Infrastructure
And Transport

Briefings in English - 2010

Multilateral development bank investigations now threaten harsher sanctions and higher costs. Debarments are on the rise and, under a new agreement, several banks have agreed to cross-debar firms debarred by another bank. This briefing outlines the issues and explains how contractors should plan ahead for investigations and protect themselves with up-to-date compliance programs. (July 2010)

Governments across the globe face two challenges - the need to cut massive fiscal deficits and the need for enormous investment in infrastructure over the medium and long term. Our third annual Outlook for infrastructure piece maps out the infrastructure gaps around the world, talks through the emergence of non-core asset sales and proposes suggestions on how to bridge the various gaps. We also put forward our thoughts on the radical new road to recovery and reform. (June 2010)

It is estimated that approximately 75 per cent of the world’s trade is carried by ships and that shipping emissions will rise by up to 250 per cent by 2050. We summarise the issues, possible solutions and likely next steps. (March 2010)

This guide explains the key steps and challenges facing any MENA state embarking on developing nuclear power. (March 2010)

This report examines the shipping sector’s passage through a turbulent period and plots its route to recovery. Expert insiders give their analysis of lessons learned and progress made – and propose measures to minimise long-term harm. (February 2010)

Industrial operators and developers, infrastructure funds, strategic investors, advisers and pension funds were among the delegates at the fourth annual Infrastructure Investors Forum Europe on 2 February. In a fascinating session they focused on and discussed new approaches and strategies for the next generation of infrastructure investing in Europe. This publication discusses the key themes. (February 2010)

Since late 2008, the United States has taken the first step towards a national program for high-speed rail by adopting legislation that mandates and partially funds a national rail program. This briefing summarizes this legislation, its current implementation and likely next steps that will shape the growth of high-speed rail in the US over the next several years. (January 2010)

Briefings in English - 2009

The private sector will have to deliver the vast emissions reductions required to achieve the transition to a global low carbon economy. This briefing aims to uncover the importance of getting the price right and the effects it will have on the market. (November 2009)

This paper considers the current position of infrastructure investment by the private sector in the Middle East. It reviews the impact on the pace of infrastructure development of certain trends affecting sectors in the region. In particular, it considers how the shortfall in the availability of project finance has been addressed on recent transactions and whether these techniques represent a short-term solution or whether they will become the new normal for infrastructure financing. Finally, it looks at some of the challenges involved and suggests ways in which governments in the region could facilitate further private sector investment in infrastructure projects and improve the economic and legal environment for the financing of these projects. (October 2009)

This guide explains the use of PPPs in Cyprus. (July 2009)

A guide to the legal framework for PPPs in Germany, including potential risks for investors, information on current projects, recent developments and the outlook. (July 2009)

A guide to the legal framework for PPPs in Greece and current PPP projects. (July 2009)

On July 9, 2009 the U.S. Department of the Treasury released long-awaited guidance on how investors can apply for cash grants in lieu of investment and production tax credits for renewable energy projects. The cash grants program, together with the revised and extended tax incentives for renewable energy, is expected to provide a significant boost to the renewable energy sector in the U.S. and forms a key part of the Obama administration’s plans to double renewable energy generation in the U.S. by 2011. Please note that this briefing only provides general information and not advice on which you can rely to avoid U.S. tax penalties.

The global economy awaits a one trillion dollar project finance infrastructure boost but just 8% of investments are actionable in the short term. This report analyses the current state of the global pipeline for infrastructure delivery and the conclusions that may be drawn.

Professor Martin Cave has completed a yearlong review of competition and innovation in the UK water sector and has made wideranging recommendations to government to make radical changes to the current regime. One of the most interesting proposals, particularly for current and potential water company investors, is the proposal to relax the regime that has to date inhibited water company consolidation. This briefing provides an overview of Professor Cave’s findings and considers the water deals that might benefit from regime change. (May 2009)

The proposed introduction in the UK of a worldwide debt cap has been much discussed in connection with private equity and infrastructure fund transaction structures in recent months. Changes to the late paid interest rules that will affect the use of PIK notes in private equity and infrastructure fund transactions are also being introduced. This briefing provides an update on the proposals following the publication of the Finance Bill. (May 2009)

German law will soon provide for a new type of covered bond in relation to aircraft financing. The amendment of the German Covered Bonds Code recently enacted by the German parliament (Bundestag) and German federal council (Bundesrat) will enable German and certain other European banks to issue covered aircraft bonds and by this means to refinance loans granted in connection with aircraft financing. (April 2009)

Cautious optimism: key themes from the Infra-Americas forum on February 24, 2009

Back to the classics: key themes from the London Infra-News infrastructure investors forum on 26 February 2009

As the recession begins to tighten its grip on the world economy, shipping is confronting unprecedented challenges. After year upon year of growth, the industry must now contend with an extended period of oversupply, shrinking demand and crippling debt. This report, published in collaboration with Untitled, examines how the sector became so exposed and what the future may hold. Expert insiders give their frank analysis of how things went wrong and put forward views on what the industry could do to protect itself from further harm. (February 2009)

In reaction to the ongoing economic and financial crisis, the German government has decided upon a second stimulus package to boost the economy. The package consists of increased public spending on infrastructure and education projects as well as the expansion of public guarantees for loans and a simplification of procurement rules. Other measures focus on the individual citizen and are tailored to reduce the burden of taxes and social contributions. This briefing outlines the package’s main elements aiming at companies.

On 14 January 2009, the European Parliament approved a directive on defence procurement seeking to create a single market for defence and security equipment and services across national borders in Europe. This briefing outlines the new directive’s implications for affected businesses. (February 2009)

Briefings in English - 2008

As foreshadowed in last month’s Pre-Budget Report, the Treasury and HMRC have finally given a clear steer on their thinking as regards the taxation of foreign profits. This takes the form of draft legislation that was published on 9 December. The measures are generally expected to be included in the Finance Bill 2009. The draft rules are subject to consultation and comments are requested by 3 March 2009. (December 2008)

This report highlights the strains and stresses on the aviation and airports sector regarding government policy, planning, regulation and lobbying. (November 2008)

An international assembly of delegates from funders, industry players and public sector institutions attended a seminar entitled ‘Public Private Partnerships in Russia’ hosted by the PPP Forum and Freshfields Bruckhaus Deringer on 13 November 2008. (November 2008)

Russia’s need to improve its infrastructure has led to a concerted move to embrace Public Private Partnerships (PPPs). For investors looking for established methods of entering emerging markets to shelter from the credit crunch, PPPs present an attractive option.

On October 30, 2008, the U.S. Internal Revenue Service gave notice that it proposes issuing regulations treating a governmental permit to lease, own or use a toll road, toll bridge or other infrastructure project (such as a concession agreement) as an interest in U.S. real property subject to U.S. tax under the Foreign Investment in Real Property Tax Act. The notice itself and the regulations if proposed will significantly affect non-U.S. investors’ approach to U.S. infrastructure projects. Comments on the proposed rulemaking are due by January 29. (November 2008)

The Competition Commission has published its provisional findings in its inquiry into rolling stock leasing in the UK. This briefing outlines the provisional findings and the Department for Transport’s options. (August 2008)

The French government’s declared objective of this reform is to implement measures to restore the competitiveness of the French seaports from their current state. The main features of this reform are: redefinition of the role and responsibilities of the autonomous ports (ports autonomes), renamed ‘major seaports’ (grands ports maritimes); and the regrouping of all terminal operation activities that could be exercised by independent port operators. (July 2008)

A report on the outlook for the infrastructure industry based on our survey of leading executives. (July 2008)

Ofwat has recommended a series of changes to the UK’s water regime. This briefing considers possible winners and losers under a regime in which households could choose their water suppliers – and whether a new regime could offer more merger opportunities within the sector. (June 2008)

Following the Infranews event that we hosted at the end of February, this briefing examines the current state of the infrastructure market. (April 2008)

Over 200 representatives from banks, infrastructure funds, monoline insurers, financial advisers, the public sector, technical advisers, accountants and lawyers attended the Infra-News seminar 'Investing in European Infrastructure as an Established Asset Class' hosted by our firm on 28 February 2008. This briefing examines the key themes from the seminar.

Freshfields are pleased to be associated with The Banker's Leadership Series, a structured quarterly debate on global infrastructure issues. The inaugural round table was held in collaboration with Macquarie, Fitch ratings, Partnerships UK and PricewaterhouseCoopers and addressed the issue of current and future drivers in infrastructure investment.
View the interview

Briefings in English - 2007

The German government is considering enacting stronger legislation against foreign investors that it deems a threat to public security or order. The proposed regulation may (either implicitly or explicitly) cover strategic infrastructure. A first draft for an amendment to the Foreign Trade Act and its implementing ordinance was circulated to the federal ministries for comments at the end of October 2007. This briefing explains its implications. (December 2007)

The Vietnamese Government has issued a new decree relating to BOT projects. Although the decree takes some steps forward, it is insufficient to make large scale foreign investment in BOT projects more likely to succeed. A truly common and clearly defined legal framework has not yet been achieved. This briefing examines the provisions of the decree. (July 2007)

Briefings in English - 2006

The Ministry of Defence has issued a new version of the standardised terms for defence PFI projects and related guidance. In addition to standardising terms for defence projects, the document structure is intended to act as a project management tool. (September 2006)

The Health and Safety Executive (HSE) issued a consultation document in March 2005 on proposals to revise and consolidate the provisions of the Construction (Design and Management) Regulations 1994 and the Construction (Health Safety and Welfare) Regulations 1996 into a single regulatory package. This briefing provides an update on the main issues that have emerged from the consultation exercise and the timetable for the implementation of the proposed regulations. (July 2006)

This briefing examines how the English law approach to certain contractual issues may sometimes surprise parties who are familiar with the law in other common law jurisdictions. These issues are of particular relevance to major construction, engineering and infrastructure projects. (April 2006)

Briefings in English - 2005

New regulations aimed at improving safety and reducing overall costs in construction projects have been issued by the Health and Safety Executive. (June 2005)

The government published its long-promised draft Bill on the creation of a new criminal offence of corporate manslaughter just before the general election. (May 2005)

A proposed Directive on services in the internal market raises concerns over health and safety risks. In this briefing we consider the terms of the Directive and the current reaction to it. (March 2005)

Briefings in English - 2004

The European Commission recently published a green paper setting out its proposals on developing a transparent and competitive European defence equipment market. This briefing looks at the current main obstacles the Commission is facing in trying to achieve its aim, and how it proposes to overcome these hurdles. (December 2004)

Partnering is increasingly being used on PFI and PPP projects. This briefing summarises what is meant by partnering, what it might offer and at what cost, and the risks it can give rise to. (January 2004)

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