The Asia-Pacific region witnessed an active project finance market in 2024 with the project sponsors and lenders piling into renewable energy projects and data centres ( DCs ). There were also opportunities in other sectors as exemplified by acquisition transactions involving telecom, transport and power assets. Water-related projects also attracted interests in such markets as China, Indonesia, the Philippines and Vietnam.

The renewables sector continues to resonate across the region and last year saw the largest-ever investment by a life insurance company in the offshore wind farm project in Taiwan. Following a competitive divestment process, Cathay Life Insurance Company acquired, from Danish sponsor Ørsted, a 50% stake in the Greater Changhua 4 Offshore Wind Farm project, which in 2024 secured a US$1.6 billion financing. The 583-megawatt ( MW ) project consists of four wind farm developments in the Changhua region in Taiwan whose total installed capacity is expected to be 2.4 gigawatts ( GW ).

Institutional investor

Cathay Life, which is voted as the institutional investor of the year in Asia-Pacific, will invest up to US$909 million through its subsidiary Cathay Wind Power Company in the project. The investment is the largest ever from the local insurance sector in terms of offshore wind development. The financing involves a typical project finance structure with respect to sponsors’ recourse. The loan is funded at a Holdco level with a bespoke structure giving lenders certain access to project-level asset security.

The project, dubbed Project Trinity, is backed by a 100% offtake contract under a 20-year corporate power purchase agreement with Taiwan Semiconductor Manufacturing Company. It is also the first offshore wind financing guaranteed by Taiwan’s National Credit Guarantee Administration acting as an export credit agency.

Project sponsor

The Adani Group, which demonstrated its appetite and the extent of its infrastructure portfolio, is chosen as the Asia-Pacific project sponsor of the year with its investments in various infrastructure projects. Adani Green Energy, together with TotalEnergies Singapore, secured a US$400 million funding in May 2024 for the development of three greenfield 750MW solar project in the states of Rajasthan and Gujarat, representing the largest merchant power portfolio project financing in India. Of the total capacity, 500MW will be supplied to the Solar Energy Corporation of India ( SECI ) and the remaining capacity of 250MW will be sold to the merchant market – enabling the sponsors to diversify their revenue streams, while balancing the risk considerations of the lenders. The deal implemented mitigants to ensure the merchant exposure is bankable.

In other project, Adani Enterprises, along with EdgeConnex Asia II, through their project companies, obtained a US$875 million sustainability-linked loan ( SLL ) to develop a data centre portfolio across Hyderabad and Pune, with the loan facility representing the largest sustainability-linked data centre project financing in India. The transaction features an innovative structure that provides for margin adjustments upon the meeting of key performance indicators with respect to power usage effectiveness, use of renewable energy and achievement of safety goals. The financing has an accordion feature to extend the initial commitment of US$875 million to US$1.44 billion.

In another transaction, Adani Eterprises is the sponsor in a petrochemical project for Mundra Petrochem, which obtained a 184.81-billion-rupee ( US$2.16 billion ) term loan. The project is set to boost the domestic petrochemical capacity and drive regional industrial growth. The project benefits from integrated logistics, robust supply chains and competitive power – bolstered by a 1,150MW captive solar plant at Khavda located in Gujarat that reinforces its green credentials.

Adani Ports and Special Economic Zone partnered with TotalEnergies SE in a liquefied natural gas ( LNG ) project in the Indian state of Odisha. Dharma LNG Terminal secured a US$600 million project finance facility for the refinancing of the existing debt for the 5 million tonnes per annum LNG regasification terminal project. The financing was structured as a five-year hard mini-perm basis with the refinancing risk mitigated by long-term contracted cash flows post year five. It was executed with an embedded underwrite of the existing facility and a full underwrite of the refinance facility.

Renewable energy sponsor

With three solar power projects undertaken in Rajasthan in 2024 with a combined capacity of 1,275MW, ReNew is the Asia-Pacific renewable energy sponsor of the year. The greenfield 600MW utility scale solar power project by ReNew Power Hans Urja, which accessed the Japanese yen market in May 2024 to the tune of 35.28 billion yen ( US$241.60 million ), was among the renewables projects that stood out last year. This transaction is unique for being the first of ReNew’s internationally-financed deals to fully use their own domestically-produced solar modules from their new state-of-the-art 4GW module manufacturing facility in Rajasthan. This further deepens ReNew’s vertical integration across India’s renewables industry and reinforces their position as a central player within the market.

In February, the company secured a 10.35-billion-rupee syndicated loan to develop a 300MWac/410MWdc solar power project with the output to be sold to SECI. Then in December, ReNew borrowed 12.4 billion rupees to finance the development of another 375MWac solar power plant, with the output likewise to be sold to the SECI.

Data centre sponsor

AirTrunk, an Australian-founded data centre company specializing in hyperscale infrastructure for cloud and enterprise clients across Asia-Pacific, including Japan, is chosen as the data centre sponsor of the year. At present, AirTrunk Ringfenced Platform consists of seven data centre sites across key markets such as Sydney, Melbourne, Hong Kong, Singapore and Malaysia. The ownership of AirTrunk changed hands in 2024 with the consortium of Blackstone and Canadian Pension Plan Investment Board acquiring the data centre platform from Macquarie Asset Management and Public Sector Pension Investment Board in a A$24 billion ( US$15.40 billion ) transaction.

In October 2024, AirTrunk Singapore Six closed a five-year SLL amounting to S$530 million ( US$407.70 million ), the proceeds of which were used to fund the development of a data centre in Johor, Malaysia, called JHB1, and to provide growth capital expenditure ( capex ) for AirTrunk’s group portfolio assets. The data centre offers an initial capacity of 50MW with the potential to expand it to 150MW. The SLL facility includes a number of sustainable innovations, including AirTrunk’s liquid cooling technology, as well as a solar-ready roof, equipped to add 5MW of solar panels.

Andante Finance Company, the financing vehicle for AirTrunk Ringfenced Platform in Australia, successfully closed in August 2024 a five-year A$1.07 billion senior secured facilities also to provide growth capex for AirTrunk group portfolio assets. While data centres are typical energy intensive, AirTrunk continues to support the energy transition through innovations in the clean energy procurement and setting new benchmarks in sustainability. Its growth in 2024 was driven by its achievement in advancing corporate sustainability with industry-leading reliability, technology innovation, and energy and water efficiency.

Multilateral development agency

The Asian Development Bank ( ADB ) is the Asia-Pacific multilateral development agency of the year for the fifth time as it further strengthened its focus on infrastructure and project financing in the region. Its team catalyzed economic growth and social equity through investments across energy, waste, water, transport and telecom facilities. The ADB’s private sector infrastructure financing division plays a critical role in mobilizing official and commercial co-financing to support transactions by privately-held and state-sponsored enterprises across a range of industries through developing Asia and the Pacific.

In Thailand, the bank provided BANPU Public Company with a 2.4-billion-baht ( US$71.85 million ) financing and about US$10.7 million concessional financing from the ADB-managed Clean Technology Fund ( CTF ), the proceeds of which were used to enhance urban mobility and energy storage in Thailand and China. The project involved deploying 1,500 electric tuk-tuks in Bangkok and at the same time expanding a lithium-ion battery manufacturing facility in Jiangsu, China.

In another ADB financing in Thailand, the bank provided Gulf Renewable Energy Company with US$286 million loan and US31.35 million from the CTF. Other lenders extended another US$640 million, which were earmarked for the construction and for bridge financing of a portfolio of 12 renewable energy projects, including the first large-scale solar and battery energy storage system initiative in Southeast Asia.

In the Philippines, the ADB funded the electric mobility ecosystem project of Ayala Corporation with an US$85 million facility, plus another US$15 million from the Canadian Climate and Nature Fund for the Private Sector in Asia. The groundbreaking project aims to install a significant number of electric vehicle charging stations and procure electric vehicles for distribution operations. It seeks to significantly cut greenhouse gas ( GHG ) emissions in the transport sector, aligning with the Philippines’ ambitious target of a 75% reduction in GHG emissions by 2030.

In the first-ever sustainable aviation fuel ( SAF ) project finance deal in Asia, the ADB extended a US$46.2 million financing to SAFCO Venture Holdings. The project involves the construction, commissioning, financing, operation and maintenance of a SAF facility with a capacity of 200,000 tonnes per annum located in Sheikhupura, Pakistan, and is a significant step towards decarbonizing a hard-to-abate sector.

PPP agency

For the seventh year in a row, Penjaminan Infrastruktur Indonesia is the Asia-Pacific PPP agency of the year. Also referred to as Indonesia Infrastructure Guarantee Fund ( IIGF ), it acts as a single window in providing government guarantees, including but not limited to, infrastructure projects implemented under public-private partnership ( PPP ) schemes. IIGF helps PPPs by providing a clear and consistent project evaluation, enhancing governance, increasing transparency, ultimately clarifying government contingent liabilities and minimizing sudden shocks to government budgets. It is expected to improve the creditworthiness and quality of infrastructure in Indonesia.

By providing government guarantees that enhance the bankability of PPP projects, IIGF helps bridge the gap between limited public resources and the pressing infrastructure needs of the population. This support not only attracts private investment but also ensures that essential infrastructure developments – ranging from transportation to clean water – continue to move forward. Up until February 2025, IIGF had guaranteed 35 PPP projects with over 300 trillion rupiah ( US$19 billion ) of the total project value.

ESG project finance house

Also retaining the honours for the fifth year in a row, Société Générale wins once again the ESG project finance house of the year award. This comes on the back of several initiatives in leading energy transition and environmental conservation projects, raising the industry standards and delivering innovation to open new frontiers. The bank has set up a €1 billion ( US$1.12 billion ) transition investment fund that includes both debt and equity to support the emerging leaders in energy transition – low carbon solutions, renewables, carbon capture and storage and hydrogen. The fund is designed to participate in nature-based solutions with positive contributions to the protection and restoration of biodiversity, as well as support impact-driven investments contributing to the UN Sustainable Development Goals ( SDGs ).

In addition, Société Générale has set a new target for sustainable finance of €500 billion from 2024 to 2030, of which €400 billion will be in financing and €100 billion in sustainable bonds. A major portion of the financing will be dedicated to low-carbon energy, sustainable real estate and low-carbon mobility transactions. About 80% of the amount will be spent on environmental activities and 20% on social activities.

Société Générale was also involved in several market-defining transactions in 2024. It was the structuring bank and mandated lead arranger in the ReNew Hans Urja 35.28-billion-yen project financing. The project fully utilized solar photovoltaic modules produced at ReNew’s own manufacturing facility. The bank was the financial adviser and mandated lead arranger in the US$52 million project financing for Nusantara Sembcorp Energi in Indonesia, the proceeds of which were used to fund the inaugural IKN solar power plant and battery energy storage system located in Indonesia’s new capital city of Nusantara in East Kalimantan.

In other significant deals, Société Générale acted as mandated lead arranger in the A$1.1 billion debt financing of a diversified 1.5GW renewable energy portfolio of eight wind, solar and battery storage assets held by Neoen, one of the world’s leading producers of renewable energy. It was also a mandated lead arranger in the A$1.2 billion portfolio financing for FVR Australia – one of the largest financings for a renewable and storage portfolio in this market. Elsewhere, it was a mandated lead arranger and bookrunner in the Greater Changhua 4 Offshore Wind Farm, which secured a US$1.6 billion project financing, and a mandated lead arranger in the S$530 million SLL for AirTrunk Singapore Six and in the US$875 million financing for the data centre project by Adani Enterprises and EdgeConnex Asia II.

Project finance house

Another repeat winner is Sumitomo Mitsui Banking Corporation ( SMBC ), which was voted as the Asia-Pacific project finance house of the year for the third successive year. The bank boasts of a broad footprint across the region and has a strong presence in environmental, social and governance ( ESG )-related transactions. The Singapore branch of SMBC managed a registered foreign portfolio investor scheme called Deccan Funding Limited Liability Company, which is licensed to subscribe to non-convertible debentures, such as those issued by Data Infrastructure Trust for the US$2.2 billion acquisition of American Tower Corporation ( ATC )’s telecom towers in India. The bank supported its acquisition financing, which would allow Brookfield – via Data Infrastructure Trust – to acquire ATC’s India tower business and a critical part of the overall telecom sector in India, providing access to all major telcos.

In terms of deals, SMBC was the green loan coordinator and mandated lead arranger in the A$110 million solar farm financing for Metis Energy, representing the company’s first investment in Australia. It was also a green loan coordinator and mandated lead arranger in the 35.28-billion-yen project financing for ReNew Hans Urja to fund a greenfield 600MW utility-scale solar power project, and a sustainability coordinator and mandated lead arranger for the data centre project of Adani Enterprises and EdgeConnex Asia II, which secured a US$875 million SLL.

SMBC was a mandated lead arranger in Kinetic Group and Kinetic NZ Holdings’ A$1.6 billion syndicated loan to support the electrification and capex growth for this mass transit operator, and in Shine Luna Company’s NT$8.13 billion project financing in which 30% of the project capacity will be reserved to small and medium-sized enterprises in Taiwan.

Project finance advisory house

DBS continues to maintain its grip on the project finance advisory house of the year award – winning this category for the fifth successive year. It closed 20 deals, including six financial advisory mandates, and has over 50 deals in the pipeline. It has four teams in Asia-Pacific – Singapore, China, South Korea and Australia – with diverse mandates in mergers and acquisitions, debt advisory and long-term structured finance.

DBS was the financial adviser and mandated lead arranger in the S$60.5 million financing for Rexus Bioenergy to support Singapore’s first circular biomass power plant. The pioneering project uses woodchip as a feedstock and the 13.2MW 324-tonnes-per-day waste-to-energy plant is designed and implemented based on advanced steam technology. The project is a significant step in the National Environment Agency’s circular waste valorization strategy. It significantly reduces carbon emissions by using wood waste as a renewable energy source.

The bank was the sole financial adviser and mandated lead arranger in the S$300 million Solar Nova 6 rooftop project. It advised Terrenus Energy on the development of a portfolio of 1,200 public housing blocks and 57 government sites rooftop solar projects with a combined 300WM-peak capacity in Singapore. The annual electricity generation from its portfolio is estimated to power more than 80,000 four-room Singapore Housing and Development Board flats for one year – equivalent to potentially offsetting 150,000 tonnes of carbon emissions when compared with traditional energy generation methods.

In Australia, DBS was also the sole financial adviser to Metis Energy for its Gunsynd solar farm project, which secured a A$110 million financing for the 111MW greenfield power plant. The bank was also the financial adviser, green loan coordinator and mandated lead arranger in the 100MW-plus rooftop solar farm portfolio by SP Group in China.

DBS was likewise the financial adviser on a blended finance project to Karian Water Services, a consortium formed by Korea Water Resources Corporation and Adhi Karya under the PPP agreement for the Karian-Serpong regional water supply. The consortium will undertake the development of a water treatment plant with a processing capacity of 4,600 litres per second. The total project cost is estimated to be around 3.4 trillion rupiah ( US$206.20 million ).

ECA coordinator

HSBC continues to manifest its leadership in export finance as it wins the ECA coordinator of the year in Asia-Pacific for the fourth consecutive year. It acted as the sole export credit agency ( ECA ) coordinator, sole green coordinator and a mandated lead arranger in the US$1 billion-equivalent green SACE push facilities for Reliance Industries of India. This is a landmark transaction for SACE, as it is the Italian export credit agency’s largest and longest green loan to-date and is Reliance’s first green loan.

HSBC also acted as a joint ECA and green loan coordinator, as well as mandated lead arranger in the US$1.35 billion 95% Korea Trade Insurance Corp ( K-Sure )-covered green loan facility for Hyundai Motor Group Metaplant for the establishment of an electric vehicle manufacturing plant in the state of Georgia in the US. It was also the sole ECA coordinator, mandated lead arranger and original lender in the multi-currency €393 million and US$100 million 10-year SACE push social loan facility for Shriram Finance of India.

In a deal involving Posco Argentina Phase II, HSBC acted as mandated lead arranger and lender in the six-year guaranteed facility by the Export-Import Bank of Korea and K-Sure-covered facility with a total commitment of US$90 million.

Rating agency

Another repeat winner and for the sixth year in a row, Moody’s Ratings is the Asia-Pacific rating agency of the year. In 2024, Moody’s rated about 80% of the total Asia-Pacific infrastructure debt or about US$24.7 billion. It publicly rates 228 project and infrastructure finance issuers in the region. Among its significant deals is the first-time sole issuer ratings for Registry Finance of Australia amounting to US$1.08 billion. This rating is unique as Registry Finance is a title registry operator with a project finance structure.

Moody’s also rated Armada 98/2, representing the first publicly-rated project finance bank loan and offshore marine project in Asia. It is an important asset in India’s quest for greater energy security, especially in relation to natural gas. The rating is analytically complex due to the project structure, contracting arrangement and linkages with sponsors. The project was also under commissioning during the time of the initial rating.

Rating agency - China

China Lianhe Credit Rating Company is the rating agency of the year in China. In 2024, it covered issuances in 822 infrastructure projects for 268 entities across four sectors, including petrochemical and gases, electricity, public utilities and infrastructure asset-backed securities. Meanwhile, it integrated ESG considerations into the credit rating system for its issuers and completed ESG ratings for nearly 2,900 listed companies across 24 sectors. Finally, it follows national financial development strategies and underwrote more than 660 issuances in green, science and technology, inclusive, pension and digital finance.

For the complete list of best institutions – Asia-Pacific, please click here.

For more information about the awards gala scheduled for July 2 2025, please contact us at celebrate@theasset.com.