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By Nick Flitterman

US Ex-Im Bank board approves Indian Solar PV project

US Ex-Im Bank has announced that its Board of Directors has approved an export finance loan of US$ 9 million as part of the debt financing for a 11.6 MW solar PV project in Rajasthan, India sponsored by KSK Energy Ventures, an Indian power developer. Debt is being co-financed by IDBI Bank Ltd. Portland Advisers is acting as financial adviser to US Ex-Im Bank.

The solar panels for the project have been procured from Miasolé, a pioneer in the development of copper indium gallium selenide (CIGS) thin-film PV solar panels which are among the highest-efficiency and lowest-cost solar panels.

Click here for the official press release from US Ex-Im Bank.

For further information contact geoff.knox@portlandadvisers.com

 

 

By Nick Flitterman

US Ex-Im Bank board approves Indian 100MW CSP project in India

US Ex-Im Bank has announced that its Board of Directors has approved an export finance loan of US$ 80.3 million as part of the debt financing for a 100MW concentrating solar power (CSP) project in Rajasthan, India sponsored by Reliance Power Limited. Debt is being co-financed by the Asian Development Bank and FMO, the Dutch development bank. Portland Advisers is acting as financial adviser to US Ex-Im Bank.

The project is using compact linear Fresnel reflector (CLFR) technology from AREVA Solar Inc. of mountain View, California.  CLFR technology boils water using a series of rotating flat mirrors to concentrate sunlight onto a central elevated system of tubes that contain water. The solar system produces superheated steam that is collected in a piping system and transported to a steam turbine to produce electricity. This project along with the Kogan Creek Solar Boost Project in Australia (44 MW under construction) are the first to use technology of this kind from AREVA Solar on a large commercial scale.

Geoff Knox, Portland’s Head of Energy & Mining, said: “Portland Advisers is pleased to be associated with this landmark transaction which represents a significant milestone in the development of AREVA Solar’s CLFR technology on a utility scale.”

Click here for the official press release from US Ex-Im Bank.

For further information contact geoff.knox@portlandadvisers.com

By Nick Flitterman

Reliance Power closes 40MW solar PV project in India

Financial close and first disbursement has been reached on Reliance Power’s 40 MW Dahanu solar power project in Rajasthan, India. US Ex-Im Bank, advised by Portland Advisers, has provided a US$ 65.3 million direct loan to Dahanu Solar Power Private Limited, a wholly-owned subsidiary of Reliance Power Limited, with the Asian Development Bank as co-lender providing a loan of US$ 48 million.

Unlike the majority of the solar projects being developed under India’s National Solar Mission programme which sells power to NVVN, this project has an offtake contract with Reliance Infrastructure Limited which owns regulated electricity distribution companies in Delhi and Mumbai.

Geoff Knox, Portland’s Head of Energy & Mining, said: “This is Portland’s first Solar PV financing in India. We are pleased to be associated with India’s fast-growing renewable energy market with respect to both photovoltaic (PV) and concentrating solar power (CSP) technologies.”

The $147.5 million Dahanu project is located180 km west of the city of Jodhpur, an area with one of the highest levels of solar irradiation in India. That, plus the arid, barren landscape of that part of the state, means it is an ideal location for the 350-acre plant that comprises 500,000 solar panels.

For further information contact geoff.knox@portlandadvisers.com

By Nick Flitterman

Samalkot achieves financial close

Financial close has been reached on US Ex-Im Bank’s US$ 578 million loan to Samalkot Power Limited. Portland Advisers acted as financial advisor to US Ex-Im Bank.

The Ex-Im loan is part of the financing for the $2.5 billion 2,440MW Samalkot Power Project located in Andhra Pradesh, India, a combined cycle gas turbine plant 100% owned by Reliance Power Limited, part of the ADA Reliance Group.

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

By Nick Flitterman

Reficar achieves financial close

The financing for the US$ 5 billion refinery and upgrade project in Cartagena, Colombia being undertaken by Refinería de Cartagena S.A. (Reficar) was signed on 31 December 2011. Reficar is a majority owned and controlled independent subsidiary of Ecopetrol S.A., Colombia’s national oil company.

US Ex-Im Bank provided a direct loan and loan guarantees totalling US$ 2.84 billion as part of a US$ 3.5 billion loan package. Other debt facilities included loans guaranteed by SACE (US$ 210 million) and EKN (US$ 100 million) and a commercial loan facility provided by 4 commercial banks.

The financing was voted Latin American Downstream Oil & Gas Deal of the Year 2011 by Project Finance Magazine.

The refinery expansion will enable the processing of a greater volume of heavier Colombian crudes that are now being produced as part of Ecopetrol’s successful growth strategy, as well as meeting international fuel quality standards. Reficar will supply increased quantities of petroleum products to both domestic and export markets.

Geoff Knox, Portland’s Head of Energy & Mining, said: “Portland has had the opportunity to advise Ex-Im Bank throughout the structuring and negotiation of this landmark transaction. We are pleased to be able to support Ex-Im Bank in Colombia, which is a major strategic market for the agency.”

For further information, contact geoff.knox@portlandadvisers.com

By Nick Flitterman

US Ex-Im Bank appoints Portland on Samalkot

Portland Advisers has been appointed as financial advisor to US Ex-Im Bank on the $2.5 billion 2,440MW Samalkot Power Project in Andhra Pradesh, India sponsored by Reliance Power Limited.

Ex-Im is supporting the purchase of gas turbines and steam turbines from GE as well as other US goods and services. It is intended that the project will purchase natural gas from blocks operated by Reliance Industries Limited in the nearby KG Basin.

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

By Nick Flitterman

Board Approval from US Ex-Im for Reficar

US Ex-Im Bank has announced that its Board of Directors has approved a $2.84 bilion direct loan as part of the debt financing for the $5.18 billion Reficar Expansion and Upgrade Project at Cartagena on Colombia’s Caribean coast.

The financing  will support the purchases of equipment and services from over 150 large and small U.S. engineering/design, equipment supply, contracting and process license firms, including Chicago Bridge & Iron, Foster Wheeler, Exxon/Mobil and UOP. Portland Advisers is acting as financial adviser to US Ex-Im Bank.

To view the official US Ex-Im Bank press release, click here.

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

By Nick Flitterman

Portland appointed adviser to US Ex-Im Bank on major refinery expansion project

Portland has won a second major financial advisory mandate this year from US Ex-Im Bank.

It is advising in relation to the $4.6 billion expansion and upgrade project being undertaken by Refineria de Cartagena S.A. (Reficar), a subsidiary of Ecopetrol S.A., Colombia’s national oil company. The project will see the refinery’s capacity increase from 80,000 barrels per day to 165,000 bpd and its Nelson complexity rating improve from 5.1 to 10.5. Ex-Im is supporting goods and services from a number of US companies led by Chicago Bridge and Iron, Inc. which is acting as EPC contractor.

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

By Nick Flitterman

US Ex-Im Bank board approves Sasan Power

US Ex-Im Bank has announced that its Board of Directors has approved an export finance guarantee of US$ 917 million as part of the debt financing for the $4.6 billion Sasan Ultra Mega Power Project in India. Portland Advisers is acting as financial adviser to US Ex-Im Bank.

Click here for the official press release from US Ex-Im Bank.

For further information contact geoff.knox@portlandadvisers.com

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