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Green Finance / Treasury & Capital Markets
Sustainable Infrastructure Awards 2024: Renewable energy deals continue to grow
Data centres proliferate on the back of strong AI growth
The Asset 27 May 2024

The transition towards renewable energy continues to be the overarching trend in the project finance market as evidenced by the slew of deals submitted to The Asset Triple A Sustainable Infrastructure Awards 2024. This is underpinned by the robust appetite from lenders, including multilateral agencies and export credit agencies (ECAs) to support the transactions across the regions.

In Africa, the Deal of the Year award goes to Gulf of Suez II wind project in Egypt being developed by Red Sea Wind Energy. The project has strong backing from Japan, given the presence of Toyota Tsusho Corporation on the consortium, alongside ENGIE, Orascom Construction, and Eurus Energy Holdings Corporation. In recent years, Nippon Export and Investment Insurance (NEXI), Japan Bank for International Cooperation (JBIC) and the European Bank for Reconstruction and Development (EBRD) have signed memoranda of understanding on cooperation on projects, with a strong focus on climate change. Gulf of Suez II is the first joint project.

The consortium will build own and operate the 500-megawatt (MW) plant, which has 84 wind turbines, located in the Ras Ghareb region around 200 kilometres (km) south of Cairo. Power is being sold under a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC), with a PPA guarantee from the Ministry of Finance. The 21-year US$501 million loan features both development banks and covered commercial bank debt. EBRD put in US$100 million, and JBIC US$240 million. The US$163 million commercial tranche features Norinchukin Bank, Sumitomo Mitsui Banking Corporation (SMBC) and Société Générale, with cover provided by NEXI.

The Central Asia Deal of the Year award goes to the financing package for three wind power plants in Uzbekistan – Sherabad, Samarkand and Jizzakh – with a total project cost of US$840 million. Each project has a separate finance package, with loans from the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), EBRD and European Investment Bank (EIB). Putting the three in place simultaneously was an efficient way to proceed with the projects. The largest plant, Sherabad at 457MW, was worked on from the beginning by the ADB, through its PPP transaction advisory services role to the Government of Uzbekistan, including assisting in the preparation and structuring of the successful tender. The International Finance Corporation (IFC) provided early assistance on the other two.

The ADB likes to bring a small tranche of private capital into its deals wherever possible, and each of three has B loan participation from ILX Fund I, an Amsterdam-based SDG-focused emerging market private credit fund. It came in with an aggregated US$37.5 million. The level of equity from sponsor Abu Dhabi Future Energy Company (Masdar) was high, at close to 50%. The plants are underpinned by three separate long-term PPAs with JSC National Electric Grid of Uzbekistan (NEGU). The projects support Uzbekistan’s national goal of developing 7 gigawatts (GW) of solar and 5GW of wind capacity by 2030.

Europe is going through a dramatic energy transition, not only because of its net zero ambitions, but also because cheap Russian pipeline gas is no longer part of the equation. This makes renewables development all the more important, and the Deal of the Year for Europe is the 1.14GW Baltic Power Offshore Wind Farm in Poland. Poland is one of the biggest users of coal-generated power in Europe, so its first large-scale offshore wind farm is important not just for one country, but also for the European Union’s net-zero goals. The country aims to reduce coal as a part of its energy mix from 70% to as low as 11% by 2040.

The offshore wind farm project benefits from a 25-year euro-pegged and inflation-indexed Contract for Difference (CfD) revenue arrangement with the Government of Poland. The Toronto-based Northland and Polish conglomerate PKN Orlen are together contributing 20% equity to the project. The 23-year non-recourse loan had both euro and zloty tranches. Debt and cover were provided by the EIB, EBRD, Euler Hermes, the Export and Investment Fund of Denmark, Export Development Canada, BayernLB, HSBC, Bank Gospodarstwa Krajowego, BNP Paribas, Crédit Agricole CIB, CaixaBank, CIBC, DNB, Erste Bank, Helaba, KfW IPEX-Bank, ING Bank, National Bank of Canada, Bank Pekao, PKO Bank Polski, Rabobank, Banco Santander, SMBC, Société Générale and Standard Chartered.

The Latin America Deal of the Year award is given to Aguas Horizonte in northern Chile, which will take water from the Pacific Ocean, and deliver desalinated water to three copper mines owned by Codelco, Chile’s state-owned copper mining company. In addition to the reverse osmosis desalination plant, the US$2.2 billion project includes 160km of pipelines and electric infrastructure, to pump the water to a reservoir at an altitude of over 3km.

The financing has a strong Japanese presence, given that Marubeni is the partner with local firm Transelec under a 20-year build-own-operate-transfer (BOOT) contract. The 20-year tenor matches this. The US$1.8 billion loan features Banco Bilbao Vizcaya Argentaria, Crédit Agricole CIB, Intesa Sanpaolo, KfW IPEX-Bank, Korea Development Bank, Mizuho Bank, MUFG Bank, Banco Santander, Shinsei Bank, Société Générale, SMBC, Sumitomo Mitsui Trust Bank and Norinchukin Bank.

Given the importance of green hydrogen as a future global energy source, the Middle East Deal of the Year award goes to the US$8.5 billion NEOM Green Hydrogen project in Saudi Arabia. It will utilize 4GW of solar (and some wind) energy sources to power a 2.2GW hydrogen electrolysis facility, using Thyssenkrupp technology, providing 600 tonnes of green ammonia (meeting EU standards) per day for export. The banks had to get comfortable with the many moving parts of a complex project, plus new technology, so a strong sponsor group was critical.

Air Products is partnering with ACWA Power, with backing from NEOM Company (a subsidiary of Saudi Arabia’s sovereign wealth fund Public Investment Fund). Given the strategic importance of the project, it was one that many international banks would not have wanted to miss out on. The US$6.2 billion limited recourse financing was provided by Alinma Bank, Abu Dhabi Commercial Bank, Apicorp, Banque Saudi Fransi, BNP Paribas, Crédit Agricole CIB, DZ Bank, First Abu Dhabi Bank, HSBC, J.P. Morgan, KfW IPEX-Bank, Korea Development Bank, Mizuho Bank, MUFG, Natixis, Norinchukin Bank, Riyad Bank, SMBC, Standard Chartered, Saudi British Bank and Saudi National Bank

The North America Deal of the Year winner is Rio Grande LNG, which is the largest greenfield energy project financing in US history. The US is now firmly positioned as a global liquified natural gas exporting superpower, and this is the latest in a series of megaprojects. It will take natural gas from the Permian Basin, fed via the existing pipeline network, to the project location near the Rio Grande, which delineates the border with Mexico. A very strong sponsor group features Next Decade, TotalEnergies, Mubadala, Global Infrastructure Partners and the Government of Singapore Investment Corporation (GIC). Cashflows are underpinned by long-term take-or-pay offtake contracts with a focus mainly on Asian markets, and include Guangdong Energy, China Gas, Itochu Corporation, ExxonMobil Asia-Pacific, Shell and Total.

The first trains will be commissioned in early 2028, and there are future plans for carbon capture and net-zero electricity. Given the recent uncertainties about rising project costs around the globe, bank lenders were comforted by a fixed price turnkey EPC (engineering, procurement and construction) contract with Bechtel Corporation of the US. MUFG Bank was financial adviser to Next Decade on the debt package. In addition to MUFG Bank, the US$12.3 billion limited recourse financing was provided by a group of banks that included Abu Dhabi Commercial Bank, Bank of China, HSBC, J.P. Morgan, Intesa Sanpaolo, Mizuho Bank, Banco Santander and Standard Chartered. The seven-year loan is likely to be refinanced in the bond markets post-completion.

Best deals, by sector

Moving on to the global sectoral awards, the winner in the road transport category is the Condor II financing for a fleet of electric buses in Santiago de Chile. Well-capitalized sponsor InfraBridge has become an important player in this sector, with large deals in both Chile and Colombia. Chile wants to have 100% electric urban buses by 2040, which will not only help meet net-zero goals, but will also improve the air quality in major cities as diesel buses are phased out. The Condor II financing supports InfraBridge in their acquisition of 679 Chinese manufactured e-buses, to be leased to three bus operators with concessions awarded by Chile’s Ministry of Transportation to run routes in the Santiago RED Movilidad system.

Chile has an investment-grade sovereign rating, and a solid public-private partnership (PPP) framework for the bus operators. The US$309 million term loan was done with uncovered commercial bank debt provided by BNP Paribas, “Public-Private partnership” SMBC and Société Générale. The deal is important as similar leasing structures are likely to be used for bus fleets in other Latin American cities, with Sao Paulo (population of 23 million) one future possibility.

The Transmission Deal of the Year award goes to Triton Knoll OFTO Transmission Assets. Under the UK regulatory framework, once an offshore wind project is up-and-running, the transmission assets are required to be separated and sold off. UK-based infrastructure investor Equitix and Japan’s TEPCO Power Grid were selected by the UK energy regulator Ofgem to acquire and operate the Triton Knoll substations and power transmission cable infrastructure for 23 years. They will take power from the 857MW Triton Knoll farm off the east coast of England, which has 90 turbines. This deal was delayed after damage to the cable during construction, so potential lenders were waiting for a definite report on the functioning of the transmission assets. Triton Knoll owners RWE of Germany, J-Power of Japan and Kansai Electric Power were thus given extra time by Ofgem to complete the divestment of the transmission assets. The loan featured a mixture of development bank, commercial bank and institutional involvement. The £532 million (US$676.4 million) loan was provided by Aviva Life & Pensions, Barclays Bank, JBIC, SMBC and Société Générale.

The winner in the Digital Infrastructure Deal of the Year category is EdgeCore Digital Infrastructure (a portfolio company of Partners Group Switzerland) for its Mesa data centre campus in Arizona. Growing artificial intelligence (AI) usage has been one of the economic themes of the past 12 months, and the need for data capacity is increasing fast. For the banks, green certification is important as they consider their own green loan ratios. Mesa temperature regulation will utilize an air-cooled design with an ultra-efficient closed loop chilled water system, allowing the company to achieve a benchmark water usage effectiveness of nearly zero, as well as a strong power usage effectiveness (PUE) score. The financing comprises a limited recourse senior secured term loan, a revolving secured letter of credit facility, and an accordion feature to fund future development. The US$1.9 billion green loan was provided by ING Capital, MUFG Bank, Scotia Bank, Banco Santander and TD Securities.

The PPP Deal of the Year goes to the Noor II Street Lighting Project for Abu Dhabi Municipality. The Abu Dhabi Investment Office (ADIO) and the Abu Dhabi Municipality invited bids for the retrofitting of 133,000 existing streetlights, replacing them with energy-efficient smart light-emitting diodes. The lights will be connected to a central performance monitoring centre. The ADIO is the Abu Dhabi government hub that procures infrastructure investment via the PPP framework. The winning consortium comprised Engie and EDF.

Noor II is the first PPP for Abu Dhabi Municipality. Though it ranks as a small deal for the bank lenders, it has a strong replication potential across the United Arab Emirates. The US$79 million loan was provided by Standard Chartered and the Emirates Development Bank.

The winner of the Water Deal of the Year award is Rawabi Water Desalination Company of Saudi Arabia, with a limited recourse US$535 million soft mini-perm green loan. The Rawabi project (originally known as Rabigh 4) adds to the existing nearby ACWA Power Rabigh 3 plant. It will double ACWA Power’s desalination capacity in the Rabigh area, on the Red Sea coast. The sponsors are ACWA Power, Haji Abdullah Alireza & Company, Al Moayyed Contracting Group. The reverse osmosis project benefits from a Kingdom of Saudi Arabia Ministry of Finance credit support covering any shortfall by offtaker Saudi Water Partnership Company. The Saudi Ministry of Environment, Water and Agriculture has a target of 92% national urban supply though desalinated water by 2030. The EPC contract was awarded to a consortium of Power China, Shandong Electric Power Construction Corporation III and Riyadh-based water industry firm WETICO for the 600,000 m3/day Rabigh 4 Independent Water Plant project. The 27.5-year soft mini-perm loan featured Standard Chartered, Riyad Bank, Bank of China and Agricultural Bank of China.

Asia-Pacific standout deals

Over in Asia-Pacific, the trend towards sustainable infrastructure continues to gain momentum amid the persistent efforts to fight climate change in the wake of disastrous weather disturbances and to achieve net zero targets. Renewable energy sources such as solar, wind and batteries remain the staple in the raft of infrastructure projects launched across the region, driving the issuance of environmental, social and governance (ESG)-related debt to finance these deals. Corporate PPA is gaining traction as a number of offtakers are transitioning to renewable energy for their power consumption as part of their decarbonization strategy.

At the same time, the digital era is fuelling the proliferation of data centres on the back of the growth in AI. Investments in data centres are escalating, funded by sustainability-type financings, which are setting industry benchmarks because of their innovative structures.

While and Australia captured most of the market attention in Asia-Pacific with their plethora of project finance/infrastructure finance transactions, it was a wind power project out of Laos that stood out in 2023. Moonson Wind Power Company is building a 600MW wind power project in Sekong and Attapeu provinces in the southern region of Laos to export and sell power to neighbouring Vietnam. Comprised of 133 wind turbines, the project is the first of its kind in Laos and the largest wind power plant in Southeast Asia.

Acting as the sole mandated lead arranger and bookrunner, the ADB arranged, structured and syndicated the entire financing package amounting to US$692.55 million, representing the largest syndicated renewable project financing transaction in the Association of Southeast Asian Nations (Asean) region to date. The financing illustrates how critical concessional blended finance can be in overcoming a project’s bankability hurdles to crowd in commercial capital.

The package consisted of a US$100 million A loan from the ADB’s ordinary capital resources, a US$150 million syndicated B loan from the ADB as lender of record funded by SMBC and Siam Commercial Bank, and US$382 million in parallel loans from the AIIB, Export-Import Bank of Thailand, Hong Kong Mortgage Corporation, Japan International Cooperation Agency and Kasikornbank.

The financing package also included a US$50 million in concessional financing and a US$10 million grant from the Asian Development Fund, which the ADB says will help mitigate key project risks, including potential curtailment risk, which is a key bankability issue for lenders.

Another standout renewable energy deal is the Hai Long offshore wind farm project in Taiwan, which at 1,022MW, is the largest offshore wind transaction ever closed in Taiwan and Asia, with the project financing facility amounting to NT$118 billion (US$3.66 billion). The project is being developed in three phases and the financing included a package of ECA cover provided by seven ECAs, which helps to diversify the lenders’ exposure and provides them with added comfort in participating in the transaction.

Hai Long is the first offshore wind project in Taiwan involving a corporate PPA; and, upon completion, which is expected in January 2027, it will be providing enough clean energy to power more than one million Taiwanese households.

The deal achieved financial close amid the financial restructuring of the 640MW Yunlin offshore wind project, which suffered from cost overruns on the back of delays attributed to Covid-19 and supply-chain issues. The restructuring process was successfully closed in August 2023 and as part of the exercise, the sponsors committed additional fresh equity, while a core lending group committed a new debt facility amounting to €500 million (US$543.50 million).

Indeed, renewables continue to resonate in the project finance market in Asia-Pacific, particularly in India and Australia, prompted by local sponsors. Adani Green Energy Limited (AGEL) of India is developing a 2.2GW portfolio of five greenfield solar power projects in the Khavda Renewable Energy Park in the state of Gujarat funded through a US$1.35 billion green loan facility. The transaction involved bespoke financing structures – including an accordion debt to maximize significant bank liquidity and bank guarantees based on the project’s risk – to facilitate AGEL’s onshore guarantees for equipment procurement, thus embedding the trade financing solution into the overall project finance framework.

The project is strategic in aligning with the Government of India’s push towards improving the country’s domestic solar manufacturing capabilities in order to reduce reliance on imported supply chain, and it is pivotal for India to achieve its goal of 500GW renewables by 2030. The project benefits from a 25-year fixed tariff take-or-pay PPA with Solar Energy Corporation of India, while some of the capacity generation will be sold to the merchant market.

Serentica Renewables, a leading commercial and industrial-focused renewable energy developer in India, has secured a US$425 million financing to build a round-the-clock (RTC) project, comprised of 350MW of onshore wind capacity located in the state of Maharashtra and 260MW-peak of solar capacity located in Rajasthan connected to the central inter-state transmission system grid.

The project is a key part of the decarbonization strategy of the offtaker Hindustan Zin under which it will be able to replace about 24% of its annual power consumption from coal-based thermal power to renewable energy. Serentica Renewables is a decarbonization platform that looks to provide RTC clean energy solutions enabling the transition of large-scale, energy-intensive industries to clean energy. The transaction represented the largest corporate PPA US dollar project financing in India.

In an innovative transaction funded by ADB, Greenway Grameen Infra Private Limited secured a US$6.5 million loan facility for its carbon credits gender finance project in India. The financing was used to partly fund two carbon offset projects in the states of Madhya Pradesh and Odisha, which will generate carbon credits from the distribution and usage of one million improved cook stoves to rural households to replace non-efficient traditional stoves. Compared to the typical traditional indoor stoves, the improved stoves reduce the fuel needs by 65% and smoke generated by 70%, significantly cutting black carbon and carbon monoxide emission.

In Australia, Zenith Energy secured a A$320 million (US$211.90 million) revolving credit facility to fund new energy facilities designed to help decarbonize Australia’s mining industry, which traditionally has relied on diesel and/or gas-fired power generation. This accordion debt financing is in addition to the existing A$440 million syndicated loans that will support Zenith Energy in addressing its growth capital expenditure requirements aiming to bolster the provision of clean energy – through micro-grid solar and wind power generation – for companies mining base metals, such as nickel, lithium and rare earths, linked to energy transition.

In what is described as the largest renewable energy acquisition to date in Australia, Squadron Energy arranged a A$2.05 billion acquisition financing to acquire a 100% interest in CWP Renewables from Partners Group. With CWP Renewables’ portfolio of 1.1GW of operating assets and its 20GW development pipeline, the transaction created the largest renewable energy investor, operator and developer in Australia as it takes Squadron Energy’s renewable operating portfolio to 2.4GW. The financing, classified as green loan, featured an innovative structure with additional commitments secured for construction of specific development assets.

Cranbourne BESS Finance Company signed a A$288 million project financing for the development of a 200MW/400MW-hour greenfield battery energy storage system (BESS) – one of the first financings of a standalone grid-scale battery in Australia. The project will help stabilize Victoria state’s electricity supply by providing additional storage capacity and enabling discharge of supply at times of peak demand. The project benefits from a fixed 20-year tolling offtake agreement with Shell Energy Retail.

Elsewhere in the region, SMPG BESS Power of the Philippines has secured a 40-billion-peso (US$686.80 million) syndicated term loan facility to develop 19 BESS facilities with a total capacity of 930MW-hours in various locations in the country. Upon completion in 2024, the project will be the first of its kind in the Philippines and one of the largest integrated grid-scale BESS installations in the world.

In Malaysia, renewable energy projects are coming up relating to solar, hydro and waste-to-energy. Solarpack Suria Sungai Petani secured a 285-million-ringgit (US$60.65 million) Asean green SRI (sustainable and responsible investment) Islamic bond to refinance a bridge loan obtained to part finance the development cost of a solar power plant with an installed capacity of 90.88MW of alternating current.

Malakoff Corporation and Rising Promenade also arranged a similar Islamic bond financing amounting to 975 million ringgit to fund up to 80% of the project cost in relation to the construction and development by RP Hydro (Kelantan) of three low-head run-of-river small hydropower plants on a cascade system in the state of Kelantan. This is the first low-head run-of-river small hydropower plants financed through the ringgit capital markets and the largest greenfield non-recourse project financing in ringgit bond or sukuk in 2023.

Worldwide Jeram WTE and Worldwide Envirogreen concluded syndicated green financings of 466 million ringgit and 533 million ringgit, respectively, to fund up to 80% of the total project cost for the development of waste-to-energy (WTE) facilities with a combined waste processing of up to 3,000 tonnes per day and electricity export capacity of up to 50MW in aggregate in Jeram in the Malaysian state of Selangor. This is the largest WTE project in Malaysia to-date and supports Selangor’s green agenda. At maximum operating capacity, the WTE facilities are expected to reduce about 2,750 tonnes of carbon dioxide per day and over 600 acres in landfill footprint over the next 30 years.

In another significant energy-related transaction, Keppel Corporation of Singapore concluded a S$600 million project financing facility to finance the Keppel Sakra Cogen combined cycle gas turbine project, which will usher in the hydrogen era in the city state. The 600MW project is Singapore’s first hydrogen-ready power plant designed to operate on fuels with 30% hydrogen content and has the capability of shifting to run entirely on hydrogen. Once completed in 2026, the project, which will initially use natural gas as its primary fuel, will be able to save up to 220,000 tonnes per year of carbon dioxide as compared with Singapore’s average operating efficiency for equivalent power generated.

Sustainable financing for data centres

Apart from renewables, another theme that strongly resonated in the project finance market in Asia-Pacific in 2023 was the proliferation of data centre projects across the region driven by the growth in AI. The Singapore-based data centre platform company Digital Edge signed a US$335 million green loan in November 2023 to finance the first phase of development of a 100MW data centre project in Seoul, South Korea. This is the first green loan for a data centre project in Korea, and it will be the largest commercial co-location facility in the country. The company will utilize state-of-the-art technology to reduce greenhouse gas emissions and generate electricity with more predictable energy costs and greater reliability.

In December 2023, the company announced that it had acquired the remaining shares held by the original founders of PT Indointernet (Indonet), a leading Indonesian digital infrastructure company. The transaction followed Digital Edge’s initial acquisition of a controlling stake in Indonet in 2021. The additional acquisition was facilitated through an off-exchange sale of shares by the company founders and was financed through a combination of capital from Digital Edge, alongside an external debt facility.

Also in Indonesia, EdgeConneX secured for PT Graha Teknologi Nusantara the first-ever sustainability-linked loan (SLL) in Indonesia’s data centre market amounting to US$403.8 million. The financing will support the development and maintenance of two data centres – one brownfield and one greenfield – in Jakarta. The innovative funding structure provides for margin adjustments on meeting key performance indicators (KPIs) related to PUE, the use of renewable energy and achievement of safety goals in line with the SLL principles published by the Loan Market Association.

In India, EdgeConneX’s joint venture with Adani Enterprises, AdaniConneX, signed a US$213 million financing for the development of a 50MW built-to-suit data centre in Noida in the state of Uttar Pradesh to support the strategic expansion needs of a hyperscale client and a 17MW multi-tenant data centre in Chennai to provide customized co-location solutions to the enterprise segment. This is the first and largest data centre US dollar project financing deal in India, and the funding structure was unique to cater for two different types of contracts – one large hyperscaler and one multi-tenancy – housed in separate data centres, both part of a single financing.

In Hong Kong, Asia-focused real estate services and investment company ESR Group secured a HK$1.6 billion (US$204.90 million) SLL to be used in converting a cold storage building into a modern and sustainable data centre, which has a design IT power load of 21.3 MW. This is the first SLL in Hong Kong for a brownfield data centre project with support from CLP Power. The five-year secured, committed facility has a tiered incentive mechanism where ESR will be entitled to an interest reduction when the project’s sustainability targets are achieved.

AirTrunk, a hyperscaler data centre specialist and one of the largest data centre providers in Sydney, Melbourne, Hong Kong, Singapore and Malaysia, signed in August 2023 a A$4.6 billion SLL, setting an industry benchmark as the largest SLL by a data centre operator globally. It is the first SLL to combine carbon usage effectiveness, operating water usage effectiveness and operating PUE, thus ensuring the highest level of environmental transparency and accountability for a data centre operator. It is also the first SLL by a data centre operator to incorporate gender pay equity KPI, illustrating AirTrunk’s commitment to diversity, equity and inclusion.

Outside of renewables and data centres, several other transactions stand out on the back of their impact on the markets where the projects are located. In a transformational project out of Australia, Perdaman Group and Global Infrastructure Partner are building a A$6 billion urea project that will help Australia to transition from being a net importer of urea into a net exporter. The project construction represents a significant milestone for Australia’s future food security and it marks the largest investment ever made in the country’s fertilizer industry.

The US$3.1 billion project financing for PT Kilang Pertamina Balikpapan was earmarked for the expansion of the Balikpapan refinery, which is part of Indonesia’s national strategic refinery development master plan (RDMP) and is designed to make the refinery environmentally-friendly by significantly reducing emissions through energy efficiency in operations and the production of refined products compliant with Euro-V standards. The RDMP is part of the country’s energy transition roadmap to achieve its net-zero targets by 2060.

There were also several project finance transactions in the transportation sector across the region relating to airports, ports, expressways and railways – a number of which are undertaken under PPP arrangements.

For the complete list of winners of Deals of the Year – Global and by sector, please click here.

For the complete list of winners of Deals of the Year – Asean, please click here.

For the complete list of winners of Deals of the Year – North Asia, please click here.

For the complete list of winners of Deals of the Year – South Asia, please click here.

For the complete list of winners of Deals of the Year – Oceania, please click here.

To join the in-person annual celebratory dinner on July 9, 2024 in Singapore, please contact us at celebrate@theasset.com.

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Mark Witten
Mark Witten
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Portal Asset Management
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