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LEAGUE TABLES 44 Introduction 49 Loans 70 Bonds 77 Multilaterals 80 Advisors IN THIS SECTION

LEAGUE TABLES...Project Finance International auar 24 2018 45 2017 LEAGUE TABLES The renewables market remains strong but the M&A infraco market has fallen in Europe. Activity in the

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Page 1: LEAGUE TABLES...Project Finance International auar 24 2018 45 2017 LEAGUE TABLES The renewables market remains strong but the M&A infraco market has fallen in Europe. Activity in the

LEAGUE TABLES44 Introduction49 Loans70 Bonds

77 Multilaterals80 Advisors

IN THIS SECTION

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Project Finance International January 24 201844

THE GLOBAL PROJECT LOANS MARKET WAS DOWN 2.8% IN 2017 TO US$229.6BN. BUT PROJECT BOND AND INSTITUTIONAL INVESTOR ACTIVITY ROSE 46% TO US$63.7BN. THE COMMERCIAL PROJECT FINANCE MARKET, THEREFORE, ROSE BY 4.75% TO US$293.3M LAST YEAR. MULTILATERAL ACTIVITY IN THE DEVELOPING WORK WAS UP A THIRD TO US$26BN.

LOANS STATIC,BONDS UP

The Thomson Reuters 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 Thomson Reuters data teams across the world and PFI editorial staff.

In 2017, loan volumes dropped back by just 2.8% to US$229.6bn. This follows a general trend since 2015, which saw a record high of US$227.1bn. In 2016, the figure was down to US$236.4bn. That said, volumes in 2013 were a more modest US$204bn but in 2014 they were US$260bn.

The fact that loan volumes were fairly static between 2016 and 2017 is not a surprise. There were no big changes in the market between the two years and instead there were some more minor country-by-country shifts. The days of big monster LNG and petrochemical projects have been replaced by a steady stream of renewables and other smaller projects.

That said, both the Americas and Asia-Pacific were up in volume terms last year. The big fall was in the Europe, Middle East and Africa (EMEA) region

One big shift was the drop in the tables by Russia. The monster Yamal LNG scheme was financed in 2016 and not repeated last year so Russia fell. But activity in the US, a driver of

the global project finance market, picked up in 2017, by 25% to US$42.5bn. Canada was up 54% at US$7.4bn and the Americas region as a whole rose 13% to US$64.4bn.

Latin America was down 12% to US$14.5bn. Argentina dropped back last

year to US$1bn from US$2.4bn the previous year but still shows signs of growth. Mexico and Brazil saw increased loan volumes but Chile and Colombia were down.

Asia-Pacific saw a major jump in loan volumes, up 40% to US$80.3bn. This followed a slump in 2016 to US$57.2bn from US$76.2bn in 2015, when a big Taiwanese rail deal and Oyu Tolgoi were included. The recovery last year was due to jumps in loan volumes in countries such as India, Indonesia, the Philippines, Thailand and Pakistan. The larger markets – Australia and Japan – remained static at US$24.5bn and US$8.5bn respectively.

For the future, the Indonesian market in particular looks promising, with a range of power deals coming through, although PLN seems to be changing its policy on independent power projects (IPPs). Activity in India more than doubled last year to US$17.9bn, mainly due to a range of refinancings of previous deals.

If activity was up in Asia-Pacific, it was decidedly lower in EMEA, dropping by 38.5% to US$84.8bn. As said already, Russia saw a big drop, from US$19bn to less than US$1bn. There was, however, still a big LNG financing in the region, Coral LNG in Mozambique. Indeed, the African country, which defaulted on some debt in 2017, rose to second in the EMEA project loan tables behind the UK due to Coral LNG and the Nacala rail deal.

The big drop off can be put down to a range of factors, with reduced volumes in the M&A infraco sector, noticeably in countries such as Sweden. Markets such as Saudi Arabia, Kuwait and the Netherlands fell back.

GLOBAL TOP 10 FOR LOANS(2016 POSITION IN BRACKETS)

1 - MUFG (1)

2 - SBI Capital (9)

3 - SMBC (3)

4 - BNP Paribas (7)

5 - China Development Bank (2)

6 - Credit Agricole (5)

7 - ICBC (19)

8 - Mizuho (4)

9 - ING (8)

10 - Societe Generale (6)

GLOBAL TOP 10 FOR ADVISORIES CLOSED (2016 POSITION IN BRACKETS)

1 - KPMG (17)

2 - SBI Capital (12)

3 - Macquarie (6)

4 - BNP Paribas (15)

5 - Credit Agricole (34)

6 - Green Giraffe (20)

7 - DC Advisory (35)

8 - Evercore (36)

9 - Portland Advisers (1)

10 - SMBC (11)

GLOBAL TOP 10 FOR BONDS (2016 POSITION IN BRACKETS)

1 - Citi (1)

2 - JP Morgan (6)

3 - MUFG (4)

4 - HSBC (5)

5 - RBC (2)

6 - Santander (9)

7 - Goldman Sachs (9)

8 - Credit Agricole (16)

9 - SMBC (14)

10 - Societe Generale (3)

GLOBAL TOP 10 FOR ADVISORIES WON (2016 POSITION IN BRACKETS)

1 - EY (1)

2 - Synergy Consulting (3)

3 - PwC (2)

4 - SMBC (8)

5 - Green Giraffe (5)

6 - MUFG (6)

7 - Societe Generale (4)

8 - Credit Agricole (7)

9 - Natixis (13)

9 - TASC (10)

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Project Finance International January 24 2018 45

2017 LEAGUE TABLES

The renewables market remains strong but the M&A infraco market has fallen in Europe. Activity in the Middle East has been patchy but should pick up this year.

The global bond and institutional investor market had a decent year, as was expected given all the hype in the market. Volumes rose to US$63.7bn from US$43.6bn in 2016 and US$35.3bn in 2015. However, volumes had reached US$50bn in 2014, so project bonds are not new!

Volumes in Canada remained static in 2017 at US$3.6bn, but in the other big markets, such as the US, the UK and Mexico, they were up. What is more, Abu Dhabi, Italy and Indonesia made big splashes in the tables.

There were a lot more countries with project bonds in 2017. Issuance in the power sector jumped nearly US$15bn to US$25.5bn and even in the oil and gas sector volumes rose.

Multilateral activity in the developing world was up 34% to US$$26.8bn. The mega deals were the Coral LNG and Nacala transactions in Mozambique and the Matarbari coal-fired power project in Bangladesh. Mozambique topped the tables, followed by Indonesia, Bangladesh, Pakistan, Turkey and Jordan. Egypt was next up, even though it had 29 smaller solar deals.

MUFG once again topped the global loans tables. But changes are afoot. India’s SBI Capital went back into second place on the back of refinancings in India and SMBC was, as expected, third. BNP Paribas, however leapt to fourth, ahead of the Chinese banks China Development Bank and ICBC and Credit Agricole. Mizuho dropped to eighth.

The big three Japanese bank share of global loan volumes therefore dropped from 14.4% to 11.7%. The Chinese wall of money is coming but the Chinese are not taking over the market by any means.

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 Thomson Reuters 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 2017 league tables will now go on the Thomson Reuters Deals Intelligence site (http:// dmi.thomsonreuters.com/). To ease the league table process in 2017, it is worth keeping PFI and Thomson Reuters staff up to-date.

Contact PFI’s Rod Morrison (London 44 207 542 8329), Thomson Reuters’ 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 2017 TABLES The rules

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The big three French banks – BNP Paribas, Credit Agricole and Societe Generale – remained in the top 10, with Natixis dropping to 13th.

Citi kept its position at the top of the global bonds table, with JP Morgan, which had a noticeably growing presence in the project bond market, moving up to second. MUFG,

which had been top at times in this table during the year, ended up a very respectable third.

KPMG topped the advisories closed table for the first time on the back of a very rounded performance across the globe. SBI advised on Indian refinancings while Macquarie, BNP Paribas and Credit Agricole made up the top five. EY, Synergy Consulting and PwC won headed the advisories won table.

AmericasProject finance volume for 2017 came in at US$64.4bn for the Americas, up from US$55.9bn in 2016, as the uncertainty of tax reform fuelled a push to get renewables deals closed.

Of that total, US$42.5bn was done in the US, up from US$33.8bn in the prior year. US volume was nearly six times that of its closest competitor nation in the Americas, Canada, which saw more than US$7.4bn in deals booked, up from US$4.6bn the previous year.

Mexico took the third top slot in the Americas from Chile, with US$4.9bn in completed deals, followed by Brazil, with just over US$2bn and Costa Rica, with more than US$1.6bn. Chile dropped to the seventh slot with only US$986.8m, down from US$4.3bn in the previous year.

Costa Rica’s advance to the top five was aided by a pair of large deals backing waterworks and power projects, which were driven by multilateral lenders. Chile’s dive down the list was helped by a lack a large power and transmission deals of the type that flowed in 2016.

There also was a bit of a reset in the country’s development phase, with a number of tenders and auctions announced last year that are likely to achieve financial close soon and see the country bounce back in 2018.

S&P also downgraded Chile’s long-term foreign currency rating to A+ from AA-, the country’s

first downgrade since the 1990s, as weak business confidence and low prices for key export copper negatively impacted revenues.

Power deals led

the activity for the Americas, with US$41.7bn in transactions, up from US$32.8bn in 2016. Power transactions were spread over 157 deals, up from 148 in the prior year.

More than US$14bn was done in the oil and gas sector, up from US$11.8bn. The transportation sector saw more than US$4bn in deals, down from US$7.8bn in the prior year.

Mitsubishi UFJ led the Americas for the eighth consecutive year, with more than US$4.8bn in completed transactions, down from US$5.4bn in 2016. The bank completed 57 deals, down from 72 in the prior year and representing 7.5% of Americas loans.

MUFG remained extremely active in single asset gas-fired and renewable transactions in the US and Canada as it led some of the key transactions of the year, including AES Southland, a bank/bond financing backing a repowering initiative, and Carso Gasoducto Norte, a US$535m long-term financing backing the 380 mile Samalayuca–Sasabe natural gas pipeline in Chihuahua and Sonora states.

Volume was also positively impacted by its diversification, with a continuing significant presence in Latin America as well as some Term Loan B lending, refinancings, and select public-private partnerships.

Morgan Stanley stole the number two slot from SMBC and was not far behind MUFG, with more than US$4.6bn. Morgan Stanley’s activity was spread across far fewer deals, with 15 completed. The bank took a lead role on the majority of the large Term Loan B transactions completed throughout the year. SMBC fell to number three, followed by RBC and Santander rounding out the top five.

The US again led the way internationally on bond volume, with US$18.8bn completed, up from US$13.6bn in the prior year. Canadian issuance increased slightly to US$3.8bn from US$3.6bn.

The story for Latin America was that a number of sectors and trends have reached a maturity level that saw them have a real impact on league tables.

Mexico’s place atop the league tables was largely driven by an incredibly active power sector. Following the Energy Reform enacted by Enrique Peña Nieto’s government, the country is now booking a steady flow of renewables deals as auction processes reached debt package closing time in 2017, while CCGTs such as Norte III and pipelines like Fermaca’s El Encino project are offering up deals in the US$500m to US$1bn range for bankers.

Brazil too seems to be making a comeback after a couple of years of depression brought on by the lavo jato corruption probes, but is still reliant on large individual deals rather than a steady flow.

There has been a precipitous rise in the projects that are looking to incorporate a bond solution as part of their financing structures.

Mexico again led the way. The country posted a region-topping total of US$4.6bn, up from US$2.7bn in the prior year, which was up from nearly nothing in 2015. Activity increased significantly as newly-minted Certificados de

Project Finance International January 24 201846

MULTILATERAL TOP 5 FOR EMERGING MARKETS (2016 POSITION IN BRACKETS)

1 - JICA (18)

2 - JBIC (1)

3 - Sinosure (-)

4 - Nexi (-)

5 - Kexim (2)

MULTILATERAL TOP 5 FOR DEVELOPED MARKETS (2016 POSITION IN BRACKETS)

1 - EIB (1)

2 - EBRD (-)

3 - World Bank (-)

4 - Euler Hermes (-)

5 - BSTDB (-)

AMERICAS TOP 5 FOR LOAN ARRANGERS (2016 POSITION IN BRACKETS)

1 - MUFG (1)

2 - Morgan Stanley (10)

3 - SMBC (2)

4 - RBC (37)

5 - Santander (3)

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Project Finance International January 24 2018 47

2017 LEAGUE TABLES

Capital de Desarrollo (CKDs) hit the market and mega-projects sought bond deals.

High on the bond league tables were countries such as Colombia, Chile, Peru, and second-place in the region Argentina, which having been locked out of international debt markets for more than a decade looks to be making up for lost time.

Colombia’s 4G transportation build-out has seen institutional investors join the fray and drive up bond numbers, while the power sectors in Chile and Peru have also afforded opportunities. A slowly emerging institutional investor market in the region could also mean this sector continues to grow as the pool of capital becomes larger.

Brazilian bank Itau Unibanco was the most prominent of the local lenders in the league tables, with Mexico’s Banca de Desarrollo and Peru’s Credicorp rounding out the top three banks from the region. Local lenders are starting to become more active, but the tickets they can take and their terms often see them pushed out in favour of the more prominent global project finance players.

Asia-PacificThe year 2017 ended robustly, with volumes of project finance activities surging to US$80.38bn, up a significant 40% from that of the US$57.24bn registered in the previous year. This is also the highest volume of transactions seen over the last five years, since 2013 which registered a volume of US$91.52bn.

The top arranger position goes to State Bank of India, which together with investment banking arm SBI Capital led 22 deals worth US$10.4bn. India is slowly picking up the pieces after a few years of slowdown, and its lending activities, which are largely refinancing facilities, have kept it in pole position.

It is noteworthy that, despite the slower Indian economy, SBI has maintained its lead position in the region during the last 13 years since 2005, except for one year, 2015, when Bank of Taiwan stole the limelight with its one-off massive US$12bn high speed rail financing.

In 2017, China’s Belt & Road Initiative (BRI), formerly called One Belt One Road (OBOR), made its presence felt on the league tables. Two Chinese banks are in the top 10. One is China Development Bank, which climbed to second from 10th in 2016, and the other ICBC, China’s largest bank, which rocketed to seventh from the previous 25th.

Financing in the region is rarely without the presence of a Japanese bank, and it is certainly not surprising that the three Japanese megabanks – MUFG, Mizuho and SMBC – are among the top arrangers, ranked third, fourth and fifth respectively.

One surprise, however, is the appearance of a Philippine bank in the top 10. Bank of the Philippine Islands, with its investment arm BPI Capital, is ranked sixth, with six deals worth US$2.8bn. The bank, possibly the oldest commercial lender in the country, is part of

the huge Ayala conglomerate.

Another surprise is Axis Bank, which shot up to eighth from an obscure 26th, just behind ICBC. Axis was last seen in this group in 2013. Rounding up the top 10 are KDB (ninth) and ANZ (10th).

The Asia-Pacific region was once again a place to do business, with Australia ranking number one in the region and second on the global scale.

India, Indonesia and Japan continued to be active markets as they filled up the next three ranks – second, third, and fourth, respectively, in the region. They also kept a high profile in the global market as they took the fourth, fifth and sixth places there. The Philippines completes the top five markets in the region.

Australia recorded 66 deals worth US$24.5bn, while its Asia-Pacific rival India recorded 96 deals worth US$17bn and Indonesia had 12 deals worth US$13bn.

As a reflection of the active renewables sector in Japan, particularly solar, that country recorded 50 deals worth US$8bn in total.

After that the deal numbers somewhat dropped but remained significant. South Korea recorded 11 deals worth US$3.5bn, mainly in the PPP sector, and the Philippines completed six transactions worth US$3.7bn, of which the US$2.2bn Atimonan One Energy power deal was one of the largest.

Pakistan has been creeping up the deal ladder with three deals worth US$2.9bn, its biggest being the US$1.4bn Karot Power Co hydroelectricity project. Thailand also recorded three deals worth US$2.4bn.

Elsewhere in Asia-Pacific it was relatively quiet, with China and Bangladesh recording two deals each worth a combined US$766m and Malaysia, Myanmar, Cambodia, New Zealand and Mongolia completing one transaction each.

The region’s power sector continued to be the busiest, with 170 deals worth US$42.8bn being completed, more than half the total volume. The sale of the New South Wales poles and wires company Endeavour Energy to Advance Energy was the standout power deal.

The transportation sector was the second most active, with toll roads dominating financing activities. There were 43 deals worth US$21.5bn inked during the year. The largest was the US$4.5bn financing for Kereta Cepat Indonesia China, a joint venture between China Railway Corp and Kereta Api Indonesia (Indonesian Railways Co) to construct the Jakarta to Bandung high-speed rail project.

Despite the absence of new LNG terminal deals, the oil and gas sector raised US$6bn for 13 projects. The most notable was the refinancing of the Ichthys LNG project. The leisure and property sector had 16 deals worth US$3.3bn, with the standout deal being the US$1.3bn sale of the South Australian land titles office.

ASIA PACIFIC TOP 5 FOR LOAN ARRANGERS (2016 POSITION IN BRACKETS)

1 - SBI Capital (1)

2 - China Development Bank (10)

3 - MUFG (2)

4 - Mizuho (3)

5 - SMBC (4)

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Project Finance International January 24 201848

Financing of industrial deals was not as active, with only three transactions worth US$2.2bn reported, while mining completed US$2bn worth of deals spread among six projects.

The petrochemical industry sector saw three deals worth US$1.8bn, with the US$1.2bn Pengerang oil terminal deal in Malaysia the largest such deal.

The telecoms and water and sewerage sectors were relatively quiet, recording two deals worth US$246m and US$138m respectively.

EMEAProject finance loan volumes in the Europe, Middle East & Africa (EMEA) region fell back 31.2% from 2016 to 2017. The total fell from US$123.3bn to US$84.8bn.

Around half the drop can be put down to the fact the Yamal LNG project in Russia was financed in 2016, with the debt raising reaching US$19bn on one deal. There was a big M&A financing in Sweden, the large Liwa project in Oman in 2016 as well and the TCO deal in Kazakhstan.

But in 2017 there was the large Quadgas M&A deal in the UK plus the two big financings in Mozambique – Coral LNG and Nacala rail.

The market has shifted from large-scale projects to smaller renewables-type projects with the odd large-scale offshore wind farm thrown in. That said, the number of deals dropped in 2017 as well, from 387 down to 319.

There was a big drop in deals in the Gulf, down from US$28.5bn in 2015 and US$27.2bn in 2016 to just US$11.2bn in 2017. Activity in the region has been building up over the past year and there is now the prospect of decent deal flow into 2018. Large-scale solar has been introduced into the Gulf. But deal volumes have dropped off.

Volumes in Africa rose again in 2017 to US$11.5bn, mainly on the back of the

Mozambique deals. The figure in 2016 was US$5.2bn, down from US$10.5bn in 2015. Turkey was static at US$3.6bn.

Project bond issuance was US$24.2bn in the EMEA region, up from US$17bn in 2016. This 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.

BNP Paribas shot to the top of the loans table, recording a total of US$4.6bn from 44 deals well spread across the region. Credit Agricole was second, leaving MUFG, which has topped the table in previous years, in third. NordLB just missed out on the Top 10 table but still managed to book 34 deals in its US$1.7bn total.

There were two Chinese banks in the Top 10 this year. ICBC is building up a presence across the globe and came in eighth in EMEA. Bank of China was in 10th with US$1.9bn. The big loan power-houses made up the rest of the Top 10 - SMBC, Societe Generale, ING, Santander and Natixis.

Activity in the main sectors dropped - power was down, perhaps surprisingly, from US$46.9bn to US$38.2bn, oil and gas was down, not surprisingly, from US$28.3bn to U$17.6bn and transport was down from US$18.3bn to US$16.7bn. PPPs were up slightly to US$5bn but petrochemicals fell from US$13.2bn in 2016 to zero.n

EMEA TOP 5 FOR LOAN ARRANGERS (2016 POSITION IN BRACKETS)

1 - BNP Paribas (4)

2 - Credit Agricole (5)

3 - MUFG (2)

4 - SMBC (3)

5 - Societe Generale (7)

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AMERICAS P3 vision for JFK airport � Dynergy to reprice Engie loans

ASIA PACIFIC Asset M&A comes to Asia � Aussie gas market heats up

EMEA French power grid funded � New bonds for Italian solar

FEATURES Corporate PPAs to Asia � Refinancing French toll roads

INSIDE THIS ISSUE…

JANUARY 11 2017 ISSUE 592 www.pfie.com

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Project Finance International January 24 2018 49

2017 LEAGUE TABLES

GLOBAL INITIAL MANDATED LEAD ARRANGERS

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

1 Mitsubishi UFJ 12,180.6 5.3 130

2 State Bank of India 10,388.1 4.5 22

3 SMBC 9,106.1 4.0 107

4 BNP Paribas 6,687.0 2.9 71

5 China Development Bank 6,590.2 2.9 3

6 Credit Agricole 6,164.9 2.7 71

7 ICBC 6,115.5 2.7 35

8 Mizuho Financial 5,733.7 2.5 48

9 ING 5,695.1 2.5 78

10 Societe Generale 5,607.6 2.4 71

11 Santander 5,210.1 2.3 75

12 Morgan Stanley 4,657.5 2.0 15

13 Natixis 4,557.9 2.0 53

14 Bank of China 3,842.8 1.7 19

15 RBC Capital Markets 3,574.1 1.6 26

16 Barclays 3,283.6 1.4 23

17 CIBC 3,191.8 1.4 24

18 Korea Development Bank 2,865.8 1.3 24

19 HSBC 2,813.7 1.2 24

20 Bank of the Philippine Islands 2,807.6 1.2 6

21 Nord/LB 2,749.2 1.2 51

22 Goldman Sachs 2,695.4 1.2 12

23 CBA 2,438.8 1.1 34

24 NAB 2,303.9 1.0 35

25 Axis Bank 2,265.5 1.0 9

26 JP Morgan 2,254.4 1.0 8

27 KfW IPEX-Bank 2,167.6 0.9 30

28 Bank of America Merrill Lynch 2,111.5 0.9 18

29 Scotiabank 2,109.0 0.9 12

30 Development Bank of Japan 2,039.7 0.9 16

31 Deutsche Bank 1,991.5 0.9 14

32 Cooperatieve Rabobank 1863.3 0.8 30

33 Standard Chartered 1681.1 0.7 14

34 ANZ 1676.9 0.7 20

35 UniCredit 1665.8 0.7 30

36 Westpac Banking 1628.2 0.7 18

37 CaixaBank 1594.1 0.7 28

38 Credit Suisse 1583.2 0.7 10

39 Citi 1562.9 0.7 17

40 RBS 1515.2 0.7 19

41 ABN AMRO 1439.3 0.6 16

42 China Construction Bank 1341.6 0.6 6

43 TD Securities 1322.4 0.6 4

44 Jefferies 1198.2 0.5 4

45 Indusind-Bank 1125.6 0.5 17

46 Intesa Sanpaolo 1102.2 0.5 19

47 DBS 1097.9 0.5 12

48 Siemens Financial 1097.6 0.5 19

49 BMO Capital Markets 1083.8 0.5 13

50 Philippine National Bank 1056.3 0.5 1

51 Yes Bank 1055.3 0.5 18

52 Investec 1030.6 0.5 15

53 ICICI Bank 1000.3 0.4 11

54 Shinsei Bank 941.6 0.4 14

55 Norinchukin Bank 940.9 0.4 6

56 Landesbank Hessen-Thueringen 911.6 0.4 12

57 Credit Mutuel 903.5 0.4 13

58 CoBank 886.1 0.4 15

59 SEB 834.7 0.4 11

60 Lloyds Bank 825.5 0.4 11

61 BBVA 823.4 0.4 20

62 DZ Bank 819.2 0.4 10

63 Bangkok Bank 792.0 0.3 2

64 GE Capital 756.7 0.3 11

65 KeyBanc Capital Markets 756.6 0.3 13

66 Groupe BPCE 741.5 0.3 12

67 Banco de Sabadell 720.7 0.3 17

68 Macquarie Group 688.1 0.3 7

69 CIT Group 671.9 0.3 12

70 Bayerische Landesbank 670.0 0.3 9

71 UOB 666.6 0.3 5

72 OCBC 660.3 0.3 6

73 IDFC 647.7 0.3 7

74= Krung Thai Bank 635.8 0.3 1

74= Siam Commercial Bank 635.8 0.3 1

76 HSH Nordbank 632.4 0.3 11

77 Commerzbank 631.7 0.3 7

78 Shinhan Financial 629.5 0.3 2

79 Allied Irish Banks 627.9 0.3 11

80 National Bank of Canada Fin'l 611.8 0.3 10

81 Sumitomo Mitsui Trust 603.0 0.3 4

82 Clean Energy Finance 602.2 0.3 10

83 Wells Fargo 586.4 0.3 6

84 KfW Bankengruppe 576.1 0.3 6

85 United Bank for Africa 559.2 0.2 3

86 UBS 511.9 0.2 4

87 Itau Unibanco 465.7 0.2 6

88 Gazprombank 463.7 0.2 6

89 Bank of Communications 453.3 0.2 3

90 Clifford Capital 437.0 0.2 3

91 L&T Financial Services 418.2 0.2 5

92 KB Financial Group 416.9 0.2 3

93 Evergrowing Bank 400.0 0.2 1

94 European Arab Bank 391.4 0.2 5

95 DNB ASA 379.7 0.2 6

96 La Banque Postale 375.5 0.2 5

97 Unione di Banche Italiane 356.8 0.2 11

98 Bpifrance 342.3 0.2 10

99= Rand Merchant Bank 330.4 0.1 3

99= Yevraziyskiy Bank 330.4 0.1 2

101 Iyo Bank 330.2 0.1 4

102 Banca de Desarrollo 327.8 0.1 1

103 Standard Bank 316.0 0.1 4

104 New Development Bank 306.7 0.1 1

105 Alpha Bank 302.1 0.1 1

106 Sberbank 285.8 0.1 2

107 Erste Group 280.4 0.1 3

108 PNC Financial Services 279.6 0.1 1

109 SunTrust Banks 246.2 0.1 5

110 First Abu Dhabi Bank 241.7 0.1 2

111 Interritus 237.5 0.1 3

112 Access Bank 230.4 0.1 2

113 Canara Bank 225.5 0.1 1

114 Banco De Oro Unibank 224.4 0.1 2

115 Associated Banc-Corp 222.6 0.1 4

116 Indian Renewable Energy 220.7 0.1 1

117 Silicon Valley Bank 216.3 0.1 4

118 KBC Group 208.0 0.1 3

119 Zions Bancorp 202.5 0.1 4

120 Industrial Bank of Korea 197.1 0.1 3

121 Banco Bradesco 196.2 0.1 3

122 Agricultural Bank of China 195.1 0.1 2

123 Turkiye Is Bankasi 193.9 0.1 4

124 Malayan Banking 189.0 0.1 2

125 Credicorp 187.5 0.1 2

126 BFA Tenedora de Acciones 182.7 0.1 8

127= Arab National Bank 178.0 0.1 1

127= Bank Al Bilad 178.0 0.1 1

127= Banque Saudi Fransi 178.0 0.1 1

127= Natl Comml Bank Saudi Arabia 178.0 0.1 1

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50 Project Finance International January 24 2018

GLOBAL INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

127= Riyadh Bank 178.0 0.1 1

127= Samba Financial 178.0 0.1 1

127= Saudi British Bank 178.0 0.1 1

134 Emerging Africa Infrastructure 165.4 0.1 3

135= Bank Muscat 164.2 0.1 2

135= Qatar National Bank 164.2 0.1 2

135= Sohar Bank 164.2 0.1 2

138 Union National Bank of UAE 163.8 0.1 1

139 Alberta Treasury Branches 162.6 0.1 2

140 Banco Comercial Portugues 160.9 0.1 2

141 Rizal Commercial Banking 156.3 0.1 1

142 Korea Exchange Bank 149.2 0.1 3

143 Grupo Financiero Inbursa 148.1 0.1 1

144 AMMB 138.9 0.1 1

145 Turkiye Garanti Bankasi 137.8 0.1 4

146 Eastern and Southern African 135.0 0.1 2

147 Nishi-Nippon Finl 132.3 0.1 5

148 Yapi Ve Kredi Bankasi 130.6 0.1 3

149 Bank Nederlandse Gemeenten 129.9 0.1 2

150 Banco Portugues Investimento 129.7 0.1 4

151 Old Mutual 127.1 0.1 2

152 Banesco Banco Universal 126.9 0.1 2

153 Natl Coml Bk of Jamaica 125.0 0.1 1

154 GESF Credit 124.7 0.1 1

155 Akita Bank 124.0 0.1 1

156 Cassa Depositi e Prestiti 117.8 0.1 2

157 DGZ-DekaBank 116.7 0.1 2

158= Bank of Ireland 116.3 0.1 3

158= Wilmington Trust 116.3 0.1 1

160 Arkea Banque Entreprises 115.5 0.1 2

161 ASN Bank 110.7 0.1 2

162 Bicecorp 108.0 0.1 2

163 Desjardins Group 102.8 0.0 2

164 Zuercher Kantonalbank 95.6 0.0 1

165= Turkiye Halk Bankasi 94.6 0.0 1

165= Ziraat Bankasi 94.6 0.0 1

167 Chiba Bank 91.6 0.0 1

168 Al-Ahli United Bank 91.4 0.0 1

169 Woori Financial 90.7 0.0 2

170= Magyar Kulkereskedelmi Bank 90.6 0.0 1

170= Raiffeisen Bank International 90.6 0.0 1

172 Bankinter 88.1 0.0 3

173= Grupo Aval Acciones y Valores 84.4 0.0 1

173= Sociedades Bolivar 84.4 0.0 1

175= Arab Banking Corp 79.7 0.0 2

175= Hana Financial 79.7 0.0 1

175= NongHyup Financial 79.7 0.0 1

178 HDFC Bank 79.3 0.0 1

179 NH Investment & Securities 77.7 0.0 2

180= Kasikornbank 74.3 0.0 1

180= Kiatnakin Bank 74.3 0.0 1

182 Oriental Bank of Commerce 74.2 0.0 1

183= Ahli Bank 72.8 0.0 1

183= Bank Dhofar 72.8 0.0 1

183= National Bank of Kuwait 73 0.0 1

186 Landesbank Saar Girozentrale 70.8 0.0 1

187= Bank Mandiri 70.5 0.0 1

187= Bank Negara Indonesia 70.5 0.0 1

187= Bank Rakyat Indonesia 70.5 0.0 1

190 Australian Super 70.3 0.0 1

191 Banco BPM SpA 70.1 0.0 2

192 Regions Financial 69 0.0 1

193 Danske Bank 65.7 0.0 1

194 Bank of Valletta 65.3 0.0 1

195= Arab Bank 63.7 0.0 1

195= MashreqBank 63.7 0.0 1

195= Portigon 63.7 0.0 1

198= AK Bank 63.3 0.0 1

198= Capital One Financial 63.3 0.0 1

198= China Merchants Bank 63.3 0.0 1

198= Turkiye Sinai Kalkinma Bankasi 63.3 0.0 1

202 Landesbank Baden-Wurttemberg 56.9 0.0 2

203 EFG Group 56.4 0.0 1

204 NRW Bank 56.1 0.0 1

205= AG Finance 55.4 0.0 1

205= Argenta Sparbank 55.4 0.0 1

207= Aditya Birla Finance 54.8 0.0 1

207= Union Bank of India 54.8 0.0 1

209 Bridge Finance 53.7 0.0 1

210 Power Finance Corp 52.5 0.0 2

211 Triodos Bank 52.3 0.0 2

212 QNB Corp 51.5 0.0 1

213 IDBI Bank 51.1 0.0 1

214= Cathay Financial 50.1 0.0 1

214= First Financial 50.1 0.0 1

216 Hokuetsu Bank 46.4 0.0 1

217 Mediobanca 45 0.0 1

218 Banco Galicia y Buenos Aires 43.9 0.0 1

219= Banco Atlantida 43 0.0 1

219= Banco Ficensa 43 0.0 1

219= Corporacion Tenedora Bac Com 43 0.0 1

219= Grupo Financiero Ficohsa 43 0.0 1

223 DEG-Deutsche Finanz 39.6 0.0 1

224= Banca Popolare Emilia Romagna 37.5 0.0 2

224= Banco do Brasil 37.5 0.0 1

226 Turkiye Vakiflar Bankasi 36 0.0 2

227= Bank Hapoalim 35.7 0.0 1

227= Israel Discount Bank 35.7 0.0 1

229 East West Bank 35 0.0 1

230 Banca Popolare di Milano 28 0.0 2

231 Oesterreichische Kontrollbank 27.8 0.0 1

232 Caterpillar Financial Services 26.7 0.0 1

233 Aozora Bank 25.1 0.0 1

234 Nomura 24 0.0 1

235 1st Source Bk,South Bend 20.4 0.0 1

236= BMPS 19.8 0.0 1

236= Banca Picc Cred Valt 19.8 0.0 1

236= Banca Popolare di Sondrio 19.8 0.0 1

239 Banco Cooperativo Espanol 19.4 0.0 2

240 Dexia 18.6 0.0 1

241 Antares Capital 18.3 0.0 1

242 Hypo Real Estate 16.4 0.0 1

243 Atlas Mara 16 0.0 1

244 Odea Bank 15 0.0 1

245 Cajas Rurales Unidas 11.7 0.0 1

246= Banca Popolare di Bari 11.6 0.0 1

246= Banca Popolare Puglia Basilica 11.6 0.0 1

248 Haitong Securities 11 0.0 1

249 Istituto Per il Cred Sportivo 10.9 0.0 1

250 TBC Bank 8.7 0.0 1

251= Caixa Geral de Depositos 7.7 0.0 1

251= Caja de Ahorros y M Zaragoza 7.7 0.0 1

253 Unicaja 7.6 0.0 1

254 Bred Bank 6 0.0 1

255 Commercial Intl Bank 3.1 0.0 1Total *229,638.2 100.0 791

*Proportional Credit

Source: Thomson Reuters

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Project Finance International January 24 2018 51

2017 LEAGUE TABLES

GLOBAL LOANS BY COUNTRY

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

Power 122,812.5

Transportation 42,359.2

Oil and gas 37,665.2

PPP 9,051.5

Industry 7,198.0

Mining 3,992.8

Telecommunications 2,408.2

Petrochemicals 2,072.9

Water and sewerage 1,707.9

Waste and recycling 285.8

Total 229,638.2

GLOBAL LOANS BY SECTOR

Sector Volume (US$m)

United States of America 42,505.7 18.5 131

Australia 24,568.0 10.7 66

United Kingdom 21,159.0 9.2 58

India 17,932.8 7.8 96

Indonesia 13,813.6 6.0 12

Japan 8,538.0 3.7 50

Mozambique 7,664.5 3.3 3

Canada 7,466.4 3.3 28

Spain 5,383.6 2.3 37

France 5,293.5 2.3 42

Mexico 4,986.1 2.2 15

Germany 4,517.6 2.0 26

Italy 3,931.3 1.7 32

Philippines 3,775.9 1.6 6

Turkey 3,640.3 1.6 10

Pakistan 2,947.2 1.3 3

South Korea 2,783.0 1.2 11

Nigeria 2,774.2 1.2 3

Netherlands 2,730.7 1.2 10

Israel 2,625.0 1.1 3

United Arab Emirates 2,491.5 1.1 4

Saudi Arabia 2,489.7 1.1 3

Egypt 2,481.6 1.1 14

Thailand 2,454.4 1.1 3

Brazil 2,091.7 0.9 8

Jordan 2,005.0 0.9 4

Costa Rica 1,699.1 0.7 2

Belgium 1,627.8 0.7 5

Oman 1,368.0 0.6 2

Malaysia 1,250.0 0.5 1

Republic of Ireland 1,125.9 0.5 8

China 1,106.9 0.5 2

Greece 1,083.9 0.5 2

Argentina 1,011.5 0.4 8

Portugal 1,002.7 0.4 3

Hungary 996.3 0.4 1

Chile 986.8 0.4 5

Russian Federation 969.9 0.4 6

US Virgin Islands (United States) 905.0 0.4 2

Sweden 865.6 0.4 3

Colombia 843.0 0.4 4

Bahrain 725.8 0.3 1

Guyana 720.0 0.3 1

Finland 699.1 0.3 4

Luxembourg 689.7 0.3 1

Malta 522.4 0.2 1

Peru 512.0 0.2 3

Azerbaijan 500.0 0.2 1

Serbia 494.2 0.2 3

Switzerland 477.8 0.2 1

Bangladesh 434.7 0.2 2

Kenya 421.0 0.2 2

Rwanda 346.6 0.2 3

Marshall Islands 326.6 0.1 2

Uruguay 288.4 0.1 3

Poland 262.8 0.1 1

Myanmar(Burma) 250.0 0.1 1

Norway 228.5 0.1 2

Kazakhstan 184.5 0.1 2

Honduras 172.0 0.1 1

Madagascar 148.4 0.1 1

Austria 133.5 0.1 3

Jamaica 125.0 0.1 1

Zimbabwe 120.0 0.1 1

New Zealand 112.0 0.1 1

Kyrgyzstan 110.0 0.1 1

South Africa 79.1 0.0 1

Mongolia 78.5 0.0 1

Burkina Faso 76.6 0.0 2

Bulgaria 72.6 0.0 1

Aruba 71.4 0.0 1

Mali 69.6 0.0 1

Denmark 65.2 0.0 2

Armenia 50.0 0.0 1

Panama 47.3 0.0 1

Ivory Coast 40.0 0.0 1

Uganda 39.0 0.0 1

Tunisia 28.0 0.0 1

Georgia 14.3 0.0 1

Cambodia 9.2 0.0 1

Total 229,638.2 791

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Project Finance International January 24 201852

1 Mitsubishi UFJ 4,819.5 7.5 57 Aela Wind Project (Chile, 87.0), AES Southland LLC (United States of America, 101.9), Atlantic Power Corp (United States

of America, 135.8), Atlantic Power Corp (United States of America, 140.8), Buckthorn Solar Portfolio LLC (United States of

America, 46.6), Calhoun Power Co I LLC (United States of America, 69.0), Calpine Constr Finance Co LP (United States

of America, 76.9), Calpine Devlpment Holdings Inc (United States of America, 75.0), Carlsbad Energy Holdings LLC (United

States of America, 40.2), Carso Gasoducto Norte SA de Cv (Mexico, 107.0), CD Global Solar CA Beacon 2 (United States

of America, 36.5), CD Global Solar CA Beacon 5 (United States of America, 30.9), Citizens Pking Intermediate (United

States of America, 63.3), Compass Power Generation Llc (United States of America, 405.0), Cornerstone Natural Gas Co

(United States of America, 24.3), CPV Fairview LLC (United States of America, 53.2), CSOLAR 4 West (United States of

America, 19.0), Cubico Alten Aguascalientes (Mexico, 166.6), Cubico Alten Aguascalientes (Mexico, 126.0), Delaware Basin

Residue LLC (United States of America, 70.7), Dominion Solar Projects III (United States of America, 101.7), EFS Cogen

Holdings I LLC (United States of America, 157.7), Esa Managing Member Phase Iii (United States of America, 37.2), Fin Acq

Inc Spv (United States of America, 76.0), Fpso Liza Destiny (Guyana, 65.5), Grand Valley II LP (Canada, 59.4), Gridiron

Funding LLC (United States of America, 71.5), Henvey Inlet Wind (Canada, 83.0), Hickory Run Energy LLC (United States

of America, 37.5), Indigo Plain Solar Holdings (United States of America, 47.9), J-Power USA Generation LP (United States

of America, 78.8), Link 427 General Partnership (Canada, 23.5), Longleaf Solar Holdings (United States of America, 44.9),

Mackinaw Power LLC (United States of America, 81.9), Maher Terminals LLC (United States of America, 70.0), Marco DM

Holdings LLC (United States of America, 34.2), McCoy Solar Funding LLC (United States of America, 113.3), Mesquite Power

LLC (United States of America, 89.7), Michigan Power LP (United States of America, 60.0), Midway Solar Llc (United States

of America, 47.5), Northland Power Solar III (Canada, 97.2), Northland Power Solar IV (Canada, 38.5), Ohio State Energy

Partners LLC (United States of America, 35.0), Oneta Energy[Calpine Corp] (United States of America, 18.3), Persimmon

Creek Wind Farm I (United States of America, 63.0), RA Generation Funding LLC (United States of America, 40.6), RA

Generation Funding LLC (United States of America, 37.1), Rideau Transit Fin Stage 2 GP (Canada, 10.3), Roadrunner Solar

Portfolio (United States of America, 36.3), Silver State Solar Power S LLC (United States of America, 199.8), Soc De Inv El

Carmen Spa Therm (Chile, 35.0), Solar Pk Viborillas (Mexico, 31.5), Spruce Generation Funding LLC (United States of

America, 51.9), TPF II LC LLC (United States of America, 545.7), Veresen Mid (United States of America, 140.3), WG Partners

Acquisition LLC (United States of America, 117.3), Windlectric Inc (Canada, 65.1)

2 Morgan Stanley 4,657.5 7.2 15 Aspen Gas Portfolio SPV (United States of America, 37.3), Bcp Renaissance Parent Llc (United States of America, 1,250.0),

Calpine Constr Finance Co LP (United States of America, 76.9), Cheniere Energy Inc (United States of America, 250.0),

Compass Power Generation Llc (United States of America, 405.0), EFS Cogen Holdings I LLC (United States of America,

157.7), Eig Elc Hldg Ii Llc (United States of America, 45.4), ExGen Renewables IV LLC (United States of America, 850.0),

Glass Mountain Pipeline LLC (United States of America, 162.5), Limetree Bay Terminals LLC (US Virgin Islands, 220.0),

Limetree Bay Terminals LLC (US Virgin Islands, 232.5), Ls Power Bath Cnty (United States of America, 16.7), Nautilus Power

(United States of America, 216.7), Nautilus Power (United States of America, 191.2), TPF II LC (United States of America, 545.7)

3 SMBC 2,508.9 3.9 40 A30 Highway Project (Canada, 22.5), Abeinsa Juarez N-III SA de CV (Mexico, 124.7), Acciona Wasterwater Solutions

(Canada, 79.3), Aela Wind Project (Chile, 87.0), Agua Caliente Borrower 1 LLC (United States of America, 52.6), BIF II Safe

Harbor Hldg III (United States of America, 30.0), Buckthorn Solar Portfolio LLC (United States of America, 46.6), Calpine

Devlpment Holdings Inc (United States of America, 75.0), Carlsbad Energy Holdings LLC (United States of America, 40.2),

Carso Gasoducto Norte SA de Cv (Mexico, 107.0), CED Upton County Solar (United States of America, 28.5), Citizens Pking

Intermediate (United States of America, 63.3), Coronal Gulf I Holdings LLC (United States of America, 40.3), Coronal Gulf

II Holdings (United States of America, 53.4), Coronal Gulf III Holdings (United States of America, 68.7), Cricket Valley

Project (United States of America, 105.2), Delaware Basin Residue LLC (United States of America, 70.7), Eig Elc Hldg Ii Llc

(United States of America, 45.4), FM Coal LLC (United States of America, 26.7), Fpso Liza Destiny (Guyana, 65.5), Grand

Valley II LP (Canada, 59.4), Henvey Inlet Wind (Canada, 83.0), Hickory Run Energy LLC (United States of America, 37.5),

Highway 401 Rail Tunnel (Canada, 79.0), Huatacondo Solar Indep Power (Chile, 16.8), J-Power USA Generation LP (United

States of America, 78.8), Lima Electric Rail Service (Peru, 198.0), McLoughlin Point Wastewater (Canada, 22.3), North Kent

Wind 1 LP (Canada, 32.0), Northland Power Solar IV (Canada, 38.5), Oryx Lng Carrier Project (Panama, 23.7), Pin Oak

Terminals LLC (United States of America, 60.0), Rideau Transit Fin Stage 2 GP (Canada, 10.3), Silver State Solar Power S

LLC (United States of America, 125.2), Soc De Inv El Carmen Spa Therm (Chile, 35.0), Solar Pk Viborillas (Mexico, 31.5),

TerraForm Power Inc (United States of America, 133.3), Tierra Mojada Combined-Cycle (Mexico, 103.3), Watty Vos Boulevard

(Aruba, 71.4), Xique Xique 2 Wind Farm Power (Brazil, 37.5)

4 RBC Capital Markets 2,470.5 3.8 13 Atlantic Power Corp (United States of America, 135.8), BluEarth Hydro Holdings LP (Canada, 75.3), Buckthorn Wind LLC

(United States of America, 123.6), Calpine Constr Finance Co LP (United States of America, 76.9), Eig Elc Hldg Ii Llc (United

States of America, 45.4), FlatTop Wind Project (United States of America, 100.8), Helix Gen Funding LLC (United States of

America, 231.3), Kinder Morgan Cochin ULC (Canada, 1,041.0), Lightstone Holdco Llc (United States of America, 304.2),

Ohio State Energy Partners LLC (United States of America, 35.0), St Columban Wind (Canada, 27.7), TerraForm Power Inc

(United States of America, 133.3), Veresen Mid (United States of America, 140.3)

5 Santander 2,421.2 3.8 31 83WI Acquisition Holdco LLC (United States of America, 37.1), AES Southland LLC (United States of America, 56.6),

Autopista Conexion Pacifico 2 (Colombia, 62.5), Brantley Solar (United States of America, 40.9), Buckleberry Solar (United

States of America, 42.2), Buckthorn Solar Portfolio LLC (United States of America, 46.6), Calhoun Power Co I LLC (United

States of America, 69.0), California Flat Solar (United States of America, 50.0), CD Clean Energy and (United States of

America, 209.3), Citizens Pking Intermediate (United States of America, 63.3), Concesionaria At-At Sa De Cv (Mexico,

AMERICAS INITIAL MANDATED LEAD ARRANGERS

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

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Project Finance International January 24 2018 53

2017 LEAGUE TABLES

AMERICAS INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

148.2), DSP Acquisition Holdings LLC (United States of America, 111.2), Eig Elc Hldg Ii Llc (United States of America, 45.4),

El Corti Wind Farm Project (Argentina, 36.3), FlatTop Wind Project (United States of America, 33.2), Fox Creek Solar (United

States of America, 36.5), Gray Hawk Solar (United States of America, 47.7), Gwe Mgmtco 4 (United States of America,

38.7), La Castellana Wind Farm (Argentina, 19.0), Ohio State Energy Partners (United States of America, 35.0), Omega

Energia e Implantacao (Brazil, 51.8), Parque Eolico Reynosa III (Mexico, 287.8), PEMEX (Mexico, 24.1), Red Horse III

(United States of America, 43.9), Red Horse Wind 2 LLC (United States of America, 134.7), Tiangua Wind Farm Power Plant

(Brazil, 57.3), Upstream Wind Farm (United States of America, 259.6), Varsity (United States of America, 117.5), Ventos de

Santo Estevao (Brazil, 87.0), X-Elio Energy Midway I LLC (United States of America, 31.6), Xique Xique 2 Wind Farm Power

(Brazil, 37.5)

6 Barclays 2,333.3 3.6 10 Arctic LNG Carriers Ltd (United States of America, 240.0), Calpine Constr Finance Co LP (United States of America,

76.9), EFS Cogen Holdings I LLC (United States of America, 157.7), Gemini HDLPE LLC (United States of America,

410.6), Gemini HDLPE LLC (United States of America, 406.0), Helix Gen Funding LLC (United States of America,

231.3), Limetree Bay Terminals LLC (US Virgin Islands, 220.0), Limetree Bay Terminals LLC (US Virgin Islands,

232.5), Navitas Midstream Midland (United States of America, 133.3), Riverstone Utopia Member LLC (United

States of America, 225.0)

7 Goldman Sachs 2,122.2 3.3 10 Atlantic Power Corp (United States of America, 135.8), Atlantic Power Corp (United States of America, 140.8), Calpine

Constr Finance Co LP (United States of America, 76.9), Cheniere Energy Inc (United States of America, 250.0),

ContourGlobal Power (United States of America, 29.8), Helix Gen Funding LLC (United States of America, 231.3),

Lightstone Holdco Llc (United States of America, 304.2), Nautilus Power LLC (United States of America, 216.7), Nautilus

Power LLC (United States of America, 191.2), TPF II LC LLC (United States of America, 545.7)

8 ING 1,702.5 2.6 29 A30 Highway Project (Canada, 22.5), AES Southland LLC (United States of America, 101.9), Aspen Gas Portfolio SPV

(United States of America, 37.3), Autopista Conexion Pacifico 2 (Colombia, 62.5), Calpine Devlpment Holdings Inc (United

States of America, 75.0), Carlsbad Energy Holdings LLC (United States of America, 40.2), Citizens Pking Intermediate

(United States of America, 63.3), Cornerstone Natural Gas Co (United States of America, 24.3), Eig Elc Hldg Ii Llc (United

States of America, 45.4), Esperanza Transmissora De (Brazil, 149.0), Fermaca Pipeline La Laguna (Mexico, 73.0), Fin Acq

Inc Spv (United States of America, 76.0), Fpso Liza Destiny (Guyana, 65.5), Gridiron Funding LLC (United States of America,

71.5), Michigan Power LP (United States of America, 60.0), Minera Media Luna SA de CV (Mexico, 100.0), Omega Energia e

Implantacao (Brazil, 51.8), Oneta Energy[Calpine Corp] (United States of America, 18.3), PEMEX (Mexico, 24.1), Pin Oak

Terminals LLC (United States of America, 60.0), RA Generation Funding LLC (United States of America, 40.6), RA

Generation Funding LLC (United States of America, 37.1), Ranchland Solar Llc (United States of America, 67.5), Sunnova

TEP I Holdings LLC (United States of America, 35.0), Sunrun Inc (United States of America, 61.1), Sunrun Neptune Portfolio

(United States of America, 67.5), Tiangua Wind Farm Power Plant (Brazil, 57.3), Tom Bradley Intl (United States of America,

77.5), Xique Xique 2 Wind Farm Power (Brazil, 37.5)

9 CIBC World Markets 1,641.2 2.6 10 Acciona Wasterwater Solutions (Canada, 79.3), Carrix Inc (United States of America, 91.7), Cuyama Solar LLC (United States

of America, 59.1), Kinder Morgan Cochin ULC (Canada, 1,041.0), Maher Terminals LLC (United States of America, 70.0),

North Kent Wind 1 LP (Canada, 32.0), Ohio State Energy Partners LLC (United States of America, 35.0), St Columban Wind

(Canada, 27.7), Veresen Mid (United States of America, 140.3), Windlectric Inc (Canada, 65.1)

10 Mizuho Financial 1,467.0 2.3 20 Carroll County Energy LLC (United States of America, 15.0), Carso Gasoducto Norte SA de Cv (Mexico, 107.0), Duke Texoma

Wind (United States of America, 50.0), Eig Elc Hldg Ii Llc (United States of America, 45.4), Fermaca Pipeline La Laguna

(Mexico, 73.0), Fpso Liza Destiny (Guyana, 65.5), Huatacondo Solar Indep Power (Chile, 16.8), Indigo Plain Solar Holdings

(United States of America, 47.9), J-Power USA Generation LP (United States of America, 78.8), Lima Electric Rail Service

(Peru, 198.0), Longleaf Solar Holdings (United States of America, 44.9), McCoy Solar Funding LLC (United States of

America, 113.3), Northland Power Solar IV (Canada, 38.5), Oro-Medonte Solar Farm Inc (Canada, 51.8), Silver State Solar

Power S LLC (United States of America, 125.2), SunE Demorestville LP (Canada, 47.8), SunE Taylor Kidd LP (Canada, 47.2),

SunE Westbrook (Canada, 57.4), Tierra Mojada Combined-Cycle (Mexico, 103.3), Veresen Mid (United States of America, 140.3)

11 Scotiabank 1,451.6 2.3 6 Carrix Inc (United States of America, 91.7), Kinder Morgan Cochin ULC (Canada, 1,041.0), Rideau Transit Fin Stage 2 GP

(Canada, 10.3), Soc De Inv El Carmen Spa Therm (Chile, 35.0), TerraForm Power Inc (United States of America, 133.3),

Veresen Mid (United States of America, 140.3)

12 Credit Suisse 1,437.4 2.2 8 Arctic LNG Carriers Ltd (United States of America, 240.0), Calpine Constr Finance Co LP (United States of America, 76.9),

Helix Gen Funding LLC (United States of America, 231.3), Lightstone Holdco Llc (United States of America, 304.2), Nautilus

Power LLC (United States of America, 216.7), Nautilus Power LLC (United States of America, 191.2), Navitas Midstream

Midland (United States of America, 133.3), Tocumen Gas-Fired Power (Argentina, 43.9)

13 BNP Paribas 1,434.5 2.2 20 AES Southland LLC (United States of America, 101.9), Aspen Gas Portfolio SPV (United States of America, 37.3), Calpine

Constr Finance Co LP (United States of America, 76.9), ContourGlobal Power (United States of America, 29.8), CPV

Fairview LLC (United States of America, 53.2), Cricket Valley Project (United States of America, 105.2), CSOLAR 4 West

(United States of America, 19.0), Fermaca Pipeline La Laguna (Mexico, 73.0), Green Plains Inc (United States of America,

166.7), Gridiron Funding LLC (United States of America, 71.5), Helix Gen Funding LLC (United States of America, 231.3),

Hickory Run Energy LLC (United States of America, 117.5), Ls Power Bath Cnty (United States of America, 16.7), Minera

Media Luna SA de CV (Mexico, 100.0), Omega Energia e Implantacao (Brazil, 51.8), Oneta Energy[Calpine Corp] (United

States of America, 18.3), RA Generation Funding LLC (United States of America, 40.6), RA Generation Funding LLC (United

States of America, 37.1), Soc De Inv El Carmen Spa Therm (Chile, 35.0), Spruce Generation Funding LLC (United States of

America, 51.9)

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Project Finance International January 24 201854

AMERICAS INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

14 Deutsche Bank 1,379.9 2.1 9 Aspen Gas Portfolio SPV (United States of America, 37.3), Calpine Constr Finance Co LP (United States of America, 76.9),

Fin Acq Inc Spv (United States of America, 76.0), Golden Puma (United States of America, 93.0), Lightstone Holdco Llc

(United States of America, 304.2), RA Generation Funding LLC (United States of America, 37.1), Spruce Generation Funding

LLC (United States of America, 51.9), Sunrun Inc (United States of America, 61.1), Traverse Midstream Partners (United

States of America, 642.5)

15 Credit Agricole 1,365.9 2.1 22 Abeinsa Juarez N-III SA de CV (Mexico, 124.7), Alta Wind II (United States of America, 27.9), Alta Wind III (United States of

America, 27.9), Buckthorn Solar Portfolio LLC (United States of America, 46.6), Buenos Aires Four (Argentina, 25.0),

Calpine Constr Finance Co LP (United States of America, 76.9), Calpine Devlpment Holdings Inc (United States of America,

75.0), Carlsbad Energy Holdings LLC (United States of America, 40.2), Cornerstone Natural Gas Co (United States of

America, 24.3), CPV Fairview LLC (United States of America, 53.2), Cricket Valley Project (United States of America, 105.2),

Gridiron Funding LLC (United States of America, 71.5), Hickory Run Energy LLC (United States of America, 37.5), Indigo

Plain Solar Holdings (United States of America, 47.9), J-Power USA Generation LP (United States of America, 78.8),

Longleaf Solar Holdings (United States of America, 44.9), Marco DM Holdings LLC (United States of America, 34.2), McCoy

Solar Funding LLC (United States of America, 113.3), Midway Solar Llc (United States of America, 47.5), Silver State Solar

Power S LLC (United States of America, 125.2), Soc De Inv El Carmen Spa Therm (Chile, 35.0), Tierra Mojada Combined-

Cycle (Mexico, 103.3)

16 TD Securities 1,322.4 2.1 4 Fin Acq Inc Spv (United States of America, 76.0), Kinder Morgan Cochin ULC (Canada, 1,041.0), Veresen Mid (United States

of America, 140.3), Windlectric Inc (Canada, 65.1)

17 Jefferies 1,162.5 1.8 3 Lightstone Holdco Llc (United States of America, 304.2), Medallion Midland (United States of America, 725.0), Navitas

Midstream Midland (United States of America, 133.3)

18 Cooperatieve Rabobank 1,073.0 1.7 14 Bishop Hill Iii Wind Energy (United States of America, 80.3), Cal Flats Solar InvestCo LLC (United States of America, 134.7),

California Flat Solar (United States of America, 50.0), CD Clean Energy and (United States of America, 92.5), CD Clean

Energy and (United States of America, 118.4), Esa Managing Member Phase Iii (United States of America, 37.2), Fpso Liza

Destiny (Guyana, 65.5), Hecate Energy Holdings C&C LLC (United States of America, 43.8), Northwest Ohio Wind (United

States of America, 127.3), Persimmon Creek Wind Farm I (United States of America, 63.0), Potentia MN Solar Fund 1

(United States of America, 36.1), SolaireHolman 1 Finco LLC (United States of America, 35.2), Spower Fin 1 Llc (United

States of America, 50.0), Willow Springs Class B Member (United States of America, 139.1)

19 Bank of America Merrill Lynch 1,072.6 1.7 10 Atlantic Power Corp (United States of America, 135.8), Atlantic Power Corp (United States of America, 140.8), Calpine

Constr Finance Co LP (United States of America, 76.9), Carrix Inc (United States of America, 91.7), Cricket Valley Project

(United States of America, 105.2), Green Plains Inc (United States of America, 166.7), Hickory Run Energy LLC (United

States of America, 37.5), Tom Bradley Intl (United States of America, 77.5), Vivint Solar Inc (United States of America, 101.5),

Willow Springs Class B Member (United States of America, 139.1)

20 Societe Generale 990.0 1.5 10 AES Southland LLC (United States of America, 56.6), Cheniere Energy Inc (United States of America, 250.0), Eig Elc Hldg

Ii Llc (United States of America, 45.4), Fpso Liza Destiny (Guyana, 65.5), ILX Holdings II LLC (United States of America,

250.0), Michigan Power LP (United States of America, 60.0), Minera Media Luna SA de CV (Mexico, 100.0), Solar Pk

Viborillas (Mexico, 31.5), St Columban Wind (Canada, 27.7), Tierra Mojada Combined-Cycle (Mexico, 103.3)

21 JP Morgan 975.6 1.5 3 AES Southland LLC (United States of America, 101.9), Helix Gen Funding LLC (United States of America, 231.3), Traverse

Midstream Partners (United States of America, 642.5)

22 CoBank 886.1 1.4 15 AES Southland LLC (United States of America, 56.6), Aspen Gas Portfolio SPV (United States of America, 37.3), Blue Sky W

Portfolio Llc (United States of America, 42.8), Calhoun Power Co I LLC (United States of America, 69.0), Carlsbad Energy

Holdings LLC (United States of America, 40.2), Grays Harbor Energy Facility (United States of America, 34.3), Gridiron

Funding LLC (United States of America, 71.5), Mackinaw Power LLC (United States of America, 81.9), McCoy Solar Funding

LLC (United States of America, 113.3), Michigan Power LP (United States of America, 60.0), Oakfield Wind LLC (United

States of America, 28.8), RA Generation Funding LLC (United States of America, 37.1), Roadrunner Solar Portfolio (United

States of America, 36.3), Silver State Solar Power S LLC (United States of America, 125.2), Spruce Generation Funding LLC

(United States of America, 51.9)

23 Nord/LB 859.8 1.3 13 Bishop Hill Iii Wind Energy (United States of America, 80.3), Brantley Solar (United States of America, 40.9), Buckleberry

Solar (United States of America, 42.2), Cal Flats Solar InvestCo LLC (United States of America, 134.7), CD Clean Energy

and (United States of America, 209.3), CD Global Solar CA Beacon 2 (United States of America, 36.5), CD Global Solar CA

Beacon 5 (United States of America, 30.9), Fermaca Pipeline La Laguna (Mexico, 73.0), Fox Creek Solar (United States

of America, 36.5), Gridiron Funding LLC (United States of America, 71.5), Midway Solar Llc (United States of America, 47.5),

Northland Power Solar IV (Canada, 38.5), Oneta Energy[Calpine Corp] (United States of America, 18.3)

24 Citi 843.0 1.3 10 AES Southland LLC (United States of America, 101.9), Aspen Gas Portfolio SPV (United States of America, 37.3), Birdsboro

Power (United States of America, 84.0), Calpine Constr Finance Co LP (United States of America, 76.9), EFS Cogen

Holdings I LLC (United States of America, 157.7), FlatTop Wind Project (United States of America, 93.2), Lazaro Cardenas

Port (Mexico, 222.0), Ls Power Bath Cnty (United States of America, 16.7), New Hampshire Granite Project (United States of

America, 9.4), Tocumen Gas-Fired Power (Argentina, 43.9)

25 BMO Capital Markets 840.9 1.3 11 AES Southland LLC (United States of America, 56.6), Green Plains Inc (United States of America, 166.7), Gridiron Funding

LLC (United States of America, 71.5), Maher Terminals LLC (United States of America, 70.0), North Kent Wind 1 LP (Canada,

32.0), RA Generation Funding LLC (United States of America, 40.6), RA Generation Funding LLC (United States of

America, 37.1), St Columban Wind (Canada, 27.7), TerraForm Power Inc (United States of America, 133.3), Veresen Mid

(United States of America, 140.3), Windlectric Inc (Canada, 65.1)

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Project Finance International January 24 2018 55

2017 LEAGUE TABLES

AMERICAS INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

26 ICBC 806.7 1.3 10 Atlantic Power Corp (United States of America, 135.8), CPV Fairview LLC (United States of America, 53.2), Cricket Valley

Project (United States of America, 105.2), El Corti Wind Farm Project (Argentina, 36.3), Gridiron Funding LLC (United

States of America, 71.5), Helix Gen Funding LLC (United States of America, 231.3), RA Generation Funding LLC (United

States of America, 40.6), RA Generation Funding LLC (United States of America, 37.1), Spruce Generation Funding LLC

(United States of America, 51.9), Tocumen Gas-Fired Power (Argentina, 43.9)

27 Natixis 781.9 1.2 10 Abeinsa Juarez N-III SA de CV (Mexico, 124.7), Calpine Constr Finance Co LP (United States of America, 76.9), Fpso Liza

Destiny (Guyana, 65.5), Mackinaw Power LLC (United States of America, 81.9), Mesquite Power LLC (United States of

America, 89.7), PEMEX (Mexico, 24.1), Peruana De Inversiones En (Peru, 50.9), Solar Pk Viborillas (Mexico, 31.5), TerraForm

Power Inc (United States of America, 133.3), Tierra Mojada Combined-Cycle (Mexico, 103.3)

28 GE Capital 756.7 1.2 11 Aspen Gas Portfolio SPV (United States of America, 37.3), Birdsboro Power (United States of America, 84.0), Cricket Valley

Project (United States of America, 105.2), EFS Cogen Holdings I LLC (United States of America, 157.7), Grays Harbor Energy

Facility (United States of America, 34.3), Gridiron Funding LLC (United States of America, 71.5), Lincoln Peaking Power LLC

(United States of America, 74.3), Persimmon Creek Wind Farm I (United States of America, 63.0), RA Generation Funding

LLC (United States of America, 40.6), RA Generation Funding LLC (United States of America, 37.1), Spruce Generation

Funding LLC (United States of America, 51.9)

29 KeyBanc Capital Markets 756.6 1.2 13 AES Southland LLC (United States of America, 56.6), Blue Sky W Portfolio Llc (United States of America, 42.8), Buckthorn

Solar Portfolio LLC (United States of America, 46.6), Cuyama Solar LLC (United States of America, 59.1), Dominion Solar

Projects III (United States of America, 101.7), DSP Acquisition Holdings LLC (United States of America, 111.2), FM Coal LLC

(United States of America, 26.7), Greenfield Wind Manager Llc (United States of America, 27.0), Oakfield Wind LLC (United

States of America, 28.8), Palouse Wind, LLC (United States of America, 32.9), Power County Wind Parks (United States of

America, 44.7), Sunrun Inc (United States of America, 61.1), Varsity (United States of America, 117.5)

30 CIT Group 671.9 1.0 12 Aspen Gas Portfolio SPV (United States of America, 37.3), Birdsboro Power (United States of America, 84.0), Blue Sky W

Portfolio Llc (United States of America, 42.8), CPV Fairview LLC (United States of America, 53.2), Cricket Valley Project

(United States of America, 105.2), GCL New Energy[NC]I LLC (United States of America, 59.3), Lincoln Peaking Power LLC

(United States of America, 74.3), Oakfield Wind LLC (United States of America, 28.8), Persimmon Creek Wind Farm I

(United States of America, 63.0), RA Generation Funding LLC (United States of America, 37.1), Spruce Generation Funding

LLC (United States of America, 51.9), Sunnova TEP I Holdings LLC (United States of America, 35.0)

31 HSBC 669.6 1.0 8 AES Southland LLC (United States of America, 101.9), Cuyama Solar LLC (United States of America, 59.1), Hickory Run

Energy LLC (United States of America, 37.5), Orlando Sanford Airport (United States of America, 35.0), Solar Star Oregon II

LLC (United States of America, 118.6), TerraForm Power Inc (United States of America, 133.3), Tocumen Gas-Fired Power

(Argentina, 43.9), Veresen Mid (United States of America, 140.3)

32 Wells Fargo 586.4 0.9 6 AES Southland LLC (United States of America, 56.6), Atlantic Power Corp (United States of America, 135.8), Atlantic Power

Corp (United States of America, 140.8), Dominion Solar Projects III (United States of America, 101.7), Spower Fin 1 Llc

(United States of America, 50.0), Vivint Solar Inc (United States of America, 101.5)

33 Macquarie Group 511.1 0.8 3 Glass Mountain Pipeline LLC (United States of America, 162.5), Helix Gen Funding LLC (United States of America, 231.3),

WG Partners Acquisition LLC (United States of America, 117.3)

34 National Bank of Canada Fin’l 495.6 0.8 9 BluEarth Hydro Holdings LP (Canada, 75.3), Link 427 General Partnership (Canada, 23.5), North Kent Wind 1 LP (Canada,

32.0), Rideau Transit Fin Stage 2 GP (Canada, 10.3), SSM1 Canada LP (Canada, 58.1), SSM2 Canada LP (Canada, 94.6),

SSM3 Canada LP (Canada, 33.8), St Columban Wind (Canada, 27.7), Veresen Mid (United States of America, 140.3)

35 Itau Unibanco 465.7 0.7 6 Autopista Conexion Pacifico 2 (Colombia, 62.5), Esperanza Transmissora De (Brazil, 149.0), Fideicomiso PA La Pintada

(Colombia, 125.0), Fideicomiso PA La Pintada (Colombia, 39.8), Omega Energia e Implantacao (Brazil, 51.8), Xique Xique 2

Wind Farm Power (Brazil, 37.5)

36 Investec 451.3 0.7 6 Aspen Gas Portfolio SPV (United States of America, 37.3), Birdsboro Power (United States of America, 84.0), EFS Cogen

Holdings I LLC (United States of America, 157.7), Eig Elc Hldg Ii Llc (United States of America, 45.4), Lincoln Peaking Power

LLC (United States of America, 74.3), Spruce Manager Holding 2 LLC (United States of America, 52.7)

37 Bank of China 423.5 0.7 2 Link 427 General Partnership (Canada, 23.5), St. James Parish Louisiana (United States of America, 400.0)

38 CaixaBank 403.6 0.6 5 Aela Wind Project (Chile, 87.0), Akuo Energy SAS (Uruguay, 81.3), Carso Gasoducto Norte SA de Cv (Mexico, 107.0), Eig Elc

Hldg Ii Llc (United States of America, 45.4), Henvey Inlet Wind (Canada, 83.0)

39 NAB 403.0 0.6 6 Carrix Inc (United States of America, 91.7), CPV Fairview LLC (United States of America, 53.2), Cricket Valley Project (United

States of America, 105.2), Eig Elc Hldg Ii Llc (United States of America, 45.4), Hickory Run Energy LLC (United States of

America, 37.5), Maher Terminals LLC (United States of America, 70.0)

40 Evergrowing Bank 400.0 0.6 1 St. James Parish Louisiana (United States of America, 400.0)

41 Siemens Financial 390.7 0.6 7 Blue Sky W Portfolio Llc (United States of America, 42.8), Carlsbad Energy Holdings LLC (United States of America, 40.2),

Cricket Valley Project (United States of America, 105.2), Henvey Inlet Wind (Canada, 83.0), Oakfield Wind LLC (United

States of America, 28.8), Roadrunner Solar Portfolio (United States of America, 36.3), sPower Finco 5 LLC (United States of

America, 54.4)

42 Bayerische Landesbank Giro 383.5 0.6 4 AES Southland LLC (United States of America, 56.6), Henvey Inlet Wind (Canada, 83.0), Midway Solar Llc (United States

of America, 47.5), Mont Ste-Marguerite Wind (Canada, 196.5)

43 UBS 381.1 0.6 2 Calpine Constr Finance Co LP (United States of America, 76.9), Lightstone Holdco Llc (United States of America, 304.2)

44 KfW IPEX-Bank GmbH 363.7 0.6 6 Aela Wind Project (Chile, 87.0), Eig Elc Hldg Ii Llc (United States of America, 45.4), Henvey Inlet Wind (Canada, 83.0),

Moose Lake Wind Farm Project (Canada, 41.5), North Kent Wind 1 LP (Canada, 32.0), Viento Los Hercules Wind Farm

(Argentina, 75.0)

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Project Finance International January 24 201856

AMERICAS INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

45 Landesbank Hessen-Thueringen 337.1 0.5 4 CPV Fairview LLC (United States of America, 53.2), Eig Elc Hldg Ii Llc (United States of America, 45.4), McCoy Solar

Funding LLC (United States of America, 113.3), Silver State Solar Power S LLC (United States of America, 125.2)

46 Banca de Desarrollo 327.8 0.5 1 Parque Eolico Reynosa III (Mexico, 327.8)

47 ABN AMRO Bank 313.7 0.5 6 Eig Elc Hldg Ii Llc (United States of America, 45.4), Fin Acq Inc Spv (United States of America, 76.0), Fpso Liza Destiny

(Guyana, 65.5), Hickory Run Energy LLC (United States of America, 37.5), Omega Energia e Implantacao (Brazil, 51.8),

Xique Xique 2 Wind Farm Power (Brazil, 37.5)

48 CBA 303.3 0.5 5 Carrix Inc (United States of America, 91.7), Cornerstone Natural Gas Co (United States of America, 24.3), CPV Fairview LLC

(United States of America, 53.2), Marco DM Holdings LLC (United States of America, 34.2), Minera Media Luna SA de CV

(Mexico, 100.0)

49 BBVA 280.1 0.4 4 Abeinsa Juarez N-III SA de CV (Mexico, 124.7), Carso Gasoducto Norte SA de Cv (Mexico, 107.0), Solar Pk Viborillas (Mexico,

31.5), Valentines Wind Farm (Uruguay, 17.0)

50 SunTrust Banks 246.2 0.4 5 Lincoln Peaking Power LLC (United States of America, 74.3), Marco DM Holdings LLC (United States of America, 34.2),

Oneta Energy[Calpine Corp] (United States of America, 18.3), Spruce Generation Funding LLC (United States of America,

51.9), Sunrun Neptune Portfolio (United States of America, 67.5)

51 Associated Banc-Corp 222.6 0.4 4 AES Southland LLC (United States of America, 56.6), Calhoun Power Co I, LLC (United States of America, 69.0), Michigan

Power LP (United States of America, 60.0), RA Generation Funding LLC (United States of America, 37.1)

52 Silicon Valley Bank 216.3 0.3 4 Spruce Manager Holding 2 LLC (United States of America, 52.7), Sunnova TEP I Holdings LLC (United States of America,

35.0), Sunrun Inc (United States of America, 61.1), Sunrun Neptune Portfolio (United States of America, 67.5)

53 DNB ASA 215.1 0.3 4 BIF II Safe Harbor Hldg III (United States of America, 30.0), Carlsbad Energy Holdings LLC (United States of America, 40.2),

Carrix Inc (United States of America, 91.7), CPV Fairview LLC (United States of America, 53.2)

54 Zions Bancorp 202.5 0.3 4 45KR 8ME LLC (United States of America, 43.5), Michigan Power LP (United States of America, 60.0), Power County Wind

Parks (United States of America, 44.7), sPower Finco 5 LLC (United States of America, 54.4)

55 Banco Bradesco 196.2 0.3 3 Omega Energia e Implantacao (Brazil, 51.8), Tiangua Wind Farm Power Plant (Brazil, 57.3), Ventos de Santo Estevao (Brazil, 87.0)

56 Credicorp 187.5 0.3 2 Autopista Conexion Pacifico 2 (Colombia, 62.5), Fideicomiso PA La Pintada (Colombia, 125.0)

57 Alberta Treasury Branches 162.6 0.3 2 McLoughlin Point Wastewater (Canada, 22.3), Veresen Mid (United States of America, 140.3)

58 Industrial Bank of Korea 158.4 0.3 2 CPV Fairview LLC (United States of America, 53.2), Cricket Valley Project (United States of America, 105.2)

59 Korea Exchange Bank 149.2 0.2 3 Gridiron Funding LLC (United States of America, 71.5), RA Generation Funding LLC (United States of America, 40.6), RA

Generation Funding LLC (United States of America, 37.1)

60 Grupo Financiero Inbursa 148.1 0.2 1 Concesionaria At-At Sa De Cv (Mexico, 148.1)

61 Korea Development Bank 142.4 0.2 3 Aela Wind Project (Chile, 87.0), Link 427 General Partnership (Canada, 23.5), North Kent Wind 1 LP (Canada, 32.0)

62 Intesa Sanpaolo 134.8 0.2 2 Solar Pk Viborillas (Mexico, 31.5), Tierra Mojada Combined-Cycle (Mexico, 103.3)

63 Development Bank of Japan 126.6 0.2 3 Fpso Liza Destiny (Guyana, 65.5), Hickory Run Energy LLC (United States of America, 37.5), Oryx Lng Carrier Project (Panama, 23.7)

64 Natl Coml Bk of Jamaica 125.0 0.2 1 Old Harbour Gas-Fired Power (Jamaica, 125.0)

65 GESF Credit 124.7 0.2 1 Abeinsa Juarez N-III SA de CV (Mexico, 124.7)

66 KB Financial 120.2 0.2 2 Aspen Gas Portfolio SPV (United States of America, 37.3), Henvey Inlet Wind (Canada, 83.0)

67 Wilmington Trust 116.3 0.2 3 83WI Acquisition Holdco LLC (United States of America, 37.1), Gray Hawk Solar (United States of America, 47.7), X-Elio

Energy Midway I LLC (United States of America, 31.6)

68 Credit Mutuel 110.9 0.2 2 Eig Elc Hldg Ii Llc (United States of America, 45.4), Fpso Liza Destiny (Guyana, 65.5)

69 Desjardins Group 102.8 0.2 2 Acciona Wasterwater Solutions (Canada, 79.3), Link 427 General Partnership (Canada, 23.5)

70 Woori Financial 90.7 0.1 2 CPV Fairview LLC (United States of America, 53.2), Hickory Run Energy LLC (United States of America, 37.5)

=71 Grupo Aval Acciones y Valores 84.4 0.1 1 Autopista Conexion Pacifico 2 (Colombia, 84.4)

= 71= Sociedades Bolivar 84.4 0.1 1 Autopista Conexion Pacifico 2 (Colombia, 84.4)

73 DZ Bank 83.0 0.1 1 Henvey Inlet Wind (Canada, 83.0)

74 NH Investment & Securities 77.7 0.1 2 RA Generation Funding LLC (United States of America, 40.6), RA Generation Funding LLC (United States of America, 37.1)

75 KfW Bankengruppe 75.0 0.1 1 Viento Los Hercules Wind Farm (Argentina, 75.0)

76 Banco de Sabadell 73.0 0.1 1 Fermaca Pipeline La Laguna (Mexico, 73.0)

77 Commerzbank 71.7 0.1 2 Blue Sky W Portfolio Llc (United States of America, 42.8), Oakfield Wind LLC (United States of America, 28.8)

78 Regions Financial 69.0 0.1 1 Calhoun Power Co I, LLC (United States of America, 69.0)

79 Clifford Capital 65.5 0.1 1 Fpso Liza Destiny (Guyana, 65.5)

=80 Capital One Financial 63.3 0.1 1 Citizens Pking Intermediate (United States of America, 63.3)

=80 China Merchants Bank 63.3 0.1 1 Citizens Pking Intermediate (United States of America, 63.3)

82 Arab Banking Corp 51.9 0.1 1 Omega Energia e Implantacao (Brazil, 51.9)

83 Banco Galicia y Buenos Aires 43.9 0.1 1 Tocumen Gas-Fired Power (Argentina 43.9)

=84 Banco Atlantida SA 43.0 0.1 1 El Yaguala Hydro Project (Honduras, 43.0)

=84 Banco Ficensa 43.0 0.1 1 El Yaguala Hydro Project (Honduras, 43.0)

=84 Corporacion Tenedora Bac Com 43.0 0.1 1 El Yaguala Hydro Project (Honduras, 43.0)

=84 Grupo Financiero Ficohsa 43.0 0.1 1 El Yaguala Hydro Project (Honduras, 43.0)

=88 Banco do Brasil 37.5 0.1 1 Hickory Run Energy LLC (United States of America, 37.5)

=88 Landesbank Baden-Wurttemberg 37.5 0.1 1 Hickory Run Energy LLC (United States of America, 37.5)

88 Shinhan Financial 37.5 0.1 1 Xique Xique 2 Wind Farm Power (Brazil, 37.5)

91 East West Bank 35.0 0.1 1 Sunnova TEP I Holdings LLC (United States of America, 35.0)

92 Caterpillar Financial Services 26.7 0.0 1 FM Coal LLC (United States of America, 26.7)

93 Bankinter 24.1 0.0 1 PEMEX (Mexico, 24.1)

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Project Finance International January 24 2018 57

2017 LEAGUE TABLES

AMERICAS LOANS BY COUNTRY

Nation US$m % No of deals

United States of America 42,505.7 66.0 131

Canada 7,466.4 11.6 28

Mexico 4,986.1 7.7 15

Brazil 2,091.7 3.3 8

Costa Rica 1,699.1 2.6 2

Argentina 1,011.5 1.6 8

Chile 986.8 1.5 5

US Virgin Islands (United States) 905.0 1.4 2

Colombia 843.0 1.3 4

Guyana 720.0 1.1 1

Peru 512.0 0.8 3

Uruguay 288.4 0.5 3

Honduras 172.0 0.3 1

Jamaica 125.0 0.2 1

Aruba 71.4 0.1 1

Panama 47.3 0.1 1

Total 64,431.3 100.0 214

AMERICAS LOANS BY SECTOR

Sector Volume (US$m)

Power 41,712.0

Oil and gas 14,004.1

Transportation 4,088.4

Industry 2,132.8

Water and sewerage 1,046.5

PPP 658.4

Mining 480.0

Petrochemicals 225.0

Total 64,431.3

94 1st Source Bk,South Bend,IN 20.4 0.0 1 Spartan Solar (United States of America, 20.4)

95 Antares Capital 18.3 0.0 1 Oneta Energy[Calpine Corp] (United States of America, 18.3)

96= Bicecorp 16.8 0.0 1 Huatacondo Solar Indep Power (Chile, 16.8)

96= Iyo Bank 16.8 0.0 1 Huatacondo Solar Indep Power (Chile, 16.8)

98 UniCredit 16.2 0.0 1 Eurotranciatura (Mexico, 16.2)

Total* 64,431.3 214

*Proportional Credit

Source: Thomson Reuters

AMERICAS INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

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ASIA PACIFIC INITIAL MANDATED LEAD ARRANGERS

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

1 State Bank of India 10,388.1 12.9 22 Adani Green Energy (India, 410.9), Barmer Lignite Mining (India, 250.1), Bharat Oman Refineries (India, 382.0), Cg Tollway Pvt (India, 215.2), Chhattisgarh E Railway (India, 377.8), Cleantech Solar Energy India (India, 10.8), Dhariwal Infrastructure (India, 166.3), GSPL India Gasnet (India, 684.1), Hinduja National Power Corp (India, 917.3), HPCL Mittal Energy (India, 2,083.8), Indian Oil LNG Pvt (India, 430.6), IRB Pathankot Amritsar Toll (India, 236.8), IRM Energy Pvt (India, 29.9), Lalitpur Power Generation Co (India, 2,145.0), MB Power[Madhya Pradesh]Ltd (India, 767.7), N.A.M. Expressway (India, 140.9), PTC Energy (India, 38.6), Renew Solar Energy [Telangana] (India, 57.8), Sembcorp Gayatri Power (India, 465.8), Simar Port Pvt (India, 446.7), Torrent Power (India, 75.3), Uchit Expressways Pvt (India, 54.8)

2 China Development Bank 6,590.2 8.2 3 Karot Power Co (Pakistan, 1,290.0), Kereta Cepat Indonesia China (Indonesia, 4,500.0), Wenzhou Oujiang Estuary (China, 800.2)

3 Mitsubishi UFJ 3,942.7 4.9 34 Diamond LNG Shipping 3 Pte (Japan, 186.7), Energy Fund Finance Co Pty (Australia, 31.8), Fukushima Gas Power (Japan, 238.0), GPD Suisen Solar K.K. (Japan, 75.5), Gruyere Holdings Pty (Australia, 34.1), Hallett 5 Pty (Australia, 53.1), Helios Investments Pty (Australia, 36.0), Higashiosaka Cultural (Japan, 31.3), Hitachinaka Generation (Japan, 286.4), IP Fukushima Onomachi Solar (Japan, 90.5), Kushiro Mega Solar (Japan, 234.3), Longreach FinCo Pty (Australia, 20.2), Manildra Finco Pty (Australia, 31.2), Network Finance Co Pty (Australia, 263.1), Oakey 1 FinCo Pty (Australia, 28.4), Oita Mega Solar Godo Kaisha (Japan, 299.3), Otsuki Biomass (Japan, 57.6), PARF Coopers Gap Finco Pty (Australia, 64.7), PARF Silverton FinCo Pty (Australia, 33.7), Pengerang Terminals [Two] Sdn (Malaysia, 138.9), PT Bhumi Jati Power (Indonesia, 279.6), PT Cirebon Energi Prasarana (Indonesia, 147.9), PT Supreme Energy Muara Laboh (Indonesia, 44.1), Reliance Rail Finance (Australia, 114.4), Ross River Operations Pty (Australia, 42.9), SEA Gas (Australia, 47.1), Lilyvale Solar Farm Pty (Australia, 47.6), Solar Farm Minami Satsuma (Japan, 107.4), Star Energy Geothermal (Indonesia, 156.3), Stockyard Hill Wind Farm (Australia, 57.9), Sunshine Energy Aioi (Japan, 36.0), Tokyo International Air (Japan, 443.2), Tomakomai Yuhutsu Solar Pk GK (Japan, 109.0), TOP SPP (Thailand, 74.3)

4 Mizuho Financial 3,848.5 4.8 24 AP350 Softbk India Solar (India, 135.4), FS Japan Project12 (Japan, 242.1), Fukushima Gas Power (Japan, 305.2), Goudou Kaisha MNP (Japan, 72.8), Hills Motorway Management (Australia, 51.3), Hitachinaka Generation (Japan, 286.4), Hokkaido Yakumo Solar Pk Gk (Japan, 275.4), Japan Wind Dvlp Joint Fund (Japan, 208.8), Kushima Wind Hill Corp (Japan, 109.0), Minejesa Capital BV (Indonesia, 94.6), Netflow OSARs Wstn Fin Pty (Australia, 56.0), Network Finance Co Pty (Australia, 263.1), OCE Hyuga Megasolar Corp (Japan, 74.1), PARF Coopers Gap Finco Pty (Australia, 64.7), PT Bhumi Jati Power (Indonesia, 279.6), PT Cirebon Energi Prasarana (Indonesia, 147.9), PT Supreme Energy Muara Laboh (Indonesia, 44.1), Reliance Rail Finance (Australia, 114.4), Stella Mmts Fin Pty (Australia, 233.2), Stockyard Hill Wind Farm (Australia, 57.9), Succeed Matsusaka Shoumachi (Japan, 49.0), Tokyo International Air (Japan, 443.2), Tomatoh Abira Solar Park 2 (Japan, 186.9), Wstn Roads Upgrade Project (Australia, 53.7)

5 SMBC 3,274.3 4.1 32 Accordia Solar Fukushima (Japan, 60.8), Bungala One FinCo Pty (Australia, 37.2), Bungala Two FinCo Pty (Australia, 32.4), Buzen New Energy GK (Japan, 233.7), Energy Fund Finance Co Pty (Australia, 31.8), Fukushima Gas Power (Japan, 237.9), Helios Investments Pty (Australia, 36.0), Hitachinaka Generation (Japan, 286.4), Ichthys LNG Pty (Australia, 176.5), Latrobe Valley Power [Fin] (Australia, 79.6), Llj Investco Kk (Japan, 91.2), Minejesa Capital BV (Indonesia, 94.6), Moree Solar Farm (Australia, 26.9), MP Water Fin Pty (Australia, 54.2), Network Finance Co Pty (Australia, 263.1), Newcastle Coal Infr Grp (Australia, 100.4), OCE Kushirocho Megasolar KK (Japan, 55.7), Oky Omuta Solar Kk (Japan, 39.1), PARF Coopers Gap Finco Pty (Australia, 105.7), PARF Silverton FinCo Pty (Australia, 54.0), Pattern Energy Group LP (Japan, 25.0), Pengerang Terminals [Two] Sdn (Malaysia, 138.9), PT Bhumi Jati Power (Indonesia, 279.6), PT Cirebon Energi Prasarana (Indonesia, 147.9), PT Supreme Energy Muara Laboh (Indonesia, 44.1), PT UPC Sidrap Bayu Energi (Indonesia, 150.0), Renewable Japan Energy (Japan, 25.1), SGET Chiba New Town Mega (Japan, 30.7), Lilyvale Solar Farm Pty (Australia, 47.6), Star Energy Geothermal (Indonesia, 156.3), Stockyard Hill Wind Farm (Australia, 57.9), TOP SPP (Thailand, 74.3)

6 Bank of the Philippine Islands

2,807.6 3.5 6 AC Energy Holdings Inc (Philippines, 437.1), Angat Hydropower Corp (Philippines, 263.0), Atimonan One Energy Inc (Philippines, 1,056.3), SMC Consolidated Power Corp (Philippines, 880.0), Star Energy Geothermal (Indonesia, 156.3), Unisys Managed Svcs Corp (Philippines, 15.0)

7 ICBC 2,520.5 3.1 13 Australian Registry Fin Pty (Australia, 125.8), Energy Fund Finance Co Pty (Australia, 31.8), Ichthys LNG Pty (Australia, 176.5), Netflow OSARs Wstn Fin Pty (Australia, 56.0), New Gullen Range Wind Farm (Australia, 4.0), Newcastle Coal Infr Grp (Australia, 100.4), Sachal Energy Development (Pakistan, 107.2), Star Energy Geothermal (Indonesia, 50.1), Stella Mmts Fin Pty (Australia, 233.2), Stockyard Hill Wind Farm (Australia, 57.9), Suki Kinari Hydropower (Pakistan, 1,450.0), Windfield Holdings Pty (Australia, 74.0), Wstn Roads Upgrade Project (Australia, 53.7)

8 Axis Bank 2,265.5 2.8 9 Ashoka Hungund Talikot Road (India, 29.8), Biaora to Dewas Highway Pvt (India, 198.9), Columbia Asia Hospitals (India, 44.4), Deepak Phenolics (India, 190.5), GMR Chhattisgarh Energy Pvt (India, 877.7), GMR Goa Intl Airport (India, 250.8), JSW Jaigarh Port (India, 326.0), NRSS XXXI[B]Transmission (India, 93.6), Raipur-Rajnandgaon-Warora (India, 253.8)

9 Korea Development Bank 2,077.0 2.6 14 Busan Naval Official (South Korea, 1.6), Busan Sinho 20mw Solar Pv (South Korea, 26.2), Daegu 7mw Solar Pv (South Korea, 10.2), Helios Investments Pty (Australia, 36.0), Icheon-Osan Expressway PPP (South Korea, 296.7), Nationwide [Wstn Part] (South Korea, 30.1), Northern Pathways Finance (Australia, 70.3), Pyeongtaek-Dangjin Inner-Wn (South Korea, 103.8), Shinbundang Railroad (South Korea, 580.1), Suwan Energy (South Korea, 33.4), WCX M4 Finco Pty (Australia, 165.3), YangjuPaju Military (South Korea, 85.4), Yeongyang Moochang 24.15MW (South Korea, 46.0), Youngchun-Sangju Highway Co (South Korea, 592.0)

10 ANZ 1,676.9 2.1 20 Autumn Fin Co Pty (Australia, 75.8), Bungala Two FinCo Pty (Australia, 32.4), Celsus Securitisation Pty (Australia, 12.0), Cooper Energy Sole Pty (Australia, 108.1), Energy Fund Finance Co Pty (Australia, 31.8), Gruyere Holdings Pty (Australia, 34.1), Ichthys LNG Pty (Australia, 176.5), Latrobe Valley Power [Fin] (Australia, 79.6), Metronode Investments Pty (Australia, 44.9), Mt Morgans WA Mining Pty (Australia, 39.9), Network Finance Co Pty (Australia, 263.1), Newcastle Coal Infr Grp (Australia, 100.4), Northern Pathways Finance (Australia, 70.3), NQ Airports Finance Pty (Australia, 81.5), PT Medco E&P Malaka (Indonesia, 120.0), Ross River Operations Pty (Australia, 42.9), Salamander Energy [E&P] (Thailand, 35.7), SEA Gas (Australia, 47.1), Lilyvale Solar Farm Pty (Australia, 47.6), Stella Mmts Fin Pty (Australia, 233.2)

11 Westpac Banking 1,628.2 2.0 18 ConnectEast Finance Pty (Australia, 60.6), Emerald Energy Fin Pty (Australia, 46.3), Gruyere Holdings Pty (Australia, 34.1), Hallett 5 Pty (Australia, 53.1), Hills Motorway Management (Australia, 51.3), Ichthys LNG Pty (Australia, 176.5), Mt Morgans WA Mining Pty (Australia, 39.9), Netflow OSARs Wstn Fin Pty (Australia, 56.0), Network Finance Co Pty (Australia, 263.1), NQ Airports Finance Pty (Australia, 81.5), PARF Coopers Gap Finco Pty (Australia, 64.7), PARF Silverton FinCo Pty (Australia, 33.7), Reliance Rail Finance (Australia, 114.4), Ross River Operations Pty (Australia, 42.9), Stella Mmts Fin Pty (Australia, 233.2), Stockyard Hill Wind Farm (Australia, 57.9), WCX M4 Finco Pty (Australia, 165.3), Wstn Roads Upgrade Project (Australia, 53.7)

12 CBA 1,574.6 2.0 20 Australian Registry Fin Pty (Australia, 125.8), Bungala One FinCo Pty (Australia, 37.2), Bungala Two FinCo Pty (Australia, 32.4), ConnectEast Finance Pty (Australia, 60.6), Energy Fund Finance Co Pty (Australia, 31.8), Gruyere Holdings Pty (Australia, 34.1), Network Finance Co Pty (Australia, 263.1), Newcastle Coal Infr Grp (Australia, 100.4), Northern Pathways Finance (Australia, 70.3), NQ Airports Finance Pty (Australia, 62.6), Ports Pty (Australia, 95.6), Reliance Rail Finance (Australia, 114.4), RWH Finance Pty Limited (Australia, 55.6), Salamander Energy [E&P] (Thailand, 35.7), SEA Gas (Australia, 47.1), Stockyard Hill Wind Farm (Australia, 57.9), Sunshine Coast Gateway Pty (Australia, 45.7), WCX M4 Finco Pty (Australia, 165.3), Welee Australia SubHoldCo Pty (Australia, 58.1), Whitehaven Finance (Australia, 81.1)

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ASIA PACIFIC INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

13 Development Bank of Japan

1,535.6 1.9 7 Fukushima Gas Power (Japan, 475.9), Hitachinaka Generation (Japan, 286.4), Ichihara Biomass Power (Japan, 156.5), Kushima Wind Hill Corp (Japan, 109.0), Pattern Energy Group LP (Japan, 25.0), Shikoku Solar Power Project (Japan, 39.7), Tokyo International Air (Japan, 443.2)

14 Bank of China 1,451.0 1.8 12 Australian Registry Fin Pty (Australia, 125.8), Autumn Fin Co Pty (Australia, 75.8), Energy Fund Finance Co Pty (Australia, 31.8), Gruyere Holdings Pty (Australia, 34.1), Ichthys LNG Pty (Australia, 176.5), Latrobe Valley Power [Fin] (Australia, 79.6), Netflow OSARs Wstn Fin Pty (Australia, 56.0), Network Finance Co Pty (Australia, 263.1), Star Energy Geothermal (Indonesia, 156.3), Stella Mmts Fin Pty (Australia, 233.2), WCX M4 Finco Pty (Australia, 165.3), Wstn Roads Upgrade Project (Australia, 53.7)

15 Societe Generale 1,356.2 1.7 19 Australian Registry Fin Pty (Australia, 125.8), Autumn Fin Co Pty (Australia, 75.8), Bungala One FinCo Pty (Australia, 37.2), Bungala Two FinCo Pty (Australia, 32.4), DSME Hull No 2461 (Marshall Islands, 28.0), EMR Golden Grove Hldg Pty (Australia, 40.0), HHI Hull No S856 (Marshall Islands, 26.5), Hornsdale Wind Farm 3 Pty (Australia, 68.9), Ichthys LNG Pty (Australia, 176.5), Kidston Solar Co Pty (Australia, 38.2), Manildra Finco Pty (Australia, 31.2), Moree Solar Farm (Australia, 26.9), Network Finance Co Pty (Australia, 263.1), PARF Coopers Gap Finco Pty (Australia, 64.7), PARF Silverton FinCo Pty (Australia, 33.7), PT Medco E&P Malaka (Indonesia, 120.0), Salamander Energy [E&P] (Thailand, 35.7), Stockyard Hill Wind Farm (Australia, 57.9), Windfield Holdings Pty (Australia, 74.0)

16 Natixis 1,307.6 1.6 11 AirTrunk Financing Pty (Australia, 57.5), AirTrunk Financing Pty (Australia, 29.3), Cooper Energy Sole Pty (Australia, 96.5), Hawaiki Submarine Cable LP (New Zealand, 112.0), Network Finance Co Pty (Australia, 263.1), Pengerang Terminals [Two] Sdn (Malaysia, 138.9), PT M3 Ketapang Sejahtera (Indonesia, 170.8), Reliance Rail Finance (Australia, 114.4), WCX M4 Finco Pty (Australia, 165.3), Whitehaven Finance (Australia, 81.1), Willogoleche Power Fin Pty (Australia, 78.8)

17 NAB 1,266.0 1.6 20 Australian Registry Fin Pty (Australia, 125.8), Autumn Fin Co Pty (Australia, 75.8), Bungala One FinCo Pty (Australia, 37.2), Emerald Energy Fin Pty (Australia, 46.3), Energy Fund Finance Co Pty (Australia, 31.8), Helios Investments Pty (Australia, 36.0), Kiata Wind Farm (Australia, 19.2), Landbridge Port Op Pty (Australia, 19.1), Landbridge Port Op Pty (Australia, 66.2), MP Water Fin Pty (Australia, 54.2), New Gullen Range Wind Farm (Australia, 4.0), Newcastle Coal Infr Grp (Australia, 100.4), Northern Pathways Finance (Australia, 70.3), NQ Airports Finance Pty (Australia, 81.5), PARF Silverton FinCo Pty (Australia, 33.7), Reliance Rail Finance (Australia, 114.4), SEA Gas (Australia, 47.1), Stockyard Hill Wind Farm (Australia, 57.9), Stockyard Hill Wind Farm (Australia, 80.0), WCX M4 Finco Pty (Australia, 165.3)

18 China Construction Bank 1,169.7 1.5 5 Australian Registry Fin Pty (Australia, 125.8), Autumn Fin Co Pty (Australia, 75.8), Ichthys LNG Pty (Australia, 176.5), Network Finance Co Pty (Australia, 263.1), PT Shenhua Guohua Lion Power (Indonesia, 528.6)

19 Indusind-Bank-Ltd 1,125.6 1.4 17 Azure Power Thirty Seven Pvt (India, 71.3), Ballupur Solar Power Projects (India, 7.5), Bhagwanpur Solar Projects Pvt (India, 3.6), Bindookhadak Solar Projects (India, 3.6), Chudiala Solar Power Projects (India, 7.5), Clean Solar Power (India, 34.2), Clean Wind Power [Devgarh] (India, 9.2), Haridwar Solar Projects Pvt (India, 14.5), Helios Infratech Pvt (India, 89.5), Khargone Transmission (India, 83.6), Porbandar Dwarka Expressway (India, 117.5), PTC Energy (India, 28.7), Raj Westpower (India, 441.1), Sadbhav Nainital Highway Pvt (India, 48.3), Sadbhav Rudrapur Highway Pvt (India, 54.2), Shakumbhari Solar Power (India, 7.5), Solar Edge Power & Energy Pvt (India, 103.8)

20 ING 1,075.9 1.3 12 AirTrunk Financing Pty (Australia, 57.5), AirTrunk Financing Pty (Australia, 29.3), Australian Registry Fin Pty (Australia, 125.8), Autumn Fin Co Pty (Australia, 75.8), Gruyere Holdings Pty (Australia, 34.1), Metronode Investments Pty (Australia, 44.9), NQ Airports Finance Pty (Australia, 62.6), Pengerang Terminals [Two] Sdn (Malaysia, 138.9), PT Cirebon Energi Prasarana (Indonesia, 147.9), PT Medco E&P Malaka (Indonesia, 120.0), WCX M4 Finco Pty (Australia, 165.3), Windfield Holdings Pty (Australia, 74.0)

21 Philippine National Bank 1,056.3 1.3 1 Atimonan One Energy Inc (Philippines, 1,056.3)

22 Yes Bank 1,055.3 1.3 18 Amun Solar Farms (India, 12.8), Avighna Solar Farms (India, 12.8), Azure Power Pluto Pvt (India, 92.2), Bhoruka Power Corp (India, 55.0), Divine Solren Pvt (India, 50.3), Gurgaon-Palwal Transmission (India, 123.4), Hindupur Solar Parks Pvt (India, 66.3), JSW Paradip Terminal Pvt (India, 68.5), NRSS XXIX Transmission (India, 175.6), Paradip Intl Cargo Terminal (India, 65.6), Prayatash Renewable Pvt (India, 39.9), Ratedi Wind Power Pvt (India, 40.4), Renew Mega Solar Pvt (India, 39.4), Renew Saur Urja Pvt (India, 44.1), Renew Solar Energy [Telangana] (India, 57.8), SEI Enerstar Renewable Energy (India, 39.9), SEI Mihir Energy Pvt (India, 39.9), Suryoday Energy Pvt (India, 31.4)

23 ICICI Bank 1,000.3 1.2 11 Baidyanath Power Pvt (India, 16.2), Binjhabahal to Telebani (India, 85.1), Dhariwal Infrastructure (India, 166.3), Energon Power Resources Pvt (India, 124.1), Parampujya Solar Energy Pvt (India, 64.1), Sadbhav Bhavnagar Highway Pvt (India, 82.4), Sadbhav Una Highway Pvt (India, 63.3), Shree Jagannath Expressways (India, 170.5), Shreenathji-Udaipur Tollway (India, 129.0), Visakhapatnam Container Termin (India, 19.7), Walwhan Solar Madhya Pradesh (India, 79.6)

24 DBS 982.7 1.2 10 Australian Registry Fin Pty (Australia, 125.8), Ichthys LNG Pty (Australia, 176.5), Latrobe Valley Power [Fin] (Australia, 79.6), Minejesa Capital BV (Indonesia, 94.6), Myingyan IPP (Myanmar, 62.5), PARF Coopers Gap Finco Pty (Australia, 64.7), PARF Silverton FinCo Pty (Australia, 33.7), Pengerang Terminals [Two] Sdn (Malaysia, 138.9), Star Energy Geothermal (Indonesia, 50.1), Star Energy Geothermal (Indonesia, 156.3)

25 Credit Agricole 979.5 1.2 8 DSME Hull No 2461 (Marshall Islands, 28.0), HHI Hull No S856 (Marshall Islands, 26.5), Hills Motorway Management (Australia, 51.3), Ichthys LNG Pty (Australia, 176.5), Network Finance Co Pty (Australia, 263.1), Salamander Energy [E&P] (Thailand, 35.7), Stella Mmts Fin Pty (Australia, 233.2), WCX M4 Finco Pty (Australia, 165.3)

26 Shinsei Bank 941.6 1.2 14 Ajigasawa Cmnty Wind Power (Japan, 43.9), Cluster Clean Energy 1 Godo (Japan, 60.9), Energy Fund Finance Co Pty (Australia, 31.8), Godo Kaisha ASGJ Project2 (Japan, 54.2), Hibikinada Wind Energy (Japan, 24.4), JRE Kamisu (Japan, 108.4), Minejesa Capital BV (Indonesia, 94.6), Nagaokakaryokuhatudensyo Inc (Japan, 46.4), Nikaho Highlands Wind Power (Japan, 49.4), Nikaho Wind Power Corp (Japan, 48.9), Sakata Port Mega Solar Park GK (Japan, 58.4), Sun Station Hikari VI GK (Japan, 101.9), Tsu Clean Energy Godo Kaisha (Japan, 116.7), Winet Ishikari Corp (Japan, 101.7)

27 CIBC World Markets 856.5 1.1 8 Autumn Fin Co Pty (Australia, 75.8), Gruyere Holdings Pty (Australia, 34.1), Helios Investments Pty (Australia, 36.0), Hills Motorway Management (Australia, 51.3), Network Finance Co Pty (Australia, 263.1), Newcastle Coal Infr Grp (Australia, 100.4), NQ Airports Finance Pty (Australia, 62.6), Stella Mmts Fin Pty (Australia, 233.2)

28 HSBC 830.1 1.0 8 EMR Golden Grove Hldg Pty (Australia, 40.0), Energy Fund Finance Co Pty (Australia, 31.8), Ichthys LNG Pty (Australia, 176.5), Minejesa Capital BV (Indonesia, 94.6), Network Finance Co Pty (Australia, 263.1), Reliance Rail Finance (Australia, 114.4), Salamander Energy [E&P] (Thailand, 35.7), Windfield Holdings Pty (Australia, 74.0)

29 Bangkok Bank 792.0 1.0 2 Nrthn Bangkok Monorail (Thailand, 635.8), Star Energy Geothermal (Indonesia, 156.3)

30 UOB 666.6 0.8 5 Latrobe Valley Power [Fin] (Australia, 79.6), Newcastle Coal Infr Grp (Australia, 100.4), Pengerang Terminals [Two] Sdn (Malaysia, 138.9), Reliance Rail Finance (Australia, 114.4), Stella Mmts Fin Pty (Australia, 233.2)

31 OCBC 660.3 0.8 6 Energy Fund Finance Co Pty (Australia, 31.8), Myingyan IPP (Myanmar, 62.5), Newcastle Coal Infr Grp (Australia, 100.4), Pengerang Terminals [Two] Sdn (Malaysia, 138.9), PT Bhumi Jati Power (Indonesia, 279.6), SEA Gas (Australia, 47.1)

32 IDFC 647.7 0.8 7 Animala Wind Power Pvt (India, 24.9), Mytrah Vayu Tungabhadra Pvt (India, 37.8), Pryatna Developers Pvt (India, 72.9), Renew Agni Power Pvt (India, 135.5), Saipuram Wind Energies Pvt (India, 171.2), Solaire Surya Urja Pvt (India, 101.1), Solaire Surya Urja Pvt (India, 104.3)

33= Krung Thai Bank 635.8 0.8 1 Nrthn Bangkok Monorail (Thailand, 635.8)

33= Siam Commercial Bank 635.8 0.8 1 Nrthn Bangkok Monorail (Thailand, 635.8)

2017 LEAGUE TABLES

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60 Project Finance International January 24 2018

35 BNP Paribas 616.5 0.8 7 Australian Registry Fin Pty (Australia, 125.8), Ichthys LNG Pty (Australia, 176.5), Mt Morgans WA Mining Pty (Australia, 39.9), Reliance Rail Finance (Australia, 114.4), Salamander Energy [E&P] (Thailand, 35.7), Star Energy Geothermal (Indonesia, 50.1), Windfield Holdings Pty (Australia, 74.0)

36 Norinchukin Bank 613.0 0.8 3 Network Finance Co Pty (Australia, 263.1), Northern Pathways Finance (Australia, 70.3), PT Bhumi Jati Power (Indonesia, 279.6)

37 Clean Energy Finance 602.2 0.8 10 BWF Finance Pty (Australia, 62.2), Coleambally Solar Pty (Australia, 38.8), Dubbo Solar Power (Australia, 42.2), Griffith Solar Power (Australia, 41.4), Kidston Solar Co Pty (Australia, 38.2), Lincoln Gap Wind Farm (Australia, 113.8), Parkes Solar Power (Australia, 81.8), RATCH-Australia Corp (Australia, 44.6), Welee Australia SubHoldCo Pty (Australia, 58.1), Whitehaven Finance (Australia, 81.1)

38 Shinhan Financial 592.0 0.7 1 Youngchun-Sangju Highway Co (South Korea, 592.0)

39 Bank of America Merrill Lynch

473.7 0.6 3 Gruyere Holdings Pty (Australia, 34.1), Ichthys LNG Pty (Australia, 176.5), Network Finance Co Pty (Australia, 263.1)

40 Bank of Communications 453.3 0.6 3 Autumn Fin Co Pty (Australia, 75.8), Network Finance Co Pty (Australia, 263.1), Reliance Rail Finance (Australia, 114.4)

41 Scotiabank 423.0 0.5 3 Australian Registry Fin Pty (Australia, 125.8), Gruyere Holdings Pty (Australia, 34.1), Network Finance Co Pty (Australia, 263.1)

42 L&T Financial Services 418.2 0.5 5 GMR Gujarat Solar Power Pvt (India, 37.5), Khargone Transmission (India, 83.6), Molagavalli Renewable Pvt (India, 45.0), NRSS XXIX Transmission (India, 175.6), Ostro Madhya Wind Pvt (India, 76.5)

43 Standard Chartered 386.4 0.5 4 Ichthys LNG Pty (Australia, 176.5), Latrobe Valley Power [Fin] (Australia, 79.6), Minejesa Capital BV (Indonesia, 94.6), Salamander Energy [E&P] (Thailand, 35.7)

44 Clifford Capital 371.5 0.5 2 Myingyan IPP (Myanmar, 62.5), Sirajganj Power Plant (Bangladesh, 309.0)

45 RBC Capital Markets 368.7 0.5 5 Australian Registry Fin Pty (Australia, 125.8), Energy Fund Finance Co Pty (Australia, 31.8), Gruyere Holdings Pty (Australia, 34.1), NQ Airports Finance Pty (Australia, 62.6), Reliance Rail Finance (Australia, 114.4)

46 Citi 356.5 0.4 4 Gruyere Holdings Pty (Australia, 34.1), Hills Motorway Management (Australia, 51.3), Ichthys LNG Pty (Australia, 176.5), Minejesa Capital BV (Indonesia, 94.6)

47 DZ Bank 351.3 0.4 3 Myingyan IPP (Myanmar, 62.5), RWH Finance Pty Limited (Australia, 55.6), Stella Mmts Fin Pty (Australia, 233.2)

48 ABN AMRO Bank 335.1 0.4 4 Helios Investments Pty (Australia, 36.0), Ichthys LNG Pty (Australia, 176.5), PARF Coopers Gap Finco Pty (Australia, 64.7), Stockyard Hill Wind Farm (Australia, 57.9)

49 KfW Bankengruppe 326.1 0.4 2 Moheshkhali FSRU (Bangladesh, 92.9), Stella Mmts Fin Pty (Australia, 233.2)

50 Credit Mutuel 312.1 0.4 2 Stella Mmts Fin Pty (Australia, 233.2), Willogoleche Power Fin Pty (Australia, 78.8)

51 Sumitomo Mitsui Trust Holdings

311.4 0.4 2 Energy Fund Finance Co Pty (Australia, 31.8), PT Bhumi Jati Power (Indonesia, 279.6)

52 New Development Bank 306.7 0.4 1 Fujian Putian Pinghai Bay (China, 306.7)

53 KB Financial 296.7 0.4 1 Icheon-Osan Expressway PPP (South Korea, 296.7)

54 KfW IPEX-Bank 230.0 0.3 3 Coleambally Solar Pty (Australia, 46.6), Hornsdale Wind Farm 3 Pty (Australia, 68.9), Reliance Rail Finance (Australia, 114.4)

55 New Development Bank 225.5 0.3 1 Udaipur Tollway Pvt (India, 225.5)

56 Banco De Oro Unibank 224.4 0.3 2 Solar Philippines Calatagan (Philippines, 68.2), Star Energy Geothermal (Indonesia, 156.3)

57 Indian Renewable Energy 220.7 0.3 1 Skeiron Renewable Energy (India, 220.7)

58 Nord/LB 201.5 0.3 4 BWF Finance Pty (Australia, 62.2), Coleambally Solar Pty (Australia, 55.1), MLSP Finance Pty (Australia, 26.1), Welee Australia SubHoldCo Pty (Australia, 58.1)

59 Agricultural Bank of China

195.1 0.2 2 Ichthys LNG Pty (Australia, 176.5), White Rock Solar Farm (Australia, 18.6)

60 Malayan Banking 189.0 0.2 2 Pengerang Terminals [Two] Sdn (Malaysia, 138.9), Star Energy Geothermal (Indonesia, 50.1)

61 Commerzbank 176.5 0.2 1 Ichthys LNG Pty (Australia, 176.5)

62 Rizal Commercial Banking Corp

156.3 0.2 1 Star Energy Geothermal (Indonesia, 156.3)

63 AMMB 138.9 0.2 1 Pengerang Terminals [Two] Sdn (Malaysia, 138.9)

64 Nishi-Nippon Finl 132.3 0.2 5 Fukuoka Science and Creative (Japan, 8.1), Fukuoka Science and Creative (Japan, 37.5), K Clean Energy Nara KK (Japan, 57.5), Kasuya Town School Lunch Svc (Japan, 11.5), Kasuya Town School Lunch Svc (Japan, 17.7)

65 Iyo Bank 130.9 0.2 2 Llj Investco Kk (Japan, 91.2), Shikoku Solar Power Project (Japan, 39.7)

66 Investec 130.8 0.2 3 EEW Eco Energy World Hldg (Australia, 20.5), EMR Golden Grove Hldg Pty (Australia, 40.0), Northern Pathways Finance (Australia, 70.3)

67 Akita Bank 124.0 0.2 1 KK A-Wind Energy (Japan, 124.0)

68 Deutsche Bank 103.6 0.1 1 GASJA 2 GK (Japan, 103.6)

69 Barclays 94.6 0.1 1 Minejesa Capital BV (Indonesia, 94.6)

70 Bicecorp 91.2 0.1 1 Llj Investco Kk (Japan, 91.2)

=71 HDFC 79.6 0.1 1 Latrobe Valley Power [Fin] (Australia, 79.6)

=71 Intesa Sanpaolo 79.3 0.1 1 GR Phagwara Expressway (India, 79.3)

=73 Kasikornbank 74.3 0.1 1 TOP SPP (Thailand, 74.3)

=73 Kiatnakin Bank 74.3 0.1 1 TOP SPP (Thailand, 74.3)

75 Oriental Bank of Commerce

74.2 0.1 1 Mytrah Abhinav Power Pvt (India, 74.2)

=76 Bank Mandiri 70.5 0.1 1 PT Transmarga Jatim Pasuruan (Indonesia, 70.5)

=76 Bank Negara Indonesia 70.5 0.1 1 PT Transmarga Jatim Pasuruan (Indonesia, 70.5)

=76 Bank Rakyat Indonesia 70.5 0.1 1 PT Transmarga Jatim Pasuruan (Indonesia, 70.5)

=79 Australian Super 70.3 0.1 1 Northern Pathways Finance (Australia, 70.3)

=79 Macquarie Group 70.3 0.1 1 Northern Pathways Finance (Australia, 70.3)

=81 Aditya Birla Finance 54.8 0.1 1 Uchit Expressways Pvt (India, 54.8)

=81 Union Bank of India 54.8 0.1 1 Uchit Expressways Pvt (India, 54.8)

83 Power Finance Corp 52.5 0.1 2 Gale Solarfarms Pvt (India, 37.5), Tornado SolarFarms (India, 15.0)

ASIA PACIFIC INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

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2017 LEAGUE TABLES

35 BNP Paribas 616.5 0.8 7 Australian Registry Fin Pty (Australia, 125.8), Ichthys LNG Pty (Australia, 176.5), Mt Morgans WA Mining Pty (Australia, 39.9), Reliance Rail Finance (Australia, 114.4), Salamander Energy [E&P] (Thailand, 35.7), Star Energy Geothermal (Indonesia, 50.1), Windfield Holdings Pty (Australia, 74.0)

36 Norinchukin Bank 613.0 0.8 3 Network Finance Co Pty (Australia, 263.1), Northern Pathways Finance (Australia, 70.3), PT Bhumi Jati Power (Indonesia, 279.6)

37 Clean Energy Finance 602.2 0.8 10 BWF Finance Pty (Australia, 62.2), Coleambally Solar Pty (Australia, 38.8), Dubbo Solar Power (Australia, 42.2), Griffith Solar Power (Australia, 41.4), Kidston Solar Co Pty (Australia, 38.2), Lincoln Gap Wind Farm (Australia, 113.8), Parkes Solar Power (Australia, 81.8), RATCH-Australia Corp (Australia, 44.6), Welee Australia SubHoldCo Pty (Australia, 58.1), Whitehaven Finance (Australia, 81.1)

38 Shinhan Financial 592.0 0.7 1 Youngchun-Sangju Highway Co (South Korea, 592.0)

39 Bank of America Merrill Lynch

473.7 0.6 3 Gruyere Holdings Pty (Australia, 34.1), Ichthys LNG Pty (Australia, 176.5), Network Finance Co Pty (Australia, 263.1)

40 Bank of Communications 453.3 0.6 3 Autumn Fin Co Pty (Australia, 75.8), Network Finance Co Pty (Australia, 263.1), Reliance Rail Finance (Australia, 114.4)

41 Scotiabank 423.0 0.5 3 Australian Registry Fin Pty (Australia, 125.8), Gruyere Holdings Pty (Australia, 34.1), Network Finance Co Pty (Australia, 263.1)

42 L&T Financial Services 418.2 0.5 5 GMR Gujarat Solar Power Pvt (India, 37.5), Khargone Transmission (India, 83.6), Molagavalli Renewable Pvt (India, 45.0), NRSS XXIX Transmission (India, 175.6), Ostro Madhya Wind Pvt (India, 76.5)

43 Standard Chartered 386.4 0.5 4 Ichthys LNG Pty (Australia, 176.5), Latrobe Valley Power [Fin] (Australia, 79.6), Minejesa Capital BV (Indonesia, 94.6), Salamander Energy [E&P] (Thailand, 35.7)

44 Clifford Capital 371.5 0.5 2 Myingyan IPP (Myanmar, 62.5), Sirajganj Power Plant (Bangladesh, 309.0)

45 RBC Capital Markets 368.7 0.5 5 Australian Registry Fin Pty (Australia, 125.8), Energy Fund Finance Co Pty (Australia, 31.8), Gruyere Holdings Pty (Australia, 34.1), NQ Airports Finance Pty (Australia, 62.6), Reliance Rail Finance (Australia, 114.4)

46 Citi 356.5 0.4 4 Gruyere Holdings Pty (Australia, 34.1), Hills Motorway Management (Australia, 51.3), Ichthys LNG Pty (Australia, 176.5), Minejesa Capital BV (Indonesia, 94.6)

47 DZ Bank 351.3 0.4 3 Myingyan IPP (Myanmar, 62.5), RWH Finance Pty Limited (Australia, 55.6), Stella Mmts Fin Pty (Australia, 233.2)

48 ABN AMRO Bank 335.1 0.4 4 Helios Investments Pty (Australia, 36.0), Ichthys LNG Pty (Australia, 176.5), PARF Coopers Gap Finco Pty (Australia, 64.7), Stockyard Hill Wind Farm (Australia, 57.9)

49 KfW Bankengruppe 326.1 0.4 2 Moheshkhali FSRU (Bangladesh, 92.9), Stella Mmts Fin Pty (Australia, 233.2)

50 Credit Mutuel 312.1 0.4 2 Stella Mmts Fin Pty (Australia, 233.2), Willogoleche Power Fin Pty (Australia, 78.8)

51 Sumitomo Mitsui Trust Holdings

311.4 0.4 2 Energy Fund Finance Co Pty (Australia, 31.8), PT Bhumi Jati Power (Indonesia, 279.6)

52 New Development Bank 306.7 0.4 1 Fujian Putian Pinghai Bay (China, 306.7)

53 KB Financial 296.7 0.4 1 Icheon-Osan Expressway PPP (South Korea, 296.7)

54 KfW IPEX-Bank 230.0 0.3 3 Coleambally Solar Pty (Australia, 46.6), Hornsdale Wind Farm 3 Pty (Australia, 68.9), Reliance Rail Finance (Australia, 114.4)

55 New Development Bank 225.5 0.3 1 Udaipur Tollway Pvt (India, 225.5)

56 Banco De Oro Unibank 224.4 0.3 2 Solar Philippines Calatagan (Philippines, 68.2), Star Energy Geothermal (Indonesia, 156.3)

57 Indian Renewable Energy 220.7 0.3 1 Skeiron Renewable Energy (India, 220.7)

58 Nord/LB 201.5 0.3 4 BWF Finance Pty (Australia, 62.2), Coleambally Solar Pty (Australia, 55.1), MLSP Finance Pty (Australia, 26.1), Welee Australia SubHoldCo Pty (Australia, 58.1)

59 Agricultural Bank of China

195.1 0.2 2 Ichthys LNG Pty (Australia, 176.5), White Rock Solar Farm (Australia, 18.6)

60 Malayan Banking 189.0 0.2 2 Pengerang Terminals [Two] Sdn (Malaysia, 138.9), Star Energy Geothermal (Indonesia, 50.1)

61 Commerzbank 176.5 0.2 1 Ichthys LNG Pty (Australia, 176.5)

62 Rizal Commercial Banking Corp

156.3 0.2 1 Star Energy Geothermal (Indonesia, 156.3)

63 AMMB 138.9 0.2 1 Pengerang Terminals [Two] Sdn (Malaysia, 138.9)

64 Nishi-Nippon Finl 132.3 0.2 5 Fukuoka Science and Creative (Japan, 8.1), Fukuoka Science and Creative (Japan, 37.5), K Clean Energy Nara KK (Japan, 57.5), Kasuya Town School Lunch Svc (Japan, 11.5), Kasuya Town School Lunch Svc (Japan, 17.7)

65 Iyo Bank 130.9 0.2 2 Llj Investco Kk (Japan, 91.2), Shikoku Solar Power Project (Japan, 39.7)

66 Investec 130.8 0.2 3 EEW Eco Energy World Hldg (Australia, 20.5), EMR Golden Grove Hldg Pty (Australia, 40.0), Northern Pathways Finance (Australia, 70.3)

67 Akita Bank 124.0 0.2 1 KK A-Wind Energy (Japan, 124.0)

68 Deutsche Bank 103.6 0.1 1 GASJA 2 GK (Japan, 103.6)

69 Barclays 94.6 0.1 1 Minejesa Capital BV (Indonesia, 94.6)

70 Bicecorp 91.2 0.1 1 Llj Investco Kk (Japan, 91.2)

=71 HDFC 79.6 0.1 1 Latrobe Valley Power [Fin] (Australia, 79.6)

=71 Intesa Sanpaolo 79.3 0.1 1 GR Phagwara Expressway (India, 79.3)

=73 Kasikornbank 74.3 0.1 1 TOP SPP (Thailand, 74.3)

=73 Kiatnakin Bank 74.3 0.1 1 TOP SPP (Thailand, 74.3)

75 Oriental Bank of Commerce

74.2 0.1 1 Mytrah Abhinav Power Pvt (India, 74.2)

=76 Bank Mandiri 70.5 0.1 1 PT Transmarga Jatim Pasuruan (Indonesia, 70.5)

=76 Bank Negara Indonesia 70.5 0.1 1 PT Transmarga Jatim Pasuruan (Indonesia, 70.5)

=76 Bank Rakyat Indonesia 70.5 0.1 1 PT Transmarga Jatim Pasuruan (Indonesia, 70.5)

=79 Australian Super 70.3 0.1 1 Northern Pathways Finance (Australia, 70.3)

=79 Macquarie Group 70.3 0.1 1 Northern Pathways Finance (Australia, 70.3)

=81 Aditya Birla Finance 54.8 0.1 1 Uchit Expressways Pvt (India, 54.8)

=81 Union Bank of India 54.8 0.1 1 Uchit Expressways Pvt (India, 54.8)

83 Power Finance Corp 52.5 0.1 2 Gale Solarfarms Pvt (India, 37.5), Tornado SolarFarms (India, 15.0)

Project Finance International January 24 2018

84 JP Morgan 51.3 0.1 1 Hills Motorway Management (Australia, 51.3)

85 IDBI Bank 51.1 0.1 1 Adani Power (India, 51.1)

=86 Cathay Financial 50.1 0.1 1 Star Energy Geothermal (Indonesia, 50.1)

=86 Credit Suisse 50.1 0.1 1 Star Energy Geothermal (Indonesia, 50.1)

=86 First Financial 50.1 0.1 1 Star Energy Geothermal (Indonesia, 50.1)

89 Cooperatieve Rabobank 49.2 0.1 2 Mytrah Advaith Power Pvt (India, 20.6), ReNew Solar Energy (India, 28.6)

90 Hokuetsu Bank 46.4 0.1 1 Nagaokakaryokuhatudensyo Inc (Japan, 46.4)

91 Siemens Financial 44.9 0.1 1 Metronode Investments Pty (Australia, 44.9)

92 Industrial Bank of Korea 38.8 0.1 1 Suwan Energy (South Korea, 38.8)

93 Aozora Bank 25.1 0.0 1 Renewable Japan Energy (Japan, 25.1)

94 Bred Bank 6.0 0.0 1 Sunseap Asset (Cambodia, 6.0)

Total* 80,380.6 100.0 258

ASIA PACIFIC INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

*Proportional Credit

Source: Thomson Reuters

ASIA PACIFIC AND JAPAN LOANS BY COUNTRY

Nation US$m % No of deals

Australia 24,568.0 30.6 66

India 17,932.8 22.3 96

Indonesia 13,813.6 17.2 12

Japan 8,538.0 10.6 50

Philippines 3,775.9 4.7 6

Pakistan 2,947.2 3.7 3

South Korea 2,783.0 3.5 11

Thailand 2,454.4 3.1 3

Malaysia 1,250.0 1.6 1

China 1,106.9 1.4 2

Bangladesh 434.7 0.5 2

Marshall Islands 326.6 0.4 2

Myanmar (Burma) 250.0 0.3 1

New Zealand 112.0 0.1 1

Mongolia 78.5 0.1 1

Cambodia 9.2 0.0 1

Total 80,380.6 258

ASIA PACIFIC LOANS BY SECTOR

Sector Volume (US$m)

Power 42,894.2

Transportation 21,552.2

Oil and gas 6,004.6

PPP 3,369.4

Industry 2,289.3

Mining 2,037.9

Petrochemicals 1,847.9

Telecommunications 246.7

Water and sewerage 138.4

Total 80,380.6

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EMEA INITIAL MANDATED LEAD ARRANGERS

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

1 BNP Paribas 4,636.0 5.5 44 Alto Tajo Solar (Spain, 7.7), Arror Dam (Kenya, 113.7), Belwind NV (Belgium, 235.0), Budapest Airport Zrt (Hungary, 90.6),

Chrysaor E&P Finance Limited (United Kingdom, 125.0), Corelink Rail Infrastructure (United Kingdom, 62.3), Cubico Arca 2

Srl (Italy, 82.9), Data4 Data Centres (France, 134.0), Delek Drilling (Israel, 583.3), Electrogas Malta Project (Malta, 65.3),

Elenia Refinancing Project (Finland, 65.7), Enel Open Fiber 100Mbps (Italy, 198.6), Eni E Africa-Coral S FLNG DMCC

(Mozambique, 333.9), ERG Portfolio Refinancing (Italy, 41.4), Essakane Solar Plant (Burkina Faso, 16.6), Fotosolar Solar

Pv Sale (Spain, 44.9), Gemini Offshore Wind Farm (Netherlands, 182.9), GeoPower Sardegna Srl (Italy, 19.8), Greencoat

Renewables (Republic of Ireland, 58.8), HS1 [High-Speed Rail] Asts (United Kingdom, 32.1), LGV Sud Europe Atlantique

(France, 42.7), London Array (United Kingdom, 75.6), Losange (France, 136.4), Ma’aden Alcoa Alumina Refinery (Saudi

Arabia, 178.0), Manchasol 2 Solar Plant (Spain, 44.6), Mapleco1 (United Kingdom, 67.5), Natl Grid Gas Distn (United

Kingdom, 171.9), Nature Gasned Xxi Sl (Spain, 327.0), NEML Leviathan Finance Co (Israel, 125.0), Northwind NV (Belgium,

62.1), Obton Solenergi Monde SAS (France, 64.7), Ortigia Power 21 Srl (Italy, 50.2), OWP Butendiek (Germany, 63.6), Parc

Eolien Bois de Grisan (France, 22.4), Ratio Oil Exploration 1992 (Israel, 35.7), Roxgold (Burkina Faso, 30.0), Solucia

Renovables 1 Sl (Spain, 41.5), Solvinalopo (Spain, 11.7), Sweihan Solar Photovoltaic (United Arab Emirates, 177.0), Teesside

Gas Processing Plant (United Kingdom, 172.0), UK Smart Meter Asts Pvdr (United Kingdom, 62.8), Ventient Energy Wind

Farm (United Kingdom, 100.6), Viners Energy (United Kingdom, 66.8), Viners Energy (United Kingdom, 11.7)

2 Credit Agricole 3,819.4 4.5 41 2i Aeroporti SpA (Italy, 46.5), AGS Airports (United Kingdom, 109.9), Alum Bahrain Sixth Potline (Bahrain, 145.1),

Antananarivo and Nosy Be (Madagascar, 74.2), Beacon Finco (United Kingdom, 160.7), Beacon Rail Leasing (Luxembourg,

98.5), Belvedere Waste-to-Energy (United Kingdom, 138.0), Budapest Airport Zrt (Hungary, 90.6), Calefactio Investments

(Sweden, 59.3), Corelink Rail Infrastructure (United Kingdom, 62.3), Cubico Arca 2 Srl (Italy, 82.9), Dalkia Gas-Fired

Cogeneration (France, 53.8), DIF Solar (France, 51.6), Elenia Refinancing Project (Finland, 65.7), Eni E Africa-Coral S FLNG

DMCC (Mozambique, 333.9), ERG Portfolio Refinancing (Italy, 41.4), GeoPower Sardegna Srl (Italy, 19.8), GESAC (Italy,

10.2), LBC Tank Terminals Acquisition (France, 35.2), LGV Sud Europe Atlantique (France, 42.7), Lincs Offshore Wind Farm

(United Kingdom, 44.5), London Array (United Kingdom, 75.6), Losange (France, 136.4), Manchasol 2 Solar Plant (Spain,

44.6), Mapleco1 (United Kingdom, 67.5), Minas de Aguas Tenidas (Spain, 95.0), Moto Investments Limited (United

Kingdom, 63.5), Natl Grid Gas Distn (United Kingdom, 171.9), Nature Gasned Xxi Sl (Spain, 327.0), NEML Leviathan Finance

Co (Israel, 125.0), Nord Pas de Calais Rural High (France, 100.2), Northern Powergrid Metering (United Kingdom, 52.2),

OWP Butendiek (Germany, 63.6), Renvico France SAS (France, 37.2), Sweihan Solar Photovoltaic (United Arab Emirates,

177.0), Teesside Gas Processing Plant (United Kingdom, 172.0), Valeco Renewable Power (France, 61.5), Vasco Energies

(France, 75.8), Welcome Break (United Kingdom, 61.2), WTI Ferrybridge (United Kingdom, 54.1), XL Trains [Thameslink

PPP] (United Kingdom, 91.6)

3 Mitsubishi UFJ 3,418.3 4.0 39 Angel Trains Rolling Stock (United Kingdom, 279.6), Borkum West II Offshore (Germany, 56.1), Bri Wind Farms 5 (Republic

of Ireland, 51.6), Budapest Airport Zrt (Hungary, 90.6), Bursa Integrated Health Campus (Turkey, 52.4), Corelink Rail

Infrastructure (United Kingdom, 62.3), DIF Solar PV (France, 51.6), Fadhili IPP (Saudi Arabia, 145.0), Fujairah Independent

Water (United Arab Emirates, 63.7), Gemini Offshore Wind Farm (Netherlands, 117.9), GeoPower Sardegna Srl (Italy, 19.8),

HS1 [High-Speed Rail] Asts (United Kingdom, 32.1), Istanbul-Ikitelli Campus (Turkey, 182.6), Lincs Offshore Wind Farm

(United Kingdom, 44.5), London Array (United Kingdom, 75.6), Mapleco1 (United Kingdom, 67.5), MASDAR (United

Kingdom, 66.5), Merlon 1 (France, 38.0), N33 Road (Netherlands, 12.5), Nacala Corredor Logistico (Mozambique, 200.0),

Nanclach (United Kingdom, 107.5), Natl Grid Gas Distn (United Kingdom, 171.9), Northwind NV (Belgium, 62.1), OWP

Butendiek (Germany, 63.6), Parc Adfer (United Kingdom, 40.3), Paris-Sorbonne University (United Arab Emirates, 59.2),

Parque Eolico Terras Altas do (Portugal, 59.9), Project Cheetah [Infill] (Nigeria, 87.5), Project Durance Refinancing (France,

155.3), Renvico France SAS (France, 37.2), Salalah LPG (Oman, 91.4), Schiphol Justice Complex (Netherlands, 32.5),

Shuaibah Indep Water and (Saudi Arabia, 55.0), Solvay Power Generation Plants (Italy, 51.3), Sonnedix Aloe Holding SAS

(France, 251.0), Sweihan Solar Photovoltaic (United Arab Emirates, 177.0), Twin Rivers Wind Farm (United Kingdom, 60.3),

WTI Ferrybridge (United Kingdom, 54.1), XL Trains [Thameslink PPP] (United Kingdom, 91.6)

4 SMBC 3,322.8 3.9 35 Angel Trains Rolling Stock (United Kingdom, 279.6), Belwind NV (Belgium, 235.0), Bri Wind Farms 5 (Republic of Ireland,

51.6), Bursa Integrated Health Campus (Turkey, 46.6), Centrale PV de Crucey 1 SAS (France, 29.0), Centrale PV de

Massangis 2 (France, 17.3), Centrale Toul-Rosieres 1 (France, 36.3), Corelink Rail Infrastructure (United Kingdom, 62.3),

Deutsche Bucht Windfarm (Germany, 116.2), DIF Solar PV (France, 51.6), Elenia Refinancing Project (Finland, 65.7), Eni

E Africa-Coral S FLNG DMCC (Mozambique, 357.3), Fadhili IPP (Saudi Arabia, 145.0), Fujairah Independent Water (United

Arab Emirates, 63.7), Gemini Offshore Wind Farm (Netherlands, 182.9), HS1 [High-Speed Rail] Asts (United Kingdom, 32.1),

Istanbul-Ikitelli Campus (Turkey, 182.6), LGV Sud Europe Atlantique (France, 42.7), London Array (United Kingdom, 75.6),

Mapleco1 (United Kingdom, 67.5), MASDAR (United Kingdom, 66.5), Nacala Corredor Logistico (Mozambique, 200.0),

Natl Grid Gas Distn (United Kingdom, 171.9), Northwind NV (Belgium, 62.1), OWP Butendiek (Germany, 63.6), Paris-

Sorbonne University (United Arab Emirates, 59.2), Ras Ghareb Wind Energy Sae (Egypt, 64.0), Renvico France SAS (France,

37.2), UK Smart Meter Asts Pvdr (United Kingdom, 62.8), Vasco Energies (France, 75.8), Ventient Energy Wind Farm (United

Kingdom, 100.6), Viners Energy (United Kingdom, 66.8), Viners Energy (United Kingdom, 11.7), Windpark Krammer BV

(Netherlands, 48.7), XL Trains [Thameslink PPP] (United Kingdom, 91.6)

5 Societe Generale 3,261.4 3.8 42 Aunis Energies (France, 20.8), Autovia del Pirineo A21 (Spain, 53.7), Borkum West II Offshore (Germany, 56.1), Budapest

Airport Zrt (Hungary, 90.6), Centrale PV de Crucey 1 SAS (France, 29.0), Centrale PV de Massangis 2 (France, 17.3), Centrale

Toul-Rosieres 1 (France, 36.3), Chrysaor E&P Finance Limited (United Kingdom, 125.0), Cia Gene Investimenti Srl (Italy,

19.7), Corelink Rail Infrastructure (United Kingdom, 62.3), Covalys (France, 31.7), Cubico Arca 2 Srl (Italy, 82.9), Deutsche

Bucht Windfarm (Germany, 116.2), Drome-Ardeche Rural Broadband (France, 115.2), Eix Diagonal (Spain, 63.7), Electrogas

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EMEA INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

Malta Project (Malta, 65.3), Enel Open Fiber 100Mbps (Italy, 198.6), Eni E Africa-Coral S FLNG DMCC (Mozambique, 333.9),

Fujairah Independent Water (United Arab Emirates, 63.7), GeoPower Sardegna Srl (Italy, 19.8), Groupement Solaire Cestas

(France, 101.5), Lincs Offshore Wind Farm (United Kingdom, 44.5), London Array (United Kingdom, 75.6), Losange (France,

136.4), Macquarie Motorways Group (United Kingdom, 60.8), Manchasol 2 Solar Plant (Spain, 44.6), Minas de Aguas

Tenidas (Spain, 95.0), Natl Grid Gas Distn (United Kingdom, 171.9), NEML Leviathan Finance Co (Israel, 125.0), Nord Pas de

Calais Rural High (France, 100.2), Northwind NV (Belgium, 62.1), Ocea Smart Bldg Smart Meter (France, 39.1), Ortigia

Power 21 Srl (Italy, 50.2), OWP Butendiek (Germany, 63.6), Project Cheetah [Infill] (Nigeria, 87.5), Ras Ghareb Wind Energy

Sae (Egypt, 147.3), Renvico Bidco Srl (Italy, 30.0), Roxgold (Burkina Faso, 30.0), Salalah LPG (Oman, 91.4), Salalah

Methanol Ammonia (Oman, 72.8), Serra Carpaneto 3 Srl (Italy, 11.6), Sol.In.Build Srl (Italy, 18.6)

6 ING 2,916.6 3.4 37 Beacon Finco (United Kingdom, 160.7), Beacon Rail Leasing (Luxembourg, 98.5), Budapest Airport Zrt (Hungary, 90.6),

Carraig Gheal Windfarm (United Kingdom, 33.0), Chrysaor E&P Finance Limited (United Kingdom, 125.0), Cubico Arca 2

Srl (Italy, 82.9), Energiekontor (Germany, 14.3), EnergiePk Uckerfelde WP Hogu (Germany, 18.1), ERG Portfolio Refinancing

(Italy, 41.4), GeoPower Sardegna Srl (Italy, 19.8), Green Highland Renewables (United Kingdom, 32.9), Kempen Road

(Belgium, 55.4), Lincs Offshore Wind Farm (United Kingdom, 44.5), London Array (United Kingdom, 75.6), Lydian

International (Armenia, 50.0), Minas de Aguas Tenidas (Spain, 95.0), Moto Investments Limited (United Kingdom, 63.5),

Natl Grid Gas Distn (United Kingdom, 171.9), Nature Gasned Xxi Sl (Spain, 327.0), NEML Leviathan Finance Co (Israel,

125.0), Noatum Maritime Holdings SL (Spain, 26.9), Northwind NV (Belgium, 62.1), Oekowind 7 Wind Farm (Germany, 17.4),

Parco Eolico Banzi Srl (Italy, 38.0), Parque Eolico Douro do Sul (Portugal, 56.6), Parque Eolico Terras Altas do (Portugal,

59.9), Ratio Oil Exploration 1992 (Israel, 35.7), Salalah Methanol Ammonia (Oman, 72.8), Sea-Tank 700 B NV (Belgium,

283.7), Thuringia Wind Farm (Germany, 14.5), TRIANEL WINDKRAFTWERK BORKUM (Germany, 128.3), Ventient Energy

Wind Farm (United Kingdom, 100.6), Vortex Solar UK (United Kingdom, 56.3), Welcome Break (United Kingdom, 61.2), ~

Whysol/VEI Green Three (Italy, 35.6), Windpark Krammer BV (Netherlands, 50.3), XL Trains [Thameslink PPP] (United Kingdom, 91.6)

7 Santander 2,788.9 3.3 44 Africana Energia SL (Spain, 52.3), Alten Alconera Dos SL (Spain, 46.1), Alten Pozohondo Sl (Spain, 8.4), Autoestrada

Transmontana Road (Portugal, 53.9), Bank Renewables Limited (United Kingdom, 43.1), Belvedere Waste-to-Energy

(United Kingdom, 138.0), Carraig Gheal Windfarm (United Kingdom, 33.0), Deutsche Bucht Windfarm (Germany, 116.2),

Eix Diagonal (Spain, 63.7), Elidecos Spain SLU (Spain, 25.6), Ence Energia Huelva Biomass (Spain, 195.7), Fsl Alhama

Sl (Spain, 13.7), Gemini Offshore Wind Farm (Netherlands, 182.9), Greencoat Renewables (Republic of Ireland, 58.8), Hidro

Energia Xana SLU (Spain, 16.4), HS1 [High-Speed Rail] Asts (United Kingdom, 32.1), Ibereolica Hedroso Aciberos (Spain,

6.4), LBC Tank Terminals Acquisition (France, 35.2), Lincs Offshore Wind Farm (United Kingdom, 44.5), Macquarie

Motorways Group (United Kingdom, 86.4), Manchasol 2 Solar Plant (Spain, 44.6), Mapleco1 (United Kingdom, 67.5), Moto

Investments Limited (United Kingdom, 63.5), Natl Grid Gas Distn (United Kingdom, 171.9), Nature Gasned Xxi Sl (Spain,

327.0), Noatum Maritime Holdings SL (Spain, 26.9), Noatum Port Holdings SLU (Spain, 3.7), Noatum Terminal Graneles

(Spain, 6.6), Northern Powergrid Metering (United Kingdom, 52.2), NW Walney Wind Farm Project (United Kingdom, 56.8),

Ortigia Power 21 Srl (Italy, 50.2), Parque Eolico Douro do Sul (Portugal, 56.6), Parque Eolico Terras Altas do (Portugal,

59.9), Petroleos Asturianos Sl (Spain, 27.8), Red Funnel Isle of Wight (United Kingdom, 44.5), Sandridge Solar Farm Acq

(United Kingdom, 68.6), Sociedade Concesionaria Novo (Spain, 69.8), Solvinalopo (Spain, 11.7), Tagoro Solar PV (Spain,

30.4), Ventient Energy Wind Farm (United Kingdom, 100.6), Viners Energy (United Kingdom, 66.8), Viners Energy (United

Kingdom, 11.7), Vortex Solar UK (United Kingdom, 56.3), Welcome Break (United Kingdom, 61.2)

8 ICBC 2,788.3 3.3 12 Acciona Solar Power Plant (Egypt, 74.3), Acwa Power Plant (Egypt, 148.0), AGS Airports (United Kingdom, 109.9), Benban

Solar Photovoltaic (Egypt, 73.0), Bursa Integrated Health Campus (Turkey, 52.4), Corelink Rail Infrastructure (United

Kingdom, 62.3), EA Field New Wells Drilling (Nigeria, 142.9), Eni E Africa-Coral S FLNG DMCC (Mozambique, 775.0),

Jordanian Attarat Power Co (Jordan, 791.0), Kocaeli Health Campus (Turkey, 30.9), Nacala Corredor Logistico (Mozambique,

200.0), STOGG Eagle Funding (Nigeria, 328.8)

9 Natixis 2,468.4 2.9 32 2i Aeroporti SpA (Italy, 46.5), Autovia del Pirineo A21 (Spain, 53.7), Cap Samaro (France, 8.9), CEF 3 Wind Energy SpA (Italy,

11.8), Contourglobal Energetica Srl (Italy, 33.0), Data4 Data Centres (France, 134.0), Deutsche Bucht Windfarm (Germany,

116.2), Dublin Waste to Energy (Republic of Ireland, 116.3), Ekondakin Energa y (Spain, 31.2), Electrogas Malta Project

(Malta, 65.3), Eni E Africa-Coral S FLNG DMCC (Mozambique, 333.9), Fe Saint Clement (France, 15.3), France Power

Interconnector (Italy, 106.7), Gemini Offshore Wind Farm (Netherlands, 117.9), GESAC (Italy, 10.2), Immingham CHP (United

Kingdom, 51.5), London Array (United Kingdom, 75.6), Ma’aden Alcoa Alumina Refinery (Saudi Arabia, 178.0), Minas de

Aguas Tenidas (Spain, 95.0), NEML Leviathan Finance Co (Israel, 125.0), Nord Pas de Calais Rural High (France, 100.2),

Northwind NV (Belgium, 62.1), Ortigia Power 21 Srl (Italy, 50.2), Parc Adfer (United Kingdom, 40.3), Ratio Oil Exploration

1992 (Israel, 35.7), Sags Val D’Isere (France, 6.5), Shuaa Energy 2 P.S.C. (United Arab Emirates, 163.8), Shuaibah

Indep Water and (Saudi Arabia, 55.0), Solucia Renovables 1 Sl (Spain, 41.5), Supernap Italia SRL (Italy, 107.0), Vortex Solar

UK (United Kingdom, 56.3), Wind Farm Rocchetta Spa (Italy, 23.9)

10 Bank of China 1,968.3 2.3 5 EA Field New Wells Drilling (Nigeria, 142.9), Eni E Africa-Coral S FLNG DMCC (Mozambique, 775.0), Jordanian Attarat

Power Co (Jordan, 791.0), Natl Grid Gas Distn (United Kingdom, 171.9), Project Cheetah [Infill] (Nigeria, 87.5)

11 Nord/LB 1,687.9 2.0 34 Avel Breizh SAS (France, 37.0), Barnsley Spv One (United Kingdom, 61.3), Barnsley SPV Two (United Kingdom, 65.4),

Buchenau Wind Gmbh & Co.Kg (Germany, 55.3), Bvt Windpk Emlichheim Gmbh & (Germany, 51.2), Bvt Windpk Emlichheim

(Sweden, 159.4), Camber22 Gmbh (Austria, 49.9), Cepe Bois De Bajouve (France, 21.9), Cepe Monts De Lain (France, 31.7),

Cher Wind Farm (France, 36.1), Coire na Cloiche LLP (United Kingdom, 44.7), Coollegrean Wind Farm (Republic of Ireland,

54.0), DB Regio (Germany, 179.0), Grimsas Vindkraft (Sweden, 37.5), Hub SW Cumbernauld DBFM Co (United Kingdom,

50.6), Hub Sw Qma Dbfm Co (United Kingdom, 35.7), Hub W Scotland Project Co (United Kingdom, 47.3), Hub W Scotland

2017 LEAGUE TABLES

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Project Finance International January 24 201864

EMEA INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

Project Co (United Kingdom, 23.5), Innovent Wp Detern Gmbh & Co (Germany, 42.4), L2T SPV BV (Netherlands, 5.3), NEIF

Blender WindPk GmbH & (Germany, 34.9), Oppido Onshore Wind Farm (Italy, 38.8), OWP Butendiek (Germany, 63.6), Parc

Eolien Nordex Xxi Sas (France, 68.8), Tagoro Solar PV (Spain, 30.4), Teevurcher Wind Farm (Republic of Ireland, 54.0),

Viridian Renewables Co 3 (United Kingdom, 112.9), WCRE Windfarm (Republic of Ireland, 40.7), Wind Farm Debstedt Ii

(Germany, 8.7), Windpark Redlin (Germany, 58.9), Windpk Hohenmolsen Profen (Germany, 45.6), WindPk Werbig II

Erweiterung (Germany, 9.3), WindPk Werbig IV (Germany, 12.7), WP Hammelwarder Moor GmbH & (Germany, 19.7)

12 UniCredit 1,649.6 1.9 29 2i Aeroporti SpA (Italy, 46.5), Arror Dam (Kenya, 113.7), ASM-BG Investicii AD (Bulgaria, 72.6), Azienda ULSS 9 Treviso

(Italy, 62.6), Budapest Airport Zrt (Hungary, 90.6), CEF 3 Wind Energy SpA (Italy, 11.8), Cibuk Wind Farm (Serbia, 21.6),

Electrawinds-s doo Beograd (Serbia, 48.9), Enel Open Fiber 100Mbps (Italy, 198.6), Eni E Africa-Coral S FLNG DMCC

(Mozambique, 178.8), France Power Interconnector (Italy, 106.7), Fri-El Grottole Srl (Italy, 46.7), GeoPower Sardegna Srl

(Italy, 19.8), GESAC (Italy, 10.2), Imwind Pdv (Austria, 27.8), Kocaeli Health Campus (Turkey, 30.9), Koln Schulen P3

(Germany, 50.1), Kraftwerk Obernburg Gmbh (Germany, 61.7), Leccio Energy Srl (Italy, 24.7), Monte Mimiani Windfarm (Italy,

17.8), Ortigia Power 21 Srl (Italy, 50.2), Platina Partners Solar PV Port (Spain, 107.5), San Marco Bioenergie Spa (Italy, 16.3),

Sol.In.Build Srl (Italy, 18.6), Sungem Hldg Italy Spa (Italy, 20.1), Transitgas (Switzerland, 95.6), Whysol/VEI Green Three

(Italy, 35.6), Windpark Juhnde (Germany, 21.4), Windpk Reichertshull Gmbh & (Germany, 42.4)

13 KfW IPEX-Bank GmbH 1,573.9 1.9 21 A7 Salzgitter - Gottingen (Germany, 89.3), Beacon Rail Leasing (Luxembourg, 98.5), Bvt Windpk Emlichheim (Sweden,

108.1), Deutsche Bucht Windfarm (Germany, 116.2), Electrogas Malta Project (Malta, 65.3), Elidecos Spain SLU (Spain, 21.8),

Fadhili IPP (Saudi Arabia, 145.0), Fujairah Independent Water (United Arab Emirates, 63.7), LGV Sud Europe Atlantique

(France, 42.7), London Array (United Kingdom, 75.6), MASDAR (United Kingdom, 66.5), N33 Road (Netherlands, 12.5),

Neoen Renewable Power (France, 144.7), Nordlicht Wind Farm (Norway, 58.1), Norsk Vind Egersund AS (Norway, 56.2), NW

Walney Wind Farm Project (United Kingdom, 56.8), OWP Butendiek (Germany, 51.3), Picardy Champagene Wind Farms

(France, 26.8), Shuaibah Indep Water and (Saudi Arabia, 55.0), TRIANEL WINDKRAFTWERK BORKUM (Germany, 128.3),

XL Trains [Thameslink PPP] (United Kingdom, 91.6)

14 RBS 1,515.2 1.8 19 AGS Airports (United Kingdom, 109.9), Belvedere Waste-to-Energy (United Kingdom, 138.0), Brigg And Snetterton (United

Kingdom, 165.6), Chrysaor E&P Finance Limited (United Kingdom, 125.0), Corelink Rail Infrastructure (United Kingdom,

62.3), Dover Western Docks Revival (United Kingdom, 43.9), Elenia Refinancing Project (Finland, 65.7), Espug Fin (United

Kingdom, 50.1), Fujairah Independent Water (United Arab Emirates, 63.7), Immingham CHP (United Kingdom, 51.5),

London Luton Airport Ops (United Kingdom, 25.7), Macquarie Motorways Group (United Kingdom, 86.4), Moto Investments

Limited (United Kingdom, 63.5), Natl Grid Gas Distn (United Kingdom, 171.9), NW Walney Wind Farm Project (United

Kingdom, 56.8), Ventient Energy Wind Farm (United Kingdom, 100.6), Viners Energy (United Kingdom, 66.8), Viners Energy

(United Kingdom, 11.7), Vortex Solar UK (United Kingdom, 56.3)

15 HSBC 1,314.0 1.6 8 Budapest Airport Zrt (Hungary, 90.6), Delek Drilling (Israel, 583.3), Electrogas Malta Project (Malta, 65.3), Eni E Africa-

Coral S FLNG DMCC (Mozambique, 219.6), Moto Investments Limited (United Kingdom, 63.5), Northern Powergrid

Metering (United Kingdom, 52.2), Ratio Oil Exploration 1992 (Israel, 35.7), Tottenham Hotspur (United Kingdom, 203.8)

16 Standard Chartered 1,294.8 1.5 10 Alum Bahrain Sixth Potline (Bahrain, 145.1), Chrysaor E&P Finance Limited (United Kingdom, 125.0), EA Field New Wells

Drilling (Nigeria, 142.9), Fujairah Independent Water (United Arab Emirates, 63.7), Istanbul-Ikitelli Campus (Turkey, 182.6),

Project Cheetah [Infill] (Nigeria, 87.5), Salalah LPG (Oman, 91.4), Salalah Methanol Ammonia (Oman, 72.8), Shuaibah

Indep Water and (Saudi Arabia, 55.0), STOGG Eagle Funding (Nigeria, 328.8)

17 JP Morgan 1,227.5 1.5 4 Alum Bahrain Sixth Potline (Bahrain, 145.1), Delek Drilling (Israel, 583.3), Natl Grid Gas Distn (United Kingdom, 171.9),

Nature Gasned Xxi Sl (Spain, 327.0)

18 CaixaBank 1,190.5 1.4 23 A7 Salzgitter - Gottingen (Germany, 89.3), Africana Energia SL (Spain, 52.3), AGS Airports (United Kingdom, 109.9), Alten

Pozohondo Sl (Spain, 8.4), Alto Tajo Solar (Spain, 7.7), Autoestrada Costa Da Morte (Spain, 55.3), Autoestrada

Transmontana Road (Portugal, 53.9), Cape Coast Investments SL (Spain, 24.7), Eix Diagonal (Spain, 63.7), Explotaciones

Eolicas Sierra (Spain, 90.2), Fotosolar Solar Pv Sale (Spain, 44.9), Fsl Alhama Sl (Spain, 13.7), Gemini Offshore Wind Farm

(Netherlands, 117.9), Hidro Energia Xana SLU (Spain, 16.4), Macquarie Motorways Group (United Kingdom, 60.8), Nuevo

Hospital de Toledo (Spain, 71.5), Parque Eolico Douro do Sul (Portugal, 56.6), Parque Eolico Tahuna (Spain, 7.6), Sociedade

Concesionaria Novo (Spain, 69.8), Solucia Renovables 1 Sl (Spain, 41.5), Viners Energy (United Kingdom, 66.8), Viners

Energy (United Kingdom, 11.7), Vortex Solar UK (United Kingdom, 56.3)

19 Intesa Sanpaolo 887.8 1.1 16 2i Aeroporti SpA (Italy, 46.5), Arror Dam (Kenya, 113.7), Blue Sphere Four Biomass (Italy, 24.6), Cibuk Wind Farm (Serbia,

21.6), France Power Interconnector (Italy, 106.7), GESAC (Italy, 10.2), Kocaeli Health Campus (Turkey, 30.9), Nuevo Hospital

de Toledo (Spain, 71.5), Ortigia Power 21 Srl (Italy, 50.2), Sant’ Agata di Puglia Biomass (Italy, 35.3), Swisspower

Renewables (Italy, 66.2), Transitgas (Switzerland, 95.6), Ventient Energy Wind Farm (United Kingdom, 100.6), Viners

Energy (United Kingdom, 66.8), Viners Energy (United Kingdom, 11.7), Whysol/VEI Green Three (Italy, 35.6)

20 Barclays 855.7 1.0 12 Chrysaor E&P Finance Limited (United Kingdom, 125.0), EA Field New Wells Drilling (Nigeria, 142.9), Fujairah Independent

Water (United Arab Emirates, 63.7), London Luton Airport Ops (United Kingdom, 25.7), Macquarie Motorways Group

(United Kingdom, 60.8), Mapleco1 (United Kingdom, 67.5), Nacala Corredor Logistico (Mozambique, 100.0), Parc Adfer

(United Kingdom, 40.3), Project Cheetah [Infill] (Nigeria, 87.5), Tirgwynt Onshore Wind Farm (United Kingdom, 63.9),

Viners Energy (United Kingdom, 66.8), Viners Energy (United Kingdom, 11.7)

21 SEB 834.7 1.0 11 Borkum West II Offshore (Germany, 56.1), Calefactio Investments (Sweden, 59.3), Corelink Rail Infrastructure (United

Kingdom, 62.3), Elenia Refinancing Project (Finland, 65.7), LBC Tank Terminals Acquisition (France, 35.2), Natl Grid Gas

Distn (United Kingdom, 171.9), Norsk Vind Egersund AS (Norway, 56.2), OWP Butendiek (Germany, 63.6), Red Funnel Isle

of Wight (United Kingdom, 44.5), TRIANEL WINDKRAFTWERK BORKUM (Germany, 128.3), XL Trains [Thameslink PPP]

(United Kingdom, 91.6)

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Project Finance International January 24 2018 65

EMEA INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

22 Lloyds Bank 825.5 1.0 11 Bazalgette Tunnel (United Kingdom, 123.7), Chrysaor E&P Finance Limited (United Kingdom, 125.0), Corelink Rail

Infrastructure (United Kingdom, 62.3), Dover Western Docks Revival (United Kingdom, 43.9), Espug Fin (United Kingdom,

50.1), Immingham CHP (United Kingdom, 51.5), Moto Investments Limited (United Kingdom, 63.5), Northern Powergrid

Metering (United Kingdom, 52.2), Ventient Energy Wind Farm (United Kingdom, 100.6), Welcome Break (United Kingdom,

61.2), XL Trains [Thameslink PPP] (United Kingdom, 91.6)

23 ABN AMRO Bank 790.5 0.9 6 Beacon Rail Leasing (Luxembourg, 98.5), Chrysaor E&P Finance Limited (United Kingdom, 125.0), Eni E Africa-Coral S

FLNG DMCC (Mozambique, 333.9), Gemini Offshore Wind Farm (Netherlands, 117.9), Immingham CHP (United Kingdom,

51.5), OWP Butendiek (Germany, 63.6)

24 Groupe BPCE 741.5 0.9 12 Altus Energy Solar PV (France, 37.0), Cap Samaro (France, 8.9), Groupement Solaire Cestas (France, 101.5), Helexia Solar

PV Assets (France, 24.1), LBC Tank Terminals Acquisition (France, 35.2), Losange (France, 136.4), Neoen Renewable Power

(France, 144.7), Nord Pas de Calais Rural High (France, 100.2), Octopus Rooftop Solar PV (France, 33.7), Picardy

Champagene Wind Farms (France, 26.8), Savoie Rural Broadband (France, 31.6), Valeco Renewable Power (France, 61.5)

25 Cooperatieve Rabobank 741.1 0.9 14 Agriport Warmte BV (Netherlands, 13.4), Borkum West II Offshore (Germany, 76.5), Deutsche Bucht Windfarm (Germany,

116.2), GeoPower Holding BV (Netherlands, 14.8), Growkind 2 B.V. (Netherlands, 11.0), Immingham CHP (United Kingdom,

51.5), Meenwaun Wind Farm (Republic of Ireland, 24.6), N33 Road (Netherlands, 12.5), Northwind NV (Belgium, 80.6),

OWP Butendiek (Germany, 63.6), TRIANEL WINDKRAFTWERK BORKUM (Germany, 128.3), Trias Westland BV

(Netherlands, 12.0), Windpark Krammer BV (Netherlands, 48.7), Yard Energy 9 Opal Wind Farms (Netherlands, 87.4)

26 RBC Capital Markets 734.9 0.9 8 AGS Airports (United Kingdom, 109.9), Elenia Refinancing Project (Finland, 65.7), Greencoat Renewables (Republic of

Ireland, 58.8), London Luton Airport Ops (United Kingdom, 25.7), Macquarie Motorways Group (United Kingdom, 86.4),

Natl Grid Gas Distn (United Kingdom, 171.9), Red Funnel Isle of Wight (United Kingdom, 44.5), Teesside Gas Processing

Plant (United Kingdom, 172.0)

27 CIBC World Markets 694.2 0.8 6 Angel Trains Rolling Stock (United Kingdom, 279.6), Deutsche Bucht Windfarm (Germany, 116.2), Gemini Offshore Wind

Farm (Netherlands, 117.9), Macquarie Motorways Group (United Kingdom, 60.8), Mapleco1 (United Kingdom, 67.5),

Northern Powergrid Metering (United Kingdom, 52.2)

28 Siemens Financial 662.0 0.8 11 Bursa Integrated Health Campus (Turkey, 36.6), Ekondakin Energa y (Spain, 31.2), Elenia Refinancing Project (Finland,

65.7), Lincs Offshore Wind Farm (United Kingdom, 44.5), MASDAR (United Kingdom, 66.5), Notus Investments 2 (United

Kingdom, 31.1), Nuevo Hospital de Toledo (Spain, 71.5), NW Walney Wind Farm Project (United Kingdom, 56.8), Parc Adfer

(United Kingdom, 40.3), Shuaa Energy 2 P.S.C. (United Arab Emirates, 163.8), WTI Ferrybridge (United Kingdom, 54.1)

29 Banco de Sabadell 647.8 0.8 16 Africana Energia SL (Spain, 52.3), Belvedere Waste-to-Energy (United Kingdom, 4.2), Cape Coast Investments SL (Spain,

24.7), Carraig Gheal Windfarm (United Kingdom, 33.0), Explotaciones Eolicas Sierra (Spain, 90.2), Fotosolar Solar Pv Sale

(Spain, 44.9), Manchasol 2 Solar Plant (Spain, 44.6), Noatum Maritime Holdings SL (Spain, 26.9), Parque Eolico Tahuna

(Spain, 11.5), Project Fortitude (United Kingdom, 73.8), Solucia Renovables 1 Sl (Spain, 41.5), Solvinalopo (Spain, 11.7),

Viners Energy (United Kingdom, 66.8), Viners Energy (United Kingdom, 11.7), Vortex Solar UK (United Kingdom, 56.3), WTI

Ferrybridge (United Kingdom, 54.1)

30 Korea Development Bank 646.3 0.8 7 Ekondakin Energa y (Spain, 31.2), Eni E Africa-Coral S FLNG DMCC (Mozambique, 114.3), Gaziantep Integrated Health

(Turkey, 159.3), OWP Butendiek (Germany, 63.6), Paris-Sorbonne University (United Arab Emirates, 59.2), Shuaa Energy 2

P.S.C. (United Arab Emirates, 163.8), Shuaibah Indep Water and (Saudi Arabia, 55.0)

31 NAB 634.9 0.8 9 AGS Airports (United Kingdom, 109.9), Calefactio Investments (Sweden, 59.3), Equitix Offshore 5 (United Kingdom, 125.8),

Espug Fin (United Kingdom, 50.1), Macquarie Motorways Group (United Kingdom, 60.8), NextEnergy Solar Fund (United

Kingdom, 23.6), Notus Investments 2 (United Kingdom, 31.1), Project Fortitude (United Kingdom, 73.8), Ventient Energy

Wind Farm (United Kingdom, 100.6)

32 HSH Nordbank 632.4 0.7 11 Beacon Rail Leasing (Luxembourg, 98.5), Belvedere Waste-to-Energy (United Kingdom, 4.2), Bvt Windpk Emlichheim

Gmbh & (Sweden, 115.8), Carrickallen Wind Farm (Republic of Ireland, 50.8), Haapajarvi Wind Farm (Finland, 76.4), LBC

Tank Terminals Acquisition (France, 35.2), OWP Butendiek (Germany, 63.6), Ratipera Wind Farm (Finland, 77.6),

Steinau-Hintersteinau Wind (Germany, 50.1), Vandel 2 Solar Park (Denmark, 25.3), Windpark Lohkamp (Germany, 34.9)

33 Allied Irish Banks PLC 627.9 0.7 11 Corrimony Energy Onshore Wind (United Kingdom, 15.5), Dublin Waste to Energy (Republic of Ireland, 116.3), Green

Highland Renewables (United Kingdom, 32.9), Greencoat Renewables (Republic of Ireland, 58.8), Moto Investments

Limited (United Kingdom, 63.5), Red Funnel Isle of Wight (United Kingdom, 44.5), Ventient Energy Wind Farm (United

Kingdom, 100.6), Viners Energy (United Kingdom, 66.8), Viners Energy (United Kingdom, 11.7), Vortex Solar UK (United

Kingdom, 56.3), Welcome Break (United Kingdom, 61.2)

34 Landesbank Hessen-Thueringen 574.5 0.7 8 Alto Tajo Solar (Spain, 7.7), Borkum West II Offshore (Germany, 56.1), Centrale Toul-Rosieres 1 (France, 36.3), Deutsche

Bucht Windfarm (Germany, 116.2), Dublin Waste to Energy (Republic of Ireland, 116.3), Elidecos Spain SLU (Spain, 21.8),

TRIANEL WINDKRAFTWERK BORKUM (Germany, 128.3), XL Trains [Thameslink PPP] (United Kingdom, 91.6)

35 Goldman Sachs 573.2 0.7 2 Equitix Offshore 5 (United Kingdom, 401.6), Tottenham Hotspur (United Kingdom, 171.6)

36 Bank of America Merrill Lynch 565.2 0.7 5 Beacon Rail Leasing (Luxembourg, 98.5), Corelink Rail Infrastructure (United Kingdom, 62.3), Macquarie Motorways Group

(United Kingdom, 60.8), Teesside Gas Processing Plant (United Kingdom, 172.0), Tottenham Hotspur (United Kingdom, 171.6)

37 CBA 560.9 0.7 9 AGS Airports (United Kingdom, 109.9), Calefactio Investments (Sweden, 59.3), Chrysaor E&P Finance Limited (United

Kingdom, 125.0), Corelink Rail Infrastructure (United Kingdom, 62.3), Lincs Offshore Wind Farm (United Kingdom, 44.5),

London Luton Airport Ops (United Kingdom, 19.3), Macquarie Motorways Group (United Kingdom, 60.8), NextEnergy Solar

Fund (United Kingdom, 23.6), Vortex Solar UK (United Kingdom, 56.3)

38 United Bank for Africa 559.2 0.7 3 EA Field New Wells Drilling (Nigeria, 142.9), Project Cheetah [Infill] (Nigeria, 87.5), STOGG Eagle Funding (Nigeria, 328.8)

39 BBVA 543.3 0.6 16 Africana Energia SL (Spain, 52.3), Alten Alconera Dos SL (Spain, 18.3), Autoestrada Costa Da Morte (Spain, 55.3),

Autoestrada Transmontana Road (Portugal, 53.9), Cape Coast Investments SL (Spain, 24.7), Cia Gene Investimenti Srl (Italy,

2017 LEAGUE TABLES

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Project Finance International January 24 201866

EMEA INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

19.7), Gestion Integral Solar (Spain, 11.0), Global Goshenita (Spain, 20.7), LGV Sud Europe Atlantique (France, 42.7),

Noatum Maritime Holdings SL (Spain, 26.9), Parque Eolico Tahuna (Spain, 11.5), Parque Eolico Terras Altas do (Portugal,

59.9), Serra Carpaneto 3 Srl (Italy, 11.6), Sociedade Concesionaria Novo (Spain, 69.8), Solynova Valverdon SL (Spain, 35.2),

Trujillo Caceres PV Plant (Spain, 30.1)

40 Deutsche Bank 508.0 0.6 4 Autostrada Wielkopolska (Poland, 131.4), Eco2-Sleaford Straw Fired (United Kingdom, 195.2), Gemini Offshore Wind Farm

(Netherlands, 117.9), Moto Investments Limited (United Kingdom, 63.5)

41 Credit Mutuel 480.6 0.6 9 Barly Wind Farm (France, 17.2), Chemin de Gres Wind Farm (France, 27.5), Dalkia Gas-Fired Cogeneration (France, 53.8),

Ekondakin Energa y (Spain, 31.2), Electrogas Malta Project (Malta, 65.3), Grand Riviere Eolien Wind (France, 20.6), Losange

(France, 136.4), Renvico France SAS (France, 37.2), XL Trains [Thameslink PPP] (United Kingdom, 91.6)

42 Gazprombank 463.7 0.6 6 Altai Bashkortostan And (Russian Federation, 42.9), Altai Bashkortostan And (Russian Federation, 33.8), Altai

Bashkortostan And (Russian Federation, 14.1), Kvadra (Russian Federation, 65.4), Moscow Cntrl Ring Road [CRR] (Russian

Federation, 220.4), Podolsk and Balashikha Cancer (Russian Federation, 87.1)

43 Investec 448.4 0.5 6 Belvedere Waste-to-Energy (United Kingdom, 4.2), Brigg And Snetterton (United Kingdom, 165.6), Moto Investments

Limited (United Kingdom, 63.5), Nacala Corredor Logistico (Mozambique, 100.0), Welcome Break (United Kingdom, 61.2),

WTI Ferrybridge (United Kingdom, 54.1)

44 Mizuho Financial 418.1 0.5 4 Fujairah Independent Water (United Arab Emirates, 63.7), Nacala Corredor Logistico (Mozambique, 200.0), UK Smart

Meter Asts Pvdr (United Kingdom, 62.8), XL Trains [Thameslink PPP] (United Kingdom, 91.6)

45 European Arab Bank 391.4 0.5 5 Acciona Solar Power Plant (Egypt, 74.3), Masdar Solar Power (Jordan, 93.3), Salalah Methanol Ammonia (Oman, 72.8),

Seci Solar Power Plant (Egypt, 99.0), Shobak Wind Energy Wind Farm (Jordan, 52.0)

46 DZ Bank 384.9 0.5 6 A7 Salzgitter - Gottingen (Germany, 33.4), Beacon Rail Leasing (Luxembourg, 98.5), Electrogas Malta Project (Malta, 65.3),

OWP Butendiek (Germany, 63.6), Schiphol Justice Complex (Netherlands, 32.5), XL Trains [Thameslink PPP] (United Kingdom, 91.6)

47 Commerzbank 383.6 0.5 4 Alum Bahrain Sixth Potline (Bahrain, 145.1), Deutsche Bucht Windfarm (Germany, 116.2), Greencoat Renewables (Republic

of Ireland, 58.8), Moto Investments Limited (United Kingdom, 63.5)

48 Development Bank of Japan 377.5 0.4 6 A7 Salzgitter - Gottingen (Germany, 33.4), AGS Airports (United Kingdom, 109.9), Corelink Rail Infrastructure (United

Kingdom, 62.3), London Luton Airport Ops (United Kingdom, 12.9), Mapleco1 (United Kingdom, 67.5), XL Trains

[Thameslink PPP] (United Kingdom, 91.6)

49 La Banque Postale 375.5 0.4 5 Helexia Solar PV Assets (France, 24.1), Losange (France, 136.4), Nord Pas de Calais Rural High (France, 100.2), Ocea Smart

Bldg Smart Meter (France, 39.1), Vasco Energies (France, 75.8)

50 Citi 363.5 0.4 3 Alum Bahrain Sixth Potline (Bahrain, 145.1), Chrysaor E&P Finance (United Kingdom, 125.0), Masdar Solar Power (Jordan, 93.3)

51 Unione di Banche Italiane Scpa 356.8 0.4 11 2i Aeroporti SpA (Italy, 46.5), Contourglobal Energetica Srl (Italy, 33.0), Eni E Africa-Coral S FLNG DMCC (Mozambique,

77.8), ERG Portfolio Refinancing (Italy, 41.4), GeoPower Sardegna Srl (Italy, 19.8), GESAC (Italy, 10.2), Renvico Bidco Srl

(Italy, 30.0), San Marco Bioenergie Spa (Italy, 16.3), Sant’ Agata di Puglia Biomass (Italy, 35.3), Stadio Atalanta Srl (Italy,

10.9), Whysol/VEI Green Three (Italy, 35.6)

52 Bpifrance 342.3 0.4 10 Altus Energy Solar PV (France, 37.0), Centrale PV de Crucey 1 SAS (France, 29.0), Centrale PV de Massangis 2 (France, 17.3),

Centrale Toul-Rosieres 1 (France, 36.3), Chemin de Gres Wind Farm (France, 27.5), Fe Saint Clement (France, 15.3), Grand

Riviere Eolien Wind (France, 20.6), Groupement Solaire Cestas (France, 101.5), Helexia Solar PV Assets (France, 24.1),

Octopus Rooftop Solar PV (France, 33.7)

=53 Rand Merchant Bank 330.4 0.4 3 EA Field New Wells Drilling (Nigeria, 142.9), Nacala Corredor Logistico (Mozambique, 100.0), Project Cheetah [Infill]

(Nigeria, 87.5)

=53 Yevraziyskiy Bank 330.4 0.4 2 Kambarata HPP-2 Hydropower (Kyrgyzstan, 110.0), Moscow Cntrl Ring Road [CRR] (Russian Federation, 220.4)

55 Bpifrance 327.9 0.4 3 Paris-Sorbonne University (United Arab Emirates, 59.2), Sweihan Solar Photovoltaic (United Arab Emirates, 177.0), XL

Trains [Thameslink PPP] (United Kingdom, 91.6)

56 Standard Bank 316.0 0.4 4 Eni E Africa-Coral S FLNG DMCC (Mozambique, 101.0), Kariba South Hydropower Plant (Zimbabwe, 60.0), M-Kopa Off Grid

Solar Power (Kenya, 55.0), Nacala Corredor Logistico (Mozambique, 100.0)

57 Alpha Bank 302.1 0.4 1 Greece Airports Sale (Greece, 302.1)

58 Sumitomo Mitsui Trust 291.6 0.3 2 Nacala Corredor Logistico (Mozambique, 200.0), XL Trains [Thameslink PPP] (United Kingdom, 91.6)

59 Bayerische Landesbank 286.5 0.3 5 Fujairah Independent Water (United Arab Emirates, 63.7), Notus Investments 2 (United Kingdom, 31.1), Windpk

Reichertshull (Germany, 42.4), Wirsol Energy Solar (United Kingdom, 57.7), XL Trains [Thameslink PPP] (United Kingdom, 91.6)

60 Sberbank CIB 285.8 0.3 2 Kvadra (Russian Federation, 65.4), Moscow Cntrl Ring Road [CRR] (Russian Federation, 220.4)

61 Erste Group 280.4 0.3 3 Budapest Airport Zrt (Hungary, 90.6), Cibuk Wind Farm (Serbia, 21.6), Kovacica Wind Farm (Serbia, 168.3)

62 PNC Financial Services 279.6 0.3 1 Angel Trains Rolling Stock (United Kingdom, 279.6)

63 BMO Capital Markets 242.9 0.3 2 Chrysaor E&P Finance Limited (United Kingdom, 125.0), Gemini Offshore Wind Farm (Netherlands, 117.9)

64 First Abu Dhabi Bank 241.7 0.3 2 Fujairah Independent Water (United Arab Emirates, 63.7), Ma’aden Alcoa Alumina Refinery (Saudi Arabia, 178.0)

65 Interritus 237.5 0.3 3 Autostrada Wielkopolska (Poland, 131.4), Autovia del Pirineo A21 (Spain, 53.7), Bursa Integrated Health Campus (Turkey, 52.4)

66 Scotiabank 234.5 0.3 3 AGS Airports (United Kingdom, 109.9), Moto Investments Limited (United Kingdom, 63.5), Welcome Break (United

Kingdom, 61.2)

67 Access Bank 230.4 0.3 2 EA Field New Wells Drilling (Nigeria, 142.9), Project Cheetah [Infill] (Nigeria, 87.5)

68 KBC Group 208.0 0.3 3 Budapest Airport Zrt (Hungary, 90.6), Kempen Road (Belgium, 55.4), Northwind NV (Belgium, 62.1)

69 Turkiye Is Bankasi 193.9 0.2 4 Bagistas II HPP (Turkey, 12.0), Cetin and Alkumru HPP (Turkey, 94.6), Gebze Gas Fired IPP (Turkey, 24.0), Kizildere III

Geothermal (Turkey, 63.3)

70 BFA Tenedora de Acciones 182.7 0.2 8 Africana Energia SL (Spain, 52.3), Alten Alconera Dos SL (Spain, 18.3), Alto Tajo Solar (Spain, 7.7), Ascan Water Services SL

(Spain, 19.8), Autoestrada Transmontana Road (Portugal, 53.9), Gestion Integral Solar (Spain, 11.0), Ibereolica Hedroso

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Project Finance International January 24 2018 67

Aciberos (Spain, 6.4), Parque Eolico de Malpica (Spain, 13.4)

71 Iyo Bank 182.5 0.2 1 Istanbul-Ikitelli Campus (Turkey, 182.6)

=72 Arab National Bank 178.0 0.2 1 Ma’aden Alcoa Alumina Refinery (Saudi Arabia, 178.0)

=72 Bank Al Bilad 178.0 0.2 1 Ma’aden Alcoa Alumina Refinery (Saudi Arabia, 178.0)

=72= Banque Saudi Fransi 178.0 0.2 1 Ma’aden Alcoa Alumina Refinery (Saudi Arabia, 178.0)

=72 Natl Comml Bank Saudi Arabia 178.0 0.2 1 Ma’aden Alcoa Alumina Refinery (Saudi Arabia, 178.0)

=72 Riyadh Bank 178.0 0.2 1 Ma’aden Alcoa Alumina Refinery (Saudi Arabia, 178.0)

=72 Samba Financial Group 178.0 0.2 1 Ma’aden Alcoa Alumina Refinery (Saudi Arabia, 178.0)

=72 Saudi British Bank 178.0 0.2 1 Ma’aden Alcoa Alumina Refinery (Saudi Arabia, 178.0)

79 KfW Bankengruppe 175.0 0.2 3 Bursa Integrated Health Campus (Turkey, 23.3), Masdar Solar Power (Jordan, 93.3), OWP Butendiek (Germany, 58.4)

80 China Construction Bank 171.9 0.2 1 Natl Grid Gas Distn (United Kingdom, 171.9)

81 Emerging Africa Infrastructure 165.4 0.2 3 Antananarivo and Nosy Be (Madagascar, 74.2), Kigali Water Supply (Rwanda, 21.6), Medina Heavy Fuel Oil Power (Mali, 69.6)

82 DNB ASA 164.6 0.2 2 Chrysaor E&P Finance Limited (United Kingdom, 125.0), WCRE Windfarm (Republic of Ireland, 39.6)

=83 Bank Muscat SAOG 164.2 0.2 2 Salalah LPG (Oman, 91.4), Salalah Methanol Ammonia (Oman, 72.8)

=83 Qatar National Bank 164.2 0.2 2 Salalah LPG (Oman, 91.4), Salalah Methanol Ammonia (Oman, 72.8)

=83 Sohar Bank 164.2 0.2 2 Salalah LPG (Oman, 91.4), Salalah Methanol Ammonia (Oman, 72.8)

86 Union National Bank of UAE 163.8 0.2 1 Shuaa Energy 2 P.S.C. (United Arab Emirates, 163.8)

87 Banco Comercial Portugues 160.9 0.2 2 Eni E Africa-Coral S FLNG DMCC (Mozambique, 101.0), Parque Eolico Terras Altas do (Portugal, 59.9)

88 Turkiye Garanti Bankasi 137.8 0.2 4 Bagistas II HPP (Turkey, 12.0), Basari SPP (Turkey, 7.2), Cetin and Alkumru HPP (Turkey, 94.6), Gebze Gas Fired IPP (Turkey, 24.0)

89 Eastern and Southern African 135.0 0.2 2 Akanyaru Valley Peat-Fired (Rwanda, 75.0), Kariba South Hydropower Plant (Zimbabwe, 60.0)

90 UBS 130.8 0.2 2 LBC Tank Terminals Acquisition (France, 35.2), Transitgas (Switzerland, 95.6)

91 Yapi Ve Kredi Bankasi 130.6 0.2 3 Bagistas II HPP (Turkey, 12.0), Cetin and Alkumru HPP (Turkey, 94.6), Gebze Gas Fired IPP (Turkey, 24.0)

92 Bank Nederlandse Gemeenten 129.9 0.2 2 Gemini Offshore Wind Farm (Netherlands, 117.9), Trias Westland BV (Netherlands, 12.0)

93 Banco Portugues Investimento 129.7 0.2 4 Autoestrada Transmontana Road (Portugal, 53.9), Parque Eolico Douro do Sul (Portugal, 56.6), Parque Eolico Tahuna

(Spain, 7.6), Solvinalopo (Spain, 11.7)

94 Old Mutual 127.1 0.2 2 Nokeng Fluorspar Mine (South Africa, 39.6), Project Cheetah [Infill] (Nigeria, 87.5)

95 Banesco Banco Universal 126.9 0.2 2 Autoestrada Costa Da Morte (Spain, 55.3), Nuevo Hospital de Toledo (Spain, 71.5)

96 Cassa Depositi e Prestiti 117.8 0.1 2 France Power Interconnector (Italy, 67.5), Ortigia Power 21 Srl (Italy, 50.2)

97 DGZ-DekaBank 116.7 0.1 2 L2T SPV BV (Netherlands, 58.6), Nordlicht Wind Farm (Norway, 58.1)

98 Bank of Ireland 116.3 0.1 1 Dublin Waste to Energy (Republic of Ireland, 116.3)

99 National Bank of Canada 116.2 0.1 1 Deutsche Bucht Windfarm (Germany, 116.2)

100 Arkea Banque Entreprises 115.5 0.1 2 Fe Saint Clement (France, 15.3), Nord Pas de Calais Rural High (France, 100.2)

101 DBS 115.2 0.1 2 Fujairah Independent Water (United Arab Emirates, 63.7), Immingham CHP (United Kingdom, 51.5)

102 ASN Bank 110.7 0.1 2 Northwind NV (Belgium, 62.1), Windpark Krammer BV (Netherlands, 48.7)

103 Macquarie Group 106.7 0.1 3 Bank Renewables Limited (United Kingdom, 43.1), NextEnergy Solar Fund (United Kingdom, 23.6), Tengrela Gold Mine

(Ivory Coast, 40.0)

=104 Credit Suisse 95.6 0.1 1 Transitgas (Switzerland, 95.6)

=104 Zuercher Kantonalbank 95.6 0.1 1 Transitgas (Switzerland, 95.6)

=106 Turkiye Halk Bankasi 94.6 0.1 1 Cetin and Alkumru HPP (Turkey, 94.6)

=106 Ziraat Bankasi 94.6 0.1 1 Cetin and Alkumru HPP (Turkey, 94.6)

108 Chiba Bank 91.6 0.1 1 XL Trains [Thameslink PPP] (United Kingdom, 91.6)

109 Al-Ahli United Bank 91.4 0.1 1 Salalah LPG (Oman, 91.4)

=110 Magyar Kulkereskedelmi Bank 90.6 0.1 1 Budapest Airport Zrt (Hungary, 90.6)

=110 Raiffeisen Bank 90.6 0.1 1 Budapest Airport Zrt (Hungary, 90.6)

=112 Hana Financial 79.7 0.1 1 Gaziantep Integrated Health (Turkey, 79.7)

=112 NongHyup Financial 79.7 0.1 1 Gaziantep Integrated Health (Turkey, 79.7)

=114 Ahli Bank 72.8 0.1 1 Salalah Methanol Ammonia (Oman, 72.8)

=114 Bank Dhofar 72.8 0.1 1 Salalah Methanol Ammonia (Oman, 72.8)

114= National Bank of Kuwait 72.8 0.1 1 Salalah Methanol Ammonia (Oman, 72.8)

117 Landesbank Saar Girozentrale 70.8 0.1 1 Seine-Saint-Denis School PPP (France, 70.8)

118 Banco BPM 70.1 0.1 2 GeoPower Sardegna Srl (Italy, 19.8), Ortigia Power 21 Srl (Italy, 50.2)

119 Danske Bank 65.7 0.1 1 Elenia Refinancing Project (Finland, 65.7)

120 Bank of Valletta 65.3 0.1 1 Electrogas Malta Project (Malta, 65.3)

121 Bankinter 64.0 0.1 2 Africana Energia SL (Spain, 52.3), Solvinalopo (Spain, 11.7)

=122 Arab Bank 63.7 0.1 1 Fujairah Independent Water (United Arab Emirates, 63.7)

=122 MashreqBank PSC 63.7 0.1 1 Fujairah Independent Water (United Arab Emirates, 63.7)

=122 Portigon 63.7 0.1 1 Fujairah Independent Water (United Arab Emirates, 63.7)

=125 AK Bank 63.3 0.1 1 Kizildere III Geothermal (Turkey, 63.3)

=125 Turkiye Sinai Kalkinma Bankasi 63.3 0.1 1 Kizildere III Geothermal (Turkey, 63.3)

127 EFG Group 56.4 0.1 1 Boeotia Onshore Wind Portfolio (Greece, 56.4)

128 NRW Bank 56.1 0.1 1 Borkum West II Offshore (Germany, 56.1)

=129 AG Finance 55.4 0.1 1 Kempen Road (Belgium, 55.4)

EMEA INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

2017 LEAGUE TABLES

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68 Project Finance International January 24 2018

=129 Argenta Sparbank 55.4 0.1 1 Kempen Road (Belgium, 55.4)

131 Bridge Finance 53.7 0.1 1 Autovia del Pirineo A21 (Spain, 53.7)

132 Triodos Bank 52.3 0.1 2 M-Kopa Off Grid Solar Power (Kenya, 25.0), Wiltshire and Devon Solar PV (United Kingdom, 27.3)

133 QNB Corp 51.5 0.1 1 Immingham CHP (United Kingdom, 51.5)

134 Mediobanca 45.0 0.1 1 London Luton Airport Ops (United Kingdom, 45.0)

135 DEG-Deutsche Finanz 39.6 0.1 1 Nokeng Fluorspar Mine (South Africa, 39.6)

136 Banca Popolare Emilia Romagna 37.5 0.0 2 Cia Gene Investimenti Srl (Italy, 19.7), Monte Mimiani Windfarm (Italy, 17.8)

137 Turkiye Vakiflar Bankasi 36.0 0.0 2 Bagistas II HPP (Turkey, 12.0), Gebze Gas Fired IPP (Turkey, 24.0)

=138 Bank Hapoalim 35.7 0.0 1 Ratio Oil Exploration 1992 (Israel, 35.7)

=138 Israel Discount Bank 35.7 0.0 1 Ratio Oil Exploration 1992 (Israel, 35.7)

=138 Jefferies 35.7 0.0 1 Ratio Oil Exploration 1992 (Israel, 35.7)

141 Banca Popolare di Milano 28.0 0.0 2 San Marco Bioenergie Spa (Italy, 16.3), Simeri Crichi Wind Farm (Italy, 11.6)

=142 Arab Banking Corp 27.8 0.0 1 Taqa Solar Power Plant (Egypt, 27.8)

=142 Oesterreichische Kontrollbank 27.8 0.0 1 Taqa Solar Power Plant (Egypt, 27.8)

144 Nomura 24.0 0.0 1 Gebze Gas Fired IPP (Turkey, 24.0)

=145 BMPS 19.8 0.0 1 GeoPower Sardegna Srl (Italy, 19.8)

=145 Banca Picc Cred Valt SpA 19.8 0.0 1 GeoPower Sardegna Srl (Italy, 19.8)

=145 Banca Popolare di Sondrio 19.8 0.0 1 GeoPower Sardegna Srl (Italy, 19.8)

=148 Banco Cooperativo Espanol 19.4 0.0 1 Ilmatar Leppavirta Oy (Finland, 19.4)

=148 Landesbank Baden-Wurttemberg 19.4 0.0 2 Alto Tajo Solar (Spain, 7.7), Solvinalopo (Spain, 11.7)

150 Dexia 18.6 0.0 1 Sol.In.Build Srl (Italy, 18.6)

151 Hypo Real Estate 16.4 0.0 1 St-Flour N Bypass Road PPP (France, 16.4)

152 Atlas Mara 16.0 0.0 1 Akanyaru Valley Peat-Fired (Rwanda, 16.0)

153 Odea Bank 15.0 0.0 1 Seleda Biogas and Organic (Turkey, 15.0)

154 Cajas Rurales Unidas Sdad Coop 11.7 0.0 1 Solvinalopo (Spain, 11.7)

=155 Banca Popolare di Bari 11.6 0.0 1 Simeri Crichi Wind Farm (Italy, 11.6)

=155 Banca Popolare Puglia Basilica 11.6 0.0 1 Simeri Crichi Wind Farm (Italy, 11.6)

157 Haitong Securities 11.0 0.0 1 Gestion Integral Solar (Spain, 11.0)

158 Istituto Per il Cred Sportivo 10.9 0.0 1 Stadio Atalanta Srl (Italy, 10.9)

159 TBC Bank 8.7 0.0 1 Rustavi Group LLC (Georgia, 8.7)

=160 Caixa Geral de Depositos 7.7 0.0 1 Alto Tajo Solar (Spain, 7.7)

=160 Caja de Ahorros y M Zaragoza 7.7 0.0 1 Alto Tajo Solar (Spain, 7.7)

162 Unicaja 7.6 0.0 1 Parque Eolico Tahuna (Spain, 7.6)

163 Commercial Intl Bank 3.1 0.0 1 Ras Ghareb Wind Energy Sae (Egypt, 3.1)

Total* 84,826.3 319

*Proportional Credit

Source: Thomson Reuters

EMEA INITIAL MANDATED LEAD ARRANGERS CONTINUED

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

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EMEA LOANS BY COUNTRY

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

United Kingdom 21,159.0 24.9 58

Mozambique 7,664.5 9.0 3

Spain 5,383.6 6.4 37

France 5,293.5 6.2 42

Germany 4,517.6 5.3 26

Italy 3,931.3 4.6 32

Turkey 3,640.3 4.3 10

Nigeria 2,774.2 3.3 3

Netherlands 2,730.7 3.2 10

Israel 2,625.0 3.1 3

United Arab Emirates 2,491.5 2.9 4

Saudi Arabia 2,489.7 2.9 3

Egypt 2,481.6 2.9 14

Jordan 2,005.0 2.4 4

Belgium 1,627.8 1.9 5

Oman 1,368.0 1.6 2

Republic of Ireland 1,125.9 1.3 8

Greece 1,083.9 1.3 2

Portugal 1,002.7 1.2 3

Hungary 996.3 1.2 1

Russian Federation 969.9 1.1 6

Sweden 865.6 1.0 3

Bahrain 725.8 0.9 1

Finland 699.1 0.8 4

Luxembourg 689.7 0.8 1

Malta 522.4 0.6 1

Azerbaijan 500.0 0.6 1

Serbia 494.2 0.6 3

Switzerland 477.8 0.6 1

Kenya 421.0 0.5 2

Rwanda 346.6 0.4 3

Poland 262.8 0.3 1

Norway 228.5 0.3 2

Kazakhstan 184.5 0.2 2

Madagascar 148.4 0.2 1

Austria 133.5 0.2 3

Zimbabwe 120.0 0.1 1

Kyrgyzstan 110.0 0.1 1

South Africa 79.1 0.1 1

Burkina Faso 76.6 0.1 2

Bulgaria 72.6 0.1 1

Mali 69.6 0.1 1

Denmark 65.2 0.1 2

Armenia 50.0 0.1 1

Ivory Coast 40.0 0.1 1

Uganda 39.0 0.1 1

Tunisia 28.0 0.0 1

Georgia 14.3 0.0 1

Total 84,826.3 319

EMEA LOANS BY SECTOR

Sector Volume (US$m)

Power 38,206.4

Oil & Gas 17,656.5

Transportation 16,718.6

PPP 5,023.7

Industry 2,775.9

Telecommunications 2,161.5

Mining 1,474.9

Water and sewerage 523.0

Waste and recycling 285.8

Total 84,826.3

2017 LEAGUE TABLES

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NON RECOURSE PROJECT BONDS

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

1 Citi 24 5,990.2 Denver International Airport United State Transportation 189.1

Hydro Plant, Bath County, Virginia United States Power 150.0

Calpine Corp United States Power 43.1

Corvias Campus Living United States Leisure & Property 308.0

Fujairah Ind Water & Power Project Arab Emirates Water & Sewerage 80.0

Avangrid Inc United States Power 85.5

Walney Extension United Kingdom Power 856.0

Transform 66 P3 Project United States Transportation 368.5

Brookfield Hydro NY United States Power 305.0

GMR Hyderabad International Airport India Transportation 70.0

Banco Invex Mexico Transportation 51.8

Newcastle Coal Infrastructure Group Australia Mining 249.8

Mexico City Airport Trust Mexico Transportation 795.2

Fenix Power Peru Peru Power 113.3

High Noon Solar Portfolio United States Power 233.0

Lazaro Cardenas Port Mexico Mexico Transportation 125.0

Minejesa Capital Indonesia Power 400.0

Georgia Proton Treatment Center United States Leisure & Property 356.7

AES Southland LLC United States Power 491.7

Autopistas del Sol SA Costa Rica Transportation 300.0

Acwa Power Man and Invest One Ltd Saudi Arabia Power 135.7

Alamo 6 Solar Holdings LLC United States Power 116.0

CED Upton County Solar United States Power 97.0

Pattern Energy Group Inc Canada Power 70.0

2 JP Morgan 19 4,521.4 AES US Generation Holdings United States Oil & Gas 80.0

South Bay Expressway (SR-125) United States Transportation 194.1

Pedemontana Veneta Spa Italy Transportation 364.3

Abu Dhabi Crude Oil Pipeline Llc Arab Emirates Oil & Gas 759.3

GMR Hyderabad International Airport India Transportation 70.0

Arena Luxembourg Finance SARL Portugal Transportation 112.7

Gatwick Funding United Kingdom Transportation 117.6

Nortegas Energia Distribution, S.A.U. Spain Oil & Gas 310.4

Newcastle Coal Infrastructure Group Australia Mining 249.8

Mexico City Airport Trust Mexico Transportation 795.2

Cheniere Energy Partners LP United States Oil & Gas 150.0

Cerro del Aguila Peru Power 162.3

AES Southland LLC United States Power 491.7

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

Celeo Redes Chile Ltd Chile Power 126.3

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

Neerg Energy Ltd India Power 95.0

Aeropuertos Dominicanos Siglo XXI Dominican Republic Transportation 158.5

Genneia SA Argentina Power 116.7

3 Mitsubishi UFJ 19 3,857.7 Calpine Corp United States Power 43.1

Bayonne Water Joint Venture LLC United States Power 60.0

Abu Dhabi Crude Oil Pipeline Llc United Arab Emirates Oil & Gas 759.3

ITR Concession Co LLC United States Transportation 425.0

Cheniere Energy Partners LP United States Oil & Gas 150.0

CSOLAR IV West, LLC United States Power 133.6

Bazalgette Finance Plc United Kingdom Water & Sewerage 389.8

Ohio State University United States Leisure & Property 212.5

Florida Southeast Connection LLC United States Oil & Gas 100.0

AES Southland LLC United States Power 491.7

White Pine Hydro United States Power 158.3

Hudson Transmission Partners United States Power 70.0

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

NRG Energy Inc United States Power 203.5

Alamo 6 Solar Holdings LLC United States Power 116.0

Moapa Southern Paiute Solar InvestCo United States Power 208.0

CPV Fairview LLC United States Power 56.9

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

FLNG Liquefaction 2 LLC United States Oil & Gas 112.5

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2017 LEAGUE TABLES

NON RECOURSE PROJECT BONDS CONTINUED

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

4 HSBC 14 3,799.1 Fujairah Ind Water & Power Project United Arab Emirates Water & Sewerage 80.0

Terraform Power Operating LLC United States of America Power 200.0

Abu Dhabi Crude Oil Pipeline Llc United Arab Emirates Oil & Gas 759.3

GMR Hyderabad International Airport India Transportation 70.0

Mexico City Airport Trust Mexico Transportation 795.2

Cheniere Energy Partners LP United States Oil & Gas 150.0

Minejesa Capital BV Indonesia Power 400.0

Eversholt Funding PLC United Kingdom Transportation 173.6

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

Pentagon a la francaise (Balard PPP) France Leisure & Property 643.4

East Slope Residencies PLC United Kingdom Leisure & Property 246.9

MOTO Finance Plc United Kingdom Transportation 18.2

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

Neerg Energy Ltd India Power 95.0

5 RBC Capital Markets 15 2,531.8 Colorado Bridge Enterprise United States Transportation 114.7

Calpine Corp United States Power 43.1

Southgate Solar Canada Power 66.3

Windsor Solar LP Canada Power 73.0

Bazalgette Finance Plc United Kingdom Water & Sewerage 134.1

Terraform Power Operating LLC United States Power 200.0

Alberta Powerlines LP Canada Power 557.1

Kent Hills Wind Farm Canada Power 208.4

Ohio State University United States Leisure & Property 212.5

Bazalgette Finance Plc United Kingdom Water & Sewerage 53.7

North West Redwater Partnership Canada Oil & Gas 550.3

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

Brussels Airport Co SA Belgium Transportation 81.1

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

Pattern Energy Group Inc Canada Power 70.0

6 Santander 14 2,368.8 Ence Energia, S.L.U. Spain Power 66.8

Bazalgette Finance Plc United Kingdom Water & Sewerage 109.7

X-Elio Energy Midway I LLC United States Power 36.5

Pedemontana Veneta Spa Italy Transportation 364.3

Arena Luxembourg Finance SARL Portugal Transportation 112.7

Gatwick Funding Ltd United Kingdom Transportation 117.6

Nortegas Energia Distribution,S.A.U. Spain Oil & Gas 310.4

Mexico City Airport Trust Mexico Transportation 795.2

MS3 SOLAR INVESTCO, LLC United States Power 118.4

Ohio State University United States Leisure & Property 212.5

Bazalgette Finance Plc United Kingdom Water & Sewerage 53.7

Xique Xique 2 Wind Farm Power Project Brazil Power 8.0

MOTO Finance Plc United Kingdom Transportation 18.2

Elecnor SA Spain Power 44.7

7 Goldman Sachs 12 2,260.4 Ruta al Mar Toll Road Colombia Transportation 174.7

Calpine Corp United States Power 43.1

Walney Extension United Kingdom Power 856.0

Canadian Solar Green Project Bond Japan Power 43.0

Trust (Totori) Beneficial Interest

Washington Economic Development United States Industry 133.6

Finance Authority

Gridiron Funding United States Power 460.0

Cheniere Corpus Christi Holdings United States Oil & Gas 88.2

Celeo Redes Chile Ltda Chile Power 126.3

Mibu Solar Way Japan Power 48.6

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

Neerg Energy Ltd India Power 95.0

FLNG Liquefaction 2 LLC United States Oil & Gas 112.5

8 Credit Agricole 16 2,175.3 Corelink Rail Infrastructure Ltd United Kingdom Transportation 292.0

Calpine Corp United States Power 43.1

Roadster Finance Designated Activity Co Germany Transportation 177.8

Bazalgette Finance Plc United Kingdom Water & Sewerage 109.7

Stoneway Capital Corp Argentina Power 86.2

Gatwick Funding Ltd United Kingdom Transportation 117.6

Nortegas Energia Distribution,S.A.U. Spain Oil & Gas 310.4

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NON RECOURSE PROJECT BONDS CONTINUED

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

Budapest Airport Refinancing Hungary Transportation 117.5

Southwest Airport Services Inc United Kingdom Transportation 65.6

Brussels Airport Co SA Belgium Transportation 81.1

NRG Energy Inc United States Power 203.5

Beacon Rail Leasing Ltd Luxembourg Transportation 236.8

Belvedere Waste-to-Energy United Kingdom Power 123.1

MOTO Finance Plc United Kingdom Transportation 18.2

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

FLNG Liquefaction 2 LLC United States Oil & Gas 112.5

9 SMBC 16 1,666.3 Fujairah Independent Water & Power Proj Arab Emirates Water & Sewerage 80.0

Terraform Power Operating LLC United States Power 200.0

Fenix Power Peru SA Peru Power 113.3

Cheniere Energy Partners LP United States Oil & Gas 150.0

Latin America Power Chile Power 206.0

GP Wind(Jangi)Pvt Ltd India Power 23.6

Budapest Airport Refinancing Hungary Transportation 117.5

Bazalgette Finance Plc United Kingdom Water & Sewerage 53.7

Xique Xique 2 Wind Farm Power Plant Brazil Power 8.0

White Pine Hydro United States Power 158.3

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

Ventos de Santo Estevao Brazil Power 22.6

Santa Vitoria do Palmar Energias Brazil Power 10.1

Renovaveis SA

Elenia Finance Finland Power 146.7

Quadgas Midco Ltd United Kingdom Oil & Gas 208.9

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

10 Societe Generale 7 1,476.3 Arcour SA France Transportation 496.2

Albea Services SASU France Transportation 154.7

2i Rete Gas SpA Italy Oil & Gas 107.8

Cheniere Energy Partners LP United States Oil & Gas 150.0

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

Sabine Pass Liquefaction LLC United States Oil & Gas 400.0

11 BNP Paribas 12 1,404.7 El Encino- La Laguna Pipeline Mexico Oil & Gas 90.0

Calpine Corp United States Power 43.1)

Roadster Finance Designated Activity Co Germany Transportation 177.8

Avangrid Inc United States Power 85.5

2i Rete Gas SpA Italy Oil & Gas 107.8

Arena Luxembourg Finance SARL Portuga Transportation 112.7

Nortegas Energia Distribution,S.A.U. Spain Oil & Gas 310.4

CSOLAR IV West, LLC United States Power 133.6

Budapest Airport Refinancing Hungary Transportation 117.5

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

Brussels Airport Co SA Belgium Transportation 81.1

CPV Fairview LLC United States Power 56.9

12 Credit Suisse 8 1,230.0 Calpine Corp United States Power 43.1

TES 2017-1 United States Power 339.9

Cheniere Energy Partners LP United States Oil & Gas 150.0

Cerro del Aguila SA Peru Power 162.3

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

Sunnova Energy Corp 2017-1 United States Power 254.7

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

FLNG Liquefaction 2 LLC United States Oil & Gas 112.5

13 Mizuho Financial 7 1,229.7 El Encino- La Laguna Pipeline Mexico Oil & Gas 90.0

Cheniere Energy Partners LP United States Oil & Gas 150.0

Florida Southeast Connection LLC United States Oil & Gas 100.0

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

Acwa Power Management & Invests One Saudi Arabia Power 135.7

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

Duke Texoma Wind United States Power 586.5

14 CIBC World Markets 3 1,194.6 ITR Concession Co LLC United States Transportation 425.0

Alberta Powerlines LP Canada Power 557.1

Ohio State University United States Leisure & Property 212.5

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2017 LEAGUE TABLES

15 Bank of America Merrill Lynch 10 1,188.7 Calpine Corp United States Power 43.1

Transform 66 P3 Project United States Transportation 368.5

2i Rete Gas SpA Italy Oil & Gas 107.8

GMR Hyderabad International Airport India Transportation 70.0

Cheniere Energy Partners LP United States Oil & Gas 150.0

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

Neerg Energy Ltd India Power 95.0

Pattern Energy Group Inc Canada Power 70.0

(Broadview Wind Power Acquisition)

Genneia SA Argentina Power 116.7

16 BBVA 5 1,176.1 Avangrid Inc United States Power 85.5

Mexico City Airport Trust Mexico Transportation 795.2

Ekondakin Energa y Medioambiente Spain Waste & Recycling 89.7

Celeo Redes Chile Ltda Chile Power 126.3

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

17 CIMB 3 1,127.8 Southern Power Generation Sdn Bhd Malaysia Power 434.2

Quantum Solar Park (Semenanjung) Malaysia Power 118.2

YTL Power International Bhd Indonesia Power 575.4

18 Morgan Stanley 8 1,114.3 Hydro Plant,Bath County, Virginia United States Power 150.0

Calpine Corp United States Power 43.1

Cheniere Energy Partners LP United States Oil & Gas 150.0

CSOLAR IV West, LLC United States Power 133.6

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

Sabine Pass Liquefaction LLC United States Oil & Gas 400.0

Pattern Energy Group Inc Canada Power 70.0

19 UBS 5 1,068.8 Calpine Corp United States Power 43.1

SPARC EM SPC Panama Transportation 546.9

LF Wade International Airport Bermuda Transportation 285.0

Gobierno del Pueblo de La Rioja Argentina Power 98.8

Neerg Energy Ltd India Power 95.0

20 Lloyds Bank 8 1,036.1 Bazalgette Finance Plc United Kingdom Water & Sewerage 134.1

Bazalgette Finance Plc United Kingdom Water & Sewerage 109.7

Bazalgette Finance Plc United Kingdom Water & Sewerage 96.5

Eversholt Funding PLC United Kingdom Transportation 173.6

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

Leeds PFI Cancer Hospital United Kingdom Leisure & Property 336.3

MOTO Finance Plc United Kingdom Transportation 18.2

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

21 HDI VaG 1 983.8 Borkum Riffgrund West 2 Germany Power 983.8

22 Scotiabank 8 978.3 Terraform Power Operating LLC United States Power 200.0

Fenix Power Peru SA Peru Power 113.3

Cerro del Aguila SA Peru Power 162.3

White Pine Hydro United States Power 158.3

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

MOTO Finance Plc United Kingdom Transportation 18.2

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

Aeropuertos Dominicanos Siglo XXI Dominican Republic Transportation 158.5

23 ING 9 906.7 El Encino- La Laguna Pipeline Mexico Oil & Gas 90.0

Nortegas Energia Distribution,S.A.U. Spain Oil & Gas 310.4

Xique Xique 2 Wind Farm Power Plant Brazil Power 8.0

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

Brussels Airport Co SA Belgium Transportation 81.1

Beacon Rail Leasing Ltd Luxembourg Transportation 22.4

Quadgas Midco Ltd United Kingdom Oil & Gas 208.9

MOTO Finance Plc United Kingdom Transportation 18.2

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

24 Barclays 5 878.1 Calpine Corp United States Power 43.1

2i Rete Gas SpA Italy Oil & Gas 07.8

London Luton Airport Holdings I United Kingdom Transportation 153.6

Minejesa Capital Indonesia Power 400.0

Eversholt Funding PLC United Kingdom Transportation 173.6

NON RECOURSE PROJECT BONDS CONTINUED

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

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25 Allianz 3 863.6 Midland Expressway Ltd United Kingdom Transportation 631.4

University of Hull Student Accomm United Kingdom Leisure & Property 163.3

Port of Dover United Kingdom Transportation 68.9

26 First Abu Dhabi Bank 2 839.3 Fujairah Independent Water & Power United Arab Emirates Water & Sewerage 80.0

Abu Dhabi Crude Oil Pipeline Llc United Arab Emirates Oil & Gas 759.3

27 Deutsche Bank 7 838.0 T Solar Finance S.A. Spain Power 70.4

Calpine Corp United States Power 43.1

Roadster Finance Designated Activity Germany Transportation 177.8

Avangrid Inc United States Power 85.5

Minejesa Capital BV Indonesia Power 400.0

Sonnedix Solar PV Portfolio Spain Power 43.1

MOTO Finance Plc United Kingdom Transportation 18.2

28 TD Securities 3 807.1 North West Redwater Partnership Canada Oil & Gas 550.3

H2O Power LP Canada Power 150.2

Plenary Health Phase 1C LP Canada Leisure & Property 106.6

29 RBS 8 756.9 Arena Luxembourg Finance SARL Portugal Transportation 112.7

Gatwick Funding Ltd United Kingdom Transportation 117.6

Cheniere Energy Partners LP United States Oil & Gas 150.0

London Luton Airport Holdings I United Kingdom Transportation 153.6

Budapest Airport Refinancing Hungary Transportation 117.5

Xique Xique 2 Wind Farm Power Plant Brazil Power 8.0

MOTO Finance Plc United Kingdom Transportation 18.2

Sabine Pass Liquefaction LLC United States Oil & Gas 79.3

30 Jefferies 5 722.9 Maine Waste Processing United States Waste & Recycling 45.0

Stoneway Capital Corp Argentina Power 86.2

Latin America Power Chile Power 206.0

Acwa Power Man & Investments One Saudi Arabia Power 135.7

Stoneway Capital Corp Argentina Power 250.0

31 Leader Capital Markets 1 657.2 Tamar Petroleum Ltd Israel Oil & Gas 657.2

32 Macquarie Group 4 620.9 Arena Luxembourg Finance SARL Portugal Transportation 112.7

Quadgas Midco Ltd United Kingdom Oil & Gas 208.9

Kype Muir Onshore Wind Farm United Kingdom Power 170.4

NextEnergy Solar Fund Ltd United Kingdom Power 128.9

33 Malayan Banking 3 583.3 Projek Lintasan Sungai Besi-Ulu Klang Malaysia Transportation 30.9

Sdn Bhd

Southern Power Generation Sdn Bhd Malaysia Power 434.2

Quantum Solar Park (Semenanjung) Malaysia Power 118.2

34 BMO Capital Markets 5 559.5 Southgate Solar Canada Power 66.3

Windsor Solar Canada Power 73.0

Terraform Power Operating LLC United States Power 200.0

H2O Power LP Canada Power 150.2

Pattern Energy Group Inc Canada Power 70.0

35 DBS 2 480.0 Fujairah Independent Water & Power United Arab Emirates Water & Sewerage 80.0

Minejesa Capital BV Indonesia Power 400.0

36 UniCredit 4 466.9 Sungem Holding Italy SpA Italy Power 82.4

Roadster Finance Designated Activity Germany Transportation 177.8

CEF3 Wind Energy SpA Italy Power 98.8

2i Rete Gas SpA Italy Oil & Gas 107.8

37 Pareto 1 410.0 Transocean Ltd United States Oil & Gas 410.0

=38 Danske Bank 1 381.1 Ellevio AB Sweden Power 381.1

=38 SEB 1 381.1 Ellevio AB Sweden Power 381.1

=38 Swedbank 1 381.1 Ellevio AB Sweden Power 381.1

=41 Banca Akros 1 364.3 Pedemontana Veneta Spa Italy Transportation 364.3

=41 Interritus 1 364.3 Pedemontana Veneta Spa Italy Transportation 364.3

=41 Intesa Sanpaolo 1 364.3 Pedemontana Veneta Sp Italy Transportation 364.3

44 Natixis 3 341.9 Calpine Corp United States Power 43.1

Terraform Power Operating LLC United States Power 200.0

CEF3 Wind Energy SpA Italy Power 98.8

45 Yes Bank 2 301.3 GMR Hyderabad International Airport India Transportation 70.0

Kudgi Transmission Ltd India Power 231.3

46 AMP 1 290.0 Neoen SAS France Power 290.0

47 CBA 2 289.9 Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

WSO Finance Pty Ltd Australia Transportation 201.6

NON RECOURSE PROJECT BONDS CONTINUED

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

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2017 LEAGUE TABLES

48 Legal & General Group 2 282.3 Rock Rail United Kingdom Transportation 216.5

Ahana Ops 59 Solar Panel Portfolio Refi United States Power 65.8

49 Sea Port Group Securities 1 250.0 Stoneway Capital Corp Argentina Power 250.0

50 Nord/LB 4 228.4 El Encino- La Laguna Pipeline Mexico Oil & Gas 90.0

MS3 SOLAR INVESTCO, LLC United States Power 118.4

Coire na Cloiche LLP United Kingdom Power 3.8)

Trans Europa Naturgas Pipeline Germany Oil & Gas 16.2

=51 Aviva 1 216.5 Rock Rail United Kingdom Transportation 216.5

=51 Barings 1 216.5 Rock Rail United Kingdom Transportation 216.5

=51 Standard Life Assurance 1 216.5 Rock Rail United Kingdom Transportation 216.5

=51 Sunlife Holdings 1 216.5 Rock Rail United Kingdom Transportation 216.5

55 NAB 1 201.6 WSO Finance Pty Ltd Australia Transportation 201.6

56 TradeRisks 2 198.1 Uliving@Essex2 Issuerco Plc United Kingdom Leisure & Property 78.8

University of Essex United Kingdom Leisure & Property 119.2

57 Investec 2 183.8 Adani Abbot Point Terminal Pty Ltd Australia Transportation 165.6

MOTO Finance Plc United Kingdom Transportation 18.2

58 Manulife Financial 2 175.2 Ontario Highway 427 Canada Transportation 78.5

MaRS Center Public Health Laboratory Canada Leisure & Property 96.7

=59 Stifel/KBW 1 165.6 Adani Abbot Point Terminal Pty Ltd Australia Transportation 165.6

=59 Haitong Securities 1 165.6 Adani Abbot Point Terminal Pty Ltd Australia Transportation 165.6

61 Credicorp 1 162.3 Cerro del Aguila SA Peru Power 162.3

62 Siam Commercial Bank 2 148.2 Nam Ngum 2 Power Co Ltd Laos Power 59.9

Cheniere Corpus Christi Holdings LLC United States Oil & Gas 88.2

63 DNB ASA 1 135.8 Invenergy LLC Uruguay Power 135.8

=64 China Construction Bank 1 135.7 Acwa Power Man and Invests One Saudi Arabia Power 135.7

=64 NCB Capital Corp 1 135.7 Acwa Power Man and Invests One Saudi Arabia Power 135.7

=64 Standard Chartered 1 135.7 Acwa Power Man and Invests One Saudi Arabia Power 135.7

67 Itau Unibanco 2 124.7 Xique Xique 2 Wind Farm Power Plant Brazil Power 8.0

Genneia SA Argentina Power 16.7

68 CaixaBank 2 113.4 T Solar Finance S.A. Spain Power 70.4

Sonnedix Solar PV Portfolio Spain Power 43.1

69 Mediobanca 1 107.8 2i Rete Gas SpA Italy Oil & Gas 107.8

70 Pension Insurance Corp 1 107.0 UPP Duncan House Student Accomm United Kingdom Leisure & Property 107.0

71 Puente Inversiones y Servicios 1 98.8 Gobierno del Pueblo de La Rioja Argentina Power 98.8

=72 Industrial Alliance 1 96.7 MaRS Center Public Health Laboratory Canada Leisure & Property 96.7

=72 Sunlife Assurance 1 96.7 MaRS Center Public Health Laboratory Canada Leisure & Property 96.7

=74 Banco de Sabadell 1 90.0 El Encino- La Laguna Pipeline Mexico Oil & Gas 90.0

=74 Natl Coml Bk of Jamaica 1 90.0 South Jamaica Power Company Jamaica Power 90.0

76 Affin Holdings 2 89.3 Projek Lintasan Sungai Besi-Ulu Klang Malaysia Transportation 30.9

Tadau Energy Sdn Bhd Malaysia Power 58.5

=77 Drexel Hamilton 1 85.5 Avangrid Inc United States Power 85.5

=77 Wells Fargo 1 85.5 Avangrid Inc United States Power 85.5

=77 Williams Capital 1 85.5 Avangrid Inc United States Power 85.5

80 Blackrock Financial Management 1 84.0 Hannon Armstrong Sustainable United States Power 84.0

Infrastracture Capita

81 IDFC 2 81.6 Renew Akshay Urja Pvt Ltd India Power 58.1

GP Wind(Jangi)Pvt Ltd India Power 23.6

=82 Bangkok Bank 1 59.9 Nam Ngum 2 Power Co Ltd Laos Power 59.9

=82 Krung Thai Bank 1 59.9 Nam Ngum 2 Power Co Ltd Laos Power 59.9

84 L&T Financial Services 1 58.1 Renew Akshay Urja Pvt Ltd India Power, 58.1

85 JB Capital Markets 1 55.4 Magacela Solar 1 SL Spain Power 55.4

86 Bancolombia 1 51.8 Banco Invex SA Mexico Transportation 51.8

87 General de Valores y Cambios 1 47.7 Planta Solar Puertollano 6 Spain Power 47.7

88 Ageas SA/NV 1 43.5 Stelplaatsen bus depot Belgium Transportation 43.5

89 AMMB 1 30.9 Projek Lintasan Sungai Besi-Ulu Klang Malaysia Transportation 30.9

90 Indep Debt Capital Markets 1 26.5 Azure Sun (Holdco) Ltd United Kingdom Power 26.5

91 Commerzbank 1 18.2 MOTO Finance Plc United Kingdom Transportation 18.2

92 Bayerische Landesbank Giro 1 16.2 Trans Europa Naturgas Pipeline Germany Oil & Gas 16.2

93 Numis 1 15.0 Chaarat Gold Holdings Ltd Kyrgyzstan Mining 15.0

94 RGreen SAS 1 13.0 Econergy Solar Plants Italy Power 13.0

95 Banco do Brasil 1 8.0 Xique Xique 2 Wind Farm Power Plant Brazil Power 8.0

Total 150 63,741

NON RECOURSE PROJECT BONDS CONTINUED

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

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BONDS BY COUNTRY

Sector Volume (US$m) No of deals

United States of America

18,866 42

United Kingdom 8,709 27

Mexico 4,654 4

Canada 3,827 10

United Arab Emirates 3,437 2

Italy 2,762 5

Indonesia 2,575 2

Spain 2,083 8

Germany 1,727 3

France 1,584 4

Australia 1,400 3

Malaysia 1,256 4

Argentina 1,220 4

India 1,220 5

Sweden 1,143 1

Peru 989 2

Saudi Arabia 814 1

Chile 791 2

Israel 657 1

Portugal 563 1

Panama 547 1

Hungary 470 1

Belgium 368 2

Dominican Republic 317 1

Costa Rica 300 1

Bermuda 285 1

Luxembourg 259 1

Laos 180 1

Colombia 175 1

Finland 147 1

Uruguay 136 1

Japan 92 2

Jamaica 90 1

Brazil 81 3

Kyrgyzstan 15 1

Chile 50.0 1

Total 63,741 150

BONDS BY SECTOR

Sector Volume (US$m) No of deals

Power 25,515 75

Transportation 17,800 36

Oil and gas 14,392 16

PPP 3,606 12

Water and sewarage 1,645 6

Mining 515 2

Waste and recycling 135 2

Industry 134 1

Total 63,741 150

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MULTILATERAL DEVELOPING COUNTRY PROJECT FINANCE DEALS

IDFI

Project Country Cost Debt involvement Details

Agua Negra Tunnel Chile 1,500 40 40 IADB loan

Upano hydro Ecuador 111 10 10 IIC A-loan

SEML IPP Indonesia - 440 109 ADB loan

Vorotan hydro Armenia 200 200 200 IFC; FMO; DEG; KfW loans, FMO, DEG, KfW

Fadhili cogen Saudi Arabia 1,200 958 305 IsDB; Kexim loans, Kexim loan

Peat power IPP Rwanda 350 30 30 India Exim loan

Dynagreen China - 200 100 ADB A-loan

Tanjung Bati B Indonesia - 3,356 3,356 JBIC loan, Nexi cover

Kocaeli hospital Turkey 440 351 253 OPIC loan, EBRD A-loan

La Jacinta solar Uruguay - 82 82 IADB refi

Karot hydro Pakistan 1,700 1,390 1,390 IFC loan, Sinosure cover

Suki Kinari hydro Pakistan 1,956 1,450 1,450 China Exim loan, Sinosure cover

Apco IPP Jordan 2,100 1,582 1,582 Sinosure cover

Enel geothermal Chile - 30 30 IIC loan

AUSA roads Brazil - 252 152 IIC loan, IADB

Sidrap wind farm Indonesia 150 120 120 OPIC loan

Kambarata 2 hydro Kyrgyzstan - 110 110 EDB loan

UTE transmission PPP Uruguay - 54 38 IIC

Valentines wind farm Uruguay - 120 69 IADB loan

Sunseap solar Cambodia - 9 3 ADB loan

Coral LNG Mozambique - 4,800 2,916 Kexim loan and cover, Ksure cover, Sace cover, Bpi France

Gaziantep hospital Turkey - 550 550 Ksure cover, Kexim loan and cover, EBRD loan, EIB loan

Rede D'Or hospitals Brazil - 210 130 IFC loan

Mocuba solar Mozambique 76 55 55 IFC loan, EAIF loan

Ventos do Araripe wind Brazil - 546 50 IFC loan

ICE geothermals Costa Rica 1,270 691 691 JICA loan, IADB loan, EIB loan

Fisterra IPP Mexico 900 600 600 MIGA cover

Kyzyl mine Kazakhstan - 140 140 EBRD loan

Cerro Pabellon Geothermal Chile 30 30 30 IIC

Huatacondo Solar IPP Chile - 67 47 Nexi cover

Antananarivo & Nosy Be Airport Madagascar 285 148 148 IFC loan, Proparco, EAIF loan, DBSA loan, OFID loan

Moheshkhali Floating LNG Bangladesh 180 126 33 IFC loan

Istanbul-Ikitelli Integrated Health Turkey 1,780 1,446 723 JBIC loan

Melo-Tacuarembo Transmission Line Uruguay 100 81 56 IDB loan

Solem I & Solem II Mexico 350 230 120 IIC loan; IFC loan

Sainshand Wind Farm Mongolia 120 79 79 EIB loan, EBRD loan

Alibunar Wind Farm Serbia 95 118 23 IFC loan

Kovacica Wind Farm Serbia 224 267 156 EBRD loan, Euler Hermes

Bursa Hospital PPP Turkey 513 377 377 EBRD loan, EIB loan, DEG , Proparco

El Corti Wind Farm Argentina 104 104 32 IIC loan

La Castellana Wind Argentina 154 119 100 IFC loan, IDB loan, MCPP loan

Gulf of Suez Windfarm Egypt 400 320 192 JBIC loan

Kigali Water Supply PPP Rwanda 61 41 41 EAIF loan, AfDB loan

Medina Heavy Fuel Oil Power Plant Mali 136 70 66 IDB loan, ICD loan, OFID loan, EAIF loan, BOAD loan

Zambia Scaling Solar Zambia - 40 40 IFC loan, OPIC loan

Cape Three Points Integrated Oil & Gas Plant

Ghana 7,000 880 880 MIGA cover, UKEF loan, IFC loan

Patimban Deep Water Port Indonesia 1,300 1,050 1,050 JICA loan

Nacala Port & Railway Mozambique 3,000 2,730 2,330 JBIC loan, AfDB loan, Nexi cover

Matarbari Coal-Fired Power Bangladesh 4,400 3,500 3,500 JICA loan

Cibuk Wind Farm Serbia 354 254 254 EBRD loan, IFC loan

Cauchari Solar Photovoltaic Argentina 541 331 331 China Exim loan

Shobak Wind Energy Jordan 78 78 52 EBRD loan, ICD loan

Acciona Solar Power Plant Egypt 198 149 74 IFC loan, AIIB loan

Alcazar Energy Solar Power Plant Egypt 274 206 206 IFC loan, AIIB loan, AfDB loan, CDC loan

Seci Solar Power Plant Egypt 132 99 79 IFC loan, FIM Green Growth loan, AIIB loan, CDC loan

Phoenix Solar Power Plant Egypt 73 55 55 FIM Green Growth loan, AIIB loan, CDC loan

Shapoorji Solar Power Plant Egypt 75 55 55 IFC loan, AIIB loan, AfDB loan, CDC loan

Taqa Solar Power Plant Egypt 74 56 33 IFC loan, AIIB loan, FinnFund loan

Scatec Solar Power Plant Egypt 335 335 168 EBRD loan, FMO loan

ACWA Power Plant Egypt 148 148 99 EBRD loan, MIGA cover

EREN Renewable Power Plant Egypt 116 116 116 EBRD loan, Proparco

EDF Energies Nouvelles Egypt 111 111 111 EBRD loan, Proparco

Infinity Solar Power Plant Egypt 87 87 58 EBRD loan, FMO loan

Alfanar Solar Power Plant Egypt 57 57 29 EBRD loan

2017 LEAGUE TABLES

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MULTILATERAL DEVELOPING COUNTRY PROJECT FINANCE DEALS CONTINUED

IDFI

Project Country Cost Debt involvement Details

MULTILATERAL EXPOSURE BY DEVELOPING COUNTRY

Country IDFI provision Debt

MULTILATERAL DEVELOPING COUNTRY EXPOSURE BY INSTITUTION

IDFI Direct lending Guarantees Exposure Deals no

1 JICA 5,002 - 5,002 4

2 JBIC 3,623 - 3,623 4

3 Sinosure - 3,597 3,597 3

4 NEXI 1,047 1,678 2,725 3

5 Kexim 782 546 1,328 3

6 China Exim 1,056 - 1,056 2

7 EBRD 989 - 989 15

8 World Bank 363 600 963 6

9 Ksure - 961 961 2

10 IFC 790 - 790 14

11 Sace - 700 700 1

12 IADB 519 - 519 5

13 EIB 480 - 480 5

14 Bpi France - 450 450 1

15 UKEF 400 - 400 1

16 AfDB 384 - 384 4

17 OPIC 366 - 366 3

18 ADB 355 - 355 4

19 IIC 254 30 284 7

20 FMO 242 - 242 5

21 MIGA 229 - 229 2

22 AIIB 172 - 172 7

23 Proparco 160 - 160 4

24 IDB 124 - 124 3

25 EDB 110 - 110 1

26 IsDB 105 - 105 1

27 CDC 103 - 103 4

28 Euler hermes 98 - 98 1

29 DEG 85 - 85 3

30 EAIF 71 - 71 4

31 OFID 64 - 64 3

32 KfW 60 - 60 1

33 Nafin 50 - 50 1

34 ICD 47 - 47 2

35 FIM Green Growth 38 - 38 2

36 India Exim 30 - 30 1

37 DBSA 29 - 29 1

38 MCPP 27 - 27 1

39 FinnFund 11 - 11 1

40 BOAD 4 - 4 1

Total 18,270 8,562 26,832

1 Mozambique 5,301 7,585

2 Indonesia 4,635 4,966

3 Bangladesh 3,533 3,626

4 Pakistan 2,840 2,840

5 Turkey 1,904 2,725

6 Jordan 1,856 1,913

7 Egypt 1,275 1,793

8 Ghana 880 880

9 Mexico 820 930

10 Costa Rica 691 691

11 Argentina 463 554

12 Serbia 433 638

13 Brazil 332 1,008

14 Saudi Arabia 305 958

15 Uruguay 245 337

16 Myanmar 208 208

17 Armenia 200 200

18 Madagascar 148 148

19 Chile 147 167

20 Kazakhstan 140 140

21 Kyrgyzstan 110 110

22 China 100 200

23 Mongolia 79 79

24 Rwanda 71 71

25 Mali 66 70

26 Zambia 40 40

27 Ecuador 10 10

28 Cambodia 3 9

Total 26,832 32,895

La Bufa Windfarm Mexico - 100 100 EIB loan, Nafin loan

Masdar Solar Power Plant Jordan 235 188 157 IFC loan, JICA loan, DEG loan, OFID loan, FMO loan

Myingyan IPP Myanmar 300 208 208 ADB loan, AIIB loan, IFC loan

Safawi Solar PV Jordan 93 65 65 EBRD, FMO loan

Total 35,466 32,895 26,832

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2017 LEAGUE TABLES

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

Kiata wind farm Australia 65 38 19 EKF loan

Airports concession Greece 1,659 1,084 765 EBRD loan, EIB loan, IFC loan, BSTDB loan

A7 road PPP Germany 531 441 196 EIB loan

France Power Interconnector Italy 578 578 190 EIB loan

Treviso Hospital PPP Italy 257 96 34 EIB loan

Markbygden ETT Sweden 800 500 180 EIB loan, Euler Hermes

Berresgasse School PPP Austria 46 46 23 EIB loan

E2i Energie Speciali Wind Farm Italy 178 178 178 EIB loan

Windkraft Simonsfeld Three Wind Farms Austria 82 42 42 EIB loan

Boeotia Onshore Wind Portfolio Greece 56 28 28 EIB loan

Nordlicht Wind Farm Norway 349 65 65 GIEK guarantee

CHO Tiper Waste to Energy France 72 53 36 EIB loan

Total 4,672 3,149 1,756

1 EIB 1,141 - 1,141 10

2 EBRD 209 - 209 1

3 World Bank 172 - 172 1

4 Euler Hermes 80 - 80 1

5 BSTDB 70 - 70 1

6 GIEK - 65 65 1

7 EKF - 19 19 1

Total 1,672 84 1,756

1 Greece 1,112 793

2 Italy 852 402

3 Germany 441 196

4 Sweden 500 180

5 Austria 88 65

6 Norway 65 65

7 France 53 36

8 Australia 38 19

Total 3,149 1,756

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Project Finance International January 24 201880

GLOBAL ADVISORIES CLOSED IN 2017

Advisor Volume (US$m)

GLOBAL ADVISORY MANDATES WON IN 2017

1 2 3 Total Overall

1 EY 25 58 27 110 110

2 Synergy Consulting 41 18 29 88 126

3 PwC 27 40 20 87 243

4 SMBC 27 10 1 38 66

5 Green Giraffe 34 0 0 34 50

6 MUFG 21 1 0 22 22

7 Societe Generale 16 0 5 21 43

8 Credit Agricole 12 0 0 12 35

9 Natixis 5 0 5 10 15

9 TASC 4 1 5 10 15

11 SBI Capital 5 2 0 7 26

12 Greengate 5 1 0 6 16

13 DBS 2 0 4 6 6

14 BNP Paribas 4 0 0 4 17

15 ING 3 0 0 3 6

15 Portland Advisers 3 0 0 3 6

17 Mizuho 0 1 1 2 2

Total 234 132 97 463(420)

1 KPMG 9,704

2 SBI Capital 9,376

3 Macquarie 8,833

4 BNP Paribas 6,733

5 Credit Agricole 6,163

6 Green Giraffe 5,822

7 DC Advisory 5,580

8 Evercore 4,902

9 Portland Advisers 4,800

10 SMBC 3,830

11 Societe Generale 3,415

12 RBC 3,381

13 JP Morgan 3,223

14 Bank of America 3,000

14 BMO Capital Markets 3,000

16 PwC 2,965

17 MUFG 2,788

18 HSBC 2,730

19 Mizuho 2,658

20 Standard Chartered 2,510

21 ING 1,700

22 Aquasia 1,670

23 Synergy Consulting 1,504

24 CIMB 868

25 Greengate 853

26 Alpha Bank 770

26 Citigroup 770

26 Eurobank 770

29 Bajaj Consultants 643

30 Alderbrook 630

31 Elgar Middleton 549

32 Deutsche 530

33 Lazard 493

34 Ironstone Capital 390

35 Newbridge Advisers 348

36 QMPF 251

37 RBS 250

38 TASC 180

39 Fieldstone 154

Key

1 - Privately owned sponsors

2 - Government or government owned sponsors

3 – Bidders in a competition

2016 total in brackets

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2017 LEAGUE TABLES

Key

1 - Privately owned sponsors

2 - Government or government owned sponsors

3 – Bidders in a competition

2016 total in brackets

AMERICAS ADVISORY MANDATES WON IN 2017

1 2 3 Total Overall

1 EY 6 18 0 24 24

2 PwC 4 12 5 21 39

3 SMBC 9 0 0 9 18

4 Greengate 4 1 0 5 10

5 Societe Generale 3 0 1 4 7

6 Green Giraffe 3 0 0 3 4

7 BNP Paribas 2 0 0 2 6

8 Natixis 1 0 0 1 2

9 MUFG 1 1 0 0 1

10 Portland Advisers 0 0 0 1 1

11 Credit Agricole 0 0 0 0 3

12 ING 31 0 0 0 1

12 ING 1 0 1 1 1

Total 34 31 6 71(118)

Key

1 - Privately owned sponsors

2 - Government or government owned sponsors

3 – Bidders in a competition

2016 total in brackets

EMEA ADVISORY MANDATES WON IN 2017

1 2 3 Total Overall

1 Synergy Consulting 41 17 16 74 106

2 EY 19 23 27 69 69

3 PwC 10 17 11 38 128

4 Green Giraffe 28 0 3 31 46

5 SMBC 6 10 0 16 22

6 Societe Generale 10 0 3 13 32

7 Credit Agricole 12 0 0 12 30

8 TASC 4 1 5 10 15

9 Natixis 3 0 5 8 11

10 MUFG 6 0 0 6 6

11 ING 3 0 0 3 5

12 BNP Paribas 2 0 0 2 7

13 Mizuho 0 1 1 2 2

14 Greengate 1 0 0 1 6

15 Portland Advisers 0 0 0 0 2

Total 145 69 71 285(204)

1 PwC 13 11 4 28 76

2 EY 0 17 0 17 17

3 MUFG 14 1 0 15 15

4 Synergy Consulting 0 1 13 14 20

5 SMBC 12 0 1 13 26

7 SBI Capital 5 2 0 7 26

7 DBS 2 0 4 6 6

8 Societe Generale 3 0 1 4 4

9 Portland Advisers 2 0 0 2 3

10 Natixis 1 0 0 1 2

11 BNP Paribas 0 0 0 0 3

12 Credit Agricole 0 0 0 0 2

Total 52 32 23 107(98)

Key

1 - Privately owned sponsors

2 - Government or government owned sponsors

3 – Bidders in a competition

2016 total in brackets

ASIA PACIFIC ADVISORY MANDATES WON IN 2017

1 2 3 Total Overall

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Project Finance International January 24 201882

ASIA PACIFIC ADVISORY MANDATES CLOSED IN 2017

No of Volume

deals (US$m) Deals

AMERICAS ADVISORY MANDATES CLOSED IN 2017

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 KPMG 6 3,932 Highway 427 (2, Canada, 269), Transform 66 (2, USA, 1967), Fort McMurray (2, Canada, 1090), Atizapan road (3, Mexico, 357), La Castellana wind (1, Argentina, 119), El Corti wind (1, Argentina, 130)

2 Greengate 2 853 1-395 Express (2, USA, 278), Central 70 (2, USA, 575)

3 PwC 2 375 CAMH (2, Canada, 270), Watty Vos roads (2, Aruba, 105)

4 SMBC 1 67 Huatacondo solar (1, Chile, 67)

1 SBI Capital 13 9,376 Adani Green (1, India, 180), PTC Energy wind (1, India, 38), Chambai Fertiliser & Chemicals (1, India, 90), Dhariwal Infrastructure power (1, India, 332), RSPL soda ash (1, India, 537), NAM Expressway refi (1, India, 196), Simar port (1, India, 446), HPCL MittalEnergy (1, India, 2082), Mumbai International Airport (1, India, 1426), Sembcorp Gayatri (1, India, 465), MB Power refi (1, India, 767), LalitpurPower refi (1, India, 2132), GSPL Gasnet refi (2, India, 684)

2 Macquarie 6 8,833 Coopers Gap wind (1, Australia, 670), AGL Energy Silverton (1, Australia, 225), WestConnex (1, Australia, 1322), Endeavour Energy (3, Australia, 4472), Moorebank Terminal (2, Australia, 1580), Grafton prison (3, Australia, 564),

3 KPMG 5 4,127 Goa Airport (2, India, 206), Sainshand wind (1, Mongolia, 120), Edify Energy (1, Australia, 237), Grafton prison (2, Australia, 564), Melbourne metro (2, Australia, 3000)

4 ING 1 1,700 Cirebon 2 (1, Indonesia, 1700)

4 Mizuho 2 1,700 Muara Laboh (1, Indonesia, 400), Tokyo International Airport expansion (1, Japan, 1300)

6 Aquasia 1 1,670 Reliance Rail refi (1, Australia, 1670)

6 RBC 1 1,670 Reliance Rail refi (1, Australia, 1670)

8 SMBC 1 1,250 Pengerang Terminal (1, Singapore, 1250)

9 CIMB 1 868 Pasir Gudang power (3, Malaysia, 868)

10 PwC 5 782 Palapa ring east (2, Indonesia, 297), Pyeong Taek port refi (1, South Korea, 75), Springvale water (3, Australia, 100), Bungala 1&2 (1, Australia, 310)

11 Bajaj Consultants

2 643 Udaipur bypass (3, India, 322), Gulabpura road (3, India, 321)

12 Elgar Middleton

2 411 Edify Energy Daydream (1, Australia, 237), Edift Energy (1, Australia, 174)

13 Ironstone Capital

2 390 Emerald solar (1, Australia, 80), Bungala 1&2 (1, Australia, 310)

14 Green Giraffe

1 141 Hornsdale 3 (1, Australia, 141)

15 MUFG 1 113 Hallett 5 refi (1, Australia, 113)

16 Societe Generale

1 78 Kidson solar (1, Australia, 78)

17 Synergy Consulting

1 42 FRV (3, India, 42)

[email protected]

Thomson Reuters LPC is the premier global provider of information on the syndicated loan and high yield bond markets. Our first-to-the-market news and comprehensive real-time and historical data help industry players stay informed about market trends and facilitate trading and investment decisions.

LPC’s publications, end-of-day valuations, online news, analysis, and interactive databases are used every day by banks, asset managers, law firms, regulators, corporations and others to drive valuation, syndication, trading, research and portfolio management activities.

CONNECT TO THE GLOBAL SYNDICATED LOAN MARKET WITH THOMSON REUTERS LPC.

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06 Q4 League tables 617 p.indd 82 05/02/2018 16:11:33

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[email protected]

Thomson Reuters LPC is the premier global provider of information on the syndicated loan and high yield bond markets. Our first-to-the-market news and comprehensive real-time and historical data help industry players stay informed about market trends and facilitate trading and investment decisions.

LPC’s publications, end-of-day valuations, online news, analysis, and interactive databases are used every day by banks, asset managers, law firms, regulators, corporations and others to drive valuation, syndication, trading, research and portfolio management activities.

CONNECT TO THE GLOBAL SYNDICATED LOAN MARKET WITH THOMSON REUTERS LPC.

LOOKING FOR A WIDER VIEW OF THE GLOBAL SYNDICATED LOAN MARKET?LOOK TO THOMSON REUTERS LPC

06 Q4 League tables 617 p.indd 83 05/02/2018 16:11:34

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Project Finance International January 24 201884

EMEA ADVISORY MANDATES CLOSED IN 2017

No of Volume

deals (US$m) Deals1 BNP Paribas 4 6,733 Manchasol 2 (1, Spain, 199), RTE (1, France, 2800), Gas Connect Austria refi (1, Austria, 285), Ma’aden Aluminium refi (1, Saudi Arabia,

2900), Malta LNG (1, Malta, 549)

2 Credit Agricole 3 6,163 Coral LNG (1, Mozambique, 4800), West Midlands ROSCO (3, UK, 1233), Renvico (1, France, 130)

3 Green Giraffe 7 5,661 Trianel Borkum II (1, Germany, 667), Gemini refi (1, Netherlands, 2258), Masai Valeco (1, France, 102), Deutsche Bucht (1, Germany, 1116), Castas (1, France, 294), Neptune 2 (1, France, 276), Nordsee One refi (1, Germany, 948)

4 DC Advisory 6 5,580 Calvin Capital (1, UK, 1300), MapleCo (1, UK, 540), South West Trains (1, UK, 1260), HH Ferries refi (1, Sweden, 280), LBC Tank refi (1, France, 200), Elenia (1, Finland, 2000)

5 Evercore 7 4,902 Welcome Break refi (1, UK, 662), APCO (1, Jordan, 1600), ESP Utilities (1, UK, 460), Calvin Capital (1, UK, 140), Ventient Energy (1, UK, 920), Scotia Gas Networks midco (1, UK, 880), Peel Ports (1, UK, 240)

6 Portland Advisers 1 4,800 Coral LNG (1, Mozambique, 4800)

7 Societe Generale 7 3,337 Leviathan (1, Israel, 625), London Array (1, UK, 634), Deepwater Terminal Gdansk (1, Poland, 291), Grand East (3, France, 694), A19 refi (1, France, 680), A150 refi (1, France, 145), Bretange Pays de la Loire HSR refi (1, France, 268)

8 JP Morgan 1 3,223 Naturgas (1, Spain, 3223)

9 Bank of America 1 3,000 Chrysaor (1, UK, 3000)

10 BMO Capital Markets 1 3,000 Chrysaor (1, UK, 3000)

11 HSBC 1 2,730 Nacala (1, Mozambique, 2730)

12 MUFG 5 2,675 Butendiek (1, Germany, 1100) Ferrybridge 2 (1, UK, 275), Nimes-Montpelier refi (1, France, 280), Salalah LPG (1, Oman, 640), Trianel Borkum West (1, Germany, 380)

13 SMBC 3 2,513 Gaziantep (3, Turkey, 583) Bursa (3, Turkey, 470), Ikitelli (3, Turkey, 1460)

14 Standard Chartered 3 2,510 Salalah Methanol (1, Oman, 730), NNPC Chevron (1, Nigeria, 780), NNPC Shell (1, Nigeria, 1000)

15 PwC 10 1,808 Leeds hospital refi (2, UK, 325), MapleCo (1, UK 340), A7 south (2, Germany, 426), Schiphol justice refi (2, Netherlands, 60), N33 refi (2, Netherlands, 140), A12 refi (2, Netherlands, 160), Eefde lock (2, Netherlands, 67), Utrecht student (2, Netherlands, 200), St Vincent hospital (1, Malta, 40), Alfanar Egypt (3, Egypt, 50)

16 RBC 1 1,711 Walney extension (1, UK, 1711)

17 KPMG 6 1,645 Madagascar Airport (3, Madagascar, 145), Kempen refi (1, Belgium 230), Eefde lock (3, Netherlands, 67), Banks Renewables (1, UK, 283), Kingfisher solar (1, UK, 270), Dewa solar (2, UAE, 650)

18 Synergy Consulting 7 1,462 Infinity Solar (3, Egypt, 89), Kigali (1, Rwanda, 41), DEWA solar PV (3, UAE, 650), Shubibah 3 (1, Saudi Arabia, 176), Mirdiff cooling (1, UAE, 27), Emicool cooling (1, UAE, 69), Tabreed refi (1, 410)

19 Mizuho 1 958 Fadhili (2, Saudi Arabia, 958)

20 Alpha Bank 1 770 Greek airports (3, Greece, 770)

21 Citigroup 1 770 Greek airports (2, Greece, 770)

22 Eurobank 1 770 Greek airports (2, Greece, 770)

23 Alderbrook 1 630 Sweihan (2, UAE, 630)

24 Deutsche 1 530 A7 (3, Germany, 530)

25 Lazard 1 493 Interconnector Italia (1, Italy 493)

26 Newbridge Advisers 1 348 University of Sussex (3, UK, 251), Salford BSF refi (1, UK 97)

27 QMPF 1 251 University of Sussex (2, UK, 251)

28 RBS 1 250 Dover port (1, UK, 250)

29 TASC 1 180 Bar-Ilanm student (3, Israel, 180)

30 Fieldstone 2 154 Nokeng Fluorspar (1, South Africa, 125), Bugoye refi (1, Uganda, 29)

31 Elgar Middleton 2 138 Tom Nan Clach (1, UK 86), Tirgwynt wind refi (1, UK, 52)

31 Newbridge Advisors 3 273 Hounslow roads refi (1, UK, 106), Salford BSF refi (1, UK, 82), Kirklees social refi (1, UK, 85)

Key

1 - Privately owned sponsors

2 - Government or government owned sponsors

3 – Bidders in a competition

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