2012年-世界发展银行全球_Private_Investment_in_Transport_Increases_in_2011_Focusing_on_the_Road_and_Rail_Sectors_13页_691kb

Summary of Private Participation in Infrastructure Database (PPI Data Update Note 75, September 2012)

Core Content

This document provides an overview of private investment in transport infrastructure in 2011, highlighting the number of projects, investment commitments, regional and subsector focus, and contract types. It also includes details of a featured project in India, the L&T Hyderabad Metro Rail Private Ltd.

Main Points

• Total Investment: In 2011, 68 new transport projects reached financial or contractual closure in 15 lower- and upper-middle income countries, with total investment commitments of US$31.9 billion, of which US$30 billion were new projects and US$1.9 billion were existing projects.

• Regional Focus:

  • South Asia (SA): The most active region, with 41 new projects in India and 1 project in Sri Lanka. Total investment in SA reached US$17 billion, a 4% increase from 2010.
  • Latin America and the Caribbean (LAC): 14 new projects, with US$6.9 billion in investment, which was in line with 2010 levels but a 50% drop from 2009.
  • Europe and Central Asia (ECA): 5 new projects with US$6.1 billion in investment, the highest since 1990. Focus shifted to railroad projects.
  • East Asia and Pacific (EAP): 4 new projects in China, with over US$1 billion in investment.
  • Africa (AFR): 3 new projects with US$851.4 million in investment.
  • Middle East and North Africa (MENA): No new projects or investments in 2011.

• Subsector Focus:

  • Road sector: Dominated with 47 projects (69% of all new projects) and US$15.3 billion in investment.
  • Seaports: 16% of projects with over US$4 billion in investment.
  • Airports: 7% of projects with US$1.7 billion in investment.
  • Railroads: Increased from 1 in 2010 to 5 in 2011, with US$10.3 billion in investment.

• Contract Type Focus:

  • Concessions were the most common, accounting for 49 projects (72% of all new projects) and US$15.9 billion (50% of total investment).
  • Greenfield BOTs accounted for 25% of projects and US$11.6 billion in investment, which was the second largest in terms of investment.
  • Management contracts and divestitures accounted for 1.5% each.
  • Divestiture: The only divestiture in 2011 was Freight One, a railroad project in the Russian Federation with US$4.2 billion in investment.

• Sponsor Focus:

  • Indian sponsors dominated the transport sector, with 41 new projects and over US$16 billion in investment.
  • Chinese sponsors invested in 7 projects (all local).
  • Dutch sponsors invested US$5 billion, with US$4.2 billion in the Freight One project.
  • Turkish sponsors had 3 projects with US$623.6 million in investment.

Featured Project: L&T Hyderabad Metro Rail Private Ltd.

• Project Type: Railroads, Greenfield (BOT)
• Concession Term: 35 years (extendable by an additional 25 years)
• Project Status: Construction
• Project Details:
  • A 71.16 km elevated metro line in Hyderabad, India.
  • Integrated with the existing suburban railway network (MMTS) and bus stops.
  • Contract Awarded: August 6, 2010.
  • Investment Commitment: US$3,639.5 million.
  • Financing: Comprised US$2,551.1 million term loan, US$764.4 million sponsor equity, and US$324 million capital grant.
  • Debt-to-Equity Ratio: 77:23.
  • Government Support: A guarantee from the sponsor (L&T) covering up to 5% cost overruns and cash support to maintain the DSCR at 1x.
  • Project Timeline: Construction began in April 2011, expected to be completed by April 2015.

Key Projects by Region

Africa (AFR)

• Bullnose Port Facilities (Nigeria): US$124.4 million in investment.
• Beitbridge Border Post (South Africa & Zimbabwe): US$97 million in investment.
• Lome Container Terminal (Togo): US$495 million in investment.

East Asia and Pacific (EAP)

• Meishan Container Port (China): US$30 million.
• Lianyungang New Century Liquid Chemical Port (China): US$91.69 million.
• Jinzhong Longcheng Expressway (China): US$68.77 million.
• Tangjin Expressway (China): US$745.22 million.

Europe and Central Asia (ECA)

• Pristina International Airport (Kosovo): US$127 million.
• Freight One (Russian Federation): US$4,271 million.
• Iskenderun Port Concession (Turkey): US$425 million.
• Zafer Airport (Turkey): US$71.65 million.
• CFR lease (Romania): US$... (not specified).

Latin America and the Caribbean (LAC)

• Santa Fe-Rosario Highway (Argentina): US$6 million.
• Brasil Terminal Portuario (Brazil): US$845 million.
• São Paulo Rodoanel Sul e Leste (Brazil): US$2,221.5 million.
• MT 130 Highway (Brazil): US$73.5 million.
• Embraport (Brazil): US$800 million.
• El Loa de Calama Airport II (Chile): US$34 million.
• Guaymas Fertilizer Terminal (Mexico): US$4.4 million.
• Autovia Urbana Sur (Mexico): US$524 million.
• Autovia Urbana Norte (Mexico): US$801 million.
• Iquique Highway Access Project (Chile): US$220 million.
• Lima Electric Train - Line I (Peru): US$290 million.
• Callao Terminal Norte (Peru): US$313 million.
• Aeropuertos del Sur (Peru): US$257 million.

South Asia (SA)

• Mumbai Metro - Phase II: US$2,514.8 million.
• Essel Ahmedabad Godhra Toll Roads Limited: US$280.7 million.
• Abhijeet Hazaribagh Toll Road Limited: US$139.3 million.
• Transstroy Bhopal Bypass Tollway Private Limited: US$106.7 million.
• Bhubaneswar Expressways Private Limited: US$120.2 million.
• GVK Deoli Kota Expressway Private Limited: US$342.8 million.
• Navayuga Jahnavi Toll Bridge Private Limited: US$355.5 million.
• Ghaziabad Aligarh Expressway Private Limited: US$516.7 million.
• SP Jammu Udhampur Highway Private Limited: US$533.3 million.
• K M Toll Road Private Limited: US$260 million.
• North Bihar Highway Limited: US$145.8 million.
• GVK Bagodara Vasad Expressway Private Limited: US$253 million.
• Barasat Krishnagar Expressways Limited: US$208.5 million.
• GVRMP Belgaum Khanapur Tollway Private Limited: US$84 million.
• Delhi Agra Toll Roads Limited: US$671.4 million.
• Abhijeet Bihar Roadways Limited: US$77.2 million.
• Sanjose Supreme Tollways Development Private Limited: US$273.7 million.
• Khagaria Purnea Highway Project Limited: US$158.7 million.
• SEW Krishnagar Baharampore Highways Limited: US$172.7 million.
• Essel Ludhiana Talwandi Toll Roads Private Limited: US$156.5 million.
• Tantia Raxaul Tollway Private Limited: US$123.2 million.
• Oriental Nagpur Betul Highway Private Limited: US$747.9 million.
• Orissa Steel Expressways Private Limited: US$164.4 million.
• Supreme Panvel Indapur Tollways Private Limited: US$263.8 million.
• Patna Bakhtiarpur Tollway Limited: US$217.3 million.
• Ranchi Expressway Limited: US$352.1 million.
• Reengus Sikar Expressway Limited: US$48.5 million.
• Soubhagya Hata Darguwan Projects Private Limited: US$23.8 million.
• Srinagar Banihal Expressway Limited: US$340.4 million.
• Colombo South Container Terminal (Sri Lanka): US$500 million in investment, construction status.

Conclusion

The year 2011 saw a significant increase in private investment in transport infrastructure, particularly in South Asia and Europe and Central Asia. India was the leading sponsor, contributing the most in terms of both number of projects and investment. The road sector remained the most active, while railroads saw a notable increase in activity. Concessions were the most common contract type, with greenfield projects contributing the most in terms of investment.