The 2025 Dealogic Project Finance league tables marked an exceptional year for global structured finance activity. Against a backdrop of sustained infrastructure demand, accelerating energy transition investment and complex cross-border financing needs, project finance reaffirmed its central role in enabling large-scale capital infrastructure and renewable energy projects wordlwide.

In this context, Santander Corporate & Investment Banking (Santander CIB) achieved number one global rankings in project finance, including financial advisory, loan arranging and energy transition financing, alongside leading regional rankings in EMEA, Latin America and North America.

League table recognition in project finance reflects more than transaction volume. It signals global structuring expertise, capital mobilization capability and distribution strength, as well as the ability to coordinate sponsors, lenders, export credit agencies and institutional investors, across jurisdictions.

Global project finance platform: Structuring, advisory and loan arranging leadership

Project finance transactions are inherently complex. They typically involve long-dated structures, detailed risk allocation frameworks and coordination among diverse funding sources. Execution certainty depends on disciplined structuring and deep sector expertise in infrastructure and renewable energy finance.

Santander’s global project finance platform combines global sector knowledge with local market presence across Europe, the Americas and Asia. This integrated model enables close sponsor engagement while leveraging international distribution and strong balance sheet support.

Leading positions across advisory and loan arranging categories underscore the platform’s integrated nature. Advisory mandates focus on optimizing capital structures and risk allocation, while arranging mandates demonstrate the ability to mobilize syndicated loans and institutional capital efficiently. Energy transition as a structural driver

Energy Transition financing as a core growth driver

Energy transition financing has become a defining theme in global project finance markets. Renewable generation, grid infrastructure, storage solutions require sustained capital investment.

Achieving top rankings in energy transition project finance reflects both sector focus and execution capacity. As governments and corporates pursue decarbonisation objectives, financing solutions must balance long-term viability with evolving regulatory frameworks and investor expectations.

Project finance structures play a pivotal role in aligning these interests. By ringfencing project cash flows and allocating risk clearly among participants, they enable capital to flow into assets that are central to the global decarbonisation agenda.

Regional leadership across EMEA, the Americas and beyond

Holding leading positions across EMEA, Latin America and North America highlights the strength of Santander’s cross-border project finance capabilities. Transactions often involve multinational sponsors, global lenders and internationally distributed investors, requiring seamless regional coordination.

Collaboration across debt capital markets, export finance and risk management enhances execution certainty, particularly in volatile market conditions.

Outlook for global infrastructure and project finance

Global infrastructure deficits remain significant, while energy transition targets continue to require substantial capital mobilization. Despite macroeconomic and geopolitical uncertainty, demand for disciplined project financing frameworks is expected to remain strong.

Leadership in the global project finance league tables reflects sustained capability across cycles. As sponsors advance increasingly ambitious infrastructure and renewable energy projects, integrated advisory and loan arranging platforms will remain essential to enabling investment, supporting economic development and accelerating the global energy transition.

Carbon Capture, Usage and Storage (CCUS) is increasingly recognised as a key component of global net-zero and decarbonization strategies. As governments and corporates implement net-zero pathways, carbon capture technologies are moving from pilot phases toward industrial deployment. The financing of CCUS infrastructure is emerging as a decisive factor in determining the pace and feasibility of large-scale implementation.

Against this backdrop, Santander Corporate & Investment Banking (Santander CIB) recently hosted a client event in London as part of its Sustainable London Net Zero Program, focused on the bankability, risk allocation and financing structures of CCUS projects from a lender perspective.

CCUS projects are structurally complex. They involve evolving technologies, developing regulatory frameworks and multi-party value chains spanning emitters, transport infrastructure and storage operators. Financing models must address construction risk, long development timelines and policy evolution, while ensuring sufficient revenue visibility through carbon pricing mechanisms, contractual frameworks and public support schemes where applicable.

Latin America M&A activity continues to evolve within a complex global backdrop. Geopolitical realignment, sectoral transformation and shifting capital flows are reshaping corporate strategies across the region. In this environment, advisory capability is measured not only by transaction volume but by execution quality, sector expertise and cross-border M&A connectivity to global capital.

In 2025, Santander Corporate & Investment Banking (Santander CIB) advised on USD 22.4 billion in M&A transactions in Latin America, across 52 announced deals, achieving the number one position by deal volume, according to Dealogic. The ranking reflects sustained advisory activity across strategic and complex transactions in a region where cross-border considerations and sector-specific dynamics often define outcomes.

League table performance in Latin American M&A advisory is tied to the ability to originate opportunities, structure transactions effectively and guide clients through volatile market conditions. The region presents a distinctive landscape, characterized by family-owned conglomerates, state-linked enterprises, multinational corporates and private equity investors operating across jurisdictions.

Strategic M&A transactions across Latin America

M&A activity in Latin America has increasingly been driven by strategic repositioning. Companies are consolidating core operations, divesting non-core assets and pursuing acquisitions that strengthen competitive positioning in key sectors such as energy, infrastructure, financial services and digital industries.

At the same time, global investors continue to view Latin America as a strategic growth and diversification market, particularly in sectors aligned with long-term structural trends. This creates a dynamic environment in which domestic cross-border transactions coexist, requiring coordination across multiple regulatory frameworks.

Advising on such transactions demands deep local knowledge combined with access to international capital and counterparties. Execution certainty, disciplined valuation and stakeholder alignment are decisive factors, particularly in competitive auction processes and complex negotiations.

Integrated regional and global capabilities

Sustained leadership in Latin American M&A league tables underscores the value of an integrated platform. Regional presence allows for proximity to clients and understanding local business cultures, while global connectivity facilitates access to international buyers, investors and financing solutions.

In complex transactions, advisory teams must coordinate across product areas including debt, equity and structured solutions, ensuring that strategic objectives are aligned with funding feasibility. This integrated approach supports transformational acquisitions, strategic partnerships and divestitures with comprehensive financing visibility. 

Executing 52 announced transactions in a single year reflects organizational scale and deep client relationships. In M&A advisory, long-term partnerships often underpin repeat mandates and early involvement in strategic decision-making.

Outlook for Latin America M&A

As Latin American corporates navigate technological transformation, energy transition and evolving consumer markets, M&A will remain a core strategic tool for growth, consolidation and capital optimization. Transactions increasingly extend beyond financial metrics, to include operational integration, governance considerations and long-term value creation.

Advisers must combine technical expertise with sector insight and cross-border coordination. In volatility markets, the ability to manage execution risk and maintain transaction momentum is critical.

Looking ahead, the Latin America’s M&A market is expected to remain active as companies seek scale, resilience and competitive advantage. Leadership in regional M&A reflects not only transaction volume but the capacity to deliver strategic advisory across cycles and jurisdictions.

Battery Energy Storage Systems (BESS) are becoming an increasingly strategic component of the global energy transition. As renewable generation capacity expands, storage infrastructure is critical to ensuring grid stability, managing intermittency and enabling more flexible power markets. The scaling of BESS deployment therefore requires not only technological advancement but also robust financing frameworks capable of supporting complex and evolving business models.

In this context, Santander Corporate & Investment Banking (Santander CIB) recently hosted its second Battery Energy Storage (BESS) client event at its London Triton Square office, bringing together more than 100 professionals from leading corporates, developers, investors, advisers and policymakers across the sector.

The discussions reflected the growing maturity of the storage market, while also highlighting the structural challenges that remain. As revenue models evolve, spanning capacity markets, ancillary services, merchant exposure and hybrid renewable-plus-storage structures, financing approaches must adapt to new risk profiles and contractual frameworks.

BESS financing and project structuring in a merchant environment

Unlike traditional generation assets with long-term offtake agreements, many BESS projects operate within dynamic market environments. Revenue stacking, combining multiple income streams, can enhance project viability but also introduces forecasting complexity. Lenders and investors therefore assess projects through the lens of volatility management, contract strength and sponsor capability.

As highlighted during the event, strategic advisory and debt financing expertise are increasingly intertwined in storage transactions. Early engagement on capital structure design, covenant flexibility and downside scenarios can significantly improve bankability and execution certainty.

Case studies shared at the event illustrated how innovative financing structures can support the build-out of successful BESS platforms. These examples demonstrated the importance of aligning technical performance expectations with realistic financial assumptions and risk allocation mechanisms.

Energy storage infrastructure and value chain coordination

The development of storage infrastructure requires coordination across the value chain, including equipment manufacturers, developers, utilities, investors and policymakers. Regulatory clarity and market design play an important role in shaping long-term investment confidence.

Events that convene diverse stakeholders contribute to a shared understanding of evolving market standards and financing practices. By facilitating dialogue between industry participants, financial institutions can help accelerate the adoption of more replicable and scalable structures.

Santander’s integrated platform, spanning strategic advisory and debt financing,reflects the growing need for holistic solutions in energy transition sectors. As BESS projects scale in size and complexity, combining sector insight with disciplined structuring becomes increasingly important.

Looking ahead: outlook for BESS and grid stability

The continued expansion of renewable generation across Europe and other regions is expected to drive sustained demand for battery energy storage systems. As electricity systems decentralise and electrification accelerates, grid-scale BESS infrastructure is likely to play a central role in balancing supply and demand.

Financing frameworks will evolve alongside regulatory and market developments. Institutions capable of combining market insight, advisory expertise and capital mobilisation will be well positioned in the growing battery storage project finance market.

As the energy transition progresses, scalable and bankable BESS financing solutions will remain critical to supporting grid reliability and long-term decarbonisation pathways.

Financial markets are undergoing structural transformation driven by accelerating technological change, geopolitical shifts and evolving client expectations. The integration of data analytics, trading technology and digital market infrastructure into capital markets activity is reshaping how institutions operate and deliver value. In this environment, dialogue between market participants, technology providers and policymakers is increasingly important.

Against this backdrop, Santander Corporate & Investment Banking (Santander CIB) recently welcomed Mike Bloomberg to its London offices for discussions with senior leadership. The visit focused on capital markets digital transformation, geopolitical fragmentation and the growing centrality of data in financial decision-making.

Over recent years, the convergence of finance and technology has intensified. Market participants are investing in electronic trading platforms, advanced analytics, artificial intelligence (AI) and real-time market data infrastructure to enhance execution efficiency and client insight. At the same time, geopolitical developments continue to influence capital flows, regulatory frameworks and cross-border market connectivity.

Trading technology, data and market infrastructure

A highlight of the visit included a tour of Santander’s trading floor, where discussions centred on Bloomberg Terminal usage and the broader evolution of market infrastructure. Data has become foundational to trading, risk management and client advisory. The capacity to process, interpret and act on information at speed is now a core competitive factor in global markets.

Modern trading environments rely on integrated platforms that combine pricing data, analytics, communication tools and execution capabilities. As market structure evolves, collaboration between financial institutions and technology providers supports transparency, liquidity and operational resilience.

From pricing sovereign bonds to structuring complex derivatives and managing cross-asset risk, connected financial technology ecosystems underpin every stage of the capital markets value chain.

AI, Governance and resilience in capital markets

Engagement between financial institutions and technology leaders extends beyond product functionality. It also touches on broader themes: data governance, regulatory expectations, artificial intelligence adoption and cybersecurity resilience.

As markets become more interconnected, systemic stability increasingly depends on the robustness of digital infrastructure. Financial institutions must therefore balance innovation with disciplined risk management, ensuring that new capabilities enhance resilience.

Senior-level dialogue supports alignment on long-term priorities, including how AI in trading and capital markets can be deployed responsibly within strong governance frameworks.

The Future of Capital Markets Technology

Technological innovation in capital markets is expected to accelerate. Artificial intelligence, automation and advanced analytics will continue to transform trading, advisory and risk functions. Meanwhile, geopolitical developments will shape cross-border investment patterns and regulatory oversight.

Institutions combining technological sophistication data-driven decision-making and strong governance will be best positioned to support clients in evolving market conditions. Collaboration across the financial ecosystem (including data providers, policymakers, market participants and policymakers) remains central to sustaining and transparent markets.

As global markets adapt, leadership engagement across finance and technology will help shape the next phase of digital market infrastructure development.

Is your company considering a spin off, acquisition, or merger?

Santander CIB’s Cash Management team has deep expertise in aiding Treasury teams to successfully execute these events, by providing innovative solutions and bespoke advice. 

We know it’s imperative for our clients to move quickly, in order to internally prepare the business for such events. 

Whether it’s undertaking early preparation ahead of time-sensitive activity, establishing the right operating model to ensure efficiency account framework critical to business, or aiding our clients to operate a parallel setup of Cash Management activities – including payables, receivables and liquidity – before the execution date, Santander CIB’s team is committed to supporting its clients to achieve their business goals. 

Key considerations for a smooth Treasury transition

Santander CIB supports clients in many different ways during key corporate events, through precise planning and solution implementation.

1. Ease the segregation of Treasury systems 

To ease this segregation, early project management is vital. This includes a clear understanding of the organisational structure. Achieving this clarity of structure can be done with Santander CIB’s help, via a range of bank account frameworks, new legal entities, connectivity, platforms and KYC.

To best support our clients, we take care in providing coordination and resources between the pivotal Treasury teams, IT support and ourselves.

2. Balance sheet optimisation

This is maintained or augmented through having a clear line of sight of liquidity in each geography and currency. 

During these parallel operations, Santander CIB works to establish segregated, dynamic cash pool structures that can be adapted as the transaction advances. By rerouting concentration to a new header account, for example, we are optimising excess cash whilst potentially using reconciliation tools to limit obstructions to collections.
 

3. Deliver products and services with little disruption

In order to ensure prompt delivery of products with minimal disruption to customers, suppliers and staff, clear visibility and accurate forecasting are essential. To support clients in their transition, whether it is a spin-off from the parent company, or an M&A transaction, Santander CIB will support the maintenance of payments, collections and payroll structures that is so crucial.  

4. Smooth and successful settlement of the transaction 

Early identification of fund flow execution is key. By understanding how proceeds settle in the days leading up to deal, and orchestrating Treasury involvement as early as possible, is paramount for a seamless completion.

Key considerations include:
- consolidation and distribution of funds
- escrow requirements
- currency and FX 
- account requirements for fiscal and ringfencing purposes
 

Settlement of funds can take time and cause hiccups at execution, but can be alleviated by engaging with the bank early and mapping out an execution plan for funding together. Santander CIB has considerable experience in supporting clients with strategic distributions.

5. Opportunities for enhancement 

There is a consistent necessity for development through identifying potential opportunities for enhancement when it comes to upgrading technology, streamlining connectivity, and improving STP, allowing for an improved, simplified structure. 

Through a geographical lens, there are also opportunities for development and further consolidation in core regions, with Santander CIB acting as a trusted partner. 


Carlos Gutierrez, Global Transaction Banking - Head of Cash & Lending Sales Europe: “We are fully committed in supporting our clients’ Cash Management journey to successfully execute a spin-off, acquisition, merger. As a leading pan-European and pan-American Cash Management, liquidity and FX Bank, our expertise is there to help our clients succeed.”