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PRESS INFORMATION Global Project Finance Review Full Year 2009 Global Project Finance Volume Down 9% to $292.5bn Asian Volume up 57% to Record $104.0bn State Bank of India Topped Mandated Arranger Ranking State Bank of India and Latham & Watkins Led Adviser Rankings Global Project Finance volume reached $292.5bn in 2009, the second highest total on record despite the fact that volume dropped 9% compared with the $320.9bn raised in 2008. Media Contacts: Natalie Cogan, New York Tel: +1 212 577 4486
natalie.cogan@dealogic.com
The largest deal to close in 2009 was the $18.0bn Papua New Guinea LNG project. Financing comprised $14.0bn debt and $4.0bn equity. Western European project finance volume reached $54.3bn via 265 projects during 2009, down 35% from 2008 and the lowest level since 2004. Asian volume reached $104.0bn in 2009, an increase of 57% on 2008 and the highest annual volume on record, driven by India which led the global nationality ranking with $54.4bn. Project finance loan volume fell 6% to $223.9bn in 2009, while bond volume increased 96% to $12.5bn, compared with $6.4bn in 2008. Debt financing accounted for 81% of total project finance volume in 2009, with equity volumes accounting for 19% down from 24% in 2008 Energy continued as the leading sector and accounted for 36% of global project finance volume in 2009, up from 35% in 2008, despite volume dropping 5% to $106.5bn. Global PFI/PPP volume fell 18% to $55.5bn in 2009 compared with a record $67.8bn in 2008. State Bank of India led the mandated arranger ranking with $27.0bn from 51 deals. Calyon and IDBI Bank followed with $6.9bn and $6.5bn respectively. Credit Suisse led the bond bookrunner ranking with $2.1bn from five projects, followed by Citi and HSBC with $815m and $743m respectively. Advising 34 projects worth $32.8bn, State Bank of India led the financial adviser table. SG CIB and Macquarie Group followed with $20.3bn and $11.2bn respectively. Latham & Watkins led the legal adviser ranking with $15.8bn via 37 deals while Allen & Overy ranked second with $12.5bn via 55 deals.
Content:
Regional Analysis .......................... 2 Global Volume Analysis .................. 3 Sector Analysis ............................. 4 PFI / PPP ...................................... 5 Top 10 Project Finance Deals .......... 6 Project Finance - Rankings ............. 7 Dealogic Coverage & Criteria ........ 11 Contacts: ................................... 12
Regional Analysis
Asian project finance bucked the global trend in 2009 with volume up 57% on 2008 to reach a record $104.0bn, the highest volume of any region o India was the leading nation globally and accounted for three of the worlds top 10 projects in 2009. Volume was up 189% to reach $54.4bn via 81 projects
$bn 350 300 250 200 150 100 50 0 Project Finance Volume by Region % growth 60% 50% 40% 30% 20% 10% 0% -10% 2004 2005 2006 2007 2008 2009 -20%
Western and Eastern European project finance saw the largest declines of any region, down 35% and 61% to $54.3bn and $10.8bn respectively. 2009 represented the lowest annual volume for Western Europe since 2004 o Germany bucked the trend with volume up 12% on 2008 to reach $6.2bn
North American volume reached just $31.2bn via 93 projects in 2009, down 16% on 2008 and the lowest annual volume since 2005 Middle East and African volume fell 28% to $39.7bn in 2009 compared to $54.8bn in 2008 Brazil accounted for two of the top four largest projects in 2009, while Papua New Guinea claimed the largest deal with its $18bn LNG project
1 2 3 4 5
6 7 8 9 10 11 12 13 14 15
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2006 Bond
2007 Equity
2008
2009
# of projects
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Sector Analysis
Energy continued to be the leading sector in 2009 and accounted for 36% of global project finance, up from 35% in 2008, despite volume dropping 5% to $106.5bn o 4Q 2009 volume was $27.0bn, an increase of 34% compared with 4Q 2008 Within the energy sector Renewable Fuel was the only subsector to record an increase in volume, up 7% on 2008. Power remained flat on the previous year and wind farms fell 28% The largest energy sector deal for 4Q 2009 came from the UAE Shuweihat II IWPP Project ($2.7bn). This helped push the Middle East and North Africa energy sector volume to $12.3bn in 2009, up 41% on 2008 Western Europe accounted for the largest number of projects with 127 deals worth $18.7bn in 2009. India accounted for the largest volume in this sector with 32 deals worth $22bn in 2009
$bn
Sector Breakdown 2009 (2008) Mining Telecom 2% (2%) 6% (1%) Industrial 3% (3%) Petrochemical 3% (9%) Oil & Gas 22% (24%) Energy/power 36% (35%)
Sector Volume 120 100 80 60 40 20 2004 2005 2006 2007 Oil & Gas Telecom 2008 2009 Energy/power Industrial Infrastructure Mining Petrochemical
The Infrastructure sector ranked second with represented a 4% fall in volume compared to 2008 o
$81.3bn.
This
Within this sector Road projects totaled $32.3bn and accounted for 40% of volume Airport ranked second in terms of volume within the infrastructure sector with $10.4bn. The Gatwick Airport Acquisition ($3.2bn), Canberra Airport refinancing ($174m) and Melbourne Refinancing 5 ($132m) were the only three projects within this sub-sector to reach financial close in 4Q 2009
Both the Mining and Telecom sectors bucked the overall trend and saw a rise in volume against 2008 to reach $6.1bn and $17.1bn respectively Despite recording a 17% drop in volume the Oil & Gas sector included the Papua New Guinea LNG project ($18.0bn), the largest project to reach financial close in 2009
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$bn 80 70 60 50 40 30 20 10
20% of all global PFI/PPP volume was done in the Indian Subcontinent, with 20 deals closing for $11.1bn, the largest recorded annual PFI/PPP volume for the region
0 2004 2005 2006 2007 2008 Australasia 2009 Western Europe North America Indian Sub-continent Others
Water and Sewerage PFI/PPP projects saw the biggest increase in volume in 2009, reaching $6.0bn from 10 deals. $5.1bn of this volume came from one project the Victorian Desalination Plant
PFI/PPP Sub-Sector Breakdown Water and sewerage 2008 Waste Urban railway 2009
The Victorian Desalination Plant in Australia was the largest PFI/PPP of the year and was one of only twelve projects above $1.0bn in all sectors to reach financial close in 2009
Road projects, at $22.4bn, continued to dominate and accounted for a 40% share of PFI/PPP volume, despite volume falling 4% compared to 2008
Tunnel Road
Education recorded the largest number of deals at 40. The largest project in the sector to reach financial close in 2009 was the Zayed University PPP Project at $1.2bn
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Borrower Name Papua New Guinea Liquefied Natural Gas Global Co LDC Santo Antonio Energia
Project Name
Country
Sector Oil Refinery/LNG and LPG Plants Renewable fuel Oil Refinery/LNG and LPG Plants Renewable fuel Power
Financial Close
15-Dec-09
5,693
Brazil
11-Mar-09
Indian Oil Corp Ltd Consortium Energia Sustentavel do Brasil China Power Investment Corp
IOC Paradip Refinery Jirau Hydroelectric Plant Haiyang Nuclear Power Plant
AquaSure Finance Pty Ltd Berlin Brandenburg Flughafen Holding GmbH Sasan Power Ltd
5,105
Australia
01-Sep-09
3,975
Germany
Airport
30-Jun-09
Sasan Ultra Mega Power Project Vodafone Essar Seven Circles GSM Network Rollout
3,836
India
Power
21-Apr-09
3,307
India
23-Apr-09
Ras Laffan Liquefied Natural Gas Co Ltd RasGas II & III LNG Expansion - Phase III 3 - RasGas 3 Funding
3,185
Qatar
23-Jul-09
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10 La Caixa
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3
4 2 52 14 6 8
6
30 13
10 BNP Paribas
10 WestLB
10 SG CIB
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Republic of India GDF Suez Vidarbha Industries Power China Power Investment Exxon Mobil Odebrecht Vodafone Group Meridiam Infrastructure Fund Adani Group
=10 Caixa Geral de Depositos =10 Millennium BCP =10 Espirito Santo Financial Group =10 BBVA
10 Marubeni Corp
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10 Deutsche Bank
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EXCLUSIONS We cover only infrastructure project financing and therefore exclude the following: Real Estate (Except PFI / PPP deals); Shipping or Aircraft financing where not tied to a specific project; o Equipment financing (when not related to a specific project); o Agriculture; o Manufacturing. Dealogic reserves the right to challenge any transaction submitted for inclusion and may request supporting documentation. o o
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Contacts:
Media Contacts Natalie Cogan, New York +1 212 577 4486
natalie.cogan@dealogic.com
Notes to Editors: Dealogic is the pre-eminent provider of Global Investment Banking analysis and systems. With offices throughout the world, Dealogic offers the most comprehensive coverage of global capital markets, credit markets, and mergers & acquisitions activity available.
Dealogic Project Finance Review is a quarterly compilation of global and regional project finance activity. research, and rankings are provided via the ProjectWare platform.
Data,
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