After two years of cautious lending, long-dated infrastructure debt is re-opening. In our pipeline, average approved tenors rose from 14 to 19 years across transport and water concessions.
What changed
Clearer concession frameworks, better hedging availability and deeper co-lender syndicates have reduced refinancing risk. Development partners are again willing to anchor tranches beyond year fifteen.
What sponsors should prepare
Lenders' direct agreements, a robust E&S action plan and a traffic or demand study reviewed by an independent adviser remain the gating items. Projects arriving with these in hand reached term sheet roughly 40% faster.
Pricing view
Indicative margins remain in the SOFR + 3.0–3.75% band for availability-based deals, with step-ups after year fifteen.
Figures are indicative and do not constitute advice or an offer of credit.
