24
Apr
The emergence of private credit in infrastructure
While commercial banks have traditionally been a central source of funding for infrastructure project finance, private credit has increasingly emerged as an alternative financing source in the market. The rapidly evolving nature and risk profiles of infrastructure projects has meant that the asset class is facing increased project financing needs and is opening opportunities to private credit, including asset-based financing for data centers, digital infrastructure projects and energy transition technologies. Our panel will discuss the opportunities the infrastructure credit space has to offer.
- Private infrastructure credit vs traditional commercial bank lending - how is private credit bridging the infrastructure funding gap?
- What is driving the need for private credit infrastructure solutions, and is the trajectory expected to continue as the definition of infrastructure continues to expand?
- Will private credit funds compete with traditional bank lenders in the infrastructure space, or are there opportunities for partnership to fund projects?
- What are the risks associated with private credit financing?
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SpeakersPaul Epstein Partner A&O Shearman
Ralph Cho Co-CEO and Founding Member Apterra Infrastructure Capital
Orhan Sarayli Head of North America, Global Infrastructure Barings
Miguel Peña Head of US/Canada Project Finance BBVA
Marie-Christine Beaulieu Senior Director, Infrastructure Financing CDPQ
Jorge Camina Partner & Head of Sustainable Infrastructure Credit Denham Capital Management
Rishi Patel Managing Director I Squared Capital
Daniel Seltzer Managing Director, Head of Infrastructure Project Finance MUFG
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Paul focuses on complex financing, project and acquisition matters across the infrastructure and energy sectors, both domestically and internationally.
His clients are both private and public sponsors, lenders and issuers inclusive of corporations, insurance companies, funds, and other financial institutions. Paul assists his clients on the development, structuring and financing of infrastructure and energy projects across asset classes, including roads, bridges, tunnels, airports, ports and power, including campus and district energy facilities. Additionally, a key differentiator in Paul’s practice is his in-depth experience with specialized projects, including water and waste facility development and financing, where he is one of the most active U.S. practitioners having advised on numerous matters, energy transition where he is sought after for first in-kind matters and digital infrastructure.
Paul is a leader in the representation of sponsors and lenders in the public-private partnership (PPP) space, particularly the representation of infrastructure funds and strategic investors on their investments in and development of PPP assets and lenders of all types, private and public, in debt financings of PPP assets.
Paul also has extensive experience over decades advising governmental agencies on projects and financings (including PPPs), in particular the U.S. Department of Transportation (DOT) on the TIFIA and RRIF programs, the Federal Railroad Administration (FRA) on rail infrastructure projects, the U.S. Environmental Protection Agency (EPA) on the WIFIA program, and the U.S. Department of Energy’s Loan Programs Office on its financing programs.
Ralph is Co-Chief Executive Officer and a Founding Member of Apterra. He brings over 25 years of experience in banking and is a capital markets financing specialist with deep relationships across a variety of investor classes including commercial and investment banks, finance companies, private credit lenders, life insurance companies as well as South Korean capital providers. Ralph was previously with Investec as the Global Co-Head of the Power and Infrastructure Finance business for ten years. Before then, Ralph worked at WestLB for over 9 years leading bank loan syndications as an Executive Director and prior to that worked at both Credit Suisse and Bear Stearns. He received his MBA in Finance and Strategy from the Yale School of Management and a BS in Accounting from the University of Virginia’s McIntire School of Commerce.
Orhan Sarayli is a member of Barings’ Global Infrastructure Debt Group. He is responsible for originating, structuring and underwriting a wide variety of infrastructure debt transactions. Orhan has over 24 years of experience in project finance. Prior to re-joining the firm in 2021, he worked at Global Infrastructure Partners where he was focused on origination, underwriting and portfolio managing of their infrastructure debt funds, as well as assisting in the fundraising efforts. Before GIP, Orhan had worked at Barings in a similar capacity to his current role. Prior to that, he worked for UBS where he focused on originating financing and advisory opportunities in the power sector. Before UBS, he worked at RBS where he played a key role in transactions such as the sale of PPL Corporation’s Long Island portfolio, the placement of the Hudson Transmission senior debt as well as other notable deals. Orhan holds a B.S. from New York University and an M.B.A. from NYU’s Stern School of Business.
30 years of experience in the industry
Joined BBVA in 2008, where he has held several position in the Investment Banking and Finance within the project finance department.
In 2011 he was appointed to the role of Global Head of Infrastructure
Deeply involved in Latam since 2013Appointed Head of PF Americas in 3Q 2017.
Moved to US in Nov. 2021 to set up fully dedicated North America Project Finance team based in New York
Prior to joining BBVA he has held relevant positions at British Airport Authority (BAA), XL Capital Assurance, Cintra and Ferrovial based in either London or Madrid
As Senior Director, Infrastructure Financing, Marie-Christine Beaulieu oversees the establishment of strategic partnerships for the Infrastructure Financing portfolio. She is also involved in developing and monitoring the strategy for Infrastructure Financing and for the portfolio.
Ms. Beaulieu has over 12 years of experience in privates and real assets.
In 2018, she joined Ivanhoé Cambridge, the real estate subsidiary of CDPQ, where she served as Vice President, Industrial Asset Management for the U.S. portfolio. She was then responsible for the management and value creation of existing platforms and partnerships in the United States in the logistics sector, as well as sitting on the advisory committee and Board of Directors of these groups. Earlier in her career, she worked at Fiera Comox and PSP Investments, where she set up joint ventures and platforms with operating partners in the forestry and agricultural industries in Canada, the United States, Australia and New Zealand. She has also worked in investment banking at CIBC, where she completed several strategic acquisitions and business sales mandates.
Ms. Beaulieu holds a Bachelor of Commerce Degree (with high distinction) from McGill University and a Master of Business Administration from the London Business School (with distinction), and has been a CFA charterholder since 2014.
Mr. Camiña is a Partner and Head of Sustainable Infrastructure Credit. Jorge brings over 20 years experience in project finance and investment management, having held senior positions at both Allianz Global Investors and Santander Corporate & Investment Banking. In his most recent role, as Director of Infrastructure Debt at Allianz Global Investors since 2016, Mr. Camiña was responsible for the origination, structuring and execution of Infrastructure Debt investments in the Americas. He led the execution of a strategic shift towards renewable power across US and Latin America, investing in over three gigawatts of solar and wind assets. He was also member of the Infrastructure Debt investment committee. Jorge received a Bachelor of Science in Business Administration by Deusto Business School in Spain.
Rishi Patel is a Managing Director of I Squared Capital, leading infrastructure credit investments in North America.
Rishi has over fourteen years of investment experience and has invested across the capital structure including high yield corporate and asset backed credit opportunities. He joined I Squared Capital from Upwell, a private global asset manager focused on investing in platforms in renewables, water, and digital infrastructure, where he served as a Principal on the investment team.
Before joining Upwell, Rishi worked in Deutsche Bank’s Transportation, Infrastructure, and Energy Financing Group, where he was a Vice President working on special situation investments. During his tenure at Deutsche Bank, Rishi structured and executed opportunities globally, across the capital structure in various renewable, power, infrastructure, telecom, oil and gas, shipping, and aviation sector opportunities.
Earlier in his career, Rishi worked as an Investment Analyst at Macquarie in the Distressed Debt and Special Situations Trading group. He was also an Analyst and member of the investment committee at the activist hedge fund Barington Capital. He began his career at Bank of America Merrill Lynch in the Leverage Finance Group, focused on natural resources and digital infrastructure.
Rishi holds a B.S. from the NYU Stern School of Business where he graduated with Honors. He has also been a guest speaker at NYU Stern Center of Sustainable Business
Dan Seltzer is Head of Infrastructure Project Finance at MUFG where he focuses on leading bank and bond financings, and financial advisory assignments for digital infrastructure and transportation assets in North America. Before joining MUFG in 2011, Dan founded Stonehill Capital Advisors, LLC, a boutique advisory and banking firm in the infrastructure and renewable energy sectors. Dan spent more than 11 years at Citi. where in his last role he was one of the founders of the Infrastructure Investment Banking group. Dan also served in banking roles in Citi’s Public Sector Group, and TMT banking team. Dan began his career as a systems consultant with CGI, formerly American Management Systems.
Dan holds a Bachelor of Science degree from the University at Albany, with a concentration in Finance and Management Information Systems.