Dealogic, the pre-eminent provider of Global Investment Banking analysis and systems released its Q1 2010 figures for Global Project Finance.
Global volume reached $ 72.1bn, an increase of 49% compared with $48.4bn in Q1 2009 although only 146 projects reached financial close, down 13% on 167 in Q1 2009.
A total of 16 projects of $1.0bn or over reached financial close in Q1 2010, compared to just seven in the comparable 2009 period. This included the $7.6bn Nord Steam Gas Pipeline Phase 1 project, the second largest Eastern European project financing on record to reach financial close.
Asia recorded one of the largest increases in project financing with volume up 161% to $34.9bn compared to Q1 2009. The region was boosted by the $12.8bn Taiwan High Speed Rail refinancing, the largest project financing globally in Q1 2010.Australasia also saw a significant rise in volume, reaching $3.4bn compared to just $837m in Q1 2010.
Western Europe project finance volume was up 42% to $16.9bn in Q1 2010 compared with 12.0bn in Q1 2009.
Middle East & Africa project volume fell 57% to $2.8bn in Q1 2010 while North American volume fell 46% to just $2.6bn. Latin American & Caribbean project finance was also down with volume dropping 67% to $3.6bn in Q1 2010.
The Infrastructure sector led the industry ranking in Q1 2010 with volume of $26.1bn accounting for 36% of total project finance volume. The Energy/Power sector followed with $ 25.1bn and a 35% share of market.
Project Finance loan volume reached $58.5bn in Q1 2010, up 61% from Q1 2009 while bond financing fell 68% to just $461m. Equity finance rose 25% to 13.1bn.
Bank of Taiwan led the mandated arranger ranking with £12.9bn, followed by State Bank of India with $ 3.7bn.