United Kingdom: Project Finance/PPP & PFI

The Hormuz crisis has exposed critical vulnerabilities in Asia's refining and petrochemical sectors, where dependence on Middle Eastern crude flows through the Strait creates immediate margin compression and covenant pressure. As disruptions translate into plant-level losses across the region, lenders face the urgent task of distinguishing assets that can weather the storm from those approaching insolvency.

Energy financing is evolving beyond traditional project-level debt as sponsors increasingly layer holdco finance and NAV facilities into their capital stacks. How do these three financing products interact, and what legal and structural challenges arise when managing competing claims on cash flows moving from project level to fund level?

Surging AI demand is creating unprecedented demand for capital, driving a major need for new data center capacity. This analysis explores how data center financing structures are evolving to address different stages of infrastructure development, from land acquisition and construction through to long-term capital markets takeout, examining the unique challenges of AI-focused facilities and the sophisticated blend of real estate, infrastructure, and structured credit approaches required.

With the first generation of the UKs operational PFI/PPP projects expiring, and hundreds more set to follow suit over the next few years, vital lessons are being learned on best practice...

Last week saw the issue of further PFI guidance from the Infrastructure and Projects Authority (the IPA) entitled "Navigating the risks of PFI project distress".

PFI deals have recently been in the news, with headlines about disputes between public sector customers and private sector owners and operators as contracts near their expiry date.

With mergers back on the agenda, we look at what we mean by a merger and some key issues trust boards and leaders need to consider.

In February of this year, the International Emissions Trading Association ("IETA") published a comprehensive set of standardised agreements for the sale and purchase...

Global supply chain and energy shortage issues are having a continued impact on limited recourse project financed mining projects. Norton Rose Fulbright counsels Felicity Brown and Matt Hacking...