The Asset Triple A
Infrastructure Awards 2019

Country deal awards (South Asia)

Bangladesh
Power deal of the year
Nutan Bidyut Bangladesh Limited
US$179 million senior debt facility
Sponsor:
Shapoorji Pallonji Group
Financial adviser:
Standard Chartered
Lenders:
Asian Infrastructure Investment Bank, Infrastructure Development Company, Islamic Development Bank
Legal advisers:
Clifford Chance, Syed Ishtiaq Ahmed & Associates
This is the first venture of the Shapoorji Pallonji Group as an independent power producer outside their home market in India. The facility – a combination of commercial and Islamic loans – of about 18 years is the longest tenor commercial financing in the Bangladesh market
India
Petrochemical deal of the year
Hindustan Urvarak & Rasayan urea projects
158.295 billion rupee financing
Sponsors:
Indian Oil Corporation, Coal India, NTPC Limited, Fertilizer Corporation of India, Hindustan Fertilizer Corporation
Financial adviser and mandated lead arranger:
SBI Capital Markets
Lenders:
Bank of India, Canara Bank, Export-Import Bank of India, Punjab National Bank, State Bank of India, Vijaya Bank
Legal advisers:
L&L Partners Law Offices, Shardul Amarchand Mangaldas & Company
Part of the country’s fertilizer revival plan, the deal aims at encouraging fresh investments in the urea industry in India
Renewable energy M&A deal of the year
ReNew Power Services Private Limited
acquisition of Ostro Energy Private Limited from Actis
Financial adviser:
Goldman Sachs
Legal advisers:
Cyril Amarchand Mangaldas, Trilegal
The acquisition transforms Renew Power to become the largest renewable energy independent power producer in India. It was one of the first transactions in the country’s infrastructure that involved the use of the warranty and indemnity insurance products
Renewable energy deal of the year - Solar
Wardha Solar (Maharashtra) Private Limited
US$250 million financing
Sponsor:
Adani Green Energy
Structuring bank, mandated lead arranger and underwriter:
Standard Chartered
Lenders:
India Infrastructure Finance Company (UK), Intesa Sanpaolo, Mizuho Bank, MUFG, Standard Chartered
ECA:
Export Development Canada
Legal advisers:
Clifford Chance, Cyril Amarchand Mangaldas
One of the largest foreign currency commercial loan financings in the renewable energy sector in India. The financing was structured as an eight-year mini-perm facility with non-recourse balloon repayment at final maturity, which is payable through refinancing – a unique financing structure for the Indian project finance market
Renewable energy deal of the year – Solar – Highly commended
Mahindra Renewables
US$136 million project financing
Sponsor:
Mahindra Susten Pvt Limited
Underwriter and lead arranger:
YES Bank
Legal advisers:
Cyril Amarchand Mangaldas, Aurus Legal
The transaction features a structure involving its power purchase agreement, such as minimum offtake. This is the first renewable energy project in India where the project and power offtaker are from different states – pioneering the trend of inter-state renewable energy projects in India
Telecom deal of the year
Reliance Jio Infocomm Limited
US$1 billion equivalent K-Sure facility
Mandated lead arrangers:
ANZ, Banco Santander, BNP Paribas, Citi, Commerzbank, HSBC, ING Bank, J.P. Morgan Chase, Mizuho Bank, MUFG
ECA coordinators:
ANZ, HSBC
ECA:
K-Sure
Legal adviser:
Milbank
The largest deal supported by K-Sure in India and in the telecom sector globally, it was also the first K-Sure supported facility in India
Transport deal of the year
Macquarie Asia Infrastructure Fund 2
acquisition of nine road projects
Sponsor:
Macquarie Infrastructure and Real Assets
Underwriter:
YES Bank
Legal advisers:
Cyril Amarchand Mangaldas, Baker McKenzie, Bharucha & Partners
The deal involves the National Highways Authority’s monetization of its road assets for the first time using the toll-operate-transfer model
Transport deal of the year – Highly commended
Welspun Enterprises Limited
12 billion rupee debt financing for road projects
Sponsor:
Welspun Group
Adviser:
L&T Infrastructure Finance Company
Underwriters:
L&T Infrastructure Finance Company, L&T Finance Limited
Legal adviser:
Link Legal India Law Services
The transaction was based on the hybrid annuity model introduced by the National Highway Authority of India, of which, among other things, 40% of the bid project cost will be paid by NHAI during project construction on achievement of pre-defined construction milestones
Utility deal of the year
Adani Transmission acquisition of Reliance Infrastructure Limited
Mumbai generation, transmission and distribution business
Financial adviser:
SBI Capital Markets
Mandated lead arranger and underwriters:
SBI Capital Markets, YES Bank
Lenders:
State Bank of India, YES Bank
Legal advisers:
Amarchand Mangaldas, Luthra & Luthra Law Offices
The transaction was one of the largest underwritten project finance deal in the transmission and distribution sector in India and represented Adani Transmission’s foray into the large-scale electricity distribution sector
Pakistan
Oil and gas deal of the year
BW Integrity
US$192 million financing
Sponsors:
BW Gas Limited, Mitsui & Company
Mandated lead arrangers:
Credit Agricole CIB, KfW IPEX-Bank
Lender:
Sumitomo Mitsui Banking Corporation
Legal adviser:
Watson Farley & Williams
The first floating storage regasification unit (FSRU) purely financed by commercial lenders in Pakistan with a project finance structure, this deal represents a significant development in the project financing of the oil and gas sector in Pakistan
Power deal of the year
Thar Energy Limited
Phase 2 US$520 million project financing
Sponsors:
Hub Power Company, Fauji Fertilizer Company, China Machinery Engineering Corporation
Financial adviser:
Habib Bank
Lenders (Foreign currency):
China Development Bank, China Minsheng Banking Corporation
Mandated lead arranger (Local currency):
Habib Bank
ECA:
China Export & Credit Insurance Corporation (Sinosure)
Legal advisers:
Pinsent Masons, Linklaters, Axis Law Chambers, Mohsin Tayebaly & Company
The project is based on indigenous coal, a major step towards self-sufficiency. It involves complex financing structuring comprising credit enhancement from Sinosure providing 95% political risk/65% commercial risk coverage and Habib Bank in favour of Chinese banks providing foreign currency financing
Transport deal of the year
Pakistan National Shipping Corporation
US$90 million in Pakistan rupee equivalent syndicated term finance facility
Mandated lead advisers and arrangers:
Faysal Bank, Habib Bank, MCB Bank
Legal adviser:
Mohsin Tayebaly & Company
The proceeds of the facility were allocated for the acquisition of three oil tankers to cater to the increasing demand of its customers for oil transport. Ship financing is rarely arranged in Pakistan due to regulatory approvals along with complex security structure
Utility deal of the year
CET Transmission Line
US$1.7 billion financing
Sponsor:
China Electric Power Equipment and Technology
Financial Adviser:
Habib Bank
Sole lender:
China Development Bank
Legal advisers:
King & Wood Mallesons, Zhong Lun law firm
A first of its kind project where the transmission line will be built on build-own-operate-transfer (BOOT) basis based on an independent power plant structure. Once completed, this transmission line will become the backbone of Pakistan’s transmission network
Utility deal of the year - Highly commended
K-Electric Limited
25 billion Pakistan rupee syndicated term finance facility
Lead arrangers and advisers:
Allied Bank, Faysal Bank, MCB Bank, Meezan Bank, United Bank
Lenders (Conventional facility):
Allied Bank, MCB Bank, United Bank
Lenders: (Islamic facility):
Faysal Bank, Meezan Bank, Soneri Bank, United Bank
Legal counsel:
Haidermota BNR & Company
Proceeds were used to fund projects to enhance and strengthen the transmission and distribution systems of K-Electric
Sri Lanka
Transport deal of the year
Government of Sri Lanka
US$80 million Sinosure facility
Mandated lead arranger:
HSBC
ECA:
China Export and Credit Insurance Corporation (Sinosure)
Legal adviser:
Norton Rose Fulbright
The transaction is to assist in financing critical transport infrastructure involving the supply of nine diesel multi-unit passenger locomotives to be owned and operated by Sri Lankan Railways
More information & previous award results
Find out more
Read the full article on TheAsset.com
Read more
More information & how to attend the awards dinner
Contact us