The document summarizes the refinancing of the Rabigh 1 power project in Saudi Arabia. The original $2.5 billion project financing was arranged in 2009 during the financial crisis without sovereign backing. In 2015, the sponsors decided to refinance the senior debt facilities to reduce costs and unlock value. The refinancing involved replacing existing Islamic and foreign facilities with new, longer-term Saudi riyal and US dollar denominated debt totaling $1.83 billion. A key aspect was the inclusion of long-term fixed-rate financing from South Korean insurance companies, a first for the region. The refinancing was completed successfully in 2016 despite challenging market conditions.
The Equate Petrochemical Project was a joint venture between the Petrochemical Industries Company of Kuwait and Union Carbide Corporation to build an ethylene and polyethylene plant. An initial agreement was signed in 1993, with the company officially formed in 1995. The project financing included both conventional loans and Islamic financing structures. The $1.2 billion project financing included a $400 million regional bank tranche and a $600 million international bank tranche, each with a $100 million Islamic Ijara facility. This made it the largest unsecured loan in the Middle East at the time. The project was successfully expanded in 2006 with a $2.5 billion financing agreement.
Bruno Gremez / Samir Kasmi Presentation at the TXF Dubai conferenceSamir Kasmi
This document provides a case study of Qaiwan Group, a privately owned conglomerate in Iraqi Kurdistan that has grown across multiple sectors over 20 years. It details Qaiwan's development of a 750 MW power plant project and the challenges in raising long-term financing from Export Credit Agencies (ECAs) due to Iraq's risks. Through an innovative approach working with ECAs and banks, Qaiwan was able to secure $105 million in senior unsecured financing including an ECA-backed loan to complete the power plant project.
TXF 2016 Conference: joint presentation by Bruno Gremez and Samir Kasmi of CT...Bruno Gremez
Joint presentation by Bruno Gremez and Samir Kasmi of CT&F and by Deutsche Bank of the challenges of raising capital to finance a greenfield gas-fired power plant project in Iraqi Kurdistan, developed by privately-owned group Qaiwan.
GTR 2017 Conference : joint presentation by Bruno Gremez and Samir Kasmi of C...Bruno Gremez
Case study presentation by Bruno Gremez and Samir Kasmi of CT&F and by Deutsche Bank on raising capital for a greenfield gas-fired power plant project in Iraqi Kurdistan developed by privately-owned group Qaiwan.
Samir Kasmi and Bruno Gremez presentation GTR Dubai conferenceSamir Kasmi
This document describes how Qaiwan Group, an Iraqi company, was able to attract project financing for a 750 MW power plant in Kurdistan, Iraq. It faced many challenges due to Iraq's unstable political and security situation. Key steps included obtaining support from Export Credit Agencies despite their restrictive Iraq policies, selecting reputable partners, and conducting thorough environmental and social impact assessments. After overcoming numerous reviews, Qaiwan closed $105 million in long-term financing in early 2016 comprising a $75 million ECA-backed loan and $30 million commercial loan. The project financing deal demonstrated how private investment can be attracted to frontier markets like the Kurdistan Region of Iraq.
Nakheel, a large Dubai property developer, arranged the largest sukuk offering in the world in 2006 through Dubai Islamic Bank. The $3.52 billion sukuk was used to fund various Nakheel projects and had innovative features like a guaranteed allocation in future public offerings and look back rights. However, the sukuk faced difficulties after the global financial crisis as the Dubai property sector slowed down sharply, putting Nakheel's cash flows under pressure and nearly causing a default.
1. The Administration announced adjustments to FHA programs to allow lenders to provide refinancing options to underwater homeowners through an FHA refinance loan.
2. The new FHA loan amount must be less than the current home value, and total mortgage debt cannot exceed 115% of the home value. It also requires lenders to reduce the original loan amount by at least 10%.
3. This refinancing option is meant to help homeowners by lowering monthly payments and reducing mortgage debt for those who owe significantly more than their homes are worth.
The Equate Petrochemical Project was a joint venture between the Petrochemical Industries Company of Kuwait and Union Carbide Corporation to build an ethylene and polyethylene plant. An initial agreement was signed in 1993, with the company officially formed in 1995. The project financing included both conventional loans and Islamic financing structures. The $1.2 billion project financing included a $400 million regional bank tranche and a $600 million international bank tranche, each with a $100 million Islamic Ijara facility. This made it the largest unsecured loan in the Middle East at the time. The project was successfully expanded in 2006 with a $2.5 billion financing agreement.
Bruno Gremez / Samir Kasmi Presentation at the TXF Dubai conferenceSamir Kasmi
This document provides a case study of Qaiwan Group, a privately owned conglomerate in Iraqi Kurdistan that has grown across multiple sectors over 20 years. It details Qaiwan's development of a 750 MW power plant project and the challenges in raising long-term financing from Export Credit Agencies (ECAs) due to Iraq's risks. Through an innovative approach working with ECAs and banks, Qaiwan was able to secure $105 million in senior unsecured financing including an ECA-backed loan to complete the power plant project.
TXF 2016 Conference: joint presentation by Bruno Gremez and Samir Kasmi of CT...Bruno Gremez
Joint presentation by Bruno Gremez and Samir Kasmi of CT&F and by Deutsche Bank of the challenges of raising capital to finance a greenfield gas-fired power plant project in Iraqi Kurdistan, developed by privately-owned group Qaiwan.
GTR 2017 Conference : joint presentation by Bruno Gremez and Samir Kasmi of C...Bruno Gremez
Case study presentation by Bruno Gremez and Samir Kasmi of CT&F and by Deutsche Bank on raising capital for a greenfield gas-fired power plant project in Iraqi Kurdistan developed by privately-owned group Qaiwan.
Samir Kasmi and Bruno Gremez presentation GTR Dubai conferenceSamir Kasmi
This document describes how Qaiwan Group, an Iraqi company, was able to attract project financing for a 750 MW power plant in Kurdistan, Iraq. It faced many challenges due to Iraq's unstable political and security situation. Key steps included obtaining support from Export Credit Agencies despite their restrictive Iraq policies, selecting reputable partners, and conducting thorough environmental and social impact assessments. After overcoming numerous reviews, Qaiwan closed $105 million in long-term financing in early 2016 comprising a $75 million ECA-backed loan and $30 million commercial loan. The project financing deal demonstrated how private investment can be attracted to frontier markets like the Kurdistan Region of Iraq.
Nakheel, a large Dubai property developer, arranged the largest sukuk offering in the world in 2006 through Dubai Islamic Bank. The $3.52 billion sukuk was used to fund various Nakheel projects and had innovative features like a guaranteed allocation in future public offerings and look back rights. However, the sukuk faced difficulties after the global financial crisis as the Dubai property sector slowed down sharply, putting Nakheel's cash flows under pressure and nearly causing a default.
1. The Administration announced adjustments to FHA programs to allow lenders to provide refinancing options to underwater homeowners through an FHA refinance loan.
2. The new FHA loan amount must be less than the current home value, and total mortgage debt cannot exceed 115% of the home value. It also requires lenders to reduce the original loan amount by at least 10%.
3. This refinancing option is meant to help homeowners by lowering monthly payments and reducing mortgage debt for those who owe significantly more than their homes are worth.
This document provides instructions for completing a Housing Assistance Payments Contract (HAP contract) used to provide Section 8 tenant-based housing assistance. It explains that the HAP contract has three parts: Part A includes contract information to be filled out; Part B is the body of the contract; and Part C is a tenancy addendum. It provides guidance for filling out Part A, including entering information about the tenant, contract unit, household members, initial lease term, initial rent to owner, and utilities and appliances responsibility. The HAP contract is required for use by the U.S. Department of Housing and Urban Development (HUD) to provide Section 8 assistance.
This document defines waqf as the irrevocable dedication of a portion of one's wealth for legitimate causes or charitable ends to get closer to Allah. It discusses the pillars of waqf (waqif, mawquf, mawquf 'alaih), conditions (property must be tangible and usable, donor must own it, beneficiaries must be alive), and types (religious, philanthropic, posterity waqf). The characteristics of waqf include the perpetuity of its dedication and the inviolability of the founder's stipulations.
The document compares Production Sharing Contracts (PSCs) and modern concession agreements used in oil and gas contracting. It finds that while PSCs and modern concessions differ in some details, they are largely similar in terms of government control, obligations of international oil companies (IOCs), and how benefits are divided. Both include requirements for performance guarantees, relinquishment of fields over time, oversight committees, and payment of bonuses and royalties. However, they differ in that under concessions, extracted oil belongs to IOCs while under PSCs it always belongs to the government. PSCs also include provisions for cost recovery and sharing of post-cost "profit oil" not present in concessions. Overall, the document argues that while PSCs
This document summarizes recent developments in Chinese shipping law and finance:
1) China issued interim measures to clarify procedures for registering mortgages on ships under construction, aiming to boost financing for shipbuilders. Local rules were inconsistent before this unification.
2) The NEWBUILDCON shipbuilding contract form from BIMCO faces resistance from Chinese builders who see it as increasing risks and costs. China is developing its own standard form.
3) Current Chinese rules restrict PRC entities from providing security for non-PRC parent/sister affiliates unless the lender is a PRC entity with equity in the borrower. Upcoming rule changes may loosen these restrictions but full liberalization is not expected soon.
The document is a settlement agreement between the Attorney General of Massachusetts and Goldman Sachs regarding an investigation into unfair residential mortgage loans. Some key points:
1) Goldman Sachs will pay $10 million total to the state, with $9.025 million going to the Commonwealth and $975,000 to the Attorney General's office.
2) For performing first-lien loans, Goldman Sachs will forgive up to 25% of the loan balance to facilitate refinancing or short sales.
3) For non-performing first-lien loans, Goldman Sachs will forgive up to 35% of the balance to facilitate refinancing or short sales.
4) For performing second
The Nuts & Bolts of a Chapter 11 Plan (Series: Chapter 11 Potpourri)Financial Poise
A Chapter 11 plan, if you believe what law schools teach and what most written literature states, is the ultimate goal of every Chapter 11 case. While this is not necessarily true anymore, as many Chapter 11 cases achieve important results without a plan ever being confirmed (or even being proposed), confirming a Chapter 11 plan (whether a plan of reorganization or a plan of liquidation) does remain a goal that nearly every Chapter 11 debtor (and many other parties in interest in a case) wants to achieve it possible under the circumstances.
Understanding the nuts and bolts of a Chapter 11 plan is essential to understanding Chapter 11 as a whole. Concepts that permeate any Chapter 11 bankruptcy case (to name just a few: the Bankruptcy Code’s priority scheme, proofs of claim, the concepts of claim allowance and claim reconciliation) are cannot be fully understood without reference to the crucible that is a Chapter 11 plan. This webinar takes the audience through the basic elements of a Chapter 11 plan, how a plan proponent (usually but not always the debtor) seeks to confirm a plan, and how objectors can try to defeat confirmation.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/the-nuts-bolts-of-a-chapter-11-plan-2021/
The document summarizes key changes to foreign exchange laws in India related to non-resident Indians (NRIs). Some of the key changes include:
1) Resident individuals can now lend rupees to NRI close relatives through a crossed cheque or electronic transfer, as long as the loan is interest-free and for at least one year.
2) NRIs can now open bank accounts jointly with resident close relatives on a "former or survivor" basis, and the resident can operate the account.
3) The annual limit for resident individuals to transfer assets worth less than USD 50,000 as a gift to non-residents has been increased from USD 25,000.
El documento describe las características y usos de los blogs. Explica que los blogs permiten crear y compartir información de manera participativa. También discute algunas plataformas populares para crear blogs y cómo los blogs pueden usarse con fines educativos.
Opmaak Voor Verandering Gea Boekuitgave Low ResAndré Knol
\'Opmaak voor verandering\'
Redactionele automatisering is in opmars. GEA, een onafhankelijk organisatieadviesbureau op het gebied van communicatielogistiek, onderzocht in opdracht van het Stimuleringsfonds voor de Pers de betekenis van redactionele automatisering voor uitgevers van tijdschriften.
Een tijdschrift samenstellen, indelen en opmaken is altijd weer een spannend samenspel van vele handen en hoofden die elk vanuit hun eigen expertise en kunde zorgdragen voor weer een prachtige nieuwe editie. De onderzoekers Michiel de Klein, André Knol en Patrick Swart hebben onderzoek gedaan naar de kansen en mogelijkheden die ICT biedt om het vervaardigingsproces van een tijdschrift sneller, transparanter, goedkoper en makkelijker te laten verlopen. De grote tijdschriftenuitgevers hebben redactionele automatisering inmiddels omarmt. Redactionele automatisering is echter voor alle tijschriftenuitgevers de moeite waard om aandacht aan te geven.
Het boek ‘Opmaak voor verandering’, biedt veel praktische informatie over het uitgeefproces, beschikbare technologie, aanbieders en cases, kosten en opbrengsten, maar biedt ook concrete tips en handvatten voor implementatie.
1) The document summarizes a 6th grade class retreat at the American Club, where students were divided into groups and participated in various team-building activities.
2) The activities included untangling knots in a rope, navigating a hula hoop obstacle course, balancing a hula hoop on one finger, a "Have You Ever" question game, and passing hula hoops around in a circle while holding hands.
3) After the activities, students had free time to swim and have lunch before returning to school.
Kelly is a music education major focusing on horn and viola performance. She has played viola since 4th grade and horn since high school, and is involved with various bands and orchestras on campus. Kelly also enjoys drawing, painting, photography, video games and animation, and was originally considering animation as her major. Her professional goals are to become a high school band director and do freelance animation work in the summer, and in 10 years she hopes to be living in Los Angeles as a band director or university athletic band director while also running her own freelance art business.
Jessica Whitley is a nursing student from Paragould, Arkansas who works as a CNA. She has a six-month-old son named Kravyn and hopes to become a Nurse Practitioner. Her short-term goals are to get accepted into the RN program, pass her boards, be a great mother to Kravyn, and pay off her debts. Her long-term goals within the next ten years are to become a Nurse Practitioner, buy a house and car, get married and have another baby, and take vacations to Ireland, Tahiti, California, New York, and Florida.
The document discusses a case study of Qaiwan Group raising project financing for a 750MW power plant in Iraqi Kurdistan. It details the complexities involved given the risks of operating in Iraq. Through an innovative approach of obtaining senior unsecured financing supported by ECAs like COFACE, and a $30M vendor loan from GE, Qaiwan was able to close a $105M financing package. This landmark deal demonstrated local companies can access international financing by showing strong finances and developing projects to international standards, even in high-risk markets.
New base energy news 25 febuary 2019 issue no 1232 by khaled al awadiKhaled Al Awadi
- Adnoc, KKR, and BlackRock entered into a partnership where Adnoc's crude oil pipelines worth $4 billion will be leased to a vehicle owned by Adnoc and the two asset managers for 23 years. Adnoc receives $4 billion upfront.
- This marks the first time leading global institutional investors have invested in midstream infrastructure assets in the UAE. Midstream refers to transporting, storing, and marketing oil and gas.
- The deal delivers long-term cash flows and downside protection for investors due to Adnoc's production levels and contractual minimums. Adnoc retains ownership and management of the pipelines.
Islamic Project Finance in Saudi Arabiafinancedude
1) The article discusses the $5.8 billion financing for the $9.9 billion Petro-Rabigh project in Saudi Arabia, which included a $600 million Islamic financing tranche. This represented the first use of Islamic financing in a multi-sourced project financing in Saudi Arabia.
2) The Islamic financing structure was based on an Istisna'a (procurement agreement) and Ijara (lease), combining structures used successfully elsewhere in the Gulf. However, there was skepticism that these could work in Saudi Arabia due to legal/regulatory differences.
3) With support from Saudi authorities, a key change was allowing a "special purpose company" to enable the Islamic structure. This case
New base 1002 special 19 february 2017 energy newsKhaled Al Awadi
The document discusses the launch of a new offshore drilling rig, Al Hudairiyat, by National Drilling Company (NDC) in the United Arab Emirates. NDC is building nine jack-up rigs to support oil and gas exploration and production for Abu Dhabi National Oil Company. The new rig brings the total number of rigs built by NDC and Lamprell, its manufacturing partner, to eight. It also discusses rising US shale drilling as oil prices remain above $50 per barrel due to OPEC production cuts. Drilling activity is increasing most in the Permian Basin and Oklahoma plays.
Project Finance - BP Amoco Caspian Oilfields Financing Case StudyBuvan Rajendra
BP Amoco: Financing of the Caspian Oilfields Development Project
The document discusses the financing of the Caspian Oilfields Development Project (CODP) undertaken by the Azerbaijan International Operating Company (AIOC) joint venture to develop the Azeri, Chirag and Gunashli oil fields in Azerbaijan. It describes the multi-phased development plan and budgets totaling $10 billion. For the initial Early Oil Project phase, BP and others used corporate financing while Amoco and others utilized project financing through loans from the IFC and EBRD. Following the merger of BP and Amoco, future phases would be financed through project financing, allowing a variety of participants and risk allocation while adding credibility through involvement
Hyde Park CG arranged a $14,500,000 construction loan for a 210 unit apartment community in Midland, Texas within 60 days of receiving the full application package. The loan had a 80% loan-to-cost ratio, 75% loan-to-value ratio, and an interest rate of 30 Day LIBOR + 250bps. The loan featured a 36 month interest only term with an option to extend for an additional 24 months.
New base 29 may 2021 energy news issue 1434 by khaled al awadiKhaled Al Awadi
NewBase 29 May 2021 Energy News issue - 1434 by Khaled Al Awadi
NewBase 29 May 2021 Energy News issue - 1434 by Khaled Al Awadi
NewBase 29 May 2021 Energy News issue - 1434 by Khaled Al Awadi
NewBase 29 May 2021 Energy News issue - 1434 by Khaled Al Awadi
The document discusses World Bank guarantees for renewable energy projects and Argentina's proposed RenovAr program. It provides an overview of the World Bank guarantee program, which has helped mobilize $30 billion with $6 billion in coverage across various sectors in over 40 countries. It then discusses the global transition to renewable energy sources like solar and wind according to a 2016 report. Finally, it proposes using a World Bank guarantee and Scaling Solar model to support Argentina's RenovAr program to develop renewable energy through a public-private partnership structure.
Liquefied natural gas (LNG) projects have become increasingly reliant on project finance over corporate finance due to their large capital requirements. Project finance structures allocate risks to different entities and use security over project assets and cash flows to attract funding from sources like commercial banks, export credit agencies, and capital markets. As the LNG industry and project finance models have evolved, sponsors have been able to develop more complex projects and access over $95 billion in financing. Emerging trends may see project finance play an even greater role in developing future LNG supply.
This document provides instructions for completing a Housing Assistance Payments Contract (HAP contract) used to provide Section 8 tenant-based housing assistance. It explains that the HAP contract has three parts: Part A includes contract information to be filled out; Part B is the body of the contract; and Part C is a tenancy addendum. It provides guidance for filling out Part A, including entering information about the tenant, contract unit, household members, initial lease term, initial rent to owner, and utilities and appliances responsibility. The HAP contract is required for use by the U.S. Department of Housing and Urban Development (HUD) to provide Section 8 assistance.
This document defines waqf as the irrevocable dedication of a portion of one's wealth for legitimate causes or charitable ends to get closer to Allah. It discusses the pillars of waqf (waqif, mawquf, mawquf 'alaih), conditions (property must be tangible and usable, donor must own it, beneficiaries must be alive), and types (religious, philanthropic, posterity waqf). The characteristics of waqf include the perpetuity of its dedication and the inviolability of the founder's stipulations.
The document compares Production Sharing Contracts (PSCs) and modern concession agreements used in oil and gas contracting. It finds that while PSCs and modern concessions differ in some details, they are largely similar in terms of government control, obligations of international oil companies (IOCs), and how benefits are divided. Both include requirements for performance guarantees, relinquishment of fields over time, oversight committees, and payment of bonuses and royalties. However, they differ in that under concessions, extracted oil belongs to IOCs while under PSCs it always belongs to the government. PSCs also include provisions for cost recovery and sharing of post-cost "profit oil" not present in concessions. Overall, the document argues that while PSCs
This document summarizes recent developments in Chinese shipping law and finance:
1) China issued interim measures to clarify procedures for registering mortgages on ships under construction, aiming to boost financing for shipbuilders. Local rules were inconsistent before this unification.
2) The NEWBUILDCON shipbuilding contract form from BIMCO faces resistance from Chinese builders who see it as increasing risks and costs. China is developing its own standard form.
3) Current Chinese rules restrict PRC entities from providing security for non-PRC parent/sister affiliates unless the lender is a PRC entity with equity in the borrower. Upcoming rule changes may loosen these restrictions but full liberalization is not expected soon.
The document is a settlement agreement between the Attorney General of Massachusetts and Goldman Sachs regarding an investigation into unfair residential mortgage loans. Some key points:
1) Goldman Sachs will pay $10 million total to the state, with $9.025 million going to the Commonwealth and $975,000 to the Attorney General's office.
2) For performing first-lien loans, Goldman Sachs will forgive up to 25% of the loan balance to facilitate refinancing or short sales.
3) For non-performing first-lien loans, Goldman Sachs will forgive up to 35% of the balance to facilitate refinancing or short sales.
4) For performing second
The Nuts & Bolts of a Chapter 11 Plan (Series: Chapter 11 Potpourri)Financial Poise
A Chapter 11 plan, if you believe what law schools teach and what most written literature states, is the ultimate goal of every Chapter 11 case. While this is not necessarily true anymore, as many Chapter 11 cases achieve important results without a plan ever being confirmed (or even being proposed), confirming a Chapter 11 plan (whether a plan of reorganization or a plan of liquidation) does remain a goal that nearly every Chapter 11 debtor (and many other parties in interest in a case) wants to achieve it possible under the circumstances.
Understanding the nuts and bolts of a Chapter 11 plan is essential to understanding Chapter 11 as a whole. Concepts that permeate any Chapter 11 bankruptcy case (to name just a few: the Bankruptcy Code’s priority scheme, proofs of claim, the concepts of claim allowance and claim reconciliation) are cannot be fully understood without reference to the crucible that is a Chapter 11 plan. This webinar takes the audience through the basic elements of a Chapter 11 plan, how a plan proponent (usually but not always the debtor) seeks to confirm a plan, and how objectors can try to defeat confirmation.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/the-nuts-bolts-of-a-chapter-11-plan-2021/
The document summarizes key changes to foreign exchange laws in India related to non-resident Indians (NRIs). Some of the key changes include:
1) Resident individuals can now lend rupees to NRI close relatives through a crossed cheque or electronic transfer, as long as the loan is interest-free and for at least one year.
2) NRIs can now open bank accounts jointly with resident close relatives on a "former or survivor" basis, and the resident can operate the account.
3) The annual limit for resident individuals to transfer assets worth less than USD 50,000 as a gift to non-residents has been increased from USD 25,000.
El documento describe las características y usos de los blogs. Explica que los blogs permiten crear y compartir información de manera participativa. También discute algunas plataformas populares para crear blogs y cómo los blogs pueden usarse con fines educativos.
Opmaak Voor Verandering Gea Boekuitgave Low ResAndré Knol
\'Opmaak voor verandering\'
Redactionele automatisering is in opmars. GEA, een onafhankelijk organisatieadviesbureau op het gebied van communicatielogistiek, onderzocht in opdracht van het Stimuleringsfonds voor de Pers de betekenis van redactionele automatisering voor uitgevers van tijdschriften.
Een tijdschrift samenstellen, indelen en opmaken is altijd weer een spannend samenspel van vele handen en hoofden die elk vanuit hun eigen expertise en kunde zorgdragen voor weer een prachtige nieuwe editie. De onderzoekers Michiel de Klein, André Knol en Patrick Swart hebben onderzoek gedaan naar de kansen en mogelijkheden die ICT biedt om het vervaardigingsproces van een tijdschrift sneller, transparanter, goedkoper en makkelijker te laten verlopen. De grote tijdschriftenuitgevers hebben redactionele automatisering inmiddels omarmt. Redactionele automatisering is echter voor alle tijschriftenuitgevers de moeite waard om aandacht aan te geven.
Het boek ‘Opmaak voor verandering’, biedt veel praktische informatie over het uitgeefproces, beschikbare technologie, aanbieders en cases, kosten en opbrengsten, maar biedt ook concrete tips en handvatten voor implementatie.
1) The document summarizes a 6th grade class retreat at the American Club, where students were divided into groups and participated in various team-building activities.
2) The activities included untangling knots in a rope, navigating a hula hoop obstacle course, balancing a hula hoop on one finger, a "Have You Ever" question game, and passing hula hoops around in a circle while holding hands.
3) After the activities, students had free time to swim and have lunch before returning to school.
Kelly is a music education major focusing on horn and viola performance. She has played viola since 4th grade and horn since high school, and is involved with various bands and orchestras on campus. Kelly also enjoys drawing, painting, photography, video games and animation, and was originally considering animation as her major. Her professional goals are to become a high school band director and do freelance animation work in the summer, and in 10 years she hopes to be living in Los Angeles as a band director or university athletic band director while also running her own freelance art business.
Jessica Whitley is a nursing student from Paragould, Arkansas who works as a CNA. She has a six-month-old son named Kravyn and hopes to become a Nurse Practitioner. Her short-term goals are to get accepted into the RN program, pass her boards, be a great mother to Kravyn, and pay off her debts. Her long-term goals within the next ten years are to become a Nurse Practitioner, buy a house and car, get married and have another baby, and take vacations to Ireland, Tahiti, California, New York, and Florida.
The document discusses a case study of Qaiwan Group raising project financing for a 750MW power plant in Iraqi Kurdistan. It details the complexities involved given the risks of operating in Iraq. Through an innovative approach of obtaining senior unsecured financing supported by ECAs like COFACE, and a $30M vendor loan from GE, Qaiwan was able to close a $105M financing package. This landmark deal demonstrated local companies can access international financing by showing strong finances and developing projects to international standards, even in high-risk markets.
New base energy news 25 febuary 2019 issue no 1232 by khaled al awadiKhaled Al Awadi
- Adnoc, KKR, and BlackRock entered into a partnership where Adnoc's crude oil pipelines worth $4 billion will be leased to a vehicle owned by Adnoc and the two asset managers for 23 years. Adnoc receives $4 billion upfront.
- This marks the first time leading global institutional investors have invested in midstream infrastructure assets in the UAE. Midstream refers to transporting, storing, and marketing oil and gas.
- The deal delivers long-term cash flows and downside protection for investors due to Adnoc's production levels and contractual minimums. Adnoc retains ownership and management of the pipelines.
Islamic Project Finance in Saudi Arabiafinancedude
1) The article discusses the $5.8 billion financing for the $9.9 billion Petro-Rabigh project in Saudi Arabia, which included a $600 million Islamic financing tranche. This represented the first use of Islamic financing in a multi-sourced project financing in Saudi Arabia.
2) The Islamic financing structure was based on an Istisna'a (procurement agreement) and Ijara (lease), combining structures used successfully elsewhere in the Gulf. However, there was skepticism that these could work in Saudi Arabia due to legal/regulatory differences.
3) With support from Saudi authorities, a key change was allowing a "special purpose company" to enable the Islamic structure. This case
New base 1002 special 19 february 2017 energy newsKhaled Al Awadi
The document discusses the launch of a new offshore drilling rig, Al Hudairiyat, by National Drilling Company (NDC) in the United Arab Emirates. NDC is building nine jack-up rigs to support oil and gas exploration and production for Abu Dhabi National Oil Company. The new rig brings the total number of rigs built by NDC and Lamprell, its manufacturing partner, to eight. It also discusses rising US shale drilling as oil prices remain above $50 per barrel due to OPEC production cuts. Drilling activity is increasing most in the Permian Basin and Oklahoma plays.
Project Finance - BP Amoco Caspian Oilfields Financing Case StudyBuvan Rajendra
BP Amoco: Financing of the Caspian Oilfields Development Project
The document discusses the financing of the Caspian Oilfields Development Project (CODP) undertaken by the Azerbaijan International Operating Company (AIOC) joint venture to develop the Azeri, Chirag and Gunashli oil fields in Azerbaijan. It describes the multi-phased development plan and budgets totaling $10 billion. For the initial Early Oil Project phase, BP and others used corporate financing while Amoco and others utilized project financing through loans from the IFC and EBRD. Following the merger of BP and Amoco, future phases would be financed through project financing, allowing a variety of participants and risk allocation while adding credibility through involvement
Hyde Park CG arranged a $14,500,000 construction loan for a 210 unit apartment community in Midland, Texas within 60 days of receiving the full application package. The loan had a 80% loan-to-cost ratio, 75% loan-to-value ratio, and an interest rate of 30 Day LIBOR + 250bps. The loan featured a 36 month interest only term with an option to extend for an additional 24 months.
New base 29 may 2021 energy news issue 1434 by khaled al awadiKhaled Al Awadi
NewBase 29 May 2021 Energy News issue - 1434 by Khaled Al Awadi
NewBase 29 May 2021 Energy News issue - 1434 by Khaled Al Awadi
NewBase 29 May 2021 Energy News issue - 1434 by Khaled Al Awadi
NewBase 29 May 2021 Energy News issue - 1434 by Khaled Al Awadi
The document discusses World Bank guarantees for renewable energy projects and Argentina's proposed RenovAr program. It provides an overview of the World Bank guarantee program, which has helped mobilize $30 billion with $6 billion in coverage across various sectors in over 40 countries. It then discusses the global transition to renewable energy sources like solar and wind according to a 2016 report. Finally, it proposes using a World Bank guarantee and Scaling Solar model to support Argentina's RenovAr program to develop renewable energy through a public-private partnership structure.
Liquefied natural gas (LNG) projects have become increasingly reliant on project finance over corporate finance due to their large capital requirements. Project finance structures allocate risks to different entities and use security over project assets and cash flows to attract funding from sources like commercial banks, export credit agencies, and capital markets. As the LNG industry and project finance models have evolved, sponsors have been able to develop more complex projects and access over $95 billion in financing. Emerging trends may see project finance play an even greater role in developing future LNG supply.
New base 21 november 2017 energy news issue 1103 by khaled al awadiKhaled Al Awadi
The document discusses several developments in the global oil and gas industry:
1) ADNOC plans to sell up to 20% of its fuel distribution unit in an IPO on the Abu Dhabi stock exchange to raise cash and diversify revenues.
2) SDX Energy provides an update on natural gas wells in Morocco, reporting better-than-expected production from one well.
3) Iraq's fluctuating oil production, as it exceeds OPEC quotas but then sees disruptions, adds uncertainty for OPEC as it decides on extending supply cuts.
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1. Project Finance International August 24 201662
FEATURES
Rabigh Electricity Company or Rabec, being a
special purpose company, owns the 1,204MW fuel
oil-fired Rabigh 1 IPP power project located about
150km north of the city of Jeddah on the western
coast of the Kingdom of Saudi Arabia. The project
is 40% owned by ACWA Power, 40% by Kepco and
the remaining 20% by the Saudi Electric Company
(SEC). ACWA Power played the pivotal role in
orchestrating the refinancing transaction in its
role as financial adviser to RABEC.
Project background
The Rabigh 1 IPP project was developed as a
greenfield power generation project on a build,
own and operate (BOO) basis. The project was
tendered by the SEC in November 2008 and was
awarded to the ACWA Power-Kepco consortium,
which had delivered a winning tariff lower by
24% to that of a competing consortium.
The sponsors closed the transaction on
September 14 2009, when the markets where in
the throes of the global financial crisis. When it
was financed, the US$2.5bn transaction was the
first IPP project in the Kingdom of Saudi Arabia to
be procured without a sovereign guarantee.
It was also the first time a project financing
within the Middle East and North Africa (MENA)
region where the major power plant equipment
was supplied by a Chinese manufacturer and
the project was executed by a Chinese EPC
contracting consortium. It was the first privately
financed infrastructure transaction of any kind in
the MENA region that was structured with long-
term debt on a project finance framework since
the onset of the global financial crisis.
At original financial close the total project cost
of US$2.5bn was funded through a combination
of senior debt facilities made up of two Islamic
tranches and a Korean Export Insurance
Corporation (K-Sure) covered facility, early
generation revenues (EGR) and the shareholder
funding. The project reached its commercial
operation date on April 10 2013 and has been
fulfilling its contract dispatch obligations since
then.
Sponsors’ objectives and strategy
The original financing, which was underwritten
and priced based on pre-construction conditions,
was put in place during a less stable market
environment. Given that market conditions had
substantially changed, and the construction risk
and the early operation risk had been successfully
eliminated, the sponsors decided to refinance
the project’s long-term non-recourse facilities
to reduce the cost of financing and use the
balance tail available within the PPA term. The
refinancing was important to unlock value for
the shareholders and offtaker.
The power purchase agreement (PPA) signed in
2009 incorporated provisions for refinancing of
senior debt in the coming years. The agreement
was prescriptive on how the benefit from the
refinancing would be calculated and the formula
to be applied for sharing of benefit between the
offtaker, namely the SEC, and the shareholders of
the project.
The value created from refinancing is
determined based on the improvement in the
net present value of the equity cashflows. Once
the size of the pie is determined, the PPA lays
out the proportion that would be shared with
the offtaker. The benefit to the offtaker would be
transferred in the form of a discount in capacity
payments during the remainder of the PPA term.
The remaining upside flows to the shareholders
by way of upfront distributions at refinancing.
Thus the arrangement enabled the value created
from refinancing to be shared between the
different stakeholders, making it a win-win for all
of them.
The discussions on refinancing commenced
among the shareholders of Rabec and the offtaker
in the third quarter of 2015. In the spirit of
involving all the stakeholders right from the
beginning and achieving the best possible result,
it was decided to form a joint consultative team
comprising representatives from the SEC, ACWA
Power, Kepco and Rabec. While ACWA Power
played the critical coordination and execution
role, the purpose of this team was to facilitate the
refinancing in a smooth and timely manner while
ensuring that the interests of stakeholders were
adequately protected.
At the preparatory stage, various refinancing
options were evaluated keeping in mind the
changing liquidity environment in the Kingdom
The discussions on refinancing commenced among
the shareholders of Rabec and the offtaker in the third
quarter of 2015
RABIGH1REFINANCING–
UNLOCKINGVALUE
ON JUNE 30 2016, RABIGH ELECTRICITY COMPANY ACHIEVED FINANCIAL CLOSE ON THE US$1.83BN
REFINANCING OF ITS EXISTING SENIOR FACILITIES. BY SHARATH COORG, DIRECTOR, AND HAOYONG CHEN,
MANAGER, ACQUISITIONS AND PROJECT FINANCE, ACWA POWER.
06 Features@p.indd 62 31/08/2016 09:01:12
2. Project Finance International August 24 2016 63
RABIGH 1 REFINANCING
and the tightening of US dollar liquidity for long
tenors. All the stakeholders finally agreed on an
implementable refinancing plan based on the
following structure:
* The existing K-Sure covered facility to be
replaced with an uncovered US dollar tranche
provided by commercial banks. The scheduled
tenor to be extended until the end of the PPA
term. This new US dollar facility proposed to be
structured as a mini-perm debt with a margin
step-up at the end of seven years and provision
for cash-sweep during the period thereafter.
* The existing Islamic facilities were proposed
to be replaced with corresponding Saudi riyal-
denominated facilities with longer tenor and
lower margins.
Formation of the bank group
A refinancing request for proposal (RFP) was
floated to a wide array of international and local
banks. ACWA Power carried out substantial
groundwork prior to issuance of the RFP. All
the lenders’ advisers were appointed and a due
diligence package was made readily available to
the lenders.
In order to elicit serious interest from the
banks and expedite the subsequent process, the
RFP package contained the full set of amended
finance documents and due diligence reports.
This ensured that when the banks responded
with their interest, they had completed their
initial credit approvals, and were comfortable
with the amendments being made to the finance
documents.
The project had several salient features that
made it attractive to the lenders. The key aspect
was the strong tried-and-tested IPP framework
in the Kingdom of Saudi Arabia. Adding to that
the successful mitigation of preliminary risk
demonstrated the ACWA Power led consortium’s
ability to deliver on the construction and
operation of the project. The deal was presented
to the market on the back of its top-notch
construction and operation record.
The RFP received an overwhelming response
and there was an oversubscription of more than
20%. The interest in the Saudi riyal-denominated
Islamic facilities far outweighed the amount
the project was seeking. Initially, there was a
shortfall on the US dollar front partly due to
the tight liquidity for longer tenors among the
commercial banks.
In partnership with Natixis, ACWA Power
approached several insurance companies in South
Korea, which showed considerable interest in
participating in the debt on a long-term fixed-rate
basis. Having received interest from this new
quarter, the US dollar shortfall was successfully
bridged through inclusion of this set of non-
traditional project investors. While there were
several new lenders that expressed interest to
participate, almost all the existing lenders also
offered to increase their commitments going
forward.
Structure of the refinancing
Based on the response received from the lenders
to the RFP, the final bank group was formed
by broad-basing the lender group with new
lenders, and final fine-tuning of refinancing
terms to allow for fixed-rate debt. The
refinancing facilities of US$1.83bn equivalent
in aggregate were provided on a combined
conventional and Islamic basis. The two classes
of financing parties would share the transaction
security package.
The Islamic financing was structured as wakala
ijara and procurement facilities, which was the
same as the existing financing structure. The
conventional facility was structured partially
as mini-perm and partly as long-term fixed-rate
debt.
The Saudi riyal-denominated wakala ijara
tranche of SR3.2bn was provided by KSA banks,
namely Alinma Bank and Al Rajhi Bank. The
Saudi riyal-denominated procurement tranche
of SR2.5bn was provided by KSA banks, namely
National Commercial Bank, Banque Saudi Fransi,
Arab National Bank, Samba Financial Group and
Saudi British Bank (SABB).
The uncovered conventional debt consisting
of the US dollar-denominated international
tranche of US$312m was provided by the
group of South Korean insurance companies –
including Samsung Life, Dongbu Insurance and
KB Insurance – and international commercial
FIGURE 1 - RABEC CONTRACTUAL FRAMEWORK
ACWA Power
Financing Institutions
Financing
agreement
Sub-lease
agreement
(site and
disposal site)
Heavy fuel oil supply
under the PPA
EPC
contract
O&M
contract
SEPCO III and Dongfang
NOMAC and KEPCO JV Saudi Aramco
KEPCO
RABEC
SEC
SEC
SEC
SEC
Shareholders’ agreement
Power purchase agreement Fuel supply
06 Features@p.indd 63 31/08/2016 09:01:17
3. Project Finance International August 24 201664
banks Natixis, MUGF, CA-CIB and Standard
Chartered Bank.
The interesting part of the transaction was the
incorporation of the long-term fixed-rate portion
from the South Korean insurance companies.
This structure, while widely implemented in
the infrastructure space in the developed world,
is first of its kind in Middle-Eastern IPP project
finance. This pioneering financing arrangement
represents a new pocket of liquidity for future
financings in the region.
The mini-perm nature of the floating rate
Libor-linked US dollar debt would imply that
the project will go through a further partial
refinancing in five to seven years.
Successful closing of the transaction
This refinancing transaction is expected to be the
largest refinancing in the IPP space in the MENA
region in recent times. The pricing achieved for
both the Saudi riyal and US dollar tranches is very
competitive under current market conditions
in Saudi Arabia. US dollar liquidity has been
complemented significantly by very competitive
long-term fixed-rate debt provided by the South
Korean insurance companies.
During the course of the execution of the
transaction, Saudi Arabia’s credit rating was
downgraded by major rating agencies, which
undertook a cascading rating downgrade of major
banks in the country. Additionally, the liquidity
situation has been very challenging over the
course of the past year owing to the conditions
created by the prevailing low oil price.
The SAIBOR benchmark, both the spot rates
and forwards, moved up drastically and the
spread between SAIBOR and Libor has widened.
In these difficult conditions, ACWA Power was
able to hold the bank group together and ensure
the commercial terms remained as originally
agreed over the course of the refinancing process.
That the refinancing has been achieved, not only
in a challenging and dynamic bank market, but
has also introduced a significant new pool of
liquidity to the infrastructure sector for the first
time in the Middle East, adds to the significance
of the achievement.
The refinancing of Rabigh 1 IPP project is
an important milestone for the project and its
shareholders. This has been possible due to the
strong credibility enjoyed by the sponsors and the
effort from the refinancing team in keeping the
banks engaged over the long-drawn process.
This re-leveraging of the existing financing
demonstrates the success of ACWA Power’s
business model of continuously creating value
along the life-cycle of its investments. n
The interesting part of the transaction was the
incorporation of the long-term fixed-rate portion from
the South Korean insurance companies
Rabigh 1
06 Features@p.indd 64 31/08/2016 09:01:18