the parent company, as well as to adjust its business strategy from that of a pure developer model to a developer and asset owner model.

ib vogt Singapore needed capital to fund operational expenses across the region, development expenses to create and nurture a pipeline of future assets, as well as contribute the construction equity to a 600MW portfolio of solar assets for which the PPAs were signed or the tender awarded (e.g. Philippines, Indonesia, Malaysia).

The submission pointed out that the parent company had set a number of principles: non-dilutive capital and no parental support.

According to the submission: “Hence the need to structure a mezzanine debt facility with a bespoke structure reflecting the financial capabilities of the borrower (minimal operational cashflows at financial close) and a careful balancing of objectives… setting up use of proceeds buckets for opex, devex and capex; choosing the right financial covenants providing flexibility for the borrower and protecting the mezzanine lenders.”

The facility demonstrates the impact that financial institutions focused on development goals in addition to commercial interests can make a difference in the region, unlocking critical and scarce early-stage capital to fuel the energy transition. Such capital is also helping transform developers’ business strategies.

 

Telecoms Deal of the Year

Vocus acquisition of TPG Telecom's EG&W business, Australia

The $3.42 billion acquisition by Vocus and its shareholders – Macquarie Asset Management (MAM) and Aware Super – of TPG Telecom's fibre assets and enterprise, government and wholesale (EG&W) business was chosen to win the telecoms award.

The judges were impressed with one saying the deal demonstrated “clear innovation” and another adding that “on size alone and scale of the assets purchased, that makes this transaction a worthy winner”.

Another judge said: “The project size and being in a unique – yet growing – sector due to the rise of digital infrastructure supported the decision to make this the winner.

“The carveout from the existing owner and subsequent integration with the new owner will also provide a useful precedent to similar transactions in other jurisdictions.”

Vocus agreed in October 2024 to acquire TPG’s fibre network infra assets and EG&W fixed commercial operations – including Vision Network – for an enterprise value of A$5.25 billion.

The transaction sets a unique precedent in effecting a full carve-out of an integrated operator’s entire inter-capital, metropolitan, last-mile access and subsea fibre network.

The combination is transformative for Vocus and marks a step change in the Australian telecoms landscape, creating a challenger of scale in the market that will drive competition and ultimately benefit customers.

With this acquisition Vocus now operates a network of more than 50,000km of owned or leased fibre under long-term right of use arrangements, nearly 15,000km of international submarine cables, and close to 20,000 connected buildings, positioning it as a key digital infrastructure operator in Australia.

This investment transforms the competitive landscape in Australia, bringing together Vocus’ extensive inter-capital and regional fibre infrastructure with TPG Telecom’s complementary metropolitan fibre footprint to drive competition in the sector.

The initial acquisition of Vocus by MAM in July 2021 led to a number of strategic initiatives that have been innovative to Vocus.

Key among these was the merger of Vocus’ New Zealand’s operations with 2degrees in May 2022 which created NZ’s fastest growing, and third-largest integrated telecoms company which has driven competition in that market.

This was followed by the divestment of 2degrees tower portfolio for NZ$1.1 billion, with proceeds from the transaction enabling acceleration of its 5G rollout via 450 new sites with Connexa.

By combining TPG’s highly complementary assets with Vocus’ existing footprint to create a key digital infrastructure operator in Australia, Vocus has been provided with significant scale to drive new opportunities to compete across the region.

 

Transport Deal of the Year

AAHK Multi-Currency Bond 2025

The $7 billion bond issuance by the Airport Authority of Hong Kong (AAHK) was chosen by the independent panel of judges to win in the transport category of the IJGlobal Investor Awards 2025 for Asia Pacific.

One of the judges lauded it for having “measurable results and demonstrable success achieved through an innovative approach” while also providing “evidence of clear impact within certain, specific elements of the market”.

Another said: “The innovative approach is demonstrated by the complex bond structuring. Given the importance of HK Airport as a transit hub for Asia, the innovation and approach adopted by this deal will inevitably serve as a precedent for the sector around the world, providing insight to the risk and incentive profiles that are acceptable to a bond issuance of this size in this sector.”

Rothschild & Co acted as financial adviser to AAHK which is wholly owned by the HKSAR government and the operator of Hong Kong International Airport (HKIA).

This transaction stands as a record-breaking $7bn equivalent multi-currency senior notes offering in Hong Kong dollars (HKD), offshore Renminbi (CNH) and US dollars (USD).

The key objectives of the transaction were to maximise HKD issue size given natural funding needs in HKD and lower cost compared to USD; grow the HKD public bond market via maximising the HKD issuance size; match the CNH issue size with AAHK’s capex needs in China; use USD to fill the funding gap; and stagger AAHK’s maturity profile.

To maximise the HKD tranches, Rothschild & Co advised on an innovative 3-day execution strategy, allowing AAHK to minimise cannibalisation among HKD and USD tranches while maximising the HKD size.

To stagger AAHK’s maturity profile, the offering targets the most cost-effective long dated CNH (10 / 30 year) and the most liquid part of the HKD curve (3 / 5 / 10 year) while using unconventional tenors in USD (3.5 / 5.5 year).

The successful issuance enables AAHK to fund its Third-Runway System capex and capital injections in its investment projects, as well as partly refinance its 2025 debt maturities.

The CNH notes are structured with a call option that provides AAHK with flexibility on the timing of refinancing without incurring negative carry.

The combined peak order book of more than $25.6 billion equivalent represents an oversubscription of 3.7x, supported by robust demand from a broad range of global investors.

 

Utilities Deal of the Year

CVC DIF acquisition of 49.9% in ECO, Singapore

The acquisition by CVC DIF of a 49.9% stake in ECO – Singapore’s leading hazardous waste management company – from Séché Environnement was selected to win the utilities award.

Séché Environnement retains the remaining 50.1% in a deal that one judge labelled “innovative” while the rest lauded it as an excellent acquisition by the infrastructure arm of global private markets manager CVC.

One judge said: “High marks for this deal as it brought VC into the very needful field of ASEAN / APAC generally hazardous chemicals and waste remediation. The newly-beefed up ECO seems poised for further expansion across the region – a very welcome development and high-impact!”

Another judge said: “The joint venture platform between 2 significant players in the waste management sector is itself a success and with impact on the sector in the Singapore / Southeast Asia market.

“The significant minority vs majority often creates issue in corporate governance discussion. As such, the fact that parties are able to bring this project to a close on this basis suggests an innovative approach in structuring the deal.”

The submission states: “This transaction demonstrated innovation through its strategic structuring and focus on sustainable infrastructure.

“CVC DIF’s acquisition of a 49.9% stake in ECO – Singapore’s leading hazardous waste management company – represents a novel approach to expanding their infrastructure investments in Asia.

“The partnership with Séché Environnement, a market leader in waste management, introduces innovative practices in the circular economy, leveraging ECO’s advanced technology and diversified service offerings.”

The transaction’s financial structuring, involving a reserved capital increase for an aggregate consideration of around S$311 million, showcases innovative investment strategies.

Additionally, the collaboration between CVC DIF and Séché Environnement aims to drive ECO’s growth as a leader in sustainable infrastructure, setting a precedent for future investments in the region.

 

Oil & Gas Deal of the Year

Kumul Petroleum acquisition of a stake in PNG LNG Phase I

The $602 million acquisition by the national oil company of Papua New Guinea – Kumul Petroleum Holdings Ltd (KPHL) – of a 2.6% stake in PNG LNG from Santos was chosen to win the O&G award.

One of the judges said: “This transaction stands out as it involved an innovative structure created to manage various regulatory regimes and various constraints in a difficult market.”

Another judge said: “The complex multi-party JV regime, layered financing constraints, and ability to overcome multiple regulatory hurdles to achieve timely close demonstrate the success and uniqueness of this deal.”

Originating from Santos’ commitments following its takeover of Oil Search, the deal involved complex negotiations, binding agreements for a 5% interest – subsequently revised to 2.6% and an option for an additional 2.4%.

The cross-border transaction spanned key jurisdictions including Papua New Guinea, Australia, the UK, Singapore, and the US, culminating in partial closing on 31 January (2024) and final close on 4 November 2024.

The acquisition strengthened KHPL’s stake in the PNG LNG project to around 19.2%, aligning with the PNG government’s vision to increase national participation in resource development.

Strengthening national ownership aligns with Papua New Guinea’s strategic vision to foster local participation in resource wealth and energy sector development.

The transaction also positions KPHL to prepare for its mandated 22.5% equity participation in the forthcoming Papua LNG project, with a final investment decision anticipated in late 2025, thereby sustaining momentum in the country’s LNG industry growth.

 

Refinance Deal of the Year

Global Power Generation renewables portfolio refinance, Australia

The $1.5 billion refinance by Global Power Generation Australia of its renewable energy portfolio was chosen by the judges to win in the IJGlobal Investor Awards 2025 refi category.

This refi closed at the end of November (2024) and impacted Crookwell 2, Crookwell 3, Berrybank 1, Berrybank 2, Ryan Corner and Hawkesdale Wind Farms, Glenellen and Bundaberg Solar Farms, ACT BESS and Cunderdin and Fraser Coast hybrid solar-BESS systems.

The portfolio represents a combined installed capacity of more than 1.8GW – 758MW of wind, 818MW of solar and 245MW / 600MWh of storage – across 11 assets.

GPG is a subsidiary of Spain’s Naturgy (75%) and Kuwait’s Wren House Infrastructure (25%) and is a leading developer of sustainable energy solutions globally, with installed capacity of 5GW across 8 countries. The financing relates to GPG’s Australian assets only.

This A$2.3 billion refi in the Australian market demonstrated significant innovation by addressing inefficiencies and introducing a cutting-edge financing structure.

The portfolio approach replaced traditional single-asset project finance structures, enabling greater flexibility in construction management and operational scalability.

The transaction secured a debt package from 11 leading project finance lenders, optimising debt sizing, introducing a more flexible covenant framework, and incorporating a pre-approved regime for growth initiatives in development, acquisition, and offtake procurement.

This regime included the ability to utilise split contract construction delivering for any new construction projects and procurement of both investment grade and sub investment grade offtakes.

Macquarie Capital – financial adviser on the transaction – was able to leverage its deep renewables and storage sector expertise to develop a business case and present it to lenders to get comfortable on the flexibility of this financing structure.

This also enabled GPG to diversify its lender base by introducing new financial institutions and creating a broader pool of future funding opportunities.

The end result was the creation of a structure that not only streamlined financing for the existing assets, but also provided a regime that supported GPG’s future expansion of the Australian portfolio and any existing late-stage development assets.