Category Archive: Project Finance

Easing infrastructure finance flows: S&P Global Ratings’ Trevor D’Olier-Lees and Mar Beltran write for BRINK NEWS

There’s no denying that underinvestment in infrastructure can have deleterious effects upon a country’s trade and economic competitiveness. But, equally, the challenges of financing capital-intensive infrastructure projects from public funds – and without compromising fiscal targets – are only heightening. The question, therefore, is: What tools are available that can ease financing for urgently-required infrastructure …

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U.S.’ withdrawal from Paris Agreement is not the death knell for clean energy initiatives, says S&P Global Ratings at CEPEC event

At a recent CEPEC event, S&P Global Ratings, Sund Energy and Chatham House agreed that multilateral climate and environmental initiatives, as well as U.S. state-level clean energy drives, will likely continue regardless of the U.S.’ Paris Agreement withdrawal. S&P Global Ratings’ Michael Wilkins, Head of Environmental & Climate Risk Research, stated: “The withdrawal from Paris, …

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Mexico City Airport Trust’s score of E1/77 under S&P Global Ratings’ Green Evaluation covered by the specialist press

The tranches of senior secured bonds Mexico City Airport Trust intends to issue through to 2020 received S&P Global Ratings’ Green Evaluation score of E1/77. E1 is the highest score on the scale (E4 is the lowest). S&P Global Ratings expects the debt to gradually increase, reaching up to US$6 billion over the next two to …

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S&P Global Ratings publishes its Q2 2017 Infrastructure Outlook newsletter

S&P Global Ratings has published its latest edition of IFR Outlook – reviewing the developments from the global infrastructure sectors in the second quarter. The edition’s lead feature analyses the consequences of President Trump’s decision to withdraw the U.S. from the Paris Agreement on climate change. S&P’s Director, U.S. Energy Infrastructure, Michael Ferguson, argues that …

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Brookfield White Pine Hydro senior secured project financing notes receive a score of E1/90, covered by the specialist press

Brookfield White Pine Hydro’s $475 million senior secured notes received a score of E1/90 on S&P Global Ratings’ new Green Evaluation scale. The notes, issued by Brookfield White Pine Hydro LLC (BWPH), are being used mostly (74%) to refinance existing indebtedness for BWPH’s portfolio – which comprises 68 generating units across 21 hydroelectric facilities primarily …

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Three Gorges Finance receives E1 score from S&P Global Ratings for €650 million European wind project bonds, covered by the specialist press

Three Gorges Finance II received a score of E1/83 on S&P Global Ratings’ new Green Evaluation scale for its €650 million green bond issuance due in June 2024. This is the first ever Chinese green bond to be ranked under the Green Evaluation framework. The bonds will be used to finance European wind power projects …

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City Of Gothenburg receives first Green Evaluation for municipal green bond, with a score of E2/67, covered by the specialist press

  The City of Gothenburg received a score of ‘E2/67’ on S&P Global Ratings’ new Green Evaluation scale for its Swedish krona (SEK) 1 billion of green bonds due on 15th June, 2022. The bonds, issued on 15th June 2016, have been allocated to fund a number of eligible projects as part of the Swedish …

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S&P Global Ratings assigns first green evaluation to Cross Sound Cable LLC, covered by the specialist press

S&P Global Ratings’ first assigned Green Evaluation was to Cross Sound Cable LLC – a high voltage electrical transmission company. Argo Infrastructure Partners used US$120 million of privately placed debt to fund a portion of the acquisition of the Cross-Sound Cable project in August 2015. This undersea cable project transmits power from renewable-rich New England …

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S&P Global Ratings reports the U.K’s less efficient water utilities are at-risk from Ofwat’s regulatory changes, covered by specialist press

A recently-published report by S&P Global Ratings claims that U.K.-based water utilities may face lower returns after 2020. This came after elements of industry regulator Ofwat’s methodology for its upcoming Price Review emerged. To compensate for utilities’ lower takings, the regulator is proposing attractive performance-based financial incentives. While this increased scope for earnings from incentives …

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S&P Global Ratings’ report warning of diminishing demand for U.K. university accommodation is covered by specialist press

A recently-published paper by S&P Global Ratings has raised concerns that accommodation demand at the UK’s lower-ranked universities could fall – amid growing competition among the country’s higher education institutions. While long-term investors remain interested in university accommodation, S&P believes the sector faces mounting pressure – as a consequence of the decline in number of …

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