Infrastructure as an Asset Class

BARBARA WEBER is founding partner of B Capital Partners AG in Zurich, an investment advisory firm focused on institutional private equity portfolios and specialising in infrastructure and clean energy.
 
MIRJAM STAUB-BISANG is CEO of Independent Capital Group AG in Zurich, an asset management and real estate investment company focused on sustainable investing across asset classes.
 
HANS WILHELM ALFEN is chair of construction economics at the Bauhaus-Universität Weimar in Germany and general manager and founder of Alfen Consult GmbH, Weimar.

Clear, comprehensive guidance toward the global infrastructure investment market
 
Infrastructure As An Asset Class is the leading infrastructure investment guide, with comprehensive coverage and in-depth expert insight. This new second edition has been fully updated to reflect the current state of the global infrastructure market, its sector and capital requirements, and provides a valuable overview of the knowledge base required to enter the market securely. Step-by-step guidance walks you through individual infrastructure assets, emphasizing project financing structures, risk analysis, instruments to help you understand the mechanics of this complex, but potentially rewarding, market. New chapters explore energy, renewable energy, transmission and sustainability, providing a close analysis of these increasingly lucrative areas.
 
The risk profile of an asset varies depending on stage, sector and country, but the individual structure is most important in determining the risk/return profile. This book provides clear, detailed explanations and invaluable insight from a leading practitioner to give you a solid understanding of the global infrastructure market.
* Get up to date on the current global infrastructure market
* Investigate individual infrastructure assets step-by-step
* Examine illustrative real-world case studies
* Understand the factors that determine risk/return profiles
 
Infrastructure continues to be an area of global investment growth, both in the developed world and in emerging markets. Conditions continually change, markets shift and new considerations arise; only the most current reference can supply the right information practitioners need to be successful. Infrastructure As An Asset Class provides clear reference based on the current global infrastructure markets, with in-depth analysis and expert guidance toward effective infrastructure investment.

List of Figures xi
 
List of Tables xiii
 
Preface xv
 
Acknowledgements xvii
 
About the Authors xix
 
Introduction xxi
 
CHAPTER 1 Infrastructure - An Overview 1
 
1.1 Demand for Infrastructure 1
 
1.2 Sustainability and Infrastructure 7
 
1.2.1 Sustainability and sustainable development - a brief history 8
 
1.2.2 The need for sustainable infrastructure 9
 
1.3 Definition and Characteristics of Infrastructure 10
 
1.3.1 Differentiation of terms: project - asset - facility 13
 
1.3.2 Characteristics 14
 
1.3.3 Cross-sector characteristics 16
 
1.3.4 Types of infrastructure companies 16
 
1.3.5 Role of the private sector 18
 
1.3.6 Value chain elements 19
 
1.3.7 Greenfield versus brownfield investments 21
 
1.3.8 Sources of revenue and financing 22
 
1.3.9 Competition and regulation 24
 
CHAPTER 2 Infrastructure Investments 27
 
2.1 Infrastructure as an Asset Class 28
 
2.1.1 Investors in infrastructure 29
 
2.1.2 Risk/return profile of unlisted infrastructure investments 33
 
2.1.3 Benchmarking infrastructure investments 40
 
2.1.4 Portfolio diversification through infrastructure 46
 
2.2 Sustainable Infrastructure Investing 56
 
2.2.1 Concept of sustainable investing 56
 
2.2.2 Why invest in sustainable infrastructure? 61
 
2.2.3 How to invest in sustainable infrastructure 64
 
2.2.4 Challenges for sustainable infrastructure investing 68
 
2.3 Approaches to Infrastructure Investing 69
 
2.3.1 Listed infrastructure investments 69
 
2.3.2 Unlisted infrastructure investments 73
 
2.3.3 Direct investments/co-investments 85
 
CHAPTER 3 Organisational Model 87
 
3.1 Privatisation Models 88
 
3.1.1 Formal privatisation 93
 
3.1.2 Functional privatisation 95
 
3.1.3 Material privatisation 96
 
3.2 Partnership Models 100
 
3.3 Business Models 102
 
3.3.1 Availability payment models 102
 
3.3.2 User-driven payment models 105
 
3.3.3 Direct-user payment models 106
 
3.4 PPP Contractual Models 107
 
3.5 Financing Models 110
 
3.6 Interim Summary - Various 'Privatisation Paths' 110
 
CHAPTER 4 Characteristics of Selected Infrastructure Sectors and Subsectors 113
 
4.1 Transport 114
 
4.1.1 Cross-sector characteristics 114
 
4.1.2 Road transport 118
 
4.1.3 Rail transport 125
 
4.1.4 Air transport 133
 
4.1.5 Water transport 141
 
4.1.6 Sustainability considerations 149
 
4.2 Water Supply and Sewage Disposal 152
 
4.2.1 Characteristics and organisation 152
 
4.2.2 Sources of revenue and value chain elements 158
 
4.2.3 Competition and regulation 160
 
4.2.4 Private-sector involvement 161
 
4.2.5 Sustainability considerations 164
 
4.3 Waste Disposal 166
 
4.3.1 Characteristics and organisation 166
 
4.3.2 Sources of revenue and value chain elements 172
 
4.3.3 Competition and regulation 175
 
4.3.4 Private-sector involvement 176
 
4.3.5 Sustainability considerations 178
 
4.4 Energy - Electricity 180
 
4.4.1 Overview of the energy market 181
 
4.4.2 Renewable electricity generation - cross-sector characteristics 186
 
4.4.3 Solar energy 192
 
4.4.4 Wind onshore 194
 
4.4.5 Wind energy - offshore 196
 
4.4.6 Hydropower 197
 
4.4.7 Bioenergy/biopower 200
 
4.4.8 Transmission and distribution 202

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