Editorial
Best Emerging Markets to Invest in 2026: How Tariffs Redrew the Map
October 5, 2026 - Tariff access and near-shore capture reordered the 2026 Emerging Markets ranking, making bankability rather than forecast returns the deciding measure.

Recognized multiple times for its excellence in raising capital for challenging deals across Asia, Europe, Africa, and Latin America, Delphos has earned accolades from Project Finance International (PFI), including multiple Deal of the Year awards. Specializing in structuring and securing financing for energy and social impact infrastructure projects, Delphos continues to draw attention worldwide.
At its core, Delphos focuses on providing access to critical energy and last-mile financing for infrastructure projects worldwide. With an international network of seasoned financiers and emerging market specialists, the firm brings unparalleled talent and deep knowledge to successfully close transformative projects.
Delphos’ award-winning projects are among hundreds in the pipeline, spanning remote jungles and vast regions from Bulgaria to Uruguay. The global mission toward energy transition has accelerated the need for clean energy and sustainable infrastructure, including smart logistical hubs. Delphos has played a significant role in making those ambitions a reality among smaller and faraway nations.
Capital raise for the 330MW Sarulla Geothermal Project in Indonesia: A PFI Award recognized the firm’s achievement in arranging $350 million in financing for Indonesia’s Sarulla Geothermal Project, one of the largest geothermal power projects in the world. This Deal of the Year highlighted Delphos’ leadership in renewable energy financing. The project was complex, requiring collaboration among multiple international financiers and stakeholders. The project’s success was attributed to innovative financing structures and robust government support, including guarantees and incentives for renewable energy initiatives.
Securing capital for Crecera’s short-term loans portfolio expansion in Peru, Brazil, Colombia, and Uruguay: A Deal of the Year award recognized the successful structuring of the Crecera Senior Debt Facility, which supported economic growth across Peru, Brazil, Colombia, and Uruguay. This innovative financial solution enhanced funds and services, showcasing the firm’s capability to drive economic development in emerging markets. Structuring the Crecera Senior Debt Facility required navigating varied financial regulations and market conditions across multiple countries.
Obtaining financing for the Morupule B Power Station in Botswana: Delphos earned another PFI Deal of the Year award for arranging financing for Morupule B Power Station in Botswana. Securing financing for the Morupule B Power Station required addressing technical, environmental, and financial challenges. This project was pivotal in enhancing Botswana’s energy infrastructure, reinforcing Delphos’ expertise in African energy and natural resources.
Capital raise for AES Maritza East 1 Greenfield Power Project in Bulgaria: The firm won Deal of the Year for financing the AES Maritza East 1 power plant in Bulgaria. Financing the AES Maritza East 1 power plant required navigating regulatory frameworks and securing long-term power purchase agreements. This was a key step in strengthening regional energy infrastructure sustainably.
PSEG Global Inc. and AES Corporation: Winning Deal of the Year for this project early on highlighted the firm’s longstanding expertise in structuring complex energy transactions and paved the way for decades of impactful project financing.
Explore the “Our Heritage” section to discover more of our transformative projects.
One critical success factor in Delphos’ 37-year commitment to global change is continuous improvement. This focus on progress drives impactful change across global markets. Delphos delivers on its mission to support critical infrastructure in regions and communities where economic growth desperately depends on electricity, clean water, and access to road infrastructures. Local economies depend on these improvements to keep up with global demand. Likewise, smaller markets rely on financial access to innovative structures to meet international standards.
For nearly thirty years, Delphos has been a pioneer in project finance. This recognition highlights the respect it holds among industry peers facing similar challenges in underserved markets. It is focused on securing sustainable but innovative financing for communities and economies.
Our market knowledge experts are ready to share insightful data. For media inquiries, please contact us via this form. For all other inquiries, visit the “Our Heritage” page.
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