2013 has been a mixed bag across project finance sectors. Some, like Oil and Gas and Power performed well, whereas others, like Transport and Renewables have struggled when compared to the same period last year. Though supported by two huge deals, the US$20bn Ichthys LNG project and the Sadara Complex, worth US$17.2 billion, Oil and Gas figures represented an year on year uptick from H1 2012 levels, driven by huge and ever growing global energy demand and supported by the US shale revolution. Renewables remain affected by difficult financial conditions in traditionally strong markets like Europe, with governments reluctant to provide the levels of subsidy seen historically. However new markets like South Africa are pushing forwawrsd with aggressive and well supported renewable programs, with the emerging markets the place to watch for the subsector. Trasport dipped slightly on H1 2012 levels, down from 30 to 21 deals for US424 billion, but certain key players like South Africa, India and Australia should remain active. All in all, although the increase in deal value should be cause for optimism, the falling deal count shows pipelines are not yet replenished, the project finance community not yet fully extricated from the shackles of global recession.
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