But it is not just a matter of size: RBS has also expanded into renewables and wind deals, and has consolidated its position in new geographies – for example, it opened a new office in Germany last year and recently appointed a new head to its regional office in Stockholm.
“The success is down to the team, the people that we’ve got and the passion they put into their work; I think that this can often be underestimated,” says Thomas Hardy, head of project and export finance.
There have been many significant transactions. The €1.9bn Budapest Airport deal, for example, provided financing for the Hochtief consortium’s acquisition of the airport and exported RBS’s infrastructure business model to Hungary. Equally significant for RBS was the financing for the Teesside-based Ensus bioethanol plant – the first UK biofuel deal to be sold in the syndication market. That deal required RBS to acquaint itself with an unfamiliar risk profile and supported its leading position in the renewables field.
Mr Hardy predicts a favourable deal pipeline ahead. “I see no reason to think that 2008 and beyond will hold less opportunities in project finance than previous years. The reason I am optimistic is that there is a renewed agenda on the part of the developed economies to bring out the development of emerging economies.”
But Mr Hardy acknowledges that this sector is ever more competitive and that there is no room for complacency. “We continue to see [increased] pressure; as a result we have to be as expert as we can from a sector, geography and product/ structure perspective.”
