Proximo Transmission: Recent Episodes
Proximo Infra
COVID-19 is likely to lead to big disruptions to the way infrastructure is financed and procured. In this abridged version of a webinar that was first broadcast on 26 April 2020, Tom Nelthorpe hosts Berkeley Research Group's Michael Whalen, Mayer Brown's Nathan Galer and independent consultant David Baxter
The world's major credit ratings agencies have all committed "to incorporating ESG into credit ratings and analysis in a systematic and transparent way." But project finance credits might feature unique challenges. Tom Nelthorpe talks to Peter Kernan at S&P Global Ratings and Carlos Terré of Scope Ratings.
Demand for project finance skills has never been higher, but finding suitable case studies - and making sure the right institutions have access to the right knowledge - is still challenging. Tom Nelthorpe talks to Michael Whalen, Ian Cogswell and Paul Clifford about closing the gap.
Satellite finance has overcome some spectacular booms and busts, thanks to access to a variety of financing sources. Increased satellite data usage could take the market to ever greater heights. Tom Nelthorpe talks demand and launch risk with Michael Whalen from Berkeley Research Group and Nick Flitterman from Portland Advisers.
Reserves-based loans are a popular tool for financing oil & gas, and enjoy a good performance history. Low prices are less of a challenge to the market than ESG concerns, which may affect interest from some lenders. Tom Nelthorpe speaks to Paul Clark, a petroleum engineer and director at ICBC Standard Bank, and Ian Cogswell of Cogswell Consulting
It's the inaugural Proximo Festive Trends Round-up and Draft. Jonathan Yellen, Michael Whalen of Berkeley Research Group, and Ian Cogswell of Cogswell Consulting join Proximo's Tom Nelthorpe to review and rank the most important trends of 2019 in energy, infrastructure and project finance.
Project and infrastructure bond funds are still a rarity in debt capital markets, and are even rarer in emerging markets. Can a new emerging markets infrastructure fund fill a gap in supplying long-dated debt? Tom Nelthorpe speaks to Susan Wisialko of Global Infrastructure Finance and Michael Whalen of Berkeley Research Group.
Commodity hedges in US power have evolved over the last few years, but renewables have created some challenges to hedge providers and developers. Even if battery storage is more widely adopted, hedging will remains complex. Proximo talks to Paula Torres, an originator and trader at commodities trading firm Trailstone.
US power bankers are taking on greater amounts of merchant risk - but in different places to before. With both market structure and technology evolving rapidly, bankers are having to make some tough calls about how aggressive to be with terms. Tom Nelthorpe and Berkeley Research Group's Michael Whalen look back at the Proximo Austin 2019 US Power and Renewable Finance Exchange.
Do project finance lenders ever learn from their mistakes? How do non-bank lenders behave when infrastructure borrowers are distressed? Are bankruptcies a sign that the PPP market is working as planned or failing? Proximo's Tom Nelthorpe talks workouts and restructurings with AlixPartners' Frank Pometti and Berkeley Research Group's Michael Whalen.
Eleven years on from the launch of the first green bond, the label has become commonplace in capital markets. But while banks and corporates are frequent issuers, non-recourse green project bonds still need to gain momentum. Tom Nelthorpe talks pricing, principles and project debt with S&P Global Ratings' Mike Wilkins, Berkeley Research Group's Michael Whalen and Cogswell Consulting's Ian Cogswell.
Latin American renewables has gone mainstream, with low-cost bids and strong lender and investor interest in the region. But developers are having to work harder to make bids attractive, and take on more risks. George Khachadourian talks to Emily Puente, regional manager for Northern Latin America at First Solar
The US power power finance market is undergoing a period of rapid evolution, as changes in debt terms and new enhancement products allow for more aggressive development and acquisition activity. But offtakers - both utilities and private corporates - feature challenging risks that lenders will need to accommodate. Tom Nelthorpe hosts experienced US project finance banker Jonathan Yellen and Berkeley Research Group's Michael Whalen.
New sources of capital are giving mine developers many more options - and many more complications - when raising capital. But construction and political risks still require huge amounts of attention from sponsors. Joining Proximo's host, Tom Nelthorpe, are White & Case's Oliver Wright, and Global Transaction Partners' Stephen Kennedy.
Floating offshore wind has made some huge advances in the last 18 months, including a first EIB-led debt financing. But is it bankable for commercial lenders, and what are the main technical challenges? Joining host Tom Nelthorpe to discuss the state of play are RCG's Marc Costa-Ros; Gary Ross of Floating Energy Systems and Ian Cogswell of Cogswell Consulting.
The US PPP (or P3) market continues to offer some solid financing opportunities, even though the prospects for an infrastructure bill appear slight. With lender and sponsor interest still strong, even sporadic deals can achieve attractive terms. Tom Nelthorpe covers the states, sectors and financing tools that have been most successful with Milbank's Allan Marks and Berkeley Research Group's Michael Whalen.
Developers in Canadian PPP are struggling to cope with the amount of risk that the country's provinces expect them to take on. And they are starting to get vocal about these struggles. With the Canada Infrastructure Bank making a troubled debut, is Canada's mantle starting to slip? Tom Nelthorpe reviews the highs and lows with Fitch Ratings' Mario Angastiniotis and Priya Veerapen.
Political pressure is pushing export credit agencies in new, sometimes conflicting, directions. But they remain useful and well-regarded project finance players. Tom Nelthorpe talks trade wars, ESG pressure and renewables mandates with Cogswell Consulting's Ian Cogswell and Berkeley Research Group's Michael Whalen.
After a unprecedented ten-year stretch of low interest rates, have sponsors become too complacent about managing interest rate risk? With Libor due to be replaced shortly, hedging arrangements will need renewed scrutiny. Tom Nelthorpe examines basis risk, termination costs and pre-deal hedging with Cogswell Consulting's Ian Cogswell, Berkeley Research Group's Michael Whalen and JCRA's Rishin Patel.
The wall of institutional debt and equity has the potential to drive innovation in the way renewables portfolios raise financing. But the supply of assets is still little more than a trickle, despite Europe's ambitious decarbonisation goals. Tom Nelthorpe talks supply and demand with Martin Berkenkamp, founder and CEO of advisory firm advise2energy. [Music: www.bensound.com]
Banks are now offering infrastructure corporates pricing discounts if they meet their sustainability targets. Are the targets meaningful, and is there any reason why project finance borrowers cannot do the same? Host Tom Nelthorpe asks whether ESG-linked loan documentation will bed down in the market with Ian Cogswell and Michael Whalen.
US LNG developers struggle more with permitting and politics than with raising debt, though banks are likely to be prodded to take on more merchant risk on future financings. In an episode recorded in March this year, Tom Nelthorpe talked to Michael Whalen, a managing director at Berkeley Research Group, and Inosi Nyatta, a partner at Sullivan & Cromwell
Why are project finance banks under so much pressure to sell down their exposures, and which methods have worked best to do so? Host Tom Nelthorpe discusses syndication, securitisation, capital markets projects, first loss insurance and bilateral debt sales with Ian Cogswell and Michael Whalen.
Infrastructure funds are now dominant forces in the infrastructure finance ecosystem. But their needs - and those of their investors - are constantly evolving. On the eve of Proximo's debt event in Lisbon, the European Infrastructure and Renewables Finance Exchange, Tom Nelthorpe speaks with Bronte Somes, head of infrastructure equity, Europe, at UBS Asset Management, Alexander O'Rourke, principal at White Summit Capital, and Laurent Chatelin, managing director at the Marguerite Fund.
Blended finance has become an increasingly popular term in development finance circles. But what does it mean? How seriously will the market take the concept, and what other ways to drive infrastructure finance towards sustainability are there? Tom Nelthorpe is joined by Michael Whalen at Berkeley Research group, and Ian Cogswell from Cogswell Consulting to look at how blended finance might work on the ground.