LEAGUE TABLES - pfie.com · Project Finance International anuary 30 2019 3 2018 LEAGUE TABLES the...

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LEAGUE TABLES 2 Introduction 7 Loans 30 Bonds 34 Multilaterals 37 Advisors IN THIS SECTION

Transcript of LEAGUE TABLES - pfie.com · Project Finance International anuary 30 2019 3 2018 LEAGUE TABLES the...

LEAGUE TABLES2 Introduction7 Loans30 Bonds

34 Multilaterals37 Advisors

IN THIS SECTION

Project Finance International January 30 20192

FEATURES

The Refinitiv Project Finance International (PFI) annual league tables are the most accurate and comprehensive measure of project finance activity across the globe in any given year. The tables stretch back two decades and each year the data are

thoroughly checked by the Refinitiv data teams across the world and PFI editorial staff.

In 2018, loan values leapt by 23% to levels last seen in 2015, when a record high of US$277.1bn was recorded. Last year, however, this was surpassed with a new record high of US$282.6bn. In 2016 and 2017 loan volumes were static at around US$230bn.

There was a big jump in the Americas region of 49% to US$96bn, with the US market up US$16bn to US$58bn and Brazil up US$10bn to US$12.3bn. Both Peru and Argentina showed up well in the tables at US$2.9bn and US$2bn respectively, while Canada and Mexico remained healthy at US$5.9bn and US$4.4bn.

Activity in Asia-Pacific dipped 4.7% to US$76.5bn. The Australian market bounced up 30% to US$31.8bn while Japan and Indonesia remained strong at US$9.5bn and US$7.4bn respectively. A big faller, however, was India, which dropped 59% to US$7.3bn.

The Europe, Middle East & Africa (EMEA) market recovered after a dip in 2017. Loan volumes were up 22.9% to US$110.1bn. The UK remained strong while the Italian market shot

up from US$3.9bn to US$16.6bn.

There are reasons for the large increase in activity across the globe in sectoral terms. Financing renewables projects remains extremely popular, with the new asset class of offshore wind

coming to the fore. Power financings were up 12% to US$137.6bn. Oil and gas activity rose 43.6% to US$54bn as oil prices stabilised and LNG projects started to move once again.

But perhaps another issue was the volume of refinancings falling in 2018 as credit terms continued to improve for borrowers.

The end of bank lending into project finance has long been predicted and has yet to occur. More deals are structured on shorter basis, which helps the commercial banks. That said, by year-end changes in the global debt capital markets meant banks were more competitive than bonds in the marketplace. 2019 will see whether this remains or the banks adjust to newer credit conditions.

The project bond market fell back in 2018. It rose to a peak of US$63.7bn in 2017, up from US$43.6bn in 2016 but then dropped back to US$46.1bn in 2018. There is no clear reason for this. Conditions in the global debt capital markets (DCM) remained fairly benign during most of 2018, although placing bonds in emerging markets became challenging from mid-year onwards.

But the problem was across all markets. Issuance in the top three markets from 2017 – the USA, the UK and Mexico – all fell back in 2018 by noticeable amounts – from US$18.8bn to US$14.1bn, US$8.7bn to US$4.9bn and US$4.6bn to US$2.3bn respectively.

The competitiveness of loans over bonds was a feature of 2018. Bonds can still win out, particularly when the sponsors want very long tenors, but sponsors like the flexibility of loans and

LOANS UP, BONDS DOWNTHE GLOBAL PROJECT LOANS MARKET WAS UP 23% IN 2018 TO US$282.6BN, A RECORD HIGH. BUT PROJECT BOND ACTIVITY FELL 27.6% TO US$46.1BN. THE COMMERCIAL PROJECT FINANCE MARKET THEREFORE ROSE 12% TO ANOTHER NEW RECORD HIGH, US$328.7BN. EMERGING MARKET MULTILATERAL ACTIVITY DIPPED 20.9% TO US$21.2BN.

GLOBAL TOP 10 FOR LOANS(2017 POSITION IN BRACKETS)

1 - MUFG (1)

2 - SMBC (3)

3 - Santander (11)

4 - Credit Agricole (6)

5 - ING (9)

6 - Societe Generale (10)

7 - Mizuho (8)

8 - BNP Paribas (4)

9 - Natixis (13)

10 - Bank of China (14)

GLOBAL TOP 10 FOR ADVISORIES CLOSED(2017 POSITION IN BRACKETS)

1 - Societe Generale (11)

2 - BNP Paribas (4)

3 - MUFG (17)

4 - PwC (16)

5 - Credit Agricole (5)

6 - Macquarie (3)

7 - SMBC (10)

8 - KPMG (1)

9 - Santander (-)

10 - EY (-)

GLOBAL TOP 10 FOR BONDS(2017 POSITION IN BRACKETS)

1 - Citi (1)

2 - MUFG (3)

3 - BAML (15)

4 - JP Morgan (2)

5 - Credit Agricole (8)

6 - SMBC (9)

7 - HSBC (4)

8 - Societe Generale (10)

9 - BNP Paribas (11)

10 - RBC (5)

GLOBAL TOP 10 FOR ADVISORIES WON(2017 POSITION IN BRACKETS)

1 - EY (1)

2 - Synergy Consulting (2)

3 - PwC (3)

4 - SMBC (4)

5 - Green Giraffe (5)

6 - MUFG (6)

7 - Tribe Infrastructure (-)

8 - Societe Generale (7)

9 - Credit Agricole (8)

10 - TASC (9)

Project Finance International January 30 2019 3

2018 LEAGUE TABLES

the leverage that can be obtained - an important feature for financial sponsors.

Multilateral activity in the developing world fell by 21% to US$21.2bn. There were still plenty of deals to finance, particularly in the medium to smaller scale solar and wind sectors, but there were few monster deals compared with previous years.

Kexim/K-Sure came top of the table given its involvement in the largest deal last year, the 1915 Canakkale bridge in Turkey. Activity in the developed world actually shot up from US$1.7bn to US$9.8bn. Two UK offshore wind farms, Hornsea 1 and Moray East, were important factors, as was the TAP gas pipeline running across Greece and Italy.

Advisory mandates won rose by just six to 469 but this was a decent performance, with the 2016 figure at 420. EY came top, with Synergy Consulting and PwC second and third.

The big shift in advisories last year came in the closed tables. The top five all transacted more deals by volume in 2018 than in the 2017. Societe Generale recorded a US$29.9bn figure, followed by BNP Paribas with US$21.6bn and MUFG with US$14.3bn.

AmericasAmericas project finance volume for 2018 came in at just over US$96bn, up significantly from US$64.4bn in 2017 and fuelled largely by renewable power. With the phase-out of tax credits coming, the market is expected to continue to offer plenty of opportunity in renewables in the next two years, while there is also tipped to be a resurgence in LNG and greenfield gas-fired financings in the region to keep power as the most pre-eminent market segment.

A total of US$58.6bn was done in the US, up from US$42.5bn in the prior year. US volume

The league tables are compiled from submissions sent in from commercial banks and financial advisers. Only transactions that are limited or non-recourse are included in the tables. The submissions are checked by Project Finance International (PFI) and Refinintiv staff globally. The tables are presented in a regional form and then global tables are calculated from the regional figures.

On the loans side, only lead-arranging mandates are credited in the tables. League table credit is awarded on a pro rata basis. If one bank lead-arranges a US$500m project finance loan, it receives a US$500m credit, if two arrange a US$500m loan, they receive US$250m credits, if four, US$125m each, and so on. The credits are added up and the league tables are produced.

On some deals, an individual bank’s submitted figure might be lower in the published version of the league table or it might increase. To ensure the tables are market-accurate, some banks might be added to the table even if they had not claimed for a mandated lead-arranging role, while others might not be credited even if they have claimed.

The evaluation of lead-arranging roles has been made much stricter to include only initial mandated lead arrangers. In the Americas, the mandated lead arranger category is similar to the Thomson Reuters bookrunner category. Recent years have seen more and more club deals emerge. On these, each bank in the club is given equal credit.

Overall, the tables are only concerned with measuring the performance of those that arrange deals, not necessarily their final underwriting commitment or final take. The deals counting towards a bank’s total are detailed in the regional sections, with the relevant amounts per deal. From these details the country and sector league tables are drawn up. The process is very similar on the bond league table. The tables measure the activities only of the senior lead managers.

On the advisory side, the table is split into three sections: private sector mandates, government or government-owned sponsor advisory mandates, and advice to bidders in a competition. Only financial advisory mandates are included. The table measures mandates won last year in these sectors and ranks advisers accordingly in the total column. In addition, there is a figure calculated for all mandates being worked on by a firm in the overall column.

The advisory submissions are checked by the reporters for accuracy to ensure they are mandates won last year and not claimed for in previous years. This table is limited to advisory mandates above US$20m. In addition, there is a table of advisory mandates reaching financial close last year. The table is ranked regionally and globally by the total amount of funds raised by each financial adviser.

For the ninth year, a set of tables has been included to meet the evolving needs of the project finance market – for multilaterals. These tables measure the involvement of multilaterals in project finance deals in the emerging markets, whether through export credit guarantees or direct lending tranches.

Loans to projects in the developed world are included in their own developed world multilateral table. It is likely, as the credit crunch takes hold, that the multilaterals – or international developmental finance institutions (IDFIs) – will become ever more important.

The 2018 league tables will now go on the Refinitive Deals Intelligence site. To ease the league table process in 2018, it is worth keeping PFI and Refinitiv staff up to-date.

Contact PFI’s Rod Morrison (London 44 207 542 8329), Refinitiv’s Carina Israel (Manila 00 632 878 5867) and Christina Listana (Manila 00 632 459 1814) if there are concerns regarding the tables and ongoing data collection.

The data team n

Methodologyn 2018 TABLES The rules

Project Finance International January 30 20194

was more than four times that of its closest competitor in the Americas, Brazil, which saw more than US$12.3bn in closed deals. Canada took the third top slot in the Americas, with US$5.9bn in completed deals, followed by Mexico with US$4.4bn and Chile with US$3.4bn.

Power deals again led activity for the Americas, with US$47bn spread over 202 transactions, up from US$41.7bn in the prior year. More than US$26.2bn was done in the oil and gas sector, up from US$14bn, and the transportation sector saw more than US11.8bn in activity, up from US$4bn in 2017.

MUFG led the Americas for the ninth consecutive year, with more than US$9.3bn in completed transactions, up from US$4.8bn in the prior year. The bank closed 67 deals, up from 57 in 2017. The bank continued to be active in renewables and gas-fired power also saw a boost from a few sizeable LNG transactions.

Santander stole the number two slot from Morgan Stanley, which fell to number five, and booked more than US$5.6bn with the highest number of transactions in the Americas, at 70. SMBC remained at number three, with US$4.7bn in transactions, followed by ING and Morgan Stanley with US$3.8bn and US$3.4bn, respectively, to round out the top five.

The US again led the way internationally on bond volume, with more than US$14.1bn completed, down from US$18.8bn in the prior year. Other notable countries on Americas bond volume were Brazil, with US$3.7bn completed, Canada with US$2.9bn, Panama with US$2.7bn, and Mexico with US$2.3bn.

Perhaps the most notable sight in the league tables is the emergence of countries such as Colombia, Peru, and Argentina, which on the back strong regulatory frameworks and governmental support are now consistently booking numbers similar to more established project finance locations such as Chile.

In 2018, Chile reached US$3.42bn across nine deals, Colombia booked US$2.98bn across 14 deals, Peru hit US$2.96bn across eight deals, and

Argentina topped US$2.06bn across 12 deals, with each of them more than doubling 2017’s numbers.

The Colombian government’s

support of the 4G programme now looks set to translate across to the power sector, Argentina’s government is providing back-stops similar to those tested in Peru in order to drive investment in its ambitious public-private partnership programme, and a number of years of stability in Peru has meant consistent dealflow too.

Mexico again had strong numbers, although its US$4.42bn across 25 deals was slightly lower than the US$4.9bn from 2017, while its bond volume at US$2.3bn was half the US$4.6bn booked in 2017.

The mining sector in Latin America was a key driver of numbers in 2018, up around 400% from levels in 2017 to US$1.7bn from US$480m. Attractive commodity pricing, demand from China, as well as growth in the use of minerals such as lithium in batteries are expected to continue to drive growth in the sector, with a number of major deals due in 2019. Dutch bank ING jumped from eighth in 2017 to fourth in 2018 in the league tables in part on the back of its role in some of the major mining deals.

The transportation sector was another to see stronger numbers in 2018 across the Americas, up over 200% to US$11.83bn across 48 deals from US$4.08bn in 2017. Argentina and Colombia’s highway build-outs were key drivers of those numbers, with Argentina closing its first highway deal in 2018 with the roughly US$1bn Corredor B transaction.

Latin America’s position as one of the key emerging markets for multilateral lenders was once again highlighted in the league tables this year. Brazil with US$2.25bn, Peru with US$1.86bn, and Argentina with US$1.79bn were among the top ten beneficiaries of multilateral debt globally, while Panama, Mexico, and Honduras also saw strong volume.

The world’s most prominent multilateral group as measured by exposure, the South Korean duo of Kexim and K-Sure, were active in the region through a mining deal in Peru, while other top ten groups including Japan’s JBIC and Nexi, Spain’s CESCE, the World Bank Group, Switzerland’s Serv, Denmark’s EKF, Sinosure, and the Inter-American Development Bank Group (IDB) all had deals in Latin America during the year.

Of the local banks, Brazil’s Itau Unibanco again topped the lists with US$888m across 15 deals, with Banco Bradesco and Banorte rounding out the top three Latin American lenders by volume

Asia-PacificAsia-Pacific registered a total volume of US$76.6bn for 2018, slightly declining from the previous year’s robust activities. It was down by US$3.8bn or 4.8%, which some say, was not a bad year for a region that is still adjusting to the onset of renewable energy, and moving away from coal, its traditional fuel.

The top arranger in Asia-Pacific is MUFG, upstaging 2017’s regional leader SBI Capital,

MULTILATERAL TOP 5 FOR EMERGING MARKETS(2017 POSITION IN BRACKETS)

1 - Kexim/K-Sure (5)

2 - China Exim (6)

3 - JBIC/Nexi (2)

4 - CESCE (-)

5 - IFC/World Bank (8)

MULTILATERAL TOP 5 FOR DEVELOPED MARKETS(2017 POSITION IN BRACKETS)

1 - EIB (1)

2 - EKF (7)

3 - EBRD (2)

4 - JBIC (-)

5 - Sace (-)

AMERICAS TOP 5 FOR LOAN ARRANGERS(2017 POSITION IN BRACKETS)

1 - MUFG

2 - Santander

3 - SMBC

4 - ING

5 - Morgan Stanley

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2018 LEAGUE TABLES

which has now moved down to fifth and is the only Indian lender in the top 10. Two other mega Japanese banks occupy the next two positions - Mizuho Bank is second and SMBC is third.

The presence of Chinese banks in 2018 PF transactions was again palpable. This time, three of them appear in the top 10. The biggest deal completed last year was a US$4.2bn facility that will finance a US$7bn Universal theme park in Beijing. The loan propped up the rankings of two Chinese banks – Bank of China, which was the fourth most active, and Agricultural Bank of China, in eighth.

A third Chinese bank – China Development Bank, was the key lender to an IPP in Pakistan where China has a joint economic corridor under its Belt & Road Initiative. That facility helped CDB take 10th position, but still a slide from its previous second ranking.

The list of top arrangers will never be complete without the banks Down Under. Australia is the biggest market, almost taking up half of the PF volume in the region. Thus, it is not surprising to see its banks join the ranks of top lenders. ANZ and NAB are ranked sixth and seventh respectively, while Westpac is ninth. CBA, the other major Australian bank, is 11th, with just US$2.4m less than CDB’s volume.

Indeed, the latest results in terms of completed deals show a familiar pattern, with Australia the overwhelming leader garnering 41.6% of all deals in Asia-Pacific with a total of 80 worth US$31.8bn. The country is also second globally, with only the US having higher figures.

Transport infrastructure such as the massive WestConnex project as well as a booming renewables sector contributed to the Australian result.

Japan has also made a dent. From occupying the middle ranks in the tabl e, it has now jumped to second place in Asia-Pacific with 31 deals worth US$9.5bn. A large portion of this can be attributed to airport deals, but the renewables sector, particularly solar, has also contributed to the volume of deals.

Indonesia, which only registered 15 transactions, was in the bigger deal end of the spectrum with a total of US$7.4bn. Interestingly, India had US$7.3bn, which is slightly less than that of Indonesia, but took 51 deals to match the dollar result.

The deal volume difference is easily explained considering the Indian government’s strong policy to move the energy sector to becoming more reliant on renewable energy, particularly solar. Every state in India is now conducting renewable energy auctions on an unprecedented scale.

After India, the volume and dollar value of deals decline sharply in Asia-Pacific. South Korea and Singapore registered five deals apiece worth a combined US$3.9bn.

Vietnam and Malaysia had four deals each while China, Taiwan and the Philippines all had three deals. New Zealand, whose PPP environment has picked up over the years, had two deals worth US$1.3bn.

The rest of the Asia-Pacific countries, such as Pakistan, Laos, Hong Kong, Thailand, Bangladesh and Mongolia, completed only one deal each with the deals worth US$1.1bn.

In terms of sector activities, it is not surprising that in the age of renewables, power deals continued to be most prominent, and the sector registered 129 deals worth US$37.9bn.

As always, there is a need for transport infrastructure in the region and the sector contributed good dealflow with 34 transactions worth US$15.5bn, including a number of large refinancings.

In leisure and property, PPP deals helped lift this sector to US$6.4bn through 10 deals around the region. What is now missing are the large casino and resort deals that were prevalent five years or more ago as most of this infrastructure, particularly in Macau, has now been built.

The oil and gas sector was also active, with 16 deals worth US$6.2bn completed. The global gas shortage is already providing a trigger for new LNG projects and expansion of existing ones that will see this sector climb the league table over the coming year.

The mining sector has been somewhat becalmed after the boom years of the 1990s and early 2000s but this sector still managed to completed 12 deals worth US$5.8bn.

The need for cleaner water and recycling is a constant and while the deals are generally small in nature the water and sewerage sector had six deals worth US$2.2bn and the waste and recycling sector had one deal worth US$27.9m.

Petrochemicals, the one-time champion of big deals, is now a relatively quiet sector as the big projects have been built and are up and running. This sector had only four deals in 2018 worth US$2.2bn.

On PF bonds, activity remains limited in the region. There were nine bond issues totalling about US$2.46bn. Malaysia was biggest PF bond issuer, usually with Islamic bonds. It registered US$1.46bn of volume and four transactions. It was followed by Indonesia (US$580m for one deal), Thailand (U$210m for two deals) and Laos (US$96m for one deal).

ASIA PACIFIC TOP 5 FOR LOAN ARRANGERS(2017 POSITION IN BRACKETS)

1 - MUFG (3)

2 - Mizuho (4)

3 - SMBC (5)

4 - Bank of China (14)

5 - SBI Capital (1)

On PF bonds, activity remains limited in Asia-Pacific. There were nine bond issues totalling around US$2.46bn. Malaysia was the biggest bond issuer

Project Finance International January 30 20196

EMEA

Project loan volumes in the Europe, Middle East and Africa (EMEA) region jumped in 2018 after dipping in 2017. The market dropped 31.2% in 2017 to US$84.8bn but then recovered to US$110.1bn.

Market activity was spread fairly evenly across the region. Despite Brexit and general concerns re the infrastructure market in the UK, the country still topped the EMEA table at U$22.4bn on the back of the UK offshore wind boom.

Italy moved up to second with US$16.6bn on the back of deals such as the TAP gas pipeline scheme and the Open Fibre broadband deal. Turkey was up US$5bn to US$8bn due to mega deals such as the 1915 Canakkale Bridge.

In the Middle East, loan volumes reached US$11.1bn - just a little down on the 2017 figure of US$11.2bn. The market is currently very active but dealflow has yet to come through. Perhaps 2019 will be its year. Volumes in 2015 and 2016 were US$28.5bn and US$27.2bn respectively.

In Africa, loan volumes stood at US$7.3bn, down from US$11.5bn in 2017. 2019 certainly should see a pick up, with mega LNG deals planned in Mozambique and Nigeria. However, smaller financings across Africa are becoming more popular in the solar sector.

Bond issuance across the region stood at US$10bn, down sharply from US$24.2bn in 2017. The competitiveness and general liquidity of the European banks were clearly factors in this result.

The market has become more difficult to track in a league table sense as many deals now have both bank and institutional tranches. The PFI league tables track both tranches in each respective bank or bond category. However, if institutions come into a bank loan, that is included in the loan tables.

Indeed, a clear sign of that competitiveness was that for the first time in a while, the top five banks in the EMEA loans table were European - Credit Agricole, followed by Societe Generale, Santander, BNP Paribas and ING. The first Japanese bank, SMBC, came in sixth while MUFG was eighth.

Lending to the power sector leapt 38% to US$52.8bn as the renewables boom continued. Transportation and oil and gas were both up - by US$16.7bn to US$23bn and US$17.6bn to US$21.6bn - but PPPs halved to US$2.6bn. n

EMEA TOP 5 FOR LOAN ARRANGERS(2017 POSITION IN BRACKETS)

1 - Credit Agricole (2)

2 - Societe Generale (5)

3 - Santander (7)

4 - BNP Paribas (1)

5 - ING (6)

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Project Finance International January 30 2019 7

2018 LEAGUE TABLES

GLOBAL INITIAL MANDATED LEAD ARRANGERS

Mandated arrangers US$(m) % No of deals Mandated arrangers US$(m) % No of deals

1 MUFG 18,068.5 6.4 148

2 SMBC 12,394.6 4.4 127

3 Santander 10,261.8 3.6 131

4 Credit Agricole 9,322.5 3.3 103

5 ING 9,155.5 3.2 96

6 Societe Generale 8,861.9 3.1 94

7 Mizuho Financial 7,720.3 2.7 63

8 BNP Paribas 7,571.0 2.7 93

9 Natixis 5,591.4 2.0 65

10 Bank of China 4,440.2 1.6 20

11 KfW IPEX 3,924.9 1.4 33

12 NAB 3,866.8 1.4 51

13 ICBC 3,864.5 1.4 36

14 Morgan Stanley 3,625.8 1.3 14

15 Barclays 3,416.0 1.2 21

16 JP Morgan 3,361.1 1.2 13

17 State Bank of India 3,281.0 1.2 8

18 Citi 3,072.5 1.1 23

19 Intesa Sanpaolo 3,070.6 1.1 38

20 Deutsche Bank 2,950.5 1.0 14

21 CBA 2,914.7 1.0 41

22 HSBC 2,776.2 1.0 32

23 BBVA 2,760.0 1.0 29

24 ANZ 2,745.5 1.0 34

25 Nord/LB 2,732.6 1.0 42

26 Scotiabank 2,634.4 0.9 21

27 Cooperatieve Rabobank 2,633.5 0.9 30

28 Goldman Sachs 2,464.5 0.9 16

29 Agricultural Bank of China 2,450.3 0.9 5

30 RBC Capital Markets 2,448.2 0.9 21

31 China Development Bank 2,392.9 0.9 3

32 Korea Development Bank 2,353.3 0.8 20

33 Banco do Nordeste do Brasil 2,338.9 0.8 14

34 CaixaBank 2,295.0 0.8 27

35 UniCredit 2,234.4 0.8 36

36 Siemens Financial 2,211.2 0.8 33

37 Westpac Banking 2,194.5 0.8 28

38 Standard Chartered 2,142.5 0.8 18

39 CIBC World Markets 1,931.5 0.7 21

40 Bank of America Merrill Lynch 1,881.2 0.7 14

41 Development Bank of Japan 1,853.8 0.7 7

42 RBS 1,824.2 0.7 20

43 DBS 1,714.5 0.6 21

44 ABN AMRO Bank 1,668.0 0.6 22

45 Landesbank Baden-Wurttemberg 1,615.6 0.6 13

46 Cassa Depositi e Prestiti 1,535.1 0.5 6

47 Gazprombank 1,514.0 0.5 3

48 Credit Suisse 1,496.9 0.5 11

49 CIT Group 1,478.4 0.5 23

50 KeyBanc Capital Markets 1,452.1 0.5 21

51 Unione di Banche Italiane 1,347.0 0.5 20

52 Banco de Sabadell 1,328.8 0.5 19

53 Bayerische Landesbank 1,275.4 0.5 18

54 National Bank of Greece 1,205.8 0.4 4

55 SEB 1,191.8 0.4 12

56 Hana Financial 1,124.6 0.4 7

57 Investec 1,122.3 0.4 20

58 Yes Bank 1,098.8 0.4 11

59 Lloyds Bank 1,095.0 0.4 9

60 Norinchukin Bank 1,051.7 0.4 10

61 Commerzbank 1,017.1 0.4 8

62 Jefferies LLC 991.7 0.4 3

63 Shinsei Bank 989.4 0.4 11

64 Kommunalkredit 974.0 0.3 6

65 Bank Central Asia 958.3 0.3 3

66 CoBank ACB 934.7 0.3 14

67 Old Mutual 916.1 0.3 6

68 OCBC 902.6 0.3 11

69 BMO Capital Markets 899.2 0.3 13

70 Credit Mutuel 891.5 0.3 13

71 Itau Unibanco 888.3 0.3 15

72 Landesbank Hessen-Thueringen 873.8 0.3 6

73 Indusind-Bank 851.1 0.3 14

74 KBC Group 838.2 0.3 9

75 Banco BPM 831.1 0.3 11

76 Sumitomo Mitsui Trust 818.7 0.3 9

77 DZ Bank 815.6 0.3 11

78 Bpifrance 799.0 0.3 7

79 Turkiye Garanti Bankasi 796.5 0.3 7

80 SunTrust Banks 779.2 0.3 10

81 La Banque Postale 765.7 0.3 11

82 Woori Financial 752.4 0.3 3

83 Turkiye Is Bankasi 732.7 0.3 5

84 Axis Bank 725.8 0.3 5

85 Banco Bradesco 713.3 0.3 11

86 National Bank of Canada 698.2 0.3 9

87 Shinhan Financial 693.1 0.3 4

88 Macquarie Group 682.2 0.2 4

89 Bank Mandiri 679.4 0.2 5

90 Standard Bank 677.3 0.2 6

91 Grupo Financiero Banorte-Ixe 648.9 0.2 5

92 Turkiye Vakiflar Bankasi 640.4 0.2 3

93 United Overseas Bank 637.5 0.2 5

94 BFA Tenedora de Acciones 634.3 0.2 11

95 NongHyup Financial 599.0 0.2 2

96 Wells Fargo & Co 590.6 0.2 6

97 Allied Irish Banks 581.7 0.2 10

98 CIMB Group 577.7 0.2 4

99 Bangkok Bank 559.4 0.2 3

100 China Construction Bank 540.8 0.2 6

101 DGZ-DekaBank 539.2 0.2 3

102 DNB ASA 511.0 0.2 8

103 Industrial Bank of Korea 510.2 0.2 1

104 Nomura 468.7 0.2 5

105 Bank Nederlandse Gemeenten 453.2 0.2 4

106 China Merchants Bank 451.1 0.2 5

=106 PNC Financial 451.1 0.2 2

108 Turkiye Halk Bankasi 445.6 0.2 1

=108 Ziraat Bankasi 445.6 0.2 1

110 Siam Commercial Bank 439.4 0.2 2

111 BMPS 435.6 0.2 6

112 TD Securities 419.8 0.2 6

113 NH Investment & Securities 406.0 0.1 2

114 Banco Comercial Portugues 403.7 0.1 6

115 Arab Banking Corporation 380.5 0.1 10

116 Kuwait Finance House 368.0 0.1 3

117 Clean Energy Finance 365.6 0.1 8

118 UBS 361.1 0.1 2

119 Sberbank 359.9 0.1 4

120 Cadence Bank 358.3 0.1 2

121 Novo Banco 344.8 0.1 5

122 Bank Hapoalim 343.5 0.1 2

123 Bank Negara Indonesia 340.9 0.1 2

=123 Bank Rakyat Indonesia 340.9 0.1 2

125 L&T Financial Services 340.1 0.1 4

126 Bank of Communications 339.0 0.1 4

127 Citizens Financial Group 318.8 0.1 2

128 Allianz 316.8 0.1 1

129 TISCO Bank 311.5 0.1 1

130 Groupe BPCE 309.0 0.1 8

Project Finance International January 30 20198

GLOBAL INITIAL MANDATED LEAD ARRANGERS CONTINUED

Mandated arrangers US$(m) % No of deals Mandated arrangers US$(m) % No of deals

131 Rand Merchant Bank 308.9 0.1 2

132 Commercial Intl Bank 305.0 0.1 1

133 Al-Ahli United Bank 291.6 0.1 3

=133 National Bank of Kuwait 291.6 0.1 3

135 Banque Saudi Fransi 289.7 0.1 2

136 AK Bank 289.5 0.1 3

137 Yapi Ve Kredi Bankasi 284.0 0.1 3

138 Erste Group 281.8 0.1 6

139 Fifth Third Bancorp 281.3 0.1 1

=139 US Bancorp 281.3 0.1 1

141 Silicon Valley Bank 280.8 0.1 5

142 Credicorp 271.6 0.1 3

143 ICICI Bank 271.4 0.1 3

144 HSH Nordbank 266.2 0.1 2

=144 Rizal Commercial Banking 266.2 0.1 6

146 ASN Bank 265.6 0.1 4

147 GE Capital 261.5 0.1 2

148 Caixa Geral de Depositos 254.3 0.1 2

149 Kuveyt Turk Katilim Bankasi 249.0 0.1 2

150 Bank of Philippine Islands 247.8 0.1 2

151 Mediobanca 242.7 0.1 2

152 BPER Banca 235.9 0.1 5

153 NCB Capital 217.5 0.1 1

=153 Samba Financial 217.5 0.1 1

=153 Saudi British Bank 217.5 0.1 1

156 Triodos Bank 214.1 0.1 4

157 Mizrahi Tefahot Bank 212.5 0.1 1

158 Banco Portugues Investimento 201.3 0.1 4

159 Nordea 189.8 0.1 3

160 QNB Corp 173.8 0.1 2

161 Alpha Bank 171.1 0.1 3

162 Ahli Bank 170.7 0.1 1

=162 Bank Dhofar 170.7 0.1 1

=162 Bank Muscat 170.7 0.1 1

=162 Boubyan Bank 170.7 0.1 1

=162 Commercial Bank of Kuwait 170.7 0.1 1

=162 National Bank of Oman 170.7 0.1 1

=162 Sohar Bank 170.7 0.1 1

=162 Warba Bank 170.7 0.1 1

170 Associated Banc 160.7 0.1 3

171 Bancolombia 160.2 0.1 1

172 Banco Nacional de Mexico 160.0 0.1 2

173 Malayan Banking 156.8 0.1 2

174 Bankinter 151.4 0.1 7

175 EFG Group 150.8 0.1 1

176 Yevraziyskiy Bank 141.7 0.1 1

177 NIBC 135.8 0.1 2

178 AKA Ausfuhrkredit 134.2 0.1 2

179 Banco BTG Pactual 133.7 0.1 3

180 Aditya Birla Finance 133.3 0.1 1

181 Banco do Brasil 132.7 0.1 2

182 First Int'l Bank of Israel 131.0 0.1 1

183 Alberta Treasury Branches 129.6 0.1 2

184 Raiffeisen Bank International 129.5 0.1 2

185 Zions Bancorp 129.1 0.1 3

186 LH Financial 127.9 0.1 1

=186 TMB Bank 127.9 0.1 1

188 Al Baraka Banking 124.0 0.0 1

189 Caterpillar Financial Services 122.4 0.0 2

190 MashreqBank 120.8 0.0 2

191 Handelsbanken Capital Markets 116.2 0.0 1

192 Grupo Prival 104.0 0.0 1

193 Sanlam 102.9 0.0 1

194 Ergobank 93.6 0.0 1

195 Bank of Baroda 93.4 0.0 1

196 Desjardins Group 90.9 0.0 1

197 Mega Financial 84.0 0.0 1

=197 Taiwan Cooperative Bank 84.0 0.0 1

199 Banca Picc Cred Valt 83.2 0.0 5

200 SNS Reaal Groep 82.8 0.0 1

201 East West Bank 80.7 0.0 2

202 Banco De Oro 76.6 0.0 1

=202 Land Bank of the Philippines 76.6 0.0 1

=202 Security Bank 76.6 0.0 1

=202 Union Bank of the Philippines 76.6 0.0 1

206 Banco Consorcio 74.0 0.0 1

207 Al Rajhi Banking & Investment 72.2 0.0 1

=207 Arab Bank 72.2 0.0 1

=207 Arab National Bank 72.2 0.0 1

=207 Gulf International Bank 72.2 0.0 1

=207 Natl Comml Bank Saudi Arabia 72.2 0.0 1

=207 Riyadh Bank 72.2 0.0 1

213 Cathay Financial 71.7 0.0 2

=213 Fubon Financial 71.7 0.0 2

215 Arab African International 66.6 0.0 1

=215 Banque du Caire 66.6 0.0 1

=215 Banque Misr 66.6 0.0 1

=215 BLOM Bank 66.6 0.0 1

=215 Egyptian Arab Land Bank 66.6 0.0 1

=215 National Bank of Egypt 66.6 0.0 1

221 Clifford Capital 66.0 0.0 1

222 Sydbank 64.0 0.0 1

223 BNDA 61.1 0.0 1

224 Unicaja 60.2 0.0 3

225 Turkiye Sinai Kalkinma Bankasi 58.1 0.0 1

226 Metrics Capital Partners 57.1 0.0 1

227 Banesco Banco Universal 55.6 0.0 2

228 Grupo Aval Acciones y Valores 55.4 0.0 1

=228 Sociedades Bolivar 55.4 0.0 1

230 China Dvlp Finl 54.1 0.0 1

=230 Entie Commercial Bank 54.1 0.0 1

232 Hokuhoku Financial 54.0 0.0 1

=232 North Pacific Bank 54.0 0.0 1

234 Dexia 51.0 0.0 1

=234 European Arab Bank 51.0 0.0 1

=234 FMS Wertmanagement 51.0 0.0 1

237 India Infrastrcture Fin 50.0 0.0 1

=237 Indonesia Infrastructure Fin 50.0 0.0 1

=237 Manufacturers & Traders Trust 50.0 0.0 1

240 Magyar Kulkereskedelmi Bank 48.8 0.0 1

=240 OTP Bank 48.8 0.0 1

242 National Bank of Bahrain 48.6 0.0 1

243 Demirbank 46.7 0.0 1

244 Banco Credicoop Cooperativo 45.8 0.0 1

245 Capital One Financial 45.4 0.0 1

246 Qatar National Bank 44.0 0.0 1

247 AMMB 42.5 0.0 1

248 Bank of Ireland 42.1 0.0 1

249 Abu Dhabi Commercial Bank 40.8 0.0 1

250 Al Salam Bank 40.0 0.0 1

=250 Power Finance Corporation 40.0 0.0 1

252 BLADEX 37.5 0.0 1

253 Mitsubishi UFJ Lease & Finance 37.4 0.0 1

254 India Infradebt 37.3 0.0 1

255 Danske Bank 35.0 0.0 1

=255 Sparebanken 1 Gruppen 35.0 0.0 1

257 Piramal Finance 30.9 0.0 3

258 Bremer Kreditbank 26.9 0.0 1

259 Banco del Bajio SA Institucion 26.6 0.0 1

260 Sea Bridge Finance 22.5 0.0 1

Project Finance International January 30 2019 9

2018 LEAGUE TABLES

GLOBAL INITIAL MANDATED LEAD ARRANGERS CONTINUED

Mandated arrangers US$(m) % No of deals Mandated arrangers US$(m) % No of deals

261 Cassa di Risparmio di Bolzano 20.5 0.0 1

=261 Cassa Padana Banca Cred Coop 20.5 0.0 1

263 Aozora Bank 20.0 0.0 1

264 Banco Pichincha 16.7 0.0 1

=264 CIFI 16.7 0.0 1

266 Sprott Resource Lending 16.0 0.0 2

267 Banco de Inver y Comercio 15.0 0.0 1

268 ICCREA 11.9 0.0 1

269 Banco Atlas 8.3 0.0 1

=269 Banco Regional 8.3 0.0 1

=269 Vision Banco 8.3 0.0 1

272 Banco de la Ciudad de Buenos 5.0 0.0 1

273 Arzan Finl Group 4.0 0.0 1

274 Western Alliance 1.2 0.0 1

Total 282,684.8 100.0 871

*Proportional Credit

Source: Refinitiv

Project Finance International January 30 201910

GLOBAL LOANS BY COUNTRY

Nation US$(m) % No of deals Nation US$(m) % No of deals

United States of America 58,668.5 20.8 159

Australia 31,825.9 11.3 80

United Kingdom 22,441.1 7.9 56

Italy 16,682.5 5.9 47

Brazil 12,326.1 4.4 50

Japan 9,523.4 3.4 31

France 8,229.7 2.9 37

Turkey 8,001.1 2.8 10

Indonesia 7,471.1 2.6 15

India 7,374.1 2.6 51

Netherlands 7,358.5 2.6 17

Germany 6,279.1 2.2 12

Canada 5,932.6 2.1 21

Spain 4,943.0 1.8 45

Oman 4,871.7 1.7 4

Mexico 4,423.1 1.6 25

China 4,308.1 1.5 3

South Korea 3,840.3 1.4 5

Portugal 3,514.2 1.2 11

Chile 3,419.1 1.2 9

Belgium 3,173.4 1.1 6

South Africa 3,051.0 1.1 14

Colombia 2,985.0 1.1 14

Peru 2,960.0 1.1 8

Nigeria 2,695.0 1.0 3

Vietnam 2,528.6 0.9 4

Argentina 2,060.2 0.7 12

Pakistan 2,000.0 0.7 1

Sweden 1,982.0 0.7 9

Russian Federation 1,895.5 0.7 4

Israel 1,814.4 0.6 3

Egypt 1,724.9 0.6 3

Bahrain 1,543.0 0.6 2

Malaysia 1,323.2 0.5 4

New Zealand 1,322.6 0.5 2

Thailand 1,150.8 0.4 1

Singapore 1,112.5 0.4 5

Saudi Arabia 1,092.0 0.4 2

Laos 934.5 0.3 1

Norway 916.7 0.3 5

Taiwan 881.7 0.3 3

Ecuador 794.0 0.3 3

Serbia 750.9 0.3 3

Greece 728.9 0.3 4

US Virgin Islands(United States) 700.0 0.3 1

Finland 661.7 0.2 4

Uzbekistan 660.0 0.2 1

Poland 658.4 0.2 1

Denmark 649.1 0.2 3

Philippines 631.6 0.2 3

Republic of Ireland 597.0 0.2 5

Costa Rica 425.0 0.2 1

Estonia 412.3 0.2 1

Uganda 400.0 0.1 1

Ivory Coast 324.7 0.1 1

Uruguay 282.1 0.1 3

Croatia 282.0 0.1 1

Senegal 257.4 0.1 1

Hungary 246.3 0.1 2

Dominican Republic 215.5 0.1 3

Hong Kong 196.9 0.1 1

Jordan 191.5 0.1 3

Mozambique 189.0 0.1 1

Paraguay 175.0 0.1 2

Austria 163.6 0.1 4

Nicaragua 163.2 0.1 1

United Arab Emirates 163.0 0.1 1

El Salvador 133.0 0.1 1

Honduras 124.7 0.0 1

Panama 104.0 0.0 1

Kenya 101.9 0.0 3

Switzerland 96.5 0.0 1

Trinidad and Tobago 92.0 0.0 1

Guinea 89.0 0.0 1

Mali 70.1 0.0 1

Ukraine 69.1 0.0 1

Bangladesh 68.6 0.0 1

Namibia 50.0 0.0 1

Jamaica 40.0 0.0 2

Zambia 39.0 0.0 1

Mongolia 37.7 0.0 1

Slovak Republic 26.4 0.0 1

Guyana 20.0 0.0 1

Macedonia 8.2 0.0 1

Palestine 8.0 0.0 1

Chad 7.4 0.0 1

Total 282,684.8 871

GLOBAL LOANS BY SECTOR

Sector Volume (US$m)

Power 137,627.0

Oil & Gas 54,068.8

Transportation 50,513.7

PPP 13,288.2

Mining 7,632.0

Telecommunications 7,390.8

Water & Sewerage 4,789.6

Petrochemicals 3,536.7

Industry 2,704.9

Waste & Recycling 1,132.5

Total 282,684.8

Project Finance International January 30 2019 11

2018 LEAGUE TABLES

AMERICAS INITIAL MANDATED LEAD ARRANGERS

Lead manager Volume (US$m) % No of deals Deals

1 MUFG 9,371.8 9.8 67 8point3 Solar Cei (United States of America, 1,160.0), Astoria Energy II LLC (United States of America, 200.2), Bayonne Water JV LLC (United States of America, 36.0), BIF III Holtwood LLC (United States of America, 15.0), Blue Heron Intermediate (United States of America, 148.7), Boston AFC 2.0 Opco LLC (United States of America, 75.4), Caitan SpA (Chile, 55.8), Carville Energy (United States of America, 45.6), CED Wind Portfolio (United States of America, 15.8), Cheniere Corpus Christi Hldg (United States of America, 109.1), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Commodore Leeward Member Hldg (United States of America, 80.6), Compass Power Generation LLC (United States of America, 372.1), Cornerstone Natural Gas Co (United States of America, 6.8), CPV Shore Holdings LLC (United States of America, 181.7), Delaware Basin Residue LLC (United States of America, 55.7), Desertlink Transmission (United States of America, 36.7), Dominion Energy Cove Point (United States of America, 600.0), Eastern Power LLC (United States of America, 66.7), EGP Mexico Solar Project (Mexico, 151.5), Enel Green Power New Olinda (Brazil, 4.6), Enel Green Power New Olinda (Brazil, 7.0), Enel Green Power New Olinda B (Brazil, 7.0), Enel Green Power New Olinda C (Brazil, 7.0), Flex Intermediate Holdco LLC (United States of America, 172.5), Frontera Generation LP (United States of America, 367.5), Georgia Gulf Generating LLC (United States of America, 259.4), Green Eagle Solar III Series I (United States of America, 18.2), Green Frontier Windpower LLC (United States of America, 82.7), Greenfield Energy Center (Canada, 74.2), Guanajuato Solar (Mexico, 49.2), Helix Ironwood LLC (United States of America, 50.0), Innergex Cartier Energy LP (Canada, 90.4), Libra MV31 BV (Brazil, 66.0), LMBE-MC Holdco II LLC (United States of America, 475.0), Lone Star Transmission LLC (United States of America, 30.0), Longwood Energy Partners LLC (United States of America, 13.3), Los Guindos Generacion SpA (Chile, 340.0), LSP Transmission Portfolio (United States of America, 66.7), Madrid Bidco LLC (United States of America, 25.0), MM Solar (United States of America, 29.2), NEP NCP (Mexico, 40.0), New Covert Generating Co LLC (United States of America, 50.5), Ocean State Power (United States of America, 28.9), Otay Mesa Energy Center LLC (United States of America, 127.5), Pinal Central Energy Center (United States of America, 21.1), Polaris Energy LLC (United States of America, 44.2), Project Phoenix (United States of America, 121.2), Project Turbo (Canada, 128.5), Rhode Island State Energy (United States of America, 45.4), Sepia MV30 BV (Brazil, 141.1), Silver Run Transmission (United States of America, 27.7), SJ Power Holdings LLC (United States of America, 123.3), Skyway Concession Co LLC (United States of America, 65.0), SPT Infrastructure Fin Sub-1 (United States of America, 1,064.0), SPT Infrastructure Fin Sub-1 (United States of America, 200.0), St Clair Power (Canada, 62.4), StadCo LA LLC (United States of America, 281.3), Stonepeak Kestrel Holdings LLC (United States of America, 71.3), SWG Finco LLC (United States of America, 97.2), Texas Nevada Transmission (United States of America, 63.7), Transelec Trunk Transmission (Chile, 178.9), Viento Funding II Inc (United States of America, 189.2), Wstn Renewables Partners LLC (United States of America, 194.3), X-Elio FV Conejos Medanos (Mexico, 49.5), York Energy Centre (Canada, 42.3)

2 Santander 5,679.4 5.9 70 Aguas De Andradina (Brazil, 7.2), Aguas De Castilho Sa (Brazil, 2.3), Apodi I Energia SPE SA (Brazil, 29.2), Area Limpia (Colombia, 32.2), Argo Transmissao De Energia SA (Brazil, 90.3), Aristech Chemical Corp[Sunoco] (United States of America, 112.5), Arlington Valley Solar Energy (United States of America, 48.0), Armeria-Manzanillo Toll Road (Mexico, 48.8), Brasil PCH SA (Brazil, 116.2), Caitan SpA (Chile, 55.8), Cal Flats Solar InvestCo LLC (United States of America, 50.0), CD Clean Energy & Infra (United States of America, 85.0), Centinela Solar Energy (United States of America, 124.4), Cerro Dominador Solar Power (Chile, 88.9), Cerro Grande Wind Farm Power (Uruguay, 34.8), Cheniere Corpus Christi Hldg (United States of America, 191.8), Commodore Leeward Member Hldg (United States of America, 80.6), Concessionaria Do Aeroporto (Brazil, 81.6), Consessionaria Aguas de Parana (Brazil, 0.9), Copacabana Geracao (Brazil, 8.3), Corporacion Quiport - Quito (Ecuador, 33.5), DESRI MS2 Holdings LLC (United States of America, 169.4), DESRI Springbok 1 Financing (United States of America, 40.2), DESRI Springbok 2 Financing (United States of America, 82.1), Enel Green Power New Olinda (Brazil, 4.6), Enel Green Power New Olinda (Brazil, 7.0), Enel Green Power New Olinda B (Brazil, 7.0), Enel Green Power New Olinda C (Brazil, 7.0), Eolica Cabeco Vermelho SA (Brazil, 38.1), Eolica Cabeco Vermelho SA (Brazil, 11.0), Eolica Cabeco Vermelho SA (Brazil, 7.1), Eolica Pedra Rajada (Brazil, 10.6), Eolica Pedra Rajada II(Brazil, 9.1), Equatorial Transmissora 7 SPE (Brazil, 51.0), Esmeralda Energias Renovaveis (Brazil, 23.8), Estrellada SA (Uruguay, 82.6), Fideicomiso CIB2868 (Mexico, 123.1), Flex Intermediate Holdco LLC (United States of America, 172.5), Gas Valpo Acq (Chile, 42.0), Gray Hawk Solar (United States of America, 72.1), IS54 Holdco Solar (United States of America, 41.7), IS67 Holdco Solar (United States of America, 31.3), Ituango Hydro Project (Colombia, 108.3), Matrincha Transmissora SA (Brazil, 276.3), North Star SA (United States of America, 44.9), NRG Yield Inc (United States of America, 70.8), Operadora de Infraestructura (Mexico, 161.8), Origis Pipeline Funding IV (United States of America, 122.1), Project Phoenix (United States of America, 121.2), Quail Ridge Data Center (United States of America, 92.6), Quatro Wind Acquisition (United States of America, 66.5), Rio de Janeiro-Subway System (Brazil, 42.4), Rodoanel Northern Section (Brazil, 167.9), Rumichacha-Pasto 4G Highway (Colombia, 30.0), Rutas Del Loa Highway (Chile, 336.5), Salvador Geriatrics Hosp (Chile, 74.0), San Martin Port (Peru, 91.5), Santa Rita East Wind (United States of America, 186.5), Sao Paulo Metro Line 4 Subway (Brazil, 181.5), Sao Paulo Metro Line 5 Subway (Brazil, 168.0), Sertao I Solar Energy Plant (Brazil, 17.5), Sistema Produtor Alto Tiete (Brazil, 10.6), Sobral I Solar Energy Plant (Brazil, 18.2), Sociedad Portuaria El Cayao (Colombia, 51.7), Sociedad Portuaria Terminal (Colombia, 35.0), Talara Oil Refinery Expansion (Peru, 185.7), Tenaska Alabama Partners LP (United States of America, 51.1), TP Norte Transmission Line (Brazil, 276.3), Ventos De Santa Joana IX-XVI (Brazil, 208.7), Willow Springs (United States of America, 126.5)

3 SMBC 4,732.2 4.9 49 Actis Power Portfolio Acq (Mexico, 36.0), APP Tamaulipas SAPI de CV (Mexico, 98.8), Autopista al Mar 2 Highway (Colombia, 87.9), Autopista al Rio Magdalena 2 (Colombia, 100.0), Boston AFC 2.0 Opco LLC (United States of America, 75.4), Caitan SpA (Chile, 55.8), Cheniere Corpus Christi Hldg (United States of America, 109.1), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Corredor B Toll Road PPP (Argentina, 355.0), Deepwater Wind Block Island (United States of America, 77.7), Delaware Basin Residue LLC (United States of America, 55.7), Dominion Energy Cove Point (United States of America, 600.0), Edgemoor-Star America (United States of America, 26.0), Ergon Peru Solar Project (Peru, 142.0), EVM Combined Cycle Power (Mexico, 90.4), Flex Intermediate Holdco LLC (United States of America, 172.5), Fraport Brasil SA Aeroporto (Brazil, 84.7), Gas Natural SA Acq (Colombia, 180.0), Gas Valpo Acq (Chile, 42.0), GO Transit Stn Improvements (Canada, 78.7), Greenfield Energy Center (Canada, 74.2), Innergex Cartier Energy LP (Canada, 90.4), Ituango Hydro Project (Colombia, 108.3), K2 Wind Ontario (Canada, 83.6), LAX Integrated Express (United States of America, 53.9), Libra MV31 BV (Brazil, 66.0), Los Guindos Generacion SpA (Chile, 45.0), Manassas NCP LLC (United States of America, 77.0), Michael Garron Hospital (Canada, 90.4), Moda Ingleside Energy LLC (United States of America, 37.5), Natgasoline LLC (United States of America, 20.0), Natgasoline LLC (United States of America, 6.0), New Covert Generating Co LLC (United States of America, 50.5), NRG Yield Inc (United States of America, 70.8), Pemcorp SAPI de CV (Mexico, 42.3), Pine River Wind Energy (United States of America, 70.3), Prime Energia SpA (Chile, 100.0), Project Turbo (Canada, 128.5), Quail Ridge Data Center (United States of America, 92.6), Sepia MV30 BV (Brazil, 141.1), Solar PK Viborillas (Mexico, 26.9), Sparks Battery Holdings LLC (United States of America, 34.0), St Clair Power (Canada, 62.4), SWG Finco LLC (United States of America, 97.2), TerraForm Power Inc (United States of America, 58.2), Terraform Utility Solar XIX (United States of America, 91.5), Titan Borrower [Hashi] LLC (United States of America, 50.0), Villalonga Wind Project (Argentina, 130.6)

Project Finance International January 30 201912

AMERICAS INITIAL MANDATED LEAD ARRANGERS CONTINUED

Lead manager Volume (US$m) % No of deals Deals

4 ING 3,869.6 4.0 34 8Point3 Solar Investco 3 LLC (United States of America, 33.5), Apodi I Energia SPE SA (Brazil, 29.2), Aristech Chemical Corp[Sunoco] (United States of America, 112.5), Ascenty Data Centers (Brazil, 258.3), Beacon Offshore Energy (United States of America, 58.8), Caitan SpA (Chile, 55.8), Carville Energy (United States of America, 45.6), Cd Global Solar II Borrower (United States of America, 38.5), Cheniere Corpus Christi Hldg (United States of America, 109.1), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Coremas I And II Geracao De (Brazil, 28.2), Cornerstone Natural Gas Co (United States of America, 6.8), Edgemoor-Star America (United States of America, 26.0), El Segundo Energy Center (United States of America, 1.5), Flex Intermediate Holdco LLC (United States of America, 172.5), Helix Ironwood LLC (United States of America, 50.0), Jet Infrastructure Holding IA (United States of America, 225.0), Kinross Gold Corp-Fruta del No (Ecuador, 58.3), Kleen Energy Systems LLC (United States of America, 55.0), Lee Cnty Generating Stn LLC (United States of America, 44.0), Libra MV31 BV (Brazil, 66.0), Marcobre SAC-Mina Justa (Peru, 150.0), Moda Ingleside Energy LLC (United States of America, 37.5), Ocean State Power (United States of America, 28.9), Otay Mesa Energy Center LLC (United States of America, 127.5), Ports America Holdings Inc (United States of America, 218.8), Potosi Solar (Mexico, 104.5), Qmc Telecom Tower Project (Brazil, 150.0), RE Shire Holdings LLC (United States of America, 1.2), Renew Solar CS4 Borrower LLC (United States of America, 64.1), Sepia MV30 BV (Brazil, 141.1), SPT Infrastructure Fin Sub-1 (United States of America, 1,064.0), York Energy Centre (Canada, 42.3)

5 Morgan Stanley 3,413.3 3.6 13 BCP Renaissance Parent LLC (United States of America, 1,255.0), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Compass Power Generation LLC (United States of America, 372.1), CPV Shore Holdings LLC (United States of America, 181.7), Eastern Power LLC (United States of America, 66.7), Essential Power LLC (United States of America, 28.3), Frontera Generation LP (United States of America, 367.5), Genon Energy Inc-Hunterstown (United States of America, 220.0), GIM Channel (United States of America, 152.5), Natgasoline LLC (United States of America, 6.0), Spade Facilities II LLC (United States of America, 210.0), Tahoka Wind Farm (United States of America, 288.2)

6 Credit Agricole 3,061.7 3.2 29 Astoria Energy II LLC (United States of America, 203.5), Bayonne Energy (United States of America, 100.0), Caitan SpA (Chile, 55.8), Caltex Finance LLC (United States of America, 81.4), Cheniere Corpus Christi Hldg (United States of America, 191.8), Commodore Leeward Member Hldg (United States of America, 80.6), Cornerstone Natural Gas Co (United States of America, 6.8), CPV Shore Holdings LLC (United States of America, 181.7), Flex Intermediate Holdco LLC (United States of America, 172.5), Green Frontier Windpower LLC (United States of America, 82.7), Greenfield Energy Center (Canada, 74.2), Helix Ironwood LLC (United States of America, 50.0), K2 Wind Ontario (Canada, 83.6), Kimura Power LLC (United States of America, 38.8), Lee Cnty Generating Stn LLC (United States of America, 44.0), Marcobre SAC-Mina Justa (Peru, 150.0), Midway Solar LLC (United States of America, 64.6), Midway Solar LLC (United States of America, 133.7), Natgasoline LLC (United States of America, 6.0), New Covert Generating Co LLC (United States of America, 50.5), NRG Yield Inc (United States of America, 70.8), Ocean State Power (United States of America, 28.9), Poinsettia Finance Ltd (Mexico, 467.6), Ports America Holdings Inc (United States of America, 218.8), Rhode Island State Energy (United States of America, 45.4), South Field Energy (United States of America, 187.3), Stonepeak Kestrel Holdings LLC (United States of America, 71.3), SWG Finco LLC (United States of America, 97.2), Teekay LNG Partners LP (Canada, 22.5)

7 Mizuho Financial 2,491.1 2.6 19 Caitan SpA (Chile, 55.8), Cheniere Corpus Christi Hldg (United States of America, 109.1), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Dominion Energy Cove Point (United States of America, 600.0), Dowa Metals & Mining Co Ltd (Mexico, 225.0), Finch West Light Rail Transit (Canada, 90.1), Flex Intermediate Holdco LLC (United States of America, 172.5), Gas Valpo Acq (Chile, 42.0), Gordie Howe Intl Bridge (Canada, 90.9), K2 Wind Ontario (Canada, 83.6), LAX Integrated Express (United States of America, 53.9), Libra MV31 BV (Brazil, 66.0), Mariposa Energy LLC (United States of America, 81.1), NRG Yield Inc (United States of America, 70.8), Pinal Central Energy Center (United States of America, 21.1), Project Turbo (Canada, 128.5), Sepia MV30 BV (Brazil, 141.1), Wstn Renewables Partners LLC (United States of America, 194.3)

8 Citi 2,416.0 2.5 17 Actis Power Portfolio Acq (Mexico, 36.0), Agua Clara Wind Project (Dominican Republic, 73.5), Argo Transmissao De Energia SA (Brazil, 90.3), Ascenty Data Centers (Brazil, 258.3), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Clearway Energy Inc (United States of America, 375.0), Corporacion Quiport - Quito (Ecuador, 33.5), Encino Acq Partners LLC (United States of America, 183.3), EVM Combined Cycle Power (Mexico, 90.4), Frontera Energy Expl & Transp (Peru, 20.0), Madrid Bidco LLC (United States of America, 25.0), Midway Wind (United States of America, 94.0), Spade Facilities II LLC (United States of America, 210.0), StadCo LA LLC (United States of America, 281.3), Talara Oil Refinery Expansion (Peru, 185.7), Wstn Renewables Partners LLC (United States of America, 194.3)

9 Banco do Nordeste do Brasil

2,338.9 2.4 14 BJL 11 Solar Project (Brazil, 16.4), Enel Green Power New Olinda (Brazil, 7.0), Enel Green Power New Olinda B (Brazil, 7.0), Enel Green Power New Olinda C (Brazil, 7.0), Eolica Boa Esperanca I (Brazil, 101.4), Eolica Cabeco Vermelho SA (Brazil, 33.1), Eolica Cabeco Vermelho SA (Brazil, 21.4), Eolica Pedra Do Reino IV SA (Brazil, 24.0), Eolica Pedra Rajada (Brazil, 31.8), Eolica Pedra Rajada II(Brazil, 27.2), Equatorial Energia Power (Brazil, 1100.0), Pirapora II Solar Plant (Brazil, 369.0), Salvador Intl Airport (Brazil, 516.0), Tropicalia Transmissora De (Brazil, 77.5)

10 Natixis 2,328.6 2.4 24 Aguascalientes Solar Facility (Mexico, 45.0), Ascenty Data Centers (Brazil, 258.3), Astoria Energy II LLC (United States of America, 200.2), Axium Nrthn Solar LP (Canada, 121.2), Beacon Offshore Energy (United States of America, 58.8), CD Clean Energy & Infra (United States of America, 85.0), Cheniere Corpus Christi Hldg (United States of America, 109.1), Cobra Instalaciones Y (Peru, 75.0), EGP Mexico Solar Project (Mexico, 151.5), Flex Intermediate Holdco LLC (United States of America, 172.5), Gratiot County Wind Project (United States of America, 35.0), Greenfield Energy Center (Canada, 74.2), Kinross Gold Corp-Fruta del No (Ecuador, 58.3), Kleen Energy Systems LLC (United States of America, 55.0), Los Guindos Generacion SpA (Chile, 45.0), Marcobre SAC-Mina Justa (Peru, 150.0), NRG Canal 3 Development LLC (United States of America, 64.0), NRG Yield Inc (United States of America, 70.8), Pemcorp SAPI de CV (Mexico, 42.3), Prime Energia SpA (Chile, 100.0), Solar PK Viborillas (Mexico, 26.9), Spade Facilities II LLC (United States of America, 210.0), St Clair Power (Canada, 62.4), TerraForm Power Inc (United States of America, 58.2)

11 JP Morgan 2,164.3 2.3 11 Actis Power Portfolio Acq (Mexico, 36.0), American Energy - Midstream (United States of America, 150.0), American Energy - Midstream (United States of America, 25.0), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Dominion Energy Cove Point (United States of America, 600.0), Frontera Energy Expl & Transp (Peru, 20.0), Natgasoline LLC (United States of America, 571.0), Rumichacha-Pasto 4G Highway (Colombia, 30.0), StadCo LA LLC (United States of America, 281.3), Talara Oil Refinery Expansion (Peru, 185.7)

Project Finance International January 30 2019 13

2018 LEAGUE TABLES

AMERICAS INITIAL MANDATED LEAD ARRANGERS CONTINUED

Lead manager Volume (US$m) % No of deals Deals

12 Societe Generale 1,987.2 2.1 18 Astoria Energy II LLC (United States of America, 200.2), Beacon Offshore Energy (United States of America, 58.8), Blue Heron Intermediate (United States of America, 148.7), Cerro Dominador Solar Power (Chile, 88.9), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Deepwater Wind Block Island (United States of America, 77.7), Flex Intermediate Holdco LLC (United States of America, 172.5), Grady Wind Energy Center LLC (United States of America, 112.7), Kinross Gold Corp-Fruta del No (Ecuador, 58.3), Libra MV31 BV (Brazil, 66.0), Marcobre SAC-Mina Justa (Peru, 150.0), New Covert Generating Co LLC (United States of America, 50.5), Ports America Holdings Inc (United States of America, 218.8), Prime Energia SpA (Chile, 100.0), Sepia MV30 BV (Brazil, 141.1), Solar PK Viborillas (Mexico, 26.9), Tenaska Alabama Partners LP (United States of America, 51.1)

13 BNP Paribas 1,933.2 2.0 20 Actis Power Portfolio Acq (Mexico, 36.0), Apodi I Energia SPE SA (Brazil, 29.2), Copacabana Geracao (Brazil, 8.3), Dawn Acq LLC (United States of America, 200.0), Desertlink Transmission (United States of America, 36.7), EVM Combined Cycle Power (Mexico, 90.4), Helix Ironwood LLC (United States of America, 50.0), Ituango Hydro Project (Colombia, 108.3), Kimura Power LLC (United States of America, 38.8), Lee Cnty Generating Stn LLC (United States of America, 44.0), LSP Transmission Portfolio (United States of America, 66.7), Midway Solar LLC (United States of America, 64.6), Midway Solar LLC (United States of America, 133.7), New Covert Generating Co LLC (United States of America, 50.5), Ocean State Power (United States of America, 28.9), Silver Run Transmission (United States of America, 27.7), St. Josephs Energy Center (United States of America, 461.6), Talara Oil Refinery Expansion (Peru, 185.7), Texas Nevada Transmission (United States of America, 63.7), Ventos De Santa Joana IX-XVI (Brazil, 208.7)

14 Scotiabank 1,920.1 2.0 15 Actis Power Portfolio Acq (Mexico, 36.0), Brockville General Hospital (Canada, 101.6), Cheniere Corpus Christi Hldg (United States of America, 109.1), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Dominion Energy Cove Point (United States of America, 600.0), Gas Natural SA Acq (Colombia, 180.0), Kinross Gold Corp-Fruta del No (Ecuador, 58.3), MBJ Airports Ltd (Jamaica, 28.5), MBJ Airports Ltd (Jamaica, 11.5), Project Cruise (Canada, 290.1), Solius Acquireco Inc (United States of America, 100.0), TerraForm Power Inc (United States of America, 58.2), Wolf Carbon Solutions Inc (Canada, 39.1), York Energy Centre (Canada, 42.3)

15 RBC Capital Markets 1,689.6 1.8 13 Apollo Infra EQ US Holdco LLC (United States of America, 103.3), Brazos Midstream Holdings LLC (United States of America, 475.0), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Clearway Energy Inc (United States of America, 375.0), Flex Intermediate Holdco LLC (United States of America, 172.5), Gordie Howe Intl Bridge (Canada, 90.9), Lone Star Transmission LLC (United States of America, 30.0), Longwood Energy Partners LLC (United States of America, 13.3), Nwstn Hydro Acq Co Inc. (Canada, 24.6), TerraForm Power Inc (United States of America, 58.2), Wolf Carbon Solutions Inc (Canada, 39.1), York Energy Centre (Canada, 42.3)

16 Goldman Sachs 1,488.0 1.6 12 Apollo Infra EQ US Holdco LLC (United States of America, 103.3), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Eastern Power LLC (United States of America, 66.7), Essential Power LLC (United States of America, 28.3), Flex Intermediate Holdco LLC (United States of America, 172.5), Genon Energy Inc-Hunterstown (United States of America, 220.0), Invenergy Thermal Operating I (United States of America, 207.5), Limetree Bay Terminals LLC (US Virgin Islands(United States), 350.0), Natgasoline LLC (United States of America, 6.0), Routes 2, 6, 7 & 1 (Paraguay, 8.3), Tellurian Oil And Gas Dvlp (United States of America, 60.0)

17 CIT Group 1,478.4 1.5 23 DESRI Springbok 1 Financing (United States of America, 40.2), DESRI Springbok 2 Financing (United States of America, 82.1), FR Comanche Holdings LLC (United States of America, 74.8), Helix Ironwood LLC (United States of America, 50.0), Helix Maine Wind Development (United States of America, 32.3), Huntsman Wind LLC (United States of America, 52.5), Kawailoa Solar Holdings LLC (United States of America, 51.3), Kimura Power LLC (United States of America, 38.8), Lee Cnty Generating Stn LLC (United States of America, 44.0), Lincoln Peaking Power LLC (United States of America, 74.3), Nordic Solar LLC (United States of America, 36.3), Ocean State Power (United States of America, 28.9), Onyx Gen Portfolio 1 LLC (United States of America, 53.6), Phoebe Solar (United States of America, 183.0), Rosamond Solar Portfolio LLC (United States of America, 108.5), SBLH III LLC (United States of America, 15.9), SBLH V LLC (United States of America, 33.5), Solar Gen Iii LLC (United States of America, 79.1), South Field Energy (United States of America, 187.3), Sparks Battery Holdings LLC (United States of America, 34.0), Spower Finco 6 LLC (United States of America, 77.1), Tenaska Alabama Partners LP (United States of America, 51.1), Titan Borrower [Hashi] LLC (United States of America, 50.0)

18 KeyBanc Capital Markets 1,452.1 1.5 21 8Point3 Solar Investco 3 LLC (United States of America, 33.5), AES DE Hldg IV LLC (United States of America, 40.1), Caltex Finance LLC (United States of America, 81.4), Cd Global Solar II Borrower (United States of America, 38.5), CD Global Solar SJ Borrower (United States of America, 38.0), CED Wind Portfolio (United States of America, 15.8), Commodore Leeward Member Hldg (United States of America, 80.6), Deepwater Wind Block Island (United States of America, 61.8), DESRI MS2 Holdings LLC (United States of America, 169.4), DESRI Springbok 1 Financing (United States of America, 40.2), DESRI Springbok 2 Financing (United States of America, 82.1), FR Comanche Holdings LLC (United States of America, 74.8), Green River Wind Farm Phase 1 (United States of America, 205.0), Renew Solar CS4 Borrower LLC (United States of America, 64.1), Rio Bravo Wind Capital LLC (United States of America, 55.6), Sunrun Hera Portfolio 2015-A (United States of America, 128.8), Sunrun Hera Portfolio 2015-B (United States of America, 18.8), TG High Prairies LLC (United States of America, 22.4), TK NYS Solar Holdco LLC (United States of America, 67.8), Trishe Wind Ohio LLC (United States of America, 59.0), True Green Capital Management (United States of America, 74.6)

19 ICBC 1,380.4 1.4 12 Bayonne Energy (United States of America, 100.0), Carville Energy (United States of America, 45.6), Cheniere Corpus Christi Hldg (United States of America, 109.1), Cheniere Corpus Christi Hldg (United States of America, 191.8), Corredor B Toll Road PPP (Argentina, 355.0), Ituango Hydro Project (Colombia, 108.3), New Covert Generating Co LLC (United States of America, 50.5), Red Oak Power (United States of America, 92.3), Rhode Island State Energy (United States of America, 45.4), Sociedad Portuaria Terminal (Colombia, 35.0), Spade Facilities II LLC (United States of America, 210.0), YPF SA (Argentina, 37.5)

20 Bank of America Merrill Lynch

1,300.3 1.4 9 Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Clearway Energy Inc (United States of America, 375.0), Frontera Energy Expl & Transp (Peru, 20.0), Live Oak Wind (United States of America, 221.4), Longwood Energy Partners LLC (United States of America, 13.3), Salvador Geriatrics Hosp (Chile, 74.0), StadCo LA LLC (United States of America, 281.3), Titan Borrower [Hashi] LLC (United States of America, 50.0)

21 HSBC 1,276.5 1.3 14 Cheniere Corpus Christi Hldg (United States of America, 109.1), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), DESRI MS2 Holdings LLC (United States of America, 169.4), Flex Intermediate Holdco LLC (United States of America, 172.5), Frontera Energy Expl & Transp (Peru, 20.0), Gordie Howe Intl Bridge (Canada, 90.9), Natgasoline LLC (United States of America, 6.0), North Star SA (United States of America, 44.9), Provincia de Cordoba (Argentina, 50.0), Rio Bravo Wind Capital LLC (United States of America, 55.6), Talara Oil Refinery Expansion (Peru, 185.7), TerraForm Power Inc (United States of America, 58.2), West Park Hospital (Canada, 48.9)

Project Finance International January 30 201914

AMERICAS INITIAL MANDATED LEAD ARRANGERS CONTINUED

Lead manager Volume (US$m) % No of deals Deals

22 BBVA 1,266.4 1.3 13 Armeria-Manzanillo Toll Road (Mexico, 48.8), Caitan SpA (Chile, 55.8), Cheniere Corpus Christi Hldg (United States of America, 191.8), EGP Mexico Solar Project (Mexico, 151.5), Fideicomiso CIB2868 (Mexico, 123.1), Ituango Hydro Project (Colombia, 108.3), Marcobre SAC-Mina Justa (Peru, 150.0), Natgasoline LLC (United States of America, 6.0), Provincia de Cordoba (Argentina, 50.0), Routes 2, 6, 7 & 1 (Paraguay, 8.3), Ruta Del Cacao (Colombia, 160.2), Solar PK Viborillas (Mexico, 26.9), Talara Oil Refinery Expansion (Peru, 185.7)

23 Credit Suisse 1,264.7 1.3 8 Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Clearway Energy Inc (United States of America, 375.0), Essential Power LLC (United States of America, 28.3), Flex Intermediate Holdco LLC (United States of America, 172.5), Invenergy Thermal Operating I (United States of America, 207.5), Natgasoline LLC (United States of America, 6.0), Spade Facilities II LLC (United States of America, 210.0)

24 CIBC World Markets 1,164.6 1.2 13 Boston AFC 2.0 Opco LLC (United States of America, 75.4), Cheniere Corpus Christi Hldg (United States of America, 109.1), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Edgemoor-Star America (United States of America, 26.0), Flex Intermediate Holdco LLC (United States of America, 172.5), Innergex Cartier Energy LP (Canada, 90.4), K2 Wind Ontario (Canada, 83.6), LAX Integrated Express (United States of America, 53.9), Project Turbo (Canada, 128.5), Rio Bravo Wind Capital LLC (United States of America, 55.6), Skyway Concession Co LLC (United States of America, 65.0), Wolf Carbon Solutions Inc (Canada, 39.1)

25 Cooperatieve Rabobank 1,090.8 1.1 13 Arlington Valley Solar Energy (United States of America, 48.0), Cal Flats Solar InvestCo LLC (United States of America, 50.0), Canadian Breaks LLC (United States of America, 78.0), CD Clean Energy & Infra (United States of America, 85.0), CD Clean Energy & Infra (United States of America, 70.7), Centinela Solar Energy (United States of America, 124.4), Phoebe Solar (United States of America, 183.0), Pine River Wind Energy (United States of America, 70.3), Santa Rita East Wind (United States of America, 186.5), Sparks Battery Holdings LLC (United States of America, 34.0), Spower Finance 2 LLC (United States of America, 52.0), Titan Borrower [Hashi] LLC (United States of America, 50.0), Trishe Wind Ohio LLC (United States of America, 59.0)

26 Jefferies 991.7 1.0 3 Brazos Midstream Holdings LLC (United States of America, 475.0), Encino Acq Partners LLC (United States of America, 183.3), Lucid Energy Group II LLC (United States of America, 333.3)

27 CoBank 934.7 1.0 14 Carville Energy (United States of America, 45.6), Deepwater Wind Block Island (United States of America, 61.8), Desertlink Transmission (United States of America, 36.7), DESRI Springbok 1 Financing (United States of America, 40.2), Grady Wind Energy Center LLC (United States of America, 112.7), Green Frontier Windpower LLC (United States of America, 82.7), Helix Ironwood LLC (United States of America, 50.0), Kawailoa Solar Holdings LLC (United States of America, 51.3), LSP Transmission Portfolio (United States of America, 66.7), NRG Canal 3 Development LLC (United States of America, 64.0), Rosamond Solar Portfolio LLC (United States of America, 108.5), Silver Run Transmission (United States of America, 27.7), SJ Power Holdings LLC (United States of America, 123.3), Texas Nevada Transmission (United States of America, 63.7)

28 Nord/LB 898.6 0.9 15 Carville Energy (United States of America, 45.6), Fluvanna Wind Energy 2 LLC (United States of America, 157.1), Gratiot County Wind Project (United States of America, 35.0), Helix Maine Wind Development (United States of America, 32.3), IS54 Holdco Solar (United States of America, 43.0), IS67 Holdco Solar (United States of America, 31.3), K2 Wind Ontario (Canada, 83.6), Ocean State Power (United States of America, 28.9), Pine River Wind Energy (United States of America, 70.3), Project Phoenix (United States of America, 121.2), Quatro Wind Acquisition (United States of America, 66.5), RE Shire Holdings LLC (United States of America, 1.2), Spower Finco 6 LLC (United States of America, 77.1), Sunflower Renewables LLC (United States of America, 42.9), Wind Equipment Management LLC (United States of America, 62.5)

29 Barclays 893.5 0.9 4 Dawn Acq LLC (United States of America, 200.0), Limetree Bay Terminals LLC (US Virgin Islands(United States), 350.0), Moda Ingleside Energy LLC (United States of America, 337.5), Natgasoline LLC (United States of America, 6.0)

30 Itau Unibanco 888.3 0.9 15 Brasil PCH SA (Brazil, 116.2), Copacabana Geracao (Brazil, 8.3), Duqueco Hydro Complex Acq (Chile, 130.0), Eolica Cabeco Vermelho SA (Brazil, 38.1), Eolica Cabeco Vermelho SA (Brazil, 11.0), Eolica Cabeco Vermelho SA (Brazil, 7.1), Eolica Pedra Rajada (Brazil, 10.6), Eolica Pedra Rajada II(Brazil, 9.1), Frontera Energy Expl & Transp (Peru, 20.0), Rodoanel Northern Section (Brazil, 167.9), Salvador Geriatrics Hosp (Chile, 74.0), Sertao I Solar Energy Plant (Brazil, 17.5), Sobral I Solar Energy Plant (Brazil, 18.2), Sociedad Portuaria El Cayao (Colombia, 51.7), Ventos De Santa Joana IX-XVI (Brazil, 208.7)

31 Deutsche Bank 851.9 0.9 5 Cerro Dominador Solar Power (Chile, 88.9), Dawn Acq LLC (United States of America, 200.0), Epic Y-Grade Services LP (United States of America, 345.0), Helix Maine Wind Development (United States of America, 32.3), Talara Oil Refinery Expansion (Peru, 185.7)

32 Siemens Financial 841.4 0.9 12 Canadian Breaks LLC (United States of America, 78.0), DESRI Springbok 1 Financing (United States of America, 40.2), Grady Wind Energy Center LLC (United States of America, 112.7), Gratiot County Wind Project (United States of America, 35.0), K2 Wind Ontario (Canada, 83.6), Kawailoa Solar Holdings LLC (United States of America, 51.3), Midway Wind (United States of America, 66.0), North Star SA (United States of America, 44.9), Ocean State Power (United States of America, 28.9), Project Turbo (Canada, 128.5), Rosamond Solar Portfolio LLC (United States of America, 108.5), Texas Nevada Transmission (United States of America, 63.7)

33 Investec 817.6 0.9 12 Bayonne Energy (United States of America, 100.0), GIM Channel (United States of America, 152.5), Kimura Power LLC (United States of America, 38.8), Lee Cnty Generating Stn LLC (United States of America, 44.0), Lincoln Peaking Power LLC (United States of America, 74.3), New Covert Generating Co LLC (United States of America, 50.5), RE Shire Holdings LLC (United States of America, 1.2), Red Oak Power (United States of America, 92.3), Rhode Island State Energy (United States of America, 45.4), Stonepeak Kestrel Holdings LLC (United States of America, 71.3), Sunrun Hera Portfolio 2015-A (United States of America, 128.8), Sunrun Hera Portfolio 2015-B (United States of America, 18.8)

34 BMO Capital Markets 794.3 0.8 11 Apollo Infra EQ US Holdco LLC (United States of America, 103.3), Carville Energy (United States of America, 45.6), Encino Acq Partners LLC (United States of America, 183.3), Greenfield Energy Center (Canada, 74.2), Helix Ironwood LLC (United States of America, 50.0), Innergex Cartier Energy LP (Canada, 90.4), K2 Wind Ontario (Canada, 83.6), Moda Ingleside Energy LLC (United States of America, 37.5), Ocean State Power (United States of America, 28.9), TerraForm Power Inc (United States of America, 58.2), Wolf Carbon Solutions Inc (Canada, 39.1)

35 SunTrust Banks 779.2 0.8 10 Carville Energy (United States of America, 45.6), Helix Ironwood LLC (United States of America, 50.0), Lincoln Peaking Power LLC (United States of America, 74.3), Moda Ingleside Energy LLC (United States of America, 37.5), New Covert Generating Co LLC (United States of America, 50.5), Ocean State Power (United States of America, 28.9), StadCo LA LLC (United States of America, 281.3), Sunrun Hera Portfolio 2015-A (United States of America, 128.8), Sunrun Hera Portfolio 2015-B (United States of America, 18.8), Texas Nevada Transmission (United States of America, 63.7)

36 KfW IPEX-Bank 779.0 0.8 7 Ituango Hydro Project (Colombia, 108.3), Kinross Gold Corp-Fruta del No (Ecuador, 58.3), Marcobre SAC-Mina Justa (Peru, 150.0), PEBSA (Argentina, 58.0), Pomona Wind Farm Project (Argentina, 120.9), Potosi Solar (Mexico, 104.5), Transelec Trunk Transmission (Chile, 178.9)

Project Finance International January 30 2019 15

2018 LEAGUE TABLES

AMERICAS INITIAL MANDATED LEAD ARRANGERS CONTINUED

Lead manager Volume (US$m) % No of deals Deals

37 ABN AMRO Bank 744.5 0.8 10 Apodi I Energia SPE SA (Brazil, 29.2), Beacon Offshore Energy (United States of America, 58.8), Cerro Dominador Solar Power (Chile, 88.9), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Kimura Power LLC (United States of America, 38.8), Libra MV31 BV (Brazil, 66.0), Natgasoline LLC (United States of America, 6.0), New Covert Generating Co LLC (United States of America, 50.5), Sepia MV30 BV (Brazil, 141.1)

38 Banco Bradesco 713.3 0.7 11 Apodi I Energia SPE SA (Brazil, 29.2), Argo Transmissao De Energia SA (Brazil, 90.3), Copacabana Geracao (Brazil, 8.3), Enel Green Power New Olinda (Brazil, 4.6), Enel Green Power New Olinda (Brazil, 7.0), Enel Green Power New Olinda B (Brazil, 7.0), Enel Green Power New Olinda C (Brazil, 7.0), Rio de Janeiro-Subway System (Brazil, 42.4), Rodoanel Northern Section (Brazil, 167.9), Sao Paulo Metro Line 4 Subway (Brazil, 181.5), Sao Paulo Metro Line 5 Subway (Brazil, 168.0)

39 National Bank of Canada 698.2 0.7 9 GO Transit Stn Improvements (Canada, 78.7), K2 Wind Ontario (Canada, 83.6), LA Gateway Partners (United States of America, 73.0), Michael Garron Hospital (Canada, 90.4), Moose River Mining (Canada, 113.6), Project Turbo (Canada, 128.5), West Park Hospital (Canada, 48.9), Wolf Carbon Solutions Inc (Canada, 39.1), York Energy Centre (Canada, 42.3)

40 Banco de Sabadell 651.4 0.7 5 Aguascalientes Solar Facility (Mexico, 42.4), CD Clean Energy & Infra (United States of America, 85.0), Jet Infrastructure Holding IA (United States of America, 225.0), Puerto Libertad Photovoltaic (Mexico, 264.0), Sociedad Portuaria Terminal (Colombia, 35.0)

41 Grupo Financiero Banorte-Ixe

648.9 0.7 5 Arriaga-Tapachula Highway (Mexico, 149.5), Autopista Golfo Centro (Mexico, 114.0), Fideicomiso CIB2868 (Mexico, 123.1), Operadora de Infraestructura (Mexico, 161.8), Piramides-Tulancingo-Pachuca (Mexico, 100.5)

42 Bayerische Landesbank 641.7 0.7 5 Astoria Energy II LLC (United States of America, 200.2), Green River Wind Farm Phase 1 (United States of America, 205.0), Innergex Cartier Energy LP (Canada, 90.4), K2 Wind Ontario (Canada, 83.6), St Clair Power (Canada, 62.4)

43 Bank of China 581.8 0.6 3 Cheniere Corpus Christi Hldg (United States of America, 191.8), Corredor B Toll Road PPP (Argentina, 355.0), Sociedad Portuaria Terminal (Colombia, 35.0)

44 Wells Fargo 555.6 0.6 5 Cheniere Corpus Christi Hldg (United States of America, 109.1), Cheniere Corpus Christi Hldg (United States of America, 191.8), Commodore Leeward Member Hldg (United States of America, 80.6), Origis Pipeline Funding IV (United States of America, 122.1), Spower Finance 2 LLC (United States of America, 52.0)

45 CBA 554.1 0.6 7 Caltex Finance LLC (United States of America, 81.4), CD Clean Energy & Infra (United States of America, 87.5), CD Clean Energy & Infra (United States of America, 85.0), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cornerstone Natural Gas Co (United States of America, 6.8), New Covert Generating Co LLC (United States of America, 50.5), Tenaska Alabama Partners LP (United States of America, 51.1)

46 NAB 539.5 0.6 7 Caitan SpA (Chile, 55.8), Canadian Breaks LLC (United States of America, 78.0), Cheniere Corpus Christi Hldg (United States of America, 191.8), NRG Yield Inc (United States of America, 70.8), Rio Bravo Wind Capital LLC (United States of America, 55.6), Skyway Concession Co LLC (United States of America, 65.0), Teekay LNG Partners LP (Canada, 22.5)

47 Intesa Sanpaolo 528.9 0.6 6 Caitan SpA (Chile, 55.8), Cheniere Corpus Christi Hldg (United States of America, 191.8), Cheniere Energy Inc (United States of America, 73.5), Flex Intermediate Holdco LLC (United States of America, 172.5), Routes 2, 6, 7 & 1 (Paraguay, 8.3), Solar PK Viborillas (Mexico, 26.9)

48 China Merchants Bank 451.1 0.5 5 Cheniere Corpus Christi Hldg (United States of America, 191.8), New Covert Generating Co LLC (United States of America, 50.5), Red Oak Power (United States of America, 92.3), Rhode Island State Energy (United States of America, 45.4), Stonepeak Kestrel Holdings LLC (United States of America, 71.3)

49 Macquarie Group 425.0 0.4 1 Eif Van Hook Eq Hldg Llc (United States of America, 425.0)

50 NH Investment & Securities

406.0 0.4 2 Ports America Holdings Inc (United States of America, 218.8), South Field Energy (United States of America, 187.3)

51 Korea Development Bank

389.4 0.4 5 Cheniere Corpus Christi Hldg (United States of America, 191.8), Laguna Solar (Mexico, 36.9), LAX Integrated Express (United States of America, 53.9), Midway Solar LLC (United States of America, 64.6), Pemcorp SAPI de CV (Mexico, 42.3)

52 CaixaBank 378.0 0.4 3 Cerro Grande Wind Farm Power (Uruguay, 34.8), Cheniere Corpus Christi Hldg (United States of America, 191.8), EGP Mexico Solar Project (Mexico, 151.5)

53 Cadence Bank 358.3 0.4 2 American Energy - Midstream (United States of America, 25.0), Lucid Energy Group II LLC (United States of America, 333.3)

54 UBS 345.0 0.4 1 Epic Y-Grade Services LP (United States of America, 345.0)

55 PNC Financial Services 333.3 0.4 1 Lucid Energy Group II LLC (United States of America, 333.3)

56 Citizens Financial 318.8 0.3 2 Moda Ingleside Energy LLC (United States of America, 37.5), StadCo LA LLC (United States of America, 281.3)

57 DBS 300.9 0.3 2 Cheniere Corpus Christi Hldg (United States of America, 109.1), Cheniere Corpus Christi Hldg (United States of America, 191.8)

58 Fifth Third Bancorp 281.3 0.3 1 StadCo LA LLC (United States of America, 281.3)

=58 US Bancorp 281.3 0.3 1 StadCo LA LLC (United States of America, 281.3)

60 Silicon Valley Bank 280.8 0.3 5 AES DE Hldg IV LLC (United States of America, 40.1), MM Solar (United States of America, 29.2), Renew Solar CS4 Borrower LLC (United States of America, 64.1), Sunrun Hera Portfolio 2015-A (United States of America, 128.8), Sunrun Hera Portfolio 2015-B (United States of America, 18.8)

61 Credicorp 271.6 0.3 3 Bogota-Villavicencio Corridor (Colombia, 0.1), Corporacion Aceros Arequipa SA (Peru, 180.0), San Martin Port (Peru, 91.5)

62 Nomura 262.9 0.3 3 Bayonne Energy (United States of America, 100.0), CD Clean Energy & Infra (United States of America, 70.7), Red Oak Power (United States of America, 92.3)

63 GE Capital 261.5 0.3 2 Lincoln Peaking Power LLC (United States of America, 74.3), South Field Energy (United States of America, 187.3)

64 China Development Bank

250.1 0.3 1 Autopista al Mar 2 Highway (Colombia, 250.1)

65 Arab Banking 208.6 0.2 7 Argo Transmissao De Energia SA (Brazil, 90.3), Eolica Cabeco Vermelho SA (Brazil, 38.1), Eolica Cabeco Vermelho SA (Brazil, 11.0), Eolica Cabeco Vermelho SA (Brazil, 7.1), Eolica Pedra Rajada (Brazil, 10.6), Eolica Pedra Rajada II(Brazil, 9.1), Rio de Janeiro-Subway System (Brazil, 42.4)

66 Landesbank Baden-Wurttemberg

191.8 0.2 1 Cheniere Corpus Christi Hldg (United States of America, 191.8)

=66 Lloyds Bank 191.8 0.2 1 Cheniere Corpus Christi Hldg (United States of America, 191.8)

=66 Standard Chartered 191.8 0.2 1 Cheniere Corpus Christi Hldg (United States of America, 191.8)

69 TD Securities 184.0 0.2 3 Gordie Howe Intl Bridge (Canada, 90.9), LAX Integrated Express (United States of America, 53.9), Wolf Carbon Solutions Inc (Canada, 39.1)

Project Finance International January 30 201916

AMERICAS INITIAL MANDATED LEAD ARRANGERS CONTINUED

Lead manager Volume (US$m) % No of deals Deals

70 Associated Banc 160.7 0.2 3 Carville Energy (United States of America, 45.6), NRG Canal 3 Development LLC (United States of America, 64.0), Tenaska Alabama Partners LP (United States of America, 51.1)

71 Bancolombia 160.2 0.2 1 Ruta Del Cacao (Colombia, 160.2)

72 Banco Nacional de Mexico

160.0 0.2 2 Fideicomiso CIB2868 (Mexico, 123.1), Laguna Solar (Mexico, 36.9)

73 Hana Financial 145.4 0.2 2 Bayonne Energy (United States of America, 100.0), Rhode Island State Energy (United States of America, 45.4)

74 OCBC 141.1 0.2 1 Sepia MV30 BV (Brazil, 141.1)

75 Banco BTG Pactual 133.7 0.1 3 Cerro Dominador Solar Power (Chile, 88.9), Coremas I And II Geracao De (Brazil, 28.2), Montes De Maria 4g Highway (Colombia, 16.7)

76 Banco do Brasil 132.7 0.1 2 Argo Transmissao De Energia SA (Brazil, 90.3), Rio de Janeiro-Subway System (Brazil, 42.4)

77 Alberta Treasury Branches

129.6 0.1 2 Michael Garron Hospital (Canada, 90.4), Wolf Carbon Solutions Inc (Canada, 39.1)

78 Zions Bancorp 129.1 0.1 3 Cd Global Solar II Borrower (United States of America, 38.5), Gratiot County Wind Project (United States of America, 35.0), Rio Bravo Wind Capital LLC (United States of America, 55.6)

79 Grupo Prival 104.0 0.1 1 Toabre Wind Farm Project (Panama, 104.0)

80 DNB ASA 100.0 0.1 1 Prime Energia SpA (Chile, 100.0)

81 UniCredit 92.0 0.1 1 Trinidad & Tobago Hosp (Trinidad and Tobago, 92.0)

82 Desjardins Group 90.9 0.1 1 Gordie Howe Intl Bridge (Canada, 90.9)

83 Commerzbank 88.9 0.1 1 Cerro Dominador Solar Power (Chile, 88.9)

=83 Landesbank Hessen-Thueringen

88.9 0.1 1 Cerro Dominador Solar Power (Chile, 88.9)

=83 NongHyup Financial 88.9 0.1 1 Cerro Dominador Solar Power (Chile, 88.9)

86 East West Bank 80.7 0.1 2 Misf Solar LLC (United States of America, 35.3), Rhode Island State Energy (United States of America, 45.4)

87 Banco Consorcio 74.0 0.1 1 Salvador Geriatrics Hosp (Chile, 74.0)

=87 China Construction Bank 74.0 0.1 1 Salvador Geriatrics Hosp (Chile, 74.0)

89 Clifford Capital 66.0 0.1 1 Libra MV31 BV (Brazil, 66.0)

=89 Credit Mutuel 66.0 0.1 1 Libra MV31 BV (Brazil, 66.0)

91 Caterpillar Financial Services

58.3 0.1 1 Kinross Gold Corp-Fruta del No (Ecuador, 58.3)

92 Sumitomo Mitsui Trust 55.8 0.1 1 Caitan SpA (Chile, 55.8)

93 Grupo Aval Acciones y Valores

55.4 0.1 1 Girardot-Ibague-Cajamarca 4g (Colombia, 55.4)

=93 Sociedades Bolivar 55.4 0.1 1 Girardot-Ibague-Cajamarca 4g (Colombia, 55.4)

95 Manufacturers & Traders 50.0 0.1 1 Titan Borrower [Hashi] LLC (United States of America, 50.0)

96 Capital One Financial 45.4 0.1 1 Rhode Island State Energy (United States of America, 45.4)

97 BLADEX 37.5 0.0 1 YPF SA (Argentina, 37.5)

98 Banco del Bajio SA Institucion

26.6 0.0 1 Aguascalientes Solar Facility (Mexico, 26.6)

99 SEB 22.5 0.0 1 Teekay LNG Partners LP (Canada, 22.5)

=99 Sea Bridge Finance 22.5 22.5 1 Teekay LNG Partners LP (Canada, 22.5)

101 Banco Pichincha 16.7 0.0 1 Montes De Maria 4g Highway (Colombia, 16.7)

=101 CIFI 16.7 0.0 1 Montes De Maria 4g Highway (Colombia, 16.7)

103 Sprott Resource Lending 16.0 0.0 Copperstone Mine (United States of America, 2.0), Kami Iron Ore (Canada, 14.0)

104 Banco de Inver y Comercio

15.0 0.0 1 Cafayate Solar Photovoltaic (Argentina, 15.0)

105 Banco Atlas 8.3 0.0 1 Routes 2, 6, 7 & 1 (Paraguay, 8.3)

=105 Banco Regional 8.3 0.0 1 Routes 2, 6, 7 & 1 (Paraguay, 8.3)

=105 Vision Banco 8.3 0.0 1 Routes 2, 6, 7 & 1 (Paraguay, 8.3)

108 Banco de la Ciudad de Buenos

5.0 0. 0 Cafayate Solar Photovoltaic (Argentina, 5.0)

109 Western Alliance Bancorp

1.2 0.0 1 RE Shire Holdings LLC (United States of America, 1.2)

Total* 96,043.1 100.0 319

*Proportional Credit

Source: Refinitiv

Project Finance International January 30 2019 17

2018 LEAGUE TABLES

AMERICAS LOANS BY SECTOR

Sector Volume (US$m)

Power 47,080.9

Oil & Gas 26,224.1

Transportation 11,833.3

PPP 4,227.1

Telecommunications 1,866.2

Mining 1,704.6

Petrochemicals 1,300.0

Water & Sewerage 1,119.8

Industry 654.9

Waste & Recycling 32.2

Total 96,043.1

AMERICAS LOANS BY COUNTRY

Nation US$m % No of deals

United States of America 58,668.5 61.1 159

Brazil 12,326.1 12.8 50

Canada 5,932.6 6.2 21

Mexico 4,423.1 4.6 25

Chile 3,419.1 3.6 9

Colombia 2,985.0 3.1 14

Peru 2,960.0 3.1 8

Argentina 2,060.2 2.2 12

Ecuador 794.0 0.8 3

US Virgin Islands(United States) 700.0 0.7 1

Costa Rica 425.0 0.4 1

Uruguay 282.1 0.3 3

Dominican Republic 215.5 0.2 3

Paraguay 175.0 0.2 2

Nicaragua 163.2 0.2 1

El Salvador 133.0 0.1 1

Honduras 124.7 0.1 1

Panama 104.0 0.1 1

Trinidad and Tobago 92.0 0.1 1

Jamaica 40.0 0.0 2

Guyana 20.0 0.0 1

Total 96,043.1 319

Project Finance International January 30 201918

ASIA PACIFIC INITIAL MANDATED LEAD ARRANGERS

Lead manager Volume (US$m) % No of deals Deals

1 MUFG 5,977.0 7.8 53 AGWF Finance Co Pty Ltd (Australia, 5.6), Aioi Bio Energy KK (Japan, 153.9), Boco Rock Wind Farm (Australia, 155.7), Cornerstone Infrastructure (New Zealand, 101.7), Dt Energy GK (Japan, 643.4), Dundonnell Wind Farm (Australia, 57.9), Equis Australia Finco1 Pty Ltd (Australia, 45.8), Eurus Dohoku Wind Farm LLC (Japan, 490.7), First Gas Holdings Ltd (New Zealand, 90.9), Formosa I Wind Power Co Ltd (Taiwan, 54.1), FS NSW Project No 1 Finco (Australia, 40.0), GIP Zenith Cayco II Ltd (Singapore, 56.3), GIP Zenith Cayco II Ltd (Singapore, 15.2), Granville Harbour Op Pty Ltd (Australia, 141.7), Green Power Tsugaru GK (Japan, 86.7), GRSF Finance Co Pty Ltd (Australia, 18.0), Gulf SRC Co Ltd (Thailand, 127.9), Hallett 4 Pty Ltd (Australia, 148.8), IntelliHUB Holdings Pty Ltd (Australia, 24.9), Iona Finance Pty Ltd (Australia, 88.3), Ishinomaki Kizuna GK (Japan, 36.4), Jawa Satu Power [Java 1] (Indonesia, 80.6), Kestrel Coal Resources Pty Ltd (Australia, 104.9), Kobelco Power Kobe No2 Inc (Japan, 431.1), Koumi Kogen Solar Energy GK (Japan, 32.0), Murra Warra Wind Farm (Australia, 75.5), MWF Finance Pty Ltd (Australia, 78.2), N Hokkaido Wind Energy (Japan, 179.6), Namie Yatsuda Fukko Solar GK (Japan, 124.4), Nghi Son 2 Power LLC (Vietnam, 106.8), Nishi Sendai Solar (Japan, 51.3), Northern LNG Transport Co I (Japan, 60.0), NSW Electricity Networks (Australia, 229.3), Obayashi Kamisu Biomass Power (Japan, 194.8), Port of Newcastle Investments (Australia, 70.0), PWCS (Australia, 57.1), QAL Finance Pty Ltd (Australia, 94.9), QPH Finance Co Pty Ltd (Australia, 48.0), Route 3[CPS]Co Ltd (Hong Kong, 39.4), Santos Finance (Australia, 77.8), SDP Finco Pty Ltd (Australia, 423.3), Sentinel Financing Pty Ltd (Australia, 69.3), SERD (Indonesia, 42.0), Southern Way Finance Pty Ltd (Australia, 57.1), Stockyard Hill Wind Farm (Australia, 57.9), Sun Station Hikari V GK (Japan, 126.1), TNB Bukit Selambau Solar Sdn (Malaysia, 34.5), Viva Energy Pty Ltd (Australia, 58.3), Wardha Solar Maharashtra Pvt (India, 50.0), Waterloo Wind Farm Pty Ltd (Australia, 106.2), WICET (Australia, 142.8), WR Carpenter No 1 Pty Ltd (Australia, 50.9), WWF Finance Co Pty Ltd (Australia, 39.1)

2 Mizuho Financial 4,291.3 5.6 34 Aioi Bio Energy KK (Japan, 153.9), Bengalla Coal Mine Acq (Australia, 110.3), Cherry Tree Fin Co Pty Ltd (Australia, 36.7), Collgar Wind Farm Pty Ltd (Australia, 39.2), Cornerstone Infrastructure (New Zealand, 101.7), First Gas Holdings Ltd (New Zealand, 90.9), FS NSW Project No 1 Finco (Australia, 37.0), Fukuoka International Airport (Japan, 762.6), GS Coal Pty Ltd (Australia, 76.3), Gulf SRC Co Ltd (Thailand, 127.9), Gumusut-Kakap Semi-Floating (Malaysia, 100.0), Hallett 4 Pty Ltd (Australia, 22.6), Jawa Satu Power [Java 1] (Indonesia, 80.6), Karumai Sonbou Solar GK (Japan, 147.1), Kobelco Power Kobe No2 Inc (Japan, 646.6), Millmerran Finance Co (Australia, 85.9), MWF Finance Pty Ltd (Australia, 78.2), Nghi Son 2 Power LLC (Vietnam, 106.8), NSW Electricity Networks (Australia, 229.3), Port of Newcastle Investments (Australia, 70.0), Route 3[CPS]Co Ltd (Hong Kong, 39.4), Santos Finance (Australia, 77.8), SERD (Indonesia, 42.0), Stella EGRP Finance Pty Ltd (Australia, 51.6), Stella MMTS Fin Pty Ltd (Australia, 236.3), Stockyard Hill Wind Farm (Australia, 57.9), Sunraysia Solar Fin Pty Ltd (Australia, 47.6), Transurban Group (Australia, 89.7), Viva Energy Pty Ltd (Australia, 58.3), Wardha Solar Maharashtra Pvt (India, 50.0), WCX M4 Finco Pty Ltd (Australia, 177.4), WICET (Australia, 142.8), Wind Macarthur Finco Pty Ltd (Australia, 74.7), Yinson Lavender Ltd (Malaysia, 42.5)

3 SMBC 4,202.0 5.5 41 Aioi Bio Energy KK (Japan, 153.9), Aomori Shichinohe Megasolar GK (Japan, 51.1), Canadian Solar Infrastructure (Japan, 8.3), Canadian Solar Infrastructure (Japan, 39.9), CRWF Finance Pty Ltd (Australia, 34.8), Eurus Dohoku Wind Farm LLC (Japan, 490.7), GIP Zenith Cayco II Ltd (Singapore, 56.3), GIP Zenith Cayco II Ltd (Singapore, 15.2), Green Power Tsugaru GK (Japan, 86.7), GS Coal Pty Ltd (Australia, 76.3), Gumusut-Kakap Semi-Floating (Malaysia, 100.0), IntelliHUB Holdings Pty Ltd (Australia, 24.9), Iona Finance Pty Ltd (Australia, 80.6), Kanda Biomass Energy KK (Japan, 369.9), Kestrel Coal Resources Pty Ltd (Australia, 104.9), Kisosaki MG Solar GK (Japan, 191.2), Kobelco Power Kobe No2 Inc (Japan, 431.1), Kwinana Waste To Energy (Australia, 70.0), Lal Lal Wind Farms Fin Co Pty (Australia, 71.5), Murra Warra Wind Farm (Australia, 75.5), N Hokkaido Wind Energy (Japan, 179.6), Nghi Son 2 Power LLC (Vietnam, 106.8), Oiltanking Odfjell Terminal (Singapore, 27.4), PFI Handai Global Village (Japan, 104.4), PT Bajradaya Sentranusa (Indonesia, 50.0), PT Bumi Suksesindo (Indonesia, 28.6), PT Golar Indonesia (Indonesia, 99.9), PT Medco E&P Malaka (Indonesia, 45.5), Renewable Japan Energy (Japan, 20.0), Route 3[CPS]Co Ltd (Hong Kong, 39.4), Sano Solar PV Plant (Japan, 147.3), SDP Finco Pty Ltd (Australia, 89.6), SERD (Indonesia, 42.0), SGET Hiroshima Mega Solar GK (Japan, 105.2), Southern Way Finance Pty Ltd (Australia, 57.1), Stockyard Hill Wind Farm (Australia, 57.9), Viva Energy Pty Ltd (Australia, 58.3), WCX M4 Finco Pty Ltd (Australia, 177.4), WICET (Australia, 142.8), WR Carpenter No 1 Pty Ltd (Australia, 50.9), WWF Finance Co Pty Ltd (Australia, 39.1)

4 Bank of China 3,426.9 4.5 13 Beijing Intl Resort Co Ltd (China, 2,097.7), NSW Electricity Networks (Australia, 229.3), Port of Newcastle Investments (Australia, 70.0), QAL Finance Pty Ltd (Australia, 94.9), SDP Finco Pty Ltd (Australia, 89.6), Stella MMTS Fin Pty Ltd (Australia, 236.3), Sunraysia Solar Fin Pty Ltd (Australia, 47.6), Transurban Group (Australia, 89.7), Viva Energy Pty Ltd (Australia, 58.3), WCX M4 Finco Pty Ltd (Australia, 177.4), WICET (Australia, 142.8), WR Carpenter No 1 Pty Ltd (Australia, 50.9), Yinson Lavender Ltd (Malaysia, 42.5)

5 State Bank of India 3,281.0 4.3 8 GSPL India Transco Ltd (India, 105.1), Haridaspur Paradip Railway Co (India, 239.4), Hindustan Urvarak And Rasayan (India, 713.4), Hindustan Urvarak And Rasayan (India, 706.7), Hindustan Urvarak And Rasayan (India, 717.8), Kishangarh Gulabpura Tollway (India, 158.7), PT Armada Gema Nusantara (Indonesia, 400.0), Shapoorji Pallonji Pandoh (India, 239.9)

6 ANZ 2,745.5 3.6 34 Bengalla Coal Mine Acq (Australia, 110.3), Cherry Tree Fin Co Pty Ltd (Australia, 36.7), Collgar Wind Farm Pty Ltd (Australia, 39.2), Cooper Energy Ltd (Australia, 49.1), Cornerstone Infrastructure (New Zealand, 101.7), DBCT Finance Pty Ltd (Australia, 50.7), Dundonnell Wind Farm (Australia, 57.9), Finley Solar Finance Pty Ltd (Australia, 118.9), First Gas Holdings Ltd (New Zealand, 90.9), Formosa I Wind Power Co Ltd (Taiwan, 54.1), Granville Harbour Op Pty Ltd (Australia, 28.0), GS Coal Pty Ltd (Australia, 76.3), Hallett 4 Pty Ltd (Australia, 22.6), Horizon Oil Ltd (China, 31.7), IntelliHUB Holdings Pty Ltd (Australia, 24.9), Kestrel Coal Resources Pty Ltd (Australia, 104.9), Millmerran Finance Co (Australia, 128.2), Murra Warra Wind Farm (Australia, 75.5), NSW Electricity Networks (Australia, 229.3), Port of Newcastle Investments (Australia, 70.0), PT Medco E&P Malaka (Indonesia, 45.5), QPH Finance Co Pty Ltd (Australia, 48.0), RATCH-Australia Corp Ltd (Australia, 39.2), Salamander Energy [E&P] Ltd (Vietnam, 50.0), Santos Finance (Australia, 77.8), SDP Finco Pty Ltd (Australia, 102.5), Sentinel Financing Pty Ltd (Australia, 69.3), Southern Way Finance Pty Ltd (Australia, 57.1), Stella MMTS Fin Pty Ltd (Australia, 236.3), Transurban Group (Australia, 89.7), Viva Energy Pty Ltd (Australia, 58.3), WCX M4 Finco Pty Ltd (Australia, 177.4), WICET (Australia, 142.8), WR Carpenter No 1 Pty Ltd (Australia, 50.9)

7 NAB 2,499.6 3.3 35 AGWF Finance Co Pty Ltd (Australia, 5.6), AMT Management Ltd (Australia, 34.1), Aspire Schools [Qld] Pty Ltd (Australia, 43.8), Bengalla Coal Mine Acq (Australia, 110.3), Century Mining Ltd (Australia, 29.3), CLFM Fin Australia Pty Ltd (Australia, 96.3), Cooper Energy Ltd (Australia, 37.8), DBCT Finance Pty Ltd (Australia, 50.7), Dundonnell Wind Farm (Australia, 57.9), First Gas Holdings Ltd (New Zealand, 90.9), GRSF Finance Co Pty Ltd (Australia, 18.0), GS Coal Pty Ltd (Australia, 76.3), Hallett 4 Pty Ltd (Australia, 22.6), IntelliHUB Holdings Pty Ltd (Australia, 24.9), Kestrel Coal Resources Pty Ltd (Australia, 104.9), Lal Lal Wind Farms Fin Co Pty (Australia, 71.5), NSW Electricity Networks (Australia, 229.3), Pac Hydro Crowlands Pty Ltd (Australia, 36.1), Pac Hydro Haughton Solar Farm (Australia, 28.0), Plenary Research Pty Ltd (Australia, 173.7), Port of Newcastle Investments (Australia, 70.0), QAL Finance Pty Ltd (Australia, 94.9), QPH Finance Co Pty Ltd (Australia, 48.0), Queensland New Schools PPP (Australia, 67.0), SDP Finco Pty Ltd (Australia, 102.5), Sentinel Financing Pty Ltd (Australia, 69.3), Southern Way Finance Pty Ltd (Australia, 57.1), Stockyard Hill Wind Farm (Australia, 57.9), Viva Energy Pty Ltd (Australia, 58.3), WCX M4 Finco Pty Ltd (Australia, 177.4), WCX M4-M5 Link Finco Pty Ltd (Australia, 87.8), White Rock Wind Farm Pty Ltd (Australia, 34.6), WICET (Australia, 142.8), WR Carpenter No 1 Pty Ltd (Australia, 50.9), WWF Finance Co Pty Ltd (Australia, 39.1)

8 Agricultural Bank of China

2,450.3 3.2 5 Beijing Intl Resort Co Ltd (China, 2,097.7), Transurban Group (Australia, 89.7), WCX M4 Finco Pty Ltd (Australia, 177.4), White Rock Wind Farm Pty Ltd (Australia, 34.6), WR Carpenter No 1 Pty Ltd (Australia, 50.9)

Project Finance International January 30 2019 19

2018 LEAGUE TABLES

ASIA PACIFIC INITIAL MANDATED LEAD ARRANGERS CONTINUED

Lead manager Volume (US$m) % No of deals Deals9 Westpac Banking 2,194.5 2.9 28 AMT Management Ltd (Australia, 34.1), CRWF Finance Pty Ltd (Australia, 28.6), Darlington Point Solar Farm (Australia,

158.2), Dundonnell Wind Farm (Australia, 57.9), Finley Solar Finance Pty (Australia, 118.9), First Gas Holdings Ltd (New Zealand, 90.9), Granville Harbour Op Pty Ltd (Australia, 28.0), Hallett 4 Pty Ltd (Australia, 22.6), Horizon Oil (China, 31.7), Kestrel Coal Resources Pty (Australia, 104.9), Lal Lal Wind Farms Fin Co Pty (Australia, 71.5), Murra Warra Wind Farm (Australia, 75.5), Numurkah Solar Farm Pty (Australia, 27.7), Pac Hydro Haughton Solar Farm (Australia, 28.0), QAL Finance Pty Ltd (Australia, 94.9), QPH Finance Co Pty Ltd (Australia, 48.0), Santos Finance (Australia, 77.8), SDP Finco Pty Ltd (Australia, 102.5), Southern Way Finance Pty Ltd (Australia, 57.1), Stella MMTS Fin Pty Ltd (Australia, 236.3), Stockyard Hill Wind Farm (Australia, 57.9), Transurban Group (Australia, 89.7), Viva Energy Pty Ltd (Australia, 58.3), WCX M4 Finco Pty Ltd (Australia, 177.4), WCX M4-M5 Link Finco Pty Ltd (Australia, 87.8), White Rock Wind Farm Pty Ltd (Australia, 34.6), WICET (Australia, 142.8), WR Carpenter No 1 Pty Ltd (Australia, 50.9)

10 China Development Bank 2,142.8 2.8 2 China Power Hub Generation Co (Pakistan, 2,000.0), WICET (Australia, 142.8)

11 CBA 2,113.6 2.8 30 AGWF Finance Co Pty Ltd (Australia, 5.6), Carnegie Clean Energy Ltd (Australia, 1.6), Collgar Wind Farm Pty (Australia, 39.2), Darlington Point Solar Farm (Australia, 158.2), Dundonnell Wind Farm (Australia, 57.9), Equis Australia Finco1 Pty (Australia, 45.8), GIP Zenith Cayco II Ltd (Singapore, 56.3), GRSF Finance Co Pty Ltd (Australia, 18.0), GS Coal Pty Ltd (Australia, 76.3), IntelliHUB Holdings Pty Ltd (Australia, 24.9), Iona Finance Pty Ltd (Australia, 80.6), Jadestone Energy [Eagle] Pty (Australia, 60.0), Macarthur Water Pty Ltd (Australia, 13.1), Mumbida Wind Farm Pty Ltd (Australia, 48.1), NSW Electricity Networks (Australia, 229.3), Pac Hydro Crowlands Pty Ltd (Australia, 36.1), Port of Newcastle Investments (Australia, 70.0), QAL Finance Pty Ltd (Australia, 94.9), Salamander Energy [E&P] Ltd (Vietnam, 50.0), Santos Finance (Australia, 77.8), SDP Finco Pty Ltd (Australia, 89.6), Sentinel Financing Pty Ltd (Australia, 69.3), Southern Way Finance Pty Ltd (Australia, 57.1), Stella EGRP Finance Pty Ltd (Australia, 51.6), Stockyard Hill Wind Farm (Australia, 57.9), Transurban Group (Australia, 89.7), WCX M4 Finco Pty Ltd (Australia, 177.4), WCX M4-M5 Link Finco Pty Ltd (Australia, 87.8), WICET (Australia, 142.8), WWF Finance Co Pty Ltd (Australia, 46.8)

12 Development Bank of Japan

1,853.8 2.4 7 Fukuoka International Airport (Japan, 762.6), Green Power Tsugaru GK (Japan, 86.7), Kobelco Power Kobe No2 Inc (Japan, 646.6), N Hokkaido Wind Energy (Japan, 179.6), Northern LNG Transport Co I (Japan, 60.0), Wakami Wind Development Co Ltd (Japan, 75.9), Yinson Lavender Ltd (Malaysia, 42.5)

13 Societe Generale 1,773.9 2.3 25 Bulgana Wind Farm (Australia, 65.6), EMR Golden Grove Pty Ltd (Australia, 53.3), First Gas Holdings (New Zealand, 90.9), Formosa I Wind Power (Taiwan, 54.1), FS NSW Project No 1 Finco (Australia, 37.0), GIP Zenith Cayco II (Singapore, 56.3), Gumusut-Kakap Semi-Floating (Malaysia, 100.0), Iona Finance Pty (Australia, 80.6), Jadestone Energy [Eagle] Pty (Australia, 60.0), Jawa Satu Power [Java 1] (Indonesia, 80.6), Northern LNG Transport Co I (Japan, 60.0), NSW Electricity Networks (Australia, 229.3), PT Bajradaya Sentranusa (Indonesia, 50.0), PT Bumi Suksesindo (Indonesia, 16.7), PT Bumi Suksesindo (Indonesia, 28.6), PT Medco E&P Malaka (Indonesia, 45.5), QPH Finance Co Pty Ltd (Australia, 48.0), RATCH-Australia (Australia, 39.2), Salamander Energy [E&P] Ltd (Vietnam, 50.0), SDP Finco Pty Ltd (Australia, 89.6), Stockyard Hill Wind Farm (Australia, 57.9), Transurban Group (Australia, 89.7), WCX M4 Finco Pty Ltd (Australia, 177.4), Wind Macarthur Finco Pty Ltd (Australia, 74.7), WWF Finance Co Pty Ltd (Australia, 39.1)

14 BNP Paribas 1,413.5 1.9 22 Collgar Wind Farm Pty Ltd (Australia, 39.2), EMR Golden Grove Pty Ltd (Australia, 53.3), Equis Australia Finco1 Pty Ltd (Australia, 45.8), Formosa I Wind Power (Taiwan, 54.1), GIP Zenith Cayco II Ltd (Singapore, 56.3), GIP Zenith Cayco II (Singapore, 15.2), Gumusut-Kakap Semi-Floating (Malaysia, 100.0), IntelliHUB Holdings Pty (Australia, 24.9), Kestrel Coal Resources Pty (Australia, 104.9), Mumbida Wind Farm Pty Ltd (Australia, 48.1), MWF Finance Pty Ltd (Australia, 78.2), NSW Electricity Networks (Australia, 229.3), PT Bumi Suksesindo (Indonesia, 16.7), PT Bumi Suksesindo (Indonesia, 28.6), PT Medco E&P Malaka (Indonesia, 45.5), PT Megah Surya Pertiwi (Indonesia, 85.0), QPH Finance Co Pty Ltd (Australia, 48.0), RATCH-Australia Corp Ltd (Australia, 39.2), Redsol Sdn Bhd (Malaysia, 33.7), Salamander Energy [E&P] Ltd (Vietnam, 50.0), WICET (Australia, 142.8), Wind Macarthur Finco Pty Ltd (Australia, 74.7)

15 ICBC 1,406.2 1.8 15 First Gas Holdings Ltd (New Zealand, 90.9), Gulf SRC Co Ltd (Thailand, 127.9), Horizon Oil Ltd (China, 31.7), Millmerran Finance Co (Australia, 128.2), Pac Hydro Haughton Solar Farm (Australia, 28.0), Port of Newcastle Investments (Australia, 70.0), PWCS (Australia, 57.1), QAL Finance Pty Ltd (Australia, 94.9), Santos Finance (Australia, 77.8), Stella MMTS Fin Pty Ltd (Australia, 236.3), Stockyard Hill Wind Farm (Australia, 57.9), WCX M4 Finco Pty Ltd (Australia, 177.4), White Rock Wind Farm Pty Ltd (Australia, 34.6), WICET (Australia, 142.8), WR Carpenter No 1 Pty Ltd (Australia, 50.9)

16 Korea Development Bank 1,359.5 1.8 9 Boryeong LNG Terminal Co Ltd (South Korea, 191.4), Bulgana Wind Farm (Australia, 65.6), Collgar Wind Farm Pty Ltd (Australia, 39.2), Hyundai Eco Energy Co Ltd (South Korea, 166.7), Pospower Co Ltd (South Korea, 510.2), PT Bajradaya Sentranusa (Indonesia, 50.0), Saferay Hiroshima GmbH & Co (Japan, 39.9), STX Yeogyang Windpower Co Ltd (South Korea, 153.8), WICET (Australia, 142.8)

17 DBS 1,302.7 1.7 18 Formosa I Wind Power Co Ltd (Taiwan, 54.1), Fortum Amrit Energy Pvt Ltd (India, 6.0), Fortum Finnsurya Energy (India, 125.0), GIP Zenith Cayco II Ltd (Singapore, 56.3), GIP Zenith Cayco II Ltd (Singapore, 15.2), Iona Finance Pty Ltd (Australia, 80.6), Kestrel Coal Resources Pty Ltd (Australia, 104.9), Millmerran Finance Co (Australia, 128.2), Nghi Son 2 Power LLC (Vietnam, 106.8), Oiltanking Odfjell Terminal (Singapore, 27.4), Oiltanking Odfjell Terminal (Singapore, 98.7), Port of Newcastle Investments (Australia, 70.0), PT Medco E&P Malaka (Indonesia, 45.5), Rih Ding Water Enterprise (Taiwan, 84.0), SE Solar (India, 40.0), Westspring Desalination Plant (Singapore, 66.5), WICET (Australia, 142.8), WR Carpenter No 1 Pty Ltd (Australia, 50.9)

18 ING 1,178.6 1.5 17 Cooper Energy Ltd (Australia, 37.8), Formosa I Wind Power Co Ltd (Taiwan, 54.1), GIP Zenith Cayco II Ltd (Singapore, 56.3), GIP Zenith Cayco II Ltd (Singapore, 15.2), Gumusut-Kakap Semi-Floating (Malaysia, 100.0), Kestrel Coal Resources Pty Ltd (Australia, 104.9), MWF Finance Pty Ltd (Australia, 78.2), PT Bumi Suksesindo (Indonesia, 28.6), PT Medco E&P Malaka (Indonesia, 45.5), QAL Finance Pty Ltd (Australia, 94.9), RATCH-Australia Corp Ltd (Australia, 39.2), Sunraysia Solar Fin Pty Ltd (Australia, 47.6), WCX M4 Finco Pty Ltd (Australia, 177.4), WICET (Australia, 142.8), Wind Macarthur Finco Pty Ltd (Australia, 74.7), WWF Finance Co Pty Ltd (Australia, 39.1), Yinson Lavender Ltd (Malaysia, 42.5)

19 Credit Agricole 1,021.3 1.3 16 AMT Management Ltd (Australia, 34.1), Collgar Wind Farm Pty Ltd (Australia, 39.2), EDF Lingbao (China, 17.7), Formosa I Wind Power Co Ltd (Taiwan, 54.1), GIP Zenith Cayco II Ltd (Singapore, 56.3), GIP Zenith Cayco II Ltd (Singapore, 15.2), Iona Finance Pty Ltd (Australia, 80.6), Jawa Satu Power [Java 1] (Indonesia, 80.6), Oiltanking Odfjell Terminal (Singapore, 27.4), PT Bumi Suksesindo (Indonesia, 28.6), PT Medco E&P Malaka (Indonesia, 45.5), Route 3[CPS]Co Ltd (Hong Kong, 39.4), Salamander Energy [E&P] Ltd (Vietnam, 50.0), Stella MMTS Fin Pty Ltd (Australia, 236.3), WCX M4 Finco Pty Ltd (Australia, 177.4), WWF Finance Co Pty Ltd (Australia, 39.1)

20 Yes Bank 1,018.8 1.3 10 Adani Wind Energy [Gujarat] (India, 20.7), Axis Wind Farms [MPR DAM] Pvt (India, 89.9), Clean Sustainable Energy Pvt (India, 46.6), Fonroche Saaras Energy Pvt Ltd (India, 19.6), Goa-Tamnar Transmission (India, 72.4), Mahindra Renewables Pvt Ltd (India, 115.1), Mytrah Vayu Indravati Pvt Ltd (India, 161.2), Sepset Constructions Ltd (India, 25.2), SP Photovoltaic Pvt Ltd (India, 37.7), Warora Kurnool Transmission (India, 430.4)

21 Bank Central Asia 958.3 1.3 3 Lintas Marga Sedaya PT (Indonesia, 613.3), PT Jasamarga Jalanlayang (Indonesia, 156.8), PT Jasamarga Semarang Batang (Indonesia, 188.1)

22 HSBC 918.4 1.2 12 Collgar Wind Farm Pty Ltd (Australia, 43.2), DBCT Finance Pty (Australia, 50.7), EMR Golden Grove Pty (Australia, 53.3), Gumusut-Kakap Semi-Floating (Malaysia, 100.0), Kestrel Coal Resources Pty Ltd (Australia, 104.9), Newtricity Dvlps Biala Pty (Australia, 112.7), NSW Electricity Networks (Australia, 229.3), PT Bumi Suksesindo (Indonesia, 16.7), PT Bumi Suksesindo (Indonesia, 28.6), Route 3[CPS] (Hong Kong, 39.4), Salamander Energy [E&P] (Vietnam, 50.0), SDP Finco Pty Ltd (Australia, 89.6)

Project Finance International January 30 201920

ASIA PACIFIC INITIAL MANDATED LEAD ARRANGERS CONTINUED

Lead manager Volume (US$m) % No of deals Deals

23 Hana Financial 865.0 1.1 4 Pospower Co Ltd (South Korea, 510.2), Transurban Group (Australia, 89.7), WCX M4 Finco Pty Ltd (Australia, 177.4), WCX M4-M5 Link Finco Pty Ltd (Australia, 87.8)

24 Indusind-Bank 851.1 1.1 14 Avaada Non-Conventional (India, 16.6), Avaada Sustainable Energy Pvt (India, 16.6), Barmer Power Transmission Svc (India, 9.8), Bidwal Renewable Pvt (India, 40.0), Chikhali Tarsod Highways Pvt (India, 88.0), Goa-Tamnar Transmission (India, 72.4), Green Infra Renewable Energy (India, 211.5), Hadoti Power Transmission (India, 12.1), Pugalur Renewable Pvt Ltd (India, 50.7), Sarguja Rail Corridor Pvt Ltd (India, 93.4), SB Energy Three Pvt Ltd (India, 52.8), Solairepro Urja Private Ltd (India, 128.1), Solarsys Non-Conventional (India, 50.1), Thar Power Transmission Svc (India, 9.0)

25 KfW IPEX-Bank GmbH 822.5 1.1 7 Bulgana Wind Farm (Australia, 65.6), Cornerstone Infrastructure (New Zealand, 97.2), Il&FS Transp Networks Ltd (India, 27.6), Sentinel Financing Pty Ltd (Australia, 69.3), Stella MMTS Fin Pty Ltd (Australia, 236.3), WICET (Australia, 142.8), Yangibana Rare Earth Mine (Australia, 183.7)

26 Deutsche Bank 814.7 1.1 3 Airtrunk Data Expansion (Australia, 613.6), Viva Energy Pty Ltd (Australia, 58.3), WICET (Australia, 142.8)

27 OCBC 761.5 1.0 10 GS Coal Pty Ltd (Australia, 76.3), Gumusut-Kakap Semi-Floating (Malaysia, 100.0), Jawa Satu Power [Java 1] (Indonesia, 80.6), Kestrel Coal Resources Pty Ltd (Australia, 104.9), Nghi Son 2 Power LLC (Vietnam, 106.8), Oiltanking Odfjell Terminal (Singapore, 27.4), PT Megah Surya Pertiwi (Indonesia, 85.0), RATCH-Australia Corp Ltd (Australia, 39.2), Westspring Desalination Plant (Singapore, 66.5), Wind Macarthur Finco Pty Ltd (Australia, 74.7)

28 Woori Financial 752.4 1.0 3 Boryeong LNG Terminal (South Korea, 191.4), Pospower (South Korea, 510.2), WR Carpenter No 1 Pty (Australia, 50.9)

29 Shinsei Bank 744.2 1.0 8 Canadian Solar Infrastructure (Japan, 39.9), Global New Energy Togo (Japan, 37.4), Green Power Tsugaru GK (Japan, 86.7), LOHAS ECE2 (Japan, 160.9), Nghi Son 2 Power LLC (Vietnam, 106.8), Oita Hijimachi Solar Power (Japan, 151.3), PWCS (Australia, 57.1), Takasaki Gunma Solar Power (Japan, 104.0)

30 Axis Bank 725.8 1.0 5 Ashoka Ranastalam Anandapuram (India, 76.8), H-Energy Gateway Pvt Ltd (India, 229.5), JSW Jaigarh Port Ltd (India, 260.0), PNC Bundelkhand Highways Pvt (India, 83.1), Sadbhav Vidarbha Highway Pvt (India, 76.3)

31 Bank Mandiri 679.4 0.9 5 Kestrel Coal Resources Pty Ltd (Australia, 104.9), PT Jasamarga Jalanlayang (Indonesia, 156.8), PT Jasamarga Semarang Batang (Indonesia, 188.1), PT Medco E&P Malaka (Indonesia, 45.5), PT Poso Energy (Indonesia, 184.1)

32 CIBC World Markets 664.1 0.9 6 AMT Management (Australia, 34.1), Iona Finance Pty(Australia, 80.6), QPH Finance Co Pty (Australia, 48.0), Stella MMTS Fin Pty (Australia, 236.3), WCX M4 Finco Pty (Australia, 177.4), WCX M4-M5 Link Finco Pty Ltd (Australia, 87.8)

33 RBC Capital Markets 638.2 0.8 6 First Gas Holdings (New Zealand, 90.9), Iona Finance Pty Ltd (Australia, 80.6), NSW Electricity Networks (Australia, 229.3), Port of Newcastle Investments (Australia, 70.0), Santos Finance (Australia, 77.8), SDP Finco Pty (Australia, 89.6)

34 UOB 637.5 0.8 5 NSW Electricity Networks (Australia, 229.3), PT Bumi Suksesindo (Indonesia, 28.6), PT Megah Surya Pertiwi (Indonesia, 85.0), Stella MMTS Fin Pty Ltd (Australia, 236.3), Viva Energy Pty Ltd (Australia, 58.3)

35 CIMB Group 577.7 0.8 4 Gulf SRC Co Ltd (Thailand, 127.9), Kestrel Coal Resources Pty Ltd (Australia, 104.9), PT Jasamarga Jalanlayang (Indonesia, 156.8), PT Jasamarga Semarang Batang (Indonesia, 188.1)

36 Shinhan Financial 561.1 0.7 2 Pospower Co Ltd (South Korea, 510.2), WR Carpenter No 1 Pty Ltd (Australia, 50.9)

37 Bangkok Bank 559.4 0.7 3 CMX Re Sunseap Vietnam Solar (Vietnam, 120.0), Gulf SRC Co Ltd (Thailand, 127.9), Nam Theun 1 Power (Laos, 311.5)

38 Scotiabank 554.7 0.7 4 NSW Electricity Networks (Australia, 229.3), Transurban Group (Australia, 89.7), Viva Energy Pty Ltd (Australia, 58.3), WCX M4 Finco Pty Ltd (Australia, 177.4)

39 Industrial Bank of Korea 510.2 0.7 1 Pospower Co Ltd (South Korea, 510.2)

=39 NongHyup Financial 510.2 0.7 1 Pospower Co Ltd (South Korea, 510.2)

41 Goldman Sachs 469.1 0.6 1 Infigen Energy Fin (Australia, 469.1)

42 China Construction Bank 466.8 0.6 5 AMT Management Ltd (Australia, 34.1), First Gas Holdings Ltd (New Zealand, 90.9), NSW Electricity Networks (Australia, 229.3), Santos Finance (Australia, 77.8), White Rock Wind Farm Pty Ltd (Australia, 34.6)

43 Siam Commercial Bank 439.4 0.6 2 Gulf SRC Co Ltd (Thailand, 127.9), Nam Theun 1 Power (Laos, 311.5)

44 Norinchukin Bank 412.1 0.5 4 Iona Finance Pty Ltd (Australia, 80.6), NSW Electricity Networks (Australia, 229.3), Queensland New Schools PPP (Australia, 67.0), SDP Finco Pty Ltd (Australia, 35.3)

45 DZ Bank 397.2 0.5 4 Saferay Hiroshima GmbH & Co (Japan, 39.9), Sentinel Financing Pty Ltd (Australia, 69.3), Stella EGRP Finance Pty Ltd (Australia, 51.6), Stella MMTS Fin Pty Ltd (Australia, 236.3)

46 Standard Chartered 389.6 0.5 6 Gumusut-Kakap Semi-Floating (Malaysia, 100.0), Kestrel Coal Resources Pty Ltd (Australia, 104.9), PT Medco E&P Malaka (Indonesia, 45.5), RATCH-Australia Corp Ltd (Australia, 39.2), Salamander Energy [E&P] Ltd (Vietnam, 50.0), Wardha Solar Maharashtra Pvt (India, 50.0)

47 Natixis 377.4 0.5 6 Cooper Energy Ltd (Australia, 37.8), Cornerstone Infrastructure (New Zealand, 101.7), Gumusut-Kakap Semi-Floating (Malaysia, 100.0), PT Bajradaya Sentranusa (Indonesia, 50.0), PT Medco E&P Malaka (Indonesia, 45.5), Yinson Lavender Ltd (Malaysia, 42.5)

48 Clean Energy Finance 365.6 0.5 8 CRWF Finance Pty Ltd (Australia, 28.6), EMC Lendlease (Australia, 5.0), IntelliHUB Holdings Pty Ltd (Australia, 24.9), Kwinana Waste To Energy (Australia, 57.1), Lincoln Gap Wind Farm (Australia, 151.6), Numurkah Solar Farm Pty Ltd (Australia, 27.7), Oakey 2 Solar Farm (Australia, 42.8), S Estn Organics Processing (Australia, 27.9)

49 Bank Negara Indonesia 340.9 0.5 2 PT Jasamarga Jalanlayang (Indonesia, 156.8), PT Poso Energy (Indonesia, 184.1)

=49 Bank Rakyat Indonesia 340.9 0.5 2 PT Jasamarga Jalanlayang (Indonesia, 156.8), PT Poso Energy (Indonesia, 184.1)

51 L&T Financial Services 340.1 0.4 4 Clean Wind Power [Devgarh] (India, 37.3), IRB PP Project Pvt Ltd (India, 88.8), IRB PS Highway Pvt Ltd (India, 147.5), Sun Photo Voltaic Energy (India, 66.5)

52 Bank of Communications 339.0 0.4 4 Port of Newcastle Investments (Australia, 70.0), Southern Way Finance Pty Ltd (Australia, 57.1), WCX M4 Finco Pty Ltd (Australia, 177.4), White Rock Wind Farm Pty Ltd (Australia, 34.6)

53 Credit Mutuel 336.3 0.4 2 Gumusut-Kakap Semi-Floating (Malaysia, 100.0), Stella MMTS Fin Pty Ltd (Australia, 236.3)

54 TISCO Bank 311.5 0.4 1 Nam Theun 1 Power (Laos, 311.5)

55 Sumitomo Mitsui Trust 271.7 0.4 3 Green Power Tsugaru GK (Japan, 86.7), Gulf SRC Co Ltd (Thailand, 127.9), Southern Way Finance Pty (Australia, 57.1)

56 Rizal Commercial Banking 266.2 0.4 2 AC Energy - BIM Grp Ninh (Vietnam, 189.6), Cavite-Laguna Expressway (Philippines, 76.6)

57 Bank of Philippine Islands

247.8 0.3 2 Apo Agua Infrastructura Inc (Philippines, 171.2), Cavite-Laguna Expressway (Philippines, 76.6)

58 BAML 201.1 0.3 2 Viva Energy Pty Ltd (Australia, 58.3), WICET (Australia, 142.8)

59 ICICI Bank 191.4 0.3 2 Dewas Bypass Tollway Pvt Ltd (India, 34.4), Maharashtra Border Checkpost (India, 157.0)

60 Siemens Financial 179.5 0.2 4 GIP Zenith Cayco II Ltd (Singapore, 56.3), GIP Zenith Cayco II Ltd (Singapore, 15.2), Kwinana Waste To Energy (Australia, 57.1), WR Carpenter No 1 Pty Ltd (Australia, 50.9)

61 Intesa Sanpaolo 172.4 0.2 4 GIP Zenith Cayco II Ltd (Singapore, 56.3), GIP Zenith Cayco II Ltd (Singapore, 15.2), Wardha Solar Maharashtra Pvt (India, 50.0), WR Carpenter No 1 Pty Ltd (Australia, 50.9)

62 Malayan Banking 156.8 0.2 2 Nghi Son 2 Power LLC (Vietnam, 106.8), PT Bajradaya Sentranusa (Indonesia, 50.0)

Project Finance International January 30 2019 21

2018 LEAGUE TABLES

63 Santander 142.8 0.2 1 WICET (Australia, 142.8)

64 Macquarie 139.5 0.2 2 Bengalla Coal Mine Acq (Australia, 110.3), Savannah Nickel Mines Pty Ltd (Australia, 29.2)

65 Citi 138.9 0.2 2 Iona Finance Pty Ltd (Australia, 80.6), Viva Energy Pty Ltd (Australia, 58.3)

66 Aditya Birla Finance 133.3 0.2 1 VK1 Expressway Pvt Ltd (India, 133.3)

67 LH Financial 127.9 0.2 1 Gulf SRC Co Ltd (Thailand, 127.9)

=67 TMB Bank 127.9 0.2 1 Gulf SRC Co Ltd (Thailand, 127.9)

69 Nord/LB 115.2 0.2 3 Numurkah Solar Farm Pty (Australia, 27.7), Saferay Hiroshima Japan, 39.9), Sunraysia Solar Fin Pty (Australia, 47.6)

70 Investec 110.9 0.1 3 Adani Rugby Run (Australia, 28.9), IntelliHUB Holdings Pty (Australia, 24.9), Kwinana Waste To Energy (Australia, 57.1)

71 ABN AMRO Bank 110.8 0.1 3 Cooper Energy Ltd (Australia, 37.8), GIP Zenith Cayco II (Singapore, 15.2), Stockyard Hill Wind Farm (Australia, 57.9)

72 Cooperatieve Rabobank 107.2 0.1 3 GIP Zenith Cayco II Ltd (Singapore, 56.3), GIP Zenith Cayco II (Singapore, 15.2), LREHL Renewables India SPV1 (India, 35.8)

73 Bank of Baroda 93.4 0.1 1 Sarguja Rail Corridor Pvt Ltd (India, 93.4)

74 Mega Financial 84.0 0.1 1 Rih Ding Water Enterprise (Taiwan, 84.0)

=74 Taiwan Cooperative Bank 84.0 0.1 1 Rih Ding Water Enterprise (Taiwan, 84.0)

76 RBS 77.8 0.1 1 Santos Finance (Australia, 77.8)

77 Union Bank of the Philippines

76.6 0.1 1 Cavite-Laguna Expressway (Philippines, 76.6)

=77 Banco De Oro 76.6 0.1 1 Cavite-Laguna Expressway (Philippines, 76.6)

=77 Land Bank of the Philippines

76.6 0.1 1 Cavite-Laguna Expressway (Philippines, 76.6)

=77 Security Bank 76.6 0.1 1 Cavite-Laguna Expressway (Philippines, 76.6)

81 Cathay Financial 71.7 0.1 2 Formosa I Wind Power Co Ltd (Taiwan, 54.1), Ying Hui Power Co Ltd (Taiwan, 17.7)

=81 Fubon Financial 71.7 0.1 2 Formosa I Wind Power Co Ltd (Taiwan, 54.1), Ying Hui Power Co Ltd (Taiwan, 17.7)

83 Metrics Capital Partners 57.1 0.1 1 Kwinana Waste To Energy (Australia, 57.1)

84 China Dvlp Finl 54.1 0.1 1 Formosa I Wind Power Co Ltd (Taiwan, 54.1)

=84 Entie Commercial Bank 54.1 0.1 1 Formosa I Wind Power Co Ltd (Taiwan, 54.1)

86 Hokuhoku Financial 54.0 0.1 1 Akkeshi Green Denryoku GK (Japan, 54.0)

=86 North Pacific Bank 54.0 0.1 1 Akkeshi Green Denryoku GK (Japan, 54.0)

88 India Infrastrcture Fin 50.0 0.1 1 Wardha Solar Maharashtra Pvt (India, 50.0)

=88 Indonesia Infrastructure Fin

50.0 0.1 1 PT Bajradaya Sentranusa (Indonesia, 50.0)

90 Credit Suisse 45.5 0.1 1 PT Medco E&P Malaka (Indonesia, 45.5)

91 AMMB 42.5 0.1 1 Yinson Lavender Ltd (Malaysia, 42.5)

92 Power Finance 40.0 0.1 1 Phelan Energy Bhadla Solar Pk (India, 40.0)

93 Mitsubishi UFJ Lease & Finance

37.4 0.1 1 Global New Energy Togo (Japan, 37.4)

94 India Infradebt 37.3 0.1 1 Clean Wind Power [Devgarh] (India, 37.3)

95 Piramal Finance 30.9 0.1 3 Barmer Power Transmission Svc (India, 9.8), Hadoti Power Transmission (India, 12.1), Thar Power Transmission Svc (India, 9.0)

96 Triodos Bank 25.2 0.1 1 Desert Solar Power One (Mongolia, 25.2)

97 Aozora Bank 20.0 0.1 1 Renewable Japan Energy (Japan, 20.0)

Total* 76,531.6 212

ASIA PACIFIC INITIAL MANDATED LEAD ARRANGERS CONTINUED

Lead manager Volume (US$m) % No of deals Deals

*Proportional Credit

Source: Refinitiv

ASIA PACIFIC LOANS BY COUNTRY

Nation US$m % No of deals

ASIA PACIFIC LOANS BY SECTOR

Sector Volume (US$m)

Power 37,904.7

Transportation 15,584.9

PPP 6,435.8

Oil & Gas 6,249.6

Mining 5,807.4

Water & Sewerage 2,284.7

Petrochemicals 2,236.7

Waste & Recycling 27.9

Industry 2,704.9

Waste & Recycling 1,132.5

Total 76,531.6

Australia 31,825.9 41.6 80

Japan 9,523.4 12.4 31

Indonesia 7,471.1 9.8 15

India 7,374.1 9.6 51

China 4,308.1 5.6 3

South Korea 3,840.3 5.0 5

Vietnam 2,528.6 3.3 4

Pakistan 2,000.0 2.6 1

Malaysia 1,323.2 1.7 4

New Zealand 1,322.6 1.7 2

Thailand 1,150.8 1.5 1

Singapore 1,112.5 1.5 5

Laos 934.5 1.2 1

Taiwan 881.7 1.2 3

Philippines 631.6 0.8 3

Hong Kong 196.9 0.3 1

Bangladesh 68.6 0.1 1

Mongolia 37.7 0.1 1

Total 76,531.6 212

Project Finance International January 30 201922

EMEA INITIAL MANDATED LEAD ARRANGERS

Lead manager Volume (US$m) % No of deals Deals

File: Full Year 2017 PF Loans_Mandated_Arrangers Tab: EMEA PF Loans

1 Credit Agricole 5,239.5 4.8 58 2i Aeroporti SpA (Italy, 12.0), 2i Aeroporti SpA (Italy, 6.8), A Lienor (France, 87.4), A Locomotive Pool Structure 2 (Netherlands, 69.1), A355 Road (France, 56.3), Al Dur IWPP (Bahrain, 72.2), Ancala Lng Midco Ltd (United Kingdom, 48.1), Aurora Infrastructure Oy (Finland, 27.3), Autovia de Aragon Shadow Toll (Spain, 36.4), Beacon Finco SARL (United Kingdom, 29.8), Beauce Energie SASU (France, 5.6), Belmont Infrastructure Hldg SA (Portugal, 45.8), Boralex Five Wind Farms (France, 64.7), Cambon Wind Farm (France, 23.6), Canal Bidco BV (Netherlands, 134.9), Copenhagen Airports Denmark (Denmark, 56.4), Cory Riverside (United Kingdom, 103.8), Dunkerque LNG (France, 123.3), Duqm Refinery (Oman, 170.7), EF Solare Italia PV Portfolio (Italy, 198.1), Enel Open Fiber 100Mbps (Italy, 293.7), F2i Energie Rinnovabili Srl (Italy, 64.0), FCC Energy Ltd (United Kingdom, 82.6), Firebolt RB Holdings Limited (United Kingdom, 103.9), First Hydro Finance PLC (United Kingdom, 69.9), First State Core SARL (Estonia, 206.2), FNM SpA (Italy, 58.0), Galloper Offshore Wind Farm (United Kingdom, 131.3), GESAC (Italy, 11.4), GIP III Jupiter Ltd (United Kingdom, 117.8), Helio Energy Elecidad Uno SAU (Spain, 18.3), Helioenergy Elecidad Uno Sa (Spain, 18.4), Helios Hyperion 1 Ciudad Real (Spain, 34.3), Helios II Hyperion Energy (Spain, 34.5), Koole Terminals Subhldg II BV (Netherlands, 89.7), Koole Terminals Subhldg II BV (Netherlands, 28.4), Lisea S.A.S. (France, 291.2), Manille Solar Pv (France, 18.2), Moray Firth Offshore Wind (United Kingdom, 207.9), N Sea Midstream Partners Ltd (United Kingdom, 143.9), Nacco Railcar Rolling Stock (Germany, 429.8), Navigator Terminals (United Kingdom, 55.2), Oslofjord Varme AS (Norway, 46.4), Parque Eolico Los Jarales SL (Spain, 29.5), Petrobras Oil & Gas BV (Nigeria, 31.4), Reden H1 (France, 166.6), RTR Rete Rinnovabile Solar PV (Italy, 127.3), Sca Snurran AB (Sweden, 160.5), SGI Gas Network (Italy, 85.5), Silver Ridge Solar PV (Italy, 55.8), Southern Gas Corridor CJSC (Turkey, 107.3), TAP AG (Italy, 75.5), Tenergie Phoenix 3 (France, 155.4), Terres Denergie Portfolio Acq (France, 62.5), Tolmount Gas Field Development (United Kingdom, 156.0), Tolve Three Greenfield Wind (Italy, 16.5), Urbasolar Solar PV Portfolio (France, 29.4), Wales & Border Rail Fran (United Kingdom, 53.3)

2 Societe Generale 5,100.7 4.6 51 A Lienor (France, 87.4), A Locomotive Pool Structure 2 (Netherlands, 69.1), Acacia Maden Isletmeleri As (Turkey, 40.0), Al Dur IWPP (Bahrain, 72.2), Arenales Solar Ps SL (Spain, 45.1), Autovia de Aragon Shadow Toll (Spain, 36.4), Benevento Greenfield Wind (Italy, 20.7), Bina Istra DD (Croatia, 56.4), Blauwwind II CV (Netherlands, 121.5), Burbo Bk Offshore Wind Farm (United Kingdom, 41.8), Cairn Energy PLC (United Kingdom, 63.9), Covage Calvados (France, 157.4), Deutsche Glasfaser (Germany, 80.7), Dudgeon Offshore Wind Ltd (United Kingdom, 110.9), Duqm Refinery (Oman, 170.7), Eiffage Rail Express SAS (France, 35.1), Enel Open Fiber 100Mbps (Italy, 293.7), Enrtf 1 (France, 148.7), F2i Energie Rinnovabili Srl (Italy, 64.0), Finlaggan Gas Field (United Kingdom, 37.2), Firebolt RB Holdings Limited (United Kingdom, 103.9), Galloper Offshore Wind Farm (United Kingdom, 131.3), GIP III Jupiter Ltd (United Kingdom, 117.8), Haute Garonne Broadband (France, 69.5), Herault THD (France, 56.4), Hyperoptic Ltd (United Kingdom, 55.0), Karish and Tanin Natural Gas (Israel, 212.5), Lisea S.A.S. (France, 291.2), Merkur Offshore GmbH (Germany, 158.5), Moray Firth Offshore Wind (United Kingdom, 207.9), Murcia Tramway (Spain, 69.1), N Sea Midstream Partners Ltd (United Kingdom, 143.9), Nikola Tesla Airport (Serbia, 79.6), Nimes and Montpellier Bypass (France, 38.4), Nobelwind NV (Belgium, 76.7), Northwester 2 NV (Belgium, 45.2), Ortigia Power 31 Srl (Italy, 58.7), Petrobras Oil & Gas BV (Nigeria, 31.4), Platon Saclay (France, 61.5), Reden H1 (France, 166.6), RTR Rete Rinnovabile Solar PV (Italy, 242.4), Seamade Offshore Wind Farm (Belgium, 82.8), Silver Ridge Solar PV (Italy, 55.8), Sol.In.Build Srl (Italy, 32.8), Southern Gas Corridor CJSC (Turkey, 107.3), Spanish Egyptian Gas Company (Egypt, 51.0), TAP AG (Italy, 75.5), Tenergie Phoenix 3 (France, 155.4), Veja Mate Offshore Windfarm (Germany, 208.6), WMR JV Investco Ltd (United Kingdom, 79.0), WMR JV Investco Ltd (United Kingdom, 82.2)

3 Santander 4,439.6 4.0 60 A Lienor (France, 87.4), Ancala Water Svcs Holdco Ltd (United Kingdom, 23.0), APK8 Aparcamiento SLU (Spain, 35.7), Apulia Onshore Wind Farm (Italy, 63.7), Arenales Solar Ps SL (Spain, 45.1), BAMSA Parking Privatisation (Spain, 23.5), Belmont Infrastructure Hldg SA (Portugal, 45.8), Bks Renewables Onshore Wind (United Kingdom, 41.0), Blyth Holding Ltd (United Kingdom, 63.9), Canal Bidco BV (Netherlands, 134.9), Cory Riverside (United Kingdom, 103.8), Douro Interior Road (Portugal, 133.0), Duqm Refinery (Oman, 170.7), Eiffage Rail Express SAS (France, 35.1), Ence Energia Huelva Biomass (Spain, 30.0), Ence Energia Puertollano (Spain, 75.6), Enel Open Fiber 100Mbps (Italy, 293.7), Eolica del Guadiana SL (Spain, 31.0), Estradas do Pinhal Interior (Portugal, 113.1), Firebolt RB Holdings Limited (United Kingdom, 103.9), Fotovoltaica Los Navalmorales (Spain, 34.9), Galloper Offshore Wind Farm (United Kingdom, 131.3), GIP III Jupiter Ltd (United Kingdom, 117.8), Greenalia Biomass Power (Spain, 119.6), Helio Energy Elecidad Uno SAU (Spain, 18.3), Helioenergy Elecidad Uno Sa (Spain, 18.4), Helios Hyperion 1 Ciudad Real (Spain, 36.8), Helios II Hyperion Energy (Spain, 37.0), Hispasoleo Osuna AIE (Spain, 4.4), Hospitales Concesionados SL (Spain, 40.0), Iberwind II Producao - Socie (Portugal, 102.0), Idesamgar SL (Spain, 49.8), Idesamgar SL (Spain, 30.2), Llynfi Afan Renewable Energy (United Kingdom, 42.6), Maas Capital Renewables Solar (Italy, 47.1), Moray Firth Offshore Wind (United Kingdom, 207.9), Murcia Tramway (Spain, 69.1), N Sea Midstream Partners Ltd (United Kingdom, 143.9), NextEnergy Solar Holdings VI (United Kingdom, 52.9), Noatum Container Terminal (Spain, 7.1), Ortigia Power 31 Srl (Italy, 58.7), P Sines Terminais de (Portugal, 45.6), Parc Eolic Veciana-Cabaro SL (Spain, 19.0), Parking Tenerife SA (Spain, 7.2), Parque Eolico Alentisque SL (Spain, 15.4), Parque Eolico Hinojal (Spain, 28.4), Parque Eolico Los Jarales SL (Spain, 29.5), Puertollano CSP Plant (Spain, 158.6), Q-Energy Fluorita SLU (Spain, 56.4), RI Income UK Holdings Ltd (United Kingdom, 96.4), Sacyr SA (Spain, 46.8), Seamade Offshore Wind Farm (Belgium, 82.8), Serrezuela Solar VI SL (Spain, 109.9), Sonnedix Santa Lucia Srl (Italy, 61.2), Southern Gas Corridor CJSC (Turkey, 107.3), Spalding Gas Fired Power (United Kingdom, 50.4), Spanish Egyptian Gas Company (Egypt, 51.0), Tolmount Gas Field Development (United Kingdom, 156.0), Triton Knoll Offshore Wind (United Kingdom, 193.0), Tunels Barcelona Cadi (Spain, 101.1)

4 BNP Paribas 4,224.3 3.8 51 A Lienor (France, 87.4), Acacia Maden Isletmeleri As (Turkey, 40.0), Al Dur IWPP (Bahrain, 72.2), Alposol Fotovoltaica Slu (Spain, 10.2), Asset Energia Solar (Spain, 10.2), Athena Investments A/S (Italy, 27.2), Autovia de Aragon Shadow Toll (Spain, 36.4), BAMSA Parking Privatisation (Spain, 23.5), Bina Istra DD (Croatia, 56.4), Blauwwind II CV (Netherlands, 121.5), Cairn Energy PLC (United Kingdom, 63.9), Cory Riverside (United Kingdom, 103.8), Deutsche Glasfaser (Germany, 80.7), Douro Interior Road (Portugal, 133.0), Dudgeon Offshore Wind Ltd (United Kingdom, 110.9), Dunkerque LNG (France, 123.3), Duqm Refinery (Oman, 170.7), E2i Energie Speciali (Italy, 29.2), EF Solare Italia PV Portfolio (Italy, 198.1), Enel Open Fiber 100Mbps (Italy, 293.7), ERG Eolica Adriatica Srl (Italy, 38.0), Eupen and Kelmis Schools (Belgium, 83.6), Faroe Petroleum PLC (Norway, 35.0), Finlaggan Gas Field (United Kingdom, 37.2), FS Gas Distribution AB (Sweden, 60.8), Galloper Offshore Wind Farm (United Kingdom, 131.3), GIP III Jupiter Ltd (United Kingdom, 117.8), Green Datacenter AG (Switzerland, 16.1), Haute Garonne Broadband (France, 69.5), Hyperoptic Ltd (United Kingdom, 55.0), Lisea S.A.S. (France, 291.2), Merkur Offshore GmbH (Germany, 158.5), Nobelwind NV (Belgium, 88.4), Northwester 2 NV (Belgium, 45.2), Ortigia Power 31 Srl (Italy, 58.7), Oslofjord Varme AS (Norway, 46.4), Oweninny Wind Farm (Republic of Ireland, 62.3), Parc Eolien De La Cremiere (France, 49.6), Parque Eolico Los Jarales SL (Spain, 29.5), Petrobras Oil & Gas BV (Nigeria, 31.4), Promosolar Juwi 17 SLU (Spain, 76.9), RTR Rete Rinnovabile Solar PV (Italy, 127.3), Seamade Offshore Wind Farm (Belgium, 82.8), SGI Gas Network (Italy, 85.5), Silver Ridge Solar PV (Italy, 55.8), Sirocco 5 (France, 91.2), Solaica Power SL (Spain, 25.2), Spanish Egyptian Gas Company (Egypt, 51.0), TAP AG (Italy, 75.5), Terres Denergie Portfolio Acq (France, 62.5), Triton Knoll Offshore Wind (United Kingdom, 193.0)

Project Finance International January 30 2019 23

2018 LEAGUE TABLES

EMEA INITIAL MANDATED LEAD ARRANGERS CONTINUED

Lead manager Volume (US$m) % No of deals Deals

5 ING 4,107.4 3.7 45 Acacia Maden Isletmeleri As (Turkey, 40.0), Ancala Lng Midco Ltd (United Kingdom, 48.1), Beacon Finco SARL (United Kingdom, 29.8), Belmont Infrastructure Hldg SA (Portugal, 45.8), Blauwwind II CV (Netherlands, 121.5), Blyth Holding Ltd (United Kingdom, 63.9), Canakkale Otoyol (Turkey, 291.8), Copenhagen Airports Denmark (Denmark, 56.4), Deutsche Glasfaser (Germany, 80.7), Dunkerque LNG (France, 123.3), EF Solare Italia PV Portfolio (Italy, 198.1), Eiffage Rail Express SAS (France, 35.1), Enel Open Fiber 100Mbps (Italy, 293.7), F2i Energie Rinnovabili Srl (Italy, 64.0), Faroe Petroleum PLC (Norway, 35.0), Firebolt RB Holdings Limited (United Kingdom, 103.9), Galloper Offshore Wind Farm (United Kingdom, 131.3), GIP III Jupiter Ltd (United Kingdom, 117.8), Green Datacenter AG (Switzerland, 16.1), Green Highland Renewables (United Kingdom, 14.9), Helio Energy Elecidad Uno SAU (Spain, 18.3), Helioenergy Elecidad Uno Sa (Spain, 18.4), Helios Hyperion 1 Ciudad Real (Spain, 34.3), Helios II Hyperion Energy (Spain, 34.5), Holding Eole 2018 (France, 64.6), Hyperoptic Ltd (United Kingdom, 55.0), Kandym Gas Processing Plant (Uzbekistan, 330.0), Lakiakangas Wind Farm (Finland, 79.2), Lommel Solar Pv Pk (Belgium, 72.5), Merkur Offshore GmbH (Germany, 158.5), Moray Firth Offshore Wind (United Kingdom, 207.9), MSZKSZ Zrt (Hungary, 48.8), Navigator Terminals (United Kingdom, 55.2), Noatum Container Terminal (Spain, 7.1), Northwester 2 NV (Belgium, 45.2), Pandion Energy AS (Norway, 66.7), Petrobras Oil & Gas BV (Nigeria, 31.4), RTR Rete Rinnovabile Solar PV (Italy, 242.4), Seamade Offshore Wind Farm (Belgium, 82.8), Silver Ridge Solar PV (Italy, 55.8), Southern Gas Corridor CJSC (Turkey, 107.3), Spanish Egyptian Gas Company (Egypt, 51.0), TAP AG (Italy, 75.5), Triton Knoll Offshore Wind (United Kingdom, 193.0), Westermeerwind (Netherlands, 60.9)

6 SMBC 3,460.4 3.1 37 Am Solar BV (Jordan, 20.0), Blankenburg Tunnel PPP (Netherlands, 93.6), Blauwwind II CV (Netherlands, 121.5), Blyth Holding Ltd (United Kingdom, 63.9), Bristol Leisure PFI (United Kingdom, 41.7), Burbo Bk Offshore Wind Farm (United Kingdom, 41.8), Canal Bidco BV (Netherlands, 134.9), Cedar Project Bidco Ltd (United Kingdom, 42.1), De Groene Boog BV (Netherlands, 177.2), Dudgeon Offshore Wind Ltd (United Kingdom, 110.9), Dunkerque LNG (France, 123.3), Duqm Refinery (Oman, 170.7), Eiffage Rail Express SAS (France, 35.1), Firebolt RB Holdings Limited (United Kingdom, 103.9), Fred Olsen CBH Ltd (United Kingdom, 31.0), Galloper Offshore Wind Farm (United Kingdom, 131.3), GIP III Jupiter Ltd (United Kingdom, 117.8), Lisea S.A.S. (France, 291.2), MapleCo2 Limited (United Kingdom, 13.2), Merkur Offshore GmbH (Germany, 158.5), Moray Firth Offshore Wind (United Kingdom, 207.9), N Sea Midstream Partners Ltd (United Kingdom, 143.9), Nimes and Montpellier Bypass (France, 38.4), Nobelwind NV (Belgium, 76.7), Northwester 2 NV (Belgium, 45.2), Petrobras Oil & Gas BV (Nigeria, 31.4), SGI Gas Network (Italy, 85.5), Sharjah WTE (United Arab Emirates, 40.8), Spanish Egyptian Gas Company (Egypt, 51.0), TAP AG (Italy, 75.5), Triton Knoll Offshore Wind (United Kingdom, 193.0), Veja Mate Offshore Windfarm (Germany, 208.6), Wadlow Wind Farm (United Kingdom, 61.3), Wales & Border Rail Fran (United Kingdom, 53.3), Windpk Deil Bv (Netherlands, 25.0), Windpk Spui (Netherlands, 17.3), WMR JV Investco Ltd (United Kingdom, 82.2)

7 Natixis 2,885.3 2.6 35 2i Aeroporti SpA (Italy, 12.0), 2i Aeroporti SpA (Italy, 6.8), Akuo Energy Solar (France, 161.8), Athena Investments A/S (Italy, 27.2), Beauce Energie SASU (France, 5.6), Blankenburg Tunnel PPP (Netherlands, 93.6), Blu Solar Due Srl (Italy, 6.3), Blu Solar Uno Srl (Italy, 118.6), Blyth Holding Ltd (United Kingdom, 63.9), Cairn Energy PLC (United Kingdom, 63.9), Canakkale Otoyol (Turkey, 62.5), Duqm Refinery (Oman, 170.7), Eolica PM (Italy, 30.1), ErgyCapital Opal Solar PV (Italy, 34.8), FIPAS SpA (Portugal, 116.1), Firebolt RB Holdings Limited (United Kingdom, 103.9), Galloper Offshore Wind Farm (United Kingdom, 131.3), GESAC (Italy, 11.4), Green Energy Sardegna Srl (Spain, 18.7), Herault THD (France, 56.4), Karish and Tanin Natural Gas (Israel, 212.5), Midi Solar PV Plant (France, 34.0), Moray Firth Offshore Wind (United Kingdom, 207.9), Nimes and Montpellier Bypass (France, 38.4), Novae (France, 36.4), Petrobras Oil & Gas BV (Nigeria, 31.4), Reunion Solar PV Portfolio (France, 42.9), Sakakah Solar PV Plant (Saudi Arabia, 222.0), Sonnedix Santa Lucia Srl (Italy, 61.2), Spanish Egyptian Gas Company (Egypt, 51.0), Suez Rv Energies Ramberviers (France, 75.0), TAP AG (Italy, 75.5), Triton Knoll Offshore Wind (United Kingdom, 193.0), Veja Mate Offshore Windfarm (Germany, 208.6), Wind Farm Rocchetta Spa (Italy, 100.0)

8 MUFG 2,719.7 2.5 28 Al Asilah Desalination Co Saoc (Oman, 37.2), Al Dur IWPP (Bahrain, 72.2), Blauwwind II CV (Netherlands, 121.5), Blyth Holding Ltd (United Kingdom, 63.9), Burbo Bk Offshore Wind Farm (United Kingdom, 41.8), Copenhagen Airports Denmark (Denmark, 56.4), DIF Infra Yield I France (France, 108.6), Dudgeon Offshore Wind Ltd (United Kingdom, 110.9), Duqm Refinery (Oman, 170.7), Earls Gate Pk Waste-To-Energy (United Kingdom, 48.6), Egi7 Portfolio Refi (France, 86.1), Eiffage Rail Express SAS (France, 35.1), Enel Open Fiber 100Mbps (Italy, 293.7), Firebolt RB Holdings Limited (United Kingdom, 103.9), Fred Olsen CBH Ltd (United Kingdom, 31.0), Galloper Offshore Wind Farm (United Kingdom, 131.3), GIP III Jupiter Ltd (United Kingdom, 117.8), Grangegorman University PPP (Republic of Ireland, 38.4), Moray Firth Offshore Wind (United Kingdom, 207.9), N Sea Midstream Partners Ltd (United Kingdom, 143.9), Nimes and Montpellier Bypass (France, 38.4), Oweninny Wind Farm (Republic of Ireland, 62.3), Seamade Offshore Wind Farm (Belgium, 82.8), SGI Gas Network (Italy, 85.5), TAP AG (Italy, 75.5), Triton Knoll Offshore Wind (United Kingdom, 193.0), WMR JV Investco Ltd (United Kingdom, 79.0), WMR JV Investco Ltd (United Kingdom, 82.2)

9 Barclays 2,522.5 2.3 17 Bokamoso Energy Rf Pty Ltd (South Africa, 97.9), Bujagali Energy Ltd (Uganda, 200.0), Cntrl Termica De Ressano (Mozambique, 46.0), DPS79 Solar Energy RF Pty Ltd (South Africa, 106.0), Drax Non Wind Power Asts Acq (United Kingdom, 318.6), Enel Green Power RSA 2 [RF] (South Africa, 527.6), Estradas do Pinhal Interior (Portugal, 113.1), Finlaggan Gas Field (United Kingdom, 37.2), Greefspan Pv Power Plant No 2 (South Africa, 85.2), Hyperoptic Ltd (United Kingdom, 55.0), Ngodwana Energy Pty Ltd (South Africa, 56.1), Octopus Invests Biomass and (United Kingdom, 48.0), Petrobras Oil & Gas BV (Nigeria, 31.4), S Africa Mainstream Renewable (South Africa, 221.3), S Africa Mainstream Renewable (South Africa, 178.8), Trans Niger Oil And Gas Co (Nigeria, 335.0), Zolograph Invests Rf Pty Ltd (South Africa, 65.2)

10 Intesa Sanpaolo 2,369.3 2.2 28 2i Aeroporti SpA (Italy, 12.0), 2i Aeroporti SpA (Italy, 6.8), A355 Road (France, 56.3), Abraxas Capital Mgmt Solar PV (Italy, 38.5), Ancala Lng Midco Ltd (United Kingdom, 48.1), BEE Energia Solare Italia (Italy, 21.7), Bina Istra DD (Croatia, 56.4), Canakkale Otoyol (Turkey, 62.5), Canal Bidco BV (Netherlands, 134.9), Cedar Project Bidco Ltd (United Kingdom, 42.1), Dunkerque LNG (France, 123.3), Duqm Refinery (Oman, 170.7), E2e Solar Pv Portfolio (Italy, 58.0), E2i Energie Speciali (Italy, 29.2), EF Solare Italia PV Portfolio (Italy, 198.1), Ellomay Solar Portfolio (Italy, 42.3), Enel Open Fiber 100Mbps (Italy, 293.7), F2i Energie Rinnovabili Srl (Italy, 64.0), FNM SpA (Italy, 58.0), GESAC (Italy, 11.4), GIP III Jupiter Ltd (United Kingdom, 117.8), Koole Terminals Subhldg II BV (Netherlands, 89.7), Nikola Tesla Airport (Serbia, 79.6), Ortigia Power 31 Srl (Italy, 58.7), Padania Acque Invest Plan (Italy, 20.5), RTR Rete Rinnovabile Solar PV (Italy, 242.4), Tangenziale Esterna SpA (Italy, 157.2), TAP AG (Italy, 75.5)

11 KfW IPEX-Bank 2,323.5 2.1 19 A Lienor (France, 87.4), Al Dur IWPP (Bahrain, 72.2), AVES Rail Rent (Germany, 303.0), Blankenburg Tunnel PPP (Netherlands, 93.6), De Groene Boog BV (Netherlands, 177.2), Deutsche Glasfaser (Germany, 80.7), Duqm Refinery (Oman, 170.7), Eiffage Rail Express SAS (France, 35.1), FS Gas Distribution AB (Sweden, 60.8), Koole Terminals Subhldg II BV (Netherlands, 89.7), Merkur Offshore GmbH (Germany, 158.5), Nimes and Montpellier Bypass (France, 38.4), Primorsk Windpower Generator (Russian Federation, 26.9), Project Afsluitdijk (Netherlands, 216.4), Rhein-Neckar-Tram 2020 (Germany, 68.0), Sca Snurran AB (Sweden, 160.5), Seamade Offshore Wind Farm (Belgium, 82.8), Triton Knoll Offshore Wind (United Kingdom, 193.0), Veja Mate Offshore Windfarm (Germany, 208.6)

Project Finance International January 30 201924

EMEA INITIAL MANDATED LEAD ARRANGERS CONTINUED

Lead manager Volume (US$m) % No of deals Deals

12 UniCredit 2,142.4 2.0 35 2i Aeroporti SpA (Italy, 12.0), 2i Aeroporti SpA (Italy, 6.8), 92601 Bts Sro (Slovak Republic, 26.4), Amplio Energy Solar Pv (Italy, 20.3), Apulia Onshore Wind Farm (Italy, 63.7), Balbani Ruzgar Enerjisinden (Turkey, 12.3), Bel Lavello Vi.Gi. Srl (Italy, 44.2), Bilkent Laboratory PPP (Turkey, 80.3), Bina Istra DD (Croatia, 56.4), Dunkerque LNG (France, 123.3), E2i Energie Speciali (Italy, 29.2), EF Solare Italia PV Portfolio (Italy, 198.1), Enel Open Fiber 100Mbps (Italy, 293.7), Eolica PM (Italy, 30.1), ERG Eolica Adriatica Srl (Italy, 38.0), GESAC (Italy, 11.4), Green Energy Sardegna Srl (Spain, 18.7), Kosava Wind Farm (Serbia, 50.6), Mainsite Logistik Holding GmbH (Germany, 23.4), Menzelet Kilavuzlu Elektrik (Turkey, 89.2), Nikola Tesla Airport (Serbia, 79.6), Ortigia Power 31 Srl (Italy, 58.7), Pavia Acque Water Distn (Italy, 32.8), PLT Wind SpA (Italy, 117.8), San Marco Bioenergie Spa (Italy, 7.5), SGI Gas Network (Italy, 85.5), Sol.In.Build Srl (Italy, 32.8), Spanish Egyptian Gas Company (Egypt, 51.0), Tangenziale Esterna SpA (Italy, 157.2), TAP AG (Italy, 75.5), Tauernwind Windkraftanlagen (Austria, 46.2), Voreas Srl (Italy, 38.0), WEB DHW Wind GmbH & Co. KG (Austria, 36.2), Windpark EDM GmbH & Co KG (Austria, 49.0), Yilport Holding AS (Portugal, 46.7)

13 CaixaBank 1,917.0 1.7 24 A Lienor (France, 87.4), A355 Road (France, 56.3), Arenales Solar Ps SL (Spain, 45.1), BAMSA Parking Privatisation (Spain, 23.5), Blyth Holding Ltd (United Kingdom, 63.9), Cafasso NV (Belgium, 99.5), Enel Open Fiber 100Mbps (Italy, 293.7), Estradas do Pinhal Interior (Portugal, 113.1), Explotaciones Eolicas Velez (Spain, 29.6), Galicia Vento Wind Farm (Spain, 64.3), Helio Energy Elecidad Uno SAU (Spain, 18.3), Helioenergy Elecidad Uno Sa (Spain, 18.4), Helios Hyperion 1 Ciudad Real (Spain, 34.3), Helios II Hyperion Energy (Spain, 34.5), Iberwind II Producao - Socie (Portugal, 102.0), Idesamgar SL (Spain, 49.8), Idesamgar SL (Spain, 30.2), Merkur Offshore GmbH (Germany, 158.5), Moray Firth Offshore Wind (United Kingdom, 207.9), Serrezuela Solar VI SL (Spain, 109.9), Societe Prado Sud (France, 47.0), TAP AG (Italy, 75.5), Tunels Barcelona Cadi (Spain, 101.1), Wales & Border Rail Fran (United Kingdom, 53.3)

14 RBS 1,746.4 1.6 19 Canal Bidco BV (Netherlands, 134.9), Cedar Project Bidco Ltd (United Kingdom, 42.1), Earls Gate Pk Waste-To-Energy (United Kingdom, 48.6), Enel Open Fiber 100Mbps (Italy, 293.7), Esvagt A/S (Denmark, 64.0), Faroe Petroleum PLC (Norway, 35.0), Firebolt RB Holdings Limited (United Kingdom, 103.9), Galloper Offshore Wind Farm (United Kingdom, 131.3), George Best Belfast City (United Kingdom, 29.1), GIP III Jupiter Ltd (United Kingdom, 117.8), Hyperoptic Ltd (United Kingdom, 55.0), Infinis Landfill Gas (United Kingdom, 102.6), N Sea Midstream Partners Ltd (United Kingdom, 143.9), Navigator Terminals (United Kingdom, 55.2), Octopus Invests Biomass and (United Kingdom, 48.0), Saltend Combined-Cycle Gas (United Kingdom, 44.0), Spanish Egyptian Gas Company (Egypt, 51.0), Triton Knoll Offshore Wind (United Kingdom, 193.0), Wales & Border Rail Fran (United Kingdom, 53.3)

15 Nord/LB 1,718.9 1.6 24 Arlena Di Castro And (Italy, 33.7), Arlena Di Castro And (Italy, 27.9), Arlena Energy Srl (Italy, 34.1), CNDR (United Kingdom, 119.7), Ee Pv 1 Aps (Denmark, 46.9), Firebolt RB Holdings Limited (United Kingdom, 103.9), GPG OHare [Lisburn] Ltd (United Kingdom, 41.3), Haute Garonne Broadband (France, 23.3), Hub North Scotland Ltd (United Kingdom, 81.9), Hub W Scotland Project Co (United Kingdom, 41.0), Invis Energy Sixth Wind Farm (Republic of Ireland, 67.0), JICC DBFM Co Ltd (United Kingdom, 43.4), Knockalough Wind Farm (Republic of Ireland, 69.1), Lucania Wind Energy Srl (Italy, 31.8), Nysater Wind Ab (Sweden, 425.9), PWWP Developments Ltd (Republic of Ireland, 100.3), QHS DBFM Co Ltd (United Kingdom, 53.1), Rathnacally Wind Farm (United Kingdom, 11.6), Refinancing Obton Sheepfarm (France, 25.2), Rhein-Neckar-Tram 2020 (Germany, 68.0), Spalding Gas Fired Power (United Kingdom, 50.7), Sunshine Latin (Spain, 117.4), Tenaga Wind Ventures Ltd (United Kingdom, 84.5), Withernwick Extension (United Kingdom, 17.3)

16 Standard Chartered 1,561.2 1.4 11 Al Dur IWPP (Bahrain, 72.2), Cairn Energy PLC (United Kingdom, 63.9), Canakkale Otoyol (Turkey, 114.3), Daeham Wind Power (Jordan, 17.8), Duqm Refinery (Oman, 170.7), Indorama Eleme Fertilizer (Nigeria, 80.0), Salalah IWP (Oman, 40.0), Sharjah WTE (United Arab Emirates, 40.8), Spanish Egyptian Gas Company (Egypt, 51.0), TAP AG (Italy, 75.5), Trans Niger Oil And Gas Co (Nigeria, 835.0)

17 Cassa Depositi e Prestiti 1,535.1 1.4 6 E2i Energie Speciali (Italy, 29.2), EF Solare Italia PV Portfolio (Italy, 198.1), Enel Open Fiber 100Mbps (Italy, 231.3), RTR Rete Rinnovabile Solar PV (Italy, 127.3), Tangenziale Esterna SpA (Italy, 157.2), TAP AG (Italy, 792.1)

18 Gazprombank 1,514.0 1.4 3 Moscow Cntrl Ring Road [CRR] (Russian Federation, 239.1), TE-TO Pancevo doo (Serbia, 172.3), VETROOGK AO (Russian Federation, 1,102.7)

19 BBVA 1,493.6 1.4 16 A Lienor (France, 87.4), Arenales Solar Ps SL (Spain, 45.1), Autopista de la Mancha (Spain, 90.9), BAMSA Parking Privatisation (Spain, 23.5), Benevento Greenfield Wind (Italy, 20.7), Douro Interior Road (Portugal, 133.0), Estradas do Pinhal Interior (Portugal, 113.1), Iberwind II Producao - Socie (Portugal, 121.3), Idesamgar SL (Spain, 49.8), Idesamgar SL (Spain, 30.2), Lisea S.A.S. (France, 291.2), Monte Aragon Abadias 3 PV (Spain, 6.9), Moray Firth Offshore Wind (United Kingdom, 207.9), RTR Rete Rinnovabile Solar PV (Italy, 127.3), Spanish Egyptian Gas Company (Egypt, 51.0), Tunels Barcelona Cadi (Spain, 94.4)

20 Cooperatieve Rabobank 1,435.5 1.3 14 Amot-Lingbo Vindkraft Ab (Sweden, 266.2), Blakliden Fabodberget Wind (Sweden, 192.3), Blauwwind II CV (Netherlands, 121.5), Canal Bidco BV (Netherlands, 134.9), Energie Combinatie Andijk Bv (Netherlands, 34.1), Kraktorpet Wind Farm Ab (Sweden, 116.7), Lehtirova Wind AB (Sweden, 45.5), Nobelwind NV (Belgium, 76.7), Northwester 2 NV (Belgium, 45.2), Project Afsluitdijk (Netherlands, 216.4), Seamade Offshore Wind Farm (Belgium, 82.8), Westermeerwind (Netherlands, 60.9), Windpk Deil Bv (Netherlands, 25.0), Windpk Spui (Netherlands, 17.3)

21 Landesbank Baden-Wurttemberg

1,423.8 1.3 12 Bee Andijk Zuid Hldg Bv (Netherlands, 16.1), Bee Midden Groningen Hldg (Netherlands, 107.4), Blue Elephant Energy (Netherlands, 13.7), De Groene Boog BV (Netherlands, 177.2), Firebolt RB Holdings Limited (United Kingdom, 103.9), Galloper Offshore Wind Farm (United Kingdom, 131.3), Grosskraftwerk Mannheim AG (Germany, 185.9), Merkur Offshore GmbH (Germany, 158.5), Project Afsluitdijk (Netherlands, 216.4), Southern Gas Corridor CJSC (Turkey, 107.3), Triton Knoll Offshore Wind (United Kingdom, 193.0), Zonnepark Lange Runde BV (Netherlands, 13.1)

22 Unione di Banche Italiane

1,347.0 1.2 20 2i Aeroporti SpA (Italy, 12.0), 2i Aeroporti SpA (Italy, 6.8), BEE Energia Solare Italia (Italy, 21.7), Duqm Refinery (Oman, 170.7), Enel Open Fiber 100Mbps (Italy, 293.7), ERG Eolica Adriatica Srl (Italy, 38.0), ErgyCapital Opal Solar PV (Italy, 34.8), F2i Energie Rinnovabili Srl (Italy, 64.0), GESAC (Italy, 11.4), Minervino Murge Windfarm (Italy, 11.9), Ortigia Power 31 Srl (Italy, 58.7), Padania Acque Invest Plan (Italy, 20.5), Pavia Acque Water Distn (Italy, 32.8), RTR Rete Rinnovabile Solar PV (Italy, 127.3), San Marco Bioenergie Spa (Italy, 7.5), SGI Gas Network (Italy, 85.5), Silver Ridge Solar PV (Italy, 55.8), Sonnedix Santa Lucia Srl (Italy, 61.2), Tangenziale Esterna SpA (Italy, 157.2), TAP AG (Italy, 75.5)

23 Deutsche Bank 1,283.9 1.2 6 A2 Toll Motorway (Poland, 329.2), Canakkale Otoyol (Turkey, 51.8), Canal Bidco BV (Netherlands, 134.9), IPM Beer Tuvia Ltd (Israel, 229.4), Kandym Gas Processing Plant (Uzbekistan, 330.0), Veja Mate Offshore Windfarm (Germany, 208.6)

24 National Bank of Greece 1,205.8 1.1 4 Bilkent Laboratory PPP (Turkey, 210.8), Canakkale Otoyol (Turkey, 142.3), North Marmara Highway (Turkey, 445.6), Snam SpA (Greece, 407.0)

25 JP Morgan 1,196.8 1.1 2 Drax Non Wind Power Asts Acq (United Kingdom, 318.6), Warwick Holding GmbH (Germany, 878.2)

26 Siemens Financial 1,190.4 1.1 17 Bilkent Laboratory PPP (Turkey, 80.3), Blyth Holding Ltd (United Kingdom, 63.9), Canakkale Otoyol (Turkey, 100.0), Cory Riverside (United Kingdom, 103.8), Firebolt RB Holdings Limited (United Kingdom, 103.9), Fred Olsen CBH Ltd (United Kingdom, 31.0), GIP III Jupiter Ltd (United Kingdom, 117.8), Lucania Wind Energy Srl (Italy, 31.8), Navigator Terminals (United Kingdom, 55.2), Salalah IWP (Oman, 40.0), Seamade Offshore Wind Farm (Belgium, 82.8), Sharjah WTE (United Arab Emirates, 40.8), Silver Ridge Solar PV (Italy, 55.8), TAP AG (Italy, 75.5), WMR JV Investco Ltd (United Kingdom, 79.0), WMR JV Investco Ltd (United Kingdom, 82.2), Yilport Holding AS (Portugal, 46.7)

Project Finance International January 30 2019 25

2018 LEAGUE TABLES

EMEA INITIAL MANDATED LEAD ARRANGERS CONTINUED

Lead manager Volume (US$m) % No of deals Deals

27 SEB 1,169.3 1.1 11 Aurora Infrastructure Oy (Finland, 27.3), Copenhagen Airports Denmark (Denmark, 56.4), Deutsche Glasfaser (Germany, 80.7), Dudgeon Offshore Wind Ltd (United Kingdom, 110.9), Faroe Petroleum PLC (Norway, 35.0), First State Core SARL (Estonia, 206.2), Merkur Offshore GmbH (Germany, 158.5), Nya Karolinska Solna Hospital (Sweden, 116.2), Pandion Energy AS (Norway, 66.7), Port of Hamina LNG Import (Finland, 118.4), Triton Knoll Offshore Wind (United Kingdom, 193.0)

28 ICBC 1,077.9 1.0 9 Blauwwind II CV (Netherlands, 121.5), Canakkale Otoyol (Turkey, 151.8), Duqm Refinery (Oman, 170.7), Firebolt RB Holdings Limited (United Kingdom, 103.9), Hardap Solar PV (Namibia, 50.0), Indorama Eleme Fertilizer (Nigeria, 80.0), Menzelet Kilavuzlu Elektrik (Turkey, 89.2), Moray Firth Offshore Wind (United Kingdom, 207.9), Upington Solar PVs (South Africa, 102.9)

29 Kommunalkredit 974.0 0.9 6 A2 Toll Motorway (Poland, 329.2), Acciona Five Concentrated (Spain, 371.3), Belmont Infrastructure Hldg SA (Portugal, 45.8), Deutsche Glasfaser (Germany, 80.7), Nikola Tesla Airport (Serbia, 79.6), Sociedad de Economia Mixta Los (Spain, 67.4)

30 Mizuho Financial 937.9 0.9 10 Blauwwind II CV (Netherlands, 121.5), Burbo Bk Offshore Wind Farm (United Kingdom, 41.8), Dune LNG Carrier SA (Oman, 30.0), Galloper Offshore Wind Farm (United Kingdom, 131.3), GIP III Jupiter Ltd (United Kingdom, 117.8), Moray Firth Offshore Wind (United Kingdom, 207.9), Spanish Egyptian Gas Company (Egypt, 51.0), TAP AG (Italy, 75.5), WMR JV Investco Ltd (United Kingdom, 79.0), WMR JV Investco Ltd (United Kingdom, 82.2)

31 Commerzbank 928.2 0.8 7 Athena Investments A/S (Italy, 27.2), Dunkerque LNG (France, 123.3), Moray Firth Offshore Wind (United Kingdom, 207.9), Seamade Offshore Wind Farm (Belgium, 82.8), SGI Gas Network (Italy, 85.5), Triton Knoll Offshore Wind (United Kingdom, 193.0), Veja Mate Offshore Windfarm (Germany, 208.6)

32 Old Mutual 916.1 0.8 6 Bujagali Energy Ltd (Uganda, 200.0), Cairn Energy PLC (United Kingdom, 63.9), Enel Green Power RSA 2 [RF] (South Africa, 527.6), Finlaggan Gas Field (United Kingdom, 37.2), Ngodwana Energy Pty Ltd (South Africa, 56.1), Petrobras Oil & Gas BV (Nigeria, 31.4)

33 Lloyds Bank 903.2 0.8 8 BCKRS Borrower Limited (United Kingdom, 31.2), Cairn Energy PLC (United Kingdom, 63.9), Canal Bidco BV (Netherlands, 134.9), Cory Riverside (United Kingdom, 103.8), GIP III Jupiter Ltd (United Kingdom, 117.8), Infinis Landfill Gas (United Kingdom, 102.6), Tolmount Gas Field Development (United Kingdom, 156.0), Triton Knoll Offshore Wind (United Kingdom, 193.0)

34 KBC Group 838.2 0.8 9 A355 Road (France, 56.3), Blankenburg Tunnel PPP (Netherlands, 93.6), Cafasso NV (Belgium, 99.5), De Groene Boog BV (Netherlands, 177.2), Dunkerque LNG (France, 123.3), Eupen and Kelmis Schools (Belgium, 83.6), Nobelwind NV (Belgium, 76.7), Northwester 2 NV (Belgium, 45.2), Seamade Offshore Wind Farm (Belgium, 82.8)

35 Banco BPM 831.1 0.8 11 BEE Energia Solare Italia (Italy, 21.7), E2e Solar Pv Portfolio (Italy, 58.0), Enel Open Fiber 100Mbps (Italy, 293.7), FNM SpA (Italy, 58.0), Minervino Murge Windfarm (Italy, 11.9), Ortigia Power 31 Srl (Italy, 58.7), Padania Acque Invest Plan (Italy, 20.5), RTR Rete Rinnovabile Solar PV (Italy, 127.3), San Marco Bioenergie Spa (Italy, 7.5), Tangenziale Esterna SpA (Italy, 157.2), Tolve Three Greenfield Wind (Italy, 16.5)

36 NAB 827.7 0.8 9 Bks Renewables Onshore Wind (United Kingdom, 41.0), Blyth Holding Ltd (United Kingdom, 63.9), Canal Bidco BV (Netherlands, 134.9), Firebolt RB Holdings Limited (United Kingdom, 103.9), Infinis Landfill Gas (United Kingdom, 102.6), Koole Terminals Subhldg II BV (Netherlands, 89.7), Koole Terminals Subhldg II BV (Netherlands, 28.4), Moray Firth Offshore Wind (United Kingdom, 207.9), Navigator Terminals (United Kingdom, 55.2)

37 ABN AMRO Bank 812.7 0.7 9 A Locomotive Pool Structure 2 (Netherlands, 69.1), Beacon Finco SARL (United Kingdom, 29.8), Blauwwind II CV (Netherlands, 121.5), Canal Bidco BV (Netherlands, 134.9), Deutsche Glasfaser (Germany, 80.7), Earls Gate Pk Waste-To-Energy (United Kingdom, 48.6), GIP III Jupiter Ltd (United Kingdom, 117.8), Triton Knoll Offshore Wind (United Kingdom, 193.0), Windpk Spui (Netherlands, 17.3)

38 Bpifrance 799.0 0.7 7 Beauce Energie SASU (France, 5.6), Boralex Five Wind Farms (France, 64.7), Maia Eolis Onshore Wind (France, 82.7), Reunion Solar PV Portfolio (France, 42.9), Smart Energies Solar PV (France, 25.7), TAP AG (Italy, 509.2), Tenergie Solar Pv Portfolio (France, 68.2)

39 Turkiye Garanti Bankasi 796.5 0.7 7 Akbuk Wind Power Plant (Turkey, 5.8), Alasehir Geothermal Power (Turkey, 58.1), Bilkent Laboratory PPP (Turkey, 3.1), Canakkale & Denizli Wind Farms (Turkey, 52.5), Canakkale Otoyol (Turkey, 142.3), Menzelet Kilavuzlu Elektrik (Turkey, 89.2), North Marmara Highway (Turkey, 445.6)

40 Landesbank Hessen-Thueringen

785.0 0.7 5 De Groene Boog BV (Netherlands, 177.2), Galloper Offshore Wind Farm (United Kingdom, 131.3), Moray Firth Offshore Wind (United Kingdom, 207.9), TAP AG (Italy, 75.5), Triton Knoll Offshore Wind (United Kingdom, 193.0)

41 La Banque Postale 765.7 0.7 11 A Lienor (France, 87.4), Champagne-Ardenne Pellet and (France, 21.4), Egi7 Portfolio Refi (France, 86.1), Haute Garonne Broadband (France, 69.5), Herault THD (France, 56.4), Holding Eole 2018 (France, 64.6), Maia Eolis Onshore Wind (France, 82.7), Merkur Offshore GmbH (Germany, 158.5), Seixal and Cabrela PV Plants (Portugal, 23.9), Societe Prado Sud (France, 47.0), Tenergie Solar Pv Portfolio (France, 68.2)

42 Turkiye Is Bankasi 732.7 0.7 5 Bilkent Laboratory PPP (Turkey, 3.1), Canakkale & Denizli Wind Farms (Turkey, 52.5), Canakkale Otoyol (Turkey, 142.3), Menzelet Kilavuzlu Elektrik (Turkey, 89.2), North Marmara Highway (Turkey, 445.6)

43 Banco de Sabadell 677.4 0.6 14 A Lienor (France, 87.4), Alposol Fotovoltaica Slu (Spain, 10.2), Asset Energia Solar (Spain, 10.2), BAMSA Parking Privatisation (Spain, 23.5), Explotaciones Eolicas Velez (Spain, 29.6), Fuerzas Energeticas Del Sur (Spain, 29.5), Octopus Invests Biomass and (United Kingdom, 48.0), OPDE (Spain, 31.2), Parc Eolic Veciana-Cabaro SL (Spain, 19.0), Parque Eolico Alentisque SL (Spain, 15.4), Parque Industrial de Energia (Spain, 177.1), Promosolar Juwi 17 SLU (Spain, 76.9), Solaica Power SL (Spain, 25.2), Tunels Barcelona Cadi (Spain, 94.4)

44 Standard Bank 677.3 0.6 6 Copperton Wind Farm (South Africa, 156.9), Dyason's Klip 2 RF Pty Ltd (South Africa, 129.1), Dyasons Klip Rf Pty Ltd (South Africa, 129.2), Petrobras Oil & Gas BV (Nigeria, 31.4), Sirius Solar SL (South Africa, 127.8), Upington Solar PVs (South Africa, 102.9)

45 Turkiye Vakiflar Bankasi 640.4 0.6 3 Canakkale & Denizli Wind Farms (Turkey, 52.5), Canakkale Otoyol (Turkey, 142.3), North Marmara Highway (Turkey, 445.6)

46 Norinchukin Bank 639.6 0.6 6 Burbo Bk Offshore Wind Farm (United Kingdom, 41.8), Dudgeon Offshore Wind Ltd (United Kingdom, 110.9), GIP III Jupiter Ltd (United Kingdom, 117.8), Moray Firth Offshore Wind (United Kingdom, 207.9), WMR JV Investco Ltd (United Kingdom, 79.0), WMR JV Investco Ltd (United Kingdom, 82.2)

47 BFA Tenedora de Acciones

634.3 0.6 11 A Lienor (France, 87.4), Arenales Solar Ps SL (Spain, 45.1), Douro Interior Road (Portugal, 133.0), Estradas do Pinhal Interior (Portugal, 113.1), Helio Energy Elecidad Uno SAU (Spain, 18.3), Helioenergy Elecidad Uno Sa (Spain, 18.4), Helios Hyperion 1 Ciudad Real (Spain, 34.3), Helios II Hyperion Energy (Spain, 34.5), Mila Solar 1 SL (Spain, 22.3), Promosolar Juwi 17 SLU (Spain, 76.9), Spanish Egyptian Gas Company (Egypt, 51.0)

48 Bayerische Landesbank Giro

633.7 0.6 13 Canadian Solar Power Portfolio (United Kingdom, 56.6), Clean Earth Holdings 2 (United Kingdom, 22.1), Encavis Solar PV Portfolio (United Kingdom, 32.1), IREEL Solar Holdco Limited (United Kingdom, 36.0), Maisonettes Srl (Italy, 25.3), Ortigia Power 31 Srl (Italy, 58.7), Pacifico Smeraldo Srl (Italy, 13.6), Primorsk Windpower Generator (Russian Federation, 26.9), Spanish Egyptian Gas Company (Egypt, 51.0), Tenaga Wind Ventures Ltd (United Kingdom, 84.5), Triton Knoll Offshore Wind (United Kingdom, 193.0), Valle D'Aosta Hydropower Plant (Italy, 23.2), Windmill Holdco 1 Limited (United Kingdom, 10.8)

49 Korea Development Bank

604.4 0.6 6 Blankenburg Tunnel PPP (Netherlands, 93.6), Cafasso NV (Belgium, 70.7), Canakkale Otoyol (Turkey, 62.5), Duqm Refinery (Oman, 170.7), Galloper Offshore Wind Farm (United Kingdom, 131.3), TAP AG (Italy, 75.5)

Project Finance International January 30 201926

EMEA INITIAL MANDATED LEAD ARRANGERS CONTINUED

Lead manager Volume (US$m) % No of deals Deals

50 Allied Irish Banks 581.7 0.5 10 Ancala Water Svcs Holdco Ltd (United Kingdom, 23.0), Cambridgeshire Anaerobic (United Kingdom, 151.7), Cedar Project Bidco Ltd (United Kingdom, 42.1), Esvagt A/S (Denmark, 64.0), George Best Belfast City (United Kingdom, 29.1), Green Highland Renewables (United Kingdom, 14.9), Infinis Landfill Gas (United Kingdom, 102.6), Octopus Invests Biomass and (United Kingdom, 48.0), Oweninny Wind Farm (Republic of Ireland, 62.3), Saltend Combined-Cycle Gas (United Kingdom, 44.0)

51 HSBC 581.3 0.5 6 Cairn Energy PLC (United Kingdom, 63.9), Cory Riverside (United Kingdom, 103.8), Duqm Refinery (Oman, 170.7), N Sea Midstream Partners Ltd (United Kingdom, 143.9), Octopus Invests Biomass and (United Kingdom, 48.0), Spanish Egyptian Gas Company (Egypt, 51.0)

52 DGZ-DekaBank 539.2 0.5 3 Guleslettene Project (Norway, 164.3), Merkur Offshore GmbH (Germany, 158.5), Project Afsluitdijk (Netherlands, 216.4)

53 Citi 517.6 0.5 4 GIP III Jupiter Ltd (United Kingdom, 117.8), Indorama Eleme Fertilizer (Nigeria, 80.0), Karish and Tanin Natural Gas (Israel, 212.5), Southern Gas Corridor CJSC (Turkey, 107.3)

54 Goldman Sachs 507.4 0.5 3 Acciona Five Concentrated (Spain, 371.3), Seamade Offshore Wind Farm (Belgium, 82.8), Wales & Border Rail Fran (United Kingdom, 53.3)

55 Sumitomo Mitsui Trust 491.2 0.5 5 Al Asilah Desalination Co Saoc (Oman, 37.2), Blauwwind II CV (Netherlands, 121.5), Burbo Bk Offshore Wind Farm (United Kingdom, 41.8), Moray Firth Offshore Wind (United Kingdom, 207.9), Seamade Offshore Wind Farm (Belgium, 82.8)

56 Credit Mutuel 489.2 0.4 10 Beauce Energie SASU (France, 5.6), Boralex Five Wind Farms (France, 64.7), Champagne-Ardenne Pellet and (France, 21.4), Egi7 Portfolio Refi (France, 86.1), Eiffage Rail Express SAS (France, 35.1), Green Datacenter AG (Switzerland, 16.1), Haute Garonne Broadband (France, 69.5), Koole Terminals Subhldg II BV (Netherlands, 28.4), Maia Eolis Onshore Wind (France, 82.7), Nikola Tesla Airport (Serbia, 79.6)

57 Bank Nederlandse Gemeenten

453.2 0.4 4 Blankenburg Tunnel PPP (Netherlands, 93.6), Blauwwind II CV (Netherlands, 121.5), De Groene Boog BV (Netherlands, 177.2), Westermeerwind (Netherlands, 60.9)

58 Turkiye Halk Bankasi 445.6 0.4 1 North Marmara Highway (Turkey, 445.6)

=58 Ziraat Bankasi 445.6 0.4 1 North Marmara Highway (Turkey, 445.6)

60 BMPS 435.6 0.4 6 Enel Open Fiber 100Mbps (Italy, 258.0), FNM SpA (Italy, 58.0), Ortigia Power 31 Srl (Italy, 58.7), Padania Acque Invest Plan (Italy, 20.5), Pavia Acque Water Distn (Italy, 32.8), San Marco Bioenergie Spa (Italy, 7.5)

61 Bank of China 431.6 0.4 4 Blauwwind II CV (Netherlands, 121.5), Canakkale Otoyol (Turkey, 151.8), Seamade Offshore Wind Farm (Belgium, 82.8), TAP AG (Italy, 75.5)

62 DZ Bank 418.5 0.4 7 Beacon Finco SARL (United Kingdom, 29.8), Canakkale Otoyol (Turkey, 62.5), Eiffage Rail Express SAS (France, 35.1), Merkur Offshore GmbH (Germany, 158.5), Nimes and Montpellier Bypass (France, 38.4), Perl Wind Farm Acq (Germany, 43.2), Spanish Egyptian Gas Company (Egypt, 51.0)

63 DNB ASA 411.0 0.4 7 Cairn Energy PLC (United Kingdom, 63.9), Dudgeon Offshore Wind Ltd (United Kingdom, 110.9), Faroe Petroleum PLC (Norway, 35.0), Finlaggan Gas Field (United Kingdom, 37.2), Oslofjord Varme AS (Norway, 46.4), Pandion Energy AS (Norway, 66.7), Spanish Egyptian Gas Company (Egypt, 51.0)

64 Banco Comercial Portugues

403.7 0.4 6 Douro Interior Road (Portugal, 133.0), EDP Small-Scale Hydropower (Portugal, 32.6), Iberwind II Producao - Socie (Portugal, 121.3), P Sines Terminais de (Portugal, 45.6), Seixal and Cabrela PV Plants (Portugal, 24.5), Yilport Holding AS (Portugal, 46.7)

65 Bank of America Merrill Lynch

379.8 0.3 3 Beacon Finco SARL (United Kingdom, 29.8), Drax Non Wind Power Asts Acq (United Kingdom, 318.6), Petrobras Oil & Gas BV (Nigeria, 31.4)

66 Kuwait Finance House 368.0 0.3 3 Al Dur IWPP (Bahrain, 72.2), Canakkale Otoyol (Turkey, 125.0), Duqm Refinery (Oman, 170.7)

67 Sberbank 359.9 0.3 4 Akbuk Wind Power Plant (Turkey, 5.8), Bilkent Laboratory PPP (Turkey, 3.1), Moscow Cntrl Ring Road [CRR] (Russian Federation, 304.5), Yilport Holding AS (Portugal, 46.7)

68 Novo Banco 344.8 0.3 5 Douro Interior Road (Portugal, 133.0), EDP Small-Scale Hydropower (Portugal, 32.6), Estradas do Pinhal Interior (Portugal, 113.1), Iberwind II Producao - Socie (Portugal, 19.3), Yilport Holding AS (Portugal, 46.7)

69 Bank Hapoalim 343.5 0.3 2 IPM Beer Tuvia Ltd (Israel, 131.0), Karish and Tanin Natural Gas (Israel, 212.5)

70 Allianz 316.8 0.3 1 TAP AG (Italy, 316.8)

71 Groupe BPCE 309.0 0.3 8 Beauce Energie SASU (France, 5.6), Cambon Wind Farm (France, 23.6), Haute Garonne Broadband (France, 69.5), Herault THD (France, 56.4), Nimes and Montpellier Bypass (France, 38.4), Reunion Solar PV Portfolio (France, 42.9), Smart Energies Solar PV (France, 25.7), Societe Prado Sud (France, 47.0)

72 Rand Merchant Bank 308.9 0.3 2 Petrobras Oil & Gas BV (Nigeria, 31.4), Roggeveld Wind Farm (South Africa, 277.5)

73 Commercial Intl Bank 305.0 0.3 1 Sokhna Port Bulk Liquid (Egypt, 305.0)

74 Al-Ahli United Bank 291.6 0.3 3 Al Dur IWPP (Bahrain, 72.2), Al-Ezzal Bahraini (Bahrain, 48.6), Duqm Refinery (Oman, 170.7)

=74 National Bank of Kuwait 291.6 0.3 3 Al Dur IWPP (Bahrain, 72.2), Al-Ezzal Bahraini (Bahrain, 48.6), Duqm Refinery (Oman, 170.7)

76 Banque Saudi Fransi 289.7 0.3 2 Al Dur IWPP (Bahrain, 72.2), Yanbu Linear Alkyl Benzene (Saudi Arabia, 217.5)

77 AK Bank 289.5 0.3 3 Alasehir Geothermal Power (Turkey, 58.1), Canakkale Otoyol (Turkey, 142.3), Menzelet Kilavuzlu Elektrik (Turkey, 89.2)

78 Yapi Ve Kredi Bankasi 284.0 0.3 3 Canakkale & Denizli Wind Farms (Turkey, 52.5), Canakkale Otoyol (Turkey, 142.3), Menzelet Kilavuzlu Elektrik (Turkey, 89.2)

79 Erste Group 281.8 0.3 6 Bina Istra DD (Croatia, 56.4), Bruckneudorf and Hoflein W (Austria, 32.2), Enlight Energy Pv Acq (Hungary, 51.2), Kosava Wind Farm (Serbia, 50.6), Minervino Murge Windfarm (Italy, 11.9), Nikola Tesla Airport (Serbia, 79.6)

80 HSH Nordbank 266.2 0.2 6 Beacon Finco SARL (United Kingdom, 29.8), Brotorp Wind Farm Sale (Sweden, 38.0), Deutsche Glasfaser (Germany, 80.7), Lehtirova Wind AB (Sweden, 45.5), Scaldia Solar Pv Pk (Netherlands, 48.3), Seixal and Cabrela PV Plants (Portugal, 23.9)

81 ASN Bank 265.6 0.2 4 Nobelwind NV (Belgium, 76.7), Northwester 2 NV (Belgium, 45.2), Seamade Offshore Wind Farm (Belgium, 82.8), Westermeerwind (Netherlands, 60.9)

82 Caixa Geral de Depositos 254.3 0.2 2 Douro Interior Road (Portugal, 133.0), Iberwind II Producao - Socie (Portugal, 121.3)

83 Kuveyt Turk Katilim Bankasi

249.0 0.2 2 Bilkent Laboratory PPP (Turkey, 124.0), Canakkale Otoyol (Turkey, 125.0)

84 CBA 247.1 0.2 4 A Lienor (France, 87.4), Cairn Energy PLC (United Kingdom, 63.9), Faroe Petroleum PLC (Norway, 35.0), FS Gas Distribution AB (Sweden, 60.8)

85 Shinsei Bank 245.3 0.2 3 Al Asilah Desalination Co Saoc (Oman, 37.2), Galloper Offshore Wind Farm (United Kingdom, 131.3), Nobelwind NV (Belgium, 76.7)

86 Mediobanca 242.7 0.2 2 SGI Gas Network (Italy, 85.5), Tangenziale Esterna SpA (Italy, 157.2)

Project Finance International January 30 2019 27

2018 LEAGUE TABLES

EMEA INITIAL MANDATED LEAD ARRANGERS CONTINUED

Lead manager Volume (US$m) % No of deals Deals

87 BPER Banca 235.9 0.2 3 Benevento Greenfield Wind (Italy, 20.7), Maccaferri Solar PV Plants Acq (Italy, 33.9), San Marco Bioenergie Spa (Italy, 7.5), Tangenziale Esterna SpA (Italy, 157.2), Tolve Three Greenfield Wind (Italy, 16.5)

=87 TD Securities 235.9 0.2 5 GIP III Jupiter Ltd (United Kingdom, 117.8), Koole Terminals Subhldg II BV (Netherlands, 89.7), Koole Terminals Subhldg II BV (Netherlands, 28.4)

89 NCB Capital Corp 217.5 0.2 1 Yanbu Linear Alkyl Benzene (Saudi Arabia, 217.5)

=89 Samba Financial 217.5 0.2 1 Yanbu Linear Alkyl Benzene (Saudi Arabia, 217.5)

=89 Saudi British Bank 217.5 0.2 1 Yanbu Linear Alkyl Benzene (Saudi Arabia, 217.5)

92 Mizrahi Tefahot Bank 212.5 0.2 1 Karish and Tanin Natural Gas (Israel, 212.5)

=92 Morgan Stanley 212.5 0.2 1 Karish and Tanin Natural Gas (Israel, 212.5)

94 Nomura 205.8 0.2 2 Cory Riverside (United Kingdom, 103.8), Iberwind II Producao - Socie (Portugal, 102.0)

95 Banco Portugues Investimento

201.3 0.2 4 EDP Small-Scale Hydropower (Portugal, 32.6), Estradas do Pinhal Interior (Portugal, 113.1), Evora Solar Pv Plant (Portugal, 9.9), P Sines Terminais de (Portugal, 45.6)

96 Investec 193.8 0.2 5 Earls Gate Pk Waste-To-Energy (United Kingdom, 48.6), Finlaggan Gas Field (United Kingdom, 37.2), Green Datacenter AG (Switzerland, 16.1), Octopus Invests Biomass and (United Kingdom, 48.0), Saltend Combined-Cycle Gas (United Kingdom, 44.0)

97 Nordea 189.8 0.2 3 Aurora Infrastructure Oy (Finland, 27.3), Nya Karolinska Solna Hospital (Sweden, 116.2), Oslofjord Varme AS (Norway, 46.4)

98 Triodos Bank 188.9 0.2 3 Northwester 2 NV (Belgium, 45.2), Seamade Offshore Wind Farm (Belgium, 82.8), Westermeerwind (Netherlands, 60.9)

99 Credit Suisse 186.8 0.2 2 Duqm Refinery (Oman, 170.7), Green Datacenter AG (Switzerland, 16.1)

100 QNB Corp 173.8 0.2 2 Bilkent Laboratory PPP (Turkey, 3.1), Duqm Refinery (Oman, 170.7)

101 Arab Banking Corporation

171.8 0.2 3 Al Dur IWPP (Bahrain, 72.2), Al-Ezzal Bahraini (Bahrain, 48.6), Spanish Egyptian Gas Company (Egypt, 51.0)

102 Alpha Bank 171.1 0.2 3 Mount Vermio Wind Farms (Greece, 56.3), Total Eren Onshore Wind Farm (Greece, 34.8), Total Eren Wind & Solar (Greece, 80.0)

103 National Bank of Oman 170.7 0.2 1 Duqm Refinery (Oman, 170.7)

=103 Ahli Bank 170.7 0.2 1 Duqm Refinery (Oman, 170.7)

=103 Bank Dhofar 170.7 0.2 1 Duqm Refinery (Oman, 170.7)

=103 Bank Muscat 170.7 0.2 1 Duqm Refinery (Oman, 170.7)

=103 Boubyan Bank 170.7 0.2 1 Duqm Refinery (Oman, 170.7)

=103 Commercial Bank of Kuwait

170.7 0.2 1 Duqm Refinery (Oman, 170.7)

=103 Sohar Bank 170.7 0.2 1 Duqm Refinery (Oman, 170.7)

=103 Warba Bank 170.7 0.2 1 Duqm Refinery (Oman, 170.7)

111 Scotiabank 159.6 0.1 2 First Hydro Finance PLC (United Kingdom, 69.9), Koole Terminals Subhldg II BV (Netherlands, 89.7)

112 Bankinter 151.4 0.1 7 Alposol Fotovoltaica Slu (Spain, 10.2), Asset Energia Solar (Spain, 10.2), BAMSA Parking Privatisation (Spain, 23.5), Helio Energy Elecidad Uno SAU (Spain, 18.3), Helioenergy Elecidad Uno Sa (Spain, 18.4), P Sines Terminais de (Portugal, 45.6), Solaica Power SL (Spain, 25.2)

113 EFG Group 150.8 0.1 1 Total Eren Wind & Solar (Greece, 150.8)

114 Yevraziyskiy Bank 141.7 0.1 1 Azovkaya (Russian Federation, 141.7)

115 NIBC NV 135.8 0.1 2 Deutsche Glasfaser (Germany, 80.7), Hyperoptic Ltd (United Kingdom, 55.0)

116 AKA Ausfuhrkredit 134.2 0.1 2 Primorsk Windpower Generator (Russian Federation, 26.9), Southern Gas Corridor CJSC (Turkey, 107.3)

117 Shinhan Financial 132.0 0.1 2 Canakkale Otoyol (Turkey, 114.3), Daeham Wind Power (Jordan, 17.8)

118 First Int'l Bank of Israel 131.0 0.1 1 IPM Beer Tuvia Ltd (Israel, 131.0)

119 Raiffeisen Bank International

129.5 0.1 2 Deutsche Glasfaser (Germany, 80.7), MSZKSZ Zrt (Hungary, 48.8)

120 Al Baraka Banking 124.0 0.1 1 Bilkent Laboratory PPP (Turkey, 124.0)

121 MashreqBank 120.8 0.1 2 Al Dur IWPP (Bahrain, 72.2), Al-Ezzal Bahraini (Bahrain, 48.6)

122 RBC Capital Markets 120.4 0.1 2 Copenhagen Airports Denmark (Denmark, 56.4), Esvagt A/S (Denmark, 64.0)

123 Macquarie Group 117.8 0.1 1 GIP III Jupiter Ltd (United Kingdom, 117.8)

=123 PNC Financial 117.8 0.1 1 GIP III Jupiter Ltd (United Kingdom, 117.8)

125 Handelsbanken Capital Markets

116.2 0.1 1 Nya Karolinska Solna Hospital (Sweden, 116.2)

126 Hana Financial 114.3 0.1 1 Canakkale Otoyol (Turkey, 114.3)

127 DBS 111.0 0.1 1 Dudgeon Offshore Wind Ltd (United Kingdom, 110.9)

128 BMO Capital Markets 104.9 0.1 2 Faroe Petroleum PLC (Norway, 35.0), First Hydro Finance PLC (United Kingdom, 69.9)

129 Sanlam 102.9 0.1 1 Upington Solar PVs (South Africa, 102.9)

130 CIBC World Markets 102.8 0.1 2 Koole Terminals Subhldg II BV (Netherlands, 89.7), MapleCo2 Limited (United Kingdom, 13.2)

131 Ergobank 93.6 0.1 1 Blankenburg Tunnel PPP (Netherlands, 93.6)

132 Banca Picc Cred Valt 83.2 0.1 5 Athena Investments A/S (Italy, 27.2), BEE Energia Solare Italia (Italy, 21.7), Blu Solar Due Srl (Italy, 6.3), Padania Acque Invest Plan (Italy, 20.5), San Marco Bioenergie Spa (Italy, 7.5)

133 SNS Reaal Groep 82.8 0.1 1 Seamade Offshore Wind Farm (Belgium, 82.8)

134 ICICI Bank 80.0 0.1 1 Indorama Eleme Fertilizer (Nigeria, 80.0)

=134 Yes Bank 80.0 0.1 1 Indorama Eleme Fertilizer (Nigeria, 80.0)

136 Natl Comml Bank Saudi Arabia

72.2 0.1 1 Al Dur IWPP (Bahrain, 72.2)

=136 Al Rajhi Banking & Investment

72.2 0.1 1 Al Dur IWPP (Bahrain, 72.2)

=136 Arab Bank 72.2 0.1 1 Al Dur IWPP (Bahrain, 72.2)

Project Finance International January 30 201928

EMEA INITIAL MANDATED LEAD ARRANGERS CONTINUED

Lead manager Volume (US$m) % No of deals Deals

136 Arab National Bank 72.2 0.1 1 Al Dur IWPP (Bahrain, 72.2)

136 Gulf International Bank 72.2 0.1 1 Al Dur IWPP (Bahrain, 72.2)

=136 Riyadh Bank 72.2 0.1 1 Al Dur IWPP (Bahrain, 72.2)

142 Arab African International

66.6 0.1 1 Aswan Ammonia Urea Plant (Egypt, 66.6)

=142 Banque du Caire 66.6 0.1 1 Aswan Ammonia Urea Plant (Egypt, 66.6)

=142 Banque Misr 66.6 0.1 1 Aswan Ammonia Urea Plant (Egypt, 66.6)

=142 BLOM Bank sal 66.6 0.1 1 Aswan Ammonia Urea Plant (Egypt, 66.6)

=142 Egyptian Arab Land Bank

66.6 0.1 1 Aswan Ammonia Urea Plant (Egypt, 66.6)

=142 National Bank of Egypt 66.6 0.1 1 Aswan Ammonia Urea Plant (Egypt, 66.6)

148 Caterpillar Financial Services

64.0 0.1 1 Esvagt A/S (Denmark, 64.0)

=148 Sydbank 64.0 0.1 1 Esvagt A/S (Denmark, 64.0)

150 BNDA 61.1 0.1 1 Kita Solar Photovoltaic (Mali, 61.1)

151 Unicaja 60.2 0.1 3 BAMSA Parking Privatisation (Spain, 23.5), Helio Energy Elecidad Uno SAU (Spain, 18.3), Helioenergy Elecidad Uno Sa (Spain, 18.4)

152 Turkiye Sinai Kalkinma Bankasi

58.1 0.1 1 Alasehir Geothermal Power (Turkey, 58.1)

153 Banesco Banco Universal 55.6 0.1 2 Eolica del Guadiana SL (Spain, 31.0), Fuerzas Energeticas Del Sur (Spain, 24.7)

154 Dexia 51.0 0.1 1 Spanish Egyptian Gas Company (Egypt, 51.0)

=154 European Arab Bank 51.0 0.1 1 Spanish Egyptian Gas Company (Egypt, 51.0)

=154 FMS Wertmanagement 51.0 0.1 1 Spanish Egyptian Gas Company (Egypt, 51.0)

157 Magyar Kulkereskedelmi Bank

48.8 0.0 1 MSZKSZ Zrt (Hungary, 48.8)

=157 OTP Bank 48.8 0.0 1 MSZKSZ Zrt (Hungary, 48.8)

159 National Bank of Bahrain 48.6 0.0 1 Al-Ezzal Bahraini (Bahrain, 48.6)

160 Demirbank 46.7 0.0 1 Yilport Holding AS (Portugal, 46.7)

161 Banco Credicoop Cooperativo

45.8 0.0 1 Belmont Infrastructure Hldg SA (Portugal, 45.8)

162 Qatar National Bank 44.0 0.0 1 Saltend Combined-Cycle Gas (United Kingdom, 44.0)

163 Bank of Ireland 42.1 0.0 1 Cedar Project Bidco Ltd (United Kingdom, 42.1)

164 Abu Dhabi Commercial Bank

40.8 0.0 1 MSZKSZ Zrt (Hungary, 48.8)

165 Al Salam Bank 40.0 0.0 1 Salalah IWP (Oman, 40.0)

166 Wells Fargo 35.0 0.0 1 Faroe Petroleum PLC (Norway, 35.0)

=166 Danske Bank 35.0 0.0 1 Faroe Petroleum PLC (Norway, 35.0)

=166 Sparebanken 1 Gruppen 35.0 0.0 1 Faroe Petroleum PLC (Norway, 35.0)

169 Bremer Kreditbank 26.9 0.0 1 Primorsk Windpower Generator (Russian Federation, 26.9)

170 Cassa di Risparmio di Bolzano

20.5 0.0 1 Padania Acque Invest Plan (Italy, 20.5)

=170 Cassa Padana Banca Cred Coop

20.5 0.0 1 Padania Acque Invest Plan (Italy, 20.5)

172 UBS 16.1 0.0 1 Green Datacenter AG (Switzerland, 16.1)

173 ICCREA 11.9 0.0 1 Minervino Murge Windfarm (Italy, 11.9)

174 Arzan Finl Group 4.0 0.0 1 Gaza Solar Rooftop (Palestine, 4.0)

Total 110,110.1 340

Project Finance International January 30 2019 29

2018 LEAGUE TABLES

EMEA LOANS BY COUNTRY

Nation US$m % No of deals Nation US$m % No of deals

EMEA LOANS BY SECTOR

Sector Volume (US$m)

Power 52,791.9

Transportation 23,095.6

Oil & Gas 21,595.1

Telecommunications 5,524.6

PPP 2,625.3

Industry 1,900.0

Water & Sewerage 1,385.2

Waste & Recycling 1,072.4

Mining 120.0

Total 110,110.1

United Kingdom 22,441.1 20.4 56

Italy 16,682.5 15.2 47

France 8,229.7 7.5 37

Turkey 8,001.1 7.3 10

Netherlands 7,358.5 6.7 17

Germany 6,279.1 5.7 12

Spain 4,943.0 4.5 45

Oman 4,871.7 4.4 4

Portugal 3,514.2 3.2 11

Belgium 3,173.4 2.9 6

South Africa 3,051.0 2.8 14

Nigeria 2,695.0 2.5 3

Sweden 1,982.0 1.8 9

Russian Federation 1,895.5 1.7 4

Israel 1,814.4 1.7 3

Egypt 1,724.9 1.6 3

Bahrain 1,543.0 1.4 2

Saudi Arabia 1,092.0 1.0 2

Norway 916.7 0.8 5

Serbia 750.9 0.7 3

Greece 728.9 0.7 4

Finland 661.7 0.6 4

Uzbekistan 660.0 0.6 1

Poland 658.4 0.6 1

Denmark 649.1 0.6 3

Republic of Ireland 597.0 0.5 5

Estonia 412.3 0.4 1

Uganda 400.0 0.4 1

Ivory Coast 324.7 0.3 1

Croatia 282.0 0.3 1

Senegal 257.4 0.2 1

Hungary 246.3 0.2 2

Jordan 191.5 0.2 3

Mozambique 189.0 0.2 1

Austria 163.6 0.2 4

United Arab Emirates 163.0 0.2 1

Kenya 101.9 0.1 3

Switzerland 96.5 0.1 1

Guinea 89.0 0.1 1

Mali 70.1 0.1 1

Ukraine 69.1 0.1 1

Namibia 50.0 0.1 1

Zambia 39.0 0.0 1

Slovak Republic 26.4 0.0 1

Macedonia 8.2 0.0 1

Palestine 8.0 0.0 1

Chad 7.4 0.0 1

Georgia 14.3 0.0 1

Total 110,110.1 340

Project Finance International January 30 201930

NON RECOURSE PROJECT BONDS

No of Volume

deals (US$m) Deals1 Citi 28 7,882.3 Msu Energy (Argentina,Power,83.3), Parnaiba I Geracao De Energia Sa (Brazil,Oil & Gas,74.5), Transurban Group A25 Toll Road

And Bridge Acquisition (Canada,Transportation,50.4), Tocumen International Airport (Panama) (Panama,Transportation,631.8), Natgasoline LLC (United States,Oil & Gas,336.4), Clover Us Blocker Llc (United States,Power,74.3), Clover LP (Canada,Power,260.2), Argo Transmissao De Energia Sa (Brazil,Power,22.6), Australia Pacific LNG Pty Ltd (Australia,Oil & Gas,700.0), Evm Energia (Mexico, Power,234.5), Clearway Energy LLC (United States,Power,150.0), sPower FinCo 2 LLC (United States,Power,498.7), Madrid Bidco LLC (United States,Leisure & Property,133.0), California Municipal Fin Auth (United States,Transportation,300.0), LAX Integrated Express Solutions (United States,Transportation,590.8), Hunt Oil Co Of Peru L.L.C (Peru,Oil & Gas,148.9), Crowley Conro LLC (United States,Oil & Gas,203.9), LaGuardia Airport Terminals C&D Redevelopment (United States,Transportation,1383.5), Tocumen International Airport (Panama) (Panama,Transportation,225.0), Sabal Trail Transmission LLC (United States,Oil & Gas,250.0), Cometa Energia S.A. De C.V (Mexico,Power,172.0), Peru LNG Co (Peru,Oil & Gas,235.0), Spower Finance 1 Llc (United States,Power,421.0), TerraForm Global Inc (United States,Power,200.0), Agua Y Saneamientos Argentinos Sa (Argentina,Water & Sewerage,166.7), MSU SA (Argentina,Power,198.6), Genneia SA (Argentina,Power,54.5), Rumo Luxembourg SARL (Brazil,Industry,82.7)

2 MUFG 17 3,681.4 Dudgeon Offshore Wind Ltd (United Kingdom,Power,445.8), APRR SA (France,Transportation,70.0), A2-A Pearl Investments LLC & A2-A Ruby Investments LLC (United States,Power,105.0), Florida Southeast Connection LLC (United States,Oil & Gas,38.0), Consolidated Edison Development Inc (United States,Power,70.0), Aurora Solar Corp (Canada,Power,234.9), Cheniere Energy Partners LP (United States,Oil & Gas,110.0), Nueva Era Pipeline Project (Mexico,Oil & Gas,470.0), Madrid Bidco LLC (United States,Leisure & Property,133.0), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), 8point3 Solar Investco 2 (United States,Power,760.0), 8point3 Solar Investco 1 (United States,Power,411.2), California Municipal Fin Auth (United States, Transportation,300.0), Sabal Trail Transmission LLC (United States,Oil & Gas,250.0), Grangegorman University Campus PPP (Ireland,Leisure & Property,45.1), Longwood Energy Partners LLC (United States,Power,143.3), BIF III Holtwood LLC (United States, Power,70.0)

3 Bank of America Merrill Lynch

14 2,868.6 Michigan Strategic Fund (United States,Transportation,610.3), Sunstrong 2018-1 (United States,Power,133.3), Clearway Energy LLC (United States,Power,150.0), Cheniere Energy Partners LP (United States,Oil & Gas,110.0), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), California Municipal Fin Auth (United States,Transportation,300.0), LAX Integrated Express Solutions (United States,Transportation,590.8), Hunt Oil Co Of Peru L.L.C (Peru,Oil & Gas,148.9), Transurban Queensland Finance Pty Ltd (Australia,Transportation,164.8), Peru LNG Co (Peru,Oil & Gas,235.0), Longwood Energy Partners LLC (United States,Power,143.3), Genneia SA (Argentina,Power,54.5), Hidrovias International Finance S.A R.L (Brazil,Water & Sewerage,120.0), Rumo Luxembourg SARL (Brazil,Industry,82.7)

4 JP Morgan 12 2,543.8 Msu Energy (Argentina,Power,83.3), Australia Pacific LNG Pty Ltd (Australia,Oil & Gas,700.0), Cheniere Energy Partners LP (United States,Oil & Gas,110.0), CoreCivic Inc (United States,Leisure & Property,159.5), Hunt Oil Co Of Peru L.L.C (Peru,Oil & Gas,148.9), Sabal Trail Transmission LLC (United States,Oil & Gas,250.0), Eolica Mesa La Paz S. De R.L. De C.V (Mexico,Power,152.1), Cometa Energia S.A. De C.V (Mexico,Power,172.0), Peru LNG Co (Peru,Oil & Gas,235.0), First Quantum Minerals Ltd (Panama,Mining,231.3), Gatwick Funding Ltd (United Kingdom,Transportation,103.1), MSU SA (Argentina,Power,198.6)

5 Credit Agricole CIB 14 2,170.7 Lisea S.A.S (France,Transportation,205.9), Firebolt RB Holdings Limited (United Kingdom,Power,373.3), RAILPOOL GmbH,Railpool Holding GmbH & Co KG (Germany,Transportation,225.8), Sunstrong 2018-1 (United States,Power,133.3), AVR Afvalverwerking BV (Netherlands,Power,58.7), Belmont Infrastructure Holding SA (Portugal,Telecommunications,29.0), Macqpisto SAS (France,Oil & Gas,79.0), Corelink Rail Infrastructure Ltd (United Kingdom,Transportation,49.0), Aurora Infrastructure Oy (Finland,Power,280.1), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), Fcc Energy Limited (United Kingdom,Power,192.0), Koole Terminals Subholding II BV (United Kingdom,Power,185.3), First Quantum Minerals Ltd (Panama,Mining,231.3), Gatwick Funding Ltd (United Kingdom,Transportation,103.1)

6 SMBC 16 1,972.7 Lisea S.A.S (France,Transportation,205.9), Cambrian Rail Partnership No.2 Llp (United Kingdom,Transportation,71.6), Transurban Group A25 Toll Road And Bridge Acquisition (Canada,Transportation,50.4), Evm Energia (Mexico,Power,234.5), Terraform Falcon Solar (United States,Power,78.0), Cheniere Energy Partners LP (United States,Oil & Gas,110.0), Corelink Rail Infrastructure Ltd (United Kingdom,Transportation,49.0), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), Blankenburg Tunnel PPP (Netherlands,Transportation,145.4), A13/A16 Toll Road PPP (Netherlands,Transportation,174.9), Terraform Utility Solar Xix Holdings LLC (United States,Power,83.0), Sabal Trail Transmission LLC (United States,Oil & Gas,250.0), Cometa Energia S.A. De C.V (Mexico,Power,172.0), Transurban Queensland Finance Pty Ltd (Australia,Transportation,164.8), Financiera Marsyc SA (Spain,Transportation,88.2), BIF III Holtwood LLC (United States,Power,70.0)

7 HSBC 10 1,741.2 Bridging North America General Partnership (Canada,Transportation,177.5), Cheniere Energy Partners LP (United States,Oil & Gas, 110.0), Connect Plus (M25) Issuer Plc (United Kingdom,Transportation,390.8), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), Nouvelle Autoroute 30 Financement Inc (Canada,Transportation,313.3), Finch West Light Rail Transit (Canada,Transportation,70.4), Genrent del Peru SAC (Peru,Power,106.5), Ma'aden Phosphate Company (PhosCo) (Saudi Arabia, Industry,311.1), Agua Y Saneamientos Argentinos Sa (Argentina,Water & Sewerage,166.7), BIF III Holtwood LLC (United States,Power,70.0)

8 Societe Generale 8 1,655.9 Lisea S.A.S (France,Transportation,205.9), Dudgeon Offshore Wind Ltd (United Kingdom,Power,445.8), Cheniere Energy Partners LP (United States,Oil & Gas,110.0), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), Platon Saclay (France,Leisure & Property,117.4), Rotterdam World Gateway B V (Netherlands,Transportation,455.6), First Quantum Minerals Ltd Panama,Mining,231.3), Pirapora Ii Solar Plant Project (Brazil,Power,64.9)

9 BNP Paribas 10 1,547.1 Lisea S.A.S (France,Transportation,205.9), APRR SA (France,Transportation,70.0), Evm Energia (Mexico,Power,91.0), Macqpisto SAS (France,Oil & Gas,79.0), Vdb F2 Wind Farm Project (Brazil,Power,169.9), Eolica Mesa La Paz S. De R.L. De C.V (Mexico,Power,152.1), Cometa Energia S.A. De C.V (Mexico,Power,172.0), Ma'aden Phosphate Company (PhosCo) (Saudi Arabia,Industry,311.1), First Quantum Minerals Ltd (Panama,Mining,231.3), Pirapora Ii Solar Plant Project (Brazil,Power,64.9)

10 RBC Capital Markets 9 1,392.5 Tc Dudgeon Ofto PLC (United Kingdom,Power,178.5), Clover Us Blocker Llc (United States,Power,74.3), Clover LP (Canada, Power,260.2), Bridging North America General Partnership (Canada,Transportation,177.5), Clearway Energy LLC (United States, Power,150.0), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), Nouvelle Autoroute 30 Financement Inc (Canada, Transportation,313.3), Finch West Light Rail Transit (Canada,Transportation,70.4), Longwood Energy Partners LLC (United States, Power,143.3)

11 Barclays 8 1,352.1 Connect Plus (M25) Issuer Plc (United Kingdom,Transportation,390.8), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), Washington Econ Dev Fin Auth (United States,Transportation,50.0), Sabal Trail Transmission LLC (United States,Oil & Gas,250.0), Star Energy Geothermal (Wayang Windu) Ltd (Indonesia,Power,145.0), First Quantum Minerals Ltd (Panama,Mining,231.3), TerraForm Global Inc (United States,Power,200.0), REN Finance BV (Portugal,Oil & Gas,60.1)

12 Goldman Sachs 4 1,110.0 Cambrian Rail Partnership No.2 Llp (United Kingdom,Transportation,71.6), Phoenix Tower Participacoes Ltda (Brazil, Telecommunications,1.0), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), Centrais Eletricas de Sergipe SA (Brazil, Power,1012.3)

13 Itau Unibanco 8 1,106.0 Msu Energy (Argentina,Power,83.3), Tpe - Transmissora Paraiso De Energia S.A. (Brazil,Power,290.2), Tcc Transmissora Caminho Do Cafe Sa (Brazil,Power,184.4), EcoRodovias Infraestrutura e Logistica SA (Brazil,Transportation,92.2), MSU SA (Argentina,Power,198.6), Genneia SA (Argentina,Power,54.5), Hidrovias International Finance S.A R.L (Brazil,Water & Sewerage,120.0), Rumo Luxembourg SARL (Brazil,Industry,82.7)

14 Credit Suisse 6 982.1 Sigma Capital Partners LLC (Peru,Power,250.0), FLNG Liquefaction 3 LLC (United States,Oil & Gas,215.8), Clearway Energy LLC (United States,Power,150.0), Cheniere Energy Partners LP (United States,Oil & Gas,110.0), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), First Quantum Minerals Ltd (Panama,Mining,231.3)

Project Finance International January 30 2019 31

2018 LEAGUE TABLES

NON RECOURSE PROJECT BONDS CONTINUED

No of Volume

deals (US$m) Deals15 Santander 14 862.2 Phoenix Tower Participacoes Ltda (Brazil,Telecommunications,1.0), Parnaiba I Geracao De Energia Sa (Brazil,Oil & Gas,74.5), Eliantus

Energy SL (Spain,Power,75.8), Argo Transmissao De Energia Sa (Brazil,Power,22.6), Promontoria Holding 184 B.V (Spain,Power,97.6), Belmont Infrastructure Holding SA (Portugal,Telecommunications,29.0), ECO135 (Brazil,Transportation,60.0), Guaracuaba Transmissora De Energia (Brazil,Power,32.4), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), EcoRodovias Infraestrutura e Logistica SA (Brazil,Transportation,92.2), Gatwick Funding Ltd (United Kingdom,Transportation,103.1), Q-Energy (Spain,Power,46.3), Hidrovias International Finance S.A R.L (Brazil,Water & Sewerage,120.0), Rumo Luxembourg SARL (Brazil,Industry,82.7)

16 Lloyds Bank 5 857.2 Tc Dudgeon Ofto PLC (United Kingdom,Power,178.5), Connect Plus (M25) Issuer Plc (United Kingdom,Transportation,390.8), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), Corelink Rail Infrastructure Ltd (United Kingdom,Transportation,73.6), Bwp Issuer Plc (United Kingdom,Leisure & Property,189.4)

17 CIBC World Markets 5 658.1 Transurban Group A25 Toll Road And Bridge Acquisition (Canada,Transportation,50.4), EllisDon Corp (Canada,Leisure & Property,84.2), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), Nouvelle Autoroute 30 Financement Inc (Canada,Transportation,313.3), Koole Terminals Subholding II BV (United Kingdom,Power,185.3)

18 Deutsche Bank 7 628.7 Phoenix Tower Participacoes Ltda (Brazil,Telecommunications,1.0), Sunstrong 2018-1 (United States,Power,133.3), Promontoria Holding 184 B.V (Spain,Power,97.6), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), Star Energy Geothermal (Wayang Windu) Ltd (Indonesia,Power,145.0), Agua Y Saneamientos Argentinos Sa (Argentina,Water & Sewerage,166.7), REN Finance BV (Portugal,Oil & Gas,60.1)

19 Malayan Banking 3 601.9 Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd (Malaysia,Transportation,32.6), Star Energy Geothermal (Wayang Windu) Ltd (Indonesia,Power,145.0), Edra Global Energy Bhd-Power Assets (Malaysia,Power,424.3)

20 National Bank of Canada Fin'l

2 542.2 La Gateway Partners (United States,Transportation,458.0), EllisDon Corp (Canada,Leisure & Property,84.2)

=21 CIMB Group Holdings 1 424.3 Edra Global Energy Bhd-Power Assets (Malaysia,Power,424.3)

=21 RHB 1 424.3 Edra Global Energy Bhd-Power Assets (Malaysia,Power,424.3)

23 Mizuho Financial 4 423.0 Florida Southeast Connection LLC (United States,Oil & Gas,38.0), Cheniere Energy Partners LP (United States,Oil & Gas,110.0), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), Sabal Trail Transmission LLC (United States,Oil & Gas,250.0)

24 Munich Re Cap Markets

3 367.2 Luxcara GMBH (Norway,Power,185.5), Autopista del Guadalmedina (Spain,Transportation,114.2), Sociedad de Economia Mixta Los Tranvias de Zaragoza (Spain,Transportation,67.4)

25 ING 5 356.2 Phoenix Tower Participacoes Ltda (Brazil,Telecommunications,1.0), APRR SA (France,Transportation,70.0), Belmont Infrastructure Holding SA (Portugal,Telecommunications,29.0), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), First Quantum Minerals Ltd (Panama,Mining,231.3)

26 SunTrust Banks 1 311.1 Ma'aden Phosphate Company (PhosCo) (Saudi Arabia,Industry,311.1)

27 BBVA 3 300.9 Lisea S.A.S (France,Transportation,205.9), APRR SA (France,Transportation,70.0), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0)

28 Samuel A. Ramirez & Co.

1 300.0 California Municipal Fin Auth (United States,Transportation,300.0)

29 Scotiabank 4 268.0 Phoenix Tower Participacoes Ltda (Brazil,Telecommunications,1.0), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), Cometa Energia S.A. De C.V (Mexico,Power,172.0), BIF III Holtwood LLC (United States,Power,70.0)

30 UniCredit 4 266.2 Futura Srl (Italy,Leisure & Property,48.2), APRR SA (France,Transportation,70.0), PLT Wind SpA (Italy,Power,69.1), Macqpisto SAS (France,Oil & Gas,79.0)

31 Standard Chartered 2 256.3 FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), First Quantum Minerals Ltd (Panama,Mining,231.3)

32 Credicorp 1 235.0 Peru LNG Co (Peru,Oil & Gas,235.0)

33 Morgan Stanley 2 230.0 Cheniere Energy Partners LP (United States,Oil & Gas,110.0), Hidrovias International Finance S.A R.L (Brazil,Water & Sewerage,120.0)

34 Banco do Brasil 3 225.3 Argo Transmissao De Energia Sa (Brazil,Power,22.6), Hidrovias International Finance S.A R.L (Brazil,Water & Sewerage,120.0), Rumo Luxembourg SARL (Brazil,Industry,82.7)

35 RBS 2 213.1 Cheniere Energy Partners LP (United States,Oil & Gas,110.0), Gatwick Funding Ltd (United Kingdom,Transportation,103.1)

36 UBS 1 210.7 Transurban Queensland Finance Pty Ltd (Australia,Transportation,210.7)

37 Banco Bradesco 3 197.5 Argo Transmissao De Energia Sa (Brazil,Power,22.6), EcoRodovias Infraestrutura e Logistica SA (Brazil,Transportation,92.2), Rumo Luxembourg SARL (Brazil,Industry,82.7)

38 Natixis 4 196.0 Phoenix Tower Participacoes Ltda (Brazil,Telecommunications,1.0), APRR SA (France,Transportation,70.0), Bow Power Energy SL (Peru,Power,100.0), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0)

39 Arzteversorgung Wfalen-Lippe

2 181.7 Autopista del Guadalmedina (Spain,Transportation,114.2), Sociedad de Economia Mixta Los Tranvias de Zaragoza (Spain,Transportation,67.4)

=40 Pareto 1 175.0 Nemaska Lithium Inc (Canada,Mining,175.0)

=40 Clarksons Platou Securities

1 175.0 Nemaska Lithium Inc (Canada,Mining,175.0)

42 ANZ 1 164.8 Transurban Queensland Finance Pty Ltd (Australia,Transportation,164.8)

43 CaixaBank 1 161.7 Sonnedix Bv (Spain,Power,161.7)

=44 DGZ-DekaBank 1 153.5 A10/A24 Neuruppin-Pankow Motorway Expansion PPP Germany,Transportation,153.5)

=44 Tecta Invest 1 153.5 A10/A24 Neuruppin-Pankow Motorway Expansion PPP (Germany,Transportation,153.5)

46 Endeavour Financial 1 150.0 Bacanora Lithium PLC (Mexico,Mining,150.0)

47 Creditcorp Asia 1 148.9 Hunt Oil Co Of Peru L.L.C (Peru,Oil & Gas,148.9)

48 DBS 1 145.0 Star Energy Geothermal (Wayang Windu) Ltd (Indonesia,Power,145.0)

49 Siam Commercial Bank

3 136.8 B.Grimm Bip Power 1 Limited (Thailand,Power,52.4), B.Grimm BIP Power 2 Limited (Thailand,Power,52.4), Nam Ngum 2 Power Co Ltd (Laos,Power,32.1)

50 Pension Insurance Corp

2 136.1 University Partnership Program (United Kingdom,Leisure & Property,48.6), University Partnership Program (United Kingdom,Leisure & Property,87.4)

51 DNB ASA 2 122.0 Atlas Renewable Energy (Uruguay,Power,57.2), Invenergy LLC (Uruguay,Power,64.8)

52 TradeRisks 1 121.3 Durham University (United Kingdom,Leisure & Property,121.3)

53 Allianz 1 117.4 Platon Saclay (France,Leisure & Property,117.4)

54 Sunlife Assurance 2 116.8 Cambrian Rail Partnership No.2 Llp (United Kingdom,Transportation,71.6), Grangegorman University Campus PPP (Ireland,Leisure & Property,45.1)

55 TD Securities 1 115.5 Plenary Pcl Justice (Canada,Leisure & Property,115.5)

56 Banco De Oro Unibank 1 112.4 North Luzon Expressways Corp (Philippines,Transportation,112.4)

Project Finance International January 30 201932

NON RECOURSE PROJECT BONDS CONTINUED

No of Volume

deals (US$m) Deals

57 Phatra Securities Co 2 104.8 B.Grimm Bip Power 1 Limited (Thailand,Power,52.4), B.Grimm BIP Power 2 Limited (Thailand,Power,52.4)

=58 BMO Capital Markets 2 95.0 FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), BIF III Holtwood LLC (United States,Power,70.0)

=58 Banca IMI (Intesa Sanpaolo)

2 95.0 APRR SA (France,Transportation,70.0), FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0)

60 Ahorro Corporacion Financiera

1 88.2 Financiera Marsyc SA (Spain,Transportation,88.2)

61 Industrial & Comm Bank China

2 85.1 FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0), REN Finance BV (Portugal,Oil & Gas,60.1)

62 Inter-American Development Bk

2 84.2 Petroquimica Comodoro Rivadavia SA (Argentina,Power,54.0), Atlantic Energias Renovaveis SA (Brazil,Power,30.2)

63 Banco de Investimentos BCN

1 74.5 Parnaiba I Geracao De Energia Sa (Brazil,Oil & Gas,74.5)

64 Sun Life 1 73.6 Corelink Rail Infrastructure Ltd (United Kingdom,Transportation,73.6)

=65 Aviva 1 71.6 Cambrian Rail Partnership No.2 Llp (United Kingdom,Transportation,71.6)

=65 Phoenix Group Holdings

1 71.6 Cambrian Rail Partnership No.2 Llp (United Kingdom,Transportation,71.6)

=65 Standard Life Assurance

1 71.6 Cambrian Rail Partnership No.2 Llp (United Kingdom,Transportation,71.6)

=68 KeyBanc Capital Markets

1 70.0 Consolidated Edison Development Inc (United States,Power,70.0)

=68 Credit Mutuel 1 70.0 APRR SA (France,Transportation,70.0)

70 Kommunalkredit 2 67.4 Belmont Infrastructure Holding SA (Portugal,Telecommunications,29.0), Autopista del Guadalmedina (Spain,Transportation,38.5)

=71 MetLife 1 64.5 Esvagt A/S (Denmark,Transportation,64.5)

=71 Sequoia 1 64.5 Esvagt A/S (Denmark,Transportation,64.5)

73 AMMB Holdings 2 63.8 Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd (Malaysia,Transportation,32.6), Sinar Kamiri Sdn Bhd (Malaysia,Power,31.2)

74 Legal & General Group 1 62.9 Fiera Infrastructure Inc (United Kingdom,Power,62.9)

=75 Banco Comercial Portugues

1 60.1 REN Finance BV (Portugal,Oil & Gas,60.1)

=75 Banco Portugues Investimento

1 60.1 REN Finance BV (Portugal,Oil & Gas,60.1)

=75 Haitong Securities Co 1 60.1 REN Finance BV (Portugal,Oil & Gas,60.1)

78 IDBI Bank 1 57.2 Atlas Renewable Energy (Uruguay,Power,57.2)

79 KfW Bankengruppe 1 54.0 Petroquimica Comodoro Rivadavia SA (Argentina,Power,54.0)

80 BNDES 1 53.3 Pirapora Solar Holding Sa (Brazil,Power,53.3)

81 Unione di Banche Italiane Scpa

1 48.2 Futura Srl (Italy,Leisure & Property,48.2)

82 HDI VaG 1 45.1 Grangegorman University Campus PPP (Ireland,Leisure & Property,45.1)

83 Banco BTG Pactual 1 36.4 Sterlite Power Transmission Ltd (Brazil,Power,36.4)

84 Affin Holdings 1 32.6 Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd (Malaysia,Transportation,32.6)

=85 Krung Thai Bank 1 32.1 Nam Ngum 2 Power Co Ltd (Laos,Power,32.1)

=85 Bangkok Bank 1 32.1 Nam Ngum 2 Power Co Ltd (Laos,Power,32.1)

87 United Overseas Bank 1 31.2 Sinar Kamiri Sdn Bhd (Malaysia,Power,31.2)

88 Malaysian Industrial Dev Fin

1 31.0 Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd (Malaysia,Transportation,31.0)

=89 BCCI 1 29.0 Belmont Infrastructure Holding SA (Portugal,Telecommunications,29.0)

=89 Novo Banco 1 29.0 Belmont Infrastructure Holding SA (Portugal,Telecommunications,29.0)

91 Nabarun Securities 1 25.0 FLNG Liquefaction 3 LLC (United States,Oil & Gas,25.0)

92 Arab Banking Corporation

1 22.6 Argo Transmissao De Energia Sa (Brazil,Power,22.6)

=93 ABG Sundal Collier 1 18.9 Aquila Capital (Norway,Power,18.9)

=93 SEB 1 18.9 Aquila Capital (Norway,Power,18.9)

=93 Nordea 1 18.9 Aquila Capital (Norway,Power,18.9)

96 Rivage Investment 1 11.1 Solaria Energia Y Medio Ambiente SA (Spain,Power,11.1)

=97 Banco General 1 1.0 Phoenix Tower Participacoes Ltda (Brazil,Telecommunications,1.0)

=97 ORIX 1 1.0 Phoenix Tower Participacoes Ltda (Brazil,Telecommunications,1.0)

=97 Towerbank International

1 1.0 Phoenix Tower Participacoes Ltda (Brazil,Telecommunications,1.0)

Total 130 46,137

Project Finance International January 30 2019 33

2018 LEAGUE TABLES

BONDS BY COUNTRY

Sector Volume (US$m) No of dealsUnited States 14,166 29

United Kingdom 4,954 15

Brazil 3,717 16

Canada 2,976 9

Panama 2,707 3

Mexico 2,344 6

Australia 2,105 3

France 2,061 4

Peru 1,992 5

Argentina 1,617 5

Malaysia 1,464 4

Spain 1,068 8

Saudi Arabia 933 1

Netherlands 835 4

Indonesia 580 1

Portugal 534 2

Germany 533 2

Finland 280 1

Norway 242 2

Thailand 210 2

Uruguay 179 2

Italy 166 2

Ireland 135 1

Denmark 129 1

Philippines 112 1

Laos 96 1

Total 46,137 130

BONDS BY SECTOR

Sector Volume (US$m) No of dealsPower 16,718 62

Transportation 14,475 34

Oil & Gas 8,258 14

Mining 2,350 3

Leisure & Property 1,623 11

Industry 1,430 2

Water & Sewerage 1,100 2

Telecomunications 183 2

Total 46,137 130

Project Finance International January 30 201934

MULTILATERAL DEVELOPING COUNTRY PROJECT FINANCE DEALS

IDFI

Project Country Cost Debt involvement Details

Parques Eolicos del Caribe (Pecasa) Wind Dominican Rep 130 80 80 IFC , FMO, Proparco, DEG, Canada Climate Change Program

Ressano Garcia IPP Gas Refinancing Mozambique 250 189 143 IFC , Proparco, FMO, EAIF

Mekong Delta Waste-to-Energy (WtE) Vietnam 100 100 100 ADB

Jacinta Solar Photovoltaic Uruguay 81 81 81 IDB, Canadian Climate Fund for the Private Sector in the Americas (C2F)

La Virgen Hydro Power Peru 140 80 80 DEG, CAF

Yavoriv Solar Plant Ukraine 30 30 30 EBRD, Climate Investment Fund (CIF)

Kosava Wind Farm Project Phase 1 Serbia 145 101 34 OeEb, others

1915 Canakkale Dardanelles II Bridge Turkey 3,824 2,783 1,403 Kexim, Kexim, Kexim, EKF, ICIEC

Menzelet and Kilavuzlu Hydropower Privitisation

Turkey 328 291 55 EBRD, EBRD

Gaza Solar Rooftop Palestine 12 8 8 IFC, Canada Climate Change Program, IFC

Hardap Solar PV Namibia 70 50 25 Proparco

Te Heavy-Fuel Oil Power Plant Guinea 121 89 89 OPIC, CDC

Ventos Do Araripe III Wind Complex Acquisition

Brazil 560 257 84 IFC, NDB

Sepia Floating Production Storage and Offloading (FPSO)

Brazil 1,000 987 740 JBIC, JBIC

Rantau Dedap Geothermal Indonesia 701 540 540 JBIC, ADB, JBIC, Climate Investment Fund (CIF)

Nghi Son 2 (IPP) Thermal Power Plant Vietnam 2,790 1,869 1,075 JBIC, Kexim

Achiras Wind Farm Argentina 81 51 51 IDB Invest, Canadian Climate Fund for Private Sector of the Americas (C2F), IFC

Cordillera Solar I Argentina 60 60 21 IDB Invest, Canadian Climate Fund for Private Sector of the Americas (C2F)

Monte Plata Solar Photovoltaic Dominican Rep 38 38 38 FMO, DEG

Porto de Sergipe I Natural Gas-Fired Power Brazil 1,340 2,250 1,317 IFC, IDB Invest, Chinese Fund for the Co-financing of the Americas, Serv

Kandym Gas Processing Plant Uzbekistan 3,400 660 165 Kexim

Mongolia Gobi Desert 30MW Solar Plant Mongolia 32 32 21 EBRD, FMO

Sumsel 8 Mine Mouth Power Plant Indonesia 1,600 1,260 1,260 Chexim

Baikonur Solar Park Project Kazakhstan 30 31 31 EBRD, ADB

Vena Energy Solar Photovoltaic (PV) Plants

Indonesia 40 40 40 ADB

Kosten Wind Farm Argentina 30 30 15 Euler Hermes

Pomona Wind Farm Argentina 142 142 81 DEG, Euler Hermes

Paradise Park Solar Jamaica 64 49 49 Proparco, Proparco

Formosa Wind Power Taiwan 596 596 54 EKF

Cordoba City Ring Road Argentina 300 300 150 IFC

Port Harcourt Second Ammonia and Urea Fertiliser Plant

Nigeria 1,000 950 404 IFC, EIB, CDC, FMO, DEG, Proparco

Zambia Scaling Solar 2 Zambia 39 39 34 IFC, Canada Climate Change Program, EIB

Borusan Balabanli Wind Farm Extension Turkey 12 25 12 EKF

Chubut Norte Wind & Villalonga Wind Argentina 131 131.01 131.01 EKF, FMO, CAF

Guanajuato Solar Mexico 63 37 16.4 Canadian Climate Fund for Private Sector of the Americas (C2F), IDB Invest, Chinese Fund for the Co-financing of the Americas

Malindi Solar IPP Kenya 50 50 50 CDC

Bujagali Hydro Power Uganda 400 400 300 IFC, AfDB, FMO, Proparco, DEG, CDC

Puerto Libertad Photovoltaic Mexico 528 264 66 North American Development Bank

Ankara-Nigde Highway Turkey 1,290 2580.16 1290.08 EKF, Serv

Montecristi Solar Dominican Rep 62 60 40 DEG, FMO

Los Santos Solar I Park Mexico 30 30 15 OPIC

Mina Justa Copper Peru 900 900 525 Kexim, Euler Hermes, EFIC

Taiba N'diage Wind IPP Senegal 348 257.44 257.44 OPIC, EKF

Asahan 3 Hydropower Plant Indonesia 350 300 42.9 IFC

Santa Vitoria do Palmar Wind Brazil 443 194.73 30.7 IDB Invest

Elem Solar PV Plant Macedonia 8 8.17 8.17 EBRD

Souapiti Hydropower Plant Guinea 1,300 1300 1300 China Exim

Abour Wind Farm Jordan 114 80.5 28 IFC

Daeham Wind Power Jordan 103 106.5 71 IFC, Kexim

Bicentenario Wind Facility Argentina 258 210.6 152.6 IDB Invest, EKF

Ruta del Cacao Colombia 65,310 530.211 91.611 IDB Invest

Enel Renewable Portfolio Sale Mexico 1,350 604.999 201.666 IDB Invest, EIB

Kita Solar Photovoltaic Mali 88 70.122 58.812 BOAD, EAIF, FMO, EAIF

Parque Solar Iglesia Guanizuil Argentina 155 105.2 105.2 IIC, FMO

Platanares Geothermal Power Honduras 125 124.7 124.7 OPIC

Gulf Hemaraj Industrial Park Power Plant Thailand 1,534 1150.8 455.4 ADB, JBIC

Nachtigal Falls Hydropower Plant Cameroon 1,425 1432.1588 1238.792 African Development Bank, AFD , CDC, DEG, EAIF, EIB, FMO, IFC, OFID, Proparco, IFC, IFC

Duqm Refinery Oman 4,610 4600 1800 UKEF, CESCE, Kexim

Terminal Portuaria de Posorja Ecuador 1,200 427 427 IDB Invest, DEG, Proparco, Chinese Fund for the Co-financing of the Americas

Project Finance International January 30 2019 35

2018 LEAGUE TABLES

MULTILATERAL DEVELOPING COUNTRY PROJECT FINANCE DEALS CONTINUED

IDFI

Project Country Cost Debt involvement Detailss

MULTILATERAL EXPOSURE BY DEVELOPING COUNTRY

Country Debt IDFI provision

MULTILATERAL DEVELOPING COUNTRY EXPOSURE BY INSTITUTION

IDFI Direct lending Guarantees Exposure Deals no

1 Kexim/ K—Sure 1,718 1,048 2,767 8

2 China Export Import Bank 2,560 — 2,560 2

3 JBIC/Nexi 2,051 373 2,424 7

4 CESCE 500 1,250 1,750 2

5 IFC/World Bank/MIGA/IBRD 1,496 — 1,496 18

6 Serv — 1,484 1,484 2

7 EKF 183 855 1,038 7

8 Sinosure — 1,012 1,012 1

9 ADB 869 — 869 6

10 IDB Invest/IDB 740 113 853 13

11 UKEF 700 — 700 1

12 CABEI 450 — 450 1

13 Proparco 447 — 447 10

14 FMO 409 — 409 14

15 DEG 393 — 393 10

16 Euler Hermes/ UFK 75 300 375 3

17 OPIC 313 — 313 4

18 CDC 307 — 307 5

19 EIB 230 — 230 4

20 EBRD 222 — 222 9

21 AfDB/ Africa Development Bank 183 — 183 2

22 CAF 124 — 124 3

23 ICIEC — 123 123 1

24 EAIF/ Green Africa Power 106 — 106 4

25 Chinese Fund for the Co—financing of the Americas

103 — 103 3

26 Africa Finance Corp (AFD) 102 — 102 1

27 North American Development Bank 66 — 66 1

28 Climate Investment Fund (CIF)/ Clean Technology Fund

59 — 59 2

29 IIC 53 — 53 1

30 Canadian Climate Fund for the Private Sector in the Americas (C2F)

49 — 49 4

31 Bladex 38 — 38 1

32 OFID 34 — 34 1

33 Austrian Development Bank (OeEb)

34 — 34 1

34 NDB 34 — 34 1

35 Canada Climate Change Program 31 — 31 3

36 EFIC 25 — 25 1

37 BOAD 19 — 19 1

Total 14,721 6,558 21,279

1 Indonesia 3,452 2,792

2 Turkey 5,679 2,761

3 Brazil 3,830 2,254

4 Peru 3,530 1,855

5 Oman 4,600 1,800

6 Argentina 3,231 1,786

7 Guinea 1,389 1,389

8 Cameroon 1,432 1,239

9 Vietnam 1,969 1,175

10 Thailand 1,151 455

11 Panama 450 450

12 Ecuador 427 427

13 Nigeria 950 404

14 Uganda 400 300

15 Mexico 936 299

16 Serbia 585 268

17 Senegal 257 257

18 Uzbekistan 660 165

19 Dominican Rep 178 158

20 Mozambique 189 143

21 Honduras 125 125

22 Jordan 187 99

23 Colombia 530 92

24 El Salvador 90 90

25 Uruguay 81 81

26 Ukraine 99 78

27 Mali 70 59

28 Taiwan 596 54

29 Kenya 50 50

30 Jamaica 49 49

31 Zambia 39 34

32 Kazakhstan 31 31

33 Namibia 50 25

34 Mongolia 32 21

35 Macedonia 8 8

36 Palestine 8 8

Total 37,340 21,279

Pirapora Five Photovoltaic Brazil 195 140.88 81.88 IDB, IDB Invest

Capella Solar El Salvador 133 90 90 FMO, IDB Invest, Proparco

Jawa-1 Power Plant and FSRU Project (Java 1)

Indonesia 1,800 1312 909 ADB, JBIC

Cafayate Solar Photovoltaic Argentina 50 50 30 CAF

Los Teros Wind Argentina 144 75 37.5 Bladex

Corredor B Toll Road PPP Argentina 1,065 2076.75 1011.75 Sinosure

Talara Oil Refinery Expansion Peru 1,300 2,550 1,250 CESCE

Las Playas Corridor Road Panama 603 450 450 CABEI

Nikola Tesla Airport Privitisation Serbia 1,137 484.266 234.17 EBRD, IFC, Proparco, DEG

Rengy Solar PV Plant Ukraine 59 41.14 20.57 EBRD

Cherkasy Solar PV Plant Ukraine 40 28 28 EBRD, FMO

Total 107,787 37,340 21,279

Project Finance International January 30 201936

MULTILATERAL DEVELOPED COUNTRY EXPOSURE BY INSTITUTION

IDFI Direct lending Guarantees Exposure Deals no

MULTILATERAL EXPOSURE BY DEVELOPED COUNTRY

Country Debt IDFI provision

MULTILATERAL DEVELOPED COUNTRY PROJECT FINANCE DEALS

IDFI

Project Country Cost Debt involvement Details

Epsilon Oil Field Expansion Greece 180 128 53 EBRD

A10/A24 Neuruppin-Pankow Motorway Expansion PPP Project

Germany 317 318 318 EIB

IPM Beer Tuvia Project Israel 492 491 105 Euler Hermes

Grangegorman University Campus PPP Ireland 269 135 135 EIB

Goya Wind Farm Phase 1 Spain 203 203 60 EIB

A355 Road [Grand Contournement Ouest de Strasbourg]

France 657 429 207 EIB

"Oweninny Wind Farm Phase 1 Project "

Ireland 374 187 94 EIB

Afsluitdijk Lock PPP Upgrade Netherlands 643 953 386 EIB

Energiepark Bruck Austria 32 32 23 EIB

Karolinska Hospital PFI Sweden 342 342 49 EIB

Tertir Acquisition Portugal 327 327 47 EIB

Mount Vermio Wind Farms Greece 56 56 28 EIB

Overturingen Wind Farm Sweden 317 281 94 EKF

Open Fiber 100Mbps Broadband Network Italy 7,519 4,048 405 EIB

Curtis-Teixeiro Biomass Spain 145 116 58 EIB

Valhalla Wind Farm Acquisition Sweden 266 442 200 EKF

Big Zlatan (Kraktorpet) Sweden 204 204 88 EKF

Northwester II Offshore Wind Farm Belgium 738 670 357 EIB, EKF

WindFloat Atlantic Portugal 141 108 68 EIB

Blakliden Fabodberget Wind Farm Sweden 385 144 144 EKF

A15/A20 Motorway Extension Netherlands 1,018 995 373 EIB

Hornsea 1 Offshore Wind Farm United Kingdom 5,899 4,553 1,026 EKF

Pegasus Wind Sweden 566 426 255 Euler Hermes

Seamade Offshore Wind Farm Belgium 1,476 1,164 397 EKF, EIB

Moray East Offshore Wind United Kingdom 3,662 3,219 1,273 JBIC, EKF

Trans Adriatic Pipeline [TAP] Gas Italy 4,280 4,280 3,558 EIB, EBRD, EBRD, Bpifrance, Euler Hermes, Sace

Total 30,509 24,251 9,798

1 EIB 3,570 — 3,570 17

2 EKF — 2,100 2,100 8

3 EBRD 1,189 — 1,189 3

4 JBIC 953 — 953 1

5 Sace — 796 796 1

6 Euler Hermes — 679 679 3

7 Bpifrance — 512 512 1

Total 5,712 4,086 9,798

1 Italy 8,328 3,963

2 United Kingdom 7,771 2,299

3 Sweden 1,839 829

4 Netherlands 1,948 759

5 Belgium 1,834 754

6 Germany 318 318

7 Ireland 322 228

8 France 429 207

9 Spain 319 118

10 Portugal 435 115

11 Israel 491 105

12 Greece 184 81

13 Austria 32 23

Total 24,251 9,798

Project Finance International January 30 2019 37

2018 LEAGUE TABLES

GLOBAL ADVISORY MANDATES WON IN 2018

1 2 3 Total Overall

1 EY 30 83 13 126 126

2 Synergy Consulting 72 13 18 103 145

3 PwC 7 28 19 54 121

4 SMBC 32 8 8 48 79

5 Green Giraffe 36 0 0 36 67

6 MUFG 35 0 0 35 40

7 Tribe Infrastructure 12 0 0 12 12

8 Societe Generale 7 0 4 11 42

9 Credit Agricole 6 0 4 10 27

10 TASC 2 2 5 9 16

11 DBS 7 0 1 8 8

12 Greengate 3 4 0 7 18

13 Portland Advisers 5 0 0 5 8

14 ING 1 3 0 0 3

15 Gazprombank 0 0 1 8

16 Newbridge Advisors 0 0 1 1 1

17 BNP Paribas 0 0 0 0 2

Total 258 138 73 469(463)

GLOBAL ADVISORIES CLOSED IN 2018

Advisor No of deals Volume (US$m)

1 Societe Generale 17 29,993.00

2 BNP Paribas 11 21,636.00

3 MUFG 15 14,357.00

4 PwC 15 10,575.00

5 Credit Agricole 10 10,051.00

6 Macquarie 24 9,830.00

7 SMBC 7 9,530.00

8 KPMG 14 8,331.00

9 Santander 27 8,250.00

10 EY 11 6,365.00

11 HSBC 4 5,307.00

12 Rothschild 6 4,827.00

13 Greengate 1 4,600.00

14 Citigroup 1 4,500.00

15 Unicredit 2 4,495.00

16 Standard Chartered 2 4,212.00

17 Green Giraffe 4 3,299.00

18 Gazprombank 2 3,269.00

19 Korea Development Bank 1 2,940.00

20 Astris Finance 6 2,607.00

21 Lazard 2 2,572.00

22 Rebel Group 2 2,334.00

23 ING 1 2,300.00

24 DC Advisory 7 2,230.00

25 Eaglestone 13 2,179.00

26 Mizuho 2 2,039.00

27 JP Morgan 2 1,986.00

28 DBJ 1 1,500.00

29 Evercore 5 1,452.00

30 Morgan Stanley 1 1,275.00

31 Barclays 1 1,250.00

32 Jefferies 1 900.00

33 BBVA 1 605.00

34 Newbridge Advisers 2 422.00

35 Synergy Consulting 3 409.00

36 NatWest 1 362.00

37 Ironstone 1 333.00

38 LionTree Advisers 1 285.00

39 Elgar Middleton 3 269.00

40 Bajaj Consultants 1 238.00

41 Natixis 1 231.00

42 ValeCap 1 202.00

43 Credit Suisse 1 199.00

43 Highbury Partnership 1 199.00

45 Absa 1 189.00

46 Investec 1 159.00

47 DBS 1 143.00

48 Consilium 1 101.00

Key

1 - Privately owned sponsors

2 - Government or government owned sponsors

3 - Bidders in a competition

2017 total in brackets

Project Finance International January 30 201938

Key

1 - Privately owned sponsors

2 - Government or government owned sponsors

3 – Bidders in a competition

2017 total in brackets

AMERICAS ADVISORY MANDATES WON IN 2018

1 2 3 Total Overall

1 EY 13 36 0 49 49

2 MUFG 6 0 0 6 7

3 SMBC 4 0 1 5 16

4 Greengate 1 4 0 5 12

5 Green Giraffe 4 0 0 4 6

6 Synergy Consulting 3 1 0 4 5

7 PwC 1 1 1 3 8

8 Credit Agricole 3 0 0 3 7

9 Portland Advisers 1 0 0 1 2

10 Societe Generale 1 0 0 1 4

11 BNP Paribas 0 0 0 0 1

Total 37 42 2 81(71)

Key

1 - Privately owned sponsors

2 - Government or government owned sponsors

3 – Bidders in a competition

2017 total in brackets

EMEA ADVISORY MANDATES WON IN 2018

1 2 3 Total Overall

1 Synergy Consulting 57 11 16 84 121

2 EY 15 33 4 52 52

3 PwC 4 14 15 33 68

4 Green Giraffe 30 0 0 30 57

5 SMBC 5 8 5 18 25

6 MUFG 15 0 0 15 19

7 Tribe Infrastructure 12 0 0 12 12

8 TASC 2 2 5 9 16

9 Societe Generale 3 0 4 7 32

10 Credit Agricole 3 0 4 7 19

11 ING 3 0 0 3 7

12 Portland Advisers 3 0 0 3 4

13 Gazprombank 1 0 0 1 8

14 Greengate 1 0 0 1 4

15 Newbridge Advisors 0 0 1 1 1

Total 154 68 54 276(285)

1 SMBC 23 0 2 25 38

2 EY 2 14 9 25 25

3 PwC 2 13 3 18 45

4 Synergy Consulting 12 1 2 15 19

5 MUFG 14 0 0 14 14

6 DBS 7 0 1 8 8

7 Societe Generale 3 0 0 3 6

8 Green Giraffe 2 0 0 2 4

9 Greengate 1 0 0 1 2

10 Portland Advisers 1 0 0 1 2

11 BNP Paribas 0 0 0 0 1

12 Credit Agricole 0 0 0 0 1

Total 67 28 17 112(107)

Key

1 - Privately owned sponsors

2 - Government or government owned sponsors

3 – Bidders in a competition

2017 total in brackets

ASIA PACIFIC ADVISORY MANDATES WON IN 2018

1 2 3 Total Overall

Project Finance International January 30 2019 39

2018 LEAGUE TABLES

ASIA PACIFIC ADVISORY MANDATES CLOSED IN 2018

No of Volume

deals (US$m) Deals

AMERICAS ADVISORY MANDATES CLOSED IN 2018

No of Volume

deals (US$m) Deals

Key

1 - Privately owned sponsors

2 - Government or government owned sponsors

3 – Bidders in a competition

Key

1 - Privately owned sponsors

2 - Government or government owned sponsors

3 – Bidders in a competition

1 Societe Generale

1 6,137 Cheniere Corpus Christi (1, USA, 6137)

2 EY 5 4,612 LAWA (2, USA, 2000), AFM (2, USA, 275), A-30 refi (2, Canada, 937), Westpark health (2, Canada, 900), LAX rental (2, USA, 500)

3 Santander 23 4,351 Florianopolis Airport (3, Brazil, 96), Longitudinal de la Sierra road refi (1, Peru, 330), Delfina 1-11-V wind (1, Brazil, 72), Parnaiba 1 CCT (3, Brazil, 232), Sertao 1 solar (1, Brazil, 35), Sobral 1 solar (1, Brazil, 36), Esmeralda solar (1, Brazil, 23), Caminho do Café transmission (3, Brazil, 167), Paraiso transmission (3, Brazil, 369), Convesion Vial Rutas del Loa (3, Chile, 336), Rumichaca-Pasto road (3, Colombia, 60), BR-135 (1, Brazil, 59), Argo transmission (3, Brazil, 122), TP Sul transmission (3, Brazil, 32), Esmeralda solar BNB (1, Brazil, 24), Tropicalia transmission (3, Brazil,78), Cabeco Vermelho I&II (1, Brazil, 100), Pedra Rajada I&II (1, Brazil, 118), CELSE (1, Brazil, 608), Sao Paolo North Beltway expansion (3, Brazil, 270), Argo Bacabeira-Pecem transmission (3, Brazil, 1068), Boa Esperanza 1 wind (1, Brazil, 31), Moto Grosso transmission (3, Brazil, 85)

4 MUFG 2 2,518 LAWA (3, USA, 2000), Minera Spence (1, Chile, 518)

5 KPMG 5 1,990 1-75 (2, USA, 1400), Purdue University (2, USA, 125), Ontario police (2, Canada, 95), Tlahuac hospital (3, Mexico, 108), Toronto Courthouse (2, Canada, 262)

6 Astris Finance

2 1,724 Arriaga-Tapachula (1, Mexico, 149), Transmissora Jose Maria de Macedo (3, Brazil, 1575),

7 Barclays 1 1,250 Limetree Bay (1, US Virgin Islands, 1250)

8 Macquarie 3 695 Bayonne Water (1, USA, 36), Canadian Breaks wind (1, USA, 234), Paradigm Energy (1, USA, 425)

9 BBVA 1 605 EGP Mexico (1, Mexico, 605)

10 BNP Paribas 3 343 Apodi solar (1, Brazil, 125), Salvador Airport (1, Brazil, 132), Delta V-VI (1, Brazil, 86)

11 Credit Agricole

1 160 Chacao (1, Chile, 160)

1 BNP Paribas 3 12,505.00 Universal theme park (1, China 3905), RAPID bridge (1, Malaysia, 8000), Formosa 1 (1, Taiwan, 600)

2 PwC 6 6,779.00 Bandar Lampung water PPP (2, Indonesia, 87), Hangrhautai HSR (3, China, 4120), Seoul Outer expressway refi (1, South Korea, 2400), Incheon North Port refi (1, South Korea, 65), Mokpo New Port refi (1, South Korea, 32), Gunjang New Port refi (1, South Korea, 75)

3 SMBC 2 5,070.00 Nghi Son 2 (3, Indonesia, 1870), Long Son refinery (1, Vietnam, 3200)

4 KPMG 3 3,910.00 Fukuoka Airport (3, Japan, 1500), Navi Mumbai Airport (2, India, 2300), Beryl solar (1, Australia, 110)

5 Korea Development Bank

10 2,940.00 Pospower (1, South Korea, 2940)

6 Macquarie 7 2,783.00 Murra Murra (1, Australia, 302), Worsley (1, Australia, 665), Greenough Rover solar (1, Australia, 53), Callide C refi (1, Australia, 60), Lal Lal (1, Australia, 215), Millmerran refi (1, Australia, 462), M-Doan cogen (1, South Korea, 124), Albany Grasmere wind M&A (1, Australia, 18), Kwinana WtE (1, Australia, 285), Daegu WtE (1, South Korea, 599)

7 MUFG 1 2,230.00 Waikeria prison (3, New Zealand, 502), Hunter Residences (3, Australia, 138), Dundonell wind (307), Northern Territories prison refi (1, Australia, 450), Hallet 4 refi (1, Australia, 258), Tailem Bend solar (1, Australia, 153), Macarthur wind refi (1, Australia, 422)

8 Mizuho 2 2,039.00 Fukuoka Airport (3, Japan, 1500), Rantau Dedap (1, Indonesia, 539)

9 DBJ 1 1,500.00 Fukuoka Airport (3, Japan, 1500)

10 HSBC 1 462.00 Calax (1, Philippines, 462)

11 EY 3 502.00 Walkeria prison (3, New Zealand, 502)

12 Ironstone 1 333.00 IntelliHub (3, Australia, 199), Numurkah (1, Australia, 81), Greenough Rover solar (1, Australia, 53)

13 Elgar Middleton 2 269.00 Bulgana (1, Australia, 269)

14 Synergy Consulting

1 246.00 FRV (3, India, 42), Alfanar (3, India, 204)

15 Bajaj Consultants 1 238.00 Kishangarh Gulabpura road (3, India, 238)

16 Credit Suisse 1 199.00 IntelliHub (3, Australia, 199)

17 Highbury Partnership

1 199.00 IntelliHub (3, Australia, 199)

18 Rothschild 1 192.00 Sunraysia (1, Australia, 192)

19 DBS 1 143.00 Westspring (3, Singapore, 143)

20 Societe Generale 30.00 Rugby Run solar (1, Australia, 30)

Project Finance International January 30 201940

EMEA ADVISORY MANDATES CLOSED IN 2018

No of Volume

deals (US$m) Deals

1 Societe Generale 15 23,826.00 Open Fibre (1, Italy, 3955), Oman Gas Company bridge (2, Oman, 1100), Var Energy (1, Norway, 3000) ERC refi (1, Egypt, 2350), TAP (1, Greece, 5130), Nachigal (1, Cameroon, 910), Borssele 3&4 (1, Netherlands, 1436), Merkur refi (1, Germany, 1782), Dudgeon refi (1, UK, 1605), Seamade (1, Belgium, 1254), Rotterdam World Gateway (1, Netherlands, 423), Bina Istra (1, Croatia, 279), BPL refi (1, France, 267), Saclay University (1, France, 335)

2 Credit Agricole 9 9,891.00 Segas LNG refi (1, Egypt 1000), A335 (3, France, 526), FCC Energy (1, UK, 255), Macqpisto refi (1, France, 550), SGI refi (1, Italy, 630), Navigator refi (1, UK, 245), Duqm refinery (1, Oman, 4600), Race Bank (1, UK, 1785), Helios 1&2 (1, Spain, 300)

3 MUFG 6 9,609.00 HSL Zuid refi (1, Netherlands, 46), Hornsea 1 (1, UK, 4500), Triton Knoll (1, UK, 2572), A10/A24 (3, Germany, 706), Northern LNG Vessels refi (1, Norway, 180), Dudgeon refi (1, UK, 1605)

4 BNP Paribas 5 8,788.00 InfraVia Mater Private (1, Ireland, 250), Open Fibre (1, Italy, 3955), Ma’aden Bauxite refi (1, Saudi Arabia, 2100), A65 refi (1, France, 940), Galloper refi (1, UK, 1543)

5 Macquarie 11 6,352.00 Westermost Rough refi (1, UK, 399), Dublin Institute (3, Ireland, 316), Haren prison (3, Belgium, 395), Overturingen wind (1, Sweden, 186), EDF Energy M&A, (1, UK, 706), EGP REIPP (3, South Africa, 779), NSMP (1, UK, 900), Firmus Energy refi (1, UK, 268), JLIF M&A (1, UK, 1286), Blankenburg Tunnel (3, Netherlands, 1003),

6 HSBC 3 4,845.00 Farabi Petrochemicals (1, Saudi Arabia, 1000), M25 refi (1, UK, 1016), Tours Bordeaux refi (1, France, 2829)

7 Rothschild 5 4,635.00 Zennor Petroleum (1, UK, 170), FNM (1, Italy, 257), Covage Calvados (1, France, 514), Tours Bordeaux refi (1, France, 2829), Idex (1, France, 865)

8 Greengate 1 4,600.00 Duqm refinery (1, Oman, 4600)

9 Citigroup 1 4,500.00 Hornsea 1 (1, UK, 4500)

10 Unicredit 2 4,495.00 Open Fibre (1, Italy, 3955), Belgrade Airport (3, Serbia, 540)

11 SMBC 5 4,460.00 Financiera Marsyc (1, Spain, 228), Sakaka (2, Saudi Arabia, 308), Sharjah WtE (2, UAE, 224), KIPIC LNG (2, Kuwait, 2600), Oman Gas Company bridge (2, Oman, 1100)

12 Standard Chartered 2 4,212.00 Canakkale (3, Turkey, 2912), Al Dur refi (1, Bahrain, 1300)

13 Santander 4 3,899.00 Moray East (1, UK, 3244), AP-46 refi (1, Spain 266), Helios I&II refi (1, Spain, 349), Parla & Noroeste hospital (3, Spain 40)

14 PwC 9 3,796.00 Salalah IWP (2, Oman, 125), Sharqiyah IWP (2, Oman, 163), Blankenburg Tunnel (2, Netherlands, 1003), A16, (2, Netherlands, 900), Afrluidijk Dam (2, Netherlands, 1048), Grand Agadir desal (2, Morocco, 150), Banks Group refi (1, UK, 65), HMP Thameside refi (2, UK, 190), Rv3/R25 (2, Norway, 152)

15 Green Giraffe 4 3,299.00 Borssele 3&4 (1, Netherlands, 1436), Veja Mate refi (1, Germany, 1653), Acofi refi (1, France, 159), Valeco (1, France, 51)

16 Gazprombank 2 3,269.00 VetriOGK (1, Russia, 969), Otlin GTL (2, Uzbekistan, 2300)

17 Lazard 2 2,572.00 JLIF M&A (1, UK, 1286), EF Solare (1, Italy, 1286)

18 KPMG 6 2,431.00 Belgrade Airport (2, Serbia, 540), Grand Nancy thermal PPP (3, France, 111), Arenales solar refi (1, Spain, 225), Dudgeon OFTO (2, UK, 310), Lisburn health (2, UK, 45), Hwange (1, Zimbabwe, 1200)

19 Rebel Group 2 2,334.00 A16 (3, Netherlands, 1286), Afsluitdijk (1, Netherlands, 1048)

20 ING 1 2,300.00 Otlin GTL (2, Uzbekistan, 2300)

21 DC Advisory 7 2,230.00 Adven (1, Finland, 550), OU Utilitas (1, Estonia, 350), IEP M&A (1, UK, 200), Energetics (1, UK, 125), Koole refi (1, Nertherlands, 900), Aquatrine (1, UK, 45), NGT (1, Netherlands, 60)

22 Eaglestone 13 2,179.00 Building Energy REIPP (3, South Africa, 326), EGP REIPP (3, South Africa, 779), Scatec Solar REIPP (3, South Africa, 395), Old Mutual REIPP (3, South Africa, 679)

23 JP Morgan 2 1,986.00 Riverside WtE (1, UK, 707), RTR (1, Italy, 1279)

24 Evercore 5 1,452.00 Calvin Capital refi (1, UK 357), Welcome Break (1, UK, 400), Svenska Petroleum Exploration (1, Cote d’Ivorie, 120), Soco International (1, UK, 125), Towers of Portugal (1, Portgual, 450)

25 Morgan Stanley 1 1,275.00 Energean Oil & Gas (1, Israel, 1275)

26 EY 5 1,251.00 FNSP (2, France, 91), CD Nord (3, France, 97). Grimaud water (3, France 15), Burbo Bank (3, UK, 248), Mosocw Central Ring Road 3 (3, Russia, 800)

27 Jeffries 1 900.00 NSMP (1, UK, 900)

28 Astris Finance 4 883.00 Corsica Holdco solar (1, France, 108), Tenergie Phoenix 4 solar refi (1, France, 136), Tenergie Phoenix 3 solar refi (1, France, 283), Reden Solar refi (1, France, 356)

29 Newbridge Advisors 2 422.00 Karolinska refi (1, Sweden, 342). Oldham housing refi (1, UK, 80)

30 Natwest 1 362.00 Infinis refi (1, UK, 362)

31 LionTree Advisers 1 285.00 Hyperoptic (1, UK, 285)

32 Natixis 1 231.00 Herault (3, France 231)

33 ValeCap 1 202.00 Sonnedix refi (1, Italy, 202)

34 Absa 1 189.00 Central Termica de Ressano Garcia, (1, Mozambique, 189)

35 Synergy Consulting 1 163.00 Sharqiyah IWP (3, Oman, 163)

36 Investec 1 159.00 Saltend (1, UK, 159)

37 Consilium 1 101.00 Spalding (1, UK, 101)

Key

1 - Privately owned sponsors

2 - Government or government owned sponsors

3 – Bidders in a competition