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December 2006
AES has closed a Eu260 million ($340 million) loan to finance the upgrade of the transmission network of its SONEL subsidiary in Cameroon. The 13-year debt is the largest package assembled for a Sub-Saharan utility to date. The debt has eight arrangers -the International Finance Corporation (IFC), t...
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A consortium led by Suez Energy International has signed the project documentation for the 2750MW and 800,000 m3 per day Marafiq IWPP – the largest IWPP in the world. The consortium also comprises Gulf Investment Corporation and Arabian Company for Water & Power projects; the consortium will own 60%...
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RBS has reached close on the Northumberland Waste PFI deal. The 28 year concession for the 186,000 tonnes per year plant was signed on 19 December. Northumberland Council awarded the project to Sita Northumberland Limited which is a joint venture of SITA UK/RBS/Axa.
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Bookrunners have denied that the £3.9 billion of debt backing Macquarie's acquisition of Thames Water is struggling with sub-underwriters. A source familiar with the deal said that the debt should be fully committed in the next day or two, certainly before the festive break and that the probability ...
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The Eu267 million project debt for the Eu316 million Aquiris-sponsored Brussels-North wastewater plant has closed. Sole mandated lead arranger Calyon has split the Eu167 million commercial debt with three of its group banks - Caisse du Nord France, Caisse du Nord Ouest and Credit Agricole Belgium - ...
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Dexia has reached financial close on a deal for gas cleaning equipment and a new waste sorting facility to be installed at the Vedene waste-to-energy (WTE) plant in France. The financing for the upgrade of the existing plant takes the form of a Eu10 million lease and a Eu9 million loan, both solely ...
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Suez Energy International has signed project documentation for the Barka 2 IWPP project in Oman, with the $900 million debt package backing the deal expected to close by the first week of February.
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Bank of Tokyo-Mitsubishi UFJ has been awarded the financial advisory mandate on the Ras Abu Fontas A1 (RAF A1) desalination project planned by Qatar Electricity & Water Company. Calyon was initially thought to have been selected for the job.
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The £3.9 billion debt backing Macquarie's acquisition of Thames Water has been launched to the market. The package uses three levels of acquisition debt and is tranched to lower the regulatory risk with rated, quasi-investment grade, and unrated facilties. The deal is less leveraged than the compara...
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The request for proposals (RFP) for ADWEA's $3 billion 2000MW 130mgd Fujairah 2 (F2) independent water and power project (IWPP) has gone out to market with bids due in by 29 March 2007.
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The $1.38 billion project debt facility backing the $1.85 billion 850MW/47mgd Shuqaiq independent water and power project (IWPP) in Saudi Arabia has launched.
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Macquarie's successful £8 billion bid for Thames Water was something of a surprise: the valuation came in at the top of analysts expectations, and Macquarie beat out the assumed frontrunner the Qatar Investment Authority/UBS consortium.
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La Spezia water nears close
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November 2006
Citigroup and Scotia have launched the UF19.5 million ($660 million) domestic bond issue for Brookfield's Nueva Transelec subsidiary. The issue finances the acquisition of the Chilean transmission assets of Hydro-Quebec by a consortium comprised of Brookfield, Canada Pension Plan Investment Board an...
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Challenger Financial Services has sold a 16.3% stake in the Challenger Infrastructure Fund to Consensus Business Group. The 39.3 million Class A securities brought in proceeds of A$138 million at a price of A$3.50 each. The sale reduces Challenger's holding in the fund to a level at which it does no...
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Refinancing of AES's Barka (Barqa) IWPP has closed. Lead arranged by Calyon, the deal reduces debt pricing to 65-120bp over Libor for the remainder of the term from 1123.5-155bp on the original 16-year loan in 2001.
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Following the financial close of the Depfa-arranged Acque SpA Pisa water concession on 4 October, a number of other Italian water projects are nearing close.
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Sembcorp's $1.5 billion Fujairah IWPP project financing is to close this week. Bookrunners Barclays and SG have been offering tickets of $50 million for a 60bp fee, $30 million for 50bp and $15 million for 40bp.
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Abu Dhabi National Energy (TAQA) has followed up its $3.5 billion bond refinancing by inviting seven GCC and international banks to lend between $700-$1.5 billion to refinance more IWPP debt.
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The debt package for the 850MW 48 million gpd Shuqaiq independent water and power project (IWPP) will launch to banks in late November. The financing is expected to be around $1.3 billion and price around the same as last year's Shuaibah deal. The deal comprises a 22 year international tranche and a...
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Final bids have been submitted for the Manchester Waste PFI. Two consortia have been shortlisted; Viridor/Laing backed by Bank of Ireland and NIB Capital and Sita/Peel backed by RBS and HSBC. Both bidders have been asked to submit two bids - one where the refuse derived fuel (RDF) produced will be d...
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Cambridgeshire County Council has selected their preferred bidder for their waste PFI project. Donarbon solely backed by Bank of Ireland has been appointed on the 25 year concession. The capex is £50 million ($95.3 million) and the debt is £60 million.
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The $1.7 billion 22- year project debt for the 2000MW 40 million gallons-per-day Mesaieed IWPP in Qatar is nearing mandating. Marubeni Corporation, advised by Calyon, received a letter of commitment in mid-October.
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NIB has closed a 23-year £40 million facility for the Central Berkshire (also known as RE3) waste management PFI. The contract is worth £600 million over the 25 year lifetime of the concession and initial capex is £28 million. NIB is still deciding whether to syndicate a portion of the debt.
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With the boom in GCC projects prompting traditional lenders to re-evaluate regional exposure levels, and growing petrodollar affluence, GCC-based infrastructure funds looks set to become a growing financial force in both the domestic and international project markets. By Michael Marray.
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Two deals in the last month – UK waste PFI finally seems to be picking up. And with respectable margins and more deals to come, new banks are taking an interest. But waste technology is still unreliable and project risks are hard to price. By Richard Watson.
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Thermal North America restructures