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

The Asset Triple A
Infrastructure Awards 2021

Country deal awards (South Asia)

Afghanistan
Power deal of the year
Afghan Power Plant Company
US$62.40 million limited recourse project financing
Sponsors
Ghazanfar Group, Hassan Allam Holding Utilities
Financial adviser
EY Ford Rhodes
Lead arranger & lender
International Finance Corporation
Lenders
Asian Development Bank, Leading Asia’s Private Infrastructure Fund, DEG
ECA
Multilateral Investment Guarantee Agency
Legal advisers
White & Case, Hogan Lovells, RIAA Barker Gillette, Kakar Advocates
To finance the development, construction, operation and maintenance of a 58.56-MW greenfield, indigenous gas-based reciprocating engine power plant located near Mazar-i-Sharif, Afghanistan.
Bangladesh
Power deal of the year
Reliance Bangladesh LNG and Power Limited
US$642 million financing
Sponsors
Reliance Power Limited, JERA Company
Mandated lead arranger and ECA coordinator
MUFG Bank
Mandated lead arrangers
Japan Bank for International Cooperation, Asian Development Bank, Societe Generale, Sumitomo Mitsui Banking Corporation, Mizuho Bank
ECA
NEXI
Legal advisers
Baker McKenzie, Clifford Chance
The project involves the construction and operation of a 718-MW combined cycle gas-fired power plant, the largest IPP in Bangladesh. It also represents one of the largest funding tie-ups for a project in Bangladesh’s power sector.
Renewable energy deal of the year
Spectra Solar Park Limited
US$17.7 million financing
Sponsors
Spectra Engineers Limited, Shunfeng Investments Limited
Lenders
Asian Development Bank, Canadian Climate Fund for Private Sector in Asia II, DEG
Legal adviser
Latham & Watkins
To provide long-term financing for a 35-MW grid-connected solar power plant. This is the first private sector utility scale solar power project in Bangladesh to be financed by multilateral institutions.
Transport deal of the year
First Dhaka Elevated Expressway Company
US$861 million facility
Sponsors
Italian-Thai Development Public Company Limited, China Shandong International Economic & Technical Cooperation Group, Sinohydro Corporation
Mandated lead arrangers
ICBC, Export-Import Bank of China
ECA
Sinosure
Legal advisers
Allen & Overy, JunHe
This is the first major infrastructure project implemented on a public-private partnership basis in Bangladesh and one of the largest infrastructure project undertaken by the government to ease traffic congestion in the capital.
India
Green project of the year
SB Energy Six Private Limited
US$333 million project financing
Sponsor
SoftBank Energy Holdings
Financial adviser
ICA Partners
Original mandated lead arranger, bookrunner and green structuring adviser
MUFG Bank
Original mandated lead arranger and bookrunner
BNP Paribas, Societe Generale, Sumitomo Mitsui Banking Corporation, Standard Chartered, Taipei-Fubon Bank, Bank SinoPac
Legal advisers
Allen & Overy, L&L Partners, Cyril Amarchand Mangaldas
The 600-MW project is being developed under the solar park scheme launched by the central government entity National Thermal Power Corporation. The facility is the first green project loan in India to be certified by Climate Bonds Initiative.
Renewable energy deal of the year – Solar
Electro Solaire Private Limited
7.71 billion rupees project financing
Sponsor
ENGIE Solar SAS
Green loan coordinator
Societe Generale
Lenders
Asian Development Bank, Societe Generale
Legal advisers
Cyril Amarchand Mangaldas, IndusLaw
To finance the construction and operation of a greenfield 200-MW solar photovoltaic-based power plant for a period of 25 years in the state of Gujarat, demonstrating ENGIE’s commitment to India’s non-fossil power generation efforts.
Renewable energy acquisition deal of the year
Solar Edge Power & Energy Private Limited
6.14 billion rupees refinancing
Sponsor
KKR
Mandated lead arranger
Societe Generale
Legal advisers
Talwar Thakore & Associates, AZB & Partners
The green loan facility is extended towards refinancing of the existing debt at Solar Edge Power & Energy to support KKR’s renewable energy platform Virescent Infrastructure in the acquisition of 130MW operating solar assets in India from Shapoorji Pallonji Group.
Refinancing deal of the year
Vector Green Energy Private Limited
10.15 billion rupees facility
Sponsor
Funds managed by Global Infrastructure Partners India
Mandated lead arranger
Axis Bank
Lenders
Axis Bank, NIIF Infrastructure Finance Limited, HDFC Bank, Aseem Infrastructure Finance
Legal adviser
L&L Partners
The facility refinanced a portfolio of solar power assets in India, which saw the company reduced the interest rates by 190bp. It created interest from lenders who were not very keen on renewables till the time of the transaction and hence paved the way for other reputed developers to approach premier lenders who have otherwise shied away from renewable sector in the past decade.
Logistics deal of the year
IndoSpace Core
US$137.6 million green loan facility
Sponsors
IndoSpace, Canada Pension Plan Investment Board, GLP
Lender
HSBC
Second party opinion provider
CICERO
Legal adviser
S&R Associates; Cyril Amarchand Mangaldas
This is the largest portfolio financing seen in the logistics and warehousing space in India, covering 14 projects located in prime warehousing hubs in Pune, Chennai, Bangalore and New Delhi with the proceeds to be used towards financing or refinancing certified green projects.
Petrochemical deal of the year
Ramagundam Fertilizers and Chemicals Limited
44.48 billion rupees debt facility
Sponsors
National Fertilizers Limited, Engineers India
Financial adviser
SBI Capital Markets
Lenders
State Bank of India, Union Bank of India
Legal advisers
Cyril Amarchand Mangaldas, Amicus
This is the first project under the government of India’s fertilizer revival plan and the first gas-based greenfield urea project that is being set up in the country after a gap of 17 years.
Water deal of the year
Kaleshwaram Irrigation Project Corporation
462.68 billion rupees financing
Sponsor
Government of Telangana
Debt adviser
SBI Capital Markets
Lenders
Union Bank of India (consortium leader), Union Bank of India, Punjab & Sind Bank, Indian Bank, Canara Bank, Punjab National Bank (consortium leader), Bank of India, Indian Overseas Bank, Bank of Maharashtra, Central Bank of India, Bank of Baroda (consortium leader)
The project, when completed, has the potential to irrigate 18.26 million acres of cultivable land in addition to stabilizing the existing reservoirs which irrigate 18.83 million acres of cultivable land and provide drinking water to villages en-route as well as meet the requirements of industries.
Nepal
Power deal of the year
SJVN Arun-3 Power Development Company
63.33 billion rupees term loan
Financial adviser, mandated lead arranger and bookrunner
SBI Capital Markets
Lenders
State Bank of India, Punjab National Bank, Canara Bank, Export-Import Bank of India, Union Bank of India, Everest Bank, Nabil Bank
Legal advisers
Cyril Amarchand, Mangaldas, Pioneer Law Associates
The largest India-backed project in Nepal designed to meet the rising energy demand in the country. The project includes the construction of dam as main diversion structure, head race tunnel, outdoor switchyard and transmission line.
Pakistan
Renewable energy deal of the year
Lakeside Energy
850 million rupees working capital facility
Sponsors
Naveena Group, Al-Karam Group
Mandated lead arranger and lender
Faysal Bank
Lender
Bank of Punjab
Lender (Foreign currency financing)
FMO
Legal advisers
Axis Law Chambers, RIAA Barker Gillette
To finance a 50-MW wind power project, estimated to cost US$66.75 million, located in Jhimpir in Sindh province in line with the alternative energy strategy set by the government to reduce the dependence on imports.
Power deal of the year
Punjab Thermal Power Private Limited
US$488 million project finance facility
Sponsor
Government of Punjab through Energy Department
Financial adviser
EY Ford Rhodes
Lead advisers and mandated lead arrangers
National Bank of Pakistan, Bank of Punjab
Mandated lead arrangers
Habib Bank, Meezan Bank, United Bank, Askari Bank
Legal advisers
RIAA Barker Gillette, Haidermota & Company
To finance the construction and operations of a 1,263.2-MW combined cycle power plant based on RLNG/gas with high-speed diesel (HSD) as back-up fuel. The project is classified as IPP under the 2015 power policy of the government and will sell power to central power purchasing agency.