Proximo EMEA Deals of the Year 2018: The deals that punched above their weight

Proximo EMEA Power deal of the Year 2018: Nachtigal Hydro sets the DFI benchmark

Not only was Nachtigal the largest power project financing in sub-Saharan Africa last year, but the lead arrangers managed to structure the longest CFA Franc denominated loan ever provided via an IBRD guarantee propping up maturity up to 21 years, and the longest uncovered swap – 18 years – for an African project to date.

The project is the number one priority identified under Cameroon’s National Electricity Least Cost Development Plan (NEDP) – prepared in 2014 by the Ministry of Energy with the support of the World Bank – and a pathfinder designed to reduce overall national electricity costs and stimulate further IPP development.

Electricity tariffs in Cameroon are high, averaging $0.14/kWh as opposed to the $0.13/kWh regional average or the $0.10/kWh regional average for hydro-based systems. Despite the high tariff, Actis-owned Cameroon grid operator ENEO cannot achieve full cost recovery without government subsidy to make up for the revenue shortfall: for example, between 2012-2018 ENEO generated a tariff compensation – the gap between ENEO’s cost of service and the tariff charged to end-users – of around €17 million annually.

Nachtigal will have one of the lowest tariffs in sub-Saharan Africa and over its first seven years of operation is forecast to save Cameroon around $100 million annually in generation costs, compared to an equivalent output open cycle gas plant.

The run-of-the-river project, which also includes a 50 km transmission line and a 3km supply canal, will be built on the Sanaga river 65 km from Yaounde (the first IPP to be built on the Sanaga river) under a 35-year concession agreement with the Cameroon government.

Besix is lead EPC contractor for the civil works and is partnered by NGE and Societe Generale des Travaux du Maroc (SGTM). Electromechanical works are being provided by GE Hydro France (a subsidiary of GE Renewable Energy, and one of the Alstom power businesses acquired by GE Power in 2015) and Elecnor. Bouygues has the EPC for the transmission line.

At debt signing the sponsor line-up comprised EDF (40%), IFC (30%) and the Cameroon government (30%). Since then, total MFI/DFI equity in the project has been upped to 45%: STOA – a €600 million joint investment fund founded in 2017 by AFD and Caisse des Depots – and pan-African fund Africa50 (founded by the AfDB) have both bought stakes in the project from the Cameroon government. The new ownership breakdown for the scheme comprises EDF (40%), IFC (20%), Republic of Cameroon (15%), Africa50 (15%) and STOA (10%).

Structured via special purpose company Nachtigal Hydro Power Company (NHPC), the project is being financed on a debt-to-equity ratio of 76:24. The sponsors are putting in combined equity of €289 million and have applied for MIGA guarantees totaling €191.5 million for up to 15 years against breach of contract risk. Societe Generale has also applied for MIGA guarantees of up to €33.3 million to cover an 18-year floating-for-fixed interest rate swap provided to NHPC. The guarantee covers breach of contract, expropriation, war and civil disturbance, and transfer restriction.

The €916 million project debt for the scheme is being provided by a combination of commercial banks and DFIs. IFC – which was involved as a partner at an early stage to help develop the project through IFC InfraVentures, and is global coordinator of the financing – is providing an A loan of up to €110 million as part of an 18-year €745 million development bank tranche which also comprises debt from the EIB (€50 million), AfDB (€118 million), Africa Finance Corporation (€50 million), AFD (€90 million), CDC (€90 million), DEG (€35 million), PIDG/EAIF (€50 million), FMO (€30 million), OFID (€50 million) and Proparco (€60 million).

In addition to the DFI tranche, the deal includes a Central African Franc denominated €171 million-equivalent tranche of commercial bank debt, split on a club basis between Attijariwafa SCD Cameroon, Banque Internationale du Cameroun (BICEC), Societe Generale Cameroun and Standard Chartered Cameroon. The seven-year tranche is designed to offset currency risk, with an option to extend twice to 21 years, and is covered by an up to 21-year IBRD partial risk guarantee. IBRD is also providing a stand-by letter of credit for the sponsors.

ENEO will be sole offtaker for the project under a 35-year take-or-pay PPA with a levelized tariff of €0.061 per kWh (payments will be made in Central African Francs (CFA), 80% of which will be indexed to euros). ENEO’s integral role in the deal meant a restructuring of its debts and the lengthening of its concession by 10 years to 2031 to enable it to invest in upgrading the grid (current technical and commercial losses are around 30%).

Nachtigal Hydro project

Borrower: Nachtigal Hydro Power Company

Sponsors: EDF, IFC, Republic of Cameroon, Africa50, STOA

Financial advisor to the sponsors: Societe Generale 

Financial advisor to the government of Cameroon: Nodalis

Project cost: €1.26 billion

Debt: €910 million

Tenor; 18 years for DFI debt; 21 years for IBRD-covered local tranche

Financial close: 24 December 2018

Lenders: Africa Finance Corporation (AFC), African Development Bank (AfDB), Agence Française de Developpement (AFD), Proparco, FMO, DEG, IFC, CDC, Emerging Africa Infrastructure Fund, EIB, OFID, Banque Internationale du Cameroun pour l’Epargne et le Credit (BICEC), Societe Generale Cameroun, Standard Chartered Bank Cameroun, Societe Commerciale de Banque Cameroun (Attijariwafa Bank)

Partial risk guarantee provider: IBRD

Advisers: Clifford Chance and Jing & Partners (lender counsel); Herbert Smith Freehills (sponsor counsel); Eversheds Sutherland (government counsel); Allen & Overy (IBRD counsel); Ernst & Young (model and tax auditor), Mott MacDonald (technical adviser); JLT Speciality (insurance)

Proximo EMEA Oil & Gas deal of the Year 2018: DRPIC beats the stress tests

 Structured against the backdrop of ratings pressure on both sovereign owners and a global refining market that had been hit hard by the 2015-16 collapse in the oil price, Duqm Refinery & Petrochemical Industries Company (DRPIC) – an $8 billion cross-border joint venture between state-owned sponsors Oman Oil Company (OOC) and Kuwait Petroleum Europe (KPE) – required significant multi-sourced debt volume and a structure that could survive extreme stress-test scenarios on gross refining margins. It got both – and at a competitive cost of debt.

The project – the largest oil and gas project financing to sign in 2018 – is expected to be operational by 2022 and will be able to process 230,000 barrels of crude per day. Heavy ECA backing for the project is reflected in the EPC line-up: the contract for construction of the main processing plants was awarded to a joint venture between Tecnicas Reunidas and Daewoo Engineering & Construction; Petrofac, in a joint venture with Samsung Engineering, won the contract for the engineering, procurement, construction, commissioning, training, and start-up operations of all the utilities at Duqm; and Saipem is EPC for a product export terminal at the Duqm port, dedicated crude storage tanks in Ras Markaz, and an 80km-long pipeline connecting crude tanks with the refinery.

Completion risks on the scheme were complicated by three separate EPC contracts and the requirement for construction of third-party infrastructure. These risks were mitigated by the provision of a full completion guarantee by OOC and KPE supported by backstop guarantees from the Government of Oman and Kuwait Petroleum Corporation.

Offtake risk was also mitigated via long-term contracts with KPC and Oman Trading International, under which they will purchase all refined products produced by the refinery at index-linked prices.

The $4.6 billion debt package for the project comprises $2.8 billion of uncovered debt divided between a $1.4 billion international bank tranche, an $890 million Islamic tranche and a $490 million local tranche; $1.38 billion of ECA-covered debt; a $420 million direct loan from Kexim; and a $30 million direct loan from KDB.

The 17-year ECA covered debt is split between a $700 million UKEF portion, a $500 million CESCE portion and a $180 million Kexim tranche. Pricing on the UKEF portion is 100bp, CESCE 150bp and Kexim 150bp.

The $1.4 billion 16-year international bank tranche priced at 225bp pre-completion, moving up in 25bp stages to 350bp at maturity. The lender line-up comprises Apicorp, Banca IMI, BNP Paribas, Commercial Bank of Kuwait, Credit Agricole, Credit Suisse, HSBC, ICBC, KfW IPEX, MUFG, National Bank of Kuwait, Natixis, Qatar National Bank, Santander, Societe Generale, Standard Chartered, SMBC and UBI Banca.

The financing also includes an $890 million 16-year Islamic tranche from Apicorp, Ahli United Kuwait, Boubyan, Kuwait Finance House and Warba Bank, and a $490 million 19-year local commercial tranche from Bank Muscat, National Bank of Oman, Bank Sohar, Bank Dhofar and Ahli Bank Oman.

The local bank tranche is priced above the international commercial debt, but with a significantly longer average life. This had the benefit of improving coverage ratios from the perspective of the export credit agencies and other uncovered commercial lenders.

Duqm Integrated Refinery and Petrochemicals project

Borrower: Duqm Refinery & Petrochemical Industries Company

Sponsors: Oman Oil Company, Kuwait Petroleum Europe

Project cost: $8 billion

Debt: $4.61 billion

Signed: 1 November 2018

ECAs: Cesce, Kexim, UKEF

Lenders international tranche: Apicorp, Banca IMI, BNP Paribas, Commercial Bank of Kuwait, Credit Agricole, Credit Suisse, HSBC, ICBC, KDB, KfW IPEX, MUFG, National Bank of Kuwait, Natixis, Qatar National Bank, Santander, Societe Generale, Standard Chartered, SMBC, UBI Banca.

Lenders Islamic tranche: Apicorp, Ahli United Kuwait, Boubyan, Kuwait Finance House, Warba Bank

Lenders local debt: Bank Muscat, National Bank of Oman, Bank Sohar, Bank Dhofar and Ahli Bank Oman. 

Advisers: Credit Agricole (financial adviser to DRPIC), Allen & Overy (borrower counsel), Latham & Watkins (international lender counsel), Greengate (ECA advisor), Jacobs Consultancy (technical) ICIS (market consultant), JLT (insurance adviser)

 

Proximo EMEA Solar Deal of the Year 2018: Sakaka sets Saudi solar benchmark

The SAR1.2 billion ($319 million) 300MW Sakaka solar PV project set many Middle East regional records for both sponsors and sole lender Natixis – first solar independent power project (IPP) in Saudi; cheapest regional solar tariff to date; first project financing underwritten by a sole mandated lead arranger and bookrunner since the 2008 financial crisis; and one of the longest tenors to date for solar project debt. The deal set a competitive and viable template that developers and lenders can use for the next rounds of Saudi solar tenders.

Sakaka Solar Energy Company (sponsored by ACWA Power (70%) and Al Gihaz Holding (30%)) won the BOO concession from Saudi’s Renewable Energy Procurement Development Office (REPDO) with a winning bid of $0.02343/kWh – 25% cheaper than the previous regional record for a solar project record, held by Marubeni for the 1177MW Sweihan solar project in Abu Dhabi.

The 300MWac (405MWp) project is the first to finance under the Saudi government’s National Renewable Energy Program and is a key project in meeting the kingdom’s ambitious target of generating 10% (9.5GW) of power from renewable sources by 2023. Mahindra Susten is contractor and Chint Solar is PV supplier under a joint and several LSTK fixed price EPC contract. The commissioning date for the project is June 2020.

The concession benefits from a 25-year power purchase agreement, signed on 14 February 2018, with state-owned offtaker Saudi Power Procurement Company (SPCC), a subsidiary of Saudi Electricity Company (SEC).

The project achieved a base case DSCR of 1.2x on a P50 basis. This brings the coverage ratio to the level available for conventional energy projects, which sets a strong precedent for future solar PV transactions in the region.

Solely underwritten by initial mandated lead arranger Natixis, the debt financing comprises a $225 million 26-year (inclusive of construction period) soft miniperm with a refinancing trigger at COD-plus-four-years – the margin on the debt is 130bp over Libor to year six, then 260bp to maturity. Arab National Bank is also providing an equity bridge loan for the project, and Bank of China and Norinchukin may yet join Natixis as lenders, although syndication was not a requirement of financial close.

Taking sole underwriter status is a smart relationship banking move by Natixis – and it is likely to generate additional business given this month Saudi Arabia’s Public Investment Fund (PIF) appointed ACWA Power – in which PIF announced it was going to increase its stake from 25% to 40% in February – as its partner for the first 2GW phase of its chunk of the country’s renewables programme.

Although the world’s largest oil exporter, Saudi is pursuing renewable energy as part of an effort to diversify its economy and bolster growth. Much of Saudi Arabia’s power comes from oil-fired power plants, with some 680,000 barrels of oil burnt per day as of June 2018 – down from 900,000 per day in 2015. By leaning more heavily on renewable power the country can export more of its oil, and in turn fund its narrowing budget deficit which at the end of 2018 dropped to 4.6% of GDP from almost 13% in 2016, but is expected to rise to 7% for 2019 – according to the IMF – on the back of increased government spending to boost non-oil economic growth.

Sakaka Solar IPP

Borrower: Sakaka Solar Energy Company

Sponsors: ACWA Power, Al Gihaz Holding

Concession: BOO

Grantor: REPDO

Project cost: $319 million

Debt: $225 million

Tenor: 26 years

Financial close: 14 November 2018

Underwriter and initial MLA: Natixis

Advisers: DLA Piper (grantor counsel), Covington (borrower counsel), Hogan Lovells (lender counsel). Indecs (lender insurance counsel), AF Aries Energia (lender independent engineer), Deloitte (model auditor)

Proximo EMEA Transport Deal of the Year 2018: Blankenburg makes lender connections

The €1 billion ($1.15 billion) Blankenburg Connection project – a 25-year availability-based Dutch PPP concession awarded by Rijkswaterstaat to the BAAK consortium (comprising Macquarie Capital 70%, Ballast Nedam 15% and DEME 15%) in 2017 – has all the standard attributes of a flagship PPP project financing: size (the largest Dutch PPP to date), the complexity spawned by multiple stakeholders, a combination of bank, institutional and DFI debt, and competitive debt pricing.

But it is where the deal deviates from the norm that the project gets more interesting. Not only was the awarding of the project challenged in the courts by losing bidders BAM, VolkerWessels and Boskalis – such litigation is very unusual in the highly transparent Dutch market and proved unsuccessful – some provisions in the DBFM contract differ from the Dutch standard DBFM concession that has developed since the first PPPs in the noughties.

The project will improve road links between Rotterdam and its port via construction of a 4km three-lane motorway linking the A15 and A20 roads to the west of Rotterdam. The new motorway includes two flyovers, a 500m land tunnel (Holland Tunnel), a 900m immersed tunnel (Maasdelta Tunnel) and widening of the existing A20. The 5.5-year construction period – with DEME aand Ballast Nedam as EPCs – will be followed by a 20-year O&M contract.

The €800 million 24-year financing for the project was secured from commercial floating rate lenders KBC, Korea Development Bank, Belfius, KfW IPEX (€75 million), Bank Nederlandse Gemeenten (BNG) and SMBC; and fixed rate institutional lenders Natixis, MEAG and Samsung Life Insurance. The European Investment Bank (EIB) is providing €330 million (50% of the €660 million floating rate term loan), backed by the European Fund for Strategic Investments (EFSI). The deal also includes a €120 million milestone bridging facility and an equity bridging loan. Pricing on the debt is said to be around 110bp over Euribor.

Although awarded to the sponsors in 2017, the Route Decree (effectively planning permission) for the concession only became legally irrevocable in July 2018. Consequently, the key advisors on the project – Macquarie Capital (financial advisor and debt arranger), Norton Rose (sponsor counsel), Stibbe (lender counsel), Allen & Overy (EIB counsel) – had to include provisions in the DBFM agreement that allowed the parties to the project to postpone certain deadlines in the DBFM agreement, or even terminate the agreement if the Route Decree was not obtained by a certain date.

The drive to financial close was very rapid after the Route Decree became irrevocable – effectively fourth months. The deal includes the normal project financing risk mitigants – an escrow account for all availability-based project cashflows, lender step-in rights, detailed compensation and force majeure covenants. But the DBFM agreement for the scheme differs slightly from the standard Dutch template in which all the obligations and risks the sponsors have under the DBFM agreement, other than that of the financing, are passed on to the EPCM contractor, as are any rights to, or relief from, some of the DBFM obligations that the sponsors may have.

In the Blankenburg agreement, the BAAK consortium has only passed down the maintenance obligations to the EPCM contractor up to a certain point in the project, after which BAAK takes back the obligations it has under the DBFM agreement and becomes a self-maintaining special purpose company for the remainder of the concession.

Blankenburg Connection

Borrower: BAAK Consortium

Sponsors: Macquarie Capital, Ballast Nedam, DEME

Grantor: Rijkswaterstaat

Concession: 25-year (inclusive of five-year construction) PPP

Project cost €1 billion

Debt: €800 million

Tenor: 24 years

Financial close: 17 October 2018

Financial advisor: Macquarie Capital

Lenders: EIB, KBC, Korea Development Bank, Belfius, KfW IPEX, BNG, SMBC, Natixis, MEAG, Samsung Life Insurance

Advisers: Norton Rose (sponsor counsel), Stibbe (lender counsel), Allen & Overy (EIB counsel), Atkins (lender technical advisor), E&Y (tax and accounting advisor), AON (insurance advisor), Operis (model auditor)

Proximo EMEA Wind Deal of the Year 2018: Moray East looks to CfD future

With a record low CfD strike price, the 950MW Moray East offshore wind financing set a sound template for managing the increased risk of what are likely to be even lower priced UK CfDs in the future. And despite that upped risk, with the sponsors said to have paid around 195bp for the debt, Moray East still priced in the standard ballpark for greenfield UK offshore wind funding.

Moray East is also notable for a significant Japanese lending presence. Although not JBIC’s first loan into the UK offshore wind market – the first was Westermost Rough – Moray East is JBIC’s first CfD-backed project financing. Furthermore, the deal is also the first time JBIC and EKF have worked together, a partnership that is certain to be repeated given the Mitsubishi Heavy Industries (MHI) and Vestas turbine joint venture.

Financed via Moray Offshore Windfarm East Ltd (MOWEL), the £2.56 billion 20-year-and-four-month partially ECA-backed project financing reached financial close on 6 December 2018.

MOWEL was initially owned by EDP Renovaveis (43.3%) Engie (23.3%) and Mitsubishi-owned Diamond Generating Europe (33.4%), but now includes Kepco (10%) and Mitsubishi UFJ Lease & Finance Company (6.8%), since Mitsubishi Corporation divested shares in Diamond, and CTG (10%), which bought part of EDPR’s stake shortly after financial close.

MOWEL signed a conditional agreement in August 2018 with MHI Vestas Offshore Wind for 100 units V164-9.5MW turbines for the project, and a 15-year service and maintenance agreement which gives lender comfort. The commissioning date for the project is April 2022.

The project financing is structured on a debt-to-equity ratio of 80:20 – although the deal does include an equity bridge loan. The £2.56 billion ($3.27 billion) debt is split between a £743 million JBIC direct loan via its Quality Infrastructure Investment for Environmental Preservation and Sustainable Growth (QI-ESG) facility; a £251 million EKF-wrapped tranche – provided by Banco Santander (£100.43), Caixabank (£75.3 million) and Norinchukin Bank (£75.3 million); a £516.5 million term  loan; a £387.9 million OFTO loan; a £19.6 million VAT facility; a £193.9 million OFTO revolver; a £159.6 million standby debt facility; a £92.6 million debt service reserve; a £27 million working capital tranche; a £90 million L/C and a €91.5 million euro L/C. Unlike the 2038 maturity on the rest of the debt, the OFTO loan matures at end of 2026 and the VAT facility in 2023.

With all tranches of the debt maturing in April 2038 or earlier, lenders have the comfort of a 15-year CfD from commissioning in April 2022. In addition to CfD revenue support, the entire output is sold via long-term power purchase agreements (PPAs) with Engie – which is taking 23.3%, proportionate to its stake in the project – and Centrica 76.7%.

The full lender list comprises Banco Santander (also financial adviser), BBVA, Caixabank, Commerzbank, Credit Agricole, Helaba, ICBC, Mizuho Bank, MUFG (also intercreditor agent), National Australia Bank, Natixis, Norinchukin Bank, Societe Generale (also hedging bank), SMBC and Sumitomo Mitsui Trust Bank, Limited (SMTB). Linklaters provided legal counsel to the borrower, and Ashurst acted for the lenders.

The £57.50/MWh record low strike price on the project threw up a number of issues for the lenders – notably inflation risk and lower cover ratios (below 1.5x). The only other deal in the same strike price ballpark was the 860MW Triton Knoll offshore wind farm – owned by Innogy (59%), J-power (25%) and Kansai Electric Power (16%) – which had reached financial close in September 2018. But even that deal’s strike price was almost £15/MWh more than Moray East.

Consequently, the Moray East financing takes advantage of the CfD’s CPI indexation and includes the first CPI swap in a UK offshore wind deal. The inflation hedge, provided by Societe Generale, combined with the £159.6 million standby debt facility and the £92.6 million debt service reserve, made lenders more comfortable with the deal’s cover ratio.

Moray East 

Borrower: Moray Offshore Windfarm East Ltd 

Sponsors: EDP Renovaveis, Engie, Diamond Generating Europe, Kepco, Mitsubishi UFJ Lease & Finance Company, CTG

Project cost: £2.9 billion

Debt: £2.56 billion

Tenor: 20 years and four months

Financial close: 6 December 2018

Financial advisor: Santander

ECAs: JBIC, EKF

Commercial lenders: Banco Santander, BBVA, Caixabank, Commerzbank, Credit Agricole, Helaba, ICBC, Mizuho Bank, MUFG, National Australia Bank, Natixis, Norinchukin Bank, Societe Generale, SMBC, Sumitomo Mitsui Trust Bank, Limited (SMTB)

Advisers: Linklaters (borrower counsel) Ashurst (lender counsel), Burness Paull (Scottish counsel), K2 (technical adviser), Benatar & Co (insurance adviser)

 

Proximo EMEA ECA-backed Deal of the Year 2018: Canakkale against all odds

Strip out the relatively small European-sourced debt content from the Canakkale 1915 Bridge project financing and the deal says as much about Korean confidence in Turkey as it does about the project’s economic fundamentals.

If Turkey, which has a reputation for confounding the economic odds, particularly in the infrastructure market, still has an investment fan, it’s Korea. Because while there is much to like about the Canakkale deal – a minimum traffic guarantee from the state; a Turkish Treasury guarantee covering 85% of the debt in case of project company default (down on the 100% proffered in the past but still comforting given the other 15% is covered by parent sponsor guarantees) – most of the state-backed risk mitigation is only as strong as the perception of the sovereign, and that suffered in the build to financial close on Canakkale.

In March 2018 Moody’s downgraded Turkey’s sovereign rating from Ba1 to Ba2, citing increasing level of external debt as one of the reasons: although it also added that contingent liabilities related to PPPs and the Treasury’s explicit debt guarantees were “relatively small and manageable for now”.

In short, without heavy Korean ECA and DFI backing to entice other lenders in, Canakkale is unlikely to have closed with enough competitively priced debt to offset the increases in cost of borrowing that local banks faced when putting together an significant unocvered facility for the project.

The project includes construction of an 88 km three-lane motorway between Malkara and Çanakkale, 48 km of connection roads, and the €1.68 billion 1915 bridge – the world’s longest and Turkey’s second tallest upon completion.

The €2.265 billion of multi-sourced debt facilities comprise a €42 million EKF-covered tranche and a €100 million ICIEC-covered tranche, both provided by ING Bank; €290 million of Kexim-guaranteed debt provided by Bank of China, ICBC, Deutsche, ING, Standard Chartered, KEB Hana Bank and Shinhan Bank; a €250 million K-Sure covered floating tranche provided by Natixis, Korea Development Bank, Standard Chartered, DZ Bank, ING, Shinhan Bank and Intesa Sanpaolo; a €150 million K-Sure covered fixed tranche provided by Samsung Life Insurance and KEB Hana Bank; a €310 million Kexim direct loan; a €683 million domestic uncovered facility provided by Akbank, QNB Finansbank, Garanti, Isbank, Vakifbank and Yapi Kredi; a €240 million international uncovered tranche provided by ICBC, Bank of China and Siemens; and a €200 million Islamic facility provided by Kuwait Finance House and Kuveyt Turk Katilim Bankasi.

Canakkale 1915 Bridge

Borrower: Canakkale Otoyol

Sponsors: Daelim, SK Engineering & Construction, Limak, Yapi Merkezi

Grantor: Ministry of Transport Maritime Affairs and Communications – General Directorate of Highways

Concession: 16-year-and-two-month PPP

Project cost €3 billion

Debt: €2.3 billion

Tenor: 15 years (inclusive of five-year grace period during construction)

Financial close: June 2018

Financial advisor: Standard Chartered

Local lenders: Akbank, QNB Finansbank, Garanti, Isbank, Vakifbank, Yapi Kredi

International lenders: Standard Chartered, ING Bank, Natixis, Deutsche Bank, Siemens Bank, Intesa Sanpaolo, DZ Bank, Bank of China, ICBC, KEB Hana Bank, Shinhan Bank, Korean Development Bank

Islamic lenders: Kuwait Finance House, Kuveyt Turk

ECAs: Kexim, K-Sure, EKF, Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC)

Advisers: Shearman & Sterling (sponsor counsel), Clifford Chance and Verdi (lender counsel), Mott MacDonald (technical adviser)