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By Nick Flitterman

Portland Appointed on Sea Lion

Portland Appointed on Sea Lion

Portland has been mandated as financial advisor to Premier Oil plc on the export credit agency led limited-recourse project financing for the Phase 1 development of the Sea Lion oil field. The estimate for gross capex including drilling and the subsea development in the period up to first oil is $1.5 billion.

The Sea Lion complex is located in the North Falkland Basin in the South Atlantic 140 miles (220km) to the north of the Falkland Islands at a water depth of 450m. Following a farm-in transaction in 2012, Premier Oil holds operatorship and a working interest of 60%. The remaining working interest is held by Rockhopper Exploration plc.

See the following link to the Premier Oil website for further details:

www.premier-oil.com/operations/falkland-islands

To discuss this further, contact Geoff Knox +44 20 7183 8387 or geoff.knox@portlandadvisers.com or Keith O’Donnell on +44 20 7183 8288 or keith.odonnell@portlandadvisers.com

By Nick Flitterman

Portland Ranked Top Financial Advisor in 2016

Portland Top of the Charts

The league tables are out, and Portland Advisers has been confirmed by Infrastructure Journal as no.1 Financial Advisor by value in 2016 following a very successful year. This follows the closure of transactions such as Yamal LNG and OCTP, and confirms Portland’s well established position as a leading Financial Advisor in the key infrastructure sectors globally.

Further information can be found by clicking here.

 

 

 

By Nick Flitterman

Portland on the BBC – Champions League Final in focus

Portland on the BBC – Champions League Final in focus

Ahead of the Champions League Final, the BBC interviewed Portland’s Head of Stadium Finance, Harry Philp on his views of how financial considerations in football have become the driving force for clubs when prioritising certain competitions over other.

See the full article by clicking here.

For further information on stadium finance and sports advisory services, contact Harry directly on +44 20 7183 8392 or harry.philp@portlandadvisers.com

 

By Nick Flitterman

O3b Triple Award Winner

O3b Networks, the medium earth orbit satellite constellation providing fibre quality connectivity to the emerging markets, has picked up a  trio of awards from the financing community on the back of the highly innovative $770m project financing it completed in November 2010.

On top of being awarded African Telecom Deal of the Year 2010 from both of the leading Project Finance journals “Project Finance Magazine” and “Project Finance International”, O3b has now also been awarded the prestigious Deal of the Year 2010 from “Trade Finance Magazine”.

Portland Advisers acted as Financial Advisor to O3b for the debt raising. For futher information on the O3b financing, please see the earlier post on our Latest News section, the Case study included on this website or contact Nick Flitterman, Portland’s Head of Telecoms at nick.flitterman@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.

www.o3bnetworks.com

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 Nick Flitterman

GDF SUEZ closes financing for Barka 3 and Sohar 2 Independent Power Projects

On 16th September 2010 a consortium led by GDF Suez SA and advised by Portland Advisers completed a $1.3bn long term debt financing for two independent power projects in Oman.

The projects are greenfield natural gas-fired power plants with capacity of 744 MW each. . Total investment cost will be around $1.7bn for both projects. Their power output will be sold under two separate 15-year power purchase contracts to the Oman Power and Water Procurement Company (OPWP), who will be the single off-taker. Siemens AG and GS Engineering of South Korea are the EPC contractors.

The project is financed through a blend of equity, early generation revenues and a senior debt facility involving export credit agencies Euler-Hermes and Korea Eximbank, and a club of eight international banks : Natixis, KfW-IPEX, Credit Agricole, HSBC, Bayerische Landesbank, Europe Arab Bank, CIC, and Standard Chartered Bank.

Geoff Knox, Portland’s Head of Energy, said: “Portland Advisers were delighted to have the opportunity to advise GDF Suez on this major financing. The deal was structured and negotiated at the bid submission stage last year when financial markets were still recovering from the financial crisis. The competitive financing submitted with the bids were important elements to the consortium being awarded both projects.”

GDF Suez holds a 46% interest in the consortium, the rest being held by Shikoku Electric Power Company (Yonden) (11%), Sojitz Corporation (11%), both from Japan, and Bahwan Engineering Group (22%) and the Public Authority for Social Insurance (PASI) (10%) of Oman.

For more information on this transaction, or on related topics, please contact Geoff directly on geoff.knox@portlandadvisers.com or +44 20 71 83 83 87.

By Nick Flitterman

Portland wins first mandate to advise US Ex-Im Bank

Portland Advisers has been appointed as financial adviser to the US Export-Import Bank in connection with its support for the financing of the 4,000 MW US$ 4.7bn Sasan Ultra Mega Power Project in Madhya Pradesh, India being sponsored by Reliance Power Limited.

Sasan UMPP is an integrated power and coal-mining project covering the open-cast mining of coal from a dedicated coal block using mining equipment from Bucyrus, Inc of Winsconsin, USA and power generation in 6 x 660 MW super-critical units supplied by Shanghei Electric Corporation of China.

US Ex-Im Bank is the official export credit agency of the United States of America. Reliance Power is a major developer, owner and operator of private power projects in India. It is part of the ADA Reliance Group, one of India’s largest business groups.

For further information, contact Portland’s Head of Energy at geoff.knox@portlandadvisers.com

By Nick Flitterman

Portland advises DADRE

Portland Advisers has been mandated by Kuwati investment company, Dar Al Dhabi Real Estate Co. KSCC, to undertake the financial modelling for the financing of the Dar Al-Dhabi Project including the iconic landmark development, ‘The Wings’, on Al Reem Island, Abu Dhabi. The Wings, a mixed use real estate project, was recently awarded at the prestigious CNBC Arabian Property Awards 2009. Further information on the project can be found by clicking here.

For further information, contact James Benbow at james.benbow@portlandadvisers.com
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Portland Ranked Top Financial Advisor in 2016
Portland on the BBC – Champions League Final in focus
Portland in the Economist