Some of the most exciting innovations came in the renewables
market – these included landmark solar stations and
wind farms. Israel features prominently as an arena where new
project financing structures are being developed.
The European Investment Bank road-tested a new instrument
designed to bring more comfort to lenders and continued to push
the limits of its involvement.
A8 motorway in Germany
The €440 million A8 motorway project refinancing in
Germany was the first project to use the European Investment
Bank's (EIB) new senior debt credit enhancement (SDCE) tool.
The product evolved out of the project bond credit enhancement
(PBCE) instrument and is expected to support a wide range of
projects across Europe.
The SDCE strengthens the loan and bond refinancing with a
funded subordinated loan that replaces guarantees. It also
contains a revolver facility that makes efficient use of
project cashflows and can be used alongside any project