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Perfect 10 Winners 2017: The big, the bold and the brainy

Size matters - but innovation, strong marketing and a willingness to take on risk are the key traits that this year's winners of the TXF Perfect 10 Deals of the Year all share.

There were some truly significant deals across the ECA-backed, project finance and commodity finance sectors in 2017.

In terms of structural innovation, deals like ACWA Power's holdco bond, Trafigura's inventory-backed ABS deal, Chrysaor's acquisition financing, Shandong Qingyuan's first offshore borrowing, the Pedemontana-Veneta project bond and Helios Investment Partners acquisition financing stand out.

Others, like Nokeng Fluorspar, are deals that got banked against the backdrop of major market or political risk – a major achievement given diminished bank appetite for risk of any form.

Across all the deals there were also some stand-out performances: SMBC wins 10 deals of the year, MUFG and ING Bank won nine each, Societe Generale won eight, Standard Chartered, Natixis and HSBC took seven each, and Citi, ABN Amro and Santander won six each. BNP Paribas and Deutsche Bank each won five, while KfW IPEX-Bank and Intesa Sanpaolo took home three.

The most prominent ECAs were Euler Hermes, SACE and K-Sure, which each covered three separate loans. JBIC supported two deals, and Bpifrance also backed two deals.

On the legal side, Allen & Overy won eight deals; Clifford Chance six; Norton Fulbright Rose, Herbert Smith Freehills and White & Case won four; and Linklaters took home two.

TXF will be publishing full deal analyses on the Perfect 10s in the Chronicle at the end of the month. And there will be awards ceremonies at our Amsterdam (commodities) and Prague (ECA and project finance) events.

In the meantime, congratulations to all those involved in the following…

 

ECA Finance Deals of the Year

 

Overall ECA Finance Deal of the Year

KNPC Clean Fuels

The biggest ECA-backed deal of 2017 and the largest ECA facility raised by Kuwait National Petroleum Company (KNPC) to date, the $6.25 billion multi-sourced 13-year Clean Fuels Project financing features cover and loans from seven ECA’s and 11 commercial banks, and a host of inter-creditor complexities.

Sponsor: Kuwait National Petroleum Company

Debt: $6.25 billion

ECAs: Atradius, UKEF, SACE, K-Sure, Kexim, Nexi, JBIC

MLAs: HSBC, BBVA, MUFG, Credit Agricole, Santander, Societe Generale, Mizuho, Standard Chartered, Natixis, BNP Paribas Fortis, SMBC

Legal (borrower): Clifford Chance

Legal (lenders): Latham & Watkins; Asar Legal

 

African ECA Finance Deal of the Year

Nacala Railway Logistics

The $2.7 billion Nacala rail financing, the largest infrastructure project financing in Africa to date, comprises a complex dual-jurisdiction set of agreements with four borrowers and five concessions. The deal has lessons for African governments in how to collaborate to attract private infrastructure investment and ECA backing.

Sponsors: Vale, Mitsui

Borrower: Corredor Logistico Integrado de Nacala

Debt: $2.7 billion

Tenor: 14 years

Signed: 27 November 2017

ECAs/DFIs: JBIC NEXI, ECIC, AfDB

Banks: SMBC, Standard Bank, Mizuho, Nippon Life Insurance Co, MUFG, Sumitomo Mitsui Trust Bank, ABSA, Investec, First Rand Bank, Standard Chartered

Legal (lender): Linklaters

Legal (borrower): White & Case

 

Americas ECA Finance Deal of the Year

Zuma Energia - Parque Eolico Reynosa

Mexico’s largest wind farm financing to date combined both ECA and DFI support to provide the first bankable template under the new power purchase agreements proffered in Mexico’s first long term energy auctions.

Sponsor: Zuma Energia

Borrower: Parque Eolico Reynosa III

Debt: $490 million

Tenor: 20 years

Financial close: 1 August 2017

MLAs: Bancomext, Banobras, Nafin, Banco Santander

ECA: EKF

Legal (borrower): Clifford Chance, Mijares Angoitia Cortes y Fuentes

Legal (lender): Ritch Mueller

Insurance adviser: Willis

Technical adviser: Mott MacDonald

Tax adviser: PwC

 

Asia-Pacific ECA Finance Deal of the Year

Kia Motors India

Kia Motors’ ECA-backed facility to finance the construction a new manufacturing plant in India – its first project financing in India and only its third ever ECA-backed borrowing – produced one of the lowest K-Sure covered margins in 2017.

Debt: $648 million

Financial close: 17 October 2017

Tenor: 10 years

ECA: K-Sure

Banks: ANZ, Citi, ING Bank, Santander, Standard Chartered

Legal: Norton Rose Fulbright

 

European/Eurasian ECA Finance Deal of the Year

Development Bank of Kazakhstan

Designed to ultimately finance the Shymkent Refinery modernisation, Development Bank of Kazakhstan’s debut $225 million Sinosure-covered loan is a rare example of an ECA facility to fund on-lending by a state-owned development bank, and is also Sinosure’s first-two step loan in Kazakhstan.

Debt: $225 million

Tenor: 12.4 years

Signed: 29 December 2017

ECA: Sinosure

MLAs: Deutsche Bank (facility agent), SMBC (Coordinating arranger and bookrunner), MUFG, Credit Agricole

Legal (lender): Norton Rose Fulbright (Hong Kong)

Legal (borrower): DLA Piper (Moscow)

 

Middle Eastern ECA Finance Deal of the Year

Aluminium Bahrain Line 6

The $3 billon Alba Line 6 expansion financing tapped multiple European ECAs to seal a tightly priced $700 million Serv- and Euler Hermes-backed facility to finance the world’s largest aluminium complex.

Debt: $700 million

Tenor: 14 and 15 years

Signed: 25 and 30 April 2017

Mandated lead arrangers: Commerzbank, JP Morgan, Citi, Credit Agricole, and Standard Chartered

ECAs: Serv, Euler Hermes, SACE, Bpifrance

 

ECA-backed Energy Deal of the Year

Coral South FLNG 

One of the largest project financings in Africa to date and the first monetisation of Mozambique’s offshore natural gas resource, the $8.6 billion Coral FLNG project features major ECA backing that got the world’s first FLNG project financing banked.

Sponsors: ENI, CNPC, Kogas, Galp Energia, ENH

Borrower: Coral South FLNG DMCC

Debt: $4.63 billion

Tenor: 16 years

Financial close: 23 November 2017

DFI direct lender: Korea Development Bank (KDB)

ECA (guarantor): Bpifrance, Kexim, K-sure, SACE, Sinosure

ECA direct lender: Kexim, China EXIM

MLAs: Natixis, BNP Paribas, ABN Amro, Credit Agricole, Societe Generale, SMBC, HSBC, UBI Banca, UniCredit, Millennium BCP, Bank of China, China Development Bank, Industrial and Commercial Bank of China, Korea Development Bank, Standar­­d Bank

Legal (borrower): Linklaters

Legal (lender): Allen & Overy

 

ECA-backed Shipping Deals of the Year

Royal Caribbean Cruises

Last year Royal Caribbean closed two major ECA-backed financings as part of its ongoing cruise ship construction programme – a €2.74 billion ($3.2 billion) Euler Hermes/Finnvera-backed facility to finance the procurement of two new series Icon cruise ships from Mayer Turku in Finland; and a $2.92 billion Bpifrance-covered facility to finance three cruise vessels from STX France.

Icon financing

Debt: $3.2 billion

Signed: 11 October 2017

Tenor: 12 years

Pricing: 356bp and 376bp all-in

MLAs: KfW IPEX-Bank, BNP Paribas, HSBC, Commerzbank, Banco Santander, BBVA, Niederlassung Deutschland, Bayerische Landesbank, DZ Bank, JP Morgan, and SMBC

ECA: Euler Hermes, Finnvera

Legal: Watson, Farley and Williams (RCC), Stephenson Harwood (lenders)

Delano financing

Debt: $2.92 billion

Signed: 11 October 2017

Tenor: 12 years

MLAs: Citi (facility agent) BNP Paribas, HSBC, Banco Santander, and SMBC

ECA: Bpifrance

Legal: Watson, Farley and Williams (RCC), Willkie Farr & Gallagher (STX), Norton Rose Fulbright (lenders)

 

ECA-backed Renewables Deal of the Year

Markbygden ETT

A pathfinder in terms of development of European unsubsidised renewables deals backed by corporate PPAs, the 650MW Markbygden ETT wind project financing comprises a rare example of an EIB tranche with ECA cover and is backed by the largest corporate wind PPA to date.

Sponsors: GE EFS, Green Investment Group

Debt: €500 million

Tenor: 18 years from commercial operation date

Signed: 7 November 2017

MLAs: NordLB, KfW IPEX, HSH Nordbank, EIB

ECA: Euler Hermes

Financial advisers: Macquarie Capital, PwC

Legal (sponsor): CMS

Legal (lender): Simmons & Simmons

 

ECA-backed Telecoms Deal of the Year

Verizon Communications

Last year serial bond issuer Verizon Communications completed its second ever visit to the ECA-backed market – two linked (albeit standalone in terms of documentation) $2 billion deals, closed within seven days of each other, as part of an overall $4 billion telecoms equipment loan package covered by Nordic ECAs. Not only was the deal priced at an attractive all-in cost, it was the biggest ECA-backed loan into the telecoms sector to date and confirmed that ECA debt is now firmly a part of Verizon’s funding mix.

Debt: $4 billion

Tenor: 9 years

Signed: 20 July 2017, 27 July 2017

MLAs: Deutsche Bank (bookrunner and facility agent), Santander, SEB, EDC

ECA cover: EKN, Finnvera

Legal (lenders): Allen & Overy, DLA Piper, Vinge

 

Commodity Finance Deals of the Year

 

Overall Commodities Finance Deal of the Year

Sucafina

By transferring the majority of its bilateral, short-term and uncommitted transactional lines to one syndicated borrowing base facility, Sucafina both optimized its overall financing and added new relationship banks to its funding base.

Debt: $300 million

Tenor: 1 year 6 months

Financial close: 20 October 2017

Coordinating MLA: BNP Paribas

MLAs: ABN Amro, Banque Cantonale de Geneve, BIC BRED, Credit Suisse, HSBC, ING Bank, Natixis, Rabobank, Societe Generale, UBS

Legal (lenders): Herbert Smith Freehills

Legal (borrower): Holman Fenwick Willan

 

Metals/Minerals Commodities Finance Deal of the Year

KAZ Minerals

Despite high gearing following sizeable investments and two years of low metals pricing, KAZ Minerals managed to upsize its pre-export finance facility, loosen covenants and bring in new lenders. The deal relied as much on strong marketing as it did on lenders confidence in the borrower’s improving economic fundamentals and investment strategy.

Debt: $600 million

Tenor: 4 years

Signed: 8 June 2017

CMLAs: Deutsche Bank, ING Bank, Societe Generale

Other Lenders: Bank of China, Citibank, Credit Agricole, ICBC, JP Morgan Chase Bank, ABN Amro, Natixis, Rabobank, UniCredit

Facility Agent: Deutsche Bank

Security agent: ING Bank

Legal (borrower): Linklaters

Legal (lenders): Hogan Lovells

 

Soft Commodities Finance Deal of the Year

Mercon Coffee Group

Despite bank angst over tropical commodity trading borrowing bases following the Transmar scandal, Mercon successfully brought in six new lenders, including the IFC, into its refinanced 18-month secured revolving credit facility.

Tenor: 1 year 6 months

Financial close: 30 November 2017

Joint bookrunners and lead arrangers: Rabobank, BNP Paribas

Joint lead arrangers and documentation agents: Macquarie, Credit Suisse, ING Capital

Participants: IFC, UBS, Compeer Financial, Bank Leumi, Bank of America, Mercantil Bank, Woodforest Bank, Brown Brothers Harriman

Legal (lender): Cadwalader Wickersham & Taft

Legal (borrower): Fox Horan & Camerini

 

Commodity Trading Company Deal of the Year

Trafigura

Trafigura’s debut inventory-backed securitisation folded a commodity product into a credit product – issuing paper that both broadens the trader’s investor appeal and offsets future liquidity problems in a commodity trading market where financial clout and competitiveness increasingly go hand-in-hand.

Borrower: Trafigura Commodities Funding

Debt: $470 million

Tenor: 364 days (rolling)

Signed: 2 November 2019

Financial close: 9 November 2017

Lenders: Natixis, Westpac, DBS Bank, OCBC, MUFG, Mizuho Bank Europe

Legal (borrower): White & Case

Legal (lender): Allen & Overy 

 

Most Innovative Commodities Finance Deal of the Year

Chrysaor

Reserves-based oil and gas lenders dusted off their deal books last year to participate in one of the most creative acquisition financings in the UK North Sea to date – a deal that enabled Chrysaor to propel itself to third largest oil and gas producer in the UK North Sea.

Borrower: Chrysaor E&P Finance

Debt: $1.5 billion

Tenor: 6 years

Signed: 31 January 2017

Financial close: 31 October 2017

Bookrunners and coordinating MLAs: ING, BNP Paribas, DNB, Citibank, BMO Capital Markets

MLAs: Commonwealth Bank of Australia, Lloyds Bank, Royal Bank of Scotland, Standard Chartered Bank, Societe Generale

Participants: ABN Amro, Barclays, Natixis, Nedbank, JPMorgan Chase, GE Capital EFS, NIBC

Legal (lenders): Watson Farley & Williams

Legal (borrowers): White & Case

 

Middle Eastern Commodities Finance Deal of the Year

OOCEP

OOCEP’s debut in the pre-export finance market was not a simple repeat of the PDO template set in 2016 – timing, politics and a sovereign downgrade made the deal more challenging. But the loan still signed within 10bp of PDO’s benchmark in 2016.

Debt: $1 billion

Tenor: 5 years

Financial close: 13 September 2017

Offtaker: OTI

IMLA, coordinator and bookrunner: Natixis, Societe Generale

IMLA and coordinator: HSBC

IMLA: Credit Agricole, Credit Suisse, ING, Intesa Sanpaolo, SMBC

MLA: Mizuho, ABN Amro, MUFG

Legal (borrower): Allen & Overy

Legal (lender): Herbert Smith Freehills

Asia-Pacific Commodities Finance Deal of the Year

Shandong Qingyuan

Last year Shandong Qingyuan closed its second benchmark deal in as many years – a $650 million prepayment facility. The deal was the first offshore debt raised by an independent Chinese refiner and is still the largest structured commodity financing into the Chinese market to date.

Borrowers: Shandong Qingyuan Group Co, Shandong Qingyishan Petrochemical Technology Co

Debt:  $650 million

Tenor: 3 years

Signed: 20 June 2017

Mandated lead arrangers and bookrunners: ING, ABN Amro, Societe Generale, Deutsche Bank, Westpac

MLAs: Bank of East Asia, Commonwealth Bank of Australia, National Bank of Abu Dhabi, SMBC

Lead Arrangers: ICICI, Korea Development Bank, Intesa Sanpaolo

Arrangers: Chang Hwa Commercial Bank, Taishin Commercial Bank, Luso International Bank

Legal (lenders): Reed Smith

 

European Commodities Finance Deal of the Year

ViOil

Despite ongoing credit risk fallout from the Ukraine crisis, ViOil managed to close its debut syndicated pre-export facility last year – the first syndicated loan from a privately owned Ukrainian entity to have launched and closed since 2014.

Borrower: Vilavi Union Enterprises

Guarantors: ViOil Holding, various ViOil operating companies

Debt: $80 million

Tenor: 1 year

Financial close: 10 November 2017

Coordinating MLA and bookrunner: ING Bank

MLAs: Credit Agricole, Raiffeisen Bank

Original lenders: EFA Group, IIG Bank (Malta)

Legal (lenders): CMS

 

Commodity Acquisition Finance Deal of the Year

Helios Investment Partners

The first structure of its kind within the commodity finance space, Helios Investment Partners’ innovative blend of leveraged finance and trade finance techniques raised both the necessary funding for its purchase of Fertilizers and Input Holdings, and post-acquisition trade finance for the acquired asset.

Sponsor: Helios Investment Partners

Acquisition: Fertilizers and Inputs Holding

Seller: Louis Dreyfus Company

Debt: $110 million

Signed: 15 November 2017

Arrangers: Societe Generale, Standard Chartered

Legal (borrower): Vinson & Elkins

Legal (lender): Allen & Overy

Legal (seller): Norton Rose Fulbright

 

Commodity Energy Finance Deal of the Year

KMG Kashagan

Borrower: Heston BV

Prepayment recipient: KMG Kashagan BV

Offtaker: Vitol

Debt: $1.6 billion

Signed: 4 August 2017

Tenor: 5 years

MLAs and bookrunners: ABN Amro, MUFG, Mizuho, Rabobank, SMBC

Lead arrangers and bookrunners: Credit Agricole, Intesa Sanpaolo

Coordinator and lender: Vitol

Lead arrangers: Bank of China, ICBC, Societe Generale, UniCredit, Credit Suisse, Natixis

Legal Counsel (Borrower): Fieldfisher

Legal Lender (Lender): Herbert Smith Freehills

 

Project Finance Deals of the Year

 

Project Borrowing of the Year

ACWA Power

The largest dollar bond issued by a private sector company in Saudi Arabia, ACWA Power’s complex non-recourse bond debut pulled in $1.8 billion of orders. The investment grade rated holdco financing could yet prove to be a viable template for corporate fundraising in the IPP/utilities industry worldwide.

Borrower: ACWA Management and Investment One

Debt: $814 million

Financial close: 15 May 2017

Tenor: 22 years, average life 13.6 years

Reoffer price/yield: 100%/5.95%

Sole structuring adviser: Jefferies

Global coordinators: Citi, Jefferies

Joint lead manager and bookrunners: CCB Singapore, Mizuho, NCB Capital, Standard Chartered

Co-managers: MUFG, SMBC Nikko

Legal (issuer): Chadbourne & Parke

Legal (banks): Shearman & Sterling

 

Solar Project Financing of the Year

Sweihan PV

A pathfinder deal for Abu Dhabi, the 1177MW Sweihan solar photovoltaic (PV) project is also the largest single project of its kind in the world and proffers one of the lowest ever tariffs for a utility scale PV project ($0.0294/kWh). Despite those caveats, the sponsors managed to finance the scheme without ECA support, instead electing for a soft mini-perm/construction financing.

Sponsors: ADWEA, Marubeni, Jinko Solar

Debt: $630 million

Tenor: 26 years (five-year soft miniperm)

Signed: 17 May 2017

Lead arrangers: MUFG, BNP Paribas, Credit Agricole, Mitsubishi Trust, Norinchukin, Natixis, First Abu Dhabi Bank, SMBC

Advisers to ADWEC/ADWEA: Alderbrook Finance, Akin Gump (legal), Fichtner (technical).

Legal (Jinko and Marubeni): Norton Rose Fulbright

Legal (lenders): Shearman & Sterling

 

Conventional Power Project Financing of the Year

Myingyan Power

A deal that set the template for IPP financings in an unrated country, the Myingyan IPP financing – Myanmar’s debut in the internationally banked long-term project finance market and its first non-recourse financing in the power sector – managed to draw multilaterals, commercial lenders, and political risk insurance providers into a package which works economically for all.

Sponsor: Sembcorp Industries/Sembcorp Myingyan Power Co

Debt: $250 million

Tenor: 15 years

Signed: May 2017

IMLAs: DBS Bank, DZ Bank, Clifford Capital and OCBC

DFIs: Asian Development Bank, IFC, MIGA and AIIB

Political risk guarantors: ADB, MIGA

Legal (lender):  Mayer Brown, DFDL

Legal (borrower): Duane Morris Selvam, A&G Myanmar

Legal (government): Allen & Overy

 

Project Refinancing of the Year

PT Paiton Energy 

An innovative combined bond and loan structure, the refinancing of Paiton Energy was also the first investment-grade bond issue for a private borrower in Indonesia, the first investment grade bond for an infrastructure project in Asia and the first 144A/Reg S public project bonds from the region since Quezon in 1997.

Sponsors: Mitsui (45.5%), Nebras Power (35.5%), JERA (14%) and Batu Hitam Perkasa Indonesia (5%).

Borrowing vehicle: Minejesa Capital

Total debt: $2.75 billion

Bond issue: $2 billion ($1.2 billion 2030 notes; $800 million 2037 notes)

Loan: $750 million

Tenor: 6 years

Financial close: August 2017

Bond arrangers:  Barclays, HSBC, Citigroup, DBS, Deutsche Bank, SMBC Nikko

Loan arrangers: Barclays, Citi, DBS, HSBC, Mizuho, Shinsei Bank, Standard Chartered, SMBC

Legal (lenders): Shearman & Sterling, Hiswara Bunjamin & Tandjung

Legal (sponsors): Skadden Arps, Adnan Kelana Haryanto & Hermanto, Nauta Dutilh

 

Petrochemicals Project Financing of the Year

Salalah Methanol

In a refinancing with a twist, Salalah Methanol Company managed to leverage existing cashflows to back a completely debt-financed new ammonia plant whilst minimising the impact on its shareholders and giving lenders adequate security to make the deal bankable.

Sponsors: Oman Oil Co, Takamul Investment Company

Debt: $728 million

Tenor: 12 years

Financial close: 18 July 2017

Lenders: Standard Chartered, EDC, ING Bank, Societe Generale, Europe Arab Bank, Ahlibank, Apicorp, QNB, Bank Muscat, National Bank of Kuwait, Bank Dhofar, Bank Sohar

Legal (lenders): Clifford Chance, Al Busaidy Mansoor Jamal & Co

Legal (borrowers): Allen & Overy

Offtaker: OTI

Advisory: IHS Markit (technical and environmental), JLT (insurance)

 

Wind Project Financing of the Year

Aela Energia

Against the backdrop of increasing lack of bank appetite for long term debt and a complex Chilean PPA system, Aela Energia still managed and 18-year portfolio financing for its Aurora, Sarco and Cue projects.

Sponsors: Actis, Mainstream Renewables

Borrower: Aela Energia

Debt: $410 million

Tenor: 18 years

Financial close: 8 August 2017

Lenders:  IIC, SMBC, MUFG, Korea Development Bank, Caixabank, KfW IPEX-Bank.

VAT tranche: Banco Santander Chile.

Legal (borrower): Clifford Chance

Legal (lender): Milbank

Technical advisory: DNV GL

 

Mining Project Financing of the Year

Nokeng Fluorspar

In a very tough market for junior miners – so tough that the Nokeng Fluorspar deal is the first project financing in the South African mining sector to close for many years – project sponsor Sepfluor managed to raise medium-term debt for a scheme that is ultimately backed by pricing and offtake of a relatively unknown commodity to the project finance market.

Sponsor: SepFluor

Debt: ZAR912 million

Tenor: 7 years plus construction

Financial close: 10 July 2017

Financial adviser and arranger: Fieldstone Africa

Lenders: DEG, FMO, Nedbank

Mezzanine: Concentrate Capital Partners

Legal (sponsor): Herbert Smith Freehills

Legal (lender): Norton Rose Fulbright  

Technical advisor (lender): Royal Haskoning DHV

 

Power Distribution Project Financing of the Year

Italy-France Power Interconnector

Interconnector Italia – a consortium of high-energy-use private sector companies in Italy – signed a partially EIB-backed financing for its share of the Italy-France interconnector transmission project. The deal is the first privately funded interconnector in Europe and a template for Terna’s significant project pipeline.

Sponsor: Interconnector Italia

Debt: €441 million

Tenor: up to 14 years

Signed: 4 July 2017

Lenders: Cassa Depositi e Prestiti, Intesa Sanpaolo, Natixis, UniCredit, UBI Banca, EIB

Legal: Paul Hastings (borrower), Legance (lenders), Bonelli Erede (Terna), Chiomenti and Clifford Chance (multilateral).

Advisory: Pöyry (market), Rina Consulting (technical)

 

Transport Project Financing of the Year 

Pedemontana Veneta

Eight years in the making and with a revamp of the concession structure, the Pedemontana Veneta road project still has its critics. But there is no argument that getting the key part of the financing in place – a €1.57 billion project bond – was a considerable achievement given the project’s track record.

Sponsors: Fininc, Sacyr

Issuer: SIS consortium

Debt: €1.571 billion (30-year €1.22 billion senior tranche; 10-year €350 million subordinated tranche)

Financial close: 29 November 2017

Financial adviser: Bishopsfield Capital Partners

Global coordinator and bookrunner: JP Morgan

Co-global coordinators and bookrunners: Banca Akros, Banca IMI, Banco Santander

Joint bookrunner: Kommunalkredit

Security agent and trustee: BNY Mellon

Legal (sponsors): Simmons & Simmons

Legal (issuer): Ashurst, Studio Legale associate ad Ashurst

Legal (underwriters): White & Case, Chiomenti Studio Legale

Insurance adviser: Marsh

Modelling: KPMG Advisory

Technical adviser: Arcadis

Traffic forecasting: AREA Engineering

 

Water Project Financing of the Year

Shuaibah IWP Expansion

Although not a large project and located in a mature project market, ACWA’s Shuaibah IWP expansion project achieved a number of Saudi financing firsts: The first IWP in the Kingdom to be debt financed entirely by non-Saudi financial institutions; the first IWP to be financed without any state-owned equity shareholding; and the first time Korean insurance providers have taken on greenfield project risk in the region.

Sponsor: ACWA Power

Borrower: Shuaibah Two Water Development Project Company

Debt: $275 million

Tenor: 23.5 years (notional)

Financial close: 11 October 2017

Lenders: Standard Chartered, MUFG, Natixis, Korea Development Bank, Samsung Life, KB Insurance

Legal (lenders): Norton Rose

Legal (sponsor): Allen & Overy, ACWA Power in-house

 

 

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TXF MENA 2018: ECA, Project and Commodity Finance