Experience Highlights - International

Financial Advisory - Power: Coal Ministry of Economic Development – Kosovo
Retained to act as the Privatization Advisor to the MED regarding the provision of strategic, transactional and financial advisory services in order to secure private sector investor participation in the acquisition, development, financing, ownership and operation of two coal-fired power plants involving 1,110 MW of capacity.

Financial Advisory - Power: Solar/Biomass/Fuel Cell: U.S. Trade and Development Agency - Pakistan
Financial advisory services related to the commercial feasibility, development and financing of 200 MW of new power generation capacity:
    • 50 MW PV solar thermal project to self-supply the Fauji Fertilizer Company
    • 50 MW PV solar project for a Sapphire Energy, an independent power producer
    • 50 MW biomass fired power plant to self-supply the Pioneer Cement Company
    • Fuel cell and battery generation solutions to replace diesel generators at mobile cell sites owned by Warid Telecom

Financial Advisory - Power: Biomass U.S. Trade and Development Agency - Pakistan
Financial advisory services related to the commercial feasibility, development and project financing of a 30 MW biomass fired power plant at the Bulleh Shah Mill paper mill.

Principal Development - Power: Coal/Natural Gas Tenaga Nasional Berhad - Malaysia
Partnered with Malaysia’s national electric utility to source, evaluate, develop, structure, finance and close offshore coal and gas-fired power generation investments as part of an international diversification program. Additionally, provided continued development and advisory services to the 470 MW Liberty Power Project located in Pakistan.

Principal Development - Power: Coal/Natural Gas Infrastructure Development Limited - Italy
Led the development and financing for over US$ 2 billion in international infrastructure projects including a 1,000 MW integrated gas-fired combined-cycle power and desalinated water plant in Bahrain, a 1,300 MW coal fired power plant in Malaysia and a US$ 100 million power generation and water desalination facility in Italy.

Financial Advisory - Solid Waste: Green Island Waste Management - Philippines
Retained to lead the financial structuring and support the preparation the feasibility study, environmental assessment, project information memorandum and concession documentation for a US$ 608 million, 4,000 ton per day integrated waste management facility for metro Manila in the Philippines.

Principal Development - Power: Coal Infrastructure Capital Group - India
Led the development of a 600 MW coal-fired power plant in Karnataka, India. Structured a multinational-joint venture between US, Singaporean, Malaysian, Australian and Indian investors to pursue the opportunity. Supervised the development team in preparing and bidding for the implementation of 3 Naphtha-fired CCGT projects totaling 130 MW in Karnataka, India including the preparation of the draft power purchase agreement, joint development agreement, and all financial projections, for the project.

Principal Development - Power: Natural Gas Infrastructure Capital Group - Poland
Led the development and negotiation of preliminary agreements for a 150 MW CCGT district heating plant in Poland.

Principal Development - Power: Natural Gas Infrastructure Capital Group - Pakistan
Directed the development of Phase 1 of the gas-fired 470 MW combined cycle Liberty Power Project
    • Led the structuring, negotiation and signature of all of the loan documentation for a six tranche US$ 185
      million financing package comprised of senior debt guaranteed in part by the export credit agencies of Italy, Japan, Malaysia and Belgium and direct loans from the Commonwealth Development Company and the Asian Infrastructure Development Company.
    • Identified target equity investors and negotiated and executed joint venture agreements involving convertible subordinated debt, put and call option agreements and structured the subscription agreements for US$ 80 million of equity financing from investors in the USA, UK, Malaysia, Singapore, Japan and Hong Kong.
    • Lead the restructuring of the existing loan and equity financing package and the negotiation of an incremental $94 million shareholder guaranteed, subordinated debt facility.
    • Negotiated the sale of the minority shareholder interests, including ICG's equity interest in the project to the new majority shareholder, Tenaga Nasional Berhad, the national electric utility of Malaysia.
Financial Advisory - Power: Coal/Natural Gas - U.S. Agency for International Development - Russia 
Retained to advise the World Bank and Asia Pipelines, the private sector sponsors on the development and limited-recourse financing of an 80 km fuel oil pipeline valued at US$ 80 million in the Islamic Republic of Pakistan.

Financial Advisory - Power: Coal/Natural Gas - U.S. Agency for International Development - Russia 
Appointed as a member of the U.S.-Russia Privatization Project-Investment Promotion Working Group to lead the financial evaluation and preparation of feasibility studies for the development and financing of six power projects totaling 3,000 MW on behalf of Russian electric utility RAO EES Rossii and independent private sector investors.

Financial Advisory - Power: Coal/Natural Gas - U.S. Agency for International Development - India
Provided technical expertise regarding the transfer of international private power development experience and analytical methods to Government of India.  Evaluated the financial, technical, regulatory, operational and legal parameters of the power policy and associated tariff mechanisms and recommending modifications for enhancing the likelihood of successful project financing.

Principal Development - Power: Oil Hub Power Project, Pakistan
The 1,300 MW oil-fired Hub River Project was widely recognized at the time as one of the most complicated and an innovative emerging market project financing transactions to reach financial close and was recognized as the 1994 Deal of the Year by all of the leading project finance trade press. The project served as the center piece of the World Bank’s private sector energy program and led the way to the opening of the power sector in Pakistan to international private sector investors.

The Hub power station was the first project financing for a private sector infrastructure project in a sub-investment grade country. This landmark project claims 16 “firsts” in the field of project finance, including innovations such as the first World Bank financed private infrastructure project, the first World Bank financed infrastructure fund, the first Islamic financing for an infrastructure project, the first project to be co-financed by several governments, multiple export credit agencies, the World Bank as well as international private sector lenders and investors, the largest domestic bank financing in Pakistan and the first international equity offering for a project which had yet to be built. 

    • Responsible for providing financial analysis, investment appraisal, and financial modeling services to an international consortium, led by an affiliate of a predecessor to International Power plc developing a US$ 1.8 billion, 1,300 MW, build-own-operate (BOO) oil fired power plant project in the Islamic Republic of Pakistan. 
    • Supported the successful syndication of project finance debt facilities, and the private placement of equity in the international markets that resulted in raising $ 1.5 billion in senior and subordinated debt and the issuance of $ 300 million in equity. 
    • Member of the development team that negotiated the implementation and power purchase agreements, construction contracts, operation and maintenance agreements, fuel supply and transportation agreements, and the shareholders agreement.
    • Supported the structuring of a $92 million, Sharia compliant Istisna financing used to mobilize the construction consortium prior to financial closing and a Sharia compliant 12-year Rupee term loan facility ($75 million equivalent) 
    • Supported the negotiation of the term sheets and loan documentation, the preparation of information memoranda and due diligence analysis for a US$ 686 million multi-currency project finance facility, arranged by an international syndicate of commercial banks, guaranteed by the World Bank, Export-Import Bank of Japan and the export credit agencies of Italy, France and Japan. 
    • Collaborated with the World Bank on loan appraisal, project evaluation and loan documentation for a US$ 600 million subordinated debt facility advanced by Private Sector Energy Development Fund (PSEDF) established under the auspices of the World Bank, the Export-Import Bank of Japan, the United States Agency for International Development and the Governments of France and Italy.