Barka-3 IPP Project Financing Summary
Lender Structure
Commercial F.A. KEXIM Direct F.A. 2) KEXIM Covered F.A. 3) Hermes Covered Fixed Term F.A. 4) Hermes Covered Variable Term F Total
$ mn 127 139 73 120 195 654
Debt (78%)
mn)
Overall US$786mn, 78% debt/22% equity
1)
Asset (US$786
Equity (22%)
June 23rd, 2015
Sponsor - US$ 176 million GDF SUEZ
Lender - US$ 610 million Hermes (48.2%)
KEXIM (32.4%)
Kahrabel (29.9%)
Commercial F.A. (19.5%)
Debt Financing
Supplier (MoG)
Commerci al F.A. 20%
Hermes Covered KEXIM Fixed Covered F.A. Term F.A. 11% 18%
KfW IPEX-Bank GmbH ■ Credit Agricole C&I ■ Standard Chartered, ■ Natixis, ■ Bayerische Landesbank, ■ HSBC Limited ■ Europe Arab Bank plc, ■ CIC ■
3)
BHBP (7.15%)
SEPI (7.15%)
Kahrabel Multitech
NGSA
Multitech (14.3%)
PASI (6.5%)
■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■
PPA
Siemens AG + GSEC
O&M (STOMO)
A long term NGSA over the contracted PPA period Any increased gas price charged by MoG is passed through in the PPA with OPWP If PPA is extended, the NGSA will be automatically extended.
EPC Contractor - Siemens AG + GSEC
EPCOD - Three months delay caused LD and settled. COD is met.
Tenture 15 years after COD Margins Libor + Margin and CIRR Mandatory Cash Sweep Mechanism Shareholders’ credit support will cover; - Debt Service Reserve - Maintenance Reserve Debt Service Provision Account - Starting : from COD - Ending : until October 2024 - Target level : un-revealed
BHBP SEPI PASI
Public Total
Returns
SPV (Al Batinah Power Company)
EPC Contractor
4)
Public (35%)
$ bn 21 10 5 5 5 25 71
Debt Service
Offtaker (OPWP)
SEPI 11%
Offtaker - OPWP
Tendering authority 15 years PPA*
(virtual pass-through cost)
Supplier - MoG
2)
Yonden
Fuel charges from
KEXIM Direct F.A. 21%
1)
Group
Sojitz
Indirectly owned
Equity Hermes Covered Variable Term F.A. 30%
Eq'ty Strctr
Suhail Bahwan
Electrical energy charges
Total Tariff
PASI 10%
BHBP 11%
Kahrab el 46%
Multite ch 22%
Power capacity charges 97% (excl. fuel charge)
BOO - Build, own and operate. After PPA, spot market will receive prices determined on a day-to-day basis
O&M - STOMO
Suez-Tractebel Operation and Maintenance Oman LLC 15 years O&M agreement, same period with PPA. O&M guarantee by GDF SUEZ CC SCRL.
Key Insights
1) Sohar-2 and Barka-3 project share same sponsors, lenders, supplier, offtaker, EPC and O&M contractors under same capacity, similar cost and schedule. 2) The project can be summarized as follow; European, Japanese & local sponsors and German & Korean lenders to support their EPC contractors. 3) Interest rate of lender is estimated around 5% based on Excel modeling (refer the uploaded Excel file.). 4) Financial modeling (refer the attached excel file) shows the project minimumm DSCR is 1.13 which is above both minimum requirement 1.05 and threshold for dividend distribution 1.10. However to meet the proposed dividend level, deffered tax is necessary.
Project Development Time Table RFP
Financial close
Preferred bidder selection 2009
2010
COD
2011
2012
2013 Ji Won Seo
PPA Bid submission
Early power COD
[email protected] http://pfcasestudy.blogspot.com https://www.linkedin.com/profile/view?id=69053747&trk=nav_responsive_tab_profile Source:
Al Suwadi Power Company SAOG IPO Prospectus
