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blog-post"> <section aria-labelledby="hero-headline" id="hero" class="page-section page-section-hero bg-white"> <div class="row hero-row align-items-center justify-content-center position-relative mx-0"> <div class="col-12 col-lg-5 col-xl-4 offset-xl-1 col-xxl-5 px-0 mt-3 mt-lg-0 d-xl-flex justify-content-xl-end position-relative z-index-3"> <div class="nested-container px-4 py-3 py-lg-4 pe-lg-0 px-xl-0"> <div class="home-top-post-date d-flex align-items-center justify-content-start"> <span class="csc-icon c-i-calendar text-white bg-purplepink-ltor rounded-circle p-2 me-2"></span> <p class="mb-0">September 17, 2024</p> </div> <h1 id="hero-headline" class="text-navy lh-1 display-5 my-3">Spotlight on Project Finance in Latin America</h1> <div class="blog-category-container d-flex flex-wrap"> <a href="https://blog.cscglobal.com/publications/" class="btn btn-purple lato blog-tile-mini-button lh-sm d-flex align-items-center flex-nowrap rounded-pill px-2 py-1 category-btn">Publications</a><a 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aria-hidden="true"> <path d="M0,-1 L100,-1 Q-50,50 100,100 L0,100z" fill="#ffffff"></path> </svg> </div> </div> <div class="nested-container d-lg-flex justify-content-lg-end py-3 position-relative z-index-3"> </div> </div> </div> </section> <section aria-label="Share this article" id="section1" class="page-section bg-transparent"> <div class="container-fluid container-xxl page-section-container"> <div class="row blog-post-share-box justify-content-center justify-content-sm-end position-relative me-lg-4"> <div class="col-6 col-sm-5 col-md-4 col-lg-3 col-xl-2 share-box bg-purple py-2 px-3 d-flex align-items-center justify-content-center"> <h2 class="text-white fs-5 text-uppercase mb-0 pb-0 me-4">Share</h2> <a class="me-3 social" href="https://www.linkedin.com/sharing/share-offsite/?url=" target="_blank"> <img width="36" height="36" src="https://cscwebcontentstorage.blob.core.windows.net/cscmarketing-cscglobal-media/images/icons/linkedin-logo-white.svg" alt=""> <span class="visually-hidden">Share this on LinkedIn</span> </a> <div class="position-fixed bottom-0 end-0 p-3"> <div id="liveToast" class="toast bg-purple" role="alert" aria-live="assertive" aria-atomic="true"> <div class="toast-body text-white"> Link copied to clipboard. </div> </div> </div> <button id="liveToastBtn" type="button" class="border-0 copy-to-clipboard bg-transparent d-flex align-items-center" data-copy-to-clipboard="https://blog.cscglobal.com/spotlight-on-project-finance-in-latin-america/"> <span class="csc-icon csc-icon-bold csc-icon c-i-link text-white"></span> </button> </div> </div> </div> </section> <section aria-label="Read the post" id="section1" class="page-section bg-lightergray py-5"> <div class="container-fluid container-xxl page-section-container pt-3 pt-lg-0"> <div class="row mb-5 mt-3 mt-lg-4 px-4 px-sm-0 px-xl-4 px-xxl-0"> <div class="col-12 col-lg-8 pe-lg-4"> <div class="post-content-body"> <h2 class="wp-block-heading"><strong>Why project finance is growing in the Latin America region</strong></h2> <p>Latin America, which has traditionally played catch-up in terms of issuance volumes with regions such as the U.S., is seeing an uptick in project finance deals. Proximo’s 2023 full year project finance data demonstrates an increase in regional activity from $33 billion to $46 billion, representing a deal count that has increased from 147 to 222<sup><a id="_ftnref1" href="#_ftn1">[1]</a> </sup>over the prior year.</p> <p>Drivers behind the trend include a calmer political environment in certain countries as well as increasingly innovative financing structures and regulatory regimes. There are positive signs that political risk is generally receding with the election of more market friendly regimes and the emergence of private credit investment in infrastructure and energy markets.</p> <p><a href="https://www.cscglobal.com/service/resources/project-finance-2024/">Our recent global research</a> with project finance professionals found respondents believe Latin America will see one of the highest increases in project finance transactions over the next 12-24 months (cited by 29%), fractionally ahead of the U.K. (28.5%) and second only to North America (38.5%).</p> <p>The study also found that while activity is predicted to grow, respondents in the region indicated potential challenges with predicting the role that project finance will play in large-scale, capital intensive infrastructure projects. A quarter (24%) of respondents were neutral about its role, compared to 18% for APAC and 8% for both EMEA and North America.</p> <p>One notable issue in the region was the high number of respondents (72%) who said that one of their biggest challenges was adapting to ever-changing subsidies and tax credit programs, compared with an average of 62% for all regions. Another regional challenge cited by many respondents was navigating supply chain challenges—54%, compared with the global average of 39%.</p> <div style="height:20px" aria-hidden="true" class="wp-block-spacer"></div> <h2 class="wp-block-heading"><strong>Project finance in Latin America: The case for future success</strong></h2> <div style="height:20px" aria-hidden="true" class="wp-block-spacer"></div> <p>When looking at the areas of project finance that professionals are focused on, there appears to be a greater diversity of opportunities in the Latin America region. A third of respondents (32%) cited infrastructure, higher than the 22% of respondents in North America. Anecdotally, digital infrastructure has been an increasing topic of discussion with our clients. 38% of respondents also cited oil and gas—again, higher than the 26% in North America. A similar gap was uncovered for telecommunications (22% versus 16%); mining and natural resources (22% versus 18%), and healthcare and pharmaceuticals (8% vs 2%).</p> <p>We believe our research shows that there will be plenty of opportunities in the market moving forward. This will be driven by a range of factors, including a dialing back of political rhetoric in some countries, which is giving investors a greater sense of calm and future certainty.</p> <p>Another driver will be the range of new and innovative investment regimes at play in the region. There are examples of countries such as Brazil introducing new regulations for infrastructure debentures, or to allow power purchase agreements to be denominated in U.S. dollars, with the goal of attracting more foreign investment.</p> <p>Chile is another interesting case, as they need to tap into international markets for investment following a long period of relying on domestic markets. We’re seeing a growth in opportunities in Chile as a result.</p> <p>Overall, in our view, the unique combination of geopolitical factors and more innovative investment structures for project finance means that Latin America’s issuance volumes may not be playing catch-up with other regions of the world for very much longer.</p> <div style="height:20px" aria-hidden="true" class="wp-block-spacer"></div> <h2 class="wp-block-heading"><strong>How CSC can help</strong></h2> <div style="height:20px" aria-hidden="true" class="wp-block-spacer"></div> <p>CSC’s Latin American Trust and Agency Team has extensive experience with project finance in Latin America and is always willing to use its in-depth knowledge and technical expertise to help our clients meet their financing objectives. Our flexible and commercial approach and comprehensive suite of trust and agency products allow for both a successful closing and smooth administration over the life of the transaction.  </p> <p>As part of a global company, the team brings relevant thinking and insights from across the globe and our business model is centered on creating long-term relationships with our clients, as evidenced by our 125-year operating history. Moreover, being privately owned means that we have stability in our strategic objectives throughout the organization, and being a non-lending institution minimizes the possibility of encountering a conflict of interest.   </p> <p><strong>To find out more about our recent global research with project finance professionals, including views from respondents in the U.S., North America, and Europe, <a href="https://www.cscglobal.com/service/resources/project-finance-2024/">download our full report here</a>.</strong></p> <hr class="wp-block-separator has-alpha-channel-opacity" /> <p><a href="#_ftnref1" id="_ftn1">[1]</a><a href="https://www.proximoinfra.com/articles/8347/latin-america-deals-of-the-year-2023-earning-liquidity">proximoinfra.com/articles/8347/latin-america-deals-of-the-year-2023-earning-liquidity</a></p> </div> </div> <div id="post-page-right" class="sidebar col-12 col-lg-4" role="complementary">  <div class="blog-nav-card-author-list mb-5"> <div class="page-section-headline-container"> <div class="section-headline-top-border section-headline-top-border-short bg-purplepink-ltor"></div> <h2 id="section5-headline" class="text-navy fs-4 avenir-black text-uppercase">AUTHOR</h2> </div> <div class="author-list-item d-flex align-items-center justify-content-start mb-3 mt-4"> <div class="blog-card-author-img rounded-circle overflow-hidden me-3"><img width="100" height="108" src="https://cscwebcontentstorage.blob.core.windows.net/cscmarketing-cscblog-media/2024/07/Rafael-Diaz.png" class="post-author-img" alt="" aria-hidden="true" decoding="async" /></div> <div class="blog-card-author-name"> <p class="text-navy avenir-heavy vcard">Rafa Diaz<br>Director, CSC Trust and Agency Services, Latin America </p> </div> </div> </div> <div class="blog-nav-card rounded-3 bg-navy px-3 py-4 mt-4 mt-xl-0"> <div class="page-section-headline-container mb-3"> <div class="section-headline-top-border section-headline-top-border-short bg-purplepink-ltor"></div> <h2 id="section5-headline" class="text-white fs-4 avenir-black text-uppercase">RELATED POSTS</h2> </div> <div class="blog-resource-container"> <ul class="nav flex-row flex-xl-column flex-wrap justify-content-between ms-0"> <li class="nav-item py-1 m-0"> <a class="nav-link d-flex align-items-center lh-sm" href="https://blog.cscglobal.com/why-europes-regulatory-complexity-is-a-primary-focus-for-private-fund-spvs/" rel="bookmark" title="Why Europe’s Regulatory Complexity is a Primary Focus for Private Fund SPVs"> <span class="csc-icon csc-icon-md c-i-megaphone-up rounded-circle p-2 bg-purplepink-ltor text-white me-2"></span> <span class="link-with-icon-text text-white">Why Europe’s Regulatory Complexity is a Primary Focus for Private Fund SPVs</span> </a> </li> <li class="nav-item py-1 m-0"> <a class="nav-link d-flex align-items-center lh-sm" href="https://blog.cscglobal.com/how-clear-is-your-waterfall-gps-need-support-meeting-lp-expectations/" rel="bookmark" title="How Clear is Your Waterfall? 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