Abstract
This paper provides a regression analysis of the debt ratio of project-financed LNG infrastructures and gas pipeline projects, by using data relating to projects whose financial close occurred between June 2004 and March 2011. The projects located in risky countries tend to exhibit lower debt ratios, which is consistent with the basic view of risk-averse funds suppliers. However, surprisingly enough, the more concentrated the equity ownership, the lower the debt ratio. Copyright © 2012 Published by Elsevier Ltd.