Case study · Energy

Unique Meghnaghat Power

Portland acted as Financial Advisor to SERV on the US$460m debt financing for the 588MW UMPL CCGT power project in Bangladesh.

Deal value
US$613m
Portland's role
Financial Advisor to SERV
Year
2023
Transaction background

The project is a 588 MW UMPL CCGT power project in Bangladesh. Portland acted as Financial Advisor to SERV.

Transaction structure

In addition to the funding provided under the SERV insurance policy of US$270 million, the remaining debt finance was provided by Asian Infrastructure Investment Bank (“AIIB”), DEG and OPEC Fund. The total debt raised for the project was US$460 million.

The power plant is now fully operational.

Selected highlights

The Portland team advised throughout the project finance-raising process including:

  • Development of the financial model and conducting sensitivity analysis and breakeven analysis for the project.
  • Assisting in transaction structuring and negotiation of the term sheet.
  • Working with the lenders’ market, technical and insurance consultants.
  • Assisting SERV with their credit approval processes including presenting in person to the Board.
  • Assisting with negotiation of loan documentation.