TDM Call for Papers on “Project Finance in International Arbitration”

Key Takeaways

• Project finance drives majority of high‑value arbitration disputes
• SPV structures raise complex jurisdiction and standing issues
• Investor‑State cases hinge on bankability and treaty interaction
• Quantifying damages requires detailed cash‑flow waterfall analysis
• Deadline for submissions: June 30, 2026

Pulse Analysis

Project finance has become the backbone of multi‑billion‑dollar infrastructure, energy, and digital ventures, and consequently a frequent source of international arbitration. While practitioners routinely navigate SPV structures, lender step‑in rights, and layered contractual matrices, academic treatment of these financial mechanics remains sparse. By spotlighting the intersection of finance and arbitration, TDM’s upcoming special issue promises to bridge theory and practice, offering nuanced analysis of jurisdictional hurdles, standing challenges, and the delicate balance between commercial contracts and treaty protections.

A key driver of dispute complexity is the cash‑flow waterfall, which determines how revenue shortfalls cascade through equity and debt layers. Arbitrators increasingly must assess whether a disruption merely affects profitability or erodes the entire equity value, a distinction that reshapes damages calculations and mitigation obligations. The special issue’s focus on valuation techniques—discounted cash‑flow, comparables, and binary loss models—will equip counsel with robust tools to quantify losses, argue causation, and navigate liability limits across diverse sectors, from renewable energy PPAs to mining concession royalties.

Beyond technical analysis, the call for papers underscores broader strategic implications for policymakers and investors. As governments adjust regulations, impose permit delays, or alter currency controls, the resulting bankability questions raise fresh fair‑and‑equitable‑treatment arguments in investor‑state arbitration. Insights into political‑risk insurance, export‑credit agency involvement, and third‑party funding will inform both drafting of future project finance agreements and the design of dispute‑avoidance mechanisms. Ultimately, the forthcoming scholarship aims to elevate the standards of arbitral decision‑making, fostering more predictable outcomes for the global project finance community.