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ARTICLE · 08 MARCH 2013

Can a PEBBLE help build Australia's project finance market?

Corrs Chambers Westgarth
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It is encouraging to see project finance innovations like PEBBLE trying to breathe life into the project bond market.

AustraliaFinance and Banking
Jeremy King
Jeremy King
Clare Corke
Clare Corke
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A ground-breaking funding structure for greenfield projects in Europe hopes to overcome the hurdles that commonly deter institutional investors from participating in greenfield deals. Could it be replicated in Australia to help stimulate our project finance market?

Late last year, the International Project Finance Association (IPFA) adopted PEBBLE, an innovative structure for greenfield project financings. PEBBLE is a conduit structure that is intended to facilitate institutional investors such as superannuation funds, global pension funds and insurance companies in providing long-term project finance.

IPFA explains that institutional investors in projects are not attracted to greenfield opportunities due to:

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