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North American Public Power Deal of the Year 2007
01 February 2008
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[invenergy]
[power]
[finance]
Invenergy St Clair: Self-service
Recent power financings in Canada have illustrated some of the side benefits of a freeze in deregulation. New capacity in the provinces of Ontario and British Columbia benefits from long-term power purchases with state-owned buyers. These contracts have enabled developers to raise some of the most competitive financing packages around.
The only large-scale inspiration for what Invenergy achieved on its St Clair financing is the method by which Qatar Petroleum finances its projects in the Middle East. Those deals take a solid contract with the main sponsor, turn this into a well-developed term sheet, and ask banks to bid on the pricing that they would accept to sign on.
The process, managed by a co-ordinating financial adviser, is often referred to as a club-type financing, a designation that serves to minimise the role of the financial adviser and the bitterness of participants, which do not typically...
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