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Latest Capital Markets Analysis
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LNG-to-power in Brazil and GNA I
Oil & Gas Latin AmericaAn SPV comprising Prumo Logistics, BP and Siemens reached financial close at the end of March on the development, construction and operation of an LNG-to-power project located in the Brazilian state of Rio de Janeiro, part of a trend in the country's power market where there has been a surge of these types of projects
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Autopista al Mar 1, Colombia
Transport Latin AmericaColombia's Autopista al Mar 1 project - the largest of the 4G road programme - reached financial close in March 2019, making it the second project to close since president Iván Duque took power in 2018
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Acquisition of Glow Energy, Thailand
Renewables Asia PacificGlobal Power Synergy on 22 March submitted a tender offer for the remaining shares of Glow Energy, one of Thailand's largest independent power producers, having earlier this month completed the share purchase agreement with Engie to acquire its stake in the company
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AMLO's new Mexican infra reality
Oil & Gas Latin AmericaThe cancellation of major projects and a lack of clarity on government plans are making international investors nervous about Mexico though the country's infrastructure need is still significant
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IL&FS: project finance SPVs risk default
Transport Asia PacificThe bankruptcy of Infrastructure Leasing & Financial Services is continuing to send ripple effects in the Indian market. In the latest twist, ring-fenced project finance SPVs are threatening to terminate debt repayments
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Italy's infrastructure under pressure
Transport EuropeAt a time when Italy is in urgent need of investment in infrastructure, a number of projects are suffering delays due to indebted construction companies and political pressures. A dispute between the national government and the EU is creating economic uncertainty, and the recent Morandi bridge disaster is casting a dark shadow over all private sector-led projects in the country
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Brazilian power buyers flock to 'free' market
Power Latin AmericaPrivate power purchase agreements, increasingly prevalent in developed countries and some developing nations such as Mexico, are on the rise in Brazil
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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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Santa Vitoria do Palmar financing, Brazil
Renewables Latin AmericaIDB Invest recently closed a total credit guarantee to help finance Atlantic Renewable Energy's 207MW Santa Vitoria do Palmar wind complex in Rio Grande do Sul, in a peculiar transaction that saw the private sector arm of the IDB Group provide a guarantee greater than the total value of the infrastructure debentures issued to fund the project
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M25 road refinancing, UK
Transport EuropeLondon’s orbital M25 motorway refinancing was the largest infrastructure refi seen in the UK since the Intercity Express deal of 2015
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Meza la Paz wind farm, Mexico
Renewables Latin AmericaThe Mesa la Paz wind project may have started a new way of financing energy projects in the country, with bonds covering both construction period and a long-term PPA.
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Ituango hydro: hopes for sunrise over flooded lands
Renewables Latin AmericaThe almost literally collapsing Ituango hydropower project in Colombia may open the way to a faster development of renewables in the country
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Asia green bonds: looking ahead
Renewables Asia PacificFinancing of renewables across the Asia Pacific has so far been dominated by commercial and multilateral banks. But regional bond investors are showing interest in green bonds and finance – fuelling hopes for the potential growth of capital market financing solutions
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EXCLUSIVE Arroyo Seco and Timbúes CHPs, Argentina
Power Latin AmericaProject finance is finally taking off in Argentina’s energy sector after a years-long dry spell, with only a precious few projects making it to financial close in 2017. Now Argentina’s second-largest energy producer Albanesi Energia has closed the financing for two cogeneration heat and power plant projects in Santa Fe
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More to Colombia than just 4G
Transport Latin AmericaColombian cities are following the lead of the capital Bogota and are trying to launch a pipeline of infra PPPs
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Infra fund activity – lot more than you'd think
Oil & Gas EuropeAs 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”
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EXCLUSIVE The Colombia 4G slow down
Transport Latin AmericaDistrust in the government and corruption scandals have made most banks hit the brake
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Private placements and investors' expanding appetites
Oil & Gas EuropeA 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
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4G Colombian road sets new financing standard
Transport Latin AmericaThe financing of the road Ruta al Mar may represent a new financing paradigm with a combination of bonds and loans; first private international emission; use of local currency.