After being at the forefront of structuring innovative financings for several years, the US power project finance market is taking a step back. Use of both alternative off-balance-sheet financing vehicles and the corporate finance-based model – which had been on the increase – has slowed. With lenders attaching a high premium to risk, the market has reverted to the traditional, off-balance-sheet project finance approach.
In the current environment, however, highly leveraged corporate balance
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