| Infrastructure Financing |
| | | Raising Capital Offshore for Infrastructure Companies and Projects | |
Declan Sherman, Managing Director and Founder of Everlight Capital.
It has been an active several years for Brazilian private equity funds in terms of raising capital. BTG Pactual recently announced plans to create an investment fund of at least US$1.75bn for funds dedicated primarily to Brazilia... | | | | Project Bonds | |
Ana Corvalan, Director Project Finance, EMEA & Australia, Esprito Santo Investment Bank, London Branch.
Introduction
Since early 2011, a number of high level discussions have been taking place in the market with a view to identifying new ways to continue financing project developments, especially ... | | | | Private Equity Fund of Funds | |
LIQ speaks to Estevao Latini, co-Founder and Managing Director of Latin America Alternatives
1. I find Latin America Alternatives (“LAA”) Management to be quite a novelty for our region. Can you tell us a little bit about how the Partners of LAA came up with the idea?
A founder of ... | | | | The Short Story on Infrastructure | |
Andrew A. Bogan, PhD and Thomas R. Bogan, CFA, Managing Members of Bogan Associates, LLC
While infrastructure investing has long been considered to be primarily a private equity investor’s domain, the past decade has seen a significant increase in infrastructure investment in publicly listed ... | | | | BNDES' Project Structuring Division | |
LIQ Proprietary Research
Infrastructure development is and will remain paramount as Brazil aims to sustain its economy’s robust growth and prepares for the upcoming 2014 World Cup and 2016 Olympics, and there is a general consensus that bottlenecking caused by insufficient infrastructure pres... | | | | Value for Money: When are PPPs the best alternative? | |
Jaime Jesus Betalleluz Fernandini - Infrastructure, Government & Utilities Advisor
A growing number of countries have created Public Private Partnerships (PPP) to promote the offer of assets and services of infrastructure by the private sector. The experiences gained in different countries could i... | | | | Chinese Investment in Latin American Infrastructure: Synergies, Opportunities and Challenges | |
Darin Bifani, Founder of Puente Pacífico Investment Advisory Ltda
Despite the distance between them, China has become LatAm’s third most important commercial partner behind the United States and the European Union. Following a long period of modest activity, Chinese investment in LatAm... | | | | Infrastructure Debt Funds and Exchange Rate Risk in Latin America | |
A few months ago, we were consulted by an investment professional at a certain infrastructure advisory firm on how managers of an infrastructure debt fund (IDF) in an emerging market could hedge against the exchange rate risk.
This matter is of critical importance when LPs lend to an IDF in a hard ... | | | | Mezzanine Finance For LatAm's Infrastructure | |
Mezzanine finance is an innovative and complex way to finance corporate expansion projects, acquisitions, recapitalizations, and leveraged buyouts, as well as to structure refinancings. A mezzanine financing can be structured in a number of ways, a versatility that facilitates its capacity to evolv... | | | | CleanTech Infrastructure | |
Anadi Jauhari is a Senior Managing Director at Emerging Energy and Environment LLC (EEE), a Connecticut-based alternative investment firm with current presence in Rio, Mexico City, and Panama. EEE specializes in renewable energy, cleantech, energy and emerging infrastructure. Prior to his current... | | | |
| Politics |
| | | Ecuador: Infrastructure pushed from the top | |
As one of the most popular presidents in Ecuador during recent years, Rafael Correa began 2011 strong. His referendums on constitutional reforms showed without a doubt that there ispopular support for an extension of his mandate, which has August 2013 as a horizon, with the option of being re-elect... | | | | The Impact of Regional And Local Elections in Spain: A new outlook for Infrastructure? | |
Interesting opportunities lie ahead for infrastructure players in Spain in light of the results of recent regional elections in May 2011. There has been a marked swing in favor of parties who are more positive about the involvement of the private sector in infrastructure. Moreover, regional governm... | | | | EU debt crisis and Spanish PPPs | |
Spain is under stress. The European sovereign debt crisis has lead to a significant rise of capital costs, with EURIBOR interest rate premiums soaring from 150 basis points (b.p) to a maximum of 420 b.p., thanks to the downgrades of PIG countries and the recent S&P downgrade of the U.S. The market ... | | | |
| Institutions |
| | | The State of Infrastructure Investment in Turbulent Times | |
The world has an infrastructure problem. Tightened global financial markets and the uncertainty engendered by the sovereign credit crisis spreading throughout Europe from Greece and Spain to Italy. makes this fundamentally a financial problem Global governments find themselves fiscally strained ... | | | | The Chilean PPP Experience | |
Mr. Hidalgo talks about the factors that have led Chile to a successful experience with PPPs, the role of the different players involved, some of the most important achievements of the model, and the model’s applicability elsewhere in the region and the world.
1) What are in your opini... | | | | The case of PPPs in Portugal, from problems to solutions | |
1. Introduction
Considering that Portugal is currently suffering one of the most severe financial crisis in its history, and that it is one of the countries that has relied the most on PPP contracts to meet its public service and infrastructure needs, this paper examines to what extent PPPs have co... | | | | Costa Rica’s Infrastructure Challenge | |
Costa Rica, a 51,000km2 Central American country, has always been recognized as a solid democracy whose set of institutions and long-term oriented policies have provided remarkable results in terms of education access, healthcare coverage and environmental protection. However, when looking to the o... | | | | INFRASCOPE: An interactive learning tool and benchmarking index | |
Good infrastructure contributes to increased productivity and economic growth. Yet constrained public-sector budgets inhibit the ability of many governments to meet the needs of their populations. Under public-private partnerships (PPPs), private entities contract with the public-sector, assume r... | | | | Ontario's Infrastructure | |
The average age of Ontario’s infrastructure – and the continuing growth of its population – means that the province’s public infrastructure needs are some of the greatest in Canada.
To address this infrastructure deficit, the Ontario government implemented a strategic inves... | | | | IFC Infrastructure Advisory - Latin America | |
LIQ speaks to Paulo de Meira Lins, Investment Officer, Interational Finance Corporation
The International Finance Corporation (IFC) has been integral to the growth and spread of private finance initiatives (PFIs) and public-private partnerships (PPPs) for infrastructure projects throughout LatAm. ... | | | | The Colombian Infrastructure Chamber | |
LIQ speaks to Gustavo Morales Cobo, Deputy C.E.O., Colombian Infrastructure Chamber
1. What´s the overall environment and reality for private sector participation in the development of public infrastructure?
In general, Colombia´s government in the last two decades has been a friendly p... | | | | Public-private partnership and its role in modernization of infrastructure in Ukraine | |
Ukraine is now taking its first steps in the development of public-private partnerships (PPP). Today there is a lot of conversations regarding the
necessity to attract the private sector for infrastructure modernization, and a number of normative-legal acts that regulate preparation of projects in ... | | | | Infrastructure and Services Forum: An interview with Aniceto Zaragoza & Julián Sastre | |
1. Please describe the purpose of the Foro de Infraestructuras y Servicios (www.foroinfra.com) and name some of its main members.
All agents involved in the development of infrastructures and services are faced with a new challenge, set out by a series of guidelines, among which the scarcity of res... | | | | Privatization Models for Latin American Airports: Implications for Brazilian Airport Privatization | |
As an infrastructure investor based in the United States, one is often asked, “Is it actually possible to invest in infrastructure, or does the government own all of it?” Sadly, in the United States, despite being widely regarded as the world’s premier Capitalist economy, most ... | | | | Infrastructure Projects in Peru: Are Regional Governments Still under the Paternalism of the Central | |
Reviewing the amount of infrastructure projects that exist in various regions of Peru, one observes several factors that make the country a good place for exploring investment options: it has been growing steadily over the last decade; the risk ratings have improved; it has one of the better legal ... | | | | Airport Infrastructure In Brazil: Examining the Profitability of Brazilian Airports | |
Brazil’s deficient airport infrastructure was not a major issue until the country was awarded the 2014 World Cup and the 2016 Olympic Games, yet for years it had impaired the blossoming of high-value-added industries. Historically Brazil has been able to manufacture high-added-value products ... | | | | Public Private Partnership in Chilean Hospitals: A new market in development | |
In Chile, the application of the Public Private Partnership (PPP) model was initiated in 1996, with the approval of the General Law on Public Works Concessions. Since then, there have been numerous public works developed under the PPP model in such distinct areas as airports, roads, ports, stadiums... | | | | Spain's Infrastructure: P3 PROGRAM | |
Highlights of the Spanish P3 Programme
A supplementary PPP Infrastructures Program was passed by the Spanish Government in 2010, in order to bring forward investments that would otherwise have been delayed due to the country´s current, well-known budgetary situation.
Besides promoting job cre... | | | |
| Regulation |
| | | Colombia: The Infrastructure Plan Relies on the New PPP Law | |
In an unprecedented flash approval process by the National Congress, president Santos’ administration succeeded the enactment of law 1508, 2012, the PPP law. This law was a “most expected” piece of legislation in a country in need of infrastructure development and projects and sun... | | | | Recent Developments in Dispute Resolution in Infrastructure Contracts in Brazil | |
Cesar A. Guimarães Pereira
The existing Brazilian arbitration law was enacted in 1996 but came into full practical application only after 2001, when the STF (Brazilian Supreme Court) rejected a constitutional challenge against it. In 2002, Brazil ratified the New York Convention of 1958. Sin... | | | | Guatemala: The Public Private Partnerships Act | |
Luis Pedro del Valle H., Senior Associate at Arias & Muñoz
In April 2010, the Guatemalan Congress enacted the Public Private Partnerships Act (PPP Act; in Spanish, Ley de Alianzas para el Desarrollo de Infraestructura Económica). The determinant factors for the enactment of this statu... | | | |
| Projects |
| | | Peru: Taboada Wastewater Treatment Plant Project | |
The Taboada Wastewater Treatment Plant was granted in concession in 2009 to a Peruvian subsidiary of Spain’s ACS Group, through which the amount of treated water shall be significantly increased in Lima and Callao, thus reducing ocean pollution. This is one of the new mega water projects la... | | | | Peru: Red Vial 4 Tollroad | |
The Red Vial 4 Tollroad is a new highway spanning across the northern region of Peru granted in concession in 2009, to be built by a Peruvian subsidiary of Spain’s OHL Concesiones.
The project contemplates tariff as revenue for the Concessionaire, as well as a Guaranteed Minimum Annual In... | | | | Chile: Intelligent Transport Systems for the Chilean Railways: A Proposal based on PPPs | |
Daniel Brieba, ARA WorleyParsons; Mauricio Casanova, Ministry of Transport and Telecommunications (Chile); María Fernanda Figueroa, ARA WorleyParsons; Julián Sastre, International Transport Consultant;
ITS – Intelligent Transport Systems – is a term which is used to desc... | | | | Paraguay: BRT Public Transport System | |
In October 2011, a bill was put forward by the President of Paraguay and the Ministry of Public Works and Communications (MOPC) to implement a Bus Rapid Transit (BRT) Public Transport System on a central line along the Eusebio Ayala Avenue between Asunción and San Lorenzo city centres.The Se... | | | | Paraguay: The Hidrovia on the Paraguay River | |
The Hidrovia waterway, planned for the Paraguay-Parana rivers of the Southern Cone, has been qualified as the largest engineering project in the frame of the integration process of MERCOSUR. The Hidrovia project represents the joint efforts on behalf of the countries concerned for adopting a unifie... | | | | Peru: Huascacocha Water Derivation Project | |
The Huascacocha Water Derivation Project was granted in concession in 2008 to a Peruvian subsidiary of the Brazilian construction conglomerate Construtora OAS. This project consists in the construction, operation and maintenance of a dam at the Huascacocha Lake located in the Peruvian provinces of ... | | | | Paraguay: Airports Concession | |
The Airports Concession Bill was launched by the President of Paraguay and the Ministry of Public Works and Communications (MOPC) on October 14th, 2010. The Bill authorizes the Executive Power to grant the concession of international airports Silvio Pettirossi (Asunción), Guaraní (Ciu... | | | | Paraguay: Itaipú-Villa Hayes Electric Transmission Line | |
The proposed 500 KV Itaipú-Villa Hayes transmission line is considered to be the most important engineering project for Paraguay in the last 20 years.
The Joint Declaration between Paraguay and Brazil’s heads of government on July 25, 2009, acknowledged the need to reach an agreement o... | | | |
| Deals |
| | | Legal and financial structuring process of Zaragoza LRT Line 1 under a PPP scheme | |
Raúl Ortiz Morales, Manager of Infrastructure Financing and PPP, Deloitte
The first phase of the Zaragoza LRT has been operating since April 2011, although project structuring process began in 2004. Within a legal and financial scheme which incorporates the advantages of private management, ... | | | | The Moin Container Terminal: The Largest Infrastructure Project in Costa Rica's History | |
In March 2011, APM Terminals, a major global port and terminal operator based out of the Hague, won a 33-year concession from the Costa Rican government to design, finance, build, operate and maintain a new container terminal in the city of Moin, on the country’s Caribbean coast. The US$992 m... | | | | Nicaragua: BRITO Hydroelectric Project | |
The BRITO Hydroelectric Project contemplates the construction of two dams located on the San Juan River, the natural border between
Nicaragua and Costa Rica. The San Isidro Dam will be built near the Spanish fortress La Inmaculada Concepcion and consists of a concrete dam 10 meters high. Its primar... | | | | Costa Rica set to build largest hydro-electric project in Central America by 2018 | |
Eduardo Zuñiga, Associate, Arias & Muñoz
Continuing a tradition of clean energy, Costa Rica is set to build the largest hydro-electric project in Central America by 2018. Costa Rica currently produces 93% of its energy from renewable sources, 82% of which comes from hydro-electric pla... | | | | Mexican Highways: Towards a new service concept | |
Mexico’s Infrastructure Plan (NIP) 2012
In order to attain its 2030 goal of being ranked in the top 30 of the World Economic Forum’ s Infrastructure Competitive Index, Mexico has developed a new strategic plan that will steer the country into raising the coverage and quality of its infr... | | | | Guatemala: Generation Expansion Plan | |
In January 2011, Guatemala’s National Electric Energy Commission (in Spanish, Comisión Nacional de Energía Eléctrica) (“Commission”) – a
technical organ of the Ministry of Energy and Mines – approved the terms of reference (“Terms of Referenc... | | | | Multipurpose North Terminal - Port of Callao: Infrastructure investment in Peru's most valuable port | |
1. The bidding for the 30-year contract to upgrade and expand the Terminal Muelle Norte must have been quite competitive, why was APM finally awarded with said contract?
Indeed it was a very competitive bid, probably the most important project granted in concession in the last five (5) years, invol... | | | |
| Companies |
| | | VESTAS: The only global energy company dedicated exclusively to wind energy | |
Vestas is the only global energy company dedicated exclusively to wind energy – striving for business case certainty and the reduction of the
cost of energy for our customers. Vestas works in close partnership with customers to offer the most effective solutions towards energy independence.Ou... | | | | Grup TCB: Spanish operator of port terminals | |
Since its foundation in 1972, Grup TCB has established itself as the foremost Spanish operator of port terminals, engineering services and consultancy for container and general cargo terminals. This leadership is demonstrated by its specialization in multiple spheres of operations and cargo managem... | | | |
