By portland2015a

Portland Secures Two More Mandates

Portland Advisers has secured two new financial advisory mandates – one in the UK raising construction finance for two solar parks and the other providing bidding support for a waste infrastructure project in Greece.
The former is to raise finance on a short term basis for two solar parks in the South West of the UK with a nameplate capacity of c. 15MW. A potential lender has been identified and at present a comprehensive due diligence exercise is under way with EPC / solar panels most likely being sourced from Germany. Financial Close is envisaged for late December 2013 and construction of the plants will commence in December with the objective of having the plants grid-connected prior to 31 March 2014 in order to achieve 1.6ROC/MWh revenue support.
In Greece, Portland is advising a Greek construction consortium for two infrastructure projects (waste) – one project located in the Athens area and the other located in the Patras area. Both projects will use MBT technology sourced from a highly experienced German supply chain. The consortium has been pre-qualified and after a competitive dialogue with the authorities will have to provide a financial and technical binding bid with the target date of April 2014. Portland is advising how to best structure the debt portion of the transaction.

For further information contact Klaus Frietsch at klaus.frietsch@portlandadvisers.com or on +44 20 7183 8394 or Mike Harlow at mike.harlow@portlandadvisers.com or on +44 20 7183 7200

By portland2015a

Green Chairs Panel at Euromoney Institutional & Alternative Lender Conference


Monday, September 23rd, 2013

In the conference season, Jason Green, Senior Advisor at Portland, chaired a panel discussion amongst institutional investors and asset managers at Euromoney’s inaugural Institutional & Alternative Lending conference in London on 19th-20th September.

With representatives from Allianz Global Investors, Legal & General Investment Management, Aviva Investors and the world’s largest asset manager, Blackrock, Jason guided the panel through a lively discussion of how the big institutions are providing liquidity to Global Project & Infrastructure deals in the wake of continued bank market weakness.  Topics covered included the growth of privately-placed institutional debt as an alternative to bank finance and traditional public securities, the increased acceptance by pools of investors of greenfield project risks and some of the implications of Solvency II on institutional appetite.  Many of the top credit managers, opportunities funds and direct lending institutions, all known to Portland Advisers, were present.  They are playing a growing and increasingly important role in global financing markets, not only in addressing market failure, but as key providers of liquidity for high quality, long term projects.

For further information see the Euromoney Conference website here or contact Jason directly on +44 (0) 20 7183 8288 and at Jason.green@portlandadvisers.com


By portland2015a

O3b Networks reaches Financial Close

On 29th November 2010, O3b Networks, advised by Portland Advisers and HSBC, achieved Financial Close on a $1.2bn financing for its first 8 satellite MEO constellation which will provide low-latency, fiber-quality internet connectivity between developing markets and the global internet infrastructure.

Nick Flitterman, Portland’s Head of Telecoms and lead advisor to O3b said: “This is a tremendous day for O3b and for those Other Three Billion people its satellites will provide internet coverage for. Despite turbulent financial markets, we have succeeded in structuring a highly innovative blend of ECA-backed and DFI senior debt alongside a tranche of Mezzanine debt, ensuring the company is fully funded through to the launch of its services in 2013.”

The complex financing comprises a US$510m Coface-backed Senior Debt Facility provided by HSBC, ING, CA-CIB and Dexia; a US$115m Senior Debt Facility and a US$145m Mezzanine Facility provided by HSBC Principal Investments, DBSA, AFDB, DEG, Proparco, FMO, IFC and EAIF; and US$410m in equity financing, of which US$230m is new equity investment.

O3b’s shareholders include leading  satellite operator SES, Google, the global cable operator Liberty Global, HSBC Principal Investments, the Development Bank of South Africa, Sofina and Satya Capital, with SES now the largest minority shareholder.

For more information on this transaction, or on related topics, please contact Nick directly on nick.flitterman@portlandadvisers.com or +44 20 71 83 83 85.  Also see the Case Study describing the role Portland Advisers.

Press coverage of the financing can be find by clicking on the links below.


BBC article on O3b (29Nov10)

Infrastructure Journal Article (Feb 2011)

By portland2015a

Portland advising Government of Bangladesh on its IPP programme

Portland Advisers has been appointed as financial advisor to Power Cell, Government of Bangladesh, to assist with the tendering and award of independent power projects as part of the government’s efforts to boost power generating capacity in the country which is experiencing severe power shortages.

Financial support for the long term financing of these IPPs is available from the World Bank Group through its partial risk guarantee programme and from export credit agencies. There is increasing interest from international IPP developers to participate in the Bangladesh power sector where an established contractual framework exists by virtue of two IPPs which were successfully tendered and closed in 2001.

By portland2015a

Portland expertise on financing new projects highlighted

On 8th September, Nick Flitterman, one of Portland’s founding partners and its Head of Telecoms, participated on a conference panel at Euroconsult’s World Satellite Business Week in Paris discussing the issues and solutions surrounding raising finance for new and early stage projects in the satellite sector.

Moderated by the editor of Satellite Finance, Ed Ansell , and joined by other high profile panellists from Coface, Société Générale and O3b Networks (one of Portland’s’ clients), the discussion covered topics such as timing and method of approach to banks, consideration of financial market conditions, the importance of good preparation, and the optimal use of Export Credit in the structuring of financing solutions.

To discuss Nick’s views on this topic or others relating the satellite or telecoms sectors, contact him at nick.flitterman@portlandadvisers.com or on +44 7973 481330.