February 2011 Issue

    Month: February
    Year: 2011

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    There’s a storm coming

    Optimal conditions have arrived for greenfield PPPs in the US, but who will benefit? Andrew Fraiser of Allen & Overy examines the evidence.

    Is it time to revisit PPP ratings?

    Infrastructure investment analyst Robert Bain suggests it might be time to re-assess the credit quality of UK public-private partnerships – a mature, resilient sector characterised by low volatility, essentiality, strong government support under successive political regimes and few defaults.

    Taking a look at the bigger picture

    With the recent focus having been on the Spanish solar debacle, the wider European renewable energy opportunity may be overlooked by some – but not by BNP Paribas Clean Energy Partners, which is busily invested its €437m debut fund. By Andy Thomson.

    A bonus for the banks

    Renewable energy deal flow is increasing, presenting welcome opportunities for those banks prepared to acquaint themselves with complex regulatory regimes. By Andy Thomson.

    How the sun set on Spanish solar

    The Spanish government’s decision to take retroactive measures against its previously generous solar photovoltaic tariff looks set to end up in the law courts. Andy Thomson reports.

    Fighting the headwinds

    Infrastructure investors eyeing US renewables may have to work a little harder to source attractive deals thanks to five trends rapidly reshaping the sector. Cezary Podkul explains.

    Special report on Turkey: Bridge to the future

    Turkey’s $5bn-plus highway and bridge privatisation package may represent a unique opportunity for investors wanting to offset their exposure to Europe’s slower-growing territories, writes Bruno Alves.

    Colombia: A social revolution

    Colombia is devising a programme of ‘large-scale’ PPPs in the social infrastructure space. Andy Thomson spoke with the country’s head of national planning about his priorities.

    Underpinnings: Here come the developer funds

    Traditional general partners watch out: a new breed of developer-sponsored infrastructure funds are an enticing proposition for limited partners looking to get cheaper access to yield from day one.

    League tables: BNP Paribas takes MLA crown

    The French bank tops the debt league table for 2010, while energy proved the most popular sector during the year and the US the most popular destination.

    Western Front: Long live financial engineering

    There is more than one way to ‘add value’ to an investment and it isn’t always operational efficiency.

    Groundwork: The respect pensions deserve

    Pension funds are frequently advised how they might further assist the development of infrastructure as an asset class. It shouldn’t blind anyone to the intrinsic role they are already playing.

    Most read: Britain’s PPP bashing

    In the UK, confusion over the lifecycle costs of public-private partnerships is tainting their image.

    Snow fight

    Did weather disruption at UK airports point to anything meaningful about the merits of private ownership?

    Birth of a Tiger

    After the collapse of Lehman Brothers, global infrastructure head Emil Henry went looking for a new partner to seed his business. Here’s the story of how he cut a deal with Tiger Management’s Julian Robertson, and what lies ahead for Tiger Infrastructure Partners. By Cezary Podkul

    Answering a funding conundrum

    France’s plans to launch a state-sponsored securitisation vehicle for the refinancing of PPP debt post-construction could end up being the long-awaited solution to bring the capital markets back into infrastructure financing. By Bruno Alves

    Beyond transport

    Transport may grab the most headlines in French infrastructure, but a robust pipeline of prisons, universities, stadia and a significant auction of hydropower concessions offer plenty of other talking points. By Bruno Alves

    Paris’s connection problem

    President Sarkozy’s €22bn plan to mesh inner and outer Paris via fully automated, 24-hour-a-day metro lines is finding it hard to excite investor interest. By Frank Prenesti

    Investors check in

    The planned privatisation of four French regional airports has potential - but interested parties should prepare for some political turbulence, cautions Frank Prenesti

    High-speed ambition, delayed departure

    France aims to close more than €10bn of high-speed rail deals this year. Given that some of them are hitting their third year in procurement, this might prove easier said than done, writes Bruno Alves