Project Finance Advisory Companies

Part
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Part
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Global Project Finance Advisory Companies, Part 1

In terms of total value of global advisories closed in 2018, the top ten project finance advisory companies globally that provide project finance deal discovery and early stage investments evaluation for institutional investors are, in descending order, Morgan Stanley, Societe Generale, BNP Paribas, Mitsubishi UFG Financial Group (MUFG), PwC, Credit Agricole, Macquarie, SMBC, KMPG, Santander, and Ernst & Young (EY). We entered each of the company's website, location, and brief overview in the spreadsheet attached.

TOP PROJECT FINANCE ADVISORY COMPANIES IN TOTAL VALUE OF ADVISORY DEALS CLOSED IN 2018

YOUR RESEARCH TEAM EMPLOYED THE FOLLOWING STRATEGY:

To determine the top project finance advisory firm, we checked leading publications in project finance advisory, such as the Project Finance International (PFI) by Thomson Reuters and IJGlobal Infrastructure Journal. Both companies have already published their project finance advisory ranking based on the total number of deals and total value of advisories closed in 2018. Nine companies appeared in both lists; however, the total value of deals closed of each company in both lists don't match. For example, in PFI's ranking, Societe Generale closed a total finance advisory deal value of $29.993 billion and IJGlobal tagged the total value at $28.072 billion. To determine the top, we combined both lists, averaged the total value of deals closed for each company, and ranked them according to their average. The combined list spreadsheet can be accessed here. Lastly, we made sure that these finance advisory companies provide global project finance deal discovery and early stage investments evaluation by individually checking their websites.
Part
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Part
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Global Project Finance Advisory Companies, Part 2

Societe Generale arranged $8,861.9 million in project financing across 94 deals in 2018. Thus, the average size of project funding arranged was $94.3 million. BNP Paribas arranged $7,571.0 million in project financing across 93 deals in 2018 thus, the average size of project funding arranged was $81.4 million.
Below are the key findings apropos of the request and our findings have also been presented on the attached spreadsheet.

1) MORGAN STANLEY
PROJECT FINANCE SERVICES PROVIDED
  • Morgan Stanley provides project finance services as part of its 'Investment Banking' products and services.
  • The Company imparts financial advisory and arranging services in the field of project finance and the same is structured as revolving lines of credit, letter of credit facilities, term loans and bridge loans.
  • In 2018, the Company provided project finance advisory services on deals valued at $1.28 billion.
  • The Company's 'Public Finance Investment Banking' group raises capital to fund projects specifically for "public sector entities and not-for-profit institutions.
  • The group plans financial strategies and structures tax-exempt and taxable offerings along with derivative solutions to meet the needs of a wide variety of important public organizations.
GEOGRAPHIES
  • The list of various countries that the Company serves includes United States, United Kingdom, United Arab Emirates, Turkey, Thailand, Taiwan, Switzerland, Sweden, Spain, South Korea, South Africa, Singapore, Saudi Arabia, Russia, Poland, Peru, Netherlands, Mexico, Japan, Italy, Israel, Ireland, Indonesia, India, Hungary, Hong Kong, Germany, France, Colombia, China, Chile, Canada, Brazil, Australia, Argentina.

AVERAGE SIZE OF PROJECT FUNDING ARRANGED

RENEWABLE PROJECT FINANCE
  • Morgan Stanley places a great impetus on providing financing to renewable projects and has announced a new commitment to provide $250 billion in low-carbon project financing by 2030 in this regard.
  • Till date, the Company has financed more than $84 billion in transactions that support clean-tech and renewable energy since 2006.
  • In addition, the Company has underwritten sustainable bond transactions worth more than $27 billion since 2013, which included the issuance of its own $500 million green bonds in 2015.
  • In September 2017, the Firm also issued a commitment to source 100% of its global energy needs from renewable energy by 2022.

SOCIETE GENERALE
PROJECT FINANCE SERVICES PROVIDED
  • Societe Generale, in relation to project financing, provides financial advisory services and arranging capabilities to various institutional investors.
  • The Company provides the project financing services in multiple sectors across the world ranging from energy to infrastructure.
  • In 2018, the Company was awarded as the 'Global Adviser of the Year' by Project Finance International (PFI) for having the highest project finance advisory deal volumes ($29.93 billion across 17 deals).
  • These advisory deals included "private sector mandates, government or government-owned sponsor advisory mandates, and advice to bidders in a competition."

GEOGRAPHIES
  • The Company provides Project Finance services as part of its wholesale banking and has such operations in 34 countries.
  • These include Australia, Austria, Belgium, Brazil, Canada, Chile, China, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Korea, Malaysia, Mexico, Netherlands, Norway, Poland, Portugal, Russia, Saudi Arabia, Singapore, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates, United Kingdom, United States of America & Vietnam.

AVERAGE SIZE OF PROJECT FUNDING ARRANGED
  • The Company arranged $8,861.9 million in project financing across 94 deals in 2018. Thus, the average size of project funding arranged was $94.3 million.

RENEWABLE PROJECT FINANCE
  • The Company has a deep focus on financing renewable projects and has more than doubled its financing to renewable energy projects in less than two years, reaching up to €15 billion in 2018.
  • The Company has not extended any financing to fossil fuel-based projects since 2016-2017.
  • The Company wield more than 10 years of experience in renewable energy finance and advice and executed 36 renewable project financing transactions in 2017.
  • They have made €100 billion contribution commitment to renewable energy transition from 2016-2020 and has already achieved 58% of the commitment target.

3) BNP PARIBAS
PROJECT FINANCE SERVICES PROVIDED

GEOGRAPHIES
  • The Company provides its project finance services across the globe in 72 countries.
  • These include Argentina, Brazil, Canada, Chile, Colombia, Guadeloupe — France, French Guiana, Martinique — France, Mexico, Peru, USA, Austria, Belgium, Bulgaria, Czech Republic, Denmark, France, Finland, Germany, Hungary, Ireland, Italy, Luxembourg, Norway, Netherlands, Poland, Portugal, Romania, Russia, Serbia, Slovakia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom, Algeria, Burkina Faso, Reunion Island — France, Guinea, Ivory Coast, Mali, Morocco, Senegal, South Africa, Tunisia, Bahrain, Israel, Kuwait, Qatar, Saudi Arabia, United Arab Emirates, Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Caledonia — France, New Zealand, Singapore, South Korea, Taiwan, Thailand & Vietnam.

AVERAGE SIZE OF PROJECT FUNDING ARRANGED
  • The Company arranged $7,571.0 million in project financing across 93 deals in 2018. Thus, the average size of project funding arranged was $81.4 million.

RENEWABLE PROJECT FINANCE
  • BNP Paribas has a deep focus on financing renewable projects and has committed to increasing its total financing for renewable projects to €15 billion by 2020.
  • In addition to this, the Company has set aside €100 million for investment in start-ups working on innovative solutions for renewable energy transition.
  • The company has also committed to withdrawing from the financing of coal mines and coal-fired power plants and no longer supporting coal energy sector companies that are not pursuing a policy of diversifying their energy sources.
  • The company's management subsidiary, BNP Paribas Asset Management will also be launching a savings fund to finance European SMEs active in the energy transition.

Part
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Part
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Global Project Finance Advisory Companies, Part 3

Royal Bank of Canada provides project finance services provided to institutional investors through its subsidiaries Global Asset Management, Investor & Treasury Services and Capital Markets. Meanwhile, Macquarie Capital launched the Green Investment Group which will focus on the renewable energy sector and develop and construct green energy projects in North America. All the information has been included in the attached spreadsheet.​

1. ROYAL BANK OF CANADA

Service Provided

  • Royal Bank of Canada operates in different subsidiaries: RBC Royal Bank, RBC Wealth Management, RBC Global Asset Management, RBC Capital Markets, RBC Investor & Treasury Services, RBC Insurance and RBC Direct Investing.
  • Royal Bank of Canada offers investment solutions to equity strategies, fixed income portfolios, alternative strategies and strategic and tactical asset mix and allocation guidance to institutional investors through one of its subsidiary’s Global Asset Management division, Phillips, Hager & North Investment Services.
  • Royal Bank of Canada’s Investor & Treasury Services provides custody, payments, asset services and treasury services for institutional and financial investors worldwide.
  • Royal Bank of Canada’s Capital Markets provides commodity services, equity and equity-linked products, and other capital market services to institutional investors around the world.

Geographies

  • Royal Bank of Canada operates in Canada, the United States and 34 other countries in Europe, Asia Pacific and the Caribbean.
  • Royal Bank of Canada’s Capital Markets that provides project finance services operates in Canada, the United States, Europe, Caribbean, Asia and Australia.

Average Size of Project Funding Arranged

  • $492 million was arranged to finance renewable infrastructure.

Renewable Project Finance

  • Royal Bank of Canada offers loans through its RBC Green Energy Financing.
  • RBC Personal Banking offers innovative and green financing solutions, RBC Energy Saver Loan and RBC Energy-Saver Mortgage, to clients who recently purchased—or plan to purchase—eligible energy-efficient products or services for their homes.
  • RBC Commercial Banking offers innovative and green financing solutions — Solar Panel Financing and Advice on Greening Your Business.
  • RBC Global Asset Management offers a number of investment options that incorporate environmental sustainability, social responsibility and corporate governance with traditional investment analysis through its Socially Responsible Investments (SRI) and product offerings.
  • RBC Capital Markets offers Green Bonds, Carbon Trading and Clean Energy and Technology Solutions.


2. MACQUARIE

Service Provided

  • Macquarie Asset Management provides a diverse range of capabilities and products including infrastructure, real assets, equities, fixed income, liquid alternatives and multi-asset investment management solutions to institutional, and retail investors.
  • Macquarie Investment Management has Institutional Portfolios which are designed exclusively for institutional investors and high net worth individuals.

Geographies

  • Macquarie Investment Management and Asset Management operate in the Austria, Australia, Brazil, China, Canada, Germany, Hong Kong, India, France, Ireland, Indonesia, Malaysia, Japan, New Zealand, Netherlands, Philippines, Singapore, South Korea, South Africa, Switzerland, Thailand, Taiwan, United Kingdom, United Arab Emirates, and United States.
  • Macquarie Capital launched the Green Investment Group which will focus on renewable energy sector and develop and construct green energy projects in North America.

Average Size of Project Funding Arranged

  • $A20 billion was arranged or invested in renewable energy projects since 2010.

Renewable Project Finance

  • Macquarie Capital launched the Green Investment Group which will focus on renewable energy sector and develop and construct green energy projects in North America.
  • Macquarie largely invests its funds that it manages in renewable energy with a total of $A20 billion arranged or invested in renewable energy projects since 2010.
  • The company has a considerable and established commitment to clean technology and renewable energy sectors where it advises, invests alongside clients, fund/project manages, finances, and takes part in environmental markets.

3. MITSUBISHI UFJ FINANCIAL GROUP

Service Provided

  • Mitsubishi UFJ Financial Group operates in different businesses: Retail & Commercial Banking Business Group (R&C), Japanese Corporate & Investment Banking Business Group, Global Corporate & Investment Banking Business Group, Global Commercial Banking Business Group and Asset Management & Investor Services Business Group.
  • Mitsubishi UFJ Financial Group’s Asset Management / Investor Services Business offers asset management and fund administration services for institutional investors.
  • It provides investment products such as pension trusts, investment trusts, global asset management and investor services.

Geographies

  • The financial group operates in the United States of America, Canada, Argentina, Bermuda, Brazil, Cayman Islands, Chile, Colombia, Mexico, Peru, Venezuela, Austria, Belgium, Czech, France, Germany, Italy, Kazakhstan, Luxembourg, Netherlands, Poland, Portugal, Russia, Spain, Switzerland, U.K., Bahrain, Egypt, Iran, Qatar, South Africa, Turkey, U.A.E., Australia, Bangladesh, Cambodia, China, Hong Kong, Taiwan, India, Indonesia, Korea, Malaysia, Mongolia, Myanmar, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and Vietnam.

Average Size of Project Funding Arranged

  • $4,343.3 million was arranged for promotion and dissemination of renewable energy.

Renewable Project Finance

  • MUFG is promoting the development of projects that deal with renewable energy by leveraging its expertise, experience and global network, in addition to its project finance.
  • MUFG is arranging for renewable energy project finance and lending solar, wind and geothermal power generation projects, helping to dissemination renewable energy in the world.

Part
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Part
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Global Project Finance Advisory Companies, Part 4

EY’s Project Finance and Infrastructure Group provides financial advisory, tax and legal services, and technical support for infrastructure projects whereas KPMG helps throughout the life cycle of the infrastructure assets and provides valuation services to support portfolio valuations, debt covenants and refinancing, refinancing, demergers, or divestures. All the information has been included in the attached spreadsheet.

EY:

  • SERVICE PROVIDED: EY works mainly through four service lines: assurance, advisory, tax, and transaction advisory services. EY’s Project Finance and Infrastructure Group provides financial advisory, tax and legal services and technical support for infrastructure projects. EY was also awarded the "Global Awards. No. 1 by value of deals" in 2016 and "Global Awards. No. 1 by number of transactions closed" in 2015.
  • GEOGRAPHIES: EY operates in 150 countries in 28 regions in 4 geographical areas, namely the Americas, Europe, Middle East, India and Africa (EMEIA), Asia-Pacific, and Japan.
  • Examples of countries are: "Afghanistan, Albania, Algeria, Angola, Argentina, Armenia, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Bermuda, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Cambodia, Cameroon, Canada, Cayman Islands, Chile, China, Colombia, Congo, Congo, Cook Islands, Costa Rica, Cote d'Ivoire, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Dominican Republic, Ecuador, Egypt, El Salvador, Estonia, Fiji, Finland, France, Gabon, Georgia, Germany, Ghana, Gibraltar, Greece, Guinea, Guadeloupe, Guatemala, Guernsey, Honduras, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Korea, Republic of, Kuwait, Lao People's Democratic Republic, Latvia, Lebanon, Liechtenstein, Lithuania, Luxembourg, Madagascar, Malaysia, Maldives, Malta, Martinique, Mauritius, Mexico, Monaco, Mongolia, Montenegro, Morocco, Mozambique, Myanmar, Namibia, Netherlands, New Caledonia, New Zealand, Nicaragua, Nigeria, North Macedonia, Norway, Oman, Pakistan, Panama, Papua New Guinea, Peru, Philippines, Poland, Portugal, Qatar, Republic of Moldova, Romania, Russian Federation, Rwanda, Saint Lucia, Saint Vincent and the Grenadines, Saudi Arabia, Senegal, Serbia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sri Lanka, Suriname, Swaziland, Sweden, Switzerland, Taiwan, Tanzania-United Republic of, Thailand, Togo, Trinidad and Tobago, Tunisia, Turkey, Turks and Caicos Islands, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Virgin Islands-British, Yemen, Zambia, and Zimbabwe."
  • AVERAGE SIZE OF PROJECT FUNDING ARRANGED: The average project size for the Oil and Gas industry is $6.6 billion for Upstream, $10.8 billion for LNG, $7.6 billion for pipelines, and $5.7 billion for refining.
  • RENEWABLE PROJECT FINANCE: EY helps in the development of business models and technologies that help companies succeed through renewable generation. EY calculates the interaction and amplification of convergent technological trends to determine the best of implementation of renewable energy technologies. EY has also consulted and helped in the renewable energy development in Morocco.
  • EY is also known to assess and rank the conditions for renewable investment in key jurisdictions under the Renewable Energy Country Attractiveness Index (RECAI).

KPMG:

  • SERVICE PROVIDED: KPMG provides services through four service lines: audit & assurance, which includes infrastructure and project financing, tax & legal, advisory, and enterprise. KPMG helps throughout the life cycle of the infrastructure assets and their valuation services include: "Independent valuation of assets to support portfolio valuations, debt covenants and refinancing, Private board opinions in connection with refinancing, demergers or divestures, Review of internal valuation methodologies and underlying calculations for individual private equity investments or entire portfolios, Portfolio performance review, Review of investor management agreements, Purchase price allocation — fair value of tangible and intangible assets and Valuation of debt/hybrid instruments in new and alternative markets."
  • GEOGRAPHIES: KPMG has offices in the following countries: "Albania, Algeria, Andorra, Angola, Argentina, Armenia, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Bermuda, Bolivia, Plurinational State of Bonaire, Sint Eustatius and Saba, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Cambodia, Cameroon, Canada, Cayman Islands, Chile, China, Colombia, Congo, Congo, Cook Islands, Costa Rica, Cote d'Ivoire, Croatia, Cyprus, Czech Republic, Denmark, Dominican Republic, Ecuador, Egypt, El Salvador, Estonia, Fiji, Finland, France, French Guiana, French Polynesia, Georgia, Germany, Ghana, Gibraltar, Greece, Guadeloupe, Guatemala, Guernsey, Honduras, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Korea, Republic of, Kuwait, Lao People's Democratic Republic, Latvia, Lebanon, Liechtenstein, Lithuania, Luxembourg, Malaysia, Maldives, Malta, Martinique, Mauritius, Mexico, Monaco, Mongolia, Montenegro, Morocco, Mozambique, Myanmar, Namibia, Netherlands, New Caledonia, New Zealand, Nicaragua, Nigeria, North Macedonia, Norway, Oman, Pakistan, Panama, Papua New Guinea, Peru, Philippines, Poland, Portugal, Qatar, Republic of Moldova, Romania, Russian Federation, Rwanda, Saint Lucia, Saint Vincent and the Grenadines, Saudi Arabia, Senegal, Serbia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sri Lanka, Suriname, Swaziland, Sweden, Switzerland, Taiwan, Tanzania, Thailand, Togo, Trinidad and Tobago, Tunisia, Turkey, Turks and Caicos Islands, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Virgin Islands-British, Yemen, Zambia, and Zimbabwe."
  • AVERAGE SIZE OF PROJECT FUNDING ARRANGED: There were 406 deals in renewable investment globally worth EUR 40.1 billion in 2017, with an average of EUR 98.77 billion per project (estimated).
  • RENEWABLE PROJECT FINANCE: KPMG supports the objectives of the 2015 Paris Agreement and helps their clients with the energy transition. The company portfolio of services provides government organizations, developers, generators, and the wider investment community with financial, strategic and regulatory advice, tax, and accounting support.

Research Strategy:

  • To identify and provide information regarding the global Project Finance Advisory Companies like EY and KPMG in terms of project finance services provided, geographies, project funding, and renewable project finance, we started by looking through the company website. Using that approach, we were able to identify the service provided and renewable project finance and locations of the two companies.
  • To identify the project funding of EY, we looked through company's annual reports/ publications. Unfortunately, we had to use a 2014 source, as no new sources/reports were available that detailed the average funding arranged for projects or even the total funds and number of projects. As the source actually details long term projects from the period between 2014 and 2035, we have used it as a substitute for the required information.
  • To identify the project funding for KPMG, we applied the same strategy as with EY but no direct information was available for the average size of project funding. We were, however, able to identify the amount of total funds and the number of projects, which we have used to calculate the average, as shown below.

CALCULATIONS for KPMG:

  • Since there were 406 deals in renewable energy investment globally, worth EUR40.1 billion in 2017. (source 16-page 7)
  • AVERAGE SIZE OF PROJECT FUNDING ARRANGED = total funds/number of projects = EUR40.1 billion/406 = EUR 98,768,472.906 = EUR 98.77 billion

Part
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Part
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Global Project Finance Advisory Companies, Part 5

Services by Credit Agricole Group include investment banking, structured finance, international trade finance and commercial banking, capital market, and syndication services; asset servicing solutions, such as execution, clearing, custody, fund administration, foreign exchange, security lending and borrowing, and fund distribution support services to issuers; and leasing and factoring services, as well as financing products for the energy sector. SMBC is one of the leading international banks and provides financial services including lending, advisory, syndication, agent and ECA coordination. After thorough research, we have provided the requested information in the attached spreadsheet rows 4–7.

CREDIT AGRICOLE GROUP

services

  • The business lines in which Credit Agricole Group operates are retail banking, banking, insurance and real estate, corporate and investment banking, and specialized financial services.
  • Credit Agricole Group offerings include money market products, bonds, loans to corporates, small businesses, and farmers, payment instruments, banking related services, and wealth management services.
  • The company also provides equity, international banking, property and rental management, and alternative asset management investment services, as well as advisory and valuation services for real estate assets.
  • Credit Agricole Group services include investment banking, international trade finance and commercial banking, capital market, and syndication services, structured finance asset servicing solutions, such as execution, clearing, custody, fund administration, foreign exchange, security lending and borrowing, fund distribution support services to issuers and leasing and factoring services, as well as financing products for the energy sector.
  • The company serves farmers, artisans, SMEs, associations, and multinationals.

Geographies

  • Africa — Algeria, Egypt, and Morocco.
  • Asia — China, Hong Kong, India, Japan, Malaysia, Russia, Singapore, South Korea, and Taiwan .
  • Europe — Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Monaco, Poland, Portugal, Romania, Serbia, Spain, Sweden, Switzerland, Netherlands, Ukraine, and United Kingdom.
  • North America — Canada and the United States.
  • Oceania — Australia and New Caledonia.
  • South America — Brazil and Uruguay.
  • Middle East — Liban and United Arab Emirates.

Average funding arranged for projects

focus on renewable projects

  • In terms of financing renewable energies, Credit Agricole Group ranks first among banks in France.
  • Crédit Agricole Leasing & Factoring accounts for 35% of the renewable energies market in France.
  • Among the targets set for the year 2019, Credit Agricole Group intends to finance one-third of France’s renewable energy and energy efficiency projects through the Regional Banks, LCL, and Crédit Agricole Leasing & Factoring. This will double the company’s level of renewable energy financing in France.
  • Credit Agricole Group has partnered with Engie to grow their joint wind asset portfolio (€350 million invested in renewable energy programmes).

SMBC

Services

  • SMBC is one of the leading international banks and provides financial services including lending, advisory, syndication, agent and ECA coordination.
  • SMBC has successfully financed numerous projects in various sectors including conventional power, energy, natural resources infrastructure, and renewables.
  • The company promotes project finance as one of its core business and it is a four-time winner of the "Global Bank of the Year" award of the major project finance market journal — "Project Finance International by Thomson Reuters."

Geographies

  • Europe, MiddleEast Africa — UK, Russia, the Netherlands, UAE, France, Turkey, Italy, Qatar, Germany, Bahrain, Belgium, Iran, Czech, South Africa, Spain, Egypt, and Ireland.
  • Asia, Pacific — Japan, China, Thailand, Hong Kong, Indonesia, Korea, Malaysia, Mongolia, Singapore, Taiwan, Myanmar, The Philippines, India, Vietnam, Australia, Cambodia.
  • Americas — USA, Mexico, Canada, Peru, Chile, Brazil, and Colombia.

Average Funding arranged for projects

  • Power, utilities, mining, and metals projects — $51bn.
  • Renewable energy projects — $24bn.

Focus on renewable projects

  • SMBC has financed a "wide range of renewable energy projects both in Japan and overseas."
  • The company has financed solar energy projects, wind energy projects, and hydropower projects in the U.S., Canada, Peru, Mexico, Uruguay, and Chile.
  • The company has financed waste-to-energy projects, OFTO projects, solar energy projects, and wind energy projects in the U.K., France, Germany, and the Netherlands.
  • SMBC has financed wind energy projects, geothermal projects, and hydropower projects in Australia, Indonesia, and Laos.


Sources
Sources