Asian and U.S. lenders are stepping up project finance activity as European players scale back their efforts or step out of the market. The field is dominated by European banks, but their volume dropped from 65% to 50%. That slack was picked up by U.S. banks and Japanese banks, Thomas Emmons, managing director at Rabobank told attendees
Bank of America Merrill Lynch is stepping up in renewables financing, said Jonathan Plowe, head of new energy and infrastructure solutions. The firm unveiled a $50 billion environmental initiative last week that focuses lending and capital markets activity and advisory services, in part, on solar, wind, hydro, biomass and waste-to-energy projects. Meanwhile, Mitsubishi UFJ Financial Group and its affiliates Union Bank and Bank of Tokyo-Mitsubishi have lead roughly 40% of the deals that have closed this year, according to PIs Project Finance Deal Book.