Financing of Wind Projects: IFC s Perspective. Walid Labadi 2nd IEL-ANADE May, 2012

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1 Financing of Wind Projects: IFC s Perspective Walid Labadi 2nd IEL-ANADE May, 2012

2 IFC was established in 1956 to promote private sector development and is a member of the World Bank Group IFC Power Sector Wind Power Provides debt, equity, quasi-equity / mezzanine, risk management instruments & advisory services in 182 member countries FY11: Committed US$12.2 bn, Mobilized US$6.5 bn, Portfolio US $42.8 bn, 1,737 clients, 127countries Committed US$6.8bn in 200+ transactions in 57 countries Invest in generation, transmission and distribution Many firsts: largest wind farms in LatAm and SE Europe, first gridtied solar PV, largest solar farm in SE Asia, first merchant wind farm, landmark geothermal project financings, etc Signif growth across RE: wind, solar, geothermal, hydro, biomass Downstream have committed close to 20 investments for 2 GW in Mexico, Brazil, Chile, China, Bulgaria, Turkey, Romania, India and Sri Lanka with Strong pipeline across all regions Upstream have supported manuf activity & supply chain development through investments with Gamesa (India) and Goldwind (China) 2

3 Robust and Growing Renewable Energy Business IFC Downstream Renewable Energy Commitments 3

4 IFC s Value-Add in Wind Power Transactions From Patient Equity to Long Term Debt Sector Expertise Country Risk Mitigation Environmental & Social Risk Management Advisory Services DEBT Long Maturities Tailored to Project Needs Fixed/Floating Rates, Local Currencies Flexible Amortization Profile Syndication/Mobilization SUB-DEBT Terms tailored to meet project needs EQUITY Up to 20% in project or company own-account; can mobilize from 3 rd party capital under IFC management Extensive sector knowledge gained from experience In-house Engineers: Can offer technical advice and appraise investments in new and emerging technologies / prototypes In-house Market Expertise: Can assess and structure for Merchant Risk In-house Regulatory Expertise: Can assess and structure for Regulatory Risk Government Relations Neutral broker Role World Bank Synergies Advice on Environmental and Social Best Practices Equator Principles Modeled after IFC Standards Access to Donor Funding / Concessionary Support Programs to assist clients/sector associations including: Local Supplier Development, Corporate Governance, Community Development and Engagement Carbon Finance 4

5 Case Studies of IFC s Mexico Wind Transactions EVM La Mata La Ventosa Eurus Installed Capacity 67.5 MW 250 MW Sponsor EDF Energies Nouvelles (France) Acciona (Spain) Turbines Clipper C MW Acciona AW MW Off-Take 15 yr PPA with Wal-Mart de Mexico 20 yr PPA with Cemex Project Cost ~US$200m ~US$560m IFC Role Mandated Lead Arranger Mandated Lead Arranger / Bookbuilder IFC Investment MXN 310 m IFC Senior Loan (14yr) Mobilized US$15m donor-funded Mezzanine Tranche (15 yr) US$71m IFC Senior Loan and Mezzanine Tranche (15 yr) 5

6 Key Features of IFC s Financing IFC can finance up to 25% of total project cost from own account, thus need to partner with other lenders and/or Export Credit Agencies (ECAs) IFC can mobilize and syndicate full financing package for projects, including access to concessional donor funds when project economics warrant such potential support IFC takes all project risks, including commercial and political risks IFC is willing to conduct joint due diligence with parallel lenders / ECAs IFC Debt Financing: Long-term debt of up to years, driven by individual market considerations plus off-take arrangements and other project characteristics Loans in all major currencies and several local currencies, including long-term Mexican Pesos Variable or fixed interest rates IFC Equity Financing: IFC can finance up to 20% of project company equity from own account; can mobilize from 3 rd party capital Minority, passive shareholder Board representation on an exceptional basis 6

7 What Makes a Project Bankable? Sponsor Quality & experience of Sponsor => financial & technical track-record Equity commitment to the Project => Upfront Equity, Completion Support / Guarantees Other shareholders & partners, including technical and legal advisors Wind Resource Market 2-3 years on on-site wind measurement Quality measurement campaign and data Independent review and validation Regulatory & legal environment => transparency, longevity, certainty Sustainable PPA & credit profile of counterparty Developed energy market with clear dispatch and payment systems Technology & Construction TSA-BOP / EPC contracts with appropriate performance bonds & liquidated damages Full package of warranties Competitively priced, defined completion dates, completion test performance criteria Operations Solid LT operations, maintenance, service arrangements and partners Availability and other performance metrics 7

8 Typical Lender Due Diligence Approach Commercial and market due diligence => review of PPA terms, market study of future energy prices to assess competitiveness of project and sustainability of PPA arrangements Independent technical evaluation => site suitability of turbines, validation of wind resource, construction & operations / maintenance budgets, warranties, site access, crane availability, etc. Financial and fiscal due diligence => comprehensive financial modeling and scenario assessment; debt-sizing based on future cash flows. Aim to optimize capital structure Full legal due diligence => review of all contracts, permits, licensing Transmission interconnection arrangements => transmission access, distance to connection points, grid code compatibility, etc. Envionmental and social assessment => impact assessments (project & cumulative), management & mitigation plans, land use acquisition process, community & stakeholder engagement process and plans. Compliance with IFC Performance Standards / Equator Principles (available on IFC web-site). 8

9 Typical Project Finance Debt Structuring Terms Comprehensive security package to include: trust structure with pledge of future revenues, assignment of contractual rights, mortgage over all fixed assets, security interest over all project equity interests (equity plus shareholder loans), full insurance / reinsurance package Reserve accounts for debt service, expected major maintenance expenditures and potentially O&M expenditures, plus minimum spare part inventories Sponsor completion support and acceptable arrangements to cover contingencies taking into consideration construction contractual arrangements Aim to match currency of long-term loans with currency of PPA off-take arrangements; interest rate hedges may also be contemplated to manage risk 9

10 Selected IFC Wind Power Investments 10

11 Gracias Thank You Walid Labadi Cheryl Edleson Hanway Dana Younger Sean Whittaker 11

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