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By Nick Flitterman

Portland assists in the drive to Net Zero

Portland assists in the drive to Net Zero

In October 2020, Portland’s Ian Cogswell participated in a workshop entitled Working Back from Net Zero.  The “Financing Net Zero” group that met during the workshop has continued to meet and formed a network, FTech2Zero, a multiorganizational network of industry experts, who have been drawn together to develop a white paper recognizing the challenges associated with financing and deploying novel technology, raising awareness, and assessing the solutions that can be adapted by both financial institutions and technology providers alike.

With less than 30 years to deliver the UK’s Net Zero ambitions it is critical to focus on measures to accelerate deployment of the technologies which are necessary to deliver net zero goals. Current estimates state that the required investment to create an integrated energy system on the UKCS alone requires investment of approximately £430 billion. It is therefore imperative that any initiative is attractive to a broad range of financial investors.

FTech2Zero has produced a survey to collect voices from the entire energy value chain to help broaden our understanding of what is needed to truly move the dial on financing net zero. The group would greatly appreciate your input on this topic via this 10-minute survey. With this survey, we are trying to collect voices from the entire energy value chain to help broaden our understanding of what is needed to truly move the dial on net zero financing.

You can also join us at the forthcoming virtual roundtable, Financing Technology to Net Zero on 7th April to discuss the survey as we form a better understanding of the current state of investment in novel technologies, as well as how companies are reacting to this transformational issue.

Please Register FREE here, it only takes a minute.

For further information, contact Ian at ian.cogswell@portlandadvisers.com or +44 20 7183 8214

By Nick Flitterman

Ian Cogswell to present at the 4th AAPG Geothermal Cross-Over Workshop

Ian Cogswell to present at the 4th AAPG Geothermal Cross-Over Workshop

The American Association of Petroleum Geologists (AAPG) is hosting a geothermal cross-over workshop to explore ways of harvesting the technical, environmental and commercial synergies between the oil & gas and geothermal sectors.  The workshop will discuss experiences, best practices and knowledge on how to get the best from both the oil & gas sector and the geothermal sector, in order to both accelerate and improve the quality of the geo-energy transition.

On Day 3 of the event, during the session focussing on business synergies, Portland’s Ian Cogswell will present his thoughts on how Project Finance techniques used in the oil & gas sector can be applied to support the development of geothermal projects.

More details and the full workshop program can be found by clicking the link below.

AAPG Geothermal Crossover Workshop

For further information, contact Ian at ian.cogswell@portlandadvisers.com or +44 20 7183 8214

By Nick Flitterman

Ian Cogswell contributes to Siemens Energy’s “Working Back from Net Zero” workshop and the Energy Knect Expert Insight Newsletter

Ian Cogswell contributes to Siemens Energy’s “Working Back from Net Zero” workshop and the 1st Edition of the Energy Knect Expert Insight Newsletter

The Energy Knect Newsletter was launched in October 2020, with Ian Cogswell providing thoughts on the risks on which lenders specifically focus when financing new oil & gas projects that are designed with the transition to net zero emissions in mind.  This followed on from his participation in Siemens Energy’s “Working Back from Net Zero” workshop, where some of the industry’s leading professionals joined together to brainstorm ideas of how they can collaborate through the energy transition journey.  The workshop concluded that the lack of a common understanding on the level of financial risk due to technology deployment is disabling the energy transition process. There is a need to enable investors to better value the  economic risk of technology deployment in project development and Ian will now work with the workshop participants on a  white paper addressing how technology risk can be mitigated, which will be shared with energy transition stakeholders.

Energy Knect Newsletter October 2020

For further information, contact Ian at ian.cogswell@portlandadvisers.com or +44 20 7183 8214

By Nick Flitterman

Portland Wins PFI Award

Portland Wins PFI Award

The $4.6 billion debt financing for the Coral South FLNG project, where Portland acted as ECA Advisor to the export credit agencies, has been awarded “2017 Middle East & Africa Oil & Gas Deal of the Year” by Project Finance International.

Portland advised Bank of China, China Development Bank, China Eximbank, ICBC, KEXIM, KSURE, SACE and BPI (COFACE).

To discuss this further, contact Geoff Knox on +44 20 7183 8387 or geoff.knox@portlandadvisers.com

 

By Nick Flitterman

Yamal LNG Signs Final Loan agreements

Yamal LNG Signs Final Loan agreements

Today,  Yamal LNG signed 15 year loan agreements with the Euler Hermes and EKN for amounts of  €200 million and €225 million respectively.

Portland advised Euler Hermes and EKN in relation to this financing. The financing is the final piece of the overall $19 billion financing for the Yamal LNG project which also comprises facilities from Chinese and Russian lenders and loans supported by SACE, COFACE and JBIC.

Portland also advised China Development Bank, China Eximbank, EXIAR (the Russian export credit agency), SACE, COFACE and JBIC in relation to this ground-breaking financing.

For further information, contact Geoff Knox on geoff.knox@portlandadvisers.com

By Nick Flitterman

Portland Wins PFI Award

Portland Wins PFI Award

The $1.4 billion financing for the Offshore Cape Three Points project, where Portland acted as Financial Advisor to UK Export Finance, has been awarded “2016 African Oil & Gas Deal of the Year” by Project Finance International. The picture shows the UKEF and Portland team at the Awards Dinner at which the award was presented.


From left to right: Oliver Irwin (Milbank), Iain Hackston, Margaret Eyres (UKEF), Joe Shephard (UKEF), Keith O’Donnell, Frauke Bialokoz, Tim Loy (UKEF), David Craig (UKEF), Geoff Knox and Richard Simon-Lewis (UKEF).

By Nick Flitterman

Offshore Cape Three Points (OCTP) Closes

Offshore Cape Three Points (OCTP) Closes

Loan signing on the $1.35 billion limited-recourse debt financing for Vitol’s working interest in the Offshore Cape Three Points/Sankofa oil and gas project in Ghana, West Africa took place today.

The financing has a hybrid structure combining Reserve Based Lending (RBL) and Project Finance features. Debt facilities were provided by UK Export Finance (UKEF), IFC and a syndicate of commercial banks.

Portland advised UKEF throughout the negotiation and documentation of this transaction.

To discuss this further, contact Geoff Knox on +44 20 7183 8387 or geoff.knox@portlandadvisers.com or Frauke Bialokoz on +44 20 7183 8386 or frauke.bialokoz@portlandadvisers.com

By Nick Flitterman

Portland advises on $12bn project financing for Yamal LNG

Yamal LNG signs $12 billion Chinese loan deal

On 29 April 2016 the Yamal liquefied natural gas (LNG) project signed 15 year loan agreements with Export-Import Bank of China and the China Development Bank equivalent to $12 billion.

Portland advised the Chinese banks in relation to this financing.

The project has already secured state loans of 150 billion roubles ($2.3 billion) from Russia’s National Wealth Fund and $4 billion equivalent from Russian lenders Sberbank and Gazprombank.

Yamal LNG is a 16.5 mtpa LNG project located in Western Siberia, owned by Novatek OAO, (50.1%), Total SA (20%), CNPC (20%) and China’s Silk Road Fund (9.9%).

 

For more information, contact Geoff Knox on +44 20 7183 8387 or geoff.knox@portlandadvisers.com

 

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

 

 

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Portland assists in the drive to Net Zero
Ian Cogswell to present at the 4th AAPG Geothermal Cross-Over Workshop
Ian Cogswell contributes to Siemens Energy’s “Working Back from Net Zero” workshop and the Energy Knect Expert Insight Newsletter
Portland Wins PFI Award
Yamal LNG Signs Final Loan agreements
Portland advises on $12bn project financing for Yamal LNG