Power generation
Utility-scale solar, hydro, gas-fired, and grid infrastructure.
Signature instrument
MIGCorp Bond™
Large-scale infrastructure projects in emerging markets face significant financing challenges. Traditional lenders are risk-averse, and capital markets are often inaccessible. MIGCorp Bond™ is our…
The promise
Proprietary structured-finance solution for qualifying projects exceeding $100M USD — each issuance structured through a dedicated, independently rated SPV.
- $100M+
- Minimum deal size
- 5–10yr
- Typical term
- IG
- Target rating
- 20+
- Countries covered
Read the full method.
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8200-1318
The MIG Enhancement Explained
How a dedicated SPV, verified collateral, a guarantee and an insurance wrap take an emerging-market project to an investment-grade bond
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8200-1317
Sovereign offtakes
Financing infrastructure against state purchase contracts — carrying the sovereign's credit without adding to the sovereign's debt
The mechanics.
Large-scale infrastructure projects in emerging markets face significant financing challenges. Traditional lenders are risk-averse, and capital markets are often inaccessible. MIGCorp Bond™ is our proprietary structured-finance solution for transformational projects.
Sectors financed: Power generation · Transportation · Mining · Renewables · Telecom.
Each MIGCorp Bond™ issuance is structured through a dedicated Special Purpose Vehicle (SPV) — one SPV per project. The SPV is intended to obtain an investment-grade rating, subject to the project structure, credit profile and independent rating-agency assessment by a prime global credit rating agency, independent of MIG’s corporate balance sheet. This structure isolates project risk, provides legal and financial ring-fencing, and achieves the institutional-grade rating that sovereign and fund investors require.
In every engagement.
- One dedicated SPV per project — legal & financial ring-fencing
- Each SPV intended to obtain an investment-grade rating, subject to the project structure, credit profile and independent rating-agency assessment by a prime global agency
- Flexible terms from 5 to 10 years
- Tailored to complex EPC/BOT projects
- Multi-jurisdictional compliance framework
The execution sequence.
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01
Project Evaluation
Rigorous institutional-grade due diligence and ESG impact assessment.
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02
Structure Design
Custom financial engineering for optimal capital stack and investor protection.
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03
Rating & Placement
Investment-grade rating and global institutional distribution.
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04
Ongoing Management
Active operational oversight, reporting, and yield management.
Where this lives.
Transportation
Ports, rail, highways, and BOT toll concessions.
Mining & resources
Concession-backed capex for strategic mineral and metals projects.
Telecom & digital
Tower portfolios, fiber backbones, and data-center platforms.
Structuring a project that needs institutional capital?
Talk to our structured-finance desk about whether your project meets MIGCorp Bond™ criteria.
Discuss a bond mandateAnswers ahead of the call.
- Is the MIGCorp Bond a bond issued by MIG?
No. Each project has its own special-purpose vehicle that issues its own bond; MIG structures, enhances and places it.
- What collateral is required?
A bank instrument, a corporate balance sheet or verified hard assets; coverage depends on quality — 100% for an A+ bank instrument, 70% for an A+ balance sheet, 50% for hard assets or an unrated balance sheet.
- Is a rating guaranteed?
No. An investment-grade rating is sought for the issuing vehicle; the agency decides.
- What is the minimum size and tenor?
From USD 100 million; five to ten years, seven typical, two-year grace standard.
- How long does it take?
About twenty weeks from engagement to disbursement when documentation is complete.
- What does the sponsor commit?
The equivalent of 10% of the project financing in cash or in kind, plus the structuring cost under Path B.
Related insights
All insights
From the research desk.
Research — Financing method
Sovereign offtakes
Financing infrastructure against state purchase contracts — carrying the sovereign's credit without adding to the sovereign's debt
Read note
Research — Financing method
Non-recourse lending for power generation
PPA-backed project finance in emerging markets — and where the MIG enhancement sits in the structure
Read note
Research — Financing method
The MIG Enhancement Explained
How a dedicated SPV, verified collateral, a guarantee and an insurance wrap take an emerging-market project to an investment-grade bond
Read note