2025 marked an inflection point in a long boom cycle for project finance, with high deal volumes worldwide and plentiful sources of equity, bank debt, and private credit. In the United States, the private placement market remained a deeply liquid source of long-term, fixed-rate debt.

However, the war in the Middle East has delivered a global oil price shock, and shortages of raw materials from plastics to fertilizer. The destruction of Middle East infrastructure, as a result of the joint US-Israel attack on Iran and Iran’s countermoves against Israel and the Gulf states, has changed political risk assumptions. The bankability of projects is now being reassessed, and in the medium term, sovereign guarantees are likely to be needed to get project financings in the region over the line. Even before the war, cracks were beginning to show in the market, with concerns about an overbuildout of data centres and some large private credit funds gating redemptions.  

The Asset Triple A Sustainable Infrastructure Awards 2026 cover the buoyant period from January to December 2025. Project finance bankers and lawyers were already stretched to capacity in the first half. But the deal rush accelerated in the second half. There was high-level activity across all sectors, including a spate of solar and wind deals, often accompanied by battery energy storage system (BESS) projects. The US offshore wind sector has encountered difficulties as President Donald Trump pushes back against the green agenda, but there were big offshore wind financings in Europe, including East Anglia 3, and Baltic 1 and 2. For onshore wind, there is also a growing re-powering trend, with old turbines being replaced by bigger models.

In spite of the green pushback, energy transition remains an important theme, and not just in power generation. There were low-carbon steel furnaces financed in Mexico, Türkiye and Sweden. One notable development is the return of nuclear power as a segment that project banks are willing to look at, with appropriate export credit agency (ECA) support. The Sizewell C deal in the United Kingdom was led by Bpifrance, which, along with a group of commercial banks, backed EDF as the reactor supplier.   

With the surge in artificial intelligence (AI) usage, there was also a series of vast financings for data centres, which found plentiful bank debt and private credit. There was also a receptive US private placement market for investment-grade projects. Looking back, 2025 is likely to be seen as a golden year for project finance.

GLOBAL

The Global Sponsor of the Year award goes to London-based Actis, an investment firm focused on sustainable infrastructure, in particular in the energy, infrastructure, and real estate asset classes. Actis was formed in July 2004 as a spinout of CDC Group, and was acquired by General Atlantic in 2024. The firm is a specialist in growth markets where it sees the best risk-adjusted returns. It takes pride in having an industrialist mindset that brings deep operational expertise to every investment and focuses on sustainability with the aim of mitigating risk, creating value, and future-proofing its assets. Highlights of 2025 included the official launch in Latin America of Terranova, a new hyperscale data centre platform. Terranova’s mission is to power the region’s next phase of digital growth, building energy-efficient and custom-focused data centres that meet the rising demand of AI and cloud infrastructure across Brazil, Mexico, and Chile.

Also in Latin America, Actis recently completed the exit from Orygen, the second-largest power generation platform in Peru. Actis launched Orygen in 2024 on the back of the acquisition of Enel’s stake in Enel Generacion Peru. It bolstered the leadership team and advanced a targeted value creation plan centred on digital transformation, strategic repositioning and growth, enhancement of its commercial value proposition, and capital structure optimization, including a US$1.2 billion 10-year investment-grade bond offering in the US. The company was sold to Grupo Romero, one of the largest conglomerates in Peru. The current assets under management for Actis amounted to US$17 billion, spread across 73 portfolio companies. 

The Project Finance House of the Year is Sumitomo Mitsui Banking Corporation (SMBC), which had an extremely strong 2025, whether in financial advisory or lending. The bank can call on a team of almost 500 specialized project bankers worldwide and has built strong relationships with sponsors and government authorities.

SMBC Group is committed to sustainability initiatives, most notably in renewable energy, and increasingly takes on the role of green loan coordinator. In Europe, SMBC was a lender last year on the two most important wind projects, East Anglia 3 offshore UK, and Baltic 2 and 3 offshore Poland  – in the latter as mandated lead arranger and hedge provider. It also worked on the Thorpe March BESS in the UK, and was involved in the CEE Group’s €1.6 billion (US$1.88 billion) portfolio financing, part of the repowering trend as older projects see their wind turbines replaced with newer and higher-capacity models.

SMBC Group is committed to sustainability initiatives, most notably in renewable energy, and increasingly takes on the role of green loan coordinator.

Liverpool Bay carbon capture was another high-profile deal. The bank also co-financed a floating storage and regasification unit for a Polish LNG terminal, being provided by Mitsui O.S.K Lines, as Europe makes strategic changes to its energy security. The bank acted as mandated lead arranger, hedging bank, and facility agent for Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (Nexi) on the Samarkand solar project in Uzbekistan sponsored by Acwa Power and a Japanese joint venture comprising Sumitomo Corporation, Chubu Electric Power Company, and Shikoku Electric Power Company.

High-profile deals in the US included Venture Global’s Louisiana LNG project, where SMBC served as the left lead arranger and sole bookrunner. The bank was also a co-managing underwriter on JFK Terminal 6 and a number of large data centre financings. In Latin America, local offices work closely with the sizeable project finance team based in New York, offering clients strong capabilities in capital structuring and rating advisory, as well as lending.

SMBC also arranged a Corporation Andina de Fomento B loan for Engie, and a series of renewable energy and transport sector deals. SMBC’s project finance advisory team operates across five continents with offices in Tokyo, New York, Singapore, Sydney, Hong Kong, London and Dubai. 

The ESG Bank of the Year is Société Générale, which has positioned itself as one of the key players in the green transition in Europe and globally. Having achieved its aim of contributing €300 billion to sustainable finance over 2022-2025 ahead of schedule, the bank set a new target of contributing €500 billion to sustainable finance between 2024 and 2030. This includes €400 billion in financing, including some advisory, and €100 billion in sustainable bonds for which only Société Générale’s share is taken into account. 

Having achieved its aim of contributing €300 billion to sustainable finance over 2022-2025 ahead of schedule, Société Générale set a new target of contributing €500 billion to sustainable finance between 2024 and 2030.

This target aims to increase focus on the highest carbon-intensive sectors for which the bank has set objectives over the same time horizon. A large part of the financing will be devoted to transactions specific to low-carbon energy, sustainable real estate, low-carbon mobility, and issues relating to industry and the environmental transition, to proactively support its clients in their own transitions. 

In addition to project advisory and lending, the bank is also bringing its structuring capabilities to bear on synthetic risk transfer for other banks – laying off risk to insurance companies and specialized significant risk transfer (also known as credit risk transfer) investors, and freeing up capital to back new green lending.

Already in late 2024, BRD Groupe Société Générale and the World Bank Group unit International Finance Corporation (IFC) closed a synthetic 0SRT transaction that will free up capital for BRD to boost the financing of impactful sustainability-related projects in Romania. Under the transaction, IFC provided a risk guarantee on an up to €700 million to the BRD portfolio of small and medium enterprise (SME) and corporate loans. Capital freed up by the SRT will enable the bank to lend up to €315 million to fund climate-related initiatives and women-owned smaller businesses. 

Société Générale has established its own sustainable finance taxonomy to classify economic activities as sustainable from an environmental and/or social perspective. In January last year, EIB and Société Générale have signed an agreement as part of a new initiative to unlock up to €8 billion in investments to support wind energy producers in Europe. The EIB will provide a €500 million counter-guarantee, which Société Générale will use to create a portfolio of bank guarantees worth up to €1 billion. These guarantees will support new wind farm projects across the European Union, including their supply chain and electricity grid. The leverage effect of the EIB counter-guarantee should mobilize additional funds from other investors to support increased production and accelerated development of wind energy, thereby helping stimulate investment in the real economy. 

ASIA-PACIFIC

Over in Asia-Pacific (APAC), the Adani Group is again voted as the Overall Sponsor of the Year on the back of its broad infrastructure portfolio ranging from energy and utility to transport and logistics, to data centres. Adani Enterprises’ subsidiary Mumbai International Airport Limited raised through a private placement an US$800 million bond from a consortium of global institutional investors led by Apollo Global Management. The transaction was one of the largest private infrastructure financings in India, providing capital to refinance existing debt, enhance liquidity and fund the expansion and modernization of Chhtrapati Shivaji Maharaj International Airport, India’s second busiest airport.

The structure also allows for incremental funds of up to US$1 billion to support the ongoing capital expenditure programme aimed at modernization, capacity expansion and a sustainability drive to achieve net-zero emission status by 2029. The initial deal was for US$750 million, but was eventually raised to US$800 million following a reverse enquiry.

Adani Enterprises’ subsidiary Mumbai International Airport Limited raised through a private placement an US$800 million bond from a consortium of global institutional investors led by Apollo Global Management. The transaction was one of the largest private infrastructure financings in India.

In another transaction, Adani Ports and Special Economic Zone raised US$275 million through external commercial borrowings from DBS and MUFG Bank. The funds were deployed to support Adani Ports subsidiaries’ expansion and liability management, strengthening its position as a global integrated logistics and port infrastructure leader. Part of the financing was used for the company’s investment in the joint-venture Colombo West International Terminal, a state-of-the-art container terminal in Sri Lanka.

Adani Ports’ wholly-owned subsidiary Adani International Ports Holdings Pte Ltd, which is the group’s strategic platform for global expansion and management of its diversified portfolio of port and terminal assets, raised US$475 million to refinance the acquisition financing for the Haifa Port Company – one of Israel’s two largest commercial ports – strengthening the group’s international presence and optimizing capital structure.

In other transactions undertaken by the Adani Group in 2025, Rajasthan Part I Power Transmission secured a construction loan facility amounting to US$750 million to finance the creation of a 6,000MW high-voltage, direct-current (HVDC) system spanning about 1,800 circuit kilometres from Bhadia to Fatehpur with 7,500 MVA (mega volt-ampere) transmission capacity, enabling the evacuation of 6GW renewable energy to India’s national grid. Adani Solar Energy Jaisalmer One Private Limited secured a US$242.5 million loan facility from four international banks – Bank SinoPac, DBS, DZ Bank and Rabobank – to refinance a 450MW hybrid solar-wind project in the state of Rajasthan.

APAC renewable energy sponsor of the year 

As a project sponsor, Actis’ global reach is evident as well in Asia-Pacific, where it was involved in a number of significant renewable energy transactions. It wins the Renewable Energy Sponsor of the Year award. In the Philippines, the group acquired a 40% stake in Terra Solar for US$600 million. This is the largest renewable energy M&A in the Philippines since 2017 and the largest foreign direct investment for a greenfield infrastructure project in the country. The proceeds will be used for the construction and development of Terra Solar’s 3,500MW solar photovoltaic (PV) power plant and a 4,500MWh BESS, including the transmission line. This is poised to become the world’s largest integrated PV solar and BESS project upon completion in 2027.

In India, Actis Energy secured a US$200 million project financing, the proceeds of which were used for Project Bluberry involving a Holdco financing for Actis Energy 5’s third renewable energy platform in the country. The platform is the developer and operator of a diversified 3GW portfolio of onshore renewable energy projects across 10 states in India. The financing featured an innovative structure with the facility provided to an offshore Holdco, and lenders were able to see through to the asset-level merits and retain a covenant-lite structure. The facility also provides flexibility for projects under development.

The Actis Group’s Southeast Asian platform, Levanta Renewables, a utility-scale and C&I renewable energy developer and independent power producer, has a successful track record of 2GW of renewable energy development pipeline in Asia, including 800MW in operation and under construction. In line with the Actis strategy, it aims to support energy transition in Southeast Asia, helping the region transition towards a more sustainable energy system and meet its net-zero goals. Levanta has expanded its presence in Thailand through a series of acquisitions of operating solar assets, building a diversified and scalable renewable energy platform.

AirTrunk continues to dominate the data centre segment in terms of digital infrastructure in Asia-Pacific. One deal that stood out in 2025 was the S$2.25 billion (US$1.76 billion) syndicated green loan that it obtained through its special purpose vehicle AirTrunk Singapore Ten. The financing is Singapore’s largest-ever syndicated loan and green loan for a data centre, representing a major milestone in sustainable digital infrastructure financing in the region. The proceeds were allocated to support the development of SGP2, a hyperscale data centre with a capacity of over 70MW, which will have among the lowest power usage for data centres in Singapore.

AirTrunk continues to dominate the data centre segment in Asia-Pacific. One deal that stood out in 2025 was a S$2.25 billion (US$1.76 billion) syndicated green loan that it obtained through a special purpose vehicle. It is Singapore’s largest-ever syndicated loan and green loan for a data centre.

The data centre will be constructed using so-called green concrete and steel to further reduce the carbon footprint. The financing includes an option to transition into a sustainability-linked loan, in which all financial incentives from the loan will be directed to AirTrunk’s social impact fund. AirTrunk pioneered the hyperscale data centre platform in the region with a growing platform of 12 data centres across 10 markets and over 1.9GW of total operating/development capacity across its portfolio as of April 2025.

APAC institutional investor of the year

Pentagreen Capital, a debt financing company established by HSBC and Singapore’s global investment company Temasek Holdings, is selected as the Institutional Investor of the Year. Launched in August 2022, the company aims to address the significant gap between the investment Asian infrastructure needs and the investment actually committed. It mobilizes capital to parts of the infrastructure finance market where it is lacking and most needed.

Pentagreen consciously avoids crowding out existing lenders – such as commercial banks, multilateral development institutions and traditional private credit – and deliberately targets parts of the market perceived to riskier (those in the B/BB-rated area of the credit spectrum), thus providing the needed capital to support Asia’s infrastructure development.

In 2025, Pentagreen completed three transactions, acting as a catalyst to help growing developers and emerging champions meet their goals, thereby filling a gap in the market where incumbent lenders are not able to participate. Each of the deal demonstrates the effectiveness and impact of blended finance across solar, battery storage, and run-of-the-river projects.

These include the US$80 million Holdco / mezzanine financing for ib vogt Asia, unlocking the development and construction of the company’s greenfield solar and battery storage projects in Asean, including Indonesia and the Philippines. This was a first-of-its-kind mezzanine facility in emerging Asia. The initial project will add a combined 400GWh of clean electricity supply annually and avoid an estimated 257,000 tonnes of carbon dioxide emissions.

In another deal, Pentagreen entered into a financing agreement with Citicore Energy Corporation of the Philippines for up to US$100 million, with an initial commitment of US$55 million,  which will support the construction of 610MWp of solar power across eight projects in four provinces – Pangasinan, Pampanga, Batangas, and Negros Occidental.

The debt financing is an innovative mezzanine / Holdco debt facility to augment the asset-level project financing sourced from traditional project finance lenders. This completes the project’s capital stack to accelerate the development and construction of the company’s extensive project pipeline. The financing was executed under a blended finance strategy, the Financing Asia’s Transition Partnership (FAST-P), a Singapore-led initiative in collaboration with key global public, private and philanthropic partners.

Pentagreen also entered into a financing agreement with Tinfund, a joint venture between Tinfos AS and Norfund, for up to US$45 million to support the implementation of small run-of-river power plants in Indonesia.

The Asian Development Bank (ADB) retains the honour as Multilateral Agency of the Year for the sixth year in a row. It continues to work closely with various governments and the private sector across the region to address the infrastructure requirements through innovative financing, strong partnership, and sustainable development interventions. In 2025, It committed about US$1.6 billion in climate-related financing to support the transition towards net-zero emissions by 2050.

In 2025, ADB committed about US$1.6 billion in climate-related financing to support the transition towards net-zero emissions by 2050.

The bank funded several renewable energy projects, including the Serentica 1 power project in India, which secured US$168 million in financing. It also mobilized up to US$177.1 million in parallel financing from private sector lenders and development finance institutions. The project will supply clean and reliable power to aluminium smelting operations, contributing to the greening of the energy-intensive metal and mining sectors.

In Thailand, the ADB provided a US$350 million financing package to Gulf Renewable Energy Company for three renewable energy facilities: two solar plus BESS projects with a combined contracted capacity of 126MW and 151MWh of storage, and a 68MW solar power plant. Once operational, the projects are expected to reduce about 191,550 tonnes of carbon dioxide emissions annually.

Also in Thailand, the ADB, together with other co-financiers, extended a 16.6 billion baht (US$515.50 million) financing package to Gulf Waste to Energy Holdings Company to develop, construct, and operate 12 industrial waste-to-energy plants with a total contracted capacity of 96MW across Thailand’s central and eastern regions – the key industrial hubs that generate large volumes of industrial waste.

In other projects, the ADB signed a 4.17 billion rupees (US$44.1 million) in senior debt financing with Ecolife Mobility Vehicles Private Limited of India to procure, operate and maintain electric buses, associated depots and charging infrastructure for 13 cities in the state of Maharashtra and one in Assam. In Indonesia, PT Link Net is expanding nationwide its Fibre-to-the-Home and its open-access wholesale FibreCo model with a US$150 million loan from ADB, enabling underserved communities and businesses – especially micro, small and medium-sized enterprises – to access faster, more reliable internet.

APAC PPP agency of the year

For the eight consecutive year, PT Penjaminan & Infrastruktur Indonesia (PT PII), also known as Indonesia Infrastructure Guarantee Fund (IIGF), is voted as the PPP Agency of the Year. Infrastructure is regarded as the single most important key to connecting and creating equality in Indonesia as it helps accelerate economic growth, connects thousands of islands, and facilitates essential social services such clean water and affordable healthcare.

But Indonesia, like many developing Asian countries, has limited financing capacity to meet its infrastructure requirements. The funding gap has prompted the government to maximize creative financing and encourage private sector participation through the public-private partnership (PPP) scheme. Up until February 2025, IIGF had guaranteed 35 PPP projects with a total project value of over 300 trillion rupiah (US$17.22 billion).

IIGF has identified limited state and regional budget financing as one of the major challenges in Indonesia’s infrastructure development. Other challenges include bureaucratic and regulatory complexity, lack of project planning and preparation that hinders project bankability, and complex land acquisition processes, which delay projects and increase costs.

Supporting the PPP programme, IIGF provides clear and consistent project evaluation to enhance governance and increase transparency, thus improving the creditworthiness and quality of the infrastructure projects. In doing so, it also bolsters the bankability of the projects and attracts lenders and investors – thereby increasing the projects' attractiveness for private-sector participation in Indonesia’s infrastructure development.

In 2025-2026, the IIGF’s government guarantee provisions include the Bogor-Serpong toll road as part of efforts to strengthen inter-regional connectivity within Greater Jakarta. Bogor-Serpong, via Parung, serves as a strategic node connecting growth centres and integrating the daily activities of the community. Another project is the panoramic flyover Sitinjau Lauik. The project aims to improve connectivity between Padang and Solok, address safety hazards, lower transport costs, and boost mobility along this key economic corridor in West Sumatra.

Also in the IIGF list is the Legok Nangka final waste treatment and processing facility. The regional waste management project in Bandung regency, West Java, has a capacity of 1,852 tonnes to 2,131 tonnes a day. The total area is 82.5 hectares, including 20 hectares for waste management. The project, a PPP, aims to reduce waste from six regencies and municipalities by up to 80%.

MUFG Bank is selected as the ESG Project Finance House of the Year for its involvement in market-defining transactions in 2025. It was a mandated lead arranger in the NT$103 billion (US$3.30 billion) facility for Fengmiao 1 offshore wind farm, a greenfield 495MW project in Taiwan. It is the first offshore wind farm in Asia-Pacific to be supported by a portfolio of corporate offtakers – setting a new benchmark for the island’s rapidly maturing offshore wind market under the government’s Energy Transition 2.0 policy. MUFG leveraged its existing fund-level relationship with the sponsor Copenhagen Infrastructure Partners to secure a leading role (including hedge coordinator) in a €1 billion sponsor-level equity bridge loan facility, showcasing its ability to support key clients with different products across the value chain.

MUFG Bank was a mandated lead arranger in the NT$103 billion (US$3.30 billion) facility for Fengmiao 1, the first offshore wind farm in Asia-Pacific to be supported by a portfolio of corporate offtakers.

In another offshore wind project in Taiwan, MUFG was also a mandated lead arranger in the NT$90 billion financing for the Greater Changhua 2 offshore wind farm. This 632MW project benefits from a completion guarantee provided by the sponsor Orsted. And with one asset already operational and another nearing completion at the time of the financial close, the project’s construction risk is considered significantly de-risked compared to previous Taiwan offshore wind projects.

In the Philippines, MUFG was a mandated lead arranger in the US$210 million green loan facility for Opus Solar Energy Corporation sponsored by Vena Energy Group Pte. Ltd – its inaugural renewable energy project financing in the country. This is the first such financing in the Philippines funded by international banks. The deal comprised a US$165.8 million term loan facility and a US$43.7 million non-fund facility.

MUFG was also a mandated lead arranger and bookrunner in the S$2.25 billion syndicated green loan for AirTunk Singapore. It is the largest-ever syndicated loan and green loan for a data centre, representing a major milestone in sustainable digital infrastructure financing in the region. The proceeds were allocated to support the development of SGP2, a hyperscale data centre, which has a capacity of over 70MW, and will have among the lowest power usage among data centres in Singapore. The project aligns with MUFG’s ESG strategy in APAC with full carbon offset obligations in accordance with the Paris agreement, setting a new benchmark for sustainable digital infrastructure.

In Indonesia, MUFG was a mandated lead arranger in the US$494 million project financing used to expand the generation capacity of the Muara Laboh geothermal power project located in South Solok regency in West Sumatra, as well as finance the construction, operation and maintenance of a new geothermal power facility with a generation capacity of about 83MW.

APAC project finance house of the year

Sumitomo Mitsui Banking Corporation (SMBC) wins the title of Project Finance House of the Year for the fourth consecutive year. The bank has demonstrated the breadth and depth of its franchise in leading several transactions across the region, pushing its sustainable infrastructure financing agenda.

SMBC has demonstrated the breadth and depth of its franchise in leading several transactions across the region, pushing its sustainable infrastructure financing agenda.

In terms of deals, SMBC was a joint green loan coordinator and mandated lead arranger in the Star Energy Geothermal (Wayang Windu) Limited / Star Energy Geothermal Netherlands and Star Energy Geothermal (Salak-Darajat). The US$260 million project financing will add installed capacity to two of Indonesia’s largest geothermal assets. In Malaysia, it was the financial adviser and a joint mandated lead arranger in the Pengerang Biorefinery’s US$1 billion construction term loan facility. It is one of the largest integrated refinery and petrochemical development projects in Southeast Asia with a production capacity of up to 4.2 million barrels of biofuels annually.

In a groundbreaking deal in the Philippines, SMBC was a green facility coordinator and a joint mandated lead arranger and lender in a 300MWp ground-mounted solar power plant financed with a US$210 million green loan facility. This is the first US dollar-denominated project financing in the country’s renewable energy sector participated entirely by international banks. This is also the country’s first non-recourse project financing facility employing an innovative US dollar-denominated greenfield financing complemented by a cross-currency swap to create a synthetic Philippine peso funding solution tailored for the project sponsor.

In Thailand, SMBC was a joint green loan adviser, mandated lead arranger and lender in Thai Solar Renewables Company’s 2.415 billion baht (US$74.80 million) project finance loan facility and 1.82 billion baht equity bridge loan facility to support Levanta Renewables’ acquisition and refinancing of up to 91MWp of 10 ground-mounted solar photovoltaic power projects. In another deal, SMBC was a joint mandated lead arranger in the 4.39 billion baht project finance loan and 2.65 billion baht equity bridge loan for Daisy Solar Company.

SMBC is also a major project finance lender in India. It was a joint green coordinator and mandated lead arranger in the Vena Energy Shivalik Wind Power Private Limited’s US$91 million financing facility to refinance the funds used in the development of a 96.8MW onshore wind power project built across three clusters in the state of Gujarat. The bank was also a green loan coordinator and lender in the US$310 million green ammonia project financing for AM Green Ammonia, the first commercial scale green ammonia facility to be funded in the region. In Taiwan, SMBC participated in two major offshore wind farm projects – the Fengmiao 1 offshore wind, which secured a NT$103 billion facility, and the Greater Changhua 2 offshore wind farm, which obtained NT$90 billion in financing.

In Australia, SMBC supported several renewable energy-related projects, acting as a mandated lead arranger in the first project financing syndicated loan for ACEN Corporation in the country. The transaction is a portfolio debt financing of the company’s operating renewable assets and funding for new projects. The bank was also a mandated lead arranger in the A$2.07 billion (US$1.5 billion) debt facilities for Tilt Renewables, the proceeds of which were used for refinancing and to fund two new greenfield wind farms in Australia – Waddi and Palmer – which are part of the company’s growth plans.

In other Australian deals, SMBC was a joint green loan coordinator and mandated lead arranger in the A$1.9 billion green loan refinancing facility for Zenith Energy. The company specializes in the delivery of sustainable and reliable remote hybrid power generation solutions for clients supporting the energy transition, producing gold, lithium, rare earths and nickel together with the company’s urban microgrid business.

The bank was a lender in the A$7 billion project financing for Central-West Orana Renewable Energy Zone (REZ) – a new model for developing large-scale renewable infrastructure and the first competitively-sourced REZ transmission project in Australia. The project is designed to build new high-capacity transmission lines, energy hubs and supporting infrastructure to transfer power generated by solar and wind farms to electricity consumers.

APAC project finance advisory house of the year

Also retaining the honour as the Project Finance Advisory House of the Year for the sixth year in a row is DBS, which has 18 ongoing project advisory assignments in such countries as Australia, India, Indonesia, Singapore, and Taiwan. It was the sole financial adviser and sole mandated lead arranger, underwriter and bookrunner in the PT TBS Energi’s acquisition of Sembcorp Environment for S$405 million. The acquisition accelerates PT TBS Energi’s commitment to carbon neutrality and its vision to establish a regionally integrated waste management platform across Indonesia and Singapore.

DBS was also the sole financial adviser to Mitsui O.S.K. Lines on the project financing of a floating storage and regasification unit (FSRU). This is the first-ever FSRU to be deployed in Singapore – a significant development in strategic infrastructure to boost the gas supply required for the energy transition. The financing, in which DBS was also the mandated lead arranger, involved four commercial banks and Japan Bank for International Cooperation.

DBS was the sole financial adviser to Mitsui O.S.K. Lines on the project financing of a floating storage and regasification unit, the first-ever FSRU to be deployed in Singapore.

Apart from the advisory assignments, DBS also helped arrange several debt transactions across the region, such as the financing used in the expansion of geothermal power capacity in Indonesia for Star Energy Geothermal, in which it acted as a green loan coordinator and mandated lead arranger. It was also a mandated lead arranger in the US$1 billion construction term loan facility for Pengerang Biorefinery in Malaysia and in the US$210 million green loan facility for Opus Solar Energy Corporation in the Philippines. DBS was likewise among the sustainability structuring agents, global coordinators, mandated lead arrangers, and bookrunners for the S$2.25 billion syndicated green loan facility for AirTrunk Singapore.

Korea Trade Insurance Corporation (K-SURE) once again emerges as the Export Credit Agency (ECA) of the Year, an award that it previously won in 2024. It was involved in the US$453 million project financing for Nepal Water and Electricity Development Company relating to the Upper Trishuli-1 hydroelectric project. This represents the largest hydropower project in Nepal in terms of foreign direct investment denominated in the US dollar, marking a significant milestone in the country’s infrastructure and energy sector development. The financing structure incorporates robust risk allocation mechanisms, comprehensive lender protection, and compliance with international best practices, particularly in environmental and social safeguards.

K-SURE was involved in the US$280 million loan facility for Ark Energy MacIntyre in Australia. The deal involved the financing of Ark Energy’s 30% share in the construction of the 923MW MacIntyre wind farm project in Queensland – one of the largest onshore wind farms in Australia. The financing solution was structured to facilitate Ark Energy’s share in the development cost of the project. It was also involved in the US$1 billion construction loan facility for Pengerang Biorefinery in Malaysia, which was used to partly finance the development costs associated with the construction of a greenfield biorefinery plant in southern Johor.

HSBC secures the ECA Coordinator of the Year accolade for the fifth consecutive year. It was involved in the NT$103 billion non-recourse project financing to build and operate the 495MW Fengmiao 1 offshore wind project in Taiwan. In India, HSBC was the ECA coordinator in the US$1 billion equivalent transaction on Green SACE push facilities for Reliance Industries to finance its various green manufacturing projects, and in the €393 million and US$100 million SACE push social loan facilities for Shriram Finance.

HSBC was involved in the NT$103 billion non-recourse project financing to build and operate the 495MW Fengmiao 1 offshore wind project in Taiwan.

APAC project finance guarantor of the year

This year, The Asset recognizes GuarantCo as the Project Finance Guarantor of the Year. GuarantCo, which is part of the Private Infrastructure Development Group, was established in 2005 to help close the infrastructure funding gap and alleviate poverty in lower-income countries across Africa and Asia. It offers long-term guarantees that remove risk obstacles for investors and lenders, both international and domestic.

In December 2025, it provided a US$20 million payment default guarantee to support a bond issuance by Binh Thuan Plastic, a leading plastic manufacturer in Vietnam. The transaction represented Vietnam’s first-ever credit-enhanced, independently-verified green bond in the plastic sector, setting a new benchmark for climate-aligned financing and accelerating the country’s transition towards a circular economy.

GuarantCo also provided a US$50 million payment default guarantee to support a bond deal by Daun Penh Agrico – Cambodia’s first corporate bond issued in the agricultural sector. In India, GuarantCo supported KPI Green Energy, which issued the first externally credit-enhanced and externally verified domestic green bond by a mid-sized renewable energy company in the country, through a 65% partial credit guarantee. Also in India, GuarantCo completed its first-ever PPP transaction and the country’s first-of-its-kind partially guaranteed loan transaction under the government’s PM e-Bus Sewa Scheme, which was designed to deploy electric buses across India.

For the seventh consecutive year, Moody’s Ratings scoops the award for Rating Agency of the Year. It publicly rates 223 project and infrastructure finance issuers in Asia-Pacific, including US$34 billion of project and infrastructure finance deals in 2025.

Among the deals that Moody’s rated last year were two bond issuances by MTR Corporation – one in March amounting to US$3 billion in three tranches and another US$3 billion in two tranches priced in June. It also rated the US$1 billion bond by Greenko Wind Projects (Mauritius) in March and the US$500 million perpetual securities printed by CLP Power Hong Kong in January.

Among the deals that Moody’s rated last year were two bond issuances by MTR Corporation – one in March amounting to US$3 billion in three tranches and another US$3 billion in two tranches priced in June.

Moody’s rated several bond offerings by Korean infrastructure-related companies in 2025, including Korea Electric Power (US$400 million), Korea East-West Power (US$300 million), Korea Hydro & Nuclear Power (US$500 million), and Korea Railroad Corporation (US$400 million). It demonstrated rigorous assessment of government-related entities, balancing policy mandates with financial performance and funding discipline.

In China, Moody’s solely rated a number of local government financing vehicles (LGFVs), including Henan Airport Investment Group, Tianjin Binhai New Area C&I Group, Guoneng Environmental Protection, and Jinan Energy Group, applying disciplined, bottom-up analysis to assess standalone credit strength alongside evolving government support dynamics.

Another repeat winner as the Rating Agency of the Year – China is China Lianhe Credit Rating, which develops specialized credit rating methodologies and rating models for the infrastructure sector. In 2025, China Lianhe completed a total of 396 infrastructure-related issuance assignments, covering 1,016 bonds, with an aggregate fundraising amount of 842 billion yuan (US$124 billion). By the end of December 2025, the company had provided ratings on 289 public utility enterprises, which issued a total of 803 bonds with an aggregate issuance amount of 576 billion yuan.

For key and innovative projects, China Lianhe provided ratings for 17 bonds issued by Shuifa Group in 2025, with a total issuance amount of 16.1 billion yuan. Shuifa Group is responsible for investing, financing, and constructing water conservancy projects in Shandong province. The agency also rated the “CICC – Beijing Energy International Holding Companyt Real Estate Asset Support Special Plan”. This is the market’s first institutional real estate investment trust (Reit) product backed by a mixed wind-and-solar new energy project, and it is also the first off-balance-sheet institutional Reit product among Beijing’s state-owned enterprises.

EMEA

The Middle East and Central Asia Project Finance House of the Year is Standard Chartered. 2025 was a landmark year for the bank, which made use of its long-standing relationships with sponsors, development banks and ECAs. The infrastructure and development finance group delivered some of the region’s most strategic and bankable project financings across energy, water, hydrogen, and critical infrastructure. 

Of particular note was the series of deals in the Saudi renewables sector, under the National Renewable Energy Programme (NREP). PIF 5 (Saudi Public Investment Fund 5) comprised two independent wind IPP projects, with a combined capacity of 3 gigawatts, and in its role as joint underwriter, bookrunner, and mandated lead arranger, the bank jointly led the lending group in structuring the transaction right from the project conceptualization stage.

On PIF 5 – five independent solar PV projects, with a combined capacity of 12GW – Standard Chartered acted as the documentation cum structuring bank, mandated lead arranger, and intercreditor agent. About 30% of the planned capacity is to be implemented by the Ministry of Energy via Saudi Arabia’s Renewable Energy Project Development Office (Repdo) and the remaining 70% is planned to be implemented by PIF. 

As part of the fifth phase of the NREP projects, the Saudi Power Procurement Company launched four new renewable solar PV projects with a total capacity of 3,700MW. Project sponsor Masdar was officially awarded the largest of these, the Sadawi project with a capacity of 2,000MW, for which Standard Chartered acted as the pre-bid lead bank in support of their successful bid. On Repdo 4 – Yanbu 700MW wind power plant under a Ministry of Energy programme – the bank supported the Marubeni-led consortium in their bid for the wind project as pre-bid lead bank.

Elsewhere in the region, Abu Dhabi National Energy Company (Taqa) mandated Standard Chartered to commit on a fully underwritten basis to the development of 1,000MW open-cycle gas turbine independent power plant at Al Dhafra in Abu Dhabi. The bank acted as a mandated lead arranger, sole bookrunner, intercreditor agent, commercial facility agent, onshore and offshore security trustee, VAT lender, hedge provider, and account bank. Older projects are coming up for refinancing, and in July, the Fujairah F3 power plant refinanced its original 28-year soft mini perm. Standard Chartered and seven other lenders led the refinancing of the transaction, including an Islamic tranche.  

Abu Dhabi National Energy Company (Taqa) mandated Standard Chartered to commit on a fully underwritten basis to the development of 1,000MW open-cycle gas turbine independent power plant at Al Dhafra in Abu Dhabi.

The winner in the Project Finance House of the Year – Europe is BNP Paribas, which led an exceptionally broad range of projects. On the €6.4 billion debt financing for the Baltic 2 and Baltic 3 offshore wind farms, the bank acted as mandated lead arranger, deal contingent hedge coordinator, and hedging bank, involving the expertise of its energy and infrastructure, export finance, global markets, and low-carbon transition group teams. On the other major European offshore wind deal of the year, East Anglia 3, the bank acted as mandated lead arranger and hedging bank.

There were many other smaller renewable financings, including a warehouse facility for Paris-based Neoen. BNP Paribas Bank Polska also participated in a zloty-denominated loan to support high-speed internet in Poland, and supported the rollout of electric vehicle (EV) charging stations by Ionity. It was an equity and debt adviser for the €2.2 billion financing package for Vulcan Energy Resources. The Lionheart lithium and renewable energy facility in Germany has been designated by the EU as a strategic project under the Critical Raw Materials Act.

The bank was also heavily involved in important strategic electricity transmission deals in Germany. Dutch electricity transmission system operator TenneT sold several stakes in its German subsidiary, which is now operating as a standalone entity. TenneT Holding has close relationship with BNP Paribas, which was one of four coordinators, underwriters and mandated lead arrangers on the €12 billion revolving credit facility for TenneT Germany.

Once the preserve of governments and utilities, nuclear power projects are now attracting a broader range of investors, and with EDF playing a leading role globally as a reactor supplier, there is a natural role for French banks. On the £5.5 billion (US$7.50 billion) debt package to finance the construction of Sizewell C, the bank acted as a joint debt adviser and mandated lead arranger.

On the £5.5 billion debt package to finance the construction of Sizewell C, BNP Paribas acted as a joint debt adviser and mandated lead arranger.

Bpifrance supported the commercial bank tranche. The financial close of Sizewell C on November 4 was viewed as an important landmark in private sector involvement in new nuclear. BNP Paribas is also advising on debt raising for the first Polish nuclear project, where the government-owned PEJ is planning to build three Westinghouse AP1000 reactors and advising Vattenfall AB in Sweden.

Early in 2025, BNP Paribas and the European Investment Bank (EIB) signed an agreement on funding for wind energy projects. Under the agreement, the EIB has extended a €500 million counter-guarantee, enabling BNP Paribas to establish a €1 billion portfolio of bank guarantees designed to back new investments in wind farms in the EU.  

The Rating Agency of the Year for EMEA is S&P Global Ratings, which has been a traditional powerhouse in infrastructure ratings. It covers major airports such as London Heathrow, Paris Charles de Gaulle, and Amsterdam Schipol, the latter being upgraded in 2025. It also rates most of the major toll road operators, such as Vinci Autoroutes, Italian firm Mundy’s, and DARS in Slovenia. In the power sector, S&P Global was involved in one of the most innovative financings of 2025, giving a BBB- rating to the £36.6 billion HM Government term facility from the National Wealth Fund for Sizewell C. The debt will support the developers in the design, build and operation phases of the 3.2GW nuclear power plant in Suffolk, on the east coast of England. Sizewell C is the first nuclear power project to be developed under the Regulated Asset Base model, on which S&P Global has provided extensive research. The investment-grade rating reflects the complex nature of nuclear construction, availability of committed funding even in a downside scenario, and a supportive regulatory model that generates predictable revenue. Debt investors are going to need clarity as various nuclear projects proceed, with each government using a different model.

In November, S&P Global published a research FAQ, How S&P Global Ratings Applies its Project Finance Methodology to Nuclear Power Projects, and a more recent piece on The Key Role of Debt Markets in Funding the European Nuclear Renaissance. Elsewhere in the energy sector, S&P Global rates the major sponsors of offshore wind projects such as SSE Renewables, Equinor and RWE, rather than standalone projects. Also in November, S&P Global affirmed the BBB+ rating of SSE. It has likewise published thematic research on offshore wind, which had a particularly challenging year, with projects delayed or cancelled in the US as the Trump administration pushes back against the green agenda.

Orsted has experienced downgrades but carried out a huge rights issue to bolster its equity position, as well as bringing in co-investors such as Apollo on the Hornsea 3 project in the UK and Cathay Life Insurance on Changhua 2 in Taiwan. In addition to rating reports, S&P Global has tracked all these developments with regular articles, including “Blown Off Course: The challenge of predicting offshore wind earnings”. In Africa, S&P Global has a B rating on Axiam Telecom, which in July launched a US$600 million bond offering to support its rapid expansion of mobile, digital payments and business in sub-Saharan Africa.

The Africa Project Finance House of the Year is Société Générale, which leveraged its strong on-the-ground presence to win a series of project and corporate mandates in the region. One of the most high-profile transactions was the Casablanca-Settat desalination project in Morocco, which will be the largest facility of its kind in Africa. Morocco has launched an ambitious seawater desalination strategy aiming to produce 1.7 billion cubic metres of fresh water by 2030, and Casablanca-Settat will be the largest facility of its kind in Africa, playing a crucial role in achieving this goal. The project’s sponsors, including Acciona, Green of Africa and Afriquia Gaz, closed a debt financing for the €613 million project last August. Société Générale acted as mandated lead arranger and sole lender for the facility covered by the Spanish ECA (Cesce).

The bank has close relationships with development finance institutions and banks, and last year the African Development Bank Group appointed Société Générale as the lead adviser for the structuring and execution of its Multi-Originator Synthetic Securitization Platform (SST Platform). The two entities signed a contract on November 26 during the Africa Investment Forum Market Days 2025 in Rabat, Morocco. Société Générale has an extensive expertise in significant risk transfer (SRT). The initial phase of the SST Platform targets a US$2 billion reference portfolio featuring diversified sectors, geographies and risk profiles, and combines assets from the African Development Bank, Development Bank of Southern Africa, and potentially other institutions. In the long term, the SST Platform is expected to introduce harmonized issuance documentation, standardized credit assessment approaches, and a shared special purpose vehicle (SPV) structure to attract participation by additional African and international development finance institutions, advancing sustainable finance and attracting private investment for inclusive growth across Africa.

The Law Firm of the Year – EMEA and Central Asia is Norton Rose Fulbright. The firm advised on a long series of projects across 2025 and was actively hiring senior project finance lawyers. It is currently working on another range of complex energy and infrastructure mandates. In Poland, the firm advised PGE Polska Grupa Energetyczna as one of the sponsors of the Baltic 2 and Baltic 3 offshore wind farms. It advised lenders on the €1.185 billion debt financing package for operating subsidiaries of Vulcan Energy to develop its Phase One Lionheart integrated lithium and renewable energy project in Germany. Norton Rose also advised the lenders on the 3.7 billion Polish zloty (US$1.03 billion) green loan refinancing of Światłowód Inwestycje, Poland’s largest wholesale-only fibre optic network operator.

In Poland, Norton Rose Fulbright advised PGE Polska Grupa Energetyczna as one of the sponsors of the Baltic 2 and Baltic 3 offshore wind farms.

In the UK, the firm advised the lenders on Eni’s Liverpool Bay CCS project, which provides the backbone of the HyNet Industrial Cluster and will transport carbon dioxide delivered by regional industrial emitters to be permanently and safely stored in depleted gas fields in the Irish Sea. It was also another busy year for the firm in the Middle East. In Central Asia, Norton Rose has established a strong presence in the rapidly growing project finance market, most notably for wind and solar plants in Uzbekistan.

In Africa, its high-profile deals included advising the West African Development Bank (Boad) on the financing of a next-generation communications network built by equipment manufacturer Huawei. The project will support the long-term development of Senelec (Société nationale d'électricité du Sénégal) in the monitoring of its energy production, transmission and distribution activities. Other advisory roles include working for Asante Gold Corporation on a financing package worth US$500 million in relation to its Bibiani and Chirano mines in Ghana, and advised lenders (Banque Ouest Africaine de Développement, SUNU Bank Sénégal and Coris Bank Togo) in relation to the financing of the construction and operation of a 30MWc solar power plant with 15MW / 45MWh storage system in Senegal.

AMERICAS

The award for Project Finance House of the Year – Americas goes to MUFG Bank. In addition to advisory and lending, the bank was very active in bringing overseas issuers to the buoyant US private placement market. One of the biggest financings of the year was for project promoter NextDecade LNG Trains 4 and 5, with two loan syndications launched in September and October. MUFG has been closely involved in this LNG mega project in Texas, dating back to a credit agreement for development costs ahead of a final investment decision. 

MUFG’s strong presence in the US private placement market was also in evidence, accessing capital for a number of infrastructure projects. Vantage Towers is a 50:50 joint venture between Vodafone and the Oak consortium (comprising KKR and Global Infrastructure Partners), which closed an inaugural private placement issuance of €2 billion to refinance existing bank debt. In addition to the US placement, the MUFG EMEA institutional capital and rating advisory team was one of the leads. And out of Latin America, a US$450 million senior term loan plus a US$1.55 billion private placement for Minera Los Pelambres (sponsored by Antofagasta Minerals and Nippon Steel) was one of the most high-profile capital market transactions of 2025. The bank also led financings on a series of renewable energy and transport infrastructure projects across Latin America.

The Rating Agency of the Year – Americas, is Fitch Ratings. Fitch is traditionally strong in the infrastructure space, and in 2025, it rated a series of high-profile projects across the Americas, as well as first-time ratings on major companies. In the data centre segment, Fitch in May assigned a first-time long-term issuer default rating (IDR) of BB- to hyperscaler CoreWeave, and also a rating of BB- to a US$2 billion offering of senior unsecured notes. Coreweave has done a series of bank debt and bond transactions since its IPO on the Nasdaq last March and returned to the bond market in 2026. Fitch publishes regular thematic research on data centres, including its Global Data Center Outlook in December, as investors track the fast-changing picture in this segment.

Fitch Ratings is traditionally strong in the infrastructure space, and in 2025, it rated a series of high-profile projects across the Americas, as well as first-time ratings on major companies. 

Fitch also has extensive coverage of the airport sector, and last May upgraded the John F Kennedy (JFK) Airport International Air Terminal’s US$1.32 billion series 2022 and the US$753 million series 2020A and C bonds issued by New York Transportation Development Corporation to A- from BBB+. In Latin America, one of the most high-profile bond offerings of the year was the US$1.168 billion 144A deal for Yinson Bergenia Production, which owns the floating production, storage and offloading (FPSO) vessel Maria Quiteria. The rating process involved assessing the strength of the parent company in Malaysia, viewed as near investment-grade since it was contracted to operate the platform under a 22.5-year lease to Petrobras. Fitch assigned a rating of BB- to the notes, reflecting the strong credit fundamentals of FPSO Maria Quiteria and the strategic importance of the FPSO to Petrobras.

Fitch also rated the London Stock Exchange-listed Antofagasta, the Chilean copper producer, which last year created a new unit, DSWS, to build a desalination plant and pipeline to reduce reliance on freshwater via a 20-year water supply agreement. Los Pelambres launched a US$1.55 billion US private placement, bought by major investors including Allianz, MetLife, Apollo, and New York Life. For several, it was their first investment in Chile. With regard to ESG ratings, Fitch has also provided investors with much-needed clarity when separating ESG scores from the credit rating process. It publishes ESG Relevance Scores, which are not inputs in the rating process – they are an observation on the relevance and materiality of ESG factors in the rating decision.

Last August, Nasdaq issued a non-compliance order against LNG company New Fortress Energy for being late in filing its second-quarter 10-Q report. Fitch responded by assigning a score of 5 for governance, which means that investors were advised to take a close look at the high relevance of governance when looking at the credit rating. The credit rating itself was downgraded several times in 2025. In March 2026, New Fortress Energy announced a restructuring agreement with creditors. 

The North America Law Firm of the Year is Milbank, which had another exceptionally strong year acting as legal counsel on project loans, USPP offerings, and direct lending transactions. The firm has kept pace advising clients on the AI revolution, and in 2025 formally launched its digital infrastructure practice group to support them throughout the AI value chain. The team had the lead role in over US$125 billion worth of digital-related transactions in 2025. It will focus on the entire digital ecosystem, including GPUs/compute accelerators, data centres, fibre, towers, and powered land (behind-the-metre, utility-connected and other bespoke power solutions). This includes traditional development and construction financings (project finance and real estate), 144A bonds, USPP, M&A and IPOs.

Milbank advised global lenders in connection with Brookfield Asset Management’s US$5 billion strategic partnership with Bloom Energy to implement a reimagined future for AI infrastructure. This partnership marks the first phase of a joint vision to provide advanced fuel cell technology solutions for AI factories capable of meeting the growing compute and power demands of AI.

The firm also advised global infrastructure investment manager Wren House Infrastructure Management Limited, the direct infrastructure investments arm of the Kuwait Investment Authority, in connection with The Artificial Intelligence Infrastructure Partnership, MGX, and BlackRock’s Global Infrastructure Partners’ acquisition of 100% equity in Aligned Data Centers from private infrastructure funds managed by Macquarie Asset Management. The transaction will fuel the expansion of next-generation cloud and AI infrastructure and implies an aligned enterprise value of approximately US$40 billion.

Milbank was also busy in traditional project finance segments such as LNG and renewables. And in the industrial space, it advised the administrative agent as well as joint lead arrangers and joint bookrunners for a US$1.25 billion syndicated green term loan facility for Ternium Mexico, supporting the construction of a low-carbon steel plant.

The Law Firm of the Year for South America is Clifford Chance, which worked on a series of high-profile deals over the course of 2025, including its strong capital markets team advising on local currency loans and bond offerings as well as bringing companies to the US capital markets. They advised J.P. Morgan Chase Bank, as lead arranger, Inter-American Investment Corporation, IFC, Bancoldex, Bancolombia, BBVA and Financiera Nacional de Desarrollo as senior lenders in connection with the 3.66 billion Colombian pesos financing for the design, construction, rehabilitation, improvement, operation and maintenance of the Nueva Malla Vial del Valle del Cauca Corredor Buenaventura-Loboguerrero-Buga 5G toll road project in Colombia. The firm also advised Acciona on a US$600 million green loan to finance infrastructure projects in Latin America and other emerging markets. The first tranche, amounting to US$380 million, comprises a loan from IFC, with investment from Dutch development bank FMO, and two other parallel loans from German investment entity DEG and Proparco, which is part of the French Development Agency group. The loan is aligned with the EU taxonomy and promotes projects such as the São Paulo metro's Line 6 and several electricity transmission lines to integrate renewable energy into the grid in Peru. These projects aim to decarbonize Peru’s energy sector and transform urban mobility in Brazil.

Another advisory role was for renewable energy firm Zelestra on a US$282.5 million green financing for the construction of the Aurora project, a hybrid solar photovoltaic plant with a BESS, located in the Tarapacá Region of Chile. The project is one of the largest energy storage schemes in Latin America. The financing was arranged with Natixis and BNP Paribas. Clifford Chance also advised the global coordinators, joint bookrunners and co-managers of Yinson Bergenia Production’s 144A/Reg S offering of 20-year, US$1.17 billion senior secured notes. The firm has had a strong Latin America practice for decades, with offices across the region working closely together with New York. Over the year, it advised on an expanding mix of mandates spanning LNG, oil & gas, power generation (including for data centres), distribution, renewables and battery storage, and CCUS (carbon capture, utilization and storage) – supporting clients as investment increasingly focused on system reliability and decarbonization-linked infrastructure. During 2025, the firm strengthened its project finance team with new hires, including capital markets specialists. 

For the complete list of the Best institutions, Global and Asia-Pacific, please click here.

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