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Despite what Wikipedia will have us believe, or what universities still teach, the Project Finance structure now bears no relation to its 1950’s origins, when it was developed for leading institutions to finance large-scale infrastructure and industrial projects. Nor does it any longer involve ‘…a number of equity investors, known as 'sponsors' , and a 'syndicate' of banks or other lending institutions…’. Project Finance is lending against revenues from a yet-to-be-built asset, which specifically precludes banks through their own regulations.
The global project finance market is now led by tens of thousands of asset managers, family offices, private equity/debt, hedge, alternative investment and other funds placing $trillions of private capital into the markets. It is the only financing structure, as distinct from M&A, VC, Mezz etc, that delivers the risk-mitigated long-term returns that these funds and their investors seek. Now enhanced with A+-rated insurance Wraps backed by Lloyds-of-London and other leading insurance markets.
But, with thousands of funds trying to identify projects matching their preferences from the thousands available, and with thousands of projects trying to identify the right investor from the thousands available, the market was not working. It became fragmented and opaque to the point where investors and projects failing to identify, connect and engage with each other was becoming the default outcome.
PFX is now three years into its long-term objective of consolidating the market, with our progress becoming progressively more appreciated among investors and project principals alike. From this zone you can download our Media Backgrounder and Op-Eds. Please contact us on [email protected] for any further information. We’re here to answer any questions.
Please read the Media Backgrounder for further information, which includes a detailed analysis of market participants and funding available.
For further market insight please visit our Articles/Op-Ed zone.
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