News
Latest M&A Analysis
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Fingering the Force Majeure trigger
Renewables Asia PacificA lot of people write off Coronavirus – Covid-19 if you really must – as a storm in a teacup, a ramped-up flu virus that’s no more worrisome than a passing bout of the snuffles… however, the infra/energy community begs to differ
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I Squared consolidates in Peru
Power Latin AmericaA year after private equity firm I Squared Capital completed the acquisition of a large renewable energy portfolio in Latin America, the fund tied up the final loose ends by refreshing the debt in place at the holdco level and on its newly consolidated Peruvian assets
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Gulf Plains Wind acquisition, US
Renewables North AmericaUS-based fund manager Harbert Management Corporation almost doubled its renewable energy holdings at the end of last year when it acquired a stake in an 812MW wind portfolio − a deal it ultimately opted to finance in the bank market through a holding company called Gulf Plains Wind
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To lose Toulouse: sale of Toulouse-Blagnac
Transport EuropeOn the penultimate day of 2019, the audience finally saw the curtain descend on a remarkable French M&A farce. Construction company Eiffage closed on the acquisition of a 49.99% stake in Toulouse-Blagnac Airport from Chinese investors Casil Europe
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C&I solar developers weigh their options
Renewables North AmericaWhile yield-hungry investors of all stripes are viewing distributed, small-scale solar companies ever more favorably, the founders and management of the target companies are finding that there are attractive alternatives to selling stakes in their businesses outright
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Neart Na Gaoithe offshore wind farm, Scotland
Renewables EuropeThis Scottish offshore wind farm – in gaelic meaning ‘Might of the Wind’ – saw a decade pass between development rights being awarded in 2009 and reaching financial close. After years of legal challenges and vacillating subsidy challenges, the raising of construction debt and an equity sell-down were eventually completed concurrently for Neart na Gaoithe
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IJInvestor Awards 2019 Rising Star – Mounir Corm
Oil & Gas EuropeTalking to Mounir Corm, one immediately realises that you are dealing with someone whose interests and skills reach far beyond the financial universe
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PF bankers declare war on The Man
Renewables EuropeOne thing a hack never wants to do is to give credit to another title for making a fair fist of a story that sits firmly in his/her own sector… but today, this infra scribbler is swallowing pride while doffing a cap to the FT for writing a story that impacts infrastructure finance on a global basis
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Brazil political risk for infra investors
Renewables Latin AmericaBrazil’s political risk is declining after a decades of tumultuous events. The political crises involving ex-President Luiz Inácio Lula da Silva, Odebrecht, Petrobras and Operation Carwash remain painful reminders to investors worldwide of unmeasured political economic risks
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No, actually… it’s all about us!
Oil & Gas Asia PacificWhen we go out to meetings and dare to drop into the conversation the subject of awards nights, it can go either of two ways. Either they lean in, ears pricking up… or they peer at you through fingers, shaking heads vigorously
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What next for Cellnex?
Telecoms EuropeSpanish communications infrastructure operator Cellnex Telecoms has had an impressive year having made a string of substantial asset acquisitions, and with several more potential acquisitions in the pipeline. Given such a high level of M&A activity, what is Cellnex’s long-term strategy?
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A game of infra bingo
Renewables EuropeLadies and gentlemen, take your seats for this afternoon’s infrastructure entertainment. We’ve a game for you to play – a real crowd-pleaser – one that’ll have you on the edge of your seats and excite your competitive spirits
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Formosa 2 offshore wind, Taiwan
Renewables Asia PacificFormosa 2’s $2 billion debt package closed late in October 2019 with the equity contributions to be finalised later in November. The project financing marks K-Sure and Taiwan Life's entries into the market, but Taiwan's state-owned banks have cold feet when it comes to offshore wind
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Taxiing before take-off
Transport North AmericaAirport privatisations in the US have largely remained grounded, with numerous cancellations, but two deals are now at least moving towards the runway
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Infra funds – the value chain gang…
Renewables EuropeEver since the start of the global financial crisis, the infrastructure community – the entire industry from infra funds through to lenders and advisers – has lived by the mantra “evolve or die”… a mind-set that stands true to this day
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Acquisition of Elenia Lämpö Oy, Finland
Power EuropeThe sale of a business in any sector at 21x EBITDA will always cause a stir among market pundits, but this was not the case when Finnish district heating firm Elenia Lämpö Oy changed hands at such an aggressive multiple
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Another year older, another year…
Oil & Gas Asia PacificThere are certain things by which you can chart your life and it’s a little bit sad when it dawns on you that IJGlobal’s quarterly league tables have become a landmark for tracking the flow of years
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Infra M&A – virus that proves the vaccine?
Renewables Asia PacificAre people paying too much for infra and energy assets? Has the market finally reached the stage where stupendously stupid things are being done? With a market correction on the way, are the wheels about to fall off in the most spectacular manner?
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Laydeez an’ gennelmen – place your bets
Social & Defence EuropeIn a sector designed for stable and predictable cash flows, safe bets placed on sound business cases… why does it feel these days like the industry’s studying form at the paddock?