Nearly a decade ago, I worked on a gas infrastructure transaction that, on paper, had everything going for it.
It was strategically important. Demand was identifiable. Long-term contracts were in place. Reputable lenders and development institutions were involved. By most conventional measures, it was considered bankable.
And yet, the project spent years in debt restructuring.
Not because the asset failed.
Not because demand disappeared.
But because bankability had been assumed rather than deliberately built.
That experience h
