Chris Josselyn
Hedge fund manager Julian Robertson and former assistant secretary to the US Treasury Emil W. Henry have launched Tiger Infrastructure Partners, an infrastructure private equity firm which will focus on the energy and power, water, waste, transportation and communications sectors.
Despite the liquidity squeeze, there is still financing out there for credible infrastructure projects. Bankers say the market remains fragile, but they also cite reasons why 2010 might produce a more positive story. Chris Josselyn reports.
Investing in transportation infrastructure in China is difficult. But the returns are also potentially compelling, provided you know what you’re getting into writes Chris Josselyn.
Last month’s £1.5 billion sale of London Gatwick Airport to Global Infrastructure Partners was one of the standout infrastructure deals of the year. So much so in fact that when news of the deal broke in the early morning of 21 October, a lot of people had a view on it. Here’s what some of the many interested parties had to say after learning that Britain’s second-busiest airport will have a new owner in December, provided the transaction reaches regulatory closure.
The Inter-American Development Bank is to provide a $1bn credit line to the South American country to help develop its road infrastructure. The first loan from the package will see $350m financing a new bridge and the maintenance of 810km of roads.
Renewable energy developer SunRay has reached financial close on a solar power plant project near Rome. €120m of project financing was provided by a three-strong bank syndicate.
In its pre-close update for the six months ending September 30, the infrastructure investment company saw its junior debt portfolio jump in value by 20% while its overall investments ‘continue to perform satisfactorily’.
The $5.64bn infrastructure fund has made another investment in the natural gas sector, this time taking a 50% stake in Chesapeake Midstream Partners, a new gas gathering joint venture in the US.
The South African bank is to fund infrastructure projects in Sub-Saharan Africa to the tune of $150m with the support of the IFC. The funds will target infrastructure schemes in the telecommunications, oil, gas and energy sectors.
The ratings agency has upgraded the senior debt rating of the WestLink M7 toll in Sydney from BBB to BBB+. It put the upgrade down partly to the ‘operational toll road expertise’ of sponsors Transurban, Macquarie Infrastructure Group and funds managed by QIC.