Proximo talks nuclear plant prefabrication, and lessons learnt from LNG and offshore wind, on the road to unlocking project finance for SMRs.

The Dorjilung hydroelectric financing moved away from sovereign-backed debt towards a blended PPP structure combining concessional capital, multilateral lending and private investment. It marks a big shift for Bhutan – but could large-scale infrastructure in lower income markets more widely learn from its risk allocation?

The deals that impressed - sometimes for size but more often for innovation - in 2025. With the project finance market looking to build resilience, these were the lessons worth learning.