Asia Infrastructure Awards 2019 - Best Deals by Country -South Asia

The Asset Triple A
Infrastructure Awards 2020

Deal awards (South Asia)

Bangladesh
Petrochemical deal of the year
Bangladesh Chemical Industries Corporation
US$1.3 billion equivalent ECA-backed financing facilities
Sponsor
Bangladesh Chemical Industries Corporation
Coordinating arranger
HSBC
Mandated lead arrangers
HSBC, MUFG Bank
ECAs
Japan Bank for International Cooperation, Nippon Export and Investment Insurance, Multilateral Investment Guarantee Agency
Legal advisers
Norton Rose Fulbright, Allen & Overy
This is the largest ECA/multilateral supported financing for the Government of Bangladesh. The project is among the highest of priorities for the government and is aligned to several of the country’s key SDGs, which aim to end hunger, achieve food security and improved nutrition, and promote sustainable agriculture
Logistics deal of the year
Cold Chain Bangladesh Limited
US$21.71 million integrated cold chain project
Sponsors
IFC Infraventures, Golden Harvest Ice Cream, Golden Harvest Foods
The project is the first of its kind in Bangladesh with strong climate impact since it will help in the reduction in usage of hazardous chemicals in food, lower post-harvest losses/spoilage and promote climate-smart agri value chain in the country
Oil and gas deal of the year
Summit LNG
US$97 million debt financing
Sponsor
Summit Group
Mandated lead arranger
Sumitomo Mitsui Banking Corporation
Legal adviser
White & Case
It is one of the first oil & gas transactions in Bangladesh that is funded on a non-recourse basis solely by an international commercial bank – a big step towards the bankability of projects in the country
Power deal of the year
Summit Meghnaghat II Power Company
US$350 million dual-tranche term loan facility
Sponsors
Summit Group, GE Capital
ECA structuring and coordinator bank, and co-lender
Standard Chartered
Co-lender
International Finance Corporation
ECA
SERV
It is the largest independent private power (IPP) project in Bangladesh, and the first and largest project financing deal backed by the Swiss ECA in Bangladesh in the IPP space
India
Renewable energy deal of the year
SB Energy Solar Private Limited
€136 million project finance facility
Sponsor
SB Energy Holdings
Mandated lead arrangers
BNP Paribas, DBS, MUFG Bank, Rabobank, Sumitomo Mitsui Banking Corporation
Legal advisers
Norton Rose Fulbright, Cyril Amarchand Mangaldas
The project represents one of the first and largest financings done by international banks in India’s renewable energy sector
Renewable energy M&A deal of the year
Abu Dhabi Future Energy Company (Masdar)
20.7% stake acquisition in Hero Future Energies
Financial advisers
BNP Paribas, J.P. Morgan
Legal adviser
King & Spalding
The deal worth US$150 million represents the entry of Masdar into the Indian renewable energy market
Renewable energy acquisition financing deal of the year
Sprng Energy
acquisition of solar power assets portfolio from Shapoorji Pallonji Group
Sponsors
Actis, Shapoorji Pallonji Group
Adviser
L&T Infrastructure Finance Company
Underwriters
L&T Infrastructure Finance Company, L&T Infrastructure Debt Fund
Legal adviser
L&L Partners Law Offices
The transaction involved the acquisition of solar power assets with a total generating capacity of 184MW located in the states of Telengana and Rajasthan
Green project of the year
Adani Green Energy
US$362.5 million green project bond
Sponsors
Wardha Solar (Maharashtra) Private Limited, Kodangal Solar Park Private Limited, Adani Renewable Energy
Global coordinators and bookrunners
Barclays, Citi, Credit Suisse, Deutsche Bank, J.P. Morgan, MUFG Bank, Standard Chartered
Legal advisers
Linklaters, Latham & Watkins, Luthra & Luthra Law Offices, Cyril Amarchand Mangaldas
This is the first ever investment grade US dollar bond offering by an Indian renewable sector company and the first ever green project bond issuance out of South Asia
Oil and gas deal of the year
Dharma LNG Terminal Private Limited
US$600 million senior debt facility
Sponsors
Total, Adani Ports and Special Economic Zone Limited
Financial adviser
Standard Chartered
Mandated lead arrangers and underwriters
BNP Paribas, CTBC Bank, DBS, DZ Bank, Intesa Sanpaolo, Korea Development Bank, Standard Chartered, Sumitomo Mitsui Banking Corporation
Legal advisers
Clifford Chance, Khaitan & Company
This is a strategic project to develop and improve energy access to Northeast India
Petrochemical deal of the year
HPCL Rajasthan Refinery
US$4.04 billion loan facilities
Sponsors
Hindustan Petroleum Corporation, Government of Rajasthan
Sole financial adviser, debt arranger and bookrunner
SBI Capital Markets
Lenders
State Bank of India, Bank of Baroda, Indian Bank, Punjab National Bank, Canara Bank, Oriental Bank of Commerce, Union Bank of India, India Infrastructure Finance Company (UK)
Legal adviser
Cyril Amarchand Mangaldas
The greenfield project comprises of setting up an energy-efficient and environmentally-friendly refinery and petrochemical complex, producing clean fuels and petrochemicals
Telecom deal of the year
Reliance Jio Infocomm
US$1 billion-equivalent ECA-covered facilities
Sponsor
Reliance Industries
Mandated lead arrangers and lenders
ANZ, Banco Bilbao Vizcaya Argentaria, Banco Santander, Citi, Commerzbank, HSBC, J.P. Morgan, MUFG Bank, Sumitomo Mitsui Banking Corporation
ECA coordinators
ANZ, HSBC
ECA
K-Sure
Legal adviser
Milbank
To finance goods and services procured from Samsung Electronics, and other Korean and Indian suppliers in relation to expansion and upgrade of Reliance Jio’s pan-India 4G long-term evolution (LTE) network. This deal equals the landmark 2018 transaction as the largest deal supported by K-Sure in India and in the telecom sector globally
Transport deal of the year
GMR Hyderabad International Airport
US$300 million bond
Sponsors
GMR Group, Airports Authority of India, Government of Telangana, Malaysia Airports Holding
Global coordinators and bookrunners
Citi, HSBC
Bookrunners
Axis Bank, Bank of America, J.P. Morgan, YES Bank
Legal adviser
Khaitan & Company
The proceeds will be used towards the capital expenditures for the expansion of Rajiv Gandhi international airport in Hyderabad, increasing its capacity to 34 million passengers per annum
Utility deal of the year
NER II Transmission Limited
15 billion rupees debt financing
Sponsor
Sterlite Power
Adviser
L&T Infrastructure Finance Company
Underwriters
L&T Infrastructure Finance Company, L&T Finance Limited
Legal adviser
Linklegal India Law Services
The 355-km long transmission line was conceived to strengthen the transmission network in the northeast states of Tripura, Arunanchal Pradesh and Assam
Utility M&A deal of the year
India Grid Trust
Sterlite Power sale of 57% stake to KKR and GIC
Sponsors
Sterlite Power, KKR
Financial advisers
Edelweiss, Ernst & Young
Legal advisers
Cyril Amarchand Mangaldas, AZB & Partners, Simpson Thacher & Bartlett, Khaitan & Company
The transaction involved the sale of five electricity transmission assets by Sterlite Power and it marks KKR’s first infrastructure investment in Asia-Pacific
Nepal
Power deal of the year
Nepal Water and Energy Development Company
US$453 million loan facilities
Sponsors
Korea South East Power Company, Daelim Industrial Company, Kyeryong Construction Industrial Company, International Finance Corporation, Bkesh Pradhanang
Lenders
International Finance Corporation, Asian Development Bank, Asian Infrastructure Investment Bank, CDC Group, Export-Import Bank of Korea, FMO, Korea Development Bank, OPEC Fund for International Development, Proparco
ECAs
K-Sure, Export-Import Bank of Korea, Multilateral Investment Guarantee Agency
Legal advisers
Shearman & Sterling, Pioneer Law Associates, RIAA Barker Gillette, Gandhi & Associates, Sinha Verma Law Concern
This is one of the largest foreign direct investments in Nepal for the construction of a 216-MW Upper Trishuli 1 run-of-the-river hydropower project. It will increase Nepal’s electricity supply by one-third from today’s levels and provide clean, reliable power to millions of people
Pakistan
Renewable energy deal of the year
Super Six wind programme
US$317 million loan facilities
Sponsors
Artistic Wind Power (Private) Limited, ACT 2 Wind (Private) Limited, Tricom Wind Power (Private) Limited, Din Energy Limited, Gul Ahmed Electric Limited, Metro Wind Power Limited
Financial adviser
Bridge Factor
International lenders
International Finance Corporation, DEG
Domestic mandated lead arrangers and advisers
Bank Alfalah, Bank Al Habib, Meezan Bank
Legal advisers
Shearman & Sterling, Haidermota & Company, RIAA Barker Gillette, Kabraji & Talibuddin Advocates and Legal Counsellors
This is a first of its kind programme to build six wind farm power projects in Pakistan with a combined capacity of 310MW in the Jhimpir wind corridor in Sindh province
Telecom deal of the year
Pakistan Mobile Communications Limited
45 billion Pakistani rupees syndicated term finance facility
Sponsor
VEON Limited
Mandated lead arrangers and advisers
National Bank of Pakistan, United Bank, MCB Bank, Allied Bank, Meezan Bank
Legal adviser
Mohsin Tayebaly & Company
The combined conventional and Shariah-compliant loan facility will be used to expand its 3G and 4G infrastructure to increase its coverage and boost market share
Sri Lanka
Health infrastructure deal of the year
Government of Sri Lanka
US$72 million ECA-covered facility
Sole mandated lead arranger
HSBC
ECA
Sinosure
Legal adviser
Norton Rose Fulbright
To finance the upgrade of medical equipment at selected hospitals in Sri Lanka
Sports infrastructure deal of the year
Government of Sri Lanka
€53 million ECA-backed direct lending facility
Arranger
HSBC
ECA
UK Export Finance
To finance the construction of a new high-altitude sports training complex in Nuwara Eliya, Sri Lanka
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