Europe deals of the year: project finance

Author: IFLR Correspondent | Published: 8 May 2017

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 with...