Reference – Projects
BlueBird’s managers & experts have facilitated over the years many large-scale packages of Project Finance and Structured Finance for the following projects (partial list) –
- Turkmenistan – Gas treatment, metering, monitoring and transportation Infrastructure of 205ML USD for the Turkmenistan Natural Gas Project, which allowed Turkmenistan to transport and sell gas to external markets. The Project was a State high-priority project for the government of Turkmenistan. The project financing included 2 banks, 3 ECA’s and several private insurance companies. The total tenor is 2 years construction + 7 years repayments post-construction including financing of interest during construction and all financial fees. See Finance Structure
- Uzbekistan – gas pipeline project of 195ML USD – A gas Booster Compressor Station and pipeline system for the state owned company Uzbekneftegaz. The structure involved 100% financing based on 2 ECA’s. The total tenor is 2 years construction + 7 years repayments post-construction including financing of interest during construction and all financial fees. See Finance Structure
- Russia – non-woven factory of 38ML EURO. The factory produces 10,000 tons annually of fabric. Project Finance structure, with 25% / 75% equity to debt ratio, involving EBRD and 3 commercial international banks. The total tenor is 2 years construction + 8 years repayments post-construction.
- Belarus – advanced meat processing plant in Soligorsk region of 17ML EUR – Buyer Credit with L/C confirmation mechanism, involving a European bank and 2 leading ECA’s. The financing challenge was tremendous, due to the problematic credit rating of Belarus and the relatively large deal amount for this country. Eventually the contractor has established a European subsidiary, and has sourced supplies from two countries; therefore 2 leading Export Credit Agencies, in a re-insurance structure, covered the deal. The total tenor (duration of finance) is 2 years construction + 5 years repayments post-construction. See Finance Structure
- Angola – PFS for phosphates project of total 500ML USD – a Project Finance structure involving a consortium of several international commercial banks, including preparation of a complex commercial-technical feasibility study. The Study included technical assessment, bankable financial model, environmental impact study and more.
- Ghana – water treatment and distribution project of 60ML USD – buyer is Ghana Water Company, the security is MoF guarantee. High-priority project, including a grant element of 35% according to concessionary terms of the IMF, for a tenor of 13 years. The main challenge in the finance facilitation was providing a satisfying solution for the grant element, via a combined complex mechanism which consists of subsidizing the interest rate, prolonging the duration of the loan, along with a direct grant from the EPC contractor. See Finance Structure
- Botswana – implementation of atomization technology to process iron alloys and other metals recovery plant of 30ML USD – the financing scheme was a project finance including private guarantees which was financed by several leading South African commercial banks. The total tenor (duration of finance) is 2 years construction + 7 years repayments post-construction.
- Zambia- 200 million USD housing EPC project, financed by 3 lenders and a consortium of several ECAs. The financing was arranged for 13 years, for 100% of the project, on very attractive terms. Unique financing structure from various aspects.
- Vietnam (1) – phosphate rock, beneficiation and chemical plant of 45ML USD – Buyer Credit structure for local governmental company, involving leading banks such as Deutsche Bank, ABN AMRO and local banks, with 3 guarantee mechanisms. The total tenor (duration of finance) is 2 years construction + 10 years repayments post-construction.
- Vietnam (2) – feed mill facility of 25ML USD – Project Finance structure involving BNP as main lender, with equity / debt of 25% / 75% ratio. The client, a private investment company based in Singapore, is one of the biggest feed mill producers in the Far East with market share of 20%. The total tenor (duration of finance) is 18 months construction + 4.5 years repayments post-construction.
- Venezuela – water projects of total 150ML USD – Buyer Credit Structure, involving US EXIM guarantee and HSBC as main lender, based on Venezuelan MOF guarantee. The main contractor was a British based company with subsidiaries in the US and South America. The total tenor (duration of finance) is 2.5 years construction + 8 years repayments post-construction. See Finance Structure
- Mexico – agricultural project of 23ML USD – Buyer Credit mechanism with a guarantee of private farmers, involving 1 European ECA and 2 international banks. The client is the largest farmer in Mexico and all of his production was pre sold to US buyers. The total tenor (duration of finance) is 12 months construction + 6 years repayments post-construction.
- Peru – agricultural project of 3ML USD – Promissory Notes credit structure, for a private client, involving a private international insurance company (PRI) and an Israeli bank as lender. The financing challenge was significant from two main reasons – the buyer-guarantor (a local farming company) is a very small company relatively to international standards, and in addition the amount of the deal is very small and therefore much less attractive to insurance companies and banks. Therefore a unique solution was structured of a long-term credit line via a private insurance company, acceptable by an Israeli leading bank. The total finance term is 4 years. See Finance Structure
- Suriname - 30 million EUR university construction project, financed by a European lender and a European ECA. The financing was arranged for 12 years, for 100% of the project, on very attractive terms. Unique financing structure from various aspects.
EUROPE & THE U.S.
- U.S. – 3 Ethanol production plants in mid-west USA of total 300ML USD – sponsors were large private corn farmers, off-takers were known refineries. Project Finance structure with 3 lender banks – Bank of New York, Citibank, JP Morgan. All 3 projects were constructed in parallel, commencing of 2007-2008. Construction duration of 2 years, and debt loan for 13 years. Equity of 20-30% was arranged by the sponsors. The EPC contractor was delta T. See Finance Structure
- Cyprus – water desalination project of 38ML USD. A plant with the capacity of 40,000 m3/day to be supplied, installed, and operated for 10 years and transferred to the Department of Water of the Republic of Cyprus. The structure included 2 lender banks, and an escrow account mechanism. A Project Finance structure, with a purchase agreement with the government. Equity of 10% was arranged by the sponsors. See Finance Structure
FEASIBILITY STUDIES (chosen samples – partial list)
- Israel – feasibility study for “Carmel Tunnels”, one of the biggest toll-road projects in Israel, of 15km roads inside tunnels in the Carmel mountain in Israel. Total project investment was 350ML USD. The purpose of the feasibility study was to assess and confirm all variants of the project, and to present it to lender banks in order to raise the debt loan. The feasibility study included all parameters required by lender banks at the highest possible standards, including complex sensitivity analysis, financial model, construction costs and operating costs, forecasts of usage, cash flow statements etc.
- Ghana – feasibility study for fish farms project of 10ML USD, for tilapia open cages farms in the Volta Lake. The purpose of the study was raising equity from private investors. The study included market analysis, financial model, sensitivity analysis, marketing & sales channels assessment, pricing review, and economic results related to IRR and ROI.
- Mongolia – feasibility study for a large thermal coal mining project with NPV of 700ML USD in the borders of Mongolia and China. The purpose of the study is to raise equity from private investors, as well as proceed with obtaining mining licenses. The study included comprehensive market analysis, assessing and defining the target off-takers, bankable financial model, sensitivity analysis, and economic results with ROI, NPV and IRR.
- Israel – business plan for a unique innovative technology for treatment of industrial hazardous wastewater. The purpose of the BP was to raise equity from private investors. The BP included assessing and defining the business strategy of the company, the target markets and target clients, as well as a comprehensive financial model.
- South America – business plan for an agricultural project of greenhouses and irrigation. The work included comprehensive and bankable financial model, technical analysis, market analysis, and environmental impact assessment.
- And many more…